1 00:00:03,160 --> 00:00:06,480 Speaker 1: Live from the Bloomberg Interactive Burgers Studios. Is is is Bloomberg 2 00:00:06,519 --> 00:00:10,320 Speaker 1: day Break for Thursday, October two. Coming up this hour, 3 00:00:10,600 --> 00:00:14,520 Speaker 1: stocks drop. I concerned strong inflation and hawkish monetary policy 4 00:00:14,520 --> 00:00:16,799 Speaker 1: will further hit growth. We hear from two more FETE 5 00:00:16,800 --> 00:00:20,040 Speaker 1: officials about the path of rate heights, Tesla shares fall 6 00:00:20,079 --> 00:00:23,119 Speaker 1: as sales misestimates. Can we take it to London released? 7 00:00:23,120 --> 00:00:27,080 Speaker 1: Trust's government looks close to in floating. Justice Department prosecutors 8 00:00:27,120 --> 00:00:30,200 Speaker 1: believe they have enough evidence to George Donald Trump. Plus 9 00:00:30,280 --> 00:00:33,919 Speaker 1: doctors are concerned about children and R s V. I'm 10 00:00:33,960 --> 00:00:37,440 Speaker 1: Michael bar More Ahead, I'm John Stashtown Sports. The Yankees 11 00:00:37,520 --> 00:00:39,880 Speaker 1: lost Game one of the Alcs and used to the 12 00:00:40,000 --> 00:00:45,240 Speaker 1: Nixon Nets. Both lost their season opening. That's all Train 13 00:00:45,320 --> 00:00:48,720 Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven three, on 14 00:00:48,840 --> 00:00:53,279 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh 15 00:00:53,320 --> 00:00:58,080 Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius XM 16 00:00:58,120 --> 00:01:01,520 Speaker 1: one nineteen and around the world on Bloomberg Radio dot 17 00:01:01,560 --> 00:01:08,080 Speaker 1: Com and via the Bloomberg Business app. And Good Morning. 18 00:01:08,080 --> 00:01:11,240 Speaker 1: I'm Karen Moscow. I'm Nathan Hager Bloomberg Daybreak is brought 19 00:01:11,240 --> 00:01:13,240 Speaker 1: to you by B and Y Melon's Pershing Learned why 20 00:01:13,280 --> 00:01:16,839 Speaker 1: the world's most sophisticated wealth management and institutional firms rely 21 00:01:17,000 --> 00:01:21,039 Speaker 1: on Pershing to help them improve profitability, create efficiency, attract talent, 22 00:01:21,120 --> 00:01:24,160 Speaker 1: and manage risk at Pershing, dot com S and b 23 00:01:24,319 --> 00:01:26,920 Speaker 1: futures are lower this morning. It is six o one 24 00:01:26,959 --> 00:01:29,040 Speaker 1: on Wall Street, and we check the markets every fifteen 25 00:01:29,080 --> 00:01:32,000 Speaker 1: minutes throughout the trading day on Bloomberg. Right now, SMP 26 00:01:32,200 --> 00:01:35,440 Speaker 1: futures are done about twelve points down. Futures are little change. 27 00:01:35,560 --> 00:01:39,040 Speaker 1: NASDACK futures down seventy or about six tenths of a percent. 28 00:01:39,400 --> 00:01:42,319 Speaker 1: Ten year Treasury down one thirty second yield four point 29 00:01:42,360 --> 00:01:45,040 Speaker 1: one four percent, and they yield on the two year 30 00:01:45,160 --> 00:01:48,040 Speaker 1: four point five eight percent. Nathan, we'll hear in. This 31 00:01:48,080 --> 00:01:50,960 Speaker 1: morning's drop in futures comes after stocks snap the two 32 00:01:51,040 --> 00:01:53,680 Speaker 1: day winning streak on Wall Street. Treasury yields are trading 33 00:01:53,720 --> 00:01:56,320 Speaker 1: your multi year highs on Mountain. Concerned that a hawk 34 00:01:56,400 --> 00:01:58,560 Speaker 1: ish Fed will raise the odds of a hard landing 35 00:01:58,840 --> 00:02:01,520 Speaker 1: market veteran then it's Artman says, don't expect the Fed 36 00:02:01,560 --> 00:02:04,480 Speaker 1: to change course anytime soon. So when once the Fed 37 00:02:04,520 --> 00:02:08,280 Speaker 1: begins to change its policies, it moves rates farther and 38 00:02:08,400 --> 00:02:11,400 Speaker 1: lasts longer than anybody ever wants to anticipate. When they 39 00:02:11,440 --> 00:02:14,000 Speaker 1: when they ease monetary policy, they take rate slower than 40 00:02:14,000 --> 00:02:17,320 Speaker 1: anybody believes for a longer period of time. When they tighten, 41 00:02:17,360 --> 00:02:19,639 Speaker 1: they take rates higher for a longer period of time 42 00:02:19,639 --> 00:02:22,040 Speaker 1: than anybody wants to anticipate. I think it's going to 43 00:02:22,080 --> 00:02:25,520 Speaker 1: be at least until late in maybe four before the 44 00:02:26,160 --> 00:02:29,480 Speaker 1: long awaited pivot occurs. Dennis Gartman, the former publisher of 45 00:02:29,480 --> 00:02:31,799 Speaker 1: the Gartment Letter, thinks stocks will remain in a bear 46 00:02:31,880 --> 00:02:34,799 Speaker 1: market for some time. Well to be another busy day 47 00:02:34,840 --> 00:02:38,079 Speaker 1: for FED speak Nathan, with four different officials talking at 48 00:02:38,120 --> 00:02:42,280 Speaker 1: separate events yesterday. Chicago FED President Charles Evans said he's 49 00:02:42,320 --> 00:02:45,160 Speaker 1: hopeful the current path for interest rates will be enough 50 00:02:45,200 --> 00:02:48,400 Speaker 1: to bring down inflation. Wages are going up, and that's 51 00:02:48,400 --> 00:02:50,919 Speaker 1: not that's not a bad thing, but if it gets 52 00:02:50,960 --> 00:02:54,679 Speaker 1: caught up in costs price uh, you know, spiral, that 53 00:02:54,800 --> 00:02:57,239 Speaker 1: that would be bad. And so making sure that we've 54 00:02:57,280 --> 00:03:00,640 Speaker 1: got monetary policy at a sufficiently restrictive dance so that 55 00:03:00,680 --> 00:03:03,640 Speaker 1: we're not inducing inflation. We're trying to get it down. 56 00:03:04,080 --> 00:03:07,600 Speaker 1: Chicago FED President Charles Evans and his colleagues have aggressively 57 00:03:07,720 --> 00:03:10,920 Speaker 1: raged benchmark interest rates this year from nearly zero to 58 00:03:11,080 --> 00:03:14,320 Speaker 1: just above three percent, and expect another big rate increase 59 00:03:14,360 --> 00:03:17,200 Speaker 1: in next month's meeting. Karen. We spoke about the move 60 00:03:17,280 --> 00:03:20,680 Speaker 1: with St. Louis Federal Reserve Bank President James Bullard. The 61 00:03:21,400 --> 00:03:24,160 Speaker 1: November meeting has been more or less priced in the 62 00:03:24,240 --> 00:03:30,240 Speaker 1: market at at the seventy basis point number. Again, you know, 63 00:03:30,639 --> 00:03:32,600 Speaker 1: I think you do want to wait till you actually 64 00:03:32,600 --> 00:03:34,920 Speaker 1: get to the meeting, see what the situation is there. 65 00:03:35,840 --> 00:03:38,119 Speaker 1: The December meeting is a little farther away. We will 66 00:03:38,160 --> 00:03:41,040 Speaker 1: have more data at that point. St. Louis FED President 67 00:03:41,160 --> 00:03:43,880 Speaker 1: James Bullard made the comments in an exclusive interview with 68 00:03:43,920 --> 00:03:47,200 Speaker 1: Bloomberg's Kathleen Hayes here. More of that conversation coming up 69 00:03:47,200 --> 00:03:49,680 Speaker 1: in minutes here on Bloomberg Daybreak, I'll we turned to 70 00:03:49,760 --> 00:03:52,560 Speaker 1: earnings now, Nathan. We get results from nearly two dozen 71 00:03:52,600 --> 00:03:55,720 Speaker 1: companies in the S and p fon hunry today, disappointing 72 00:03:55,760 --> 00:03:59,320 Speaker 1: numbers from Tesla after the bell has shares down almost 73 00:03:59,400 --> 00:04:02,680 Speaker 1: six perst and this morning sales fell short of estimates, 74 00:04:02,680 --> 00:04:06,080 Speaker 1: and that's being blamed on delivery and production bottlenecks still 75 00:04:06,160 --> 00:04:09,960 Speaker 1: CEEO Elon Musko says demand for his company's cars remains strong. 76 00:04:10,440 --> 00:04:13,160 Speaker 1: Looking forward to a record breaking pupil so it really, 77 00:04:13,280 --> 00:04:15,080 Speaker 1: you know, knock on wood, it looks like we'll have 78 00:04:15,240 --> 00:04:18,440 Speaker 1: an epic end of her. Elon Musk said Tesla could 79 00:04:18,520 --> 00:04:22,120 Speaker 1: repurchase five to ten billion dollars of its shares, subject 80 00:04:22,120 --> 00:04:25,040 Speaker 1: to board approval and review. The stock has lost more 81 00:04:25,080 --> 00:04:27,440 Speaker 1: than a third of its value so far this year. 82 00:04:27,680 --> 00:04:30,400 Speaker 1: It's different story this morning at IBM Karen that stock 83 00:04:30,520 --> 00:04:33,640 Speaker 1: is up about three percent. Company reported better than expected 84 00:04:33,680 --> 00:04:37,120 Speaker 1: sales and affirmed its cash flow forecasts. Analysts say that's 85 00:04:37,120 --> 00:04:40,360 Speaker 1: a signed Demand for software mainframe computers and hybrid cloud 86 00:04:40,360 --> 00:04:44,560 Speaker 1: services remains steady and Asia. Overnight, Nathan stocks fell that 87 00:04:44,640 --> 00:04:48,120 Speaker 1: came off their lowest levels. That's after Bloomberg News reported 88 00:04:48,320 --> 00:04:52,560 Speaker 1: China is considering relaxing quarantine rules. We get the recap 89 00:04:52,640 --> 00:04:56,440 Speaker 1: from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good 90 00:04:56,440 --> 00:04:58,480 Speaker 1: morning Nathan and Karen. The off show you one gained 91 00:04:58,480 --> 00:05:00,960 Speaker 1: from record lows against the gre back on the news. Well, 92 00:05:01,080 --> 00:05:05,000 Speaker 1: China CS three hundred erased earlier losses. Chinese text talks 93 00:05:05,000 --> 00:05:07,560 Speaker 1: in Hong Kong also paired earlier steep losses on news 94 00:05:07,640 --> 00:05:11,400 Speaker 1: China is holding emergency talks with chip firms after US curbs. 95 00:05:11,600 --> 00:05:14,360 Speaker 1: The Ozzy dollar declined as hiring down under almost stalled 96 00:05:14,400 --> 00:05:18,120 Speaker 1: in September, and Japan's benchmark bond yield climbed above the 97 00:05:18,160 --> 00:05:22,040 Speaker 1: Central Banks policy ceiling, prompting monetary authorities to announce an 98 00:05:22,120 --> 00:05:25,839 Speaker 1: unscheduled bond purchase to rain it back in in Singapore. 99 00:05:25,920 --> 00:05:29,799 Speaker 1: Juliet Sally Bloomberg Daybreak, Juliet Banks and Europe. This morning, 100 00:05:29,800 --> 00:05:32,640 Speaker 1: it's all about politics, UK Prime Minister of Liz Trust 101 00:05:32,680 --> 00:05:35,320 Speaker 1: as government could be on the brink of collapse. Let's 102 00:05:35,360 --> 00:05:37,279 Speaker 1: go to London and get the latest with bloombergs You 103 00:05:37,360 --> 00:05:39,640 Speaker 1: and Parts. Good morning You, and good morning Nathan and Karen. 104 00:05:39,680 --> 00:05:42,840 Speaker 1: It has been a chaotic twenty four hours at Westminster. 105 00:05:42,920 --> 00:05:45,200 Speaker 1: One of the most senior members of the British government 106 00:05:45,240 --> 00:05:47,920 Speaker 1: has been fired. As she went, she criticized the Prime 107 00:05:47,960 --> 00:05:51,960 Speaker 1: Minister and accused list Trust of breaking key pledges. Later, 108 00:05:52,080 --> 00:05:55,080 Speaker 1: dramatic scenes in Parliament with the ports of lawmakers man 109 00:05:55,120 --> 00:05:58,320 Speaker 1: handled into voting with the governments. Just weeks after she 110 00:05:58,400 --> 00:06:00,760 Speaker 1: took over. Many members of her own set the policy 111 00:06:00,839 --> 00:06:04,040 Speaker 1: are openly saying they want Liz Trust to go. Who 112 00:06:04,080 --> 00:06:07,599 Speaker 1: would replace a is another question in London. Immuno sin 113 00:06:07,600 --> 00:06:10,280 Speaker 1: by Daybreak very new and thanks now to the latest 114 00:06:10,279 --> 00:06:14,240 Speaker 1: in the war in Ukraine, President Vladimir'szlenski is now urging 115 00:06:14,240 --> 00:06:17,800 Speaker 1: people to use as little electricity as possible. He says 116 00:06:17,880 --> 00:06:21,240 Speaker 1: Russia has destroyed much of the country's power infrastructure with 117 00:06:21,279 --> 00:06:25,600 Speaker 1: Iranian made explosive drones. Ukraine is assembling its own army 118 00:06:25,600 --> 00:06:28,599 Speaker 1: of drones to monitor the front lines. It's enlisted actor 119 00:06:28,680 --> 00:06:31,640 Speaker 1: Mark Hamill to help bring it together through Ukraine's United 120 00:06:31,640 --> 00:06:35,280 Speaker 1: twenty four fundraising arm The Star Wars actor tells Bloomberg 121 00:06:35,279 --> 00:06:38,839 Speaker 1: President Zelenski asked him to join the effort very simply. 122 00:06:39,480 --> 00:06:45,200 Speaker 1: Ukraine needs drones, and you know they define war outcomes. 123 00:06:45,240 --> 00:06:49,120 Speaker 1: They are they protect their land, their people there, They 124 00:06:49,160 --> 00:06:52,640 Speaker 1: monitor the border, their their eyes in the sky. And 125 00:06:52,680 --> 00:06:55,760 Speaker 1: Mark Hamill's spoke of our Washington correspondent Joe Matthew on 126 00:06:55,800 --> 00:06:59,400 Speaker 1: Bloomberg Sound on Catch the show weekdays at five pm 127 00:06:59,400 --> 00:07:03,320 Speaker 1: Eastern on Bloomberg Radio SMP futures right now are down 128 00:07:03,960 --> 00:07:08,159 Speaker 1: ten points. Dal futures are higher now up seven. NASTAC 129 00:07:08,240 --> 00:07:11,680 Speaker 1: futures are lower by sixty nine points ten. Your treasuries 130 00:07:11,680 --> 00:07:14,160 Speaker 1: down two thirty seconds. The yield four point one four. 131 00:07:14,680 --> 00:07:17,800 Speaker 1: Straight ahead your latest local headlines in the check of sports. 132 00:07:17,840 --> 00:07:24,960 Speaker 1: This is Bloomberg six oh seven on Wall Street, forty 133 00:07:24,960 --> 00:07:27,200 Speaker 1: five degrees in Central Park, still dealing with the crash 134 00:07:27,240 --> 00:07:31,120 Speaker 1: westbound Jackie Robinson Parkway Union Turnpike. Michael barrs here with 135 00:07:31,120 --> 00:07:33,000 Speaker 1: Warre on what's going on in New York and around 136 00:07:33,000 --> 00:07:35,400 Speaker 1: the world. Good morning, Michel, Good morning Nathan. A group 137 00:07:35,440 --> 00:07:39,280 Speaker 1: of Justice Department prosecutors believe there is sufficient evidence to 138 00:07:39,440 --> 00:07:43,520 Speaker 1: charge Donald Trump with obstruction of justice. Bloomberg sources say 139 00:07:43,560 --> 00:07:46,760 Speaker 1: they are building other cases as well. Sources say they 140 00:07:46,760 --> 00:07:49,520 Speaker 1: believe all charges should be complete by the end of 141 00:07:49,520 --> 00:07:52,960 Speaker 1: the year. Former President Trump has finished his deposition in 142 00:07:53,000 --> 00:07:56,160 Speaker 1: the case brought by a woman who claims he sexually 143 00:07:56,160 --> 00:07:59,760 Speaker 1: assaulted her and then defamed her online, saying she was 144 00:07:59,800 --> 00:08:03,720 Speaker 1: a liar. Trump has claimed the entire defamation lawsuits should 145 00:08:03,720 --> 00:08:07,360 Speaker 1: be dismissed because he was president and was immune to charges. 146 00:08:07,800 --> 00:08:10,480 Speaker 1: In New York, Trump once again said E. Gene Carroll 147 00:08:10,600 --> 00:08:14,400 Speaker 1: was lying and quote not his type. Former Vice President 148 00:08:14,400 --> 00:08:17,320 Speaker 1: Mike Pence said he would not necessarily vote for Donald 149 00:08:17,320 --> 00:08:20,679 Speaker 1: Trump if he runs for president in twenty four Pence 150 00:08:20,720 --> 00:08:24,400 Speaker 1: has been visiting early voting states, fueling speculation he might 151 00:08:24,560 --> 00:08:28,120 Speaker 1: run for president. At an appearance at Georgetown University, a 152 00:08:28,160 --> 00:08:31,040 Speaker 1: student asked Pence if he would vote for his former 153 00:08:31,160 --> 00:08:35,160 Speaker 1: running mate in the next presidential election. If Donald Trump 154 00:08:35,240 --> 00:08:38,280 Speaker 1: is the Republican nominee for presidents in Twente treunch, fool, 155 00:08:38,280 --> 00:08:46,720 Speaker 1: will you vote for him? Well, there might be somebody 156 00:08:46,760 --> 00:08:50,760 Speaker 1: else I'd prefer more. The former Vice president predicted Republican 157 00:08:50,840 --> 00:08:53,560 Speaker 1: wins in the mid term elections, but took veiled jabs 158 00:08:53,559 --> 00:08:57,320 Speaker 1: at candidates who run on opposition to Democrats without offering 159 00:08:57,360 --> 00:09:01,280 Speaker 1: policy alternatives. Hospitals and that least twenties six states and 160 00:09:01,320 --> 00:09:04,120 Speaker 1: the District of Columbia say they are struggling with an 161 00:09:04,160 --> 00:09:08,360 Speaker 1: early surge in pediatric respiratory illnesses like r S, V 162 00:09:08,679 --> 00:09:12,800 Speaker 1: flu and the common cold. Connecticut Children's Hospital physician in 163 00:09:12,920 --> 00:09:16,840 Speaker 1: chief Dr. Je Salazar says two years of COVID pandemic 164 00:09:16,920 --> 00:09:20,839 Speaker 1: measures may have left kids immune systems unprepared for the 165 00:09:20,960 --> 00:09:26,000 Speaker 1: usual respiratory viruses, which has dramatically altered the normal epidemiology 166 00:09:26,240 --> 00:09:31,000 Speaker 1: of this virus RS specifically, and the other viruses rhinovirus, 167 00:09:31,120 --> 00:09:34,480 Speaker 1: adnavirus and the introvirus which have been We're more severe 168 00:09:34,520 --> 00:09:37,960 Speaker 1: than they normally are. Dr Salazar says the timing is 169 00:09:38,000 --> 00:09:41,120 Speaker 1: off generally. This is something seen in late winter early spring. 170 00:09:41,559 --> 00:09:44,320 Speaker 1: Global News twenty four hours a day on air and 171 00:09:44,520 --> 00:09:47,959 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 172 00:09:48,000 --> 00:09:50,920 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael 173 00:09:50,960 --> 00:09:58,480 Speaker 1: bar this is Bloomberg, Nathan, Thanks Michael, six o nine 174 00:09:58,480 --> 00:10:00,320 Speaker 1: on Wall Street. Time for the Bloomberg sport stuff they 175 00:10:00,400 --> 00:10:03,559 Speaker 1: brought you by Fry State OUTI. Here's John Stansharks. All right, Nathan, 176 00:10:03,600 --> 00:10:06,120 Speaker 1: the Alcs underway and Houston. Good start for the Yankee. 177 00:10:06,160 --> 00:10:08,880 Speaker 1: Seconding home run for Harrison Vader, who kids you just 178 00:10:09,000 --> 00:10:12,160 Speaker 1: to provide surprising power, his fourth homer of the postseason. 179 00:10:12,480 --> 00:10:15,400 Speaker 1: Astros tied it up. Game one was one one, sixth 180 00:10:15,440 --> 00:10:18,400 Speaker 1: inning OH two and Garry L. Cranks it's left. Stanton 181 00:10:18,480 --> 00:10:23,760 Speaker 1: is going back at the wall looking up silet UTAs 182 00:10:25,320 --> 00:10:28,600 Speaker 1: and the Astros leading to the one they'll pitch to McCormick. 183 00:10:29,520 --> 00:10:31,880 Speaker 1: It's ash rise is pretty deep to right center. Touch 184 00:10:31,960 --> 00:10:34,320 Speaker 1: is going back at the wall. Look it up. It's 185 00:10:34,320 --> 00:10:39,920 Speaker 1: a good bye. Chas McCormick ghost teach the Astros go up. 186 00:10:41,160 --> 00:10:44,480 Speaker 1: K b Amy both homers off Clark Schmidt inning later, 187 00:10:44,600 --> 00:10:47,839 Speaker 1: Jeremy Painia homer off Frankie Montas Astro's one four to 188 00:10:48,400 --> 00:10:51,640 Speaker 1: fromain unbeaten the postseason. Justin Verlander gave up the Bader 189 00:10:51,720 --> 00:10:53,760 Speaker 1: home run, but only two other hits. He struck out eleven. 190 00:10:53,760 --> 00:10:57,520 Speaker 1: The Astros of the team struck the Yanks out seventeen times. 191 00:10:57,600 --> 00:11:00,199 Speaker 1: Game two is tonight. Luis Sevareino on him on for 192 00:11:00,240 --> 00:11:03,319 Speaker 1: the yankst San Diego. The Phillies, having won the NLCS 193 00:11:03,360 --> 00:11:05,920 Speaker 1: opener to nothing, led for nothing, but the Podres came 194 00:11:05,920 --> 00:11:07,960 Speaker 1: back to win eight to five or five on fifth 195 00:11:08,000 --> 00:11:10,120 Speaker 1: and ain't one. Soto had a big hit, so did 196 00:11:10,160 --> 00:11:14,080 Speaker 1: Padres Capcher Austin Nola. He was facing his brother Nix 197 00:11:14,120 --> 00:11:17,040 Speaker 1: and Nets lost their openers in different fashion. Tight game 198 00:11:17,040 --> 00:11:19,440 Speaker 1: in Memphis after the Knicks rally from nineteen down, but 199 00:11:19,480 --> 00:11:23,000 Speaker 1: the Grizzlies one in overtime one fifteen to one twelve. 200 00:11:23,080 --> 00:11:25,680 Speaker 1: John Moran thirty four points. Julius Randall led the Knicks 201 00:11:25,679 --> 00:11:28,480 Speaker 1: with twenty four gruff opener for R. J. Barry shot 202 00:11:28,520 --> 00:11:30,600 Speaker 1: three of eighteen and in Brooklyn and Kyrie Irving was 203 00:11:30,640 --> 00:11:34,000 Speaker 1: six of nineteen. Pelicans all over the next one thirty 204 00:11:34,280 --> 00:11:37,480 Speaker 1: to one oh eight. Zion Williamson back from New Orleans. 205 00:11:37,520 --> 00:11:41,040 Speaker 1: He scored twenty five. John's dash are Bloomberg Sports nank okay, John, 206 00:11:41,040 --> 00:11:43,840 Speaker 1: thank you? Has it be? Futures down down thirteen point 207 00:11:43,880 --> 00:11:46,880 Speaker 1: staff futures lower again, They're down fifteen points. Dance next, 208 00:11:46,920 --> 00:11:51,080 Speaker 1: Futures leading the declines. UH down seventy nine points now 209 00:11:51,160 --> 00:11:54,559 Speaker 1: for a drop of seven tenths of one. The ten 210 00:11:54,640 --> 00:11:57,640 Speaker 1: year treasuries down three thirty seconds, yield four point one 211 00:11:57,679 --> 00:11:59,680 Speaker 1: four percent yield on the two year right now four 212 00:11:59,720 --> 00:12:08,000 Speaker 1: point five eight. You're listening to Bloomberg Daybreak. The Bloomberg 213 00:12:08,000 --> 00:12:09,880 Speaker 1: Sports Report was brought to you by Audie. Don't let 214 00:12:09,880 --> 00:12:12,000 Speaker 1: someone else drive off in the Audi Model. You've always 215 00:12:12,000 --> 00:12:14,120 Speaker 1: wanted to visit your local price State Audie Dealer to 216 00:12:14,160 --> 00:12:16,440 Speaker 1: get behind the wheel of yours today, or visit Autie 217 00:12:16,480 --> 00:12:23,880 Speaker 1: Offers dot com for more information, markets, headlines and breaking 218 00:12:23,880 --> 00:12:26,760 Speaker 1: news twenty four hours a day at Bloomberg dot com, 219 00:12:26,880 --> 00:12:30,439 Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape is 220 00:12:30,440 --> 00:12:39,920 Speaker 1: a Bloomberg business flash, and I'm Karen Moscow. European stocks 221 00:12:39,920 --> 00:12:43,600 Speaker 1: and US DOT Index futures are lower amid rising bond yields, 222 00:12:43,640 --> 00:12:47,000 Speaker 1: with investors concerned that strong inflation and hawkish monetary policy 223 00:12:47,040 --> 00:12:49,840 Speaker 1: will further slow the global economy. We check the markets 224 00:12:49,840 --> 00:12:52,800 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now, 225 00:12:52,840 --> 00:12:55,280 Speaker 1: U s and P futures are down about thirteen points down. 226 00:12:55,320 --> 00:12:58,440 Speaker 1: Futures are little changed, and as DAGG futures are down 227 00:12:58,520 --> 00:13:01,320 Speaker 1: seventy six, down about seven tents of upper set. The 228 00:13:01,400 --> 00:13:03,839 Speaker 1: decks in Germany is down about eight tens of upper cent, 229 00:13:03,960 --> 00:13:06,880 Speaker 1: and your treasury down to thirty seconds yield four point 230 00:13:06,920 --> 00:13:09,040 Speaker 1: one four percent, the yield on the two year four 231 00:13:09,080 --> 00:13:12,160 Speaker 1: point five eight percent. Nimex screwed oil up one point 232 00:13:12,160 --> 00:13:14,360 Speaker 1: seven percent of a dollar forty three at eighty six 233 00:13:14,400 --> 00:13:17,040 Speaker 1: dollars ninety eight cents of barrel comic scold up two 234 00:13:17,040 --> 00:13:19,360 Speaker 1: tens per cent or three dollars sixty cents at sixteen 235 00:13:19,400 --> 00:13:23,640 Speaker 1: thirty seven ninety ounce. The euro point four against the dollar, 236 00:13:23,720 --> 00:13:26,040 Speaker 1: British found one point one two oh one and the 237 00:13:26,160 --> 00:13:29,280 Speaker 1: end one forty nine point eight four and bigit coin 238 00:13:29,480 --> 00:13:32,240 Speaker 1: is down a quarter percent. It's at nineteen thousand, one 239 00:13:32,320 --> 00:13:35,400 Speaker 1: hundred fifty dollars. That's a Bloomberg Business Flash. Now here's 240 00:13:35,440 --> 00:13:37,920 Speaker 1: Michael Barr with more on what's going on around the world. 241 00:13:38,000 --> 00:13:40,920 Speaker 1: Michael Karen, thank you very much. Russia has declared its 242 00:13:40,920 --> 00:13:44,400 Speaker 1: intention to increase its targeting of Ukraine's power, water, and 243 00:13:44,480 --> 00:13:47,439 Speaker 1: other vital infrastructure in its latest phase of the nearly 244 00:13:47,520 --> 00:13:51,560 Speaker 1: eight month old war. Ukrainian President volodimir's Lensky says that 245 00:13:51,640 --> 00:13:54,440 Speaker 1: Moscow's forces have the story thirty percent of the country's 246 00:13:54,480 --> 00:13:58,520 Speaker 1: power stations since October ten. In baseball, the Yankees lost 247 00:13:58,520 --> 00:14:02,280 Speaker 1: Game one of the ALCS against the Astros. In the NLCS, 248 00:14:02,400 --> 00:14:04,880 Speaker 1: Padres even the series at a game of piece after 249 00:14:04,920 --> 00:14:08,360 Speaker 1: beating the Phillies eight five. NBA mix nets lost their 250 00:14:08,400 --> 00:14:12,480 Speaker 1: season openers the Wizards. One Global News twenty four hours 251 00:14:12,480 --> 00:14:15,559 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 252 00:14:15,600 --> 00:14:19,040 Speaker 1: more than twenty seven hundred journalists and analysts in more 253 00:14:19,080 --> 00:14:21,960 Speaker 1: than one hundred twenty countries. I'm Michael Barr, and this 254 00:14:22,120 --> 00:14:25,200 Speaker 1: is Bloomberg. Nathan. Thanks Michael. Six nineteen on Wall Street 255 00:14:25,280 --> 00:14:28,560 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 256 00:14:28,720 --> 00:14:30,600 Speaker 1: Daybreak and now we want to bring you our exclusive 257 00:14:30,600 --> 00:14:34,119 Speaker 1: interview with St. Louis Federal Reserve President Jim Bullard. Bloomberg's 258 00:14:34,160 --> 00:14:37,000 Speaker 1: Kathleen Hayes sat down with Bollard yesterday for a conversation 259 00:14:37,040 --> 00:14:40,440 Speaker 1: about inflation and the FEDS rate hike path. They talked 260 00:14:40,440 --> 00:14:43,120 Speaker 1: about the data the FEDS considering in its inflation fight, 261 00:14:43,360 --> 00:14:45,840 Speaker 1: what's to come at next month's f o MC meeting, 262 00:14:45,880 --> 00:14:48,880 Speaker 1: and why twenty three could be eight deflation every year 263 00:14:49,040 --> 00:14:51,720 Speaker 1: let's listen in It seems like every time we get 264 00:14:51,760 --> 00:14:55,520 Speaker 1: together there's something in the background, there's something big going on, 265 00:14:56,080 --> 00:14:58,680 Speaker 1: and I would say this time it is the fact 266 00:14:58,680 --> 00:15:02,040 Speaker 1: that the latest inflation in data have been disappointing. You've 267 00:15:02,080 --> 00:15:04,480 Speaker 1: done three hundred basis points of rate highs since March. 268 00:15:05,000 --> 00:15:07,440 Speaker 1: The headline CPI is stalling out just over eight percent 269 00:15:07,480 --> 00:15:11,360 Speaker 1: year over a year, core number continuing to rise, and 270 00:15:11,360 --> 00:15:14,040 Speaker 1: the employment market still tight in terms of jobs and 271 00:15:14,480 --> 00:15:17,520 Speaker 1: the economy not slowing down. So what's gone wrong? All 272 00:15:17,520 --> 00:15:21,040 Speaker 1: those rate highs? What have they done? Uh? Well, I 273 00:15:21,080 --> 00:15:24,640 Speaker 1: do think they will have an impact and in some 274 00:15:24,680 --> 00:15:27,320 Speaker 1: ways have had an impact I would cite the housing 275 00:15:27,360 --> 00:15:31,880 Speaker 1: market in particular where it appears left. Uh, you know, 276 00:15:32,160 --> 00:15:35,480 Speaker 1: increase in rates has has really changed the dynamics there. 277 00:15:35,600 --> 00:15:38,760 Speaker 1: So that's someplace that I would say they are not 278 00:15:38,960 --> 00:15:43,160 Speaker 1: long and variable legs there. You know, that market anticipated 279 00:15:43,280 --> 00:15:49,360 Speaker 1: fed moves that before they were even in train the spring, 280 00:15:50,280 --> 00:15:53,120 Speaker 1: and so that that's a place where we've seen impact 281 00:15:53,880 --> 00:15:57,040 Speaker 1: right away. But you know, it's a big ship and 282 00:15:57,360 --> 00:15:59,720 Speaker 1: it takes a while to steer the ship. And so 283 00:16:00,720 --> 00:16:03,400 Speaker 1: the housing market is not the whole economy. So it 284 00:16:03,440 --> 00:16:06,400 Speaker 1: certainly isn't and it's certainly not the main one of 285 00:16:06,440 --> 00:16:09,560 Speaker 1: the main things driving inflation. Now. Of course, prices have fallen, 286 00:16:09,880 --> 00:16:12,520 Speaker 1: but our rents are important though they certainly aren't. They 287 00:16:12,600 --> 00:16:14,600 Speaker 1: certainly aren't. And in fact, that's one reason why people 288 00:16:14,600 --> 00:16:17,600 Speaker 1: are so worried about inflation staying high. Next here is 289 00:16:17,640 --> 00:16:20,280 Speaker 1: that those rents are the way they are calculator, they're 290 00:16:20,280 --> 00:16:24,760 Speaker 1: gonna spread out over several months. Yeah, but we're aware 291 00:16:24,880 --> 00:16:27,720 Speaker 1: of the legs and the calculation, and so we'll take 292 00:16:27,800 --> 00:16:30,560 Speaker 1: that on on board and take a look at that. 293 00:16:30,680 --> 00:16:35,960 Speaker 1: But yeah, you're right, the core measure of PC inflation 294 00:16:36,120 --> 00:16:39,880 Speaker 1: is still on the high fours, and the Dallas Fed 295 00:16:39,960 --> 00:16:43,960 Speaker 1: trim mean four point seven five or so UM, so 296 00:16:44,520 --> 00:16:48,120 Speaker 1: pretty high inflation in the US, even if you try 297 00:16:48,200 --> 00:16:51,000 Speaker 1: to trim out some of the more volatile components. So 298 00:16:51,520 --> 00:16:53,880 Speaker 1: we're gonna have to get that turned around, moving in 299 00:16:53,920 --> 00:16:56,640 Speaker 1: the right direction back towards two percent. You know, there's 300 00:16:56,640 --> 00:17:00,360 Speaker 1: an old actiment monitory policy, especially when you have inflation 301 00:17:00,440 --> 00:17:03,960 Speaker 1: like this that's very high, that hasn't cooled off, that 302 00:17:04,080 --> 00:17:06,639 Speaker 1: to get it under control, you have to get the 303 00:17:06,680 --> 00:17:11,520 Speaker 1: funds rate above the rate of inflation. You're pretty far 304 00:17:11,600 --> 00:17:16,399 Speaker 1: from there now. Another reason to think that maybe again 305 00:17:16,440 --> 00:17:19,280 Speaker 1: that the tell of risks here is that you're going 306 00:17:19,320 --> 00:17:21,359 Speaker 1: to have to do more. Some people are talking about 307 00:17:21,400 --> 00:17:23,760 Speaker 1: five percent and have been for a while. If we 308 00:17:23,800 --> 00:17:26,040 Speaker 1: get driven to that, it will be because of the data. 309 00:17:26,200 --> 00:17:30,440 Speaker 1: I mean, the markets are expecting inflation to fall. We've 310 00:17:30,480 --> 00:17:34,440 Speaker 1: been expecting inflation to fall. I've been expecting inflation to fall, 311 00:17:34,520 --> 00:17:38,720 Speaker 1: and it hasn't so far. But I think in the 312 00:17:38,760 --> 00:17:42,240 Speaker 1: first half of three that's still the expectation. And so 313 00:17:42,359 --> 00:17:44,920 Speaker 1: you will get to some point where inflation has come 314 00:17:44,960 --> 00:17:47,880 Speaker 1: down some and and you might get to this situation 315 00:17:47,880 --> 00:17:50,080 Speaker 1: where the policy rates above the inflation rate. Is one 316 00:17:50,119 --> 00:17:54,159 Speaker 1: of the reasons that you are still, you know, looking 317 00:17:54,480 --> 00:17:58,960 Speaker 1: betting on this this inflation coming down is and not 318 00:17:59,000 --> 00:18:00,919 Speaker 1: having to the rate move the rate a lot more 319 00:18:00,920 --> 00:18:03,560 Speaker 1: restricted is because you're gonna stay aggressive with great heights 320 00:18:03,720 --> 00:18:07,800 Speaker 1: right now. Uh, seventy five basis points uh in November, 321 00:18:07,880 --> 00:18:10,080 Speaker 1: and then there's seventy in December. I know you don't 322 00:18:10,080 --> 00:18:12,639 Speaker 1: like your prejudge meetings. However, if you look at how 323 00:18:12,680 --> 00:18:15,600 Speaker 1: the factors are stacking up, is that a likely outcome 324 00:18:15,680 --> 00:18:18,320 Speaker 1: in terms of what you're going to vote for? The 325 00:18:18,560 --> 00:18:21,920 Speaker 1: November meeting has been more or less priced in the markets. 326 00:18:22,320 --> 00:18:26,959 Speaker 1: Uh at at the seventy five basis point number. Again, 327 00:18:27,160 --> 00:18:29,280 Speaker 1: you know, I think you do want to wait till 328 00:18:29,320 --> 00:18:31,560 Speaker 1: you actually get to the meetings, see what the situation 329 00:18:31,680 --> 00:18:35,080 Speaker 1: is there. The December meetings a little farther away, we 330 00:18:35,119 --> 00:18:37,160 Speaker 1: will have more data at that point. I don't want 331 00:18:37,160 --> 00:18:41,600 Speaker 1: to prejudge exactly. UH. You know what I'd what i'd 332 00:18:41,600 --> 00:18:46,320 Speaker 1: support at that meeting. Uh. And then in I think 333 00:18:46,359 --> 00:18:50,560 Speaker 1: we'll be closer to the point where we can run 334 00:18:50,680 --> 00:18:55,320 Speaker 1: what I would call ordinary monetary policy or an uh 335 00:18:55,400 --> 00:18:58,040 Speaker 1: A monetary policy where now you're at the right level 336 00:18:58,040 --> 00:19:01,480 Speaker 1: of the policy rate, you're putting downward shround inflation, but 337 00:19:01,600 --> 00:19:05,080 Speaker 1: you can adjust as the data come in in three 338 00:19:05,119 --> 00:19:07,920 Speaker 1: and so I think up to now we've been uh, 339 00:19:07,960 --> 00:19:09,920 Speaker 1: you know, we started off at a very low level. 340 00:19:10,119 --> 00:19:13,400 Speaker 1: That's why we've moved so fast, so far, so quickly. 341 00:19:14,560 --> 00:19:17,479 Speaker 1: But at some point we'll get to a level that 342 00:19:17,600 --> 00:19:21,040 Speaker 1: the Committee judges will be sufficient to put meaningful downward 343 00:19:21,040 --> 00:19:23,960 Speaker 1: pressure on inflation. Then we'll be able to adjust from there. 344 00:19:24,000 --> 00:19:27,520 Speaker 1: Not that there wouldn't be further adjustments, but they would 345 00:19:27,560 --> 00:19:29,760 Speaker 1: be dated. They would be more based on the data 346 00:19:29,840 --> 00:19:31,920 Speaker 1: coming in, as opposed to us trying to get off 347 00:19:32,000 --> 00:19:35,640 Speaker 1: zero enough to some level that's reasonable. That was St. 348 00:19:35,680 --> 00:19:39,359 Speaker 1: Louis FED President James Bullard speaking with Bloomberg's Kathleen Hayes. 349 00:19:39,440 --> 00:19:42,240 Speaker 1: You can catch the full interview on Bloomberg dot com 350 00:19:42,400 --> 00:19:46,480 Speaker 1: or on the Bloomberg terminal. Right now, SMP futures are 351 00:19:46,640 --> 00:19:50,440 Speaker 1: down eleven points. Now. Futures have been swinging between gains 352 00:19:50,440 --> 00:19:53,400 Speaker 1: and losses this morning. Right now they're up by three points. 353 00:19:53,760 --> 00:19:56,600 Speaker 1: NASDAC future is still lower, down sixty five points ten. 354 00:19:56,640 --> 00:20:00,520 Speaker 1: Your treasuries down to thirty seconds, the yield four point one. 355 00:20:02,040 --> 00:20:08,800 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, sunny, breezy, 356 00:20:08,880 --> 00:20:11,440 Speaker 1: upper fifties. That's all we'll get to today, low sixties, 357 00:20:11,440 --> 00:20:15,600 Speaker 1: sunshine Tomorrow, milder Saturday, the hind near seventy degrees, low 358 00:20:15,680 --> 00:20:18,920 Speaker 1: sixties Sunday with showers moving in right now forty four 359 00:20:18,960 --> 00:20:25,480 Speaker 1: in Central Park. Broadcasting live from the Bloomberg Interactive Broker's 360 00:20:25,480 --> 00:20:28,880 Speaker 1: studio in New York. Bloomberg E Living Free On to Washington, 361 00:20:28,960 --> 00:20:33,080 Speaker 1: d C. Bloomberg On to Boston, Bloomberg one O six one, 362 00:20:33,160 --> 00:20:36,640 Speaker 1: to San Francisco, Bloomberg nine sixty to the country Sirius 363 00:20:36,800 --> 00:20:39,960 Speaker 1: XM Cho one nineteen and around the globe the Bloomberg 364 00:20:40,000 --> 00:20:43,879 Speaker 1: Business apt in Bloomberg Radio dot com. This is Bloomberg 365 00:20:44,000 --> 00:20:52,359 Speaker 1: Daybreak six thirty on Wall Street. Good morning, I'm Nathan 366 00:20:52,359 --> 00:20:55,200 Speaker 1: Hager and I'm Karen Moscow, and we're just about three 367 00:20:55,240 --> 00:20:57,560 Speaker 1: hours away from the open of US training time to 368 00:20:57,600 --> 00:20:59,479 Speaker 1: the five Things so you need to notice start your 369 00:20:59,560 --> 00:21:04,240 Speaker 1: day to you buy Interactive Brokers. Interactive Brokers charges margin 370 00:21:04,320 --> 00:21:06,440 Speaker 1: loan rates from three point five eight percent to four 371 00:21:06,480 --> 00:21:09,400 Speaker 1: point five eight per cent rates subject to change. Learn 372 00:21:09,440 --> 00:21:13,560 Speaker 1: more at ibkr dot com. Slash compare up first markets 373 00:21:13,680 --> 00:21:17,400 Speaker 1: enter today after stock snapped a two day winning streaky Yesterday, 374 00:21:17,440 --> 00:21:20,879 Speaker 1: concerns continue to swirl about hawk ish FED policy. Silver 375 00:21:20,960 --> 00:21:24,480 Speaker 1: Crest head of Investment Policy Robert Teeter says timing will 376 00:21:24,480 --> 00:21:27,400 Speaker 1: be everything. The timeline question, I think is in focus 377 00:21:27,400 --> 00:21:29,080 Speaker 1: here and it's a matter of do we get inflation 378 00:21:29,160 --> 00:21:31,480 Speaker 1: under control? Do we get the Fed pausing before you 379 00:21:31,480 --> 00:21:33,239 Speaker 1: start to see some of that pass through, whether it's 380 00:21:33,280 --> 00:21:35,959 Speaker 1: lagged effects or otherwise, onto the consumer and onto earnings. 381 00:21:35,960 --> 00:21:37,920 Speaker 1: And so that's really the race that's in place right 382 00:21:37,920 --> 00:21:40,760 Speaker 1: now is which happens first, the break in inflation or 383 00:21:40,800 --> 00:21:43,600 Speaker 1: a break in the economy. Robert Teeter with Silver Crust 384 00:21:43,640 --> 00:21:47,240 Speaker 1: Asset Management says, if consumer spending says strong, it will 385 00:21:47,280 --> 00:21:49,720 Speaker 1: help the Fed bring down inflation. And today I'll be 386 00:21:49,720 --> 00:21:52,800 Speaker 1: another busy one for FED speakers, Karen. Four different officials 387 00:21:52,840 --> 00:21:55,880 Speaker 1: or at separate events today yesterday are Kathleen Hayes sat 388 00:21:55,920 --> 00:21:58,760 Speaker 1: down with St. Louis FED President James Bullard, who indicated 389 00:21:58,800 --> 00:22:01,520 Speaker 1: there's still no clue your timeline for a FED pivot. 390 00:22:01,640 --> 00:22:03,920 Speaker 1: We started off at a very low level. That's why 391 00:22:03,960 --> 00:22:08,560 Speaker 1: we've moved so fast, so far, so quickly. But at 392 00:22:08,600 --> 00:22:11,240 Speaker 1: some point we'll get to a level that the Committee 393 00:22:11,280 --> 00:22:14,840 Speaker 1: judges will be sufficient to put meaningful downloard pressure on inflation, 394 00:22:14,920 --> 00:22:17,080 Speaker 1: then we'll be able to adjust from there. Catch our 395 00:22:17,119 --> 00:22:19,840 Speaker 1: full interview with St. Louis President James Bullard on Bloomberg 396 00:22:19,880 --> 00:22:22,080 Speaker 1: dot com or on the Bloomberg terminal. The Fed gets 397 00:22:22,080 --> 00:22:24,879 Speaker 1: another key data point this morning, with weekly jobless claims 398 00:22:24,920 --> 00:22:27,480 Speaker 1: due out at eight thirty am. All Street Time. Let's 399 00:22:27,480 --> 00:22:30,119 Speaker 1: turn earnings now, Nathan. Nearly two dozen companies in the 400 00:22:30,240 --> 00:22:32,920 Speaker 1: U S and P five port today anytime shares a. 401 00:22:33,000 --> 00:22:35,520 Speaker 1: Tesla down five and a half percent after sales game 402 00:22:35,520 --> 00:22:39,760 Speaker 1: insured of estimates. Still, CEO Elon Must said demand remains strong. 403 00:22:39,920 --> 00:22:44,480 Speaker 1: Desmite bottlenecks. There were enough trains, there were enough car carriers. 404 00:22:44,600 --> 00:22:47,200 Speaker 1: Do you actually support the wave? Has it got too big? 405 00:22:47,600 --> 00:22:50,560 Speaker 1: CEO Elon Must said Tesla could repurchase up to ten 406 00:22:50,640 --> 00:22:53,880 Speaker 1: billion dollars of it share, subject to board approval and review. 407 00:22:54,160 --> 00:22:56,359 Speaker 1: It's a different story at IBM this morning, Karen, that 408 00:22:56,480 --> 00:22:59,280 Speaker 1: stock is up about three percent after reporting better than 409 00:22:59,320 --> 00:23:02,560 Speaker 1: expected sale and affirming its cash flow forecast. Now we're 410 00:23:02,560 --> 00:23:05,640 Speaker 1: in Europe today, Nathan, UK Prime Minister list Trust's government 411 00:23:05,720 --> 00:23:08,560 Speaker 1: could be on the brink of collapse. Trust fired one 412 00:23:08,600 --> 00:23:12,280 Speaker 1: minister over security breach, and two others were heard resigning 413 00:23:12,320 --> 00:23:15,560 Speaker 1: before reserving that decision. There are growing calls from her 414 00:23:15,600 --> 00:23:18,800 Speaker 1: party for Trust to resign immediately. And that's the five 415 00:23:18,800 --> 00:23:20,560 Speaker 1: things that you need to know to start your day, 416 00:23:20,560 --> 00:23:24,520 Speaker 1: brought to you by Interactive Brokers. SMP futures are down 417 00:23:24,560 --> 00:23:27,760 Speaker 1: seven points right now down, futures remain little change and 418 00:23:27,800 --> 00:23:30,640 Speaker 1: nowsday futures down fifty one. Straight ahead your latest local 419 00:23:30,640 --> 00:23:34,679 Speaker 1: headlines plus the check of sports. And this is Bloomberg 420 00:23:38,400 --> 00:23:40,959 Speaker 1: Experience six thirty three on Wall Street, forty four degrees 421 00:23:41,040 --> 00:23:43,160 Speaker 1: in Central Park, out of crash in the outbound lower 422 00:23:43,240 --> 00:23:45,800 Speaker 1: level of the George Washington Bridge. And Michael Barr is 423 00:23:45,840 --> 00:23:47,640 Speaker 1: here with more on what's going on in New York 424 00:23:47,680 --> 00:23:50,480 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan. 425 00:23:50,560 --> 00:23:54,200 Speaker 1: A group of Justice Department prosecutors believe there is sufficient 426 00:23:54,240 --> 00:23:58,240 Speaker 1: evidence to charge Donald Trump with obstruction of justice, Bloomberg, 427 00:23:58,320 --> 00:24:02,159 Speaker 1: said Baxter. As the story, prosecutors and FBI involved in 428 00:24:02,200 --> 00:24:05,560 Speaker 1: the investigations further, Department of Justice feel there is now 429 00:24:05,720 --> 00:24:08,400 Speaker 1: enough evidence to move forward with a case for obstruction. 430 00:24:08,880 --> 00:24:12,639 Speaker 1: Bloomberg sources say they are building other cases though as well, 431 00:24:13,080 --> 00:24:15,960 Speaker 1: but are looking at all the angles before moving forward 432 00:24:16,000 --> 00:24:19,560 Speaker 1: on them. The sources say they feel all charges should 433 00:24:19,600 --> 00:24:21,760 Speaker 1: be complete by the end of the year, and if 434 00:24:21,800 --> 00:24:25,800 Speaker 1: nothing else, they can proceed with obstruction. In San Francisco, 435 00:24:25,840 --> 00:24:29,320 Speaker 1: I'm at Baxter Bloomberg Daybreak, former Vice President Mike Pence 436 00:24:29,359 --> 00:24:34,000 Speaker 1: more in conservatives against embracing populism in upcoming elections. In 437 00:24:34,080 --> 00:24:37,600 Speaker 1: the speech at the Conservative Heritage Foundation in Washington, d C. 438 00:24:38,119 --> 00:24:42,440 Speaker 1: Pence made some veiled critiques, apparently taking jabs at midterm 439 00:24:42,480 --> 00:24:46,760 Speaker 1: candidates who rally around former President Trump's unfounded claims of 440 00:24:46,800 --> 00:24:50,200 Speaker 1: a stolen twenty twenty election. I think the American people 441 00:24:50,200 --> 00:24:54,040 Speaker 1: are gonna be looking to looking to Republicans in these 442 00:24:54,080 --> 00:24:56,880 Speaker 1: new majorities, and they're gonna be looking for results, not posturing, 443 00:24:57,560 --> 00:24:59,680 Speaker 1: not just going on television shows and saying what's wrong 444 00:24:59,720 --> 00:25:02,399 Speaker 1: with the decided to saying here's what we're for, here's 445 00:25:02,400 --> 00:25:06,159 Speaker 1: what we're passing. Former Vice President Pence has been visiting 446 00:25:06,200 --> 00:25:09,720 Speaker 1: early voting states, fueling speculation he might run for president. 447 00:25:10,240 --> 00:25:14,240 Speaker 1: President Biden is back campaigning again today, this time in Pennsylvania, 448 00:25:14,600 --> 00:25:17,719 Speaker 1: where one race could decide which party controls the U. S. 449 00:25:17,720 --> 00:25:21,640 Speaker 1: Senate next year. The President is heading to Pittsburgh Democratic 450 00:25:21,680 --> 00:25:25,199 Speaker 1: Senate candidate John Fetterman will join him. In addition to 451 00:25:25,320 --> 00:25:28,520 Speaker 1: the flu and COVID, there's another illness kids should be 452 00:25:28,600 --> 00:25:32,920 Speaker 1: mindful of. It's called r s V. It causes running noses, 453 00:25:33,000 --> 00:25:36,960 Speaker 1: decrease in appetite, coughing, sneezing, fever, and wheezing. Yale You 454 00:25:37,040 --> 00:25:42,359 Speaker 1: Health University Pediatric infectious diseases specialists Dr Thomas Murray says 455 00:25:42,440 --> 00:25:46,080 Speaker 1: COVID has weakened kids immune systems, not because of the 456 00:25:46,160 --> 00:25:49,840 Speaker 1: virus itself, but because kids have been isolated for so long. 457 00:25:50,160 --> 00:25:52,919 Speaker 1: I think their new system just hasn't seen the number 458 00:25:52,920 --> 00:25:56,720 Speaker 1: of viruses a typical child prior to the pandemic would 459 00:25:56,720 --> 00:25:59,480 Speaker 1: have seen. And therefore, when you have five or six 460 00:25:59,520 --> 00:26:02,240 Speaker 1: different IRUs, says, you can become sick with one right 461 00:26:02,280 --> 00:26:06,080 Speaker 1: after the other. Dr Murray says RSV is straining the 462 00:26:06,119 --> 00:26:09,520 Speaker 1: hospital system. Global News twenty four hours a day on 463 00:26:09,680 --> 00:26:14,159 Speaker 1: air and on Bloomberg Quittake, powered by more than twere 464 00:26:14,280 --> 00:26:17,720 Speaker 1: journalists and analysts more than a hundred twenty countries. Michael Barr, 465 00:26:17,760 --> 00:26:24,919 Speaker 1: this is Bloomberg, Nathan. Thanks Michael. Almost six thirty six 466 00:26:25,000 --> 00:26:26,880 Speaker 1: on Wall Street time for the Bloomberg Sports Up they 467 00:26:26,880 --> 00:26:28,640 Speaker 1: brought to you by Tri State out. He here's John 468 00:26:28,680 --> 00:26:30,919 Speaker 1: Stenshawn all right, a for the Houston Astros in the 469 00:26:30,920 --> 00:26:33,320 Speaker 1: America League Championship Series for the sixth year in a 470 00:26:33,400 --> 00:26:35,919 Speaker 1: row that includes two a LCS wins over the Yankees. 471 00:26:35,920 --> 00:26:38,840 Speaker 1: Astros made it to the World Series last year without 472 00:26:38,880 --> 00:26:41,720 Speaker 1: the injured Justin Verlander. Back at age thirty nine, he 473 00:26:41,760 --> 00:26:45,440 Speaker 1: had a brilliant regular season and in Game one in Houston, Verlander, 474 00:26:45,480 --> 00:26:48,040 Speaker 1: when six innings allowed just three hits, struck out eleven 475 00:26:48,280 --> 00:26:50,760 Speaker 1: at one point six in a row. The Astros hit 476 00:26:50,800 --> 00:26:53,080 Speaker 1: three solo home runs off the Yankee bullpen, and they 477 00:26:53,119 --> 00:26:55,320 Speaker 1: beat the Yanks four to two. After Verlander left, the 478 00:26:55,359 --> 00:26:59,280 Speaker 1: Houston bullpen added six more strikeouts, so they had seventeen 479 00:26:59,400 --> 00:27:02,080 Speaker 1: for the game. And Aaron Judge well aware of how 480 00:27:02,119 --> 00:27:04,639 Speaker 1: good the Astros pitching. He got a great staff of 481 00:27:04,960 --> 00:27:07,679 Speaker 1: you know that's out the bottom. Um tell they got 482 00:27:07,680 --> 00:27:09,840 Speaker 1: great arms out of the pen. You know that can 483 00:27:09,960 --> 00:27:12,280 Speaker 1: are effected on both sides of the plate, righty's and 484 00:27:12,440 --> 00:27:15,160 Speaker 1: left ees. And you know, I starting pitchers that can work. 485 00:27:15,200 --> 00:27:17,080 Speaker 1: You know, not only one two pictually, but you know 486 00:27:17,240 --> 00:27:19,280 Speaker 1: mixing you know, three or four pitches. So it's uh, 487 00:27:19,640 --> 00:27:21,280 Speaker 1: it's a tough matchup. That's you know, you want to 488 00:27:21,280 --> 00:27:23,000 Speaker 1: play against the best. You want to compete against the best. 489 00:27:23,200 --> 00:27:24,679 Speaker 1: So we got in front of us. Judge made a 490 00:27:24,760 --> 00:27:26,880 Speaker 1: terrific catch in right field, saving a couple of runs, 491 00:27:26,920 --> 00:27:29,359 Speaker 1: but the Yanks squandered some early scoring chances. They also 492 00:27:29,359 --> 00:27:31,320 Speaker 1: at the time run on in the eighth Matt Carpenter 493 00:27:31,320 --> 00:27:34,560 Speaker 1: and Josh Donaldson in particular had rough nights. They combined 494 00:27:34,560 --> 00:27:37,560 Speaker 1: to strike out seven times. Game two tonight, the NLCS 495 00:27:37,840 --> 00:27:40,360 Speaker 1: tied at one. Padres came from four nothing down beat 496 00:27:40,400 --> 00:27:42,800 Speaker 1: the Phillies eight to five. The next open the season 497 00:27:42,800 --> 00:27:45,880 Speaker 1: in Memphis, trailed by nineteen, came back. A Cam Reddish 498 00:27:45,920 --> 00:27:48,359 Speaker 1: three pointer sent the game to overtime. Reddish, at his 499 00:27:48,440 --> 00:27:50,480 Speaker 1: best game as a nick twenty two points off the bench, 500 00:27:50,520 --> 00:27:53,640 Speaker 1: but the Grizzlies one one fifteen to one twelve. John 501 00:27:53,680 --> 00:27:56,000 Speaker 1: Brant scored thirty four Nick said. Their home opener to 502 00:27:56,040 --> 00:27:59,040 Speaker 1: Marrow at Barkley's, All Pelicans blew out the Nets one 503 00:27:59,160 --> 00:28:01,440 Speaker 1: thirty to one. Oh Ay, Kevin Durant led Brooklyn with 504 00:28:01,600 --> 00:28:05,919 Speaker 1: thirty two d Dash sports John thanks sixty seven on 505 00:28:05,920 --> 00:28:07,639 Speaker 1: Wall Street. Time to take a look at stock some 506 00:28:07,680 --> 00:28:09,639 Speaker 1: of the names moving in the pre market. Lots to 507 00:28:09,640 --> 00:28:12,040 Speaker 1: get to this morning with Bloomberg Radio on TV markets 508 00:28:12,040 --> 00:28:15,119 Speaker 1: correspondent Creety Goopta, including A T and T just coming 509 00:28:15,119 --> 00:28:18,080 Speaker 1: in with better than expected earnings. Creaty, Yeah, and a 510 00:28:18,080 --> 00:28:20,240 Speaker 1: beat that's showing up in the stock fairly quickly. Let 511 00:28:20,320 --> 00:28:23,119 Speaker 1: let Tiger here is just the letter t uh. The 512 00:28:23,240 --> 00:28:26,119 Speaker 1: shares popped up over two percent. They've not paired that 513 00:28:26,200 --> 00:28:28,520 Speaker 1: gain to two percent. But to your point, Nathan, they 514 00:28:28,520 --> 00:28:30,240 Speaker 1: did beat those earnings. And this is such an important 515 00:28:30,240 --> 00:28:33,320 Speaker 1: time because last quarter, on the previous course, A T 516 00:28:33,440 --> 00:28:35,280 Speaker 1: and T and Verizon, we're both talking about kind of 517 00:28:35,280 --> 00:28:38,080 Speaker 1: a slowdown in consumer demand. This time around A T 518 00:28:38,160 --> 00:28:40,440 Speaker 1: and T showing a little bit of resilience. They're saying 519 00:28:40,440 --> 00:28:42,880 Speaker 1: that they saw not only a profit beat, but a 520 00:28:42,960 --> 00:28:46,240 Speaker 1: subscriber beat as well. That's becoming the number three US 521 00:28:46,280 --> 00:28:48,960 Speaker 1: wireless carrier. And get this, they added nine hundred and 522 00:28:48,960 --> 00:28:52,360 Speaker 1: sixty four thousands subscribers in the third quarter of the 523 00:28:52,440 --> 00:28:54,880 Speaker 1: estimate was only nine hundir teen thousand, So actually doing 524 00:28:54,960 --> 00:28:57,160 Speaker 1: better at a time when perhaps a lot of people 525 00:28:57,160 --> 00:28:59,680 Speaker 1: are pulling back. Yeah, I've still gotta call people, right, 526 00:29:00,080 --> 00:29:02,760 Speaker 1: We still got to talk about Tesla as well, because 527 00:29:03,040 --> 00:29:05,840 Speaker 1: those earnings did disappoint and the shares are are getting 528 00:29:06,120 --> 00:29:09,000 Speaker 1: punished for it. Do people still call people, Nathan, I 529 00:29:09,000 --> 00:29:10,240 Speaker 1: don't know that. I don't think I've been on a 530 00:29:10,280 --> 00:29:14,160 Speaker 1: phone call texts. Oh they do do that. That's true, 531 00:29:14,240 --> 00:29:17,880 Speaker 1: that no one writes letters anymore, almost speaking of a 532 00:29:17,920 --> 00:29:20,000 Speaker 1: slowdown in demand or at least a little bit of 533 00:29:20,160 --> 00:29:23,160 Speaker 1: scare in demand. Tesla shares t s l A down 534 00:29:23,200 --> 00:29:25,440 Speaker 1: about five and a half percent. They actually did miss 535 00:29:25,440 --> 00:29:28,280 Speaker 1: their earnings, and Elon Must specifically said the demand is 536 00:29:28,360 --> 00:29:30,560 Speaker 1: quote a little harder to come by, so almost a 537 00:29:30,560 --> 00:29:33,160 Speaker 1: pretty similar theme that you are seeing when it comes 538 00:29:33,160 --> 00:29:35,160 Speaker 1: to a T and T shares for example. But Tesla, 539 00:29:35,560 --> 00:29:39,320 Speaker 1: what's interesting here is a massive heavyweight in the s 540 00:29:39,440 --> 00:29:41,880 Speaker 1: MB five dred in the nastack as well. Their third 541 00:29:41,880 --> 00:29:44,760 Speaker 1: core sALS. They did rise about fifty percent, but the 542 00:29:44,880 --> 00:29:48,520 Speaker 1: estimates were high. The expectations were high. To me, what 543 00:29:48,560 --> 00:29:50,680 Speaker 1: there is crucial here is that they're expecting to come 544 00:29:50,760 --> 00:29:54,080 Speaker 1: up just short a fifty percent of delivery growth. So 545 00:29:54,240 --> 00:29:56,840 Speaker 1: the growth is still there. The pace of growth is 546 00:29:56,880 --> 00:29:59,760 Speaker 1: the problem, and that's what is pressuring the shares this morning. 547 00:30:00,000 --> 00:30:01,960 Speaker 1: And I want to go to Alcoha here a A 548 00:30:02,240 --> 00:30:05,760 Speaker 1: is the taker. This is the aluminum giant reporting worse 549 00:30:05,800 --> 00:30:08,160 Speaker 1: than expected results in the third quarter. I remember this 550 00:30:08,200 --> 00:30:10,320 Speaker 1: is something you're seeing in the commodity space broadly. Those 551 00:30:10,320 --> 00:30:13,640 Speaker 1: shares are thinking about ten percent in the pre market. 552 00:30:13,640 --> 00:30:15,480 Speaker 1: I'm gonna go the speed around here because it's just 553 00:30:15,520 --> 00:30:18,360 Speaker 1: so many to get through. Ally, financial, we talked about 554 00:30:18,360 --> 00:30:20,280 Speaker 1: this a little bit yesterday. This is one of the 555 00:30:20,360 --> 00:30:23,760 Speaker 1: largest auto lending companies in the country. They missed their 556 00:30:23,760 --> 00:30:27,440 Speaker 1: earnings yesterday. Today they are downgraded by Morgan's down Stanley 557 00:30:27,520 --> 00:30:29,560 Speaker 1: a l l wise or tickers down about two and 558 00:30:29,600 --> 00:30:32,120 Speaker 1: a half percent in the pre market, where is the 559 00:30:32,120 --> 00:30:34,960 Speaker 1: only downgrading the company to an equal weight from an 560 00:30:35,000 --> 00:30:38,360 Speaker 1: overweight based on those third quarter results. Essentially, they warn 561 00:30:38,440 --> 00:30:40,800 Speaker 1: Nathan that they actually have to are worried about building 562 00:30:40,840 --> 00:30:43,880 Speaker 1: out their credit provisions because they think auto lending is 563 00:30:43,920 --> 00:30:46,320 Speaker 1: going to collapse in America once again, because of that 564 00:30:46,480 --> 00:30:49,200 Speaker 1: overarching theme that things are going to get bad. A 565 00:30:49,280 --> 00:30:51,840 Speaker 1: recession is on the horizon. Yeah, and lots more to 566 00:30:51,880 --> 00:30:53,680 Speaker 1: get to as we get through this earning season. I 567 00:30:53,720 --> 00:30:55,920 Speaker 1: think we have quite a few lightning rounds, aren't we. 568 00:30:55,920 --> 00:30:58,800 Speaker 1: With Bloomberg Radio and TV Markets correspondent Creety Goop, does 569 00:30:58,960 --> 00:31:01,600 Speaker 1: we keeping on what's happen pending in the pre market? 570 00:31:02,000 --> 00:31:06,280 Speaker 1: Stocks as a whole turning mixed. SMP future is now 571 00:31:06,360 --> 00:31:10,120 Speaker 1: little changed. Dow futures are higher now by fifty points. 572 00:31:10,520 --> 00:31:13,960 Speaker 1: NASAC futures still lower, but not quite by as much, 573 00:31:14,080 --> 00:31:22,200 Speaker 1: down thirty three. You're listening to Bloomberg Daybreak and the 574 00:31:22,200 --> 00:31:24,560 Speaker 1: Bloomberg Sports Report was brought to you by Audie. Don't 575 00:31:24,600 --> 00:31:26,520 Speaker 1: let someone else drive off in the autie model. You've 576 00:31:26,520 --> 00:31:29,040 Speaker 1: always wanted to visit your local tri state autie dealer 577 00:31:29,080 --> 00:31:31,160 Speaker 1: to get behind the wheel of yours today, or visit 578 00:31:31,200 --> 00:31:38,480 Speaker 1: autie Offers dot com for more information, markets, headlines and 579 00:31:38,640 --> 00:31:41,880 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com. 580 00:31:42,000 --> 00:31:45,640 Speaker 1: A Bloomberg business outland at Bloomberg Quick Take, He's a 581 00:31:45,680 --> 00:31:55,280 Speaker 1: Bloomberg business lash and I'm ter in Moscow, and futures 582 00:31:55,320 --> 00:31:57,440 Speaker 1: are little change. Now we go to the first word 583 00:31:57,480 --> 00:32:00,680 Speaker 1: breaking news dash for today's morning call. Here's vill Maloney, Bill, 584 00:32:00,720 --> 00:32:04,000 Speaker 1: Good morning, Hey, good morning, Karen. US futures are trading 585 00:32:04,040 --> 00:32:06,720 Speaker 1: mixed right now. Death futures up sixty six points. Sesapes 586 00:32:06,760 --> 00:32:08,960 Speaker 1: are a little changed and as that futures are lower 587 00:32:09,160 --> 00:32:12,200 Speaker 1: by thirty the US ten yeld at four point one 588 00:32:12,320 --> 00:32:14,880 Speaker 1: one percent, gold is up four oil is climbing, and 589 00:32:14,920 --> 00:32:18,120 Speaker 1: bitcoin is down by point two percent. Hong Kong fell 590 00:32:18,200 --> 00:32:20,760 Speaker 1: one point four percent overnight, while eup markets are trading 591 00:32:20,760 --> 00:32:22,840 Speaker 1: mixed this morning and back in the US on the 592 00:32:22,880 --> 00:32:26,000 Speaker 1: economic Frinday thirty initial jobs claims the Philly Fed and 593 00:32:26,080 --> 00:32:29,680 Speaker 1: at ten o'clock existing home sales after the Bellas night 594 00:32:29,680 --> 00:32:31,800 Speaker 1: TESTA sales missed estimates, shares it down five and a 595 00:32:31,800 --> 00:32:36,440 Speaker 1: half percent pre market, and IBM sales toped estimates regarding earnings. 596 00:32:36,440 --> 00:32:39,280 Speaker 1: This morning, a T and T profit and subscriber numbers beat. 597 00:32:39,600 --> 00:32:42,600 Speaker 1: In other news, Elon must says he's obviously overpaying for 598 00:32:42,680 --> 00:32:45,560 Speaker 1: Twitter and a deal news Philip Morris raised it's offered 599 00:32:45,640 --> 00:32:49,640 Speaker 1: by Sweetish Match to fifteen point eight billion. Wrapping things up, 600 00:32:49,680 --> 00:32:52,080 Speaker 1: Northern Trust was cut to hold joy Jabank ally Financial 601 00:32:52,080 --> 00:32:54,920 Speaker 1: cut the equate at Morgan Stanley and Oracle was raised 602 00:32:54,920 --> 00:32:58,240 Speaker 1: to neutral over Red Piper Live from the first Breaking 603 00:32:58,240 --> 00:33:00,800 Speaker 1: News deskm B Maloney, Karen, all right, Bill, thank you 604 00:33:00,840 --> 00:33:03,320 Speaker 1: and to hear live breaking news over your Bloomberg type 605 00:33:03,400 --> 00:33:06,120 Speaker 1: squawk on your terminal s q U A w K 606 00:33:06,280 --> 00:33:08,840 Speaker 1: and that's a Bloomberg Business Flash. Now here's Michael Barr 607 00:33:08,880 --> 00:33:11,920 Speaker 1: with more on what's going on around the world. Michael Karen, 608 00:33:11,960 --> 00:33:15,040 Speaker 1: thank you very much. Starting today, Russian President Putin has 609 00:33:15,080 --> 00:33:18,520 Speaker 1: declared martial law and the four border regions of Ukraine 610 00:33:18,840 --> 00:33:22,560 Speaker 1: and Russia illegally annexed, giving authorities they're more power to 611 00:33:22,560 --> 00:33:26,959 Speaker 1: crackdown on the population. This has Ukraine braces today for 612 00:33:27,000 --> 00:33:31,080 Speaker 1: four hour blackouts in response to recent Russian missile and 613 00:33:31,160 --> 00:33:35,480 Speaker 1: drone attacks on the country's power infrastructure. Liz Trust's UK 614 00:33:35,640 --> 00:33:39,320 Speaker 1: premiership is on the brink of collapse. Tory MPs openly 615 00:33:39,360 --> 00:33:42,600 Speaker 1: said she should go a tumultuous day in Parliament. Yesterday 616 00:33:42,720 --> 00:33:46,480 Speaker 1: saw Trust fire as Senior Minister. In baseball, the Yankees 617 00:33:46,520 --> 00:33:48,920 Speaker 1: lost Game one of the a l c S against 618 00:33:48,960 --> 00:33:52,960 Speaker 1: the Astros four two. In the NLCS, the Padres even 619 00:33:52,960 --> 00:33:55,040 Speaker 1: the series of the Game of Peace after beating the 620 00:33:55,080 --> 00:33:58,520 Speaker 1: Phillies eight five. In the NBA, the Next and Nets 621 00:33:58,560 --> 00:34:02,000 Speaker 1: lost their season openers the Wizards. One Global News twenty 622 00:34:02,000 --> 00:34:05,080 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 623 00:34:05,280 --> 00:34:08,719 Speaker 1: powered by more than twenty seven hundred journalist analysts in 624 00:34:08,800 --> 00:34:11,279 Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This 625 00:34:11,440 --> 00:34:13,920 Speaker 1: is Bloomberg. Karen all right, Michael, thank you. It is 626 00:34:13,960 --> 00:34:16,840 Speaker 1: sixty nine on Wall Street. Returned to news and science 627 00:34:16,840 --> 00:34:19,120 Speaker 1: and Technology now with a Bloomberg and j I T 628 00:34:19,280 --> 00:34:21,880 Speaker 1: STEM report brought to you. Buy New Jersey Institute of 629 00:34:21,960 --> 00:34:25,400 Speaker 1: Technology n j I T makes transferring easy. Leverage your 630 00:34:25,440 --> 00:34:29,000 Speaker 1: associate's degree into a STEM focused bachelor's Learn more at 631 00:34:29,080 --> 00:34:31,719 Speaker 1: n j I T dot E d U slash transfer. 632 00:34:32,000 --> 00:34:35,080 Speaker 1: Here's US making news and science, technology, engineering, and math. 633 00:34:35,360 --> 00:34:38,160 Speaker 1: Bloomberg News has learned Chinese officials are debating whether to 634 00:34:38,160 --> 00:34:40,600 Speaker 1: reduce the amount of time people coming into the country 635 00:34:40,680 --> 00:34:44,480 Speaker 1: must spend in mandatory quarantine. Sources say bureaucrats are looking 636 00:34:44,520 --> 00:34:47,000 Speaker 1: at cutting the quarantine period to two days in a 637 00:34:47,080 --> 00:34:50,759 Speaker 1: hotel and then five days at home. Currently, China requires 638 00:34:50,840 --> 00:34:54,200 Speaker 1: ten days of isolation. The Bill and Melinda Gates Foundation 639 00:34:54,360 --> 00:34:56,919 Speaker 1: is making grants of more than a billion dollars as 640 00:34:57,000 --> 00:34:59,840 Speaker 1: part of a sweeping national plan to improve math education 641 00:35:00,080 --> 00:35:03,080 Speaker 1: the next four years. It's goal to help students land 642 00:35:03,080 --> 00:35:06,200 Speaker 1: well paying jobs. Given research that shows the connection between 643 00:35:06,239 --> 00:35:09,880 Speaker 1: strong math skills and career success. The foundations said that 644 00:35:09,920 --> 00:35:12,600 Speaker 1: to put more money into math. It will cut grants 645 00:35:12,600 --> 00:35:16,160 Speaker 1: to other subjects like reading, writing, and the arts. And 646 00:35:16,280 --> 00:35:18,520 Speaker 1: this may not be a surprise, but it's costing you 647 00:35:18,560 --> 00:35:21,640 Speaker 1: more money for your early morning meal. In England, a 648 00:35:21,719 --> 00:35:26,759 Speaker 1: breakfast which consists of sausages, bacon, eggs, bread, butter, tomatoes, mushrooms, milk, 649 00:35:26,840 --> 00:35:30,439 Speaker 1: tea and coffee is more expensive than a year ago. 650 00:35:30,680 --> 00:35:33,880 Speaker 1: According to the latest Bloomberg Breakfast Index, coffee is about 651 00:35:33,920 --> 00:35:37,960 Speaker 1: twenty two percent, milk has lived from a year ago well, 652 00:35:38,000 --> 00:35:41,560 Speaker 1: butter has increased twenty seven percent, and eggs have gained 653 00:35:41,560 --> 00:35:44,360 Speaker 1: twenty three And as the Bloomberg and j I. T 654 00:35:44,600 --> 00:35:48,200 Speaker 1: Stem report, Nathan's if there weren't enough turmoil in the UK, 655 00:35:48,640 --> 00:35:51,280 Speaker 1: thank you, Karen. We are live from the Bloomberg Interactive 656 00:35:51,280 --> 00:35:53,560 Speaker 1: Broker Studios or at six fifty one on Wall Street 657 00:35:53,920 --> 00:35:55,880 Speaker 1: Time Now to check what's going on in d C or. 658 00:35:56,000 --> 00:35:58,400 Speaker 1: Some of the tough stories include President Biden hinting it 659 00:35:58,520 --> 00:36:02,080 Speaker 1: more oil releases to had gas prices, the January six 660 00:36:02,160 --> 00:36:06,480 Speaker 1: Committee to get Eastman emails showing likely fraud, and President 661 00:36:06,520 --> 00:36:10,040 Speaker 1: Biden heading to battleground Pennsylvania today with the control of 662 00:36:10,080 --> 00:36:13,920 Speaker 1: the Senate in the balance, joining US now from another 663 00:36:14,000 --> 00:36:18,320 Speaker 1: mid term battle ground, Ohio is Boomberg. Government congressional reporter 664 00:36:18,719 --> 00:36:21,640 Speaker 1: Jack Fitzpatrick. I'd love to get to what you're doing 665 00:36:21,680 --> 00:36:24,920 Speaker 1: when it comes to the mid term races, Jack, but 666 00:36:25,040 --> 00:36:28,520 Speaker 1: let's start with what's happening in d C, including this 667 00:36:28,600 --> 00:36:32,960 Speaker 1: announcement of a final tranche of releases from the Strategic 668 00:36:33,000 --> 00:36:37,040 Speaker 1: Reserve and President Biden saying even more maybe coming. Of course, 669 00:36:37,080 --> 00:36:38,879 Speaker 1: this is coming less than three weeks before a mid 670 00:36:39,000 --> 00:36:43,480 Speaker 1: term election. Yeah, and that has led to some some 671 00:36:43,680 --> 00:36:47,560 Speaker 1: responses from Republicans saying this, uh, their their concerned, this 672 00:36:47,640 --> 00:36:52,280 Speaker 1: is politically motivated, and it's a kind of convenient timing 673 00:36:52,880 --> 00:36:56,200 Speaker 1: to use a national asset such as the Strategic Petroleum 674 00:36:56,239 --> 00:37:00,439 Speaker 1: Reserve uh to try to drive down gas prices uh 675 00:37:00,480 --> 00:37:04,160 Speaker 1: so close to the election. But the President has said 676 00:37:04,160 --> 00:37:07,040 Speaker 1: he he's told his team at the White House, in 677 00:37:07,080 --> 00:37:10,600 Speaker 1: his words, to be prepared to look for further releases 678 00:37:11,040 --> 00:37:14,520 Speaker 1: UH if needed. So he didn't put out too much 679 00:37:14,520 --> 00:37:19,280 Speaker 1: of a specific plan beyond this next fifteen million barrels. 680 00:37:19,320 --> 00:37:22,480 Speaker 1: He announced that release from the U S reserves and 681 00:37:22,640 --> 00:37:25,640 Speaker 1: is still sort of leaving open the option for more. 682 00:37:26,600 --> 00:37:29,120 Speaker 1: Of course, we have seen gas prices in a lot 683 00:37:29,160 --> 00:37:31,640 Speaker 1: of the country go down from their highs over the 684 00:37:31,719 --> 00:37:36,000 Speaker 1: last year or so, but still relatively high. And uh, 685 00:37:36,120 --> 00:37:39,520 Speaker 1: it is I guess a political liability for a lot 686 00:37:39,560 --> 00:37:43,080 Speaker 1: of Democrats and the President. Yeah, particularly when we're this 687 00:37:43,200 --> 00:37:45,920 Speaker 1: close to an election. Here are is the White House 688 00:37:45,960 --> 00:37:49,960 Speaker 1: still keeping the door open to a fuel export band. 689 00:37:50,080 --> 00:37:54,000 Speaker 1: That's something that could have some serious implications as well. Yeah, 690 00:37:54,000 --> 00:37:58,680 Speaker 1: they have not ruled that out. Um. The Brian Deese 691 00:37:58,840 --> 00:38:03,000 Speaker 1: was asked about that on Bloomberg TV. Uh. He cited 692 00:38:03,040 --> 00:38:07,960 Speaker 1: that the uncertainty around the situation around the global supply 693 00:38:08,040 --> 00:38:11,960 Speaker 1: of petroleum products. So the export band is another, uh, 694 00:38:12,040 --> 00:38:17,120 Speaker 1: you know, more of a significant measure, um, that they 695 00:38:17,200 --> 00:38:21,240 Speaker 1: have on the table, more significant than just an SPR 696 00:38:21,320 --> 00:38:25,279 Speaker 1: reserve release. And that is something that at least for now, 697 00:38:25,280 --> 00:38:27,600 Speaker 1: they have not ruled out. All right, let's turn to 698 00:38:27,640 --> 00:38:31,719 Speaker 1: another pretty significant story out of the nation's capital having 699 00:38:31,719 --> 00:38:33,800 Speaker 1: to do with the January six Committee and a federal 700 00:38:33,920 --> 00:38:38,239 Speaker 1: judge talking about potential evidence of criminal activity by the 701 00:38:38,320 --> 00:38:43,120 Speaker 1: former president. Yes, so there's a U. S. District judge 702 00:38:43,480 --> 00:38:50,600 Speaker 1: who ordered the disclosure of more documents. Uh that John Eastman, uh, 703 00:38:50,840 --> 00:38:55,359 Speaker 1: former President Trump's former attorney, had argued should not be 704 00:38:56,000 --> 00:39:00,680 Speaker 1: forced to be given to the January six Committee in Congress. 705 00:39:01,160 --> 00:39:04,839 Speaker 1: Uh the district district judge at least said that these 706 00:39:04,880 --> 00:39:09,880 Speaker 1: are related to possible criminal conduct. Uh. He he is 707 00:39:09,920 --> 00:39:14,480 Speaker 1: the judge that said Trump probably attempted to obstruct Congress's 708 00:39:14,920 --> 00:39:19,520 Speaker 1: certification of the election. So this plays into the amount 709 00:39:19,560 --> 00:39:22,800 Speaker 1: of information that is going to that January six committee. 710 00:39:23,040 --> 00:39:28,080 Speaker 1: It doesn't require prosecutors to take action or anything like 711 00:39:28,160 --> 00:39:31,759 Speaker 1: that to charge anybody with crimes, but is it is 712 00:39:31,960 --> 00:39:36,000 Speaker 1: a significant step forward just for the amount of uh 713 00:39:36,360 --> 00:39:40,319 Speaker 1: information and the number of documents being made available from 714 00:39:40,480 --> 00:39:44,719 Speaker 1: Trump's former lawyer to that January six committee. I want 715 00:39:44,719 --> 00:39:47,920 Speaker 1: to turn back to the mid term campaign battle grounds. 716 00:39:47,920 --> 00:39:51,640 Speaker 1: Of course, you are in Ohio right now. President Biden 717 00:39:51,719 --> 00:39:55,160 Speaker 1: is going to be on both sides of Pennsylvania. Talk 718 00:39:55,200 --> 00:39:57,760 Speaker 1: a little bit about what you've been covering, what voters 719 00:39:57,760 --> 00:40:01,160 Speaker 1: are telling you right now, Jacke, You know in Ohio 720 00:40:01,360 --> 00:40:03,920 Speaker 1: it's an interesting one because the polls show a very 721 00:40:03,960 --> 00:40:09,560 Speaker 1: competitive race, but it has broken toward the Republican Party 722 00:40:09,600 --> 00:40:13,080 Speaker 1: in elections so much recently that you have not seen 723 00:40:13,600 --> 00:40:18,800 Speaker 1: a ton of help from national Democratic organizations in favor 724 00:40:18,960 --> 00:40:22,600 Speaker 1: of Tim Ryan. So he is trying to keep it 725 00:40:22,640 --> 00:40:25,839 Speaker 1: close against the Republican nominee J. D. Vance, and some 726 00:40:25,920 --> 00:40:28,520 Speaker 1: polls he's got a very slight lead over the last 727 00:40:28,560 --> 00:40:31,880 Speaker 1: month or so. UM. But he is very much trying 728 00:40:31,920 --> 00:40:36,440 Speaker 1: to separate himself in a pretty conservative electorate from the 729 00:40:36,560 --> 00:40:41,440 Speaker 1: national Democratic leadership. UH. In the debate recently, he was 730 00:40:42,040 --> 00:40:45,040 Speaker 1: trying to sort of prove his independence from someone like 731 00:40:45,120 --> 00:40:50,440 Speaker 1: Nancy Pelosi and tie Vans to Trump. Of course, Trump 732 00:40:50,520 --> 00:40:55,560 Speaker 1: made some comments about how how loyal Vance was to him, 733 00:40:55,719 --> 00:40:59,319 Speaker 1: So there's really a debate between the two sides over 734 00:40:59,480 --> 00:41:04,880 Speaker 1: how loyal the other side is to less popular national figures. UH. 735 00:41:04,920 --> 00:41:07,439 Speaker 1: And of course, in addition to that, there's a huge 736 00:41:07,440 --> 00:41:12,200 Speaker 1: focus on inflation, uh, the state of the economy. UH. Interestingly, 737 00:41:12,360 --> 00:41:16,560 Speaker 1: Ryan campaigning on a middle class and working class tax 738 00:41:16,600 --> 00:41:21,600 Speaker 1: cut in response to inflation. UM. So focus on the economy, 739 00:41:21,680 --> 00:41:25,319 Speaker 1: but also really a major focus on who is independent 740 00:41:25,480 --> 00:41:29,640 Speaker 1: of those national political figures. Just about thirty seconds left here, 741 00:41:29,640 --> 00:41:32,200 Speaker 1: and speaking of the economy, with the President talking about 742 00:41:32,280 --> 00:41:35,919 Speaker 1: these strategic oil releases and now slated to speak about 743 00:41:35,920 --> 00:41:40,520 Speaker 1: the bipartisan Infrastructure law, how is that message resonating? You know, 744 00:41:40,800 --> 00:41:44,920 Speaker 1: the infrastructure law is something they can tout Democrats seem 745 00:41:45,000 --> 00:41:48,640 Speaker 1: to appreciate it. It was a bipartisan bill. Uh. That 746 00:41:48,840 --> 00:41:52,520 Speaker 1: is not the huge focus that I've heard or that's 747 00:41:52,560 --> 00:41:56,400 Speaker 1: played into a lot of TV spending or anything along 748 00:41:56,440 --> 00:41:59,719 Speaker 1: those lines. A lot of the debate what you hear 749 00:41:59,760 --> 00:42:02,719 Speaker 1: from voters, in which you hear from candidates is a 750 00:42:02,760 --> 00:42:06,799 Speaker 1: bit more politically charged than the infrastructure bill, and that 751 00:42:06,920 --> 00:42:08,960 Speaker 1: kind of thing. You hear more of a debate over 752 00:42:09,000 --> 00:42:13,000 Speaker 1: the Inflation Reduction Act and whether it did anything on inflation, 753 00:42:13,520 --> 00:42:16,600 Speaker 1: a little bit more on taxes and some cultural issues, 754 00:42:16,960 --> 00:42:22,719 Speaker 1: obviously abortion. But if Democrats were hoping that the bipartisan 755 00:42:22,840 --> 00:42:27,080 Speaker 1: infrastructure bill I guess carved through the partisan divide in 756 00:42:27,120 --> 00:42:29,520 Speaker 1: any particular state, it does not seem to have been 757 00:42:29,600 --> 00:42:32,600 Speaker 1: the case in Ohio at least all right. Bloomberg Government 758 00:42:32,600 --> 00:42:36,160 Speaker 1: congressional reporter Jack Fitzpatrick covering the campaigns for US this 759 00:42:36,239 --> 00:42:40,759 Speaker 1: morning from Ohio. Bloomberg Surveillance is next with Tom King, 760 00:42:40,880 --> 00:42:45,240 Speaker 1: Jonathan Faroh, and Lisa Abramowitz for Karen Moscow. I'm Nathan Hagar. 761 00:42:45,920 --> 00:42:47,839 Speaker 1: This is Bloomberg