1 00:00:01,800 --> 00:00:05,200 Speaker 1: Live from the Bloomberg Interactive Burgers Studios. Is Bloomberg day 2 00:00:05,240 --> 00:00:08,920 Speaker 1: Break for Wednesday, December twenty one two. Coming up this hour. 3 00:00:09,119 --> 00:00:12,520 Speaker 1: Ukraine's president heads to Washington in his first trip outside 4 00:00:12,560 --> 00:00:15,760 Speaker 1: the country since Russia's invasion. As committee votes to release 5 00:00:15,840 --> 00:00:19,479 Speaker 1: former President Trump's tax returns. Sam Bankman freed readys for 6 00:00:19,520 --> 00:00:23,000 Speaker 1: extradition to the US, and Elon Musk seeks a replacement 7 00:00:23,079 --> 00:00:26,479 Speaker 1: as Twitter CEO. The NYPD says two people are dead 8 00:00:26,520 --> 00:00:30,319 Speaker 1: in an apparent subway accident. Plus New York Mayor Adams says, 9 00:00:30,360 --> 00:00:33,239 Speaker 1: spread the love, not the virus during the holidays. I'm 10 00:00:33,280 --> 00:00:37,040 Speaker 1: Michael blar More, I'm John Stashward, sports donning baseball news, 11 00:00:37,040 --> 00:00:40,080 Speaker 1: Carlos Grea changed his mind, be sunning with the Mets, 12 00:00:40,120 --> 00:00:44,960 Speaker 1: the next one the Rangers, and Devil's Law. That's all 13 00:00:45,040 --> 00:00:48,479 Speaker 1: s traded ahead on Bloomberg day Break on Bloomberg eleven 14 00:00:48,520 --> 00:00:52,960 Speaker 1: three on New York, Bloomberg one, Washington, d C, Bloomberg 15 00:00:53,040 --> 00:00:56,720 Speaker 1: one oh six one, Boston, Bloomberg nine sixties and Francisco 16 00:00:57,240 --> 00:01:00,000 Speaker 1: Sirius x M one nine team and around the world 17 00:01:00,000 --> 00:01:03,840 Speaker 1: Old on Bloomberg Radio dot Com and via The Bloomberg Business. 18 00:01:07,600 --> 00:01:10,720 Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. US 19 00:01:10,800 --> 00:01:13,520 Speaker 1: DOT index futures are on the rise this morning, and 20 00:01:13,600 --> 00:01:16,000 Speaker 1: we checked the markets all day long here on Bloomberg. 21 00:01:16,160 --> 00:01:18,640 Speaker 1: S and P futures are of twenty five points of 22 00:01:18,800 --> 00:01:21,360 Speaker 1: seven tens of uppercent. Death Future is up about eight 23 00:01:21,360 --> 00:01:23,559 Speaker 1: tens of upper cent or two hundred fifty eight points, 24 00:01:23,800 --> 00:01:26,560 Speaker 1: and Azdak future is up sixtensive upper cent or seventy 25 00:01:26,560 --> 00:01:29,480 Speaker 1: two points ten your treasury, that'll change, you'll three point 26 00:01:29,520 --> 00:01:31,440 Speaker 1: six eight percent and they yield on the two year 27 00:01:31,520 --> 00:01:34,679 Speaker 1: four point to two percent. And I'm ex screwed. Oil 28 00:01:34,880 --> 00:01:37,479 Speaker 1: is up one percent this morning. Nathan, all right, Karen, 29 00:01:37,520 --> 00:01:39,440 Speaker 1: thank you. We'll get back to the markets in a moment, 30 00:01:39,440 --> 00:01:41,199 Speaker 1: but we begin this morning with a couple of major 31 00:01:41,319 --> 00:01:45,959 Speaker 1: stories in politics. First, Ukrainian President Vladimir Zelinski is leaving 32 00:01:46,120 --> 00:01:49,600 Speaker 1: Ukraine for the first time since Russia's invasion. He will 33 00:01:49,640 --> 00:01:53,640 Speaker 1: address Congress in person in the nation's capital. Bloomberg Government 34 00:01:53,680 --> 00:01:56,120 Speaker 1: reporter Jack Fitzpatrick says it is a big moment in 35 00:01:56,160 --> 00:01:58,720 Speaker 1: the debate over a to the war torn country. It's 36 00:01:58,720 --> 00:02:01,840 Speaker 1: the big deal. There have been some questions about really 37 00:02:01,840 --> 00:02:05,320 Speaker 1: where House Republicans come down in the firmness of their 38 00:02:05,360 --> 00:02:09,160 Speaker 1: support for Ukraine. To have a joint address to Congress 39 00:02:09,160 --> 00:02:13,000 Speaker 1: and in person addressed especially, would be a very significant 40 00:02:13,000 --> 00:02:16,200 Speaker 1: moment at a pivotal time, because these kinds of agreements 41 00:02:16,240 --> 00:02:17,840 Speaker 1: are going to be a bit more difficult when it's 42 00:02:17,880 --> 00:02:21,200 Speaker 1: a Republican House and a Democratic Senate, So any sort 43 00:02:21,200 --> 00:02:23,040 Speaker 1: of show of unity with them there would be a 44 00:02:23,120 --> 00:02:27,000 Speaker 1: very significant thing. Bloomberg Governments Shack Fitzpatrick reports President Biden 45 00:02:27,000 --> 00:02:30,480 Speaker 1: will announce two billion dollars in additional assistance to Ukraine, 46 00:02:30,680 --> 00:02:35,240 Speaker 1: plus a delivery of Patriot missile batteries to Ukraine. Meantime, 47 00:02:35,320 --> 00:02:39,160 Speaker 1: Nathan and Donald Trump's tax returns are back in focus. 48 00:02:39,240 --> 00:02:42,280 Speaker 1: A House committee is voted to officially release the former 49 00:02:42,320 --> 00:02:45,640 Speaker 1: president's tax information to the public. Bloomberg's Amy Morris has 50 00:02:45,639 --> 00:02:49,240 Speaker 1: a details from our studios in Washington. The Houseways and 51 00:02:49,240 --> 00:02:51,720 Speaker 1: Means Committee signed off on a motion to release Trump's 52 00:02:51,760 --> 00:02:54,760 Speaker 1: tax returns to the House of Representatives. Chairman Richard Neil 53 00:02:54,840 --> 00:02:57,880 Speaker 1: says personal information will be redacted. This was not about 54 00:02:57,919 --> 00:03:01,280 Speaker 1: being punitive, it was not about being malicious, and there 55 00:03:01,280 --> 00:03:04,320 Speaker 1: were no leaks from the committee. The analysis found Trump 56 00:03:04,360 --> 00:03:07,800 Speaker 1: was able to use questionable deductions and aggressive tax strategies 57 00:03:07,840 --> 00:03:10,400 Speaker 1: to minimize his tax bills, and that the I r 58 00:03:10,560 --> 00:03:13,040 Speaker 1: S did not audit Trump for two years while he 59 00:03:13,120 --> 00:03:15,880 Speaker 1: was in office, despite a program that makes the auditing 60 00:03:15,919 --> 00:03:20,040 Speaker 1: of sitting president's mandatory. Republicans say releasing the information sets 61 00:03:20,080 --> 00:03:23,840 Speaker 1: a dangerous precedent in Washington. I'm anymore, as Bloomberg daybreak, 62 00:03:23,880 --> 00:03:26,200 Speaker 1: All right, Amy, thank you. Now, let's turn to Elon 63 00:03:26,280 --> 00:03:28,840 Speaker 1: Musk and the latest in his sanga as head of Twitter. 64 00:03:29,280 --> 00:03:31,880 Speaker 1: Musk now says he will step down as CEL once 65 00:03:31,880 --> 00:03:35,320 Speaker 1: a replacement is found, Bloomberg said, backs to reports, It 66 00:03:35,400 --> 00:03:39,120 Speaker 1: comes as the Federal Trade Commission deepens its investigation into 67 00:03:39,160 --> 00:03:42,600 Speaker 1: Twitter's use of user data. The Federal Trade Commission has 68 00:03:42,640 --> 00:03:46,880 Speaker 1: interviewed two former senior executives of Twitter already regarding privacy 69 00:03:47,080 --> 00:03:51,280 Speaker 1: and data security. Now practices is the issue, and whether 70 00:03:51,320 --> 00:03:54,360 Speaker 1: it's complying with a twenty eleven consent order. Since Elon 71 00:03:54,440 --> 00:03:57,040 Speaker 1: Musk has taken over, the FDC has shown it as 72 00:03:57,120 --> 00:04:00,520 Speaker 1: not afraid to levy ft defines. It did find Facebook 73 00:04:00,520 --> 00:04:04,560 Speaker 1: a record five billion dollars over the Cambridge Analytica data scandal. 74 00:04:04,920 --> 00:04:07,240 Speaker 1: This can't be welcome news from Musk, who has fired 75 00:04:07,240 --> 00:04:10,720 Speaker 1: many of his oversight team and attorneys. Musk, by the way, 76 00:04:10,800 --> 00:04:14,320 Speaker 1: says he will oversee the software and servers teams in 77 00:04:14,440 --> 00:04:17,599 Speaker 1: San Francisco. I'm at Baxter Bloomberg daybreak. All right, and 78 00:04:17,720 --> 00:04:20,839 Speaker 1: thank you. As a turmoil at Twitter continues, Tesla shares 79 00:04:20,880 --> 00:04:24,159 Speaker 1: are declining and ARC Investment CEO Cathy Wood is scooping 80 00:04:24,200 --> 00:04:27,279 Speaker 1: them up. Exchange traded funds backed by ARC bought slightly 81 00:04:27,320 --> 00:04:29,680 Speaker 1: more than four d forty five thousand shares of the 82 00:04:29,720 --> 00:04:32,760 Speaker 1: company since early October. This is the first quarter and 83 00:04:32,880 --> 00:04:35,360 Speaker 1: seven that ARC has been a net buyer of Tesla. 84 00:04:35,720 --> 00:04:38,760 Speaker 1: Right now, shares are higher in early trading. They're up 85 00:04:38,760 --> 00:04:41,000 Speaker 1: about two and a quarter percent. All right, Let's turn 86 00:04:41,040 --> 00:04:43,599 Speaker 1: from Twitter down to Crypto Karen and the latest on 87 00:04:43,760 --> 00:04:46,479 Speaker 1: Sam Bankman Freed, the ft X co founder, could be 88 00:04:46,520 --> 00:04:49,440 Speaker 1: making his way state signed from the Bahamas as soon 89 00:04:49,480 --> 00:04:52,440 Speaker 1: as today. Bloomberg Steve Rappaport joins US Live with that story. 90 00:04:52,480 --> 00:04:55,800 Speaker 1: Good morning, Good morning, Nathan, and Karen. Spf is halfway 91 00:04:55,800 --> 00:04:58,520 Speaker 1: through the process of returning to the US, having signed 92 00:04:58,520 --> 00:05:02,599 Speaker 1: his surrender documents. According of the Island's acting Commissioner of Corrections. Today, 93 00:05:02,680 --> 00:05:05,840 Speaker 1: Bankman Freed will sign a waiver of extradition before FBI 94 00:05:05,920 --> 00:05:08,640 Speaker 1: agents are expected to take him away on a private flight. 95 00:05:08,960 --> 00:05:11,680 Speaker 1: Bankman Freed initially vowed to fight extradition to the US 96 00:05:11,760 --> 00:05:14,320 Speaker 1: to face fraud, money laundering, and other charges related to 97 00:05:14,360 --> 00:05:16,840 Speaker 1: the collapse of his firm. His change of heart tied 98 00:05:16,880 --> 00:05:19,359 Speaker 1: in part to the possibility of getting released on bail. 99 00:05:19,440 --> 00:05:22,599 Speaker 1: Here live in New York. I'm Steve Rappaport, Bloomberg Daybreak. 100 00:05:22,720 --> 00:05:24,440 Speaker 1: All right, Steve, thank you all. Taking a look in 101 00:05:24,520 --> 00:05:29,240 Speaker 1: markets now. European stocks are advancing alongside US stock index futures. 102 00:05:29,320 --> 00:05:32,000 Speaker 1: Yesterday saw the SNP five hundred clothes higher for the 103 00:05:32,000 --> 00:05:34,599 Speaker 1: first time in four sessions. Equities have been on a 104 00:05:34,640 --> 00:05:37,680 Speaker 1: recent skid due to concerns over central bank tightening. Ye. 105 00:05:37,800 --> 00:05:40,000 Speaker 1: Speaking of central banks, Karen, this week's move from the 106 00:05:40,000 --> 00:05:43,599 Speaker 1: Bank of Japan continues to reverberate across markets. The yen 107 00:05:43,839 --> 00:05:46,719 Speaker 1: is steady this morning, after yesterday's strong move, which saw 108 00:05:46,760 --> 00:05:50,599 Speaker 1: the currency strengthened the most since Taking a look at 109 00:05:50,640 --> 00:05:52,480 Speaker 1: the end. Right now, it's trading at one thirty one 110 00:05:52,520 --> 00:05:56,080 Speaker 1: point six nine against the dollar. Bloomberg Opinion Columns. Muhammad 111 00:05:56,120 --> 00:05:58,960 Speaker 1: al Arian says the bo j's move provides some stability, 112 00:05:59,040 --> 00:06:03,000 Speaker 1: but also area's risk. This is the step towards normalization. 113 00:06:03,200 --> 00:06:04,760 Speaker 1: The good news for them is I think that can 114 00:06:04,760 --> 00:06:07,799 Speaker 1: control the process. That's actually good news for global markets 115 00:06:08,040 --> 00:06:13,279 Speaker 1: because it doesn't force selling by Japanese institutions. However, over 116 00:06:13,400 --> 00:06:18,200 Speaker 1: time even this approach becomes unsustainable. Bloomberg Opinion columnist Muhammadalarian 117 00:06:18,240 --> 00:06:21,039 Speaker 1: expects a slow exit from what he calls the BOJS 118 00:06:21,120 --> 00:06:24,920 Speaker 1: unsustainable policy regime. Well, let's turn to China now. Nathan 119 00:06:24,960 --> 00:06:28,599 Speaker 1: and has continued pivot away from COVID zero policy. Chinese 120 00:06:28,600 --> 00:06:31,000 Speaker 1: workers of mild COVID are now being told to go 121 00:06:31,080 --> 00:06:33,800 Speaker 1: back to work in some cities. This is Chinese officials 122 00:06:33,800 --> 00:06:36,440 Speaker 1: seek to limit the economic impact of an explosion in 123 00:06:36,520 --> 00:06:40,040 Speaker 1: cases Beijing. Shift from COVID zero has been accompanied by 124 00:06:40,120 --> 00:06:43,640 Speaker 1: a wave of infections in major urban centers across the country. 125 00:06:44,080 --> 00:06:47,600 Speaker 1: Futures this morning are on the rise. SMP futures up 126 00:06:47,600 --> 00:06:50,680 Speaker 1: twenty three points. That's up about six tenths of uppercent, 127 00:06:50,800 --> 00:06:53,279 Speaker 1: DAL futures up two thirty nine or seven tenths of 128 00:06:53,360 --> 00:06:56,400 Speaker 1: uppercent and NASDACK futures up about six tenths of uppercent 129 00:06:56,760 --> 00:07:03,800 Speaker 1: Your latest local headlines straight ahead this is Bloomberg experien 130 00:07:03,839 --> 00:07:06,760 Speaker 1: its degrees chili this morning in Central Park. Gonna be 131 00:07:06,839 --> 00:07:10,040 Speaker 1: sunny and cool today with higher forty, but wait ray 132 00:07:10,160 --> 00:07:14,800 Speaker 1: for some heavy rain to end the week. Now here's 133 00:07:14,800 --> 00:07:16,640 Speaker 1: Michael bar with a look at some of the other 134 00:07:16,680 --> 00:07:19,000 Speaker 1: stories making news in New York and around the world. 135 00:07:19,000 --> 00:07:21,080 Speaker 1: Good morning, Michael, Good morning Nathan. N y p D 136 00:07:21,200 --> 00:07:24,680 Speaker 1: officials are investigating an apparent deadly accident that took place 137 00:07:24,680 --> 00:07:27,600 Speaker 1: in the subway in Manhattan. Two people were run over 138 00:07:27,640 --> 00:07:31,080 Speaker 1: by several l trains yesterday. The victims were a forty 139 00:07:31,120 --> 00:07:33,520 Speaker 1: four year old man and a sixty three year old woman. 140 00:07:33,840 --> 00:07:37,080 Speaker 1: It left several horror five commuters in their wake. This 141 00:07:37,120 --> 00:07:39,600 Speaker 1: woman saw the bodies at the sixth Avenue stop at 142 00:07:39,640 --> 00:07:42,160 Speaker 1: the time. I told some guy that was waiting for 143 00:07:42,160 --> 00:07:43,840 Speaker 1: the chain across to me, I'll make this too. Their 144 00:07:43,920 --> 00:07:46,880 Speaker 1: bodies on there. He was like, you're kidding, and I said, no, Look, 145 00:07:46,920 --> 00:07:50,360 Speaker 1: you're stepping in blood. The officials are still investigating how 146 00:07:50,400 --> 00:07:52,880 Speaker 1: the bodies ended up on the tracks, but they say 147 00:07:52,920 --> 00:07:55,760 Speaker 1: they don't believe the victims were connected and their deaths 148 00:07:55,800 --> 00:07:58,640 Speaker 1: don't appear to be a crime. A last minute plead 149 00:07:58,800 --> 00:08:02,160 Speaker 1: from New York City Mayor Eric Adams as holiday travelers 150 00:08:02,200 --> 00:08:05,760 Speaker 1: continue to arrive, even as flue rs V and COVID 151 00:08:05,840 --> 00:08:10,200 Speaker 1: nineteen cases continued to rise nationwide. Mayor Adams encourage New 152 00:08:10,280 --> 00:08:13,480 Speaker 1: Yorkers to remain vigilant of the risks of these respiratory 153 00:08:13,520 --> 00:08:17,880 Speaker 1: infections now under winter. How do we enjoy the holidays 154 00:08:17,960 --> 00:08:22,200 Speaker 1: and spread love without spread into virus and we could 155 00:08:22,240 --> 00:08:26,280 Speaker 1: have that combination. Mayor Adams encourages New Yorkers to be 156 00:08:26,440 --> 00:08:30,400 Speaker 1: sure they test before gatherings and consider masking up. Winter 157 00:08:30,560 --> 00:08:32,600 Speaker 1: storm is hitting the nation at the height of the 158 00:08:32,640 --> 00:08:37,080 Speaker 1: holiday travel. Bloomberg meteorologist Rob Carolin as the latest Michael 159 00:08:37,120 --> 00:08:39,120 Speaker 1: some of the coldest weather we've seen in forty years 160 00:08:39,120 --> 00:08:41,920 Speaker 1: now starting to work its way into the northern Plain States. 161 00:08:41,960 --> 00:08:45,280 Speaker 1: Temperatures from northern Montana into North Dakota are well below 162 00:08:45,360 --> 00:08:48,280 Speaker 1: zero this morning. That air is going to be headed southward. 163 00:08:48,280 --> 00:08:51,199 Speaker 1: It's gonna move down towards the Gulf of Mexico, affect 164 00:08:51,240 --> 00:08:53,800 Speaker 1: Texas and much of the century United States by the 165 00:08:53,920 --> 00:08:55,800 Speaker 1: end of the week, and will also affect the western 166 00:08:55,800 --> 00:08:58,319 Speaker 1: Gulf Coast out ahead of this cold there. Over the 167 00:08:58,400 --> 00:09:00,800 Speaker 1: next thirty six hours, we'll see a big storm developed 168 00:09:01,040 --> 00:09:03,160 Speaker 1: it will go up through the central Great Lakes. That's 169 00:09:03,160 --> 00:09:06,520 Speaker 1: going to produce a very significant snowstorm across parts of 170 00:09:06,520 --> 00:09:09,840 Speaker 1: the central United States, with blizzard conditions possible around the 171 00:09:09,920 --> 00:09:14,040 Speaker 1: Chicago Milwaukee areas, also across western Michigan. It's gonna cause 172 00:09:14,120 --> 00:09:16,320 Speaker 1: quite a bit of rain and wind out ahead of 173 00:09:16,360 --> 00:09:19,199 Speaker 1: the storm. Will see that effect portions of the mid 174 00:09:19,240 --> 00:09:22,040 Speaker 1: Atlantic States in the Northeast as we head through Friday, 175 00:09:22,040 --> 00:09:24,760 Speaker 1: So travel will be very difficult in the Northeast and 176 00:09:24,800 --> 00:09:29,120 Speaker 1: Midwest on Friday. Michael, Yes, thanks rob Global News twenty 177 00:09:29,120 --> 00:09:31,600 Speaker 1: four hours a day on air and Bloomberg Quick Take 178 00:09:31,640 --> 00:09:34,679 Speaker 1: powered about more than journalists antialists more than a d 179 00:09:34,800 --> 00:09:38,280 Speaker 1: twenty countries. Michael bar this is Bloomberg. Nathan. All right, Michael, 180 00:09:38,280 --> 00:09:44,720 Speaker 1: thank you. It's time for the Bloomberg Sports Up Day, 181 00:09:44,760 --> 00:09:46,600 Speaker 1: brought to you by try stayed out EA. Good morning, 182 00:09:46,679 --> 00:09:49,920 Speaker 1: John Stash, Good morning, Nathan. The amazing Mets. Just when 183 00:09:49,960 --> 00:09:52,880 Speaker 1: you thought they're freege and spending spring was over, came 184 00:09:52,920 --> 00:09:55,760 Speaker 1: the stunning news earlier this morning that the Mets are 185 00:09:55,800 --> 00:09:58,360 Speaker 1: now add in Carlos Carea. He had agreed last week 186 00:09:58,360 --> 00:10:01,079 Speaker 1: to a thirteen year deal with the Giant. Press conference 187 00:10:01,160 --> 00:10:04,680 Speaker 1: was supposed to take place yesterday got postponed. Reportedly difference 188 00:10:04,720 --> 00:10:07,319 Speaker 1: of opinion about the results of Korea is physical. The 189 00:10:07,440 --> 00:10:10,640 Speaker 1: Mets swooped in got Korea for twelve years, three hundred 190 00:10:10,679 --> 00:10:12,839 Speaker 1: and fifteen million. He's always been a short stop. The 191 00:10:12,880 --> 00:10:15,000 Speaker 1: plan is to move them. The third base. Nets have 192 00:10:15,040 --> 00:10:18,720 Speaker 1: now guaranteed eight hundred million dollars just in free agents spending. 193 00:10:18,720 --> 00:10:21,120 Speaker 1: They have to pay at tax of three hundred and 194 00:10:21,160 --> 00:10:24,719 Speaker 1: eighty million justin Verlanders getting forty three million. He was 195 00:10:24,760 --> 00:10:26,720 Speaker 1: at City Field to talk about coming to New York. 196 00:10:26,880 --> 00:10:30,000 Speaker 1: Lived in New York for an off season. Um. I 197 00:10:30,040 --> 00:10:31,880 Speaker 1: love the vibe here, I love the city, I love 198 00:10:31,960 --> 00:10:34,880 Speaker 1: the people, and to have the opportunity to to come 199 00:10:34,880 --> 00:10:38,440 Speaker 1: pitch in the city, um is something that I think 200 00:10:38,440 --> 00:10:41,480 Speaker 1: I've I've always wanted the chance to do. The Aar 201 00:10:41,559 --> 00:10:43,920 Speaker 1: and Judge press conferences today and the Bronx will be 202 00:10:43,960 --> 00:10:45,880 Speaker 1: interesting to see if the Yankees announced the Judge will 203 00:10:45,920 --> 00:10:48,679 Speaker 1: become the team captain. At the Garden blowout win for 204 00:10:48,679 --> 00:10:51,360 Speaker 1: the Knicks over injury Riddle, Golden Stained one thirty two, 205 00:10:51,440 --> 00:10:53,199 Speaker 1: the ninety four the Knicks and one eight in a 206 00:10:53,280 --> 00:10:56,480 Speaker 1: row the Hills Toronto Tonight, the Warriors played tonight in Brooklyn. 207 00:10:56,520 --> 00:10:58,160 Speaker 1: The Rangers were going for an eighth straight win and 208 00:10:58,240 --> 00:11:01,080 Speaker 1: Chris Cryder scored twenty two second van but Pittsburgh one 209 00:11:01,120 --> 00:11:03,840 Speaker 1: three to two. The Devil's, who earlier this season had 210 00:11:03,840 --> 00:11:06,080 Speaker 1: a thirteen game one is Dreeca now lost their last 211 00:11:06,120 --> 00:11:09,040 Speaker 1: six meeting by Carolina four to one. Seaton Hall lost 212 00:11:09,040 --> 00:11:11,600 Speaker 1: the Big East game at Xavier seventy three to seventy. 213 00:11:11,640 --> 00:11:15,120 Speaker 1: Yukon be Georgetown the Hoskins, and oh the Jets does 214 00:11:15,240 --> 00:11:17,880 Speaker 1: Jacksonville tomorrow night and Zack Wilson will again be the 215 00:11:17,920 --> 00:11:22,280 Speaker 1: Jets starting quarterback. John Stashward, Bloomberg Sports, Nathan all Right, John, 216 00:11:22,320 --> 00:11:25,360 Speaker 1: thank you, and Bloomberg Sports was brought to you by 217 00:11:25,480 --> 00:11:27,959 Speaker 1: Audie Don't let someone else drive off and the Audi 218 00:11:28,040 --> 00:11:30,920 Speaker 1: Model You've always wanted to visit your local Tri state 219 00:11:30,960 --> 00:11:33,920 Speaker 1: Audie dealer to get behind the wheel of yours today, 220 00:11:34,040 --> 00:11:38,120 Speaker 1: or visit Autie Offers dot com for more information. Just ahead, 221 00:11:38,120 --> 00:11:41,240 Speaker 1: we'll get the latest on President Zelenski's trip to the 222 00:11:41,320 --> 00:11:45,040 Speaker 1: nation's capital. First, we look at markets and to see 223 00:11:45,040 --> 00:11:48,640 Speaker 1: futures moving higher, with SMP futures up twenty three points, 224 00:11:48,640 --> 00:11:51,640 Speaker 1: staff futures up two hundred forty one Nastack futures are 225 00:11:51,679 --> 00:11:54,439 Speaker 1: highed by sixty four points in the tenure treasury is 226 00:11:54,440 --> 00:11:57,160 Speaker 1: a little changed right now yield on the benchmark ten 227 00:11:57,240 --> 00:12:03,840 Speaker 1: year note three point six eight percent. Live from coast 228 00:12:03,920 --> 00:12:07,559 Speaker 1: to coast, from New York to San Francisco, Boston to Washington, 229 00:12:07,640 --> 00:12:11,440 Speaker 1: d C. Nationwide on Sirius Examp, the Bloomberg Business app, 230 00:12:11,480 --> 00:12:16,320 Speaker 1: and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, 231 00:12:16,360 --> 00:12:18,760 Speaker 1: I'm Nathan Hager. Let's get back to our top story 232 00:12:18,840 --> 00:12:21,199 Speaker 1: this morning. What could be a dramatic few hours in 233 00:12:21,240 --> 00:12:26,800 Speaker 1: the nation's capital as President Zelensky goes to Washington. Bloomberg's 234 00:12:26,800 --> 00:12:30,400 Speaker 1: Bruce Einhorn joins us now with more on this. Bruce, 235 00:12:30,559 --> 00:12:34,360 Speaker 1: good morning. What a statement this is that the first 236 00:12:34,400 --> 00:12:37,280 Speaker 1: trip that President Zelensky is going to make outside his 237 00:12:37,400 --> 00:12:41,000 Speaker 1: country since the war began is to the United States. 238 00:12:41,040 --> 00:12:43,080 Speaker 1: It says a lot about the level of support this 239 00:12:43,200 --> 00:12:49,000 Speaker 1: country has given to Ukraine in its war against Russia. Yes, 240 00:12:49,040 --> 00:12:52,680 Speaker 1: and it also shows them the important to that President's 241 00:12:52,760 --> 00:12:57,959 Speaker 1: landscape places on making sure that that support continues going forward. 242 00:12:58,480 --> 00:13:02,360 Speaker 1: The big issue that Ukraine faces in Washington is the 243 00:13:02,480 --> 00:13:06,720 Speaker 1: upcoming takeover as the House represented by Republicans UM. Some 244 00:13:06,840 --> 00:13:11,400 Speaker 1: Republicans have expressed skepticism about the level of support that 245 00:13:11,440 --> 00:13:15,520 Speaker 1: the US has given to Ukraine. UM. People like Marjorie 246 00:13:15,559 --> 00:13:20,520 Speaker 1: Taylor Green have criticized the US and then bide administration 247 00:13:20,640 --> 00:13:25,000 Speaker 1: for its support from Ukraine. UM. Quite a lot of Republicans, 248 00:13:25,200 --> 00:13:29,800 Speaker 1: including the Senate Senate Leader Mitch McConnell, the leader of 249 00:13:29,880 --> 00:13:34,319 Speaker 1: Republicans of the Senate UM, have expressed want support from Ukraine. 250 00:13:35,120 --> 00:13:38,080 Speaker 1: That said, there is you know, there's reason for for 251 00:13:38,679 --> 00:13:42,360 Speaker 1: Presidents Olinska and others to be concerned UM that UM, 252 00:13:42,640 --> 00:13:44,880 Speaker 1: they need to shore up their support in Washington. And 253 00:13:45,000 --> 00:13:49,000 Speaker 1: so this speech in front of a joint session of Congress, 254 00:13:49,000 --> 00:13:53,560 Speaker 1: that's give the Ukrainian president opportunity to to address some 255 00:13:53,640 --> 00:13:56,760 Speaker 1: of those some of those districts. And we are expecting 256 00:13:56,800 --> 00:13:59,160 Speaker 1: as well that the President Biden, during a joint news 257 00:13:59,200 --> 00:14:02,360 Speaker 1: conference at the i Had House with the President of Ukraine, 258 00:14:02,440 --> 00:14:05,720 Speaker 1: is going to announce that he has indeed decided to 259 00:14:05,840 --> 00:14:10,920 Speaker 1: deliver a Patriot UH anti air missile systems to Ukraine 260 00:14:11,040 --> 00:14:15,280 Speaker 1: as well. Tell us more about the significance of patriots. 261 00:14:15,360 --> 00:14:19,800 Speaker 1: This is something that President Zelinski has been really asking 262 00:14:20,080 --> 00:14:23,960 Speaker 1: strongly for from the United States or some time. Yes, 263 00:14:24,760 --> 00:14:28,200 Speaker 1: with good reason because of course Ukraine and being hit 264 00:14:28,760 --> 00:14:34,720 Speaker 1: almost on a daily basis by drones, missiles coming from Russia, 265 00:14:34,880 --> 00:14:42,520 Speaker 1: attacking civilian targets, attract attacking the energy, good h other infrastructure. 266 00:14:42,920 --> 00:14:47,960 Speaker 1: So having the Patriot or Defense system would provide Ukraine 267 00:14:48,040 --> 00:14:52,640 Speaker 1: with a valuable tool to to fight that. Um. The 268 00:14:52,680 --> 00:14:57,000 Speaker 1: Patriots would be part of a new assistance package that 269 00:14:57,040 --> 00:15:00,840 Speaker 1: would be worth nearly two billion dollars that President Biden 270 00:15:01,200 --> 00:15:05,320 Speaker 1: is going to be announcing today. Uh. This also comes 271 00:15:05,320 --> 00:15:09,480 Speaker 1: at a time when Congress is pois approved billion dollars 272 00:15:09,520 --> 00:15:11,800 Speaker 1: in new aid for Ukraine. This is part of the 273 00:15:11,800 --> 00:15:15,040 Speaker 1: big homicist spending bill that Congress is likely to pass 274 00:15:15,440 --> 00:15:21,480 Speaker 1: within the next few days. So um uh many many uh. 275 00:15:22,400 --> 00:15:24,560 Speaker 1: The signs of support for Ukraine at the moment, But 276 00:15:24,600 --> 00:15:27,960 Speaker 1: again um, the Ukrainians do have to be concerned about 277 00:15:28,280 --> 00:15:33,080 Speaker 1: just maintaining that. Um with the change in control of 278 00:15:33,120 --> 00:15:35,600 Speaker 1: the House in the next few weeks. And as if 279 00:15:35,600 --> 00:15:38,600 Speaker 1: the arrival of the Ukrainian president weren't enough, we have 280 00:15:38,720 --> 00:15:42,240 Speaker 1: another major development coming out of Washington, something that former 281 00:15:42,280 --> 00:15:46,600 Speaker 1: President Trump has been fighting for literally years. His tax 282 00:15:46,600 --> 00:15:51,800 Speaker 1: returns are about to be made public. Yeah. So um 283 00:15:52,000 --> 00:15:55,960 Speaker 1: soon after the Democrats one control of Congress back in 284 00:15:56,000 --> 00:15:58,840 Speaker 1: two thousand and nineteen. The housewives and needs to be 285 00:15:59,520 --> 00:16:02,440 Speaker 1: uh in the to the procedure to get the former 286 00:16:02,480 --> 00:16:08,120 Speaker 1: president's tax returns. Uh. Trump um has litigated that um 287 00:16:08,160 --> 00:16:12,160 Speaker 1: newly ran out the block here um but ultimately uh 288 00:16:13,000 --> 00:16:17,200 Speaker 1: lost on the committee does have the returns. The committee 289 00:16:17,360 --> 00:16:22,040 Speaker 1: voted yesterday on party line basis to release the returns. Uh. 290 00:16:22,080 --> 00:16:25,440 Speaker 1: It'll probably still be a few days maybe people we 291 00:16:25,520 --> 00:16:28,760 Speaker 1: actually um see those released because they do have to 292 00:16:28,800 --> 00:16:33,400 Speaker 1: redact some things um. Uh some personal information for instanceance 293 00:16:33,600 --> 00:16:38,080 Speaker 1: truly members that sort of thing. Um. However, we do 294 00:16:38,280 --> 00:16:43,120 Speaker 1: have from Richard Neal, the chairman of the committee, the 295 00:16:43,160 --> 00:16:48,760 Speaker 1: report about the audit that took place of the President 296 00:16:48,760 --> 00:16:51,680 Speaker 1: Trump's returns while he was while his president so U 297 00:16:51,680 --> 00:16:55,240 Speaker 1: from two thousand and seventeen onwards. Um. And there was 298 00:16:55,520 --> 00:17:00,760 Speaker 1: pretty sharp criticism from from Congressman Meal about how that 299 00:17:02,600 --> 00:17:06,359 Speaker 1: how that transpired. According to the chairman of the Way 300 00:17:06,440 --> 00:17:10,440 Speaker 1: the Needs Commute, there was almost nothing done in terms 301 00:17:10,480 --> 00:17:13,720 Speaker 1: of the audit of President Trump's returned during those years, 302 00:17:14,359 --> 00:17:17,720 Speaker 1: which is a contrary to standard policy, which is that 303 00:17:17,840 --> 00:17:19,919 Speaker 1: the i RS does an audit of the president and 304 00:17:19,960 --> 00:17:23,960 Speaker 1: the Vice president UM. According to Meil, that didn't really 305 00:17:23,960 --> 00:17:27,879 Speaker 1: happen until he made he sent a letter to to 306 00:17:27,960 --> 00:17:32,159 Speaker 1: the RS in two thousand and nineteen uh and said 307 00:17:32,320 --> 00:17:37,399 Speaker 1: that he needed to see this information. UM. According to Kneel, 308 00:17:37,480 --> 00:17:40,640 Speaker 1: this what the shows is that there's there's a need 309 00:17:40,720 --> 00:17:46,360 Speaker 1: for a bill that would require i RS to audit. Yeah, 310 00:17:46,440 --> 00:17:49,440 Speaker 1: the changes to the i R s expected to come 311 00:17:49,440 --> 00:17:53,240 Speaker 1: out of this fight that the president has been mounting 312 00:17:53,280 --> 00:17:55,960 Speaker 1: for some time. Bruce Einhorn with us this morning for 313 00:17:56,040 --> 00:17:58,359 Speaker 1: the latest from the nation's capital. Thanks for this first. 314 00:17:58,400 --> 00:18:04,520 Speaker 1: This is Bloomberg Markets headlines and breaking new ones twenty 315 00:18:04,520 --> 00:18:07,359 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 316 00:18:07,400 --> 00:18:10,320 Speaker 1: Business at Land at Bloomberg Quick Take. This is a 317 00:18:10,359 --> 00:18:20,400 Speaker 1: Bloomberg Business Flash and I'm Karen Moscow and European stocks 318 00:18:20,440 --> 00:18:23,679 Speaker 1: are rising this morning alongside US stock index. Futures at 319 00:18:23,680 --> 00:18:26,440 Speaker 1: the SNP five hundred close higher for the first time 320 00:18:26,440 --> 00:18:28,639 Speaker 1: in four sessions. And we check the markets all day 321 00:18:28,680 --> 00:18:32,040 Speaker 1: long year on Bloomberg SMP futures up twenty four points down, 322 00:18:32,040 --> 00:18:34,159 Speaker 1: futures up two hundred fifty three. That's up almost eight 323 00:18:34,200 --> 00:18:37,280 Speaker 1: tenths of uppercent and Nasdack future is up sixty five 324 00:18:37,400 --> 00:18:40,000 Speaker 1: or six tenths of uppercent. The decks in Germany's up 325 00:18:40,040 --> 00:18:42,840 Speaker 1: eight tenths of upper sent the tenure treasury little change. 326 00:18:42,840 --> 00:18:44,840 Speaker 1: You'll three point six eight percent yield on the two 327 00:18:44,920 --> 00:18:47,560 Speaker 1: year four point to two percent nine Max screwed oil 328 00:18:47,640 --> 00:18:49,600 Speaker 1: up win and a quarter percent of ninety seven cents 329 00:18:49,600 --> 00:18:52,119 Speaker 1: at seventy seven dollars twenty cents of barrel co Max 330 00:18:52,160 --> 00:18:55,040 Speaker 1: School little change. In eighteen twenty four thirty announced the 331 00:18:55,080 --> 00:18:57,720 Speaker 1: euro one point six two two against the dollar, British 332 00:18:57,720 --> 00:19:00,600 Speaker 1: pound one point two one three one, the yen one 333 00:19:00,640 --> 00:19:04,320 Speaker 1: point six four. Bitcoin is little changed at about sixteen thousand, 334 00:19:04,400 --> 00:19:07,040 Speaker 1: eight hundred dollars, and we're watching shares of Nike up 335 00:19:07,080 --> 00:19:11,000 Speaker 1: almost this morning. It posted another quarter of inventory build 336 00:19:11,080 --> 00:19:14,119 Speaker 1: up a but quarterly sales exceeded Wall Street estimates and 337 00:19:14,119 --> 00:19:16,720 Speaker 1: as a Bloomberg business flash now here Smuckel bar with 338 00:19:16,800 --> 00:19:19,240 Speaker 1: Moore on what's going on around the world. Unchal, Good morning, 339 00:19:19,280 --> 00:19:21,840 Speaker 1: Good morning, Karen. The House Ways A Means Committee voted 340 00:19:21,880 --> 00:19:25,080 Speaker 1: to release former President Trump's tax information to the public. 341 00:19:25,520 --> 00:19:29,000 Speaker 1: So far, we have learned that dozens of audit triggers 342 00:19:29,240 --> 00:19:34,600 Speaker 1: littered Trump's tax returns. According to Congress's top nonpartisan tax lawyers, 343 00:19:34,640 --> 00:19:40,720 Speaker 1: there are questionable private jet expenses and large, unsubstantiated charitable deductions, 344 00:19:41,119 --> 00:19:44,639 Speaker 1: yet none of them have been seriously owned it. Ukrainian 345 00:19:44,680 --> 00:19:47,760 Speaker 1: President voladimir's Lensky is making his way to Washington for 346 00:19:47,800 --> 00:19:51,480 Speaker 1: a summit with President Joe Biden and to address Congress Today. 347 00:19:51,920 --> 00:19:54,480 Speaker 1: In the NBA, the Next beat the Warriors one thirty 348 00:19:54,520 --> 00:19:57,240 Speaker 1: two ninety four, the Wizards one. In the NHL, the 349 00:19:57,359 --> 00:20:00,480 Speaker 1: Rangers and Devils lost. Global News twenty We're hours a 350 00:20:00,560 --> 00:20:03,320 Speaker 1: day on here or and on Bloomberg Quick take powered 351 00:20:03,320 --> 00:20:07,199 Speaker 1: by more than journalists and analysts more than twenty countries. 352 00:20:07,520 --> 00:20:10,040 Speaker 1: Micha La Barre and this is Bloomberg. All right, Michael, 353 00:20:10,040 --> 00:20:12,239 Speaker 1: thank you. This five twenty three on Wall Street. I'm 354 00:20:12,320 --> 00:20:15,080 Speaker 1: Nathan Hagar and this is Bloomberg day Break. Now let's 355 00:20:15,080 --> 00:20:18,520 Speaker 1: get back to elon Musk and Twitter that Saga isn't 356 00:20:18,600 --> 00:20:22,080 Speaker 1: going away, but now after a rocky few weeks as CEO, 357 00:20:22,359 --> 00:20:25,840 Speaker 1: looks like Musk is indeed going to do as promised 358 00:20:25,840 --> 00:20:28,359 Speaker 1: in hand over the reins at the social network, but 359 00:20:28,359 --> 00:20:31,440 Speaker 1: he won't be going too far. Let's bring in Alex Webb, 360 00:20:31,480 --> 00:20:34,160 Speaker 1: who has been following the Twitter Musk saga very closely. 361 00:20:34,200 --> 00:20:37,600 Speaker 1: Are Bloomberg Quick Take correspondent back with us this morning 362 00:20:37,640 --> 00:20:41,359 Speaker 1: and Alex I love the headline on this piece on 363 00:20:41,400 --> 00:20:44,159 Speaker 1: the terminal from our colleague Kurt Wagner. Elon Musk is 364 00:20:44,200 --> 00:20:47,800 Speaker 1: finally running out of gas at Twitter. What are your 365 00:20:47,800 --> 00:20:52,200 Speaker 1: thoughts on how things have gone over the last seven weeks? Gosh, yeah, 366 00:20:52,200 --> 00:20:54,800 Speaker 1: he's been a It's been a month or two, hasn't it. Yeah, 367 00:20:55,119 --> 00:20:59,720 Speaker 1: the he's stepping down the CEO. Is he leaving the company? 368 00:21:00,960 --> 00:21:03,960 Speaker 1: He's going to be running the engineering and server teams. 369 00:21:04,440 --> 00:21:06,720 Speaker 1: If you look at what's happened to headcount at Twitter, 370 00:21:06,760 --> 00:21:10,240 Speaker 1: they had seven half thousand employees when he joined. That's 371 00:21:10,280 --> 00:21:13,960 Speaker 1: dropped by about through firings and departures by about five thousand. 372 00:21:14,359 --> 00:21:18,800 Speaker 1: What is left will presumably mostly server and engineering teams. 373 00:21:18,960 --> 00:21:21,600 Speaker 1: So he's in a situation where he's going to sit 374 00:21:21,640 --> 00:21:23,359 Speaker 1: down the CEO, but he's still going to be running 375 00:21:23,440 --> 00:21:25,720 Speaker 1: a large trunk of the company. He's still going to 376 00:21:25,840 --> 00:21:29,959 Speaker 1: be the controlling shareholder breathing down the neck of whoever 377 00:21:30,200 --> 00:21:34,080 Speaker 1: is the actual CEO. UM I suspect this is more 378 00:21:34,119 --> 00:21:38,480 Speaker 1: about how the company is presented outwardly. Not least it's advertisers. 379 00:21:38,520 --> 00:21:40,920 Speaker 1: Those are its customers. Those are the people that it's 380 00:21:40,960 --> 00:21:44,239 Speaker 1: been losing. Um. As our colleagues reported last week, they 381 00:21:44,240 --> 00:21:45,719 Speaker 1: put us in the room with some of the meetings 382 00:21:45,720 --> 00:21:49,000 Speaker 1: that Elon Musk has had with advertisers. Those meetings don't 383 00:21:49,040 --> 00:21:52,800 Speaker 1: always seem to have gone particularly well. Um, he needs 384 00:21:52,800 --> 00:21:56,280 Speaker 1: somebody who was experienced sitting in front of brands, in 385 00:21:56,320 --> 00:21:59,640 Speaker 1: front of ad agencies and going, here's why it's worth 386 00:21:59,640 --> 00:22:02,240 Speaker 1: advertis is gonnaur platform. You don't need to worry about 387 00:22:02,240 --> 00:22:06,200 Speaker 1: these risks. Please give us your money. Um. I suspect 388 00:22:06,440 --> 00:22:07,879 Speaker 1: that is the sort of person who's going to be 389 00:22:07,880 --> 00:22:10,600 Speaker 1: looking to hire while he gets on behind the scenes, 390 00:22:10,640 --> 00:22:12,399 Speaker 1: to the extent that Elon must never be t really 391 00:22:12,480 --> 00:22:16,159 Speaker 1: behind the scenes trying to fix um some of the 392 00:22:16,160 --> 00:22:18,000 Speaker 1: problems he sees with the company. Well, we've had a 393 00:22:18,040 --> 00:22:21,280 Speaker 1: couple of names bandied about in the reporting and walk 394 00:22:21,400 --> 00:22:25,280 Speaker 1: us through a couple of potential CEOs. Whether those are 395 00:22:25,280 --> 00:22:28,679 Speaker 1: the kind of people that Elon Musk might have in 396 00:22:28,720 --> 00:22:32,120 Speaker 1: mind to address some of those issues that you just outlined. 397 00:22:32,800 --> 00:22:35,600 Speaker 1: So the you know, the name that seemingly a lot 398 00:22:35,600 --> 00:22:38,240 Speaker 1: of people would like is Cheryl Sandberg. You know, she 399 00:22:38,440 --> 00:22:41,520 Speaker 1: built much of the advertising model at Google. She built 400 00:22:41,560 --> 00:22:46,159 Speaker 1: the advertising model at Facebook. Now meta, would she be 401 00:22:46,200 --> 00:22:50,080 Speaker 1: willing to work for Ellen? Well, you know, she has 402 00:22:50,119 --> 00:22:52,560 Speaker 1: worked for a founder CEO in the shape of Ellen, 403 00:22:53,000 --> 00:22:55,919 Speaker 1: in the shape of Mark Zuckerberg, who has, you know, 404 00:22:55,960 --> 00:22:59,040 Speaker 1: clearly his own management style. There are other names in 405 00:22:59,080 --> 00:23:01,359 Speaker 1: there as well that like to Jay, I'm Jason Calicanus 406 00:23:01,359 --> 00:23:03,440 Speaker 1: and David Sachs, who have perceived as being very close 407 00:23:03,480 --> 00:23:05,480 Speaker 1: to Musque. They had come in to help run the 408 00:23:05,480 --> 00:23:08,440 Speaker 1: company when he first took over. They you know, Jason 409 00:23:08,440 --> 00:23:10,600 Speaker 1: Calicanus certainly has put his hand up in the air 410 00:23:10,640 --> 00:23:13,680 Speaker 1: and saying he would like the job. You know, there 411 00:23:13,760 --> 00:23:15,879 Speaker 1: are I think there's still plenty people out there who 412 00:23:15,880 --> 00:23:18,760 Speaker 1: would like to do it. Is there anybody who could 413 00:23:18,800 --> 00:23:20,399 Speaker 1: do a better job than him who would like to 414 00:23:20,400 --> 00:23:23,840 Speaker 1: do it, Well, that's a slightly different question, but I 415 00:23:23,840 --> 00:23:26,919 Speaker 1: don't think he will be short of candidates. Yeah, and 416 00:23:27,160 --> 00:23:29,880 Speaker 1: we're gonna be watching it. It's gonna be probably quite 417 00:23:29,920 --> 00:23:34,520 Speaker 1: some time before a new CEO finally gets settled in 418 00:23:34,920 --> 00:23:37,680 Speaker 1: alex Web Bloomberg Quick Take correspondent will be checking back 419 00:23:37,720 --> 00:23:41,240 Speaker 1: with you, I'm sure as we continue watching all the 420 00:23:41,359 --> 00:23:45,159 Speaker 1: developments over at Twitter. Right now, SMP futures are up 421 00:23:45,160 --> 00:23:47,520 Speaker 1: twenty four points, down futures up two hundred fifty two, 422 00:23:47,560 --> 00:23:50,359 Speaker 1: Nastaic futures up sixty four points, and Tesla shares up 423 00:23:50,400 --> 00:23:53,560 Speaker 1: two point six percent. On the Musque News will get 424 00:23:53,640 --> 00:23:56,360 Speaker 1: your morning stop stories local headlines in the fuller check 425 00:23:56,400 --> 00:24:01,159 Speaker 1: of markets. First, Today's Bloomberg weather forecast. Some high cloudy 426 00:24:01,200 --> 00:24:03,399 Speaker 1: has headed our way today and end up being partly 427 00:24:03,440 --> 00:24:06,679 Speaker 1: sunny with temperatures near forty this afternoon. Will cloud up overnight. 428 00:24:06,720 --> 00:24:09,720 Speaker 1: Those thirty to thirty five large storm developing in the 429 00:24:09,760 --> 00:24:11,880 Speaker 1: central part of the country will lead to rain developing 430 00:24:11,880 --> 00:24:14,280 Speaker 1: across the Tri state area. Tomorrow afternoon. It'll be breezy 431 00:24:14,320 --> 00:24:17,560 Speaker 1: fifty to fifty five, rainey, windy near fifty tomorrow night. 432 00:24:17,640 --> 00:24:21,000 Speaker 1: Rain ends Friday fifty five. Much colder this weekend. I'm 433 00:24:21,119 --> 00:24:24,080 Speaker 1: Rob Carolyn with your three day forecast on Bloomberg eleven 434 00:24:24,160 --> 00:24:30,920 Speaker 1: three oh broadcasting live from the Bloomberg Interactive Broker Studio 435 00:24:31,040 --> 00:24:34,200 Speaker 1: in New York. Bloomberg eleving Freedom to Washington, d C, 436 00:24:34,400 --> 00:24:38,080 Speaker 1: Bloomberg nine one to Boston, Bloomberg one O six one 437 00:24:38,200 --> 00:24:41,680 Speaker 1: to San Francisco, Bloomberg nine sixty to the country, Sirius 438 00:24:41,800 --> 00:24:44,240 Speaker 1: XM to a one nine team, and around the globe, 439 00:24:44,320 --> 00:24:48,320 Speaker 1: the Bloomberg Business and Bloomberg Radio dot com. This is 440 00:24:48,320 --> 00:24:56,560 Speaker 1: Bloomberg Daybreak and it's coming up to five thirty on 441 00:24:56,560 --> 00:24:59,560 Speaker 1: Wall Street. Good morning. I'm Karen Moscow, I'm Nathan Hager. 442 00:24:59,600 --> 00:25:02,040 Speaker 1: Bloomberg Daybreak, brought to you by Innovation Refunds, is your 443 00:25:02,119 --> 00:25:04,639 Speaker 1: daily reminder to apply for a payroll tax refund if 444 00:25:04,640 --> 00:25:07,560 Speaker 1: you're smaller medium sized business was impacted by COVID nineteen. 445 00:25:07,800 --> 00:25:10,879 Speaker 1: Innovation Refunds clients already claimed over two billion dollars in 446 00:25:10,920 --> 00:25:14,640 Speaker 1: payroll tax refunds. Get started at get refunds dot com 447 00:25:14,720 --> 00:25:17,119 Speaker 1: and were nearly four hours away from the open of 448 00:25:17,200 --> 00:25:18,919 Speaker 1: US trading. Let's get you up to date on the 449 00:25:18,920 --> 00:25:20,840 Speaker 1: news you need to know at this shour. We begin 450 00:25:20,920 --> 00:25:24,000 Speaker 1: with a couple of major stories and politics up. First, 451 00:25:24,080 --> 00:25:27,639 Speaker 1: Ukrainian President Vladimir Zelenski is leaving Ukraine for the first 452 00:25:27,680 --> 00:25:31,600 Speaker 1: time since Russia's invasion to address Congress in person in 453 00:25:31,640 --> 00:25:35,400 Speaker 1: the nation's capital. Bloomberg Government reporter Jack Fitzpatrick says it's 454 00:25:35,400 --> 00:25:37,720 Speaker 1: a big moment in the debate over aid to the country. 455 00:25:38,119 --> 00:25:41,600 Speaker 1: There have been some questions about really where House Republicans 456 00:25:41,640 --> 00:25:44,720 Speaker 1: come down in the firmness of their support for Ukraine. 457 00:25:45,000 --> 00:25:48,080 Speaker 1: To have a joint address to Congress and in person 458 00:25:48,080 --> 00:25:51,639 Speaker 1: addressed especially, would be a very significant moment at a 459 00:25:51,720 --> 00:25:54,320 Speaker 1: pivotal time, because these kinds of agreements are going to 460 00:25:54,359 --> 00:25:56,800 Speaker 1: be a bit more difficult when it's a Republican House 461 00:25:56,840 --> 00:26:00,520 Speaker 1: and a Democratic Senate. Bloomberg, Jack Fitzpatrick or force at 462 00:26:00,520 --> 00:26:03,879 Speaker 1: President Biden plans to announce two billion dollars in assistance 463 00:26:03,920 --> 00:26:06,639 Speaker 1: to Ukraine, and meantime, Karen a. House committees voted to 464 00:26:06,720 --> 00:26:10,560 Speaker 1: officially release former President Donald Trump's tax information to the public. 465 00:26:10,600 --> 00:26:12,760 Speaker 1: The actual returns will come out in a few days. 466 00:26:13,080 --> 00:26:16,639 Speaker 1: Analysis so far shows the former president used questionable deductions 467 00:26:16,640 --> 00:26:19,920 Speaker 1: and aggressive tax strategies to minimize his bills. And now 468 00:26:19,960 --> 00:26:22,240 Speaker 1: to Elon Musk, Nathan, the head of Twitter, says he 469 00:26:22,280 --> 00:26:25,399 Speaker 1: will step down as CEO when a replacement is found. 470 00:26:25,680 --> 00:26:28,840 Speaker 1: This comes as the FTC deepens its investigation into Twitter's 471 00:26:28,920 --> 00:26:31,600 Speaker 1: use of US your data. The extradition of Sam Bankman 472 00:26:31,640 --> 00:26:34,199 Speaker 1: freed from the Bahamas, is picking up steam. Karen, the 473 00:26:34,320 --> 00:26:37,760 Speaker 1: FTX co founder, could be making his way stateside today Bloomberg. 474 00:26:37,760 --> 00:26:41,200 Speaker 1: Steve Rappaport joins US Live Steve, good morning, Good morning, 475 00:26:41,320 --> 00:26:44,760 Speaker 1: Karen and Nathan. FBI agents are expected to escort Sam Bankman, 476 00:26:44,840 --> 00:26:47,359 Speaker 1: freed on a private flight back to the US after 477 00:26:47,400 --> 00:26:50,520 Speaker 1: he signs a waiver of extradition in court. SPF has 478 00:26:50,520 --> 00:26:52,720 Speaker 1: been held at the notorious Fox Hill Prison on the 479 00:26:52,720 --> 00:26:55,520 Speaker 1: outskirts of Nasau Sin's that judge denied his request for bail. 480 00:26:55,840 --> 00:26:58,640 Speaker 1: The possibility of making bail here reportedly played a role 481 00:26:58,640 --> 00:27:01,640 Speaker 1: in his decision to no longer contest extradition to face 482 00:27:01,720 --> 00:27:04,359 Speaker 1: numerous charges related to the collapse of his crypto firm. 483 00:27:04,560 --> 00:27:07,920 Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. Al Right, Steve, Thanks, 484 00:27:07,960 --> 00:27:10,399 Speaker 1: We're taking a look at markets now. European stocks are 485 00:27:10,440 --> 00:27:14,000 Speaker 1: advancing alongside US stock index futures. Yesterday saw the SNP 486 00:27:14,119 --> 00:27:16,840 Speaker 1: five hundred clothes higher for the first time in four sessions, 487 00:27:17,000 --> 00:27:19,280 Speaker 1: and this week's move from the Bank of Japan continues 488 00:27:19,320 --> 00:27:22,040 Speaker 1: to reverbrate. The yen is studying against the dollar, trading 489 00:27:22,040 --> 00:27:24,920 Speaker 1: at one thirty one point six eight. Bloomberg Opinion columnist 490 00:27:25,000 --> 00:27:27,000 Speaker 1: Muhammad al Arian has more on the b O j 491 00:27:27,200 --> 00:27:30,400 Speaker 1: surprise decision. There's no doubt in my mind that this 492 00:27:30,560 --> 00:27:33,760 Speaker 1: is the spectables normalization, but they're trying to make it 493 00:27:33,800 --> 00:27:37,399 Speaker 1: a weedly long process as unexciting as possible so that 494 00:27:37,480 --> 00:27:41,680 Speaker 1: it doesn't force selling font bie Japanese institutions. That's the 495 00:27:41,760 --> 00:27:45,080 Speaker 1: big risk. Bloomberg Opinion columnist Muhammad al Arian says the 496 00:27:45,119 --> 00:27:48,400 Speaker 1: move provides some stability, but does carry risk. At SMP 497 00:27:48,520 --> 00:27:51,240 Speaker 1: futures right now, we're up twenty four points, DAL futures up. 498 00:27:51,240 --> 00:27:55,000 Speaker 1: Tune in fifty seven, Nastact futures higher by sixty four points. 499 00:27:55,400 --> 00:27:58,000 Speaker 1: Straight ahead, your latest local headlines and the check of sports. 500 00:27:58,080 --> 00:28:05,320 Speaker 1: This is Bloomberg on Wall Street. We bring in Michael 501 00:28:05,320 --> 00:28:06,720 Speaker 1: Barr for a look at what's going on in New 502 00:28:06,800 --> 00:28:09,520 Speaker 1: York and around the world. Michael Nathan, thank you very much. 503 00:28:09,560 --> 00:28:12,399 Speaker 1: New York City police are investigating an apparent accident that 504 00:28:12,520 --> 00:28:15,720 Speaker 1: happened in the subway in Manhattan. The victims of forty 505 00:28:15,760 --> 00:28:17,920 Speaker 1: four year old man and the sixty three year old 506 00:28:17,920 --> 00:28:21,480 Speaker 1: woman had been hit by an L train shortly but 507 00:28:21,640 --> 00:28:25,680 Speaker 1: the conductors of two subsequent trains did not notice the 508 00:28:25,760 --> 00:28:29,200 Speaker 1: victims and also struck them on the tracks. This woman, 509 00:28:29,240 --> 00:28:31,399 Speaker 1: who was at the sixth Avenue stop. At the time, 510 00:28:32,560 --> 00:28:34,760 Speaker 1: New Yorkers were tough. We don't care a lot about 511 00:28:35,600 --> 00:28:38,240 Speaker 1: but it's like sometimes you know, it takes a little 512 00:28:38,240 --> 00:28:41,640 Speaker 1: time just to like play attention to something. Officials don't 513 00:28:41,640 --> 00:28:45,080 Speaker 1: believe the victims were connected. A last minute plea from 514 00:28:45,080 --> 00:28:48,440 Speaker 1: New York City Mayor Eric Adams as holiday travelers continued 515 00:28:48,480 --> 00:28:52,000 Speaker 1: to arrive, even as flu, rs V and COVID cases 516 00:28:52,040 --> 00:28:55,920 Speaker 1: continued to rise nationwide. Mayor Adams encouraged New Yorkers to 517 00:28:56,000 --> 00:28:59,680 Speaker 1: remain vigilant of the risks of these respiratory infections now 518 00:28:59,720 --> 00:29:03,440 Speaker 1: into winder this year, particularly around the flu from the 519 00:29:03,800 --> 00:29:07,360 Speaker 1: from the briefing we receive, the numbers are higher than 520 00:29:07,400 --> 00:29:10,200 Speaker 1: this traditionally is around this year. When you combine it 521 00:29:10,320 --> 00:29:14,320 Speaker 1: with the other elements that we're facing, the other rs VS, 522 00:29:14,760 --> 00:29:18,120 Speaker 1: COVID nineteen and just make it extremely challenging for New 523 00:29:18,200 --> 00:29:21,760 Speaker 1: York to Mayor Adams encouraged New Yorkers to mask up. 524 00:29:22,080 --> 00:29:24,240 Speaker 1: A large swath of the US is bracing for a 525 00:29:24,320 --> 00:29:28,000 Speaker 1: dangerous mix of cold, howling winds, and blizzard conditions. It's 526 00:29:28,000 --> 00:29:31,120 Speaker 1: already hammering the Northwest and is expected to disrupt plans 527 00:29:31,120 --> 00:29:34,600 Speaker 1: for millions of holiday travelers. The Taliban has renegged on 528 00:29:34,640 --> 00:29:37,160 Speaker 1: a promise they made when they took over Afghanistan in 529 00:29:37,200 --> 00:29:40,360 Speaker 1: August of last year. Their Ministry of Higher Education now 530 00:29:40,440 --> 00:29:42,760 Speaker 1: says women will no longer be allowed to attend public 531 00:29:42,840 --> 00:29:46,640 Speaker 1: or private university. State Department spokesperson ned Price. The Taliban 532 00:29:46,880 --> 00:29:49,760 Speaker 1: made promises to the people of Afghanistan and to the 533 00:29:49,800 --> 00:29:53,880 Speaker 1: international community that schools would reopen. They claimed that this 534 00:29:53,920 --> 00:29:56,640 Speaker 1: was a matter of procedures and arrangements and would be 535 00:29:56,720 --> 00:30:00,760 Speaker 1: quickly reversed. Now we hear the opposite Global News twenty 536 00:30:00,760 --> 00:30:03,040 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 537 00:30:03,040 --> 00:30:05,440 Speaker 1: powered by more than twenty seven hundred journalists analysts more 538 00:30:05,440 --> 00:30:08,040 Speaker 1: than a hundred twenty countries on Michael Barr, this is Bloomberg, Nathan, 539 00:30:08,160 --> 00:30:14,840 Speaker 1: Thanks Michael. By thirty three on Wall Street Time for 540 00:30:14,840 --> 00:30:16,960 Speaker 1: the Bloomberg Sports Update, brought to you by tri State 541 00:30:17,000 --> 00:30:19,320 Speaker 1: out of here. All right, Nathan, to think that the 542 00:30:19,400 --> 00:30:22,480 Speaker 1: Mets under previous ownership, we're always considered to be cheap, 543 00:30:22,840 --> 00:30:25,240 Speaker 1: not anymore. Not with Steve Cohen. They were already looking 544 00:30:25,240 --> 00:30:27,880 Speaker 1: at a payroll about three hundred sixty million dollars. They 545 00:30:27,880 --> 00:30:30,560 Speaker 1: had shelled out money that saw season to keep free 546 00:30:30,560 --> 00:30:33,840 Speaker 1: agents Edwin Diaz and Brandon Neimo. They added Justin Verlander 547 00:30:33,880 --> 00:30:37,840 Speaker 1: and five others, and now they're adding Carlos Korea. He's 548 00:30:37,880 --> 00:30:40,120 Speaker 1: not going to the Giants as was announced last week. 549 00:30:40,120 --> 00:30:43,280 Speaker 1: A little unclear what happened. Yesterday's press conference in San 550 00:30:43,280 --> 00:30:46,240 Speaker 1: Francisco was canceled. In Korea has coming to the Mats 551 00:30:46,280 --> 00:30:49,240 Speaker 1: twelve years, three hundred and fifteen million, These close friends 552 00:30:49,240 --> 00:30:51,880 Speaker 1: with Mets short stop Francisco Lindoor. The plan is to 553 00:30:51,920 --> 00:30:54,200 Speaker 1: move Korea to third base. It's like what the Yankees 554 00:30:54,280 --> 00:30:57,160 Speaker 1: did once with Alex Rodriguez. Matt Carpenter, who had some 555 00:30:57,240 --> 00:31:00,640 Speaker 1: Yankee heroics this past season, signed with San Diego. Forty 556 00:31:00,640 --> 00:31:03,360 Speaker 1: two year old billionaire Matt Eshiba has a deal to 557 00:31:03,440 --> 00:31:06,600 Speaker 1: buy the Phoenix Suns and the w NBA Mercury for 558 00:31:06,640 --> 00:31:09,560 Speaker 1: four billion dollars. At the Garden, nixt maybe eight wins 559 00:31:09,600 --> 00:31:12,560 Speaker 1: in a row, easily over Golden State one thirty two 560 00:31:12,600 --> 00:31:15,000 Speaker 1: to ninety four. Manual quickly off the event for a 561 00:31:15,000 --> 00:31:18,120 Speaker 1: team I twenty two points, Jalen Brunson scored twenty one, 562 00:31:18,200 --> 00:31:21,000 Speaker 1: Quentin Grimes nineteen, r. J. Barrett eighteen, and another home 563 00:31:21,000 --> 00:31:24,600 Speaker 1: game tonight against Toronto. The Rangers seven game win streak 564 00:31:24,720 --> 00:31:27,480 Speaker 1: ended in Pittsburgh three to two. Chris Pryder both the 565 00:31:27,560 --> 00:31:30,600 Speaker 1: Ranger goals. Slumping Devils lost at Carolina for to one. 566 00:31:30,640 --> 00:31:34,480 Speaker 1: Seaton Hall lost at Xavier. Mike White's ribs still injured, 567 00:31:34,520 --> 00:31:37,040 Speaker 1: so it'll again be Zack Wilson at quarterback for the 568 00:31:37,120 --> 00:31:41,720 Speaker 1: Jets tomorrow at MetLife against Jacksonville. Big game Saturday Philadelphia 569 00:31:41,760 --> 00:31:44,640 Speaker 1: at Dallas, and the Eagles are not ruling out quarterback 570 00:31:44,720 --> 00:31:48,840 Speaker 1: Jalen Hurds despite his injured shoulder. John Stashaller, Bloomberg Sports 571 00:31:48,920 --> 00:31:51,720 Speaker 1: Nathan Franti BUYOUTI don't let someone else drive off in 572 00:31:51,760 --> 00:31:54,640 Speaker 1: the OUTI model you've always wanted. Visit your locals Rance 573 00:31:54,640 --> 00:31:56,960 Speaker 1: State Autie Dealer to get behind the wheel of yours today, 574 00:31:57,120 --> 00:32:02,160 Speaker 1: or visit autie Offers dot com for more information on 575 00:32:02,280 --> 00:32:04,880 Speaker 1: Wall Street. Time for the Tri State Business Report hears 576 00:32:04,880 --> 00:32:08,600 Speaker 1: Bloomberg's aad Cory comp Stack is expanding its presence in 577 00:32:08,640 --> 00:32:11,200 Speaker 1: New York City with a new lease in Chelsea. The 578 00:32:11,240 --> 00:32:14,160 Speaker 1: firm has been aggressively adding global office space over the 579 00:32:14,160 --> 00:32:18,080 Speaker 1: past twelve months. CEO Michael Mandel tells Globe Street dot 580 00:32:18,120 --> 00:32:21,360 Speaker 1: Com it's helped new team members on board quickly while 581 00:32:21,400 --> 00:32:24,720 Speaker 1: becoming fully embedded in the firm's culture. A New York 582 00:32:24,760 --> 00:32:27,560 Speaker 1: State commission approved to plan this week phasing out fossil 583 00:32:27,600 --> 00:32:32,360 Speaker 1: fuel burning furnaces as soon as it requires energy efficient 584 00:32:32,400 --> 00:32:35,800 Speaker 1: electric heat pumps or other non combustion heating systems in 585 00:32:35,840 --> 00:32:39,320 Speaker 1: every new home built in twenty five or after. The plans. 586 00:32:39,360 --> 00:32:42,600 Speaker 1: Part of New York's program to address climate change, the 587 00:32:42,680 --> 00:32:46,400 Speaker 1: Biden administration is planning to use infrastructure law money to 588 00:32:46,480 --> 00:32:49,880 Speaker 1: make sure every American has access to high speed internet, 589 00:32:49,920 --> 00:32:53,160 Speaker 1: including in New Jersey. The first six million dollars of 590 00:32:53,160 --> 00:32:55,560 Speaker 1: that commitment to the Garden State was announced this week 591 00:32:55,600 --> 00:32:59,000 Speaker 1: in Trenton, New Jersey. Will eventually get one hundred million dollars. 592 00:32:59,520 --> 00:33:02,680 Speaker 1: That's your Bomberg dry S date business report, I ed Corey, 593 00:33:02,920 --> 00:33:06,000 Speaker 1: thanks said, It's five thirty six on Wall Street. The 594 00:33:06,080 --> 00:33:10,280 Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was 595 00:33:10,320 --> 00:33:13,800 Speaker 1: written by the Bloomberg Editorial Board. This week, the House 596 00:33:13,840 --> 00:33:18,120 Speaker 1: committee investigating the January six riot referred former President Donald 597 00:33:18,160 --> 00:33:23,719 Speaker 1: Trump for criminal prosecution. It was an unsurprising move, but lamentable. Nonetheless, 598 00:33:24,360 --> 00:33:26,720 Speaker 1: there's no question that the committee, made up of seven 599 00:33:26,760 --> 00:33:31,040 Speaker 1: Democrats and two Republicans found evidence that Trump behaved abominably 600 00:33:31,120 --> 00:33:34,440 Speaker 1: that day. By any standard, his actions were in affront 601 00:33:34,440 --> 00:33:37,400 Speaker 1: of the Constitution and to the rule of law. Yet 602 00:33:37,400 --> 00:33:41,280 Speaker 1: whether they merit criminal prosecution is another matter. The referral 603 00:33:41,400 --> 00:33:44,160 Speaker 1: risks elevating Trump in the eyes of Republican voters at 604 00:33:44,160 --> 00:33:46,800 Speaker 1: a moment when many seem prepared to cast him aside. 605 00:33:47,120 --> 00:33:50,040 Speaker 1: The House Committee has done an admirable job of documenting 606 00:33:50,080 --> 00:33:54,000 Speaker 1: Trump's reprehensible conduct on January six. The faster the country 607 00:33:54,000 --> 00:33:56,600 Speaker 1: can put those sordid events in the past, the better. 608 00:33:57,120 --> 00:34:00,080 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 609 00:34:00,120 --> 00:34:02,920 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 610 00:34:03,000 --> 00:34:05,760 Speaker 1: Opinion or O P I N go on the Bloomberg terminal. 611 00:34:06,040 --> 00:34:09,160 Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg 612 00:34:09,160 --> 00:34:12,640 Speaker 1: opinion editorials every weekday at this time. Terminal customers can 613 00:34:12,680 --> 00:34:15,480 Speaker 1: read more at O P I n go. Another story 614 00:34:15,480 --> 00:34:18,120 Speaker 1: We're watching, Kathy Wood had ramped up her purchases of 615 00:34:18,120 --> 00:34:20,759 Speaker 1: Tesla shares in the fourth quarter, even as concerns over 616 00:34:20,920 --> 00:34:25,600 Speaker 1: CEO Elon Musk's ability to manage businesses rise. Potentially signifying 617 00:34:25,680 --> 00:34:29,480 Speaker 1: Wood's faith in the billionaire and in electric vehicles. Right now, 618 00:34:29,480 --> 00:34:32,040 Speaker 1: Tesla shares are hired by two point two percent in 619 00:34:32,120 --> 00:34:35,080 Speaker 1: pre market trading. The stock is also been boosted by 620 00:34:35,200 --> 00:34:38,279 Speaker 1: must confirming he will resign as CEO of Twitter once 621 00:34:38,320 --> 00:34:41,640 Speaker 1: the replacement is found. SMP futures right now of twenty 622 00:34:41,680 --> 00:34:43,960 Speaker 1: two points, Staff futures up two and thirty eight. Nasdaq 623 00:34:44,040 --> 00:34:47,360 Speaker 1: futures highed by fifty three points ten. Your treasury little changed, 624 00:34:47,760 --> 00:34:50,600 Speaker 1: the yield three point six eight percent. We'll get a 625 00:34:50,600 --> 00:34:53,960 Speaker 1: fuller look of this market. What's the outlook for three? 626 00:34:54,440 --> 00:34:58,319 Speaker 1: Andrew Sheets, chief cross assets strategist at Morgan Stanley, joins 627 00:34:58,400 --> 00:35:04,720 Speaker 1: US Next Donde break markets, headlines and breaking news twenty 628 00:35:04,719 --> 00:35:07,560 Speaker 1: four hours a day at Bloomberg dot Com and Bloomberg 629 00:35:07,600 --> 00:35:11,160 Speaker 1: Business out hand at Bloomberg Quicktape. This is a Bloomberg 630 00:35:11,239 --> 00:35:20,920 Speaker 1: Business Flash and I'm Karen Moscow. European shares are rising 631 00:35:20,920 --> 00:35:24,320 Speaker 1: alongside US stock index futures after the SMP five hundred 632 00:35:24,360 --> 00:35:26,759 Speaker 1: close higher for the first time in four sessions, and 633 00:35:26,840 --> 00:35:29,360 Speaker 1: we check the markets all day long here on Bloomberg Radio. 634 00:35:29,760 --> 00:35:32,440 Speaker 1: SNP future is up half percent or twenty points, and 635 00:35:32,480 --> 00:35:35,799 Speaker 1: ASDAG futures up four tens of upper center forty eight points, 636 00:35:35,800 --> 00:35:37,880 Speaker 1: and own futures up seven tenths per cent or two 637 00:35:37,920 --> 00:35:40,800 Speaker 1: hundred twenty nine points. The decks in Germany's up seven 638 00:35:40,800 --> 00:35:43,640 Speaker 1: tenths of a percent, ten year treasury down one thirty 639 00:35:43,680 --> 00:35:45,880 Speaker 1: second deal three point six eight percent. They yield on 640 00:35:45,960 --> 00:35:48,640 Speaker 1: the two year four point to three percent. Nim X 641 00:35:48,680 --> 00:35:50,799 Speaker 1: screwed oil up one point one percent of eighty two 642 00:35:50,840 --> 00:35:53,560 Speaker 1: cents at seventy seven dollars, four cents of barrel comic 643 00:35:53,600 --> 00:35:55,719 Speaker 1: school down two tenths per cent or two dollars eighty 644 00:35:55,800 --> 00:35:58,600 Speaker 1: cents at eighteen twenty two sixty and ounce. The Euro 645 00:35:58,680 --> 00:36:01,279 Speaker 1: one point six one seven against the dollar British found 646 00:36:01,320 --> 00:36:04,200 Speaker 1: one point to one to nine, and the one point 647 00:36:04,239 --> 00:36:07,880 Speaker 1: seven six and bitcoin little change at about sixteen thousand, 648 00:36:07,880 --> 00:36:10,879 Speaker 1: eight hundred fifty dollars. That's a bloomberg business flash. Now 649 00:36:10,880 --> 00:36:13,200 Speaker 1: here's Michael Barr with Moore on what's going on around 650 00:36:13,200 --> 00:36:15,600 Speaker 1: the world. Michael Karen, thank you very much. The House 651 00:36:15,640 --> 00:36:18,800 Speaker 1: Ways and Means Committee voted to release former President Trump's 652 00:36:18,800 --> 00:36:21,880 Speaker 1: tax information to the public. So far, we have learned 653 00:36:21,920 --> 00:36:26,440 Speaker 1: that dozens of audit triggers littered Trump's tax returns. According 654 00:36:26,480 --> 00:36:31,200 Speaker 1: to Congress's top nonpartisan tax lawyers, there are questionable private 655 00:36:31,320 --> 00:36:37,759 Speaker 1: jet expenses and large, unsubstantiated charitable deductions. Ukrainian President voladimir's 656 00:36:37,880 --> 00:36:40,200 Speaker 1: Lenski will be in Washington and we'll meet with President 657 00:36:40,280 --> 00:36:43,360 Speaker 1: Biden today. In the NBA, the Knicks beat the Warriors 658 00:36:43,400 --> 00:36:46,520 Speaker 1: one two ninety four. The Wizards won. In the NHL, 659 00:36:46,560 --> 00:36:50,720 Speaker 1: the Rangers and Devils lost. Big baseball news, Carlos Correa 660 00:36:51,120 --> 00:36:53,560 Speaker 1: has reportedly agreed to sign with the Mets in a 661 00:36:53,680 --> 00:36:57,160 Speaker 1: twelve year, three hundred fifteen million dollar deal. Global News 662 00:36:57,200 --> 00:36:59,760 Speaker 1: twenty four hours a day on air and on Bloomberg 663 00:36:59,840 --> 00:37:04,600 Speaker 1: Quick Takes, powered by more than journalists and analyst countries. 664 00:37:04,760 --> 00:37:07,120 Speaker 1: I'm Michael bar this is Bloomberg. Step right up in 665 00:37:07,239 --> 00:37:10,960 Speaker 1: greet Carlos, Yeah, okay, Michael. Thanks. It's five forty two 666 00:37:11,000 --> 00:37:13,680 Speaker 1: on Wall Street. This is Bloomberg Daybreak on Nathan Hager 667 00:37:13,719 --> 00:37:16,080 Speaker 1: along with Karen Moscow. Let's take a look at some 668 00:37:16,120 --> 00:37:18,760 Speaker 1: of the other stories making news this morning. We're watching 669 00:37:18,880 --> 00:37:22,280 Speaker 1: shares of FedEx. They're higher by more than four percent 670 00:37:22,400 --> 00:37:26,960 Speaker 1: in early training after earnings that beat estimates. Bloomberg's Doug 671 00:37:27,040 --> 00:37:31,120 Speaker 1: Krisner has arrived with the details. Profit was lifted by 672 00:37:31,239 --> 00:37:34,880 Speaker 1: price increases along with cost cuts. The combination helped to 673 00:37:34,960 --> 00:37:38,160 Speaker 1: make up for a decline in package volume. FedEx also 674 00:37:38,200 --> 00:37:41,800 Speaker 1: announced an additional one billion dollars of projected savings in 675 00:37:41,880 --> 00:37:45,879 Speaker 1: physical three, bringing total savings to about three point seven 676 00:37:45,960 --> 00:37:49,360 Speaker 1: billion dollars. Back in September, FedEx pledge to cut cost 677 00:37:49,560 --> 00:37:52,160 Speaker 1: in the face of sagging volume. That's when it pulled 678 00:37:52,200 --> 00:37:55,960 Speaker 1: its annual forecast. FedEx said it's been making rapid progress 679 00:37:56,160 --> 00:38:00,480 Speaker 1: on its ongoing transformation while navigating a weaker demanded environment. 680 00:38:00,760 --> 00:38:03,520 Speaker 1: In New York Time, Doug Prisoner, Bloomberg Daybreak, All right, Doug, 681 00:38:03,560 --> 00:38:06,840 Speaker 1: thank you well. Nike also surprised to the upside. The 682 00:38:06,920 --> 00:38:10,759 Speaker 1: company reported robust sales and mad to sustain inventory pile up, 683 00:38:10,800 --> 00:38:14,480 Speaker 1: and investors liked that Nike is up almost thirteen percent. 684 00:38:14,600 --> 00:38:17,399 Speaker 1: Dinner really trading quite the game this morning. We're also 685 00:38:17,480 --> 00:38:21,640 Speaker 1: taking a look at streaming today. Google's YouTube is reportedly 686 00:38:21,680 --> 00:38:25,160 Speaker 1: in advanced talks with the NFL about an exclusive deal 687 00:38:25,360 --> 00:38:28,920 Speaker 1: for the Sunday ticket subscription service. This is according to 688 00:38:28,960 --> 00:38:31,560 Speaker 1: The Wall Street Journal. There are separate reports that say 689 00:38:31,680 --> 00:38:37,080 Speaker 1: negotiations for Sunday football games came down to Amazon and YouTube. Now, Amazon, 690 00:38:37,600 --> 00:38:40,040 Speaker 1: you probably already know it's got the Thursday Night games. 691 00:38:40,600 --> 00:38:43,200 Speaker 1: Now it looks like YouTube's about to snag Sunday's Karen. 692 00:38:43,520 --> 00:38:46,959 Speaker 1: It's so interesting how things are changing, Nathan, you watch 693 00:38:47,000 --> 00:38:50,440 Speaker 1: it on TV anymore? It's right, yeah. Shifting gears to 694 00:38:50,480 --> 00:38:52,960 Speaker 1: the economy. This morning, we get some fresh data on 695 00:38:53,040 --> 00:38:55,680 Speaker 1: the health of the consumer. The government issues are reading 696 00:38:55,719 --> 00:38:59,080 Speaker 1: a consumer confidence for December. Attend Am Wall Street Time 697 00:38:59,120 --> 00:39:01,800 Speaker 1: and we go to Bloomberg Vinidale shoot us for a preview. 698 00:39:02,040 --> 00:39:05,000 Speaker 1: We're just an Inflation is forcing many Americans rely on 699 00:39:05,080 --> 00:39:08,439 Speaker 1: credit cards and drug down savings accounts to make ends meet. 700 00:39:08,840 --> 00:39:11,040 Speaker 1: Rising interest rates are adding to the burden as the 701 00:39:11,080 --> 00:39:14,600 Speaker 1: Federal Reserve fights the worst inflation in decades. The Conference 702 00:39:14,640 --> 00:39:18,040 Speaker 1: Boards Priority Board covering November showed consumer confidence dropped to 703 00:39:18,080 --> 00:39:20,840 Speaker 1: a four month low. There's still one bright spot, the 704 00:39:20,920 --> 00:39:24,080 Speaker 1: labor market, bolstered by a historic level of job openings. 705 00:39:25,400 --> 00:39:28,120 Speaker 1: Boom breagday break Alright, Vinny, thank you. Not got a 706 00:39:28,160 --> 00:39:30,920 Speaker 1: fuller look of this market this morning. We're very pleased 707 00:39:30,960 --> 00:39:33,959 Speaker 1: to say we're joined by Andrew Sheets this morning, chief 708 00:39:34,000 --> 00:39:38,000 Speaker 1: cross assets Strategists at Morgan Stanley and are always great 709 00:39:38,040 --> 00:39:39,799 Speaker 1: to speak with you, particularly in the morning where we're 710 00:39:39,800 --> 00:39:43,239 Speaker 1: seeing stocks pretty much around the world on the rise. 711 00:39:43,880 --> 00:39:47,359 Speaker 1: Is there room for this relief railey to keep running? Hey, 712 00:39:47,440 --> 00:39:49,440 Speaker 1: good morning, It's great to be here with you. So 713 00:39:49,840 --> 00:39:53,920 Speaker 1: we're still skeptical about this rally into the early part 714 00:39:53,960 --> 00:39:56,239 Speaker 1: of next year. We think you're still going to have 715 00:39:56,360 --> 00:39:59,759 Speaker 1: a decelerating economy in both the US and Europe. It's 716 00:40:00,000 --> 00:40:03,200 Speaker 1: we're going to be hard for central banks to message 717 00:40:03,520 --> 00:40:06,279 Speaker 1: a major shift in policy, although we do think a 718 00:40:06,320 --> 00:40:09,640 Speaker 1: shift in policy is coming, and we think earnings expectations 719 00:40:09,719 --> 00:40:12,360 Speaker 1: remain too high in both the US and Europe. So, 720 00:40:12,800 --> 00:40:15,200 Speaker 1: you know, I think today's price action is welcome, but 721 00:40:15,400 --> 00:40:18,359 Speaker 1: we still think some some challenges lie ahead as will 722 00:40:18,680 --> 00:40:21,880 Speaker 1: shift the calendar into three. How much further do you 723 00:40:22,000 --> 00:40:25,040 Speaker 1: think that earnings or visions could go from here. It 724 00:40:25,160 --> 00:40:29,160 Speaker 1: seems like a lot of companies have slashed their forecast 725 00:40:29,239 --> 00:40:32,400 Speaker 1: heading into three already, but there does seem to be 726 00:40:32,480 --> 00:40:38,359 Speaker 1: a consensus that those earnings expectations need to come down more. Yeah, 727 00:40:38,400 --> 00:40:40,480 Speaker 1: So I think this is a fascinating debate as we're 728 00:40:40,520 --> 00:40:43,240 Speaker 1: going around and talking to investors about the year ahead, 729 00:40:43,320 --> 00:40:45,719 Speaker 1: and I think kind of two things are true. I 730 00:40:45,800 --> 00:40:49,560 Speaker 1: think there's a lot of skepticism around the bottom up 731 00:40:50,040 --> 00:40:52,640 Speaker 1: estimates for the SMP five hundred for next year, which 732 00:40:52,640 --> 00:40:55,040 Speaker 1: are about kind of two hundred and thirty five dollars 733 00:40:55,520 --> 00:40:58,120 Speaker 1: in earnings. I think most investors think that that's too high. 734 00:40:58,840 --> 00:41:02,520 Speaker 1: And yet you know, we're four casting about one for 735 00:41:02,600 --> 00:41:06,120 Speaker 1: the SMP five which at today's prices would put the 736 00:41:06,160 --> 00:41:09,359 Speaker 1: market about twenty times earnings, which doesn't feel like one 737 00:41:10,280 --> 00:41:13,120 Speaker 1: is the is the consensus either. If that was really 738 00:41:13,200 --> 00:41:15,440 Speaker 1: what the market expected, we would be expecting it to 739 00:41:15,480 --> 00:41:18,680 Speaker 1: trade lower. So I think there's there's a spread there. 740 00:41:18,719 --> 00:41:21,600 Speaker 1: The market is probably skeptical, it's correct to say, of 741 00:41:21,640 --> 00:41:24,600 Speaker 1: the bottom up consensus, but we don't think it's skeptical 742 00:41:24,800 --> 00:41:27,200 Speaker 1: enough yet. And I think that's still where some of 743 00:41:27,239 --> 00:41:29,480 Speaker 1: the downside in the early part of the year we 744 00:41:29,560 --> 00:41:31,360 Speaker 1: think could come from, especially in the view of my 745 00:41:31,400 --> 00:41:35,680 Speaker 1: colleague Mike Wilson, our US equity strategist. Now, the consensus 746 00:41:35,760 --> 00:41:38,239 Speaker 1: seems to be building as well that there is going 747 00:41:38,360 --> 00:41:41,920 Speaker 1: to be a recession next year. What's your view on that. 748 00:41:42,160 --> 00:41:43,800 Speaker 1: Is it going to be a deep recession? Is it 749 00:41:43,840 --> 00:41:46,040 Speaker 1: going to be mild? How's the US going to compare 750 00:41:46,040 --> 00:41:49,480 Speaker 1: to the rest of the world. Yeah, so Morgan Stanley's 751 00:41:49,520 --> 00:41:52,360 Speaker 1: economists are not forecasting recession for the US. We have 752 00:41:52,440 --> 00:41:55,719 Speaker 1: growth slowing but but staying positive next year. But you know, 753 00:41:55,760 --> 00:41:59,839 Speaker 1: I think that also masks some important nuance. There's still 754 00:42:00,040 --> 00:42:02,920 Speaker 1: to be a large desceleration in nominal GDP U S 755 00:42:03,000 --> 00:42:06,000 Speaker 1: nominal GDP is going to go from around eleven percent 756 00:42:06,160 --> 00:42:09,080 Speaker 1: in the third quarter of this year down to two 757 00:42:09,120 --> 00:42:10,960 Speaker 1: and a half percent by the end of next year. 758 00:42:11,080 --> 00:42:14,080 Speaker 1: So you know, we think that has negative implications for earnings. 759 00:42:14,480 --> 00:42:16,759 Speaker 1: And then you know, as we were just discussing, we 760 00:42:16,880 --> 00:42:20,320 Speaker 1: think earnings do go into recession, that earnings growth is negative, 761 00:42:20,480 --> 00:42:24,840 Speaker 1: so the economy does better than the earnings backdrop. Maybe 762 00:42:25,360 --> 00:42:28,759 Speaker 1: that is a nice mirroring of an environment we've just 763 00:42:28,880 --> 00:42:32,320 Speaker 1: been in where the earnings backdrop is really outperformed the economy. 764 00:42:33,040 --> 00:42:35,840 Speaker 1: What's the pivot point for central banks next year? Do 765 00:42:35,920 --> 00:42:37,600 Speaker 1: you think that? I mean, that's a big part of 766 00:42:37,640 --> 00:42:39,920 Speaker 1: the debate as well. Isn't it about what the need 767 00:42:40,080 --> 00:42:43,560 Speaker 1: what the Fed needs to see too, if not just 768 00:42:43,640 --> 00:42:48,080 Speaker 1: slow down on interest rates, but to move toward getting 769 00:42:48,160 --> 00:42:51,880 Speaker 1: them back down. Well, I think this is one of 770 00:42:51,920 --> 00:42:55,160 Speaker 1: the most fascinating parts of the central bank discussion next 771 00:42:55,239 --> 00:42:59,680 Speaker 1: year is that almost ken central banks pivot, can the 772 00:43:00,200 --> 00:43:05,560 Speaker 1: stop raising rates without generating the type of euphoria optimism 773 00:43:06,120 --> 00:43:09,320 Speaker 1: that would undo the hard work it's been trying to 774 00:43:09,480 --> 00:43:13,040 Speaker 1: do in tightening financial conditions slowing the economy. It's a 775 00:43:13,040 --> 00:43:15,120 Speaker 1: little bit of this catch twenty two that almost kind 776 00:43:15,120 --> 00:43:18,000 Speaker 1: of once you stop hiking, the market would view it 777 00:43:18,080 --> 00:43:20,920 Speaker 1: as as easing. So so that's a really big challenge, 778 00:43:20,960 --> 00:43:23,160 Speaker 1: and you know, we do think an important way to 779 00:43:23,360 --> 00:43:26,719 Speaker 1: think about that is that the FED could continue to 780 00:43:27,040 --> 00:43:32,040 Speaker 1: talk relatively hawkishly even if it acts less hawkishly. So 781 00:43:32,160 --> 00:43:34,440 Speaker 1: we expect the Feder reserved to raise interest rates by 782 00:43:34,480 --> 00:43:38,239 Speaker 1: twenty five basis points on February one. We think that 783 00:43:38,440 --> 00:43:41,399 Speaker 1: will be the last interest rate hike of the year. 784 00:43:42,120 --> 00:43:44,520 Speaker 1: But in the March meeting and the meetings after that, 785 00:43:44,680 --> 00:43:47,000 Speaker 1: we think the FED would continue to communicate quite a 786 00:43:47,040 --> 00:43:50,240 Speaker 1: bit of vigilance. But the underlying data will be slowing, 787 00:43:50,320 --> 00:43:52,719 Speaker 1: The inflation data will be slowing, and that will give 788 00:43:52,760 --> 00:43:55,840 Speaker 1: them reasons that will give them excuses to to not 789 00:43:56,080 --> 00:43:58,719 Speaker 1: hike at those meetings, to say that they continue to 790 00:43:58,800 --> 00:44:02,000 Speaker 1: remain patient, that they're taking in the data as it comes, 791 00:44:02,440 --> 00:44:05,000 Speaker 1: and that data is just warranting taking a little bit 792 00:44:05,040 --> 00:44:06,799 Speaker 1: more time before that next step. But it's a it's 793 00:44:06,840 --> 00:44:09,839 Speaker 1: a really hard message for any central bank to deliver, 794 00:44:09,920 --> 00:44:11,839 Speaker 1: and I think it's important to keep in mind as 795 00:44:11,880 --> 00:44:15,160 Speaker 1: we're hearing various central bank communication that when you know, 796 00:44:15,239 --> 00:44:17,520 Speaker 1: we think about the pause, when we think about the 797 00:44:17,600 --> 00:44:20,320 Speaker 1: last hike, it's not going to be telegraphed. It's not 798 00:44:20,360 --> 00:44:25,560 Speaker 1: going to be balloons released from the ceiling. Thanks as always, Andrew, 799 00:44:25,640 --> 00:44:28,720 Speaker 1: great to get your thoughts. Andrew Sheets, chief cross assets 800 00:44:28,719 --> 00:44:32,400 Speaker 1: strategist at Morgan Stanley with us this morning. Right now, 801 00:44:32,680 --> 00:44:35,799 Speaker 1: futures are pointing to a higher open. SMP futures are 802 00:44:35,880 --> 00:44:39,960 Speaker 1: up nineteen points, Staff futures of two Nasdaq futures are 803 00:44:40,040 --> 00:44:43,759 Speaker 1: higher by forty six points. UH steadier action in the 804 00:44:43,840 --> 00:44:47,000 Speaker 1: treasury market this morning. Right now, the tenure is down 805 00:44:47,239 --> 00:44:50,239 Speaker 1: one thirty second yield three point six percent. The yield 806 00:44:50,280 --> 00:44:53,760 Speaker 1: on the two year is at four point to three percent. 807 00:44:54,880 --> 00:45:02,480 Speaker 1: Stay with us. You're listening to Bloomberg Day Break, Markets, 808 00:45:02,600 --> 00:45:05,600 Speaker 1: headlines and breaking news twenty four hours a day at 809 00:45:05,680 --> 00:45:09,600 Speaker 1: Bloomberg dot Com of Bloomberg Business at Land at Bloomberg. Quicktap. 810 00:45:09,840 --> 00:45:18,960 Speaker 1: This is a Bloomberg Business Flash and I'm Karen Moscow 811 00:45:19,040 --> 00:45:21,720 Speaker 1: and futures are higher this morning. S and P future 812 00:45:21,840 --> 00:45:23,960 Speaker 1: is up about twenty points or a half percent, Dow 813 00:45:24,040 --> 00:45:26,479 Speaker 1: futures up two d twenty two points or seven tenths 814 00:45:26,520 --> 00:45:29,160 Speaker 1: of up percent, and Nasdaq futures up forty six points 815 00:45:29,280 --> 00:45:32,080 Speaker 1: or four tenths of uppercent. The decks in Germany is 816 00:45:32,160 --> 00:45:35,080 Speaker 1: up seven tenths of uppercent. Ten year Treasury little change 817 00:45:35,360 --> 00:45:37,360 Speaker 1: the yield three point six eight percent. They yield on 818 00:45:37,400 --> 00:45:40,000 Speaker 1: the two year four point to three percent. Nine X 819 00:45:40,000 --> 00:45:42,439 Speaker 1: screwed oils up nine tenths percent or sixty eight cents 820 00:45:42,480 --> 00:45:45,120 Speaker 1: at seventy six dollars ninety one cents a barrel. Comex 821 00:45:45,120 --> 00:45:47,560 Speaker 1: schooled down two tenths per cent or two dollars seventy cents. 822 00:45:47,600 --> 00:45:50,680 Speaker 1: In eighteen twenty two, seventy announced the euro one point 823 00:45:50,920 --> 00:45:53,319 Speaker 1: six one seven against the dollar, British found one point 824 00:45:53,400 --> 00:45:55,719 Speaker 1: two one three two and the n one thirty one 825 00:45:55,800 --> 00:45:58,040 Speaker 1: point eight one. And looking at bit coin this morning, 826 00:45:58,360 --> 00:46:00,440 Speaker 1: it's lower, down about a tenth of upper said it's 827 00:46:00,600 --> 00:46:03,480 Speaker 1: at about sixteen eight hundred fifty dollars and as a 828 00:46:03,520 --> 00:46:07,279 Speaker 1: Bloomberg Business Flash, Nathan thanks Karen, it's five fifty six 829 00:46:07,400 --> 00:46:10,479 Speaker 1: now on Wall Street time for your daily Bloomberg Law Brief, 830 00:46:10,560 --> 00:46:13,279 Speaker 1: exploring legal issues in the news. Today, we look at 831 00:46:13,320 --> 00:46:16,880 Speaker 1: the House January sixth committee recommending the Justice Department prosecute 832 00:46:16,960 --> 00:46:20,960 Speaker 1: former President Donald Trump for four criminal offenses. During a 833 00:46:21,040 --> 00:46:23,640 Speaker 1: year and a half of investigations, the committee interviewed more 834 00:46:23,640 --> 00:46:26,760 Speaker 1: than one thousand witnesses, gathered more than one million documents, 835 00:46:26,840 --> 00:46:30,080 Speaker 1: and issued more than one hundred subpoenas, and today the 836 00:46:30,120 --> 00:46:33,560 Speaker 1: committee is expected to release its full report. For more, 837 00:46:33,640 --> 00:46:37,719 Speaker 1: Bloomberg's June Grosso speaks with former federal prosecutor Elijenigen. You 838 00:46:37,840 --> 00:46:42,120 Speaker 1: mentioned all the evidence that the committee has collected doesn't 839 00:46:42,160 --> 00:46:45,560 Speaker 1: hurt prosecutors to have all that evidence out there with 840 00:46:45,760 --> 00:46:49,880 Speaker 1: the public, potential witnesses, and as you mentioned, Trump's people 841 00:46:50,320 --> 00:46:53,120 Speaker 1: going through it. Yes, and it cuts both ways. On 842 00:46:53,200 --> 00:46:55,560 Speaker 1: the one end, if you're d o J, you're grateful. Wow, 843 00:46:55,719 --> 00:46:58,239 Speaker 1: all this new evidence, almost certainly some that d o 844 00:46:58,320 --> 00:47:00,840 Speaker 1: J didn't already know. And we know that the committee 845 00:47:00,880 --> 00:47:03,320 Speaker 1: got to certain key witnesses before d o J. Kathy 846 00:47:03,400 --> 00:47:06,480 Speaker 1: Hutchinson being one example, Passive Maloney being another example. The 847 00:47:06,600 --> 00:47:08,960 Speaker 1: text from Mark Meadows the Committee got those before d 848 00:47:09,040 --> 00:47:10,840 Speaker 1: o J had them as far as we know. On 849 00:47:10,960 --> 00:47:14,359 Speaker 1: the other hand, as a prosecutor, you never want other 850 00:47:14,480 --> 00:47:17,600 Speaker 1: people interviewing and questioning your key witnesses. You never want 851 00:47:17,640 --> 00:47:21,160 Speaker 1: there to be a massive body of previous statement that 852 00:47:21,400 --> 00:47:25,000 Speaker 1: a witness can be attacked, questioned, cross examined on. And 853 00:47:25,080 --> 00:47:28,000 Speaker 1: that's what's really unusual here, because in any criminal case, 854 00:47:28,160 --> 00:47:30,359 Speaker 1: the prosecution has to turn over and the defense lawyer 855 00:47:30,719 --> 00:47:34,200 Speaker 1: has an obligation to scrutinize any prior statements of the witnesses. Well, 856 00:47:34,280 --> 00:47:37,680 Speaker 1: here there are reams and reams volumes of that material 857 00:47:37,760 --> 00:47:39,399 Speaker 1: that we're going to see fully when it all comes 858 00:47:39,440 --> 00:47:41,520 Speaker 1: out in the next few days, and all of that 859 00:47:41,800 --> 00:47:44,239 Speaker 1: is fair game for defense lawyers to pick apart. So 860 00:47:44,719 --> 00:47:46,560 Speaker 1: this is part of the reason there's a cost to 861 00:47:46,680 --> 00:47:49,040 Speaker 1: the fact that d o J has been largely lagging 862 00:47:49,239 --> 00:47:51,640 Speaker 1: behind Congress. Now there's going to be all this information 863 00:47:51,680 --> 00:47:53,360 Speaker 1: out there, some of which may be used to undermine 864 00:47:53,400 --> 00:47:56,080 Speaker 1: its case, which is outside of DJ's control. So the 865 00:47:56,120 --> 00:47:59,640 Speaker 1: committee said it had sufficient evidence to make its criminal referral, 866 00:48:00,040 --> 00:48:03,480 Speaker 1: But the Justice Department standard to indict is way way 867 00:48:03,520 --> 00:48:07,240 Speaker 1: way higher. Explain that, So d J standard to indict 868 00:48:07,280 --> 00:48:10,560 Speaker 1: according to prosecutorial practice is by the textbook, you can 869 00:48:10,600 --> 00:48:13,560 Speaker 1: get an indictment based on probable cause, which means more 870 00:48:13,640 --> 00:48:16,879 Speaker 1: likely than not, But no responsible prosecutor charge is only 871 00:48:17,000 --> 00:48:19,600 Speaker 1: based on probable cause. The guidance within d o j 872 00:48:19,760 --> 00:48:21,279 Speaker 1: A is you need to be confident that you can 873 00:48:21,320 --> 00:48:23,680 Speaker 1: prove your case beyond a reasonable doubt before you charge it. 874 00:48:23,719 --> 00:48:27,120 Speaker 1: That doesn't mean you only charge assured winners. There's no 875 00:48:27,200 --> 00:48:29,280 Speaker 1: such thing as that, but you need to be satisfied 876 00:48:29,280 --> 00:48:31,920 Speaker 1: the proof beyond a reasonable doubt. That is the highest 877 00:48:32,040 --> 00:48:34,680 Speaker 1: standard in our legal system. And of course it will 878 00:48:34,719 --> 00:48:37,600 Speaker 1: be difficult, extraordinarily difficult in my view, to get a 879 00:48:37,719 --> 00:48:41,680 Speaker 1: jury unanimously to come back and find a not only 880 00:48:41,680 --> 00:48:43,759 Speaker 1: a formal president, but as you say, Joe's somebody who, 881 00:48:43,840 --> 00:48:45,799 Speaker 1: by the time this case ever gets the trial, if 882 00:48:45,880 --> 00:48:48,880 Speaker 1: ever it will be in the heat of election, might 883 00:48:48,920 --> 00:48:50,800 Speaker 1: even be the fund runner, might even be the nominee. 884 00:48:51,080 --> 00:48:53,080 Speaker 1: That is very, very difficult, and I think d o 885 00:48:53,200 --> 00:48:55,759 Speaker 1: j can be faulted for taking this long if they 886 00:48:55,800 --> 00:48:57,640 Speaker 1: are going to indict. I don't think this needed to 887 00:48:57,719 --> 00:48:59,719 Speaker 1: take two years. I don't think they needed to spend 888 00:48:59,800 --> 00:49:02,640 Speaker 1: a year and a half focusing exclusively on the lowest 889 00:49:02,719 --> 00:49:06,320 Speaker 1: level people to the exclusion of higher level people. And 890 00:49:06,400 --> 00:49:10,160 Speaker 1: that's former federal prosecutor Ellie Hoenig speaking with Bloomberg's June Grosso. 891 00:49:10,320 --> 00:49:13,040 Speaker 1: Catch more of that interview, plus analysis of the latest 892 00:49:13,120 --> 00:49:16,279 Speaker 1: legal news by subscribing to the Bloomberg Law Podcast or 893 00:49:16,360 --> 00:49:19,719 Speaker 1: downloading the show at Bloomberg dot com. Slash podcasts and 894 00:49:19,760 --> 00:49:23,120 Speaker 1: attorneys can find exceptional legal research and business development tools 895 00:49:23,200 --> 00:49:26,320 Speaker 1: at Bloomberg Law dot com or on the Bloomberg terminal 896 00:49:26,680 --> 00:49:30,160 Speaker 1: at b Law Go right now. S ANDP futures are 897 00:49:30,320 --> 00:49:33,600 Speaker 1: higher by nineteen points down futures of tune or seven 898 00:49:34,040 --> 00:49:36,919 Speaker 1: NASTAC futures on the rise by forty four points. Send 899 00:49:36,920 --> 00:49:40,200 Speaker 1: your treasury is little changed. The yield three point six 900 00:49:40,360 --> 00:49:43,400 Speaker 1: eight per cent straight ahead. Check on the business headlines 901 00:49:43,480 --> 00:49:45,439 Speaker 1: all the news you need to start your day. Our 902 00:49:45,560 --> 00:49:48,640 Speaker 1: two of Bloomberg Daybreak starts right now.