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Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is is Bloomberg

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Speaker 1: day Break for Thursday, November three two. Coming up, the

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Speaker 1: shower stocks drop as the Fed continues it's aggressive battle

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Speaker 1: against inflation. The Bank of England set to deliver its

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Speaker 1: figish rate increase in thirty three years. Massive job cuts

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Speaker 1: may be coming at Twitter, and China locks down the

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Speaker 1: world's largest iPhone factory. The man accused of shooting to

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Speaker 1: Newark police officers has been arrested. Plus President Biden warrens

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Speaker 1: voters democracy is at stake in the mid terms. I'm

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Speaker 1: Michael blarer More and I'm John Stas Showers boards baseball history,

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Speaker 1: the Astros that combine no hitter on the Phillies that

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Speaker 1: tie the World Series than Knicks lost to the Hawks.

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Speaker 1: That's all s traded. Head on Bloomberg day Break on

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Speaker 1: Bloomberg e Live in Free on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Sirius x M one nineteen and around

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Speaker 1: the world Old on Bloomberg Radio dot Com and via

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Speaker 1: the Bloomberg Business Up and good morning. I'm Nathan Hagar

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Speaker 1: and I'm Karen Moscow and U Stock Index futures are

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Speaker 1: following this morning. We're coming up to six o one

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Speaker 1: on Wall Street, and we check the markets every fifteen

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Speaker 1: minutes throughout the trading day. On Bloomberg, SNP futures down

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Speaker 1: five points down, futures down twenty six, NASDAG futures down

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Speaker 1: twenty four and the ten year treasury down twenty thirty seconds.

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Speaker 1: He'll four point one eight per set and the yield

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Speaker 1: on the two year four point seven zero percent. Nathan, Karen,

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Speaker 1: we begin with the Fed fueled sell off on Wall Street.

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Speaker 1: The SNP five hundred suffered its worst route on a

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Speaker 1: FED decision day since January one. The index plunged two

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Speaker 1: and a half percent. As expected, the Fed did raise

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Speaker 1: rates seventy five basis points for a fourth straight time,

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Speaker 1: but stocks sold off. During j Powell's news conference, the

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Speaker 1: FED chair made it clear more rate hikes are coming.

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Speaker 1: It is very premature to be thinking about pausing. So

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Speaker 1: people when they hear legs, they think about the about

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Speaker 1: a pause. It's very premature in my view to to

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Speaker 1: to think about or be talking about pausing our rate hip.

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Speaker 1: We we haven't. We have a ways to go. Our

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Speaker 1: policy we need ongoing rate hikes to get to UM

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Speaker 1: to that level. The move by j Powell and the

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Speaker 1: FED lifts the benchmark to a three and three quarter

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Speaker 1: to four percent range from nearly zero in March, Well

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Speaker 1: Nathan reaction poured into the FED keeping its aggressive tone.

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Speaker 1: Scott Minored, as chief investment Officer, ed Guggenheim, the message

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Speaker 1: is loud and clear. You know, we're going to keep

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Speaker 1: raising rates until we get price stability, and that's probably

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Speaker 1: gonna go into and Guggenheim. Scott Minor had said the

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Speaker 1: FED may raise rates significantly higher than the five to

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Speaker 1: five and a half percent markets are expecting in the

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Speaker 1: first half of next year. We also cut up with

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Speaker 1: black Rock senior portfolio manager Jeffrey Rosenberg. The FED does

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Speaker 1: not want to see a replay of what we saw

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Speaker 1: in July. It does not want to see premature financial

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Speaker 1: condition easing on the sign of any FED pivot. Black

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Speaker 1: Rocks Senior portfolio manager Jeffrey Rosenberry sentiments were echoed by

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Speaker 1: former Philadelphia FED President Charles Plosser. They know they can't

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Speaker 1: they can't just stop because it won't work. It's a

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Speaker 1: story who experience teaches us that so um, they don't

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Speaker 1: have much choice if they really wanted to come yet

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Speaker 1: to Laura inflation. Former Philadelphia Fed President Charles Plaster made

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Speaker 1: the comments in an interview with The Bloomberg's Kathleen Hayes.

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Speaker 1: Not carrying the focus on monetary policy turns to Europe.

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Speaker 1: The Bank of England's expected to deliver its biggest rate

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Speaker 1: increase in thirty three years. We get a preview from

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Speaker 1: Bloomberg's uin Plants in London. Another day, another jumbo rate hike,

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Speaker 1: a seventy five basis point increase in the key UK

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Speaker 1: industrates is now almost fully priced in by money markets.

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Speaker 1: That would take the base rate from two and a

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Speaker 1: quarter to three, the highest since two thousand and eight

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Speaker 1: and the biggest single hike since Governor Andrew Bailey will

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Speaker 1: give a press conference shortly after the announcement, which comes

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Speaker 1: at midday. Investors also be watching out for the banks

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Speaker 1: reports on the economic outlook, likely to confirm our session

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Speaker 1: is now on the way. A loss has changed since

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Speaker 1: the last forecast. The beginning of August beached up Government

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Speaker 1: support for household energy bills will restrain inflation over the winter.

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Speaker 1: After April the government is yet as set out as

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Speaker 1: a plan. In London, I'm you in ports Back Daybreak,

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Speaker 1: are you in? Thanks? In Asia, China has lockdown the

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Speaker 1: world's largest iPhone factory, and Bloombergy Daybreak Asia anchor Brian

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Speaker 1: Curtis has more from Hong Kong, China is not playing

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Speaker 1: games with COVID zero. Authorities swooped in and put the

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Speaker 1: zone around the jung Jo of fox Con plant off limits.

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Speaker 1: It's the last thing that Apple needed, or that fox

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Speaker 1: Con wanted, given the upcoming holiday season. First a COVID outbreak,

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Speaker 1: then an enforced quarantine, and then an exodus of workers.

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Speaker 1: They literally walked twenty miles to get home or to

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Speaker 1: a train. Some two hundred thousand people work here. It's

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Speaker 1: a stark reminder of the dangers for Apple in a

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Speaker 1: COVID zero mindset. The lockdown runs until November nine, but

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Speaker 1: it could go longer. In Hong Kong, Brian Curtis, Bloomberg

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Speaker 1: day Break, All right, Brian, thank you. In corporate news,

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Speaker 1: big job cuts are on the way at Twitter, Bloomberg

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Speaker 1: News has learned new owner Elon Musk plans to eliminate

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Speaker 1: about half the social media company's workforce. That's about thirty

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Speaker 1: seven hundred jobs. We get more from Ed Ludlow and

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Speaker 1: our Bloomberg nine sixty news room in San Francisco. Sources

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Speaker 1: say that's the plan. The layoff list will be confirmed

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Speaker 1: Friday and those affected will be informed. We we kind

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Speaker 1: of knew this was coming, right. We reported over the

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Speaker 1: weekend that manages across product teams have been asked to

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Speaker 1: drop a list of candidates that would reduce headcount by

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Speaker 1: um you know, and Musk has making his mark on

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Speaker 1: this company. Bloomberg's Ed Ludlow says Musk also intends to

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Speaker 1: reverse the company's existing work from Anywhere policy asking remaining

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Speaker 1: employees to report to officers and Nathan. Job cuts may

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Speaker 1: also be on the way at Morgan Stanley Writers is

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Speaker 1: reporting the financial firm wilst are layoffs globally in the

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Speaker 1: coming weeks. Several stocks are on the move this morning, Karen.

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Speaker 1: Following earning, shares of Qualcom right now are down more

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Speaker 1: than seven percent. The company delivered a far weaker forecast

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Speaker 1: than expected. We get the details from Bloomberg's Charlie Pellett.

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Speaker 1: Qualcom is the biggest maker of smartphone processors, and it

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Speaker 1: says revenue will be nine point two to ten billion

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Speaker 1: dollars in the fiscal first quarter. Now that compares with

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Speaker 1: an average annalysts estimate of twelve billion dollars. The outlook

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Speaker 1: suggests that the slumping market for consumer devices is eroding

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Speaker 1: even faster than expected. Even before the report, the stock

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Speaker 1: was down thirty eight percent this year, hurt by concerns

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Speaker 1: that smartphone demand was on shaky ground In New York.

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Speaker 1: Charlie Pellet Bloomberg daybreak. All right, Charlie, thank you. Some

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Speaker 1: other movers this morning. Shares of Alts USA down more

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Speaker 1: than twenty three percent, the broadband of video services providers

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Speaker 1: earnings missing analysts estimate, shares of Roku down twenty The

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Speaker 1: maker of set top boxes consumers used to watch stream services,

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Speaker 1: forecast a wider than expected fourth quarter loss, and shares

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Speaker 1: of Etsy up ten percent. The online marketplace for crafts

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Speaker 1: and vintage items posted third quarter revenue and gross merchandise

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Speaker 1: sales that top to analysts estimates. Straight ahead, we have

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Speaker 1: your latest local headlines, plus a check of sports, and

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Speaker 1: this is Bloomberg. Karen six, House seven on Wall Street,

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Speaker 1: fifty four degrees in Central Park and overturned vehicleized northbound

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Speaker 1: Nichols Road closed between Furrows Road and the l I E.

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Speaker 1: We're coming up in traffic first Michael Barr with more

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Speaker 1: on what's going on in New York and around the world. Michael,

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Speaker 1: thank you very much. Nathan. Authorities say they got him.

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Speaker 1: A two day man hunt ended in Newark, New Jersey,

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Speaker 1: with the arrest of the suspects of police a shot

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Speaker 1: to officers Tuesday. Police arrested thirty year old Kendall Howard yesterday,

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Speaker 1: the suspect and the shooting of the two officers while

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Speaker 1: they were serving a warrant swat storming a Newark apartment building,

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Speaker 1: going door to door until they found him and brought

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Speaker 1: him out. Essex County Acting prosecut to Ted Stephens says

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Speaker 1: Howard will face charges. Mr. Howard has been charged with

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Speaker 1: two counts of attempted murder of north police officers. Prosecuted

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Speaker 1: Ted Stephens says the injured officers are hospitalized in stable condition.

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Speaker 1: The convicted shooter in the Parkland, Florida High school massacre

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Speaker 1: has been sentenced. Bloomberg's Ed Baxter reports Nicholas Crew sentenced

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Speaker 1: for each of the students, whom seventeen for the murder

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Speaker 1: in the first degree of Peter Way. The court incluses

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Speaker 1: a mandatory life sentence without the possibility of parole. Judge

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Speaker 1: Elizabeth Sharer handing down seventeen life sentences connected to the

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Speaker 1: students involved. Those sentences are to be run consecutively, so

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Speaker 1: seventeen lifetimes in total. There were thirty four sentences in

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Speaker 1: San Francisco. I'm at Baxter Bloomberg Gaybreak. With the mid

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Speaker 1: term elections just five days away, President Biden is warning

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Speaker 1: about political violence and the speech last night, Biden said

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Speaker 1: voters are choosing tween democracy and extremism and pointed the

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Speaker 1: finger directly at former President Trump. American Democrats Center attacked

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Speaker 1: because the defeated former president of the United States refused

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Speaker 1: to accept the results election. President Biden then linked violence

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Speaker 1: at the Capitol on January six to the recent attack

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Speaker 1: on how speaker Nancy Pelosi's husband. Former President Donald Trump

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Speaker 1: has settled a lawsuit filed by a group of protesters

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Speaker 1: who say they were roughed up by the Republican's private

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Speaker 1: security guards during his presidential campaign. The two sides settled

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Speaker 1: as a jury was being selected in the New York

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Speaker 1: court room for a civil trial the tales of the

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Speaker 1: settlement were not divulged. The lawsuit alleges Trump's bodyguards attacked

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Speaker 1: him outside his Manhattan skyscraper in September off as they

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Speaker 1: protested negative comments Trump made about Mexico and Mexican immigrants.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloombergy Quick Take, powered by more than twenty seven

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Speaker 1: hunder journalists and analysts more than twenty countries. I'm Michael Barren.

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Speaker 1: This is Bloomberg, Nathan. All right, Michael, thanks six o

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Speaker 1: nine on Wall Street. Time for the Bloomberg Sports upthing,

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Speaker 1: brought to you by Tri State Out He with John

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Speaker 1: stash Ower. All right, Nathan, Astros and Phillies Game four

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Speaker 1: the World Series, the night after the Phillies won with

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Speaker 1: US shut out. The Astros had a shutout, and that's

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Speaker 1: not all they had. They have the pitch from Pressley

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Speaker 1: is swinging a groundball to third. Pregnant has it the

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Speaker 1: throw to first, and that will do it. The Astros

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Speaker 1: even up the World Series with a five to nothing win.

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Speaker 1: Did I and four of their pictures combined to no

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Speaker 1: hit the Philadelphia Phillies. Yes, Pressley finishes off what Christian

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Speaker 1: Javier started as being at the call. Houston scored all

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Speaker 1: the games five runs on five hits in the fifth

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Speaker 1: and in and the Phils could not touch Javier, who's

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Speaker 1: on an amazing role, allowed only one hit in that start.

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Speaker 1: Versus the Yankees in the ALCS and Xavier's last six starts,

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Speaker 1: covering thirty four innings, he has not allowed to ron.

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Speaker 1: He's never allowed more than two hits. The only previous

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Speaker 1: World Series no hit of Don Larson's perfect game nineteen

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Speaker 1: fifty six Pivotal Game five. Tonight, Houston's justin Verlands, still

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Speaker 1: seeking his first World Series win. He's oh and six.

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Speaker 1: The x met Noah Synderguard starts for the films. The

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Speaker 1: game will be played while the NFL teams from Houston

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Speaker 1: and Philly also meet at the Garden. Nick's led Atlanta

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Speaker 1: by twenty three and then trailed by nineteen got outscored

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Speaker 1: seventy nine to thirty seven. The Hawks one nine nine,

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Speaker 1: led by off season pick up Demonte Murray scort a

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Speaker 1: career high thirty six points. The Nets and Kyrie Irving

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Speaker 1: jointly announced both will donate five hundred thousand dollars to

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Speaker 1: anti hate causes. Irving last Saturday, somewhat double down on

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Speaker 1: that posting of an anti Semitic video. He has natalist

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Speaker 1: a statement that said he takes responsibility meant no harm,

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Speaker 1: opposes all forms of hatred. John stash Netward, Bloomberg Sports, Stephen,

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Speaker 1: thank you, John SMP futures down down nine points, Staff

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Speaker 1: Futures down fifty seven. NAZAC Future is lower by thirty

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Speaker 1: four points. The tenure Treasury down twenty three thirty seconds.

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Speaker 1: Now the yield four point one nine per cent. You're

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Speaker 1: listening to Bloomberg Daybreak and Bloomberg Sports was brought to

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Speaker 1: you by Audie. Don't let someone else drive off in

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Speaker 1: Quick Tape He's a Bloomberg Business Flash and I'm Karen Moscow.

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Speaker 1: Resnick dot com. Future is lower this morning with SMP

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Speaker 1: future is down fourteen points now, futures down a hundred,

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Speaker 1: nasdack futures down fifty and a tenure Treasury down twenty

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Speaker 1: seconds held four point one nine percent. They yield on

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Speaker 1: the two year four point seven n I'm excret oil

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Speaker 1: down one and a half percent on a dollar thirty

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Speaker 1: seven at eighty eight dollar sixty five cents a barrel.

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Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with

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Speaker 1: Moore on what's going on around the world. Michael Karen,

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Speaker 1: thank you very much. President Joe Biden asked voters to

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Speaker 1: consider the future of democracy when they vote in the

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Speaker 1: next mid term elections next week. During last night's speech,

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Speaker 1: Biden nerge voters to reject Donald Trump's big line, denying

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Speaker 1: is defeat that fuel political extremism and violence. Christian Navier

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Speaker 1: and the Astros Bullpen combined for just the second no

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Speaker 1: hitter in World Series history Houston one Game four against

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Speaker 1: the Phillies five zip to even the series at two

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Speaker 1: games apiece. The NFL's Washington Commanders could be soon for sale.

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Speaker 1: Owners Dan and Tennas Snyder say that they have hired

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Speaker 1: Bank of America Securities to consider potential transactions in the NBA.

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Speaker 1: The Knickson Celtics lost the Wizards won. Global News twenty

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Speaker 1: four hours a day on air and on Bloomberg Quick Take,

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Speaker 1: powered by more than twenty seven hundred journalists and analysts

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Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg.

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Speaker 1: Nathan all right, Michael, thank you. It is six nineteen

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Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.

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Speaker 1: This is Bloomberg Daybreak as we continue to get market

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Speaker 1: reaction to the FED decision and await the next move

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Speaker 1: from the Bank of England. Were joined this morning by

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Speaker 1: Bloomberg Opinion calumnist Marcus Ashworth. Marcus, good morning. So we

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Speaker 1: got a lot of changes to the FED statement obviously,

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Speaker 1: Chairman Powell now saying rates could go higher than previously expected,

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Speaker 1: though the pace could slow soon. Does anything really change

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Speaker 1: given that the market has been starting to price in

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Speaker 1: slower rate moves from the Fed? Um SI difficult aslant

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Speaker 1: it does. Things have changed in perceptions change, but the

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Speaker 1: actual reality is no, not a lot of change in

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Speaker 1: the sense that rates are higher. Uh, Pal, I'm looking

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Speaker 1: for the far I actually think we catch has caught

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Speaker 1: a lot of flak perhaps stateside, but you know, as

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Speaker 1: far as handling the markets and expressing what they're up

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Speaker 1: to and why, he does a far better job, I

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Speaker 1: think than anyone in Europe, UK or whatever it does

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Speaker 1: by comparison. So you know, slower, higher, longer is the

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Speaker 1: three word synopsis. But you know he switched the debate

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Speaker 1: from this sort of short sharp get the great heights

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Speaker 1: in early two. You know you're going to have higher

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Speaker 1: rates for a longer period, but we're not going to

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Speaker 1: go at it quite as man. I think the Bank

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Speaker 1: of England's recent having to step in and defend the

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Speaker 1: guilt market is clearly reverber and through the FED thinking.

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Speaker 1: But they're not. They have not changed their approach in

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Speaker 1: the broader sense. They've just gone about it in a

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Speaker 1: different way and signaled to that markets to the markets

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Speaker 1: very effectively. Obviously, we saw initial reactions to those wording

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Speaker 1: change with their right to note this king to tightening

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Speaker 1: will have some kicking effect. However, they managed to switch

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Speaker 1: the debate straight back to take away from what would

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Speaker 1: ruin it all, which is markets expressing this pivot and

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Speaker 1: loosening financial conditions is exactly what the FED doesn't want

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Speaker 1: to happen. Very skillful. I think you raise a question there,

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Speaker 1: I think of FED credibility. Obviously a lot of people

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Speaker 1: think that the FED last credibility with the talk of

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Speaker 1: the T word that we no longer say about inflation.

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Speaker 1: Has the FED started to gain back some of its

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Speaker 1: credibility with the tightening path that it's set out here.

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Speaker 1: I think so. I mean, I mean, to my mind,

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Speaker 1: I think they've been handling it very well. The big

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Speaker 1: difference here is that a lot of people may say

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Speaker 1: that too many FED speakers and whatever, but they are

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Speaker 1: all pretty much in unison with each other. And that's

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Speaker 1: again the other thing. You don't get that sense from

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Speaker 1: other bank coming on obviously, you'd be that everyone's on

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Speaker 1: the same page where the Fed we do now we

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Speaker 1: know daily said a couple of slightly more moderate things.

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Speaker 1: Brain art possibly as well, but really it's pretty mild. Uh.

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Speaker 1: And I think that they're showing a united response, and

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Speaker 1: clearly how Powell has phrased it last night was was

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Speaker 1: I think you know a master class. Well, what's the

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Speaker 1: policy path going to do for the economy. And I

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Speaker 1: think now the debate turns to whether the FED is

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Speaker 1: going to be able to achieve a soft landing with

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Speaker 1: this kind of tightening and raising the possibility of slower

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Speaker 1: hikes now while at the same time we're still seeing

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Speaker 1: this tightness in the labor market. Yeah, and I think

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Speaker 1: sput on there. But the point is is that what

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Speaker 1: what power has basically moved away from a a soft

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Speaker 1: landing and basically saying they're going to have to be

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Speaker 1: a recession. What he's trying to say is we are

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Speaker 1: not going to go out. This is hard to break

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Speaker 1: things as clearly things that broke in the UK we

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Speaker 1: don't want that. We see and hear the warriors and

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Speaker 1: wobbles in the U S troasury market in particular. That's

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Speaker 1: why it's going to be slower but longer, but probably higher,

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Speaker 1: but I don't sure it will be higher. But the

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Speaker 1: point is is he's having to have his his cake

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Speaker 1: and eat it, as we can often say, out of here,

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Speaker 1: because he's managed to get the effect he wanted, which

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Speaker 1: is to keep bonnels high and not see financial positions loosen,

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Speaker 1: all the stock market to go all sudden on a tear,

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Speaker 1: thinking that it's all over the rates, the rate hikings

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Speaker 1: turned because that's not what he wants. He wants to

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Speaker 1: keep the mark, get on edge, on point for as

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Speaker 1: long as possible, and when they're ready to slow things

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Speaker 1: down and when they're ready to possibly stop hiking, it

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Speaker 1: will be on the fence terms. And that I think

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Speaker 1: is is police stable. But unfortunately the many of that

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Speaker 1: is probably that there will be some form of recession

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Speaker 1: in the US. I think about a minute left here,

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Speaker 1: in about thirty seven minutes before the Bank of England decision,

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Speaker 1: you kind of set out the challenge here for the

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Speaker 1: policy makers. What are you looking for? I think they

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Speaker 1: have to do semi five just because the ECB has

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Speaker 1: done semi five. The said done semi five last time around,

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Speaker 1: they went and went fifty. They could a lot of

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Speaker 1: flat from it. Obviously, the world of other problems came in,

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Speaker 1: but I don't think they've got much room to or

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Speaker 1: desire to do any other than seventy five. There's a

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Speaker 1: risk of fifty. They're gonna have to justify that though,

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Speaker 1: But again I think they probably will be slightly more

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Speaker 1: dublished on the back end as far as Hi raids

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Speaker 1: will go open here and just quickly does the chaos

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Speaker 1: of Rieshi soon act. Picking up the pieces from Liz

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Speaker 1: Trust play into the day's decision for the b o E.

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Speaker 1: I'm gonna say no, it shouldn't do this all the reasons.

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Speaker 1: I think that's why they want to do seventy five,

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Speaker 1: to make sure that they're sending a message that they

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Speaker 1: are in control and they're doing what they think is

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Speaker 1: needed to be on inflation. On the fiscal side. Now

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Speaker 1: they can relax a bit on but it doesn't it

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Speaker 1: means they could focus that for away from the fiscal concept.

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Speaker 1: Sellu the monetary ways to keeping control on the great

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Speaker 1: to talk with you this morning, Marcus. Thanks for this.

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Speaker 1: Marcus Ashworth, columnist for Bloomberg Opinion. Find his stuff and

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Speaker 1: I Ashworth go on the Bloomberg terminal. All our opinion

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00:19:27,880 --> 00:19:30,880
Speaker 1: pieces are on O, P, I N Go and at

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Speaker 1: Bloomberg dot com Slash Opinion. Looking ahead to the market

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Speaker 1: open this morning, Wall Street moving lower after the route

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Speaker 1: yesterday following Chairman Palace comments. S and P futures are

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Speaker 1: down sixteen points, Dow futures down a hundred eight NASDAC

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Speaker 1: futures are lower by fifty seven points ten, Your treasuries

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Speaker 1: down twenty three thirty seconds. The yield of four point

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Speaker 1: one nine percent on the benchmark two year yield now

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Speaker 1: at four point seven two British pound ahead of the

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Speaker 1: b o E decision one point one to four five

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Speaker 1: against the dollar. This is Bloomberg Bloomberg Daybreak, brought to

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Speaker 1: you by ancient accountants and advisors, the right fit tax

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Speaker 1: That's Ancient dot com slash v i P broadcasting live

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Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg

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Speaker 1: E Loving Freedom to Washington, d C, Bloomberg to Boston,

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00:20:31,520 --> 00:20:34,800
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N

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00:20:35,040 --> 00:20:38,280
Speaker 1: sixty to the Country Sirius XM Chado one ninet and

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00:20:38,359 --> 00:20:41,720
Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Daybreak. It's six thirty on

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Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow.

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Speaker 1: We are just about three hours away from the Open

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Speaker 1: of US training It's time for the five things that

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00:20:58,560 --> 00:21:00,520
Speaker 1: you need to notice start your day. Brought to you

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Speaker 1: by Interactive Brokers ib k R, event Trader offers a

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00:21:14,600 --> 00:21:17,800
Speaker 1: dot com. At first, US futures are lower after a

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Speaker 1: hawk ish FED led to a Wall Street sell off Yesterday.

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Speaker 1: As expected, at Central Bank raised interest rates seventy five

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Speaker 1: basis points, but stock sold off when Fed chair J

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Speaker 1: Powell made clear monetary tightening still has a ways to go.

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Speaker 1: We still have some ways to go, and incoming data

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Speaker 1: since our last meeting suggests that the ultimate level of

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Speaker 1: interest rates will be higher than previously expected to move

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Speaker 1: by J. Powell. I'm a FED lifts the benchmark to

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Speaker 1: a three point seven five percent to four percent range

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Speaker 1: from nearly zero in March. Well reaction poured into the

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Speaker 1: Fed's aggressive tone. Karen I Capital chief investment strategist Anastasia

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Speaker 1: Murosso says traders are left with an uncertain path ahead. Initially,

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Speaker 1: the markets got what they wanted, which is it seems

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Speaker 1: like we are going to slow the path of rating increases.

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Speaker 1: But then in the same breath that your Powell mentioned

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Speaker 1: that we have ways to go before we actually can pause,

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Speaker 1: and NATS was really unsettled the markets. The hope going

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Speaker 1: into is that we can maybe start to see the

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Speaker 1: beginning of the end of the tightening cycle. We cannot

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Speaker 1: draw that conclusion right now and the stage Mrosa with

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Speaker 1: Eye Capital says, economic indicators show the chances of a

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Speaker 1: recession around well. Nathan. Former Philadelphia Fed president Charles Plaster says,

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Speaker 1: the probability of the Fed achieving a soft landing maybe slimmer,

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Speaker 1: that that should be very likely, and achieve a sort

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Speaker 1: of somewhat soft landing, it's a very fine you know,

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Speaker 1: and it will take a lot of luck, not just

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Speaker 1: a policy instision, but luck to achieve that. At this point,

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Speaker 1: Former Philadelphia Fed President Charles Plaster says j. Powell should

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Speaker 1: still consider another seventy five basis point hike at next

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Speaker 1: month's f o MC meeting. Monetary policies from focus over

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Speaker 1: in Europe, Karen and the next hour. The Bank of

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Speaker 1: England's expected to deliver its biggest rate increase in thirty

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Speaker 1: three years. Labor in Asia and Nathan China lockdown the

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Speaker 1: world's largest iPhone factory and chang Zoo area to cut

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Speaker 1: COVID spread. The lockdowns expected to last until next week.

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Speaker 1: In time, Bloomberg News has learned Elon Musk plans to

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Speaker 1: eliminate about half of Twitter's work for US about thirty

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Speaker 1: seven hundred jobs, and job cuts may also be on

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Speaker 1: the way at Morgan Stanley Ruters is reporting the financial

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Speaker 1: for almost start layoffs globally in the coming weeks. And

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Speaker 1: that's the five things you need to notice start your day.

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00:23:23,119 --> 00:23:27,160
Speaker 1: Brought to you by Interactive Brokers. Futures this morning are

431
00:23:27,280 --> 00:23:30,520
Speaker 1: moving lower and straight ahead. We had your latest local

432
00:23:30,600 --> 00:23:39,040
Speaker 1: headlines plus the check of sports, and this is Bloomberg. Thanks. Karen.

433
00:23:39,080 --> 00:23:41,320
Speaker 1: At sixty three on Wall Street, fifty three degrees now

434
00:23:41,440 --> 00:23:44,520
Speaker 1: in Central Park. Got an accident southbound New York stayed

435
00:23:44,560 --> 00:23:46,879
Speaker 1: through way before the Spring Valley tolls. Details coming up

436
00:23:46,920 --> 00:23:49,680
Speaker 1: in traffic. First Michael Barr with what else is going

437
00:23:49,720 --> 00:23:52,080
Speaker 1: on in New York and around the world. Good morning, Michael,

438
00:23:52,160 --> 00:23:54,720
Speaker 1: Good morning. Nathan. The man who auth already said wounded

439
00:23:54,760 --> 00:23:57,440
Speaker 1: to Newark police officers as they attempted to serve a

440
00:23:57,520 --> 00:24:01,600
Speaker 1: warrant was taken into custody Yesterday. Kendall Howard, whose thirty

441
00:24:01,680 --> 00:24:04,320
Speaker 1: years charged with the attempted murder of the two officers.

442
00:24:04,760 --> 00:24:08,080
Speaker 1: State Attorney General Matt Platkin provided an update on the

443
00:24:08,160 --> 00:24:11,640
Speaker 1: officers shot. I had the opportunity to visit with them

444
00:24:12,240 --> 00:24:15,720
Speaker 1: last night. Thank god, they are recovering and will recover.

445
00:24:16,200 --> 00:24:19,040
Speaker 1: A g plantin and authorities say one officer was shot

446
00:24:19,080 --> 00:24:21,560
Speaker 1: in the leg and the other was shot in the next. Tuesday,

447
00:24:21,960 --> 00:24:25,080
Speaker 1: with just days to go before major midterm elections, President

448
00:24:25,160 --> 00:24:29,800
Speaker 1: Joe Bladen is imploring voters to save American democracy. Biden

449
00:24:29,880 --> 00:24:34,080
Speaker 1: brought up ultra Maga Republicans and mounting concerns over political violence.

450
00:24:34,400 --> 00:24:39,040
Speaker 1: I believe the voices excusing are calling for violence and

451
00:24:39,119 --> 00:24:44,680
Speaker 1: intimidation our distinct minority in America. But they're loud and

452
00:24:44,840 --> 00:24:48,400
Speaker 1: they are determined. Last night's speech came a few days

453
00:24:48,520 --> 00:24:51,480
Speaker 1: after a man seeking to kidnap house speaker Nancy Pelosi

454
00:24:51,680 --> 00:24:56,280
Speaker 1: severely injured her husband Paul Pelosi in their San Francisco home. Meanwhile,

455
00:24:56,320 --> 00:24:58,520
Speaker 1: New Jersey's governor says it will be a tough fight

456
00:24:58,640 --> 00:25:01,600
Speaker 1: in the midterm elections. Governor Phil Murphy, you've got the

457
00:25:01,720 --> 00:25:05,800
Speaker 1: normal reality of a midterm election with an incumbent party

458
00:25:05,880 --> 00:25:09,200
Speaker 1: in the White House. So you begin in a in

459
00:25:09,280 --> 00:25:12,159
Speaker 1: a tough place, and then you add to that recovering

460
00:25:12,240 --> 00:25:16,439
Speaker 1: from a pandemic, inflation, affordability, It won't make the races

461
00:25:16,480 --> 00:25:19,800
Speaker 1: any easier. Governor Murphy made his comments with David Weston

462
00:25:19,880 --> 00:25:23,919
Speaker 1: on Bloomberg's Balance of Power. Former President Trump asked Florida

463
00:25:24,000 --> 00:25:26,040
Speaker 1: court to shield some of his wealth from the New

464
00:25:26,119 --> 00:25:29,399
Speaker 1: York Attorney General, who has filed a two fifty million

465
00:25:29,440 --> 00:25:33,800
Speaker 1: dollar civil lawsuit against Trump and his family. Trump's civil lawsuit,

466
00:25:34,000 --> 00:25:37,680
Speaker 1: filed in a Florida court, is laden with grievances about

467
00:25:37,760 --> 00:25:40,719
Speaker 1: a g Letitia James and her investigation of his business.

468
00:25:40,920 --> 00:25:44,359
Speaker 1: He accused her of making repeated attempts to steal, destroy,

469
00:25:44,560 --> 00:25:48,040
Speaker 1: or control all things Trump. Get your lottery tickets out.

470
00:25:48,600 --> 00:25:52,840
Speaker 1: It's time to play America's favorite jackpot game. This is

471
00:25:52,960 --> 00:25:55,280
Speaker 1: Power Evolved. The bad news is you didn't win the

472
00:25:55,320 --> 00:25:57,400
Speaker 1: big one, but the good news is no one else

473
00:25:57,440 --> 00:26:00,840
Speaker 1: did either. Nobody hit the nobody hit the magic and

474
00:26:01,000 --> 00:26:03,320
Speaker 1: life changing numbers to win the one point two billion

475
00:26:03,359 --> 00:26:07,160
Speaker 1: dollar power ball jackpot. That means Nathan the next jackpot

476
00:26:07,320 --> 00:26:10,880
Speaker 1: Saturday is estimated to be one point five billion dollars.

477
00:26:11,160 --> 00:26:15,520
Speaker 1: Could be someone's weekend global news. I have a weekend

478
00:26:15,640 --> 00:26:18,160
Speaker 1: twenty more hours a day on air and on Bloomberg

479
00:26:18,240 --> 00:26:20,800
Speaker 1: Quicktake power by more than seven hundred journalist analysts, more

480
00:26:20,800 --> 00:26:23,760
Speaker 1: than a hundred, twenty countries. I'm Michael Barr. This is

481
00:26:23,880 --> 00:26:31,720
Speaker 1: Bloomberg Nathan. Thank you, Michael. Just about six thirty six

482
00:26:31,800 --> 00:26:33,880
Speaker 1: on Wall Street. Time for the Bloomberg Sports Update, brought

483
00:26:33,920 --> 00:26:36,240
Speaker 1: to you by Trice State. Out of Here's John stash Our.

484
00:26:36,480 --> 00:26:39,520
Speaker 1: Athan a World Series no hitter, and it only happened

485
00:26:39,560 --> 00:26:42,200
Speaker 1: once before Don Larson's perfect game against the Brooklyn Dodgers

486
00:26:42,320 --> 00:26:46,440
Speaker 1: nineteen fifty six. Yankee stady pitchers don't throw complete games anymore,

487
00:26:46,480 --> 00:26:48,639
Speaker 1: so it was a combined no hitter. It started with

488
00:26:48,720 --> 00:26:51,840
Speaker 1: the Astros Christian Javier and ended with Ryan Pressley, just

489
00:26:52,119 --> 00:26:55,080
Speaker 1: like the combined no hitter the Astro's hat at Yankee

490
00:26:55,080 --> 00:26:58,480
Speaker 1: Stadium back in June, Astro's blank the Phillies five nothing.

491
00:26:58,520 --> 00:27:00,720
Speaker 1: The World Series is tied at two heading to Game

492
00:27:00,760 --> 00:27:03,879
Speaker 1: five tonight. The Houston manager, it's Dusty Baker that they

493
00:27:03,960 --> 00:27:05,840
Speaker 1: have a great offensive club over there, and they've got

494
00:27:05,880 --> 00:27:09,159
Speaker 1: a lot of energy in this ballpark and uh so

495
00:27:09,680 --> 00:27:13,679
Speaker 1: it's uh man, it's a strange series. I mean they

496
00:27:13,760 --> 00:27:17,040
Speaker 1: hit five home runs yesterday and then no hits today.

497
00:27:17,119 --> 00:27:22,040
Speaker 1: I mean, this is a daily game. And the only

498
00:27:22,080 --> 00:27:24,639
Speaker 1: other postseason no hitter was in that was also a

499
00:27:24,720 --> 00:27:28,080
Speaker 1: Citizens Bank Park in Philly by Royality against the Reds,

500
00:27:28,160 --> 00:27:31,440
Speaker 1: where they managed five akre att The garden Nicks were rolling,

501
00:27:31,520 --> 00:27:33,639
Speaker 1: led the Ops by twenty three. They got outscored the

502
00:27:33,720 --> 00:27:36,600
Speaker 1: third quarter thirty two to ten. They had more turnovers

503
00:27:36,680 --> 00:27:40,159
Speaker 1: than points. Atlanta one one ninety nine, led by DeMont

504
00:27:40,200 --> 00:27:42,880
Speaker 1: Je Murray's career high thirty six points. He had nine assists,

505
00:27:43,240 --> 00:27:46,119
Speaker 1: six deals. The Nets and Kyrie Irving will both donate

506
00:27:46,200 --> 00:27:49,840
Speaker 1: five hundred thousand dollars to anti hate causes. They released

507
00:27:49,880 --> 00:27:52,679
Speaker 1: a statement with the Anti Defamation League and what Driving

508
00:27:52,720 --> 00:27:55,800
Speaker 1: said He's learning and is willing to listen. Last week

509
00:27:55,840 --> 00:27:58,640
Speaker 1: posted a link to an anti Semitic video. Is Dan

510
00:27:58,800 --> 00:28:02,040
Speaker 1: Snyder going to sell of Washington Commanders? Their fans are

511
00:28:02,400 --> 00:28:05,320
Speaker 1: be hoping, so he's hired Bank of America Health quote,

512
00:28:05,359 --> 00:28:09,800
Speaker 1: consider all options? Do statam sports? All right? John? Thank you?

513
00:28:09,920 --> 00:28:11,879
Speaker 1: Six thirty seven on Wall Street. Time to take a

514
00:28:11,920 --> 00:28:13,600
Speaker 1: look at stocks. Some of the names moving in the

515
00:28:13,680 --> 00:28:15,879
Speaker 1: pre market. Lots to get to with Bloomberg Radio and

516
00:28:15,960 --> 00:28:18,960
Speaker 1: TV Markets correspondent Crety Gupta this morning with some of

517
00:28:19,000 --> 00:28:22,760
Speaker 1: the highlights and low lights from the latest and earning season.

518
00:28:22,800 --> 00:28:25,880
Speaker 1: And you're starting with a pretty big low light here, Crety. Yeah,

519
00:28:26,040 --> 00:28:28,639
Speaker 1: a real hit to Qualcom shares this morning. Q c

520
00:28:28,880 --> 00:28:31,200
Speaker 1: o M is your ticker down but eight point two

521
00:28:31,240 --> 00:28:33,960
Speaker 1: percent in the pre market. This is the biggest maker

522
00:28:34,040 --> 00:28:37,520
Speaker 1: of smartphone processors. It's of course in the Apple supply chain,

523
00:28:37,840 --> 00:28:41,160
Speaker 1: massive presence in China. When we're talking about just the

524
00:28:41,200 --> 00:28:43,959
Speaker 1: supply chain issues that you're seeing around the world. They

525
00:28:44,040 --> 00:28:47,000
Speaker 1: came out and they gave a far weaker forecast than expected.

526
00:28:47,040 --> 00:28:49,360
Speaker 1: A lot of this coming up from just the macroeconomic

527
00:28:49,440 --> 00:28:52,400
Speaker 1: slowdown that you're seeing, but really emphasizing the pain of

528
00:28:52,440 --> 00:28:55,160
Speaker 1: those COVID nineteen lockdowns in China making As you'll remember,

529
00:28:55,160 --> 00:28:57,239
Speaker 1: just a couple of days ago, we heard about uh

530
00:28:57,520 --> 00:29:01,240
Speaker 1: the region of China where four to five iPhones are made.

531
00:29:01,320 --> 00:29:04,480
Speaker 1: That area completely shut down because the COVID lockdowns in

532
00:29:04,520 --> 00:29:06,440
Speaker 1: a week. By the way, that there are rumors that

533
00:29:06,520 --> 00:29:09,520
Speaker 1: this COVID zero policy may abage or at least be

534
00:29:09,600 --> 00:29:13,120
Speaker 1: considered to to abait at some point. Nevertheless, Qualcom coping

535
00:29:13,160 --> 00:29:15,920
Speaker 1: with the slowdown in part by freezing hiring. That seems

536
00:29:15,960 --> 00:29:18,280
Speaker 1: to be the big kind of red flag from a

537
00:29:18,360 --> 00:29:22,040
Speaker 1: lot of these companies reporting earnings. Coming from executives during

538
00:29:22,080 --> 00:29:24,080
Speaker 1: the conference call, they're also talking about a build up

539
00:29:24,120 --> 00:29:26,920
Speaker 1: of extra inventory, inventory that they're gonna say that they

540
00:29:26,960 --> 00:29:29,080
Speaker 1: say it's going to take at least two quarters to clear.

541
00:29:29,160 --> 00:29:30,920
Speaker 1: So that of course something that you're not just seeing

542
00:29:30,920 --> 00:29:33,280
Speaker 1: the retail space from the chip space as well. Speaking

543
00:29:33,320 --> 00:29:36,000
Speaker 1: of a retail I guess we've got some positive news

544
00:29:36,080 --> 00:29:38,920
Speaker 1: on the e commerce side. We did eBay. You know,

545
00:29:39,160 --> 00:29:41,680
Speaker 1: I don't know if you use eBay. I have never been.

546
00:29:42,400 --> 00:29:44,440
Speaker 1: It's been a while, but they are still kicking e

547
00:29:44,640 --> 00:29:47,440
Speaker 1: b a y is your taker. It's up about four

548
00:29:47,520 --> 00:29:50,120
Speaker 1: tenths of one percent. Now, this is a company that

549
00:29:50,280 --> 00:29:53,160
Speaker 1: is really rallying the top end of their profit forecast,

550
00:29:53,560 --> 00:29:58,080
Speaker 1: exceeding estimates from the street. It's potentially evidence that this

551
00:29:58,240 --> 00:30:00,280
Speaker 1: is a company, this is an online market ace that

552
00:30:00,280 --> 00:30:03,720
Speaker 1: could shift to luxury items and refurbish goods. Now, you

553
00:30:03,760 --> 00:30:07,200
Speaker 1: don't really associate eBay with luxury items per se, but

554
00:30:07,240 --> 00:30:09,320
Speaker 1: if you're actually looking at the retail space. Think Nordstrom.

555
00:30:09,400 --> 00:30:12,480
Speaker 1: Think Macy's are actually thriving because they have that luxury

556
00:30:12,560 --> 00:30:16,160
Speaker 1: exposure and are catering to a higher clientele or a

557
00:30:16,200 --> 00:30:19,800
Speaker 1: higher income clientele. I should say so, uh, eBay potentially

558
00:30:19,880 --> 00:30:22,360
Speaker 1: getting in on that. But it's not alone at seas

559
00:30:22,400 --> 00:30:24,200
Speaker 1: when you want to watch as well, e T s

560
00:30:24,400 --> 00:30:27,440
Speaker 1: Y is your taker. It's up about eleven, this one

561
00:30:27,480 --> 00:30:30,040
Speaker 1: actually climbing on third quarter growth rates in the fourth

562
00:30:30,120 --> 00:30:33,120
Speaker 1: quarter guidance. Those numbers just impressing Wall Street across the

563
00:30:33,200 --> 00:30:35,360
Speaker 1: board and Nathan and throw one more low light at you.

564
00:30:36,200 --> 00:30:39,320
Speaker 1: Roku shares taking it on the chin. Are okay used

565
00:30:39,320 --> 00:30:42,480
Speaker 1: to take her down about twenty in the pre market

566
00:30:42,760 --> 00:30:45,560
Speaker 1: this coming after they report third cor results that miss

567
00:30:45,680 --> 00:30:49,040
Speaker 1: and issued a pretty scary warning about the ad market.

568
00:30:49,440 --> 00:30:52,640
Speaker 1: Full disclosure, Roku's got a weird ol movie coming out tomorrow,

569
00:30:53,040 --> 00:30:55,920
Speaker 1: really looking forward to and thank you create a Bloomberg

570
00:30:56,000 --> 00:30:59,720
Speaker 1: Radio TV Markets corresponding Crety cooped up with us this morning.

571
00:31:00,200 --> 00:31:02,760
Speaker 1: Stocks as a whole taking it on the chin after

572
00:31:02,840 --> 00:31:06,280
Speaker 1: the FED decision in Sherman Powell's news conference, more losses

573
00:31:06,440 --> 00:31:09,400
Speaker 1: in store, potentially with SMP futures down twenty one point.

574
00:31:09,400 --> 00:31:12,080
Speaker 1: Staff futures down a hundred forty three. Nastack futures are

575
00:31:12,120 --> 00:31:15,320
Speaker 1: lower by seventy five points ten Your treasury down twenty

576
00:31:15,400 --> 00:31:19,560
Speaker 1: two thirty seconds yield four point one. This is Bloomberg

577
00:31:22,280 --> 00:31:24,680
Speaker 1: Bloomberg Sports, brought to you by Audie. Don't let someone

578
00:31:24,720 --> 00:31:26,840
Speaker 1: else drive off in the autie model. You've always wanted

579
00:31:26,880 --> 00:31:28,959
Speaker 1: to visit your local price state autie dealer to get

580
00:31:29,000 --> 00:31:31,400
Speaker 1: behind the wheel of yours today, or visit Outie Offers

581
00:31:31,480 --> 00:31:39,280
Speaker 1: dot com for more information, markets, headlines and breaking news

582
00:31:39,400 --> 00:31:42,000
Speaker 1: twenty four hours a day at Bloomberg dot com, the

583
00:31:42,080 --> 00:31:46,200
Speaker 1: Bloomberg Business apt and at Bloomberg Quick Takes a Bloomberg

584
00:31:46,280 --> 00:31:55,560
Speaker 1: Business Flash and I'm Karen Moscow and futures are following

585
00:31:55,600 --> 00:31:57,840
Speaker 1: this morning. Let's go to the First Word breaking news

586
00:31:57,920 --> 00:32:00,560
Speaker 1: desk for today's morning call. And here's Bill Loney. Bill,

587
00:32:00,600 --> 00:32:04,160
Speaker 1: good morning, Hey, good morning. Can that's right. US futures

588
00:32:04,160 --> 00:32:06,160
Speaker 1: are under pressure right now A death futures down a

589
00:32:06,240 --> 00:32:09,200
Speaker 1: hundred and sixty seven points, subs drop twenty five and

590
00:32:09,360 --> 00:32:12,720
Speaker 1: as that futures are off by eight, the US ten

591
00:32:12,840 --> 00:32:15,440
Speaker 1: year old jumps to four point one nine percent. Gold

592
00:32:15,520 --> 00:32:18,280
Speaker 1: is down fourteen. Oil is in the red and Bitcoin

593
00:32:18,440 --> 00:32:21,200
Speaker 1: is training higher by half a percent. Hong Kong fell

594
00:32:21,320 --> 00:32:23,840
Speaker 1: three percent overnight, while European markets are firmly in the

595
00:32:23,920 --> 00:32:25,920
Speaker 1: red this morning and back in the US. On the

596
00:32:25,960 --> 00:32:30,440
Speaker 1: economic Frinday, thirty initial jobs claims at services and Composite

597
00:32:30,480 --> 00:32:32,720
Speaker 1: p m I s and at ten o'clock factory orders

598
00:32:32,800 --> 00:32:36,040
Speaker 1: and durable goods orders. After the bellas night, Clawcom gave

599
00:32:36,120 --> 00:32:39,560
Speaker 1: a downbeat forecast and regarding earnings. This morning, Signal raised

600
00:32:39,600 --> 00:32:43,280
Speaker 1: its outlook and Marriott EPs was in line and other

601
00:32:43,360 --> 00:32:46,000
Speaker 1: news people familiar said that Elon Musk plans to eliminate

602
00:32:46,120 --> 00:32:49,760
Speaker 1: half of Twitter's workforce to cut costs and wrapping things up,

603
00:32:49,800 --> 00:32:53,960
Speaker 1: Cognizant was cut the sector perform at RBC Live from

604
00:32:53,960 --> 00:32:56,800
Speaker 1: the first breaking news vescm Bill Maloney, Karen, all right, Phil,

605
00:32:56,840 --> 00:32:58,400
Speaker 1: thank you, and to hear live breaking news of your

606
00:32:58,480 --> 00:33:01,120
Speaker 1: Bloomberg type squawd on your rman. I'll scue you a

607
00:33:01,360 --> 00:33:03,720
Speaker 1: w K and that's a Bloomberg business flash. Now here's

608
00:33:03,760 --> 00:33:07,200
Speaker 1: Michael Barr with more on what's going on around the world. Michael, Karen,

609
00:33:07,240 --> 00:33:09,720
Speaker 1: thank you very much. There were three more missile tests

610
00:33:09,880 --> 00:33:13,440
Speaker 1: by North Korea, including a suspected intercontinental ballistic missile that

611
00:33:13,560 --> 00:33:17,920
Speaker 1: reportedly failed midflight. People in northern Japan awoke to sirens

612
00:33:17,960 --> 00:33:21,760
Speaker 1: and were instructed to seek shelter. Christian Navier and the

613
00:33:21,920 --> 00:33:25,160
Speaker 1: Astros bullpen combined for just the second no hitter in

614
00:33:25,240 --> 00:33:28,840
Speaker 1: World Series history. Houston won Game four against the Phillies

615
00:33:28,880 --> 00:33:31,080
Speaker 1: five zip to even the series of two games. Apiece

616
00:33:31,400 --> 00:33:35,080
Speaker 1: Thursday Night Football, the undefeated Eagles take on the Houston Texans.

617
00:33:35,600 --> 00:33:39,840
Speaker 1: The NFL's Washington Commanders could be soon for sale. Owners

618
00:33:39,960 --> 00:33:42,840
Speaker 1: Dan and Tenna Snyder say that they have hired Bank

619
00:33:42,920 --> 00:33:46,520
Speaker 1: of America Securities to consider potential transactions. NBA at the

620
00:33:46,560 --> 00:33:49,840
Speaker 1: Knicks and Celtics lost. The Wizards won Global news twenty

621
00:33:49,880 --> 00:33:52,880
Speaker 1: four hours a day on air and on Bloomberg Quick Tank,

622
00:33:53,200 --> 00:33:55,920
Speaker 1: powered by more than twenty seven hundred journalists and analysts

623
00:33:55,960 --> 00:33:58,360
Speaker 1: more than a hundred twenty countries. I'm Michael Barr, and

624
00:33:58,640 --> 00:34:01,360
Speaker 1: this is Bloomberg car all right, Michael bar thank you.

625
00:34:01,480 --> 00:34:03,680
Speaker 1: It is six forty nine on Wall Street and returned

626
00:34:03,720 --> 00:34:06,360
Speaker 1: to news and Science and Technology Now with a Bloomberg

627
00:34:06,440 --> 00:34:08,799
Speaker 1: and j I T Stem report brought to you buy

628
00:34:08,880 --> 00:34:12,480
Speaker 1: New Jersey Institute of Technology ranked a top one hundred

629
00:34:12,560 --> 00:34:16,120
Speaker 1: national university by US News and World Report and number

630
00:34:16,200 --> 00:34:19,600
Speaker 1: fourteen in the nation on Money's Best Colleges list. Learn

631
00:34:19,680 --> 00:34:21,719
Speaker 1: more at n j I, T dot, E d U

632
00:34:22,239 --> 00:34:25,560
Speaker 1: and here's let's making news and science, Technology, engineering and math.

633
00:34:26,000 --> 00:34:28,319
Speaker 1: Big job cuts on the way at Twitter, Bloomberg News

634
00:34:28,400 --> 00:34:31,000
Speaker 1: has learned that new owner Elon Musk plans to eliminate

635
00:34:31,000 --> 00:34:34,640
Speaker 1: about half the social media company's workforce, about thirty seven

636
00:34:34,680 --> 00:34:39,400
Speaker 1: hundred jobs. Musk intends to inform the affected staffers on Friday. Meanwhile,

637
00:34:39,480 --> 00:34:42,480
Speaker 1: remaining Twitter employees will be asked to return to the office.

638
00:34:43,040 --> 00:34:46,239
Speaker 1: And China, the National Health Commission says the nations zero

639
00:34:46,400 --> 00:34:50,280
Speaker 1: tolerance approach remains a strategy to fight COVID. That comes

640
00:34:50,320 --> 00:34:54,640
Speaker 1: after unverified social media posts boosted hopes the policy would

641
00:34:54,680 --> 00:34:58,680
Speaker 1: be eased. Yesterday, China reported the most new COVID cases

642
00:34:58,719 --> 00:35:01,320
Speaker 1: in more than two months. And nature has given the

643
00:35:01,360 --> 00:35:04,160
Speaker 1: British government a break. The unusually warm weather in the

644
00:35:04,280 --> 00:35:07,000
Speaker 1: UK last month brought down the cost of the government's

645
00:35:07,120 --> 00:35:10,560
Speaker 1: energy subsidies by almost two ninety six million dollars. The

646
00:35:10,680 --> 00:35:14,000
Speaker 1: unseasonably high temperatures meant households have not switched on their

647
00:35:14,040 --> 00:35:16,560
Speaker 1: heating as early as they would in a normal year,

648
00:35:17,000 --> 00:35:19,960
Speaker 1: and that's the Bloomberg and j I T Stem Report. Nathan,

649
00:35:20,120 --> 00:35:23,080
Speaker 1: Thanks Karen. We're lie from the Bloomberg Interactive Brokers studios,

650
00:35:23,120 --> 00:35:25,200
Speaker 1: where it is six fifty on Wall Street timed now

651
00:35:25,280 --> 00:35:27,400
Speaker 1: to check what's going on in DC. Some of the

652
00:35:27,440 --> 00:35:30,560
Speaker 1: top stories in our nation's capital include President Biden asking

653
00:35:30,640 --> 00:35:32,960
Speaker 1: voters to spurn what he calls Trump's big lie and

654
00:35:33,000 --> 00:35:35,960
Speaker 1: a speech on democracy. The US Chamber of Commerce defending

655
00:35:36,000 --> 00:35:41,520
Speaker 1: its CEO midtentions with Republicans, aggressive medicare advantage ads accused

656
00:35:41,560 --> 00:35:46,520
Speaker 1: of misleading seniors, and Biden's inflation advisors include CEO s

657
00:35:46,600 --> 00:35:50,280
Speaker 1: old pals and field hockey parents. Let's bring in Bloomberg

658
00:35:50,320 --> 00:35:53,080
Speaker 1: Government Congressional reporter Jack Fitzpatrick for more on some of

659
00:35:53,160 --> 00:35:56,040
Speaker 1: these stories, starting of course, with the speech last night

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00:35:56,080 --> 00:35:58,400
Speaker 1: from President Biden that was built by Democrats and the

661
00:35:58,440 --> 00:36:01,719
Speaker 1: White House as a major address US on democracy. It's

662
00:36:01,760 --> 00:36:04,520
Speaker 1: something that he's been talking about quite a bit on

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00:36:04,640 --> 00:36:07,120
Speaker 1: the campaign trail, and now it sounds like he might

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00:36:07,160 --> 00:36:10,439
Speaker 1: be making a closing argument here. Yeah, as we get

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00:36:10,520 --> 00:36:15,880
Speaker 1: closer to the midterm election date. Uh, it's interesting to

666
00:36:16,000 --> 00:36:19,440
Speaker 1: hear the president focus on this is a closing argument,

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00:36:19,560 --> 00:36:24,400
Speaker 1: especially when you had heard I think other instances of

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00:36:24,680 --> 00:36:29,160
Speaker 1: Democrats trying to shift towards an economic message. There are

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00:36:29,200 --> 00:36:34,960
Speaker 1: Democratic pollsters who have said, uh, shifting toward the economy,

670
00:36:35,040 --> 00:36:37,840
Speaker 1: what you're going to do to respond to inflation, that

671
00:36:37,960 --> 00:36:40,200
Speaker 1: kind of thing, and and and that's something that Democrats

672
00:36:40,239 --> 00:36:43,200
Speaker 1: have gotten on TV with and on the campaign trail.

673
00:36:43,760 --> 00:36:47,680
Speaker 1: But this is a a very high profile, uh late

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00:36:47,880 --> 00:36:53,920
Speaker 1: speech near the capital, very focused on on essentially January

675
00:36:54,080 --> 00:36:59,560
Speaker 1: six democracy. Uh. It may run the risk of making

676
00:36:59,640 --> 00:37:04,080
Speaker 1: it a little unclear to voters exactly what the closing

677
00:37:04,160 --> 00:37:07,360
Speaker 1: messages from Democrats because it's a bit of a multi

678
00:37:07,520 --> 00:37:13,520
Speaker 1: pronged approach. But he he definitely wanted to emphasize shortly

679
00:37:13,600 --> 00:37:17,600
Speaker 1: before the election, just a week now, uh that you know,

680
00:37:17,719 --> 00:37:22,719
Speaker 1: in races for Congress, for state level secretary of state,

681
00:37:23,080 --> 00:37:25,360
Speaker 1: that kind of thing. As he said, he warned of

682
00:37:25,680 --> 00:37:30,040
Speaker 1: a path to chaos in America, uh and unlawful on

683
00:37:30,160 --> 00:37:34,480
Speaker 1: American issues essentially around January six, as well as the

684
00:37:34,560 --> 00:37:38,160
Speaker 1: assault on Paul Pelosi recently. I guess it remains to

685
00:37:38,239 --> 00:37:41,560
Speaker 1: be seen whether this speech will have any impact on voters,

686
00:37:41,680 --> 00:37:44,600
Speaker 1: especially since we're already into early voting in many states.

687
00:37:44,680 --> 00:37:48,000
Speaker 1: But there's also an analysis, uh from Bloomberg News this

688
00:37:48,160 --> 00:37:51,279
Speaker 1: morning that when it comes to election denial, that's a

689
00:37:51,360 --> 00:37:56,839
Speaker 1: message that does seem to be resonating on the Republican side. Uh. Yeah,

690
00:37:57,000 --> 00:37:59,719
Speaker 1: you know, it's a little tough to predict what this

691
00:38:00,040 --> 00:38:03,640
Speaker 1: kind of thing is going to do, uh, in terms

692
00:38:03,719 --> 00:38:08,680
Speaker 1: of the results in in these mid terms. Of course,

693
00:38:09,440 --> 00:38:13,279
Speaker 1: you know this this is something that can motivate people. Uh,

694
00:38:13,640 --> 00:38:16,480
Speaker 1: this is clearly Uh, I think would you call a

695
00:38:16,560 --> 00:38:21,839
Speaker 1: motivation speech rather than just a persuasion persuasion speech. Um,

696
00:38:22,920 --> 00:38:26,280
Speaker 1: there have been votes cast, millions of vote casts already,

697
00:38:27,000 --> 00:38:30,600
Speaker 1: mail in ballots and early voting around the country. But

698
00:38:30,800 --> 00:38:34,320
Speaker 1: if if you are trying to push turnout late. This

699
00:38:34,520 --> 00:38:37,480
Speaker 1: is something that a number of Democrats in swing states

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00:38:37,560 --> 00:38:42,520
Speaker 1: have brought up, especially when they're speaking to Democrats. Uh

701
00:38:42,760 --> 00:38:47,520
Speaker 1: so yeah, it's look, the results are, the polling is

702
00:38:47,600 --> 00:38:51,680
Speaker 1: not looking fantastic for congressional Democrats around the country, But

703
00:38:51,840 --> 00:38:56,080
Speaker 1: if they're trying to urge their supporters to take this seriously,

704
00:38:56,600 --> 00:38:59,000
Speaker 1: that seems to be the kind of thing that this

705
00:38:59,120 --> 00:39:02,400
Speaker 1: speech is aimed toward. And now there's a little bit

706
00:39:02,440 --> 00:39:05,920
Speaker 1: of gaming out of what a Republican takeover of Congress

707
00:39:06,080 --> 00:39:08,920
Speaker 1: could mean if it does turn out that way, tell

708
00:39:09,040 --> 00:39:12,520
Speaker 1: us about these tensions we're seeing between Republicans and the

709
00:39:12,640 --> 00:39:14,880
Speaker 1: US Chamber of Commerce. This is a lobby that used

710
00:39:14,920 --> 00:39:18,480
Speaker 1: to be aligned pretty closely with the Republican Party, right. Yeah,

711
00:39:18,560 --> 00:39:21,839
Speaker 1: there there have been a number of instances in which

712
00:39:22,040 --> 00:39:26,520
Speaker 1: we've seen Republicans kind of move away from I guess

713
00:39:26,719 --> 00:39:31,520
Speaker 1: what you'd call their their corporate uh, their alliance with

714
00:39:31,680 --> 00:39:36,880
Speaker 1: corporate America in recent years. Uh. Definitely some uh, some

715
00:39:38,040 --> 00:39:43,680
Speaker 1: tensions lately as we see Kevin McCarthy and others complaining

716
00:39:43,719 --> 00:39:49,920
Speaker 1: about the newer CEO, Suzanne Clark. Axios originally reported that

717
00:39:50,160 --> 00:39:54,360
Speaker 1: Kevin McCarthy is is telling the Chambers Board UH and

718
00:39:54,480 --> 00:39:57,600
Speaker 1: its leaders at the state level that uh they would

719
00:39:57,600 --> 00:40:01,120
Speaker 1: have to replace Clark and have a new se YO. Uh.

720
00:40:01,520 --> 00:40:04,719
Speaker 1: There seems to be some pushback, uh and and the

721
00:40:04,960 --> 00:40:09,399
Speaker 1: organization is uh sticking with Suzanne Clark at least, standing

722
00:40:09,440 --> 00:40:12,680
Speaker 1: by her initially and saying they completely support her. But

723
00:40:13,320 --> 00:40:18,480
Speaker 1: there have been comments from McCarthy, uh from UM other

724
00:40:18,680 --> 00:40:24,120
Speaker 1: members in the Republican Study Committee that about essentially a broader,

725
00:40:24,440 --> 00:40:28,800
Speaker 1: longer term plan to have a less cozy relationship with

726
00:40:29,000 --> 00:40:32,520
Speaker 1: the groups like the Chamber of Commerce and essentially corporate

727
00:40:32,560 --> 00:40:36,920
Speaker 1: America than they did in previous years. And this seems

728
00:40:37,360 --> 00:40:42,440
Speaker 1: seems to be probably the highest profile, most personal, uh

729
00:40:42,960 --> 00:40:48,400
Speaker 1: sort of potentially vendetta within that broader issue. In our

730
00:40:48,480 --> 00:40:50,279
Speaker 1: last minute here, Jack, I've got to turn to this

731
00:40:50,400 --> 00:40:52,880
Speaker 1: great story on the Bloomberg terminal this morning about President

732
00:40:52,960 --> 00:40:59,640
Speaker 1: Biden's wide and rather unorthodox circle of economic advisors. Yes, uh,

733
00:41:00,080 --> 00:41:05,919
Speaker 1: you know some names you might expect. Obviously, he has

734
00:41:06,120 --> 00:41:11,240
Speaker 1: talked lately to Larry Summers, that is, um, uh, somebody

735
00:41:11,239 --> 00:41:16,759
Speaker 1: who has been critical of of uh, some decisions that

736
00:41:16,840 --> 00:41:20,239
Speaker 1: Democrats have made. Lately. He's checked in with some of

737
00:41:20,320 --> 00:41:25,120
Speaker 1: the classic Democratic economic advisors and people who have had

738
00:41:25,160 --> 00:41:30,840
Speaker 1: a role in uh past past administrations, Tim Geitner, Hank Paulson,

739
00:41:31,239 --> 00:41:35,040
Speaker 1: that kind of thing. Um, you know, you see a

740
00:41:35,280 --> 00:41:39,040
Speaker 1: very wide list of names as a president who has

741
00:41:39,280 --> 00:41:43,880
Speaker 1: um come in with an economic vision to to respond

742
00:41:44,120 --> 00:41:48,920
Speaker 1: to a certain set of circumstances and then very quickly

743
00:41:49,080 --> 00:41:53,880
Speaker 1: responding to the unexpectedly high levels of inflation. Somebody who

744
00:41:53,960 --> 00:41:57,239
Speaker 1: maybe came in trying to get a little bit of everything. Uh,

745
00:41:57,400 --> 00:42:00,600
Speaker 1: Marty Walsh, a high profile person from the left. We

746
00:42:00,960 --> 00:42:04,800
Speaker 1: initially went to but you know it probably a little

747
00:42:04,880 --> 00:42:09,719
Speaker 1: less from the Wall Street types that some recent Democrats

748
00:42:09,800 --> 00:42:12,680
Speaker 1: have gone with, I think, essentially to take away a

749
00:42:12,800 --> 00:42:16,880
Speaker 1: very wide range of voices. Yeah, and the interesting anecdotes

750
00:42:16,920 --> 00:42:19,040
Speaker 1: in this story as well about the president kind of

751
00:42:19,120 --> 00:42:22,760
Speaker 1: getting random encounters with people and that sort of feeding

752
00:42:22,880 --> 00:42:27,200
Speaker 1: into his economic outlook as well. Jack Fitzpatrick of Bloomberg Government,

753
00:42:27,280 --> 00:42:29,480
Speaker 1: thanks for this. You can read all about these stories

754
00:42:29,560 --> 00:42:32,319
Speaker 1: on Bloomberg dot com or on the Bloomberg terminal. Listen

755
00:42:32,400 --> 00:42:36,239
Speaker 1: to Bloomberg Radio in Washington Bloomberg and one oh five

756
00:42:36,320 --> 00:42:38,800
Speaker 1: point seven f m HD two futures pointing to a

757
00:42:38,880 --> 00:42:42,480
Speaker 1: lower open this morning. Bloomberg Surveillance up next, taking you

758
00:42:42,600 --> 00:42:45,600
Speaker 1: to the Bank of England decision for Karen Moscow. I'm

759
00:42:45,719 --> 00:42:48,480
Speaker 1: Nathan Hager, and this is Bloomberg