WEBVTT - Bloomberg Daybreak: June 29, 2022 - Hour 2 (Radio) 0:00:02.120 --> 0:00:05.439 Live from the Bloomberg Interacted Berger Studios. This is Bloomberg 0:00:05.480 --> 0:00:09.360 day Break for Wednesday, June two. Coming up this hour, 0:00:09.640 --> 0:00:12.400 the latest round of primary results rolls in as the 0:00:12.440 --> 0:00:15.640 stage gets set for November's election. Vivid testimony at the 0:00:15.720 --> 0:00:19.320 January six hearings by a former White House aid Finland 0:00:19.320 --> 0:00:22.560 and Sweden moved closer to NATO membership. And the latest 0:00:22.560 --> 0:00:25.360 on the Marcus After yesterday's of Wall Street sell off, 0:00:25.920 --> 0:00:30.160 former socialite Glenne Maxwell was sentenced involving sexual abuse. Plus 0:00:30.240 --> 0:00:33.120 the former and current mayors of New York disagree on 0:00:33.200 --> 0:00:36.640 an assault claim. I'm Michael barn More ahead, I'm John 0:00:36.680 --> 0:00:39.520 stash Shard Sports another win for the Yankees, lopslided loss 0:00:39.520 --> 0:00:42.040 for the Mets of the Knicks may have found their pointyard. 0:00:44.360 --> 0:00:48.000 That's all trained ahead on Bloomberg Daybreak on Bloomberg he 0:00:48.080 --> 0:00:51.800 liveing three on New York, Bloomberg on Washington, d C, 0:00:52.320 --> 0:00:55.880 Bloomberg one oh six one, Boston, Bloomberg nine sixties and 0:00:55.960 --> 0:00:59.920 Francisco Sirius x M one nineteen and around the world 0:01:00.040 --> 0:01:03.560 on Bloomberg Radio dot com and via the Bloomberg Business App. 0:01:07.400 --> 0:01:10.559 Good morning, I'm Nathan Hagar and I'm Karen Moscow. US 0:01:10.600 --> 0:01:14.039 stock index futures are extending their losses this morning. We're 0:01:14.040 --> 0:01:15.800 coming up to six o one on Wall Street, and 0:01:15.840 --> 0:01:18.000 we check the markets every fifteen minutes throughout the trading 0:01:18.120 --> 0:01:21.039 day on bloomberg S and P futures down eight points 0:01:21.120 --> 0:01:24.360 now futures down thirty NASDAG futures down thirty eight and 0:01:24.400 --> 0:01:26.640 the ten year treasury down one thirty second. You have 0:01:26.720 --> 0:01:29.640 three point one seven percent yield on the two year 0:01:29.800 --> 0:01:32.640 three point one zero percent, and i X scrude oil 0:01:32.720 --> 0:01:35.160 is up three tenths percent. Nathan, Karen. We'll have more 0:01:35.200 --> 0:01:36.759 on the markets in a minute, but first we want 0:01:36.760 --> 0:01:39.160 to catch up on some key primary election results from 0:01:39.200 --> 0:01:41.680 across the country. Let's begin here in New York, where 0:01:41.680 --> 0:01:44.160 we joined live by Bloomberg's Michael Bark. Good morning, Michael, 0:01:44.280 --> 0:01:48.200 Good morning, Nathan. And the Democratic gubernatorial primary was no contest, 0:01:48.280 --> 0:01:51.560 as Governor Kathy hokel one, going away with almost sixty 0:01:51.560 --> 0:01:54.480 eight percent of the vote. Hocal, during her victory speech 0:01:54.520 --> 0:01:58.000 talked about the reason Supreme Court rulings are we gonna surrender? 0:01:58.240 --> 0:02:00.960 Are we gonna fight back? I know what I'm gonna do. 0:02:01.400 --> 0:02:05.440 I'm fighting back I'm fighting back against that. Governor. Huckle 0:02:05.480 --> 0:02:09.280 defeated Jamanni Williams, who got nineteen percent, and Tom Swasse 0:02:09.440 --> 0:02:13.160 with percent. Les Eldon won the GOP primary for governor 0:02:13.200 --> 0:02:16.239 with forty four percent of the vote. Are we ready 0:02:16.240 --> 0:02:21.440 to fire Kathy Hucle please? Eldon beat Andrew Giuliani, the 0:02:21.480 --> 0:02:23.920 son of former New York Mayor Rudy Giuliani, who got 0:02:24.280 --> 0:02:27.720 three percent. Rob Asterreina got eighteen percent, and Harry Wilson 0:02:27.760 --> 0:02:32.000 received fift in New York. Michael Barr Bloomberg Day Break, 0:02:32.080 --> 0:02:34.680 Karen Nathan, all right, Michael, thank you. As some other 0:02:34.720 --> 0:02:38.320 key primary results of note, Republicans in Colorado rejected two 0:02:38.400 --> 0:02:41.960 candidates aligned with former President Trump. Tina Peters lost to 0:02:42.000 --> 0:02:45.240 Pam Anderson for a Secretary of State. Anderson had percent 0:02:45.320 --> 0:02:48.160 of the vote. Ron Hanks lost a Senate nomination to 0:02:48.240 --> 0:02:51.280 John O'Day, who has often acknowledged that President Biden won 0:02:51.320 --> 0:02:54.840 the election. Oh Day had fifty four percent of votes. 0:02:55.080 --> 0:02:58.440 The meantime, Karen Too hardline conservatives came out winners last night. 0:02:58.560 --> 0:03:01.120 Lauren Bobert got sixty five percent of the vote in 0:03:01.160 --> 0:03:04.280 Colorado's third congressional district. She campaigned on the right to 0:03:04.320 --> 0:03:07.000 bear arms and disagrees with separation of church and state. 0:03:07.280 --> 0:03:10.480 In Illinois, Republican Mary Miller won her House seat primary 0:03:10.520 --> 0:03:12.880 with fifty seven percent of the vote. Miller called the 0:03:12.880 --> 0:03:15.920 Supreme Court's decision on abortion quote a historic victory for 0:03:16.000 --> 0:03:19.600 white life. Her spokeswoman says she misspoke well, Nathan. We 0:03:19.680 --> 0:03:22.239 turned out to the nation's capital, where a former White 0:03:22.240 --> 0:03:24.600 House said is given the most dramatic testimony yet to 0:03:24.639 --> 0:03:28.200 the January six House Committee. Cassidy Hutchinson as a former 0:03:28.240 --> 0:03:30.840 assistant to then White House Chief of Staff Mark Meadows. 0:03:31.080 --> 0:03:34.160 She says the former president new armed people were at 0:03:34.200 --> 0:03:38.360 his rally. He also demanded Secret Service removed metal detectors 0:03:38.480 --> 0:03:41.280 or mag's to let them in. Something to the effective. 0:03:42.200 --> 0:03:44.360 Take the acting mags away. They're not here to hurt me. 0:03:45.080 --> 0:03:47.480 Let them in. Let my people in. They can march 0:03:47.560 --> 0:03:49.480 the capital after the rallies are over. They can march 0:03:49.520 --> 0:03:52.640 from They can march from the Olys and Cassidy Hutchinson 0:03:52.720 --> 0:03:55.200 says former President Trump wanted to go to the capital 0:03:55.280 --> 0:03:58.240 with the demonstrators ahead of his Secret Service detail. Robert 0:03:58.280 --> 0:04:01.800 Engel told him it wasn't safe. That's when Hutchinson says 0:04:01.840 --> 0:04:05.160 the President lashed out from inside is Limo. The President 0:04:05.920 --> 0:04:08.320 reached up towards the front of the vehicle to grab 0:04:08.400 --> 0:04:14.560 at the steering wheel. Mr Engel grabbed his arm said sir, 0:04:14.680 --> 0:04:17.159 you need to take your hand off the steering wheel. Now. 0:04:17.200 --> 0:04:20.839 Doubt is being cast on that account from Cassidy Hutchinson 0:04:21.000 --> 0:04:23.719 and a truth social post. Former President Trump said it 0:04:23.760 --> 0:04:26.880 did not happen, and several former aids said it's unlikely 0:04:26.960 --> 0:04:29.560 he could have reached the steering wheel from the backseat. Oh, 0:04:29.600 --> 0:04:32.479 we have a major political development oversees this morning. Karen, 0:04:32.560 --> 0:04:34.880 Finland and Sweden have taken a major step on their 0:04:34.880 --> 0:04:37.919 way to NATO membership. Let's get more from Bloomberg's Maria 0:04:37.960 --> 0:04:40.599 today o who's covering the NATO meeting in Madrid. But 0:04:40.680 --> 0:04:42.800 it's a huge deal or the one of course, as 0:04:42.839 --> 0:04:45.840 you know, yesterday said he would agree to this new 0:04:45.880 --> 0:04:48.040 membership for Sweden and Finland. So we are going to 0:04:48.080 --> 0:04:51.039 get their e two members from the thirty member Alliance 0:04:51.080 --> 0:04:52.839 by the end of the summit. And by the way, 0:04:52.880 --> 0:04:55.400 this should be very easy because a lot of the 0:04:55.520 --> 0:04:59.800 systems that they used already our native compatible. Bloomberg's Maria, 0:04:59.800 --> 0:05:02.159 it's a dale reporting from Madrid, says the membership process 0:05:02.200 --> 0:05:06.080 will still take many months, including ratification from NATO Allies parliaments. 0:05:06.400 --> 0:05:08.800 We turned out to the markets, Nathan, We're futures here 0:05:08.800 --> 0:05:11.520 in the US are lower. This follows yesterday sell off, 0:05:11.560 --> 0:05:14.480 which saw all three major indexes tumble on renewed worries 0:05:14.520 --> 0:05:17.400 about economic growth. The hardest hit was the NASDACK following 0:05:17.440 --> 0:05:20.000 three percent, the S and P five hundred drop two percent. 0:05:20.279 --> 0:05:23.880 Victoria Green, as chief investment officer at G squared Private Wealth, 0:05:24.200 --> 0:05:25.760 I think we've got a little more to go, Like 0:05:25.800 --> 0:05:28.320 we're working for some confirmation. We're looking for something that 0:05:28.360 --> 0:05:30.880 makes us feel better about the world. Um and I 0:05:30.920 --> 0:05:33.719 think right now we talk about it, it's very kind 0:05:33.760 --> 0:05:36.120 of simplictic. But don't fight the feed, and the feed 0:05:36.240 --> 0:05:40.080 is Hawkers and G squared Private Wealth. Victoria Green notes 0:05:40.120 --> 0:05:43.040 the latest economic reading spark yesterday sell off, a gauge 0:05:43.080 --> 0:05:45.880 of US consumer confidence fell to its lowest level in 0:05:45.960 --> 0:05:48.040 more than a year. Well today, Karen all Eyes are 0:05:48.080 --> 0:05:51.600 on Central Banks FED Chair J Powell, ECB President Christine 0:05:51.640 --> 0:05:54.599 Lagarde and Bank of England Governor Andrew Bailey appeared together 0:05:54.920 --> 0:05:58.159 at the ECB's annual meeting in the Portuguese resort of CenTra. 0:05:58.400 --> 0:06:02.200 Bloomberg experiencing lackwise there and filed this report. Today day 0:06:02.200 --> 0:06:06.200 to the focus shifts to the broader economy. Participants, including 0:06:06.200 --> 0:06:10.600 FED governors, will discuss the global supply chain, pressures, international trade, 0:06:10.680 --> 0:06:13.400 and inflation. No matter where you're sitting in the world, 0:06:13.520 --> 0:06:16.520 inflation is your number one concern, and Marcus want to 0:06:16.520 --> 0:06:19.480 know what's the economic price that central bankers are willing 0:06:19.520 --> 0:06:22.760 to pay to make sure inflation is under control in CenTra. 0:06:22.920 --> 0:06:25.520 I'm Francie Lakwa, Bloomberg Day Break, All right, friend, thanks, 0:06:25.560 --> 0:06:27.919 you want to stay tuned for today's big conversation with 0:06:27.960 --> 0:06:31.200 the biggest names in central banking. Bloomberg's Fiancing Lakwa speaks 0:06:31.200 --> 0:06:34.560 with j Pal, Christine Lagard, Andrew Bailey, and Augustine Carston's 0:06:34.600 --> 0:06:37.680 live right here on Bloomberg Radio and on Bloomberg Television 0:06:37.680 --> 0:06:40.880 at nine am Wall Street Time and Incorporate News. Nathan 0:06:40.960 --> 0:06:43.960 Tesla has laid off about two workers on his Autopilot 0:06:43.960 --> 0:06:47.039 team and a facility in California. Bloomberg News has learned 0:06:47.080 --> 0:06:49.800 the majority of those let go we're hourly workers, and 0:06:49.880 --> 0:06:53.480 Disney has extended CEO Bob Chpex contract for three years. 0:06:53.560 --> 0:06:57.279 He's battled controversy and a crippling pandemic at the same time. 0:06:57.279 --> 0:07:02.719 Shape as spearheaded Disney's transformation into a streaming powerhouse. Futures 0:07:02.720 --> 0:07:05.920 this morning or lower SMP futures down five points down, 0:07:05.960 --> 0:07:09.800 futures down three little changed Nowsday futures down twenties seven 0:07:09.960 --> 0:07:12.360 and a tenure treasury that'll change the yield three point 0:07:12.400 --> 0:07:15.240 one six percent. Straight to head your latest local headlines 0:07:15.280 --> 0:07:23.560 plus a check of sports, and this is Bloomberg. Thank you, Karen, 0:07:23.600 --> 0:07:25.880 six oh seven on Wall Street, sixty six degrees in 0:07:25.920 --> 0:07:28.400 Central Park. Little change to the situation on the Gothels 0:07:28.440 --> 0:07:31.080 Bridge ramp to the New Jersey Turnpike. It is still closed. 0:07:31.400 --> 0:07:33.200 Peter Van's got details on that in a minute, but 0:07:33.280 --> 0:07:35.720 Michael bars here first with what else is going on 0:07:35.760 --> 0:07:37.640 in New York and around the world. Michael, thank you 0:07:37.720 --> 0:07:40.240 very much, Nathan. While Governor Hukel and leez Elden will 0:07:40.280 --> 0:07:43.440 square off in the full other primary contests were settled 0:07:43.440 --> 0:07:47.280 in New York Democrat Anthony Dogato one for Lieutenant governor, 0:07:47.320 --> 0:07:52.480 with Delgado replaced former Lieutenant Governor Brian Benjamin, who was 0:07:52.560 --> 0:07:56.720 arrested on federal corruption charges. Meanwhile, Andrew Giuliani came up 0:07:56.760 --> 0:07:59.600 short in his run for the GOP nomination for governor. 0:07:59.760 --> 0:08:02.600 We need to make sure we lick our wounds tonight 0:08:02.920 --> 0:08:07.600 and tomorrow. Let's get up and let's support the Republican nominee, 0:08:08.000 --> 0:08:12.480 Congressman LESE. Elden, and let's make him. Let's make him 0:08:13.560 --> 0:08:17.320 governor of the state of New York. Former Mayor Rudy 0:08:17.360 --> 0:08:20.720 Giuliani helped campaign for his son, but on Sunday, he 0:08:20.800 --> 0:08:23.040 claimed that he was assaulted by a heckler at a 0:08:23.080 --> 0:08:27.800 Staten Island supermarket. However, current Mayor Eric Adams suggested that 0:08:27.880 --> 0:08:31.920 Rudy Giuliani be investigated for filing a false police report. 0:08:32.240 --> 0:08:34.480 Adam says, when you look at the video, the guy 0:08:34.520 --> 0:08:37.920 basically walked by and patted him on the back. I 0:08:37.920 --> 0:08:40.440 would if we didn't have the video, this person would 0:08:40.440 --> 0:08:42.880 have been accused with a serious crime when all he 0:08:42.920 --> 0:08:44.880 did was packed the guy on the back. He's a 0:08:44.920 --> 0:08:48.640 former mayor. I think he is responsible for a former mayor. 0:08:48.760 --> 0:08:52.400 Giuliani shot back, calling Adams an idiot. Giuliani, who was 0:08:52.440 --> 0:08:55.080 seventy eight, says he didn't file the report the city's 0:08:55.120 --> 0:08:59.320 police department did. Earlier, Giuliani said that he was hit 0:08:59.480 --> 0:09:02.959 as if a boulder hit me. New York Democratic Congresswoman 0:09:03.000 --> 0:09:07.160 Alexandria o'cassio Cortez is reacting to shocking testimony from an 0:09:07.160 --> 0:09:09.880 aide to former White House Chief of Staff Mark Meadows, 0:09:09.880 --> 0:09:13.040 who testified before the January six panel. She spoke on 0:09:13.200 --> 0:09:16.439 the CBS Late Show with Stephen Golbert. They knew that 0:09:16.520 --> 0:09:19.439 what they were doing was wrong. At the very end 0:09:19.480 --> 0:09:22.520 of this hearing, you hear that Mark Meadows, the chief 0:09:22.559 --> 0:09:25.640 of Staff to the President himself, asked for a pardon 0:09:26.080 --> 0:09:29.400 because he knew that he was breaking the law. Congresswoman 0:09:29.400 --> 0:09:32.720 o'cassio Cortez says those who sought partners should be expelled 0:09:32.760 --> 0:09:36.000 from the house. Former socialite Galain Maxwell was sentenced to 0:09:36.040 --> 0:09:38.920 twenty years in prison for her role in helping Jeffrey 0:09:38.960 --> 0:09:43.520 Epstein sexually abused underage girls. Meanwhile, R and B star 0:09:44.080 --> 0:09:46.640 R Kelly will be sentenced today in Brooklyn. He was 0:09:46.679 --> 0:09:50.280 convicted of racketeering and accused of sexual misconduct. Global News 0:09:50.280 --> 0:09:53.520 twenty four hours a day on air and on Bloomberg Quicktake, 0:09:53.760 --> 0:09:56.600 powered by more than twenty seven d journalists and analysts 0:09:56.679 --> 0:09:59.520 more than a hundred twenty countries. Michael Barren, this is 0:09:59.559 --> 0:10:06.439 Bloomber Nathan Okay, Michael, thank you, we're kind of It's 0:10:06.440 --> 0:10:08.160 a sixth cent on Wall Street. Time for the Bloomberg 0:10:08.160 --> 0:10:10.520 Sports Update with John stash Ower. All right, Nathan, is 0:10:10.520 --> 0:10:13.720 the Yankees keep winning. The numbers become more staggering. Their 0:10:13.760 --> 0:10:16.960 record seventy five games in his fifty five and twenty 0:10:17.080 --> 0:10:19.439 it's the sixth best in baseball history. At least, it's 0:10:20.080 --> 0:10:22.280 one another game that didn't exactly crush the opponent, but 0:10:22.640 --> 0:10:24.720 to one victory over Oakland. The star was a guy 0:10:24.720 --> 0:10:26.880 who had been toiling in the miners almost all season. 0:10:26.920 --> 0:10:29.600 But twice now the Yanks have called on twenty six 0:10:29.679 --> 0:10:32.360 year old rookie JP Sears to come up from Scranton 0:10:32.440 --> 0:10:34.480 and him two starts. He is not allowed to run 0:10:34.520 --> 0:10:38.680 Oz Travino RBI single first Anymorewin Gonzalez solo homer the second, 0:10:39.000 --> 0:10:40.800 the A's only run game with two outs in the 0:10:40.880 --> 0:10:42.800 nin thought play homes. He was still got able to 0:10:42.840 --> 0:10:45.199 get his thirteenth Say Day game today, and then the 0:10:45.280 --> 0:10:48.160 Yanks go on the road for ten. Houston Astros split 0:10:48.280 --> 0:10:50.080 that four game series with the Yankees State in New 0:10:50.120 --> 0:10:52.439 York beat the Mets nine to one. File Tucker three 0:10:52.480 --> 0:10:55.520 run Homer first and even off Carlos Carrasco, Jordan Alvarez 0:10:55.520 --> 0:10:57.440 and Jury Gurry. I'll two run shots in the fifth. 0:10:57.440 --> 0:10:59.839 The Mets was shut out until the ninth. Does NBA 0:11:00.040 --> 0:11:02.559 rate and he kicks off tomorrow. Multiple reports the Knicks 0:11:02.600 --> 0:11:05.839 will land Jalen Brunson. Nicks just traded Alec Birks and 0:11:05.880 --> 0:11:08.720 new Lands Noel to Detroit to clear more salary cap space. 0:11:08.800 --> 0:11:11.679 Brunson opened eyes with a forty one point playoff game 0:11:11.720 --> 0:11:13.719 for Dallas. His father was recently hired to be a 0:11:13.760 --> 0:11:16.959 Knick's assistant and the son of Nick's president Leon Rose 0:11:17.080 --> 0:11:20.200 is Brunson's agent. Ed Wimbledon, the return of Serena Williams 0:11:20.240 --> 0:11:23.240 did not last long, though her match took over three hours. 0:11:23.240 --> 0:11:26.360 She lost the third set tidebreaker the harmony. Ton then 0:11:26.440 --> 0:11:31.240 reflected a bit on her brilliant career the game. You 0:11:31.280 --> 0:11:34.839 know something that I never kind of set out to 0:11:34.960 --> 0:11:38.880 do um and then somehow I did it. Somehow I'm 0:11:38.960 --> 0:11:42.520 Serena and it's pretty awesome. Says She's going to play 0:11:42.559 --> 0:11:46.160 the US Open. John stash Award Bloomberg Sports Steven Okay, John, 0:11:46.200 --> 0:11:48.280 thank you. Right now. S and P futures are moving 0:11:48.280 --> 0:11:51.040 a touch lower. They're down five points down, futures down 0:11:51.080 --> 0:11:53.400 six dance that futures down twenty five points as we 0:11:53.440 --> 0:11:56.839 await a very important conversation with three the most important 0:11:56.920 --> 0:12:01.080 central bankers in the world. Francine Lockwab Bloomberg joins us 0:12:01.080 --> 0:12:04.400 next from the ECB Forum in centrop. This is Bloomberg 0:12:07.520 --> 0:12:09.320 and Bloomberg day Break is brought to you by Hofstra 0:12:09.440 --> 0:12:12.400 University's Frank G's r School of Business, tough breaked online 0:12:12.480 --> 0:12:15.679 NBA program with a real world foundation. Learn more at 0:12:15.720 --> 0:12:22.960 Hofstra dot e, d U slash go grad markets, headlines 0:12:23.000 --> 0:12:25.960 and breaking news twenty four hours a day, at Bloomberg 0:12:26.040 --> 0:12:29.439 dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. 0:12:29.640 --> 0:12:38.720 This is a Bloomberg Business slash and I'm Camering Moscow. 0:12:38.800 --> 0:12:43.079 European stocks are dropping on renewed worries about economic growth. 0:12:43.160 --> 0:12:45.520 Is monetary policy Titans and much of the world to 0:12:45.559 --> 0:12:49.320 fight inflation. U Stock Index futures are also lower this morning. 0:12:49.720 --> 0:12:53.000 After a tech led slide for the SMP five yesterday, 0:12:53.200 --> 0:12:55.840 we checked the markets every fifteen minutes throughout the trading day. 0:12:55.920 --> 0:12:58.640 On Bloomberg, I guess and P futures down about e points. 0:12:59.000 --> 0:13:02.480 Now futures they're little change. Nasday features down thirty six. 0:13:02.760 --> 0:13:06.040 The decks in Germany is down one point seven per cent. 0:13:06.120 --> 0:13:08.760 It continues to extend its to coins to ten. Your 0:13:08.800 --> 0:13:10.800 treasury up one thirty second. You have three point was 0:13:10.880 --> 0:13:12.960 six percent, a yield on a two year three point 0:13:13.160 --> 0:13:15.880 nine percent nine Next, Screwed oil is up four tenths 0:13:15.920 --> 0:13:17.800 per cent or forty nine cents at a hundred ten 0:13:17.880 --> 0:13:20.800 dollars twenty six cents a barrel. Comics gold is down 0:13:20.840 --> 0:13:23.040 about two tenths per cent or two dollars eighty cents 0:13:23.040 --> 0:13:26.480 at eighteen eighteen fifty announced. The euro one point oh 0:13:26.480 --> 0:13:29.000 five to zero against the dollar, British pound one point 0:13:29.000 --> 0:13:31.200 to one six nine and the yen one thirty six 0:13:31.240 --> 0:13:34.360 point four four. Bitcoin this morning lower down nine ten 0:13:34.520 --> 0:13:37.480 percent at twenty thousand and sixty dollars. And as a 0:13:37.520 --> 0:13:40.040 Bloomberg Business Flash, now here's Michael Barr with more on 0:13:40.160 --> 0:13:42.640 what's going on around the world. Muggle Karen, thank you 0:13:42.720 --> 0:13:45.520 very much. A former White House aide portrait of violent 0:13:45.800 --> 0:13:49.120 and how to control Donald Trump in his presidency's final weeks, 0:13:49.160 --> 0:13:52.320 saying she was told that he reached for the steering 0:13:52.320 --> 0:13:54.760 wheel and lunged at a Secret Service agent to try 0:13:54.800 --> 0:13:57.240 to stop him from traveling to the Capitol to join 0:13:57.280 --> 0:14:01.440 the last year's insurrectionist mob on January six. Meanwhile, in 0:14:01.480 --> 0:14:05.559 a truth social post, former President Trump says it didn't happen. 0:14:05.960 --> 0:14:08.920 A historic NATO someone is getting underway in Madrid. Finland 0:14:09.000 --> 0:14:11.800 and Sweden are expected to get their invitations to join 0:14:11.920 --> 0:14:15.560 the alliance amid a Russian aggression. In baseball, the Yankees 0:14:15.600 --> 0:14:18.120 beat the A's to one. The Mets lost, along with 0:14:18.160 --> 0:14:21.560 the Red Sox and Orioles, the Nationals and Giants. One 0:14:21.960 --> 0:14:24.720 Global News twenty four hours a day on air and 0:14:24.920 --> 0:14:28.000 on Bloomberg Quick Take, powered by more than twenty seven 0:14:28.080 --> 0:14:31.040 hundred journalist and analysts more than a hundred twenty countries. Um, 0:14:31.080 --> 0:14:34.160 Michael Barr and this is Bloomberg. Nathan all right, Michael, 0:14:34.160 --> 0:14:36.440 thank you. It is six nineteen on Wall Street Live 0:14:36.560 --> 0:14:40.560 from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak 0:14:40.600 --> 0:14:43.479 on the morning, where we're awaiting a very important conversation 0:14:43.560 --> 0:14:47.760 with on a global monetary policy. Federal Reserve Chairman Jerome Powell, 0:14:47.840 --> 0:14:51.040 European Central Bank President Christine Lagarde, and Bakon England Governor 0:14:51.080 --> 0:14:53.720 Andrew Bailey will share a stage later this morning at 0:14:53.720 --> 0:14:56.720 the ECB Forum on Central Banking in the resort city 0:14:56.760 --> 0:14:59.960 of CenTra, Portugal and joining us Now is someone else 0:15:00.080 --> 0:15:03.120 was going to be on the stage with these policy powerhouses. 0:15:03.240 --> 0:15:07.320 Francine la Qua very own editor at large for Bloomberg News, 0:15:07.320 --> 0:15:10.680 co anchor of Bloomberg Surveillance Early edition on Bloomberg Television. 0:15:10.960 --> 0:15:13.480 Francine really appreciate the time, because I know you've been 0:15:13.560 --> 0:15:17.200 very busy with interviews of your own from the ECB Forum, 0:15:17.240 --> 0:15:20.320 but I'm really curious to get a glimpse at least 0:15:20.320 --> 0:15:23.240 of what's on your question list for Powell and company 0:15:23.360 --> 0:15:27.280 this morning. Well, I think everything will be dominated, of 0:15:27.280 --> 0:15:30.280 course by inflation, and we're really trying to understand what 0:15:30.680 --> 0:15:33.480 the economic price that some of these central bankers are 0:15:33.480 --> 0:15:35.480 willing to pay to make sure that the inflation is 0:15:35.520 --> 0:15:38.160 under control. And I just stepped out from a panel 0:15:38.160 --> 0:15:40.800 on inflation. We Handlritt and Mestro on that and she just, 0:15:40.960 --> 0:15:43.320 you know, she mints to know what she basically at 0:15:43.320 --> 0:15:45.880 the US Federal Reserve is just at the beginning of 0:15:45.960 --> 0:15:50.000 raising interest rates to control inflation. And what was extremely 0:15:50.040 --> 0:15:53.720 interesting for me was she started talking about assumptions on 0:15:53.840 --> 0:15:56.960 anchored inflation. Now. I had several conversations, for example, with 0:15:57.040 --> 0:16:00.200 the South African Reserve Bank governor and a couple DC 0:16:00.320 --> 0:16:03.880 Beginning Council members on TV earlier, and there's a different 0:16:03.920 --> 0:16:06.040 perspective if you're an emerging market. So if you're an 0:16:06.040 --> 0:16:08.840 emerging markets you probably would have frontloaded this because you 0:16:08.880 --> 0:16:12.480 saw inflation coming, you saw out of the structural concerns 0:16:12.600 --> 0:16:14.960 out there, and you would have thought that actually the 0:16:15.080 --> 0:16:19.400 worst case scenario is that there's some kind of deflation. Right, 0:16:19.480 --> 0:16:22.400 So they think that dealing with inflation for monetary policy 0:16:22.480 --> 0:16:26.160 consential banks point of view is easier than dealing with 0:16:26.200 --> 0:16:28.520 what you know, the Bank of Japan, for example, has 0:16:28.560 --> 0:16:30.400 to dealing with the last ten years. But then you 0:16:30.440 --> 0:16:33.760 listen to write Amester and she mentioned research and think 0:16:33.800 --> 0:16:36.160 that's more costly for policy makers to be wrong about 0:16:36.160 --> 0:16:39.960 inflation expectations being well anchored when they're not, as opposed 0:16:40.000 --> 0:16:42.480 to aronnings for assuming that they're rising when they're actually 0:16:42.480 --> 0:16:44.880 well anchored. And I think this goes to the debate 0:16:45.240 --> 0:16:47.320 around the world. You know, how do we get to 0:16:47.360 --> 0:16:49.760 a wage spiral If people read about inflation, if they're 0:16:49.760 --> 0:16:51.760 worried about their cost of living, they're going to start 0:16:51.800 --> 0:16:55.160 asking for raises, and this is when central banks could 0:16:55.200 --> 0:16:57.720 actually use control. Yeah, it's very interesting to hear this 0:16:57.760 --> 0:17:01.120 debate moving forward when it comes to in lation expectations 0:17:01.120 --> 0:17:03.640 potentially being anchored. When we think about the type of 0:17:03.680 --> 0:17:08.280 inflation that we're seeing in this global economy that's driven uh, 0:17:08.359 --> 0:17:11.080 not just by the after effects of the pandemic, but 0:17:11.160 --> 0:17:14.840 now a war in Ukraine and supply chain interruptions as well, 0:17:14.880 --> 0:17:18.520 and how much control do central banks have over those 0:17:18.640 --> 0:17:24.880 kinds of UH factors that are outside monetary supply. Yeah, 0:17:24.960 --> 0:17:26.800 and that's a million dollar question. I mean, if you 0:17:26.800 --> 0:17:29.960 look at the current inflation situation is definitely very challenging. 0:17:30.359 --> 0:17:32.960 But again it's different if you're sitting in the UK, 0:17:33.320 --> 0:17:36.720 the Macau. England has the added challenge of Brexit. So 0:17:36.760 --> 0:17:40.600 many people left during COVID. Many people went back home 0:17:40.640 --> 0:17:43.640 to Europe and have not come back, so it's extremely 0:17:43.640 --> 0:17:46.960 difficult to fill jobs, which is why a lot of 0:17:47.000 --> 0:17:50.320 the rising inflation doesn't only come from airline tickets. Like 0:17:50.359 --> 0:17:52.720 we're seeing in Europe. But it comes from people saying, look, 0:17:53.040 --> 0:17:55.800 you want me to hire me, pay me more. And 0:17:55.880 --> 0:17:58.399 so that is a challenge that to bank in England 0:17:58.400 --> 0:18:01.080 has that the FED doesn't. They have a whole other 0:18:01.119 --> 0:18:05.240 set of problems. Um, of course it's different in you 0:18:05.280 --> 0:18:07.680 know where we are in the cycle. Uh, there's been 0:18:07.680 --> 0:18:10.040 this huge scene in the US which she didn't have, 0:18:10.560 --> 0:18:14.159 which must contribute also to inflation expectations. And then I 0:18:14.200 --> 0:18:16.480 was thinking at imposement the peters In Institute and look, 0:18:16.720 --> 0:18:20.359 he was saying the ECB is probably maybe behind the curve, 0:18:20.560 --> 0:18:25.159 but their supply um shocks are really shooting these inflations. 0:18:25.200 --> 0:18:28.159 I remember having conversations with Christine Laguard l September and 0:18:28.160 --> 0:18:30.720 October and they said, yes, there's an inflation problem in 0:18:30.800 --> 0:18:32.960 the less, Yes there's an infituation problem in the UK. 0:18:33.440 --> 0:18:36.680 But she didn't see him coming here in Europe. So 0:18:37.200 --> 0:18:39.359 you know, maybe it makes it easier because they need 0:18:39.359 --> 0:18:42.600 to hike less rates. But it also came a bit 0:18:42.640 --> 0:18:45.080 of a shock because of the word in Ukraine. UM, 0:18:45.240 --> 0:18:48.720 so you know she hadn't preempted that with any hikes 0:18:48.760 --> 0:18:52.520 at all. Fascinating and we're looking forward to many more 0:18:52.640 --> 0:18:55.880 insights in just about two and a half hours or so, 0:18:56.520 --> 0:19:00.720 when Francine Lackroise conversation begins nine am While Street Time 0:19:01.119 --> 0:19:04.480 with the Chairman of the Federal Reserve, Jerome Powell, the 0:19:04.520 --> 0:19:07.560 President of the European Central Bank, Christine Leguard, Governor Andrew 0:19:07.560 --> 0:19:10.720 Bailey the Bank of England, and Augustine Carston's of the 0:19:10.760 --> 0:19:14.440 Bank for International Settlements all joining Francine this morning from 0:19:14.440 --> 0:19:17.520 the ECB Forum in CenTra. Again. Our coverage kicks off 0:19:17.680 --> 0:19:20.879 nine am Wall Street Time right here on Bloomberg Radio. 0:19:21.080 --> 0:19:24.080 You can catch it as well on Bloomberg Television. Again Francine, 0:19:24.400 --> 0:19:28.440 as always, thanks for the time, and UH try to 0:19:28.480 --> 0:19:30.240 get a little rest once all this is over. It 0:19:30.240 --> 0:19:33.200 has been a very busy ECP Forum in Centrome. Looking 0:19:33.200 --> 0:19:36.440 ahead to the market open this morning, UH futures are 0:19:36.520 --> 0:19:38.720 adding to some of their losses. Now we have SMP 0:19:38.880 --> 0:19:43.120 futures now down seven points down, futures down nineteen NASDAC 0:19:43.160 --> 0:19:46.639 futures are lower by thirty six points. Tenure Treasury is 0:19:46.800 --> 0:19:49.840 up one thirty second. The yield three point one six percent. 0:19:50.160 --> 0:19:53.640 The yield on the two year three point one zero percent. 0:19:54.160 --> 0:19:56.800 This red headline just across the Bloomberg terminal. The UK 0:19:56.960 --> 0:20:01.800 has sanctioned Vladimir potent In, former first Prime Minister of Russia, 0:20:02.080 --> 0:20:08.640 one of the Oligarchs. This is Bloomberg Bloomberg eleven three 0:20:08.640 --> 0:20:11.080 oh weather partly the mostly sunny mid eighties for hist 0:20:11.119 --> 0:20:15.359 today could hit ninety tomorrow, low nineties, maybe nine five 0:20:15.440 --> 0:20:17.800 on a sunny and hot start to July. Right now 0:20:17.840 --> 0:20:24.200 sixty six in Central Park, broadcasting live from the Bloomberg 0:20:24.280 --> 0:20:27.840 Interactive Broker studio in New York. Bloomberg Living Free, Go 0:20:28.119 --> 0:20:32.240 to Washington, d C. Bloomberg to Boston, Bloomberg one O 0:20:32.480 --> 0:20:35.960 six one does San Francisco, Bloomberg nine sixty to the country. 0:20:36.040 --> 0:20:38.520 Sirius xm H had a one nine team and around 0:20:38.560 --> 0:20:42.480 the globe of Bloomberg Business app and Bloomberg Radio dot Com. 0:20:42.520 --> 0:20:51.120 This is Bloomberg Daybreak six thirty on Wall Street. Good morning, 0:20:51.160 --> 0:20:54.040 I'm Nathan Hager and I'm Karen Moscow. We are about 0:20:54.040 --> 0:20:56.320 three hours away from the open of US trading. Kind 0:20:56.359 --> 0:20:58.040 to the five things you need to know to start 0:20:58.080 --> 0:21:01.520 your day, Brought to you by Interactive Brokers. Interactive Brokers 0:21:01.520 --> 0:21:04.840 Global Analysts helps you find new global investment opportunities to 0:21:04.880 --> 0:21:08.720 diversify your portfolio and discover undervalued companies that may have 0:21:08.800 --> 0:21:12.320 greater growth potential. Try IBK our Global Analysts today at 0:21:12.359 --> 0:21:15.760 ibkr dot com slash g A. First, we take a 0:21:15.800 --> 0:21:18.800 look at a primary election results in New York. Governor 0:21:18.880 --> 0:21:21.840 Kathy Hokel won the Democratic primary with almost sixty eight 0:21:21.840 --> 0:21:24.520 percent of the vote. She invoked a recent Supreme Court 0:21:24.600 --> 0:21:27.520 rulings in her victory speech, no matter what does the 0:21:27.560 --> 0:21:30.640 pretty part things they can do New Yorkers, you are 0:21:30.760 --> 0:21:35.440 protected protected from tin field weapons, were tecting, were good 0:21:35.440 --> 0:21:38.160 sealed weapons on our subways, in our schools and places 0:21:38.240 --> 0:21:42.639 like this. Governor Kathy Hukel defeated Jamanni Williams and Tom Swawsey. 0:21:43.000 --> 0:21:46.320 Lee Zeldin won the GOP primary for governor with of 0:21:46.320 --> 0:21:48.880