1 00:00:02,880 --> 00:00:06,440 Speaker 1: Live from the Bloomberg Interactive Burgers Studios is Bloomberg day 2 00:00:06,480 --> 00:00:11,000 Speaker 1: Break for Monday, January two. Coming up this hour, Goldman 3 00:00:11,080 --> 00:00:14,840 Speaker 1: opposites forecast for tightening for the five ecdemic forecast, while 4 00:00:14,920 --> 00:00:17,920 Speaker 1: cradd the omicron variant as millions of workers call out 5 00:00:17,960 --> 00:00:22,000 Speaker 1: six White House makes plans to oppose export restrictions on Russia, 6 00:00:22,120 --> 00:00:25,200 Speaker 1: and earnings get underway this week with results from Big Banks. 7 00:00:25,440 --> 00:00:27,560 Speaker 1: The Deadly Blaze is being described as one of the 8 00:00:27,560 --> 00:00:30,680 Speaker 1: worst flyers in New York City modern history. Plus tributes 9 00:00:30,720 --> 00:00:33,960 Speaker 1: come in for comedian Bob Saget. I'm Michael Blower. More Ahead, 10 00:00:34,200 --> 00:00:36,640 Speaker 1: I'm John Stage Sharon Sports, the Jets and Giants lost 11 00:00:36,680 --> 00:00:39,560 Speaker 1: as the NFL regular season ended, the Raiders, Steelers and 12 00:00:39,640 --> 00:00:44,920 Speaker 1: forty Niners grabbed the last playoff spot. That's all straight 13 00:00:44,960 --> 00:00:48,280 Speaker 1: ahead on Bloomberg day Break on Bloomberg. You live in 14 00:00:48,280 --> 00:00:52,959 Speaker 1: FREEO New York, Bloomberg one, Washington, d C, Bloomberg one, 15 00:00:52,960 --> 00:00:57,400 Speaker 1: O six one, Boston, Bloomberg nine sixties, San Francisco, Sirius 16 00:00:57,560 --> 00:01:00,840 Speaker 1: x M one nineteen and around the world lown Bloomberg 17 00:01:00,920 --> 00:01:08,120 Speaker 1: Radio dot Com and via The Bloomberg Business Kay Good 18 00:01:08,120 --> 00:01:11,440 Speaker 1: Morning on John Tucker and I'm Karen Moscow and US 19 00:01:11,560 --> 00:01:15,039 Speaker 1: futures are little change this morning. It is coming up 20 00:01:15,080 --> 00:01:16,640 Speaker 1: to six oh one on Wall Street, and we check 21 00:01:16,680 --> 00:01:19,600 Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg. 22 00:01:19,680 --> 00:01:21,920 Speaker 1: Right now SNP futures that will change so are to 23 00:01:21,920 --> 00:01:25,600 Speaker 1: OW futures. Nowsday futures are moving lower, down about thirty 24 00:01:25,600 --> 00:01:28,639 Speaker 1: one point The decks in Germany's down about two tens 25 00:01:28,640 --> 00:01:31,280 Speaker 1: of upper cent. The ten year treasury down three thirty seconds. 26 00:01:31,360 --> 00:01:33,920 Speaker 1: He had one point seven seven percent. They yield on 27 00:01:33,959 --> 00:01:36,840 Speaker 1: the two year point eight six percent and nine x 28 00:01:36,880 --> 00:01:39,319 Speaker 1: screwed oils. It will change at seventy eight dollars eighty 29 00:01:39,360 --> 00:01:43,720 Speaker 1: seven cents of barrel Bitcoin at forty one seven eight dollars, 30 00:01:43,800 --> 00:01:48,200 Speaker 1: John and Karen. Fed policy remains front and center. Last 31 00:01:48,240 --> 00:01:51,200 Speaker 1: week's Fed minutes, sam the US jobs report. We're market 32 00:01:51,240 --> 00:01:54,280 Speaker 1: moving events. Now we have a big call on the 33 00:01:54,320 --> 00:01:57,960 Speaker 1: future of the interest rates. Let's get the latest from Bloomberg's. 34 00:01:57,960 --> 00:02:00,800 Speaker 1: Britney the Young, Good morning, Ritnita, Good morning John Goldman. 35 00:02:00,880 --> 00:02:04,040 Speaker 1: Sex expects the FED to raise interest rates four times 36 00:02:04,040 --> 00:02:07,800 Speaker 1: this year and begin the balance sheet runoff process. In July, 37 00:02:08,240 --> 00:02:11,040 Speaker 1: the firm had previously expected the balance sheet run off 38 00:02:11,080 --> 00:02:13,520 Speaker 1: to start in December, and it's all due to a 39 00:02:13,600 --> 00:02:17,400 Speaker 1: stronger labor market and hawkish signs from those December minutes. 40 00:02:17,639 --> 00:02:21,119 Speaker 1: FED officials have been signaling a quicker move to tighten policy, 41 00:02:21,360 --> 00:02:25,040 Speaker 1: and Goldman says that could lead to faster policy normalization 42 00:02:25,080 --> 00:02:28,720 Speaker 1: than we've seen before. I'm Reneda young Blue birth daybreak 43 00:02:29,000 --> 00:02:31,880 Speaker 1: right rened to thank you well. Inflation also remains in focus, 44 00:02:31,960 --> 00:02:35,080 Speaker 1: and veteran investor Mark Mobias says traders are under pricing 45 00:02:35,120 --> 00:02:37,519 Speaker 1: the risks. He tells us that the recent spike and 46 00:02:37,560 --> 00:02:40,200 Speaker 1: treasury yields has room to run. I think they can 47 00:02:40,240 --> 00:02:43,720 Speaker 1: go much much higher. They've got to equal what we're 48 00:02:43,760 --> 00:02:46,280 Speaker 1: seeing with inflation at the end of the day, because 49 00:02:46,320 --> 00:02:48,919 Speaker 1: people are not going to be buying treasuries if they 50 00:02:48,919 --> 00:02:51,680 Speaker 1: see that they only getting two or three percent, but 51 00:02:51,800 --> 00:02:55,120 Speaker 1: inflation is seven, eight, nine, ten percent, So at the 52 00:02:55,160 --> 00:02:56,760 Speaker 1: end of the day, those rates have to go off 53 00:02:57,280 --> 00:02:59,680 Speaker 1: and those comments are Mark mobi has come after hawkish 54 00:02:59,720 --> 00:03:02,480 Speaker 1: minutes from the FEZ December meeting underscore the case for 55 00:03:02,680 --> 00:03:06,280 Speaker 1: faster right hikes and speaking of inflation, it's the main 56 00:03:06,280 --> 00:03:09,160 Speaker 1: event of this week's economic calendar. Here with more is 57 00:03:09,200 --> 00:03:13,160 Speaker 1: Bloomberg's Vineydale Judais. The Labor Department issues the consumer Price 58 00:03:13,200 --> 00:03:15,680 Speaker 1: Index on Wednesday, and the data could put more pressure 59 00:03:15,720 --> 00:03:18,000 Speaker 1: on the Federal Reserve the race interest rates as soon 60 00:03:18,040 --> 00:03:21,800 Speaker 1: as March. Bloomberg Economics as December CPI will register a 61 00:03:21,840 --> 00:03:25,200 Speaker 1: seven percent year over your increase as COVID nineteen related 62 00:03:25,200 --> 00:03:28,520 Speaker 1: supply short to just persist, fielding a worst inflation since 63 00:03:28,560 --> 00:03:32,120 Speaker 1: the nineteen eighties. This week's data on December producer prices 64 00:03:32,120 --> 00:03:35,640 Speaker 1: and import prices will probably offer a similar narrative. Benea Dell, 65 00:03:35,720 --> 00:03:38,840 Speaker 1: Judais Bloomberg day Break, any thank you at Economic forecasts 66 00:03:38,840 --> 00:03:41,760 Speaker 1: are also falling prey to the omicron variant. The new 67 00:03:41,800 --> 00:03:44,560 Speaker 1: COVID strain is now posing a new test of growth, 68 00:03:44,600 --> 00:03:47,400 Speaker 1: and Bloomberg said Baxter has the story. It is posing 69 00:03:47,440 --> 00:03:51,400 Speaker 1: something on which employers have no control. Absentee ism because 70 00:03:51,400 --> 00:03:54,520 Speaker 1: of illness, people calling in sick. What started as a 71 00:03:54,600 --> 00:03:58,640 Speaker 1: holiday flight cancelation has now become a reality in factories, 72 00:03:58,720 --> 00:04:03,240 Speaker 1: grocery stores, and hoards, again testing supply chains top to bottom. 73 00:04:03,280 --> 00:04:06,760 Speaker 1: The widespread absentee is um is already constraining output, and 74 00:04:06,880 --> 00:04:11,640 Speaker 1: several economists have downgraded their first quarter forecasts, how bad, 75 00:04:12,080 --> 00:04:15,440 Speaker 1: how long it may take several weeks to assess. In 76 00:04:15,560 --> 00:04:18,720 Speaker 1: San Francisco, I'm at Baxter Bloomberg Gay Break, Thanks said 77 00:04:18,839 --> 00:04:22,359 Speaker 1: on Capitol Hill. Democrats are pushing for another round of 78 00:04:22,480 --> 00:04:26,200 Speaker 1: virus aid, how speaker Nancy Pelosis is they could add 79 00:04:26,279 --> 00:04:30,719 Speaker 1: relief aid to package to government funding legislation. Now, the 80 00:04:30,760 --> 00:04:35,120 Speaker 1: administration has not made a formal request for more funding, 81 00:04:35,720 --> 00:04:38,920 Speaker 1: but it is clear from the opportunity that is there 82 00:04:39,120 --> 00:04:43,400 Speaker 1: and the again the challenge that is there from the 83 00:04:43,480 --> 00:04:48,000 Speaker 1: resilience of this virus, speaker Pelosi making the comments on 84 00:04:48,040 --> 00:04:51,480 Speaker 1: Face the Nation from CBS heard Sundays on Bloomberg Radio, 85 00:04:51,839 --> 00:04:54,520 Speaker 1: Well John interesting data on vaccines coming out of Asia 86 00:04:54,600 --> 00:04:58,240 Speaker 1: this morning. Singapore saw the fewest deaths among those of 87 00:04:58,320 --> 00:05:02,119 Speaker 1: Maderna's vaccine and the most acts among those we Signofact Shot. 88 00:05:02,400 --> 00:05:06,440 Speaker 1: Nearly virus deaths recorded in the city state last year 89 00:05:06,440 --> 00:05:12,320 Speaker 1: were among unvaccinated individuals. Geopolitics also in focus this morning, 90 00:05:12,400 --> 00:05:15,200 Speaker 1: Karen Is meetings between the US and Russia get underway. 91 00:05:15,279 --> 00:05:18,640 Speaker 1: Bloomberg News has learned the White House and US allies 92 00:05:19,040 --> 00:05:22,960 Speaker 1: may impose export restrictions on Moscow if Vladimir Putin seizes 93 00:05:23,000 --> 00:05:27,159 Speaker 1: more of Ukraine. They're discussing limits on sensitive technology and electronics. 94 00:05:27,440 --> 00:05:30,559 Speaker 1: And today in Geneva, senior American and Russian officials begin 95 00:05:30,640 --> 00:05:34,279 Speaker 1: talks aimed at easing tensions over Ukraine. Here, Secretary of 96 00:05:34,279 --> 00:05:36,360 Speaker 1: State Anthony B. Lincoln, I don't think we're gonna see 97 00:05:36,400 --> 00:05:39,360 Speaker 1: any any breakthroughs in the coming In the coming week, 98 00:05:39,440 --> 00:05:41,159 Speaker 1: we're gonna be able to put things on the table. 99 00:05:41,440 --> 00:05:44,680 Speaker 1: The Russians will do the same, both directly with US 100 00:05:44,680 --> 00:05:47,120 Speaker 1: at NATO at the osse UH, and we'll see if 101 00:05:47,120 --> 00:05:50,240 Speaker 1: their grounds for for moving forward. Secretary of State Anthony B. 102 00:05:50,240 --> 00:05:53,159 Speaker 1: Lincoln making the comments on CNN's State of the Union. 103 00:05:53,839 --> 00:05:55,640 Speaker 1: We'll turning to the markets now. John, we have a 104 00:05:55,640 --> 00:05:58,640 Speaker 1: bullish call from Julian Emmanuel the ever cores I s 105 00:05:58,640 --> 00:06:01,200 Speaker 1: I strategists, as the S and P five hundred is 106 00:06:01,320 --> 00:06:04,440 Speaker 1: likely to end the year at fifty one hundred as 107 00:06:04,480 --> 00:06:08,359 Speaker 1: the pandemic becomes an endemic by mid year. That's about 108 00:06:08,400 --> 00:06:13,880 Speaker 1: eight increase from current levels, Manuel says. Manuel says is 109 00:06:13,920 --> 00:06:16,960 Speaker 1: also possible his downside target is just south of thirty 110 00:06:17,000 --> 00:06:19,359 Speaker 1: six hundred at the pandemic is prolonged, or there's a 111 00:06:19,400 --> 00:06:22,960 Speaker 1: hangover from spending and debt and meantime earning season kicks 112 00:06:23,000 --> 00:06:25,479 Speaker 1: off in earnest on Wall Street this week with Moore. 113 00:06:25,600 --> 00:06:29,159 Speaker 1: Here's Bloomberg's Charlie Pellett. Banks will be front and center 114 00:06:29,240 --> 00:06:32,479 Speaker 1: with reports Friday from JP Morgan, Chase City Group, and 115 00:06:32,680 --> 00:06:35,839 Speaker 1: Wells Fargo. They come as investors debate the strength of 116 00:06:35,839 --> 00:06:39,719 Speaker 1: the economy and the federal reserves next policy moves. Seem 117 00:06:39,760 --> 00:06:43,919 Speaker 1: as Shaw's chief strategist at Principal Global Investors, when we 118 00:06:43,960 --> 00:06:45,840 Speaker 1: think about actually good to think about it. We were 119 00:06:45,839 --> 00:06:48,720 Speaker 1: also good to think about earnings and the outlook that 120 00:06:48,800 --> 00:06:51,919 Speaker 1: we have for twenty two still a very solid recovery, slimmery, 121 00:06:51,960 --> 00:06:55,040 Speaker 1: strong economic environment. Among some of the other names scheduled 122 00:06:55,080 --> 00:06:59,880 Speaker 1: to report this week Delta, Albertson's, Infosis and KB Home 123 00:07:00,480 --> 00:07:03,440 Speaker 1: in New York. Charlie Polic Bloomburn day break. All right, 124 00:07:03,440 --> 00:07:05,800 Speaker 1: thanks Charlie, and ahead of the cash up on Wall 125 00:07:05,839 --> 00:07:09,120 Speaker 1: Street futures little change to this point. They've been fluctuating. 126 00:07:09,200 --> 00:07:13,360 Speaker 1: DAL futures right now two points higher, SMB many futures 127 00:07:13,400 --> 00:07:17,320 Speaker 1: are down five points, and the ISAC futures forty seven 128 00:07:17,320 --> 00:07:23,920 Speaker 1: points lower. This is daybreak, and it's now six or 129 00:07:23,960 --> 00:07:26,120 Speaker 1: seven on Wall Street. Let's bring in Michael Barr to 130 00:07:26,160 --> 00:07:28,720 Speaker 1: find out what else is going on in New York 131 00:07:28,840 --> 00:07:31,600 Speaker 1: and around the world. John, thank you very much, sir. 132 00:07:31,720 --> 00:07:34,280 Speaker 1: At least nineteen people were killed in New York City 133 00:07:34,360 --> 00:07:37,560 Speaker 1: yesterday in the high rise apartment. Fire officials say the 134 00:07:37,560 --> 00:07:40,840 Speaker 1: fire and the Bronx also injured dozens of other people. 135 00:07:41,280 --> 00:07:44,960 Speaker 1: New York Mayor Eric Adams, it is a very significant 136 00:07:45,040 --> 00:07:52,080 Speaker 1: moment to have just a unification about city during this 137 00:07:52,200 --> 00:07:56,800 Speaker 1: time of tragedy, Mayor Eric Adams. As investigators say, the 138 00:07:56,840 --> 00:07:59,640 Speaker 1: cause of the blaze was a malfunctioning space eater in 139 00:07:59,720 --> 00:08:02,600 Speaker 1: and a apartment on the third floor. New York City 140 00:08:02,600 --> 00:08:05,920 Speaker 1: Fire Commissioner Daniel nine Grow tells us many people are 141 00:08:05,920 --> 00:08:09,600 Speaker 1: fighting for their lives because of smoke inhalation. The door 142 00:08:09,720 --> 00:08:13,200 Speaker 1: to that apartment. Unfortunately, when the residents left was left open, 143 00:08:13,200 --> 00:08:17,080 Speaker 1: it did not close by itself. The smoke spread throughout 144 00:08:17,120 --> 00:08:21,200 Speaker 1: the building. Thus the tremendous loss of life and other 145 00:08:21,200 --> 00:08:25,200 Speaker 1: people fighting for their lives right now in hospitals all 146 00:08:25,200 --> 00:08:28,040 Speaker 1: over the Bronx. Commissioner nine Grows says nine of the 147 00:08:28,080 --> 00:08:32,520 Speaker 1: deaths were children. Republican Representative Jim Jordan of Ohio one 148 00:08:32,559 --> 00:08:36,320 Speaker 1: of former President Donald Trump's closest allies in Congress, has 149 00:08:36,360 --> 00:08:39,240 Speaker 1: rejected a request for an interview by the House panel 150 00:08:39,440 --> 00:08:42,960 Speaker 1: investigating the January sixth Capital riot. In a letter to 151 00:08:43,000 --> 00:08:46,560 Speaker 1: the committee chairman, Jordan says the American people are tired 152 00:08:46,600 --> 00:08:53,000 Speaker 1: of Democrats NonStop investigations and partisan witch hunts. Republican Senator 153 00:08:53,200 --> 00:08:56,000 Speaker 1: Ron Johnson said that he'll seek a third term in 154 00:08:56,040 --> 00:09:01,240 Speaker 1: two Johnson, the stoutch supporter of former President Donald Trump, 155 00:09:01,480 --> 00:09:05,719 Speaker 1: opposes COVID nineteen vaccination and mask mandates. Johnson is a 156 00:09:05,800 --> 00:09:09,040 Speaker 1: top target for Democrats after he narrowly won his seat 157 00:09:09,040 --> 00:09:13,120 Speaker 1: in both twenty and sixteen in the key battle ground state, 158 00:09:13,960 --> 00:09:19,439 Speaker 1: New York, Democratic Congresswoman Alexandria Ocassio Cortes has tested positive 159 00:09:19,440 --> 00:09:23,240 Speaker 1: for COVID nineteen, according to her office, Ocassio Cortez, who 160 00:09:23,280 --> 00:09:26,559 Speaker 1: was fully vaccinated and has had a booster shot, his 161 00:09:26,679 --> 00:09:31,400 Speaker 1: experiencing symptoms and recovering at home. Tributes are pouring in 162 00:09:31,480 --> 00:09:34,760 Speaker 1: for comedian Bob Saget. He played father Danny Tanner on 163 00:09:34,800 --> 00:09:40,360 Speaker 1: the sitcom Full House. It's Mr Carr? What is Mr? 164 00:09:40,400 --> 00:09:45,720 Speaker 1: Car Say? You're right? He doesn't say anything. Sage was 165 00:09:45,720 --> 00:09:49,480 Speaker 1: found dead yesterday in is Orlando, Florida hotel room Bob Saget, 166 00:09:49,559 --> 00:09:51,560 Speaker 1: who was on a stand up tour with sixty five 167 00:09:51,960 --> 00:09:54,160 Speaker 1: Global News twenty four hours a day on air end 168 00:09:54,160 --> 00:09:57,880 Speaker 1: on Bloomberg Quick Take, powered by more journalists and analysts 169 00:09:57,880 --> 00:10:00,120 Speaker 1: more than a hundred twenty countries. I'm Michael Barne. This 170 00:10:00,200 --> 00:10:07,559 Speaker 1: is Bloomberg. John. All right, Michael, thank you is coming 171 00:10:07,600 --> 00:10:09,360 Speaker 1: up on the sixth ten on Wall Street time down 172 00:10:09,360 --> 00:10:12,960 Speaker 1: for the Bloomberg Sports upthing, and that he thanks John. 173 00:10:13,000 --> 00:10:15,880 Speaker 1: The NFL regular season is over, thankfully for the Jets 174 00:10:15,880 --> 00:10:18,560 Speaker 1: and Giants. They both went four and thirteen. The Jets, 175 00:10:18,640 --> 00:10:21,360 Speaker 1: like last week, were at least in their game, trailed 176 00:10:21,360 --> 00:10:23,760 Speaker 1: the Bills by only three midway through the fourth quarter, 177 00:10:23,760 --> 00:10:25,880 Speaker 1: but Buffalo went on to win twenty seven to ten. 178 00:10:25,960 --> 00:10:29,160 Speaker 1: The Jets will go to next season unsure how good 179 00:10:29,160 --> 00:10:32,360 Speaker 1: a quarterback they have. Rookie Zack Wilson yesterday completed only 180 00:10:32,480 --> 00:10:35,560 Speaker 1: seven passes. The Jets will have the fourth and tenth 181 00:10:35,559 --> 00:10:37,960 Speaker 1: picks of the draft, of the Giants will have the 182 00:10:38,000 --> 00:10:41,120 Speaker 1: fifth and seventh picks. They will clearly be looking to 183 00:10:41,160 --> 00:10:43,679 Speaker 1: improve an offense. So in up the Giants and a 184 00:10:43,760 --> 00:10:46,440 Speaker 1: third and nine Yesterday ran a quarterback sneak rather than 185 00:10:46,520 --> 00:10:49,400 Speaker 1: risk of turnover. They lost to Washington two to seven. 186 00:10:49,440 --> 00:10:52,080 Speaker 1: They lost in their last six games only once scored 187 00:10:52,160 --> 00:10:54,319 Speaker 1: more than ten points. The departure of g M. Dave 188 00:10:54,360 --> 00:10:57,120 Speaker 1: Getleman could come today regular season and the last night 189 00:10:57,160 --> 00:10:59,599 Speaker 1: in Las Vegas. The Chargers came from fifteen down in 190 00:10:59,600 --> 00:11:02,320 Speaker 1: the last five minutes to force overtime, but the Raiders 191 00:11:02,400 --> 00:11:04,120 Speaker 1: kicked a field goal on the final play to win 192 00:11:04,160 --> 00:11:06,640 Speaker 1: thirty five thirty two. Had the game ended the tie, 193 00:11:07,160 --> 00:11:09,400 Speaker 1: both teams would have made the playoffs. Instead, only the 194 00:11:09,480 --> 00:11:12,160 Speaker 1: Raiders do. They'll play Cincinnati. The Chargers are out. The 195 00:11:12,240 --> 00:11:15,480 Speaker 1: Steelers are in. They were helped by Indianapolis is stunning 196 00:11:15,520 --> 00:11:18,360 Speaker 1: loss at Jacksonville. Pittsburgh now headed to Kansas City, New 197 00:11:18,360 --> 00:11:21,720 Speaker 1: England will play Buffalo and the NFC it's Philadelphia, Tampa 198 00:11:21,760 --> 00:11:24,640 Speaker 1: Bay the forty Niners in Dallas. Arizona goes to play 199 00:11:24,679 --> 00:11:26,640 Speaker 1: the l A Rams over time in Brooklyn. The next 200 00:11:26,720 --> 00:11:30,600 Speaker 1: first home win since mid December beat the Spurs nineteen 201 00:11:30,920 --> 00:11:33,679 Speaker 1: a win for the Warriors play Thompson back Plane first 202 00:11:33,720 --> 00:11:35,719 Speaker 1: time in two and a half years. A judge in 203 00:11:35,760 --> 00:11:38,839 Speaker 1: Australia reinstated Novak Djokovic's visa. As of now he can 204 00:11:38,920 --> 00:11:42,720 Speaker 1: play the upcoming Australian Open and Historic Hired by the Yankees, 205 00:11:42,800 --> 00:11:45,600 Speaker 1: Rachel Balkovic will manage their Class A Model League team 206 00:11:45,600 --> 00:11:49,040 Speaker 1: in Tampa. First female to hold such a job. John 207 00:11:49,040 --> 00:11:52,120 Speaker 1: Stash Award Bloomberg Sports John Alright, thanks John, ahead of 208 00:11:52,120 --> 00:11:55,440 Speaker 1: the cash open Wall Street. Little change with the futures 209 00:11:55,520 --> 00:11:58,319 Speaker 1: right now at THEALN futures down to the yes of 210 00:11:58,360 --> 00:12:00,800 Speaker 1: the futures fine points slower now, I don't like futures. 211 00:12:00,800 --> 00:12:07,040 Speaker 1: They're fifty points lower. This is Bloomberg Daybreak being brown 212 00:12:07,080 --> 00:12:09,199 Speaker 1: to by Audie. Don't let someone else drive off of 213 00:12:09,240 --> 00:12:11,600 Speaker 1: the Audi model you've always wanted. Visit a try State 214 00:12:11,640 --> 00:12:15,600 Speaker 1: autie dealer to get behind the wheel of yours. Today 215 00:12:21,160 --> 00:12:24,560 Speaker 1: markets headlines and breaking news twenty four hours a day 216 00:12:24,679 --> 00:12:27,679 Speaker 1: at Bloomberg dot Com, The Bloomberg Business at and at 217 00:12:27,679 --> 00:12:37,160 Speaker 1: Bloomberg Quick Tape is a Bloomberg business lash and I'm 218 00:12:37,240 --> 00:12:40,120 Speaker 1: Karen Moscow s and P Futures that will change this morning, 219 00:12:40,120 --> 00:12:42,080 Speaker 1: so are to own future as well. Now stack futures 220 00:12:42,080 --> 00:12:44,320 Speaker 1: are falling down about forty two and the ten ure 221 00:12:44,360 --> 00:12:47,000 Speaker 1: treasuries down three thirties seconds. You had one point seven 222 00:12:47,080 --> 00:12:49,839 Speaker 1: seven per cent. Fiser are paying as much as one 223 00:12:49,880 --> 00:12:52,839 Speaker 1: point three five billion dollars to partner with Cambridge based 224 00:12:52,920 --> 00:12:57,360 Speaker 1: Beam Therapeutics on developing drugs for rare genetic diseases using 225 00:12:57,480 --> 00:13:00,280 Speaker 1: base editing, and no one's in minor green to buy 226 00:13:00,320 --> 00:13:02,600 Speaker 1: Apria on a deal with an equity value of almost 227 00:13:02,640 --> 00:13:05,520 Speaker 1: one and a half billion dollars. We are coming up 228 00:13:05,559 --> 00:13:08,360 Speaker 1: to six eighteen on Wall Street. It is time for 229 00:13:08,440 --> 00:13:11,440 Speaker 1: your daily Bloomberg a crypto update him at the Latest 230 00:13:11,440 --> 00:13:15,360 Speaker 1: and Crypto News. Here's Bloomberg's rened a young Rendita Karen. 231 00:13:15,480 --> 00:13:18,720 Speaker 1: Right now, Bitcoin is trading lower around forty two thousand, 232 00:13:18,880 --> 00:13:21,960 Speaker 1: as Golden and Sachs predicts the Federal Reserve wal raise 233 00:13:22,080 --> 00:13:25,160 Speaker 1: interest rates four times this year. That's more than the 234 00:13:25,200 --> 00:13:28,760 Speaker 1: previous forecast of three hikes, but it's more than rates 235 00:13:28,800 --> 00:13:32,120 Speaker 1: weighing on Bitcoin this morning, coin Desk points out the 236 00:13:32,200 --> 00:13:35,360 Speaker 1: asset is approaching its so called death cross, where it's 237 00:13:35,360 --> 00:13:38,360 Speaker 1: fifty day moving average drops below its two d day 238 00:13:38,400 --> 00:13:41,760 Speaker 1: moving average. That's a bearish indicator, but the last time 239 00:13:41,760 --> 00:13:44,200 Speaker 1: that happened in June, it was followed by a fresh 240 00:13:44,240 --> 00:13:48,720 Speaker 1: bull run. Meantime, Congressional candidates are selling non fungible tokens 241 00:13:48,760 --> 00:13:51,920 Speaker 1: to help finance their campaigns in the mid term elections. 242 00:13:52,160 --> 00:13:55,480 Speaker 1: Democrats Trina Karani, an engineer who's running for a House 243 00:13:55,480 --> 00:13:59,000 Speaker 1: seat in California, and Republican Blake Masters, who's buying for 244 00:13:59,040 --> 00:14:02,000 Speaker 1: a Senate seat in Arizona, are offering n f T 245 00:14:02,160 --> 00:14:06,280 Speaker 1: s as incentives for donors. And that's your Bloomberg Crypto update. 246 00:14:06,520 --> 00:14:09,760 Speaker 1: I'm renting young Bloomberg Daybreak. Karen, all right, we need 247 00:14:09,800 --> 00:14:11,960 Speaker 1: to thank you. And that's a Bloomberg business flash. Now 248 00:14:11,960 --> 00:14:14,440 Speaker 1: here's Michael Barr with Moore. I'm what's going on around 249 00:14:14,480 --> 00:14:17,360 Speaker 1: the world. Michael, Karen, thank you very much. In New York, 250 00:14:17,360 --> 00:14:20,200 Speaker 1: of l functioning space eaters sparked fire that filled a 251 00:14:20,280 --> 00:14:23,520 Speaker 1: high rise Bronx department building with thick smoke Sunday morning, 252 00:14:23,920 --> 00:14:27,840 Speaker 1: killing at least nineteen people, including nine children and Australian 253 00:14:27,960 --> 00:14:31,720 Speaker 1: judges reinstated at tennis star Novak Djokovic's visa, which was 254 00:14:31,800 --> 00:14:35,760 Speaker 1: canceled last week because he is unvaccinated. In the final 255 00:14:35,800 --> 00:14:39,000 Speaker 1: week of the regular NFL season, the Giants lost to Washington. 256 00:14:39,280 --> 00:14:42,120 Speaker 1: The Jets lost forty are in the playoffs after beating 257 00:14:42,120 --> 00:14:47,080 Speaker 1: the Rams, the Patriots lost to the Dolphins but still advanced. 258 00:14:47,280 --> 00:14:51,040 Speaker 1: The Steelers are in the postseason after beating the Ravens 259 00:14:51,320 --> 00:14:55,280 Speaker 1: in the NBA. The Nets, Wizards, and Warriors won Global 260 00:14:55,320 --> 00:14:57,880 Speaker 1: News twenty four hours a day on air and on 261 00:14:57,920 --> 00:15:02,360 Speaker 1: Bloomberg Quicktake, powered by more than journalists and analysts more 262 00:15:02,360 --> 00:15:06,320 Speaker 1: than one twenty countries. I'm Michael Barr, and this is Bloomberg. John. 263 00:15:06,520 --> 00:15:09,120 Speaker 1: All right, Michael, thank you. It is now six twenty 264 00:15:09,200 --> 00:15:13,000 Speaker 1: on Wall Street. We're live from the Bloomberg Interactive Broker Studios. 265 00:15:13,080 --> 00:15:17,119 Speaker 1: This is Bloomberg Daybreak. Good morning, I'm John Tucker. Inflation 266 00:15:17,320 --> 00:15:20,200 Speaker 1: had rates front and center for the markets this week, 267 00:15:20,760 --> 00:15:23,200 Speaker 1: much as they have been for the past month. Goldman 268 00:15:23,280 --> 00:15:26,680 Speaker 1: Sachs raising its forecast for rate hikes after last week's 269 00:15:26,680 --> 00:15:30,040 Speaker 1: FED minutes and the US jobs report. And coming up 270 00:15:30,040 --> 00:15:33,440 Speaker 1: this week we get fresh data on inflation. Economist predict 271 00:15:33,480 --> 00:15:36,800 Speaker 1: the consumer Price Index will show annual inflation coming in 272 00:15:36,960 --> 00:15:40,040 Speaker 1: at seven percent. Let's get more of the outlook for 273 00:15:40,120 --> 00:15:44,160 Speaker 1: prices and rates now from Mark Mobius, the veteran investor 274 00:15:44,360 --> 00:15:48,200 Speaker 1: and founder of Mobius Capital Partners, sat down last night 275 00:15:48,240 --> 00:15:52,160 Speaker 1: for an interview with Bloomberg's Josef Yosef Gammel al Dean, 276 00:15:52,480 --> 00:15:54,480 Speaker 1: and let's hear what he had to say. If you 277 00:15:54,520 --> 00:15:57,400 Speaker 1: consider the fact that the money supply in America went 278 00:15:57,480 --> 00:16:03,120 Speaker 1: up by over here, you have to expect prices to 279 00:16:03,280 --> 00:16:06,000 Speaker 1: go up by that much. The good news, of course, 280 00:16:06,080 --> 00:16:10,320 Speaker 1: is that technology pushes prices down, but the reality is 281 00:16:10,360 --> 00:16:14,520 Speaker 1: that in fact those seven percent numbers are probably underestimating 282 00:16:14,880 --> 00:16:18,440 Speaker 1: what is coming down the pike. So we can expect 283 00:16:19,280 --> 00:16:23,800 Speaker 1: higher higher prices, but of course higher wages because you 284 00:16:23,840 --> 00:16:27,120 Speaker 1: can see unemployment is down and people will be getting 285 00:16:27,120 --> 00:16:29,880 Speaker 1: more money. So you're gonna see a balancing of these 286 00:16:29,920 --> 00:16:34,160 Speaker 1: two forces as we go forward. How high can rates 287 00:16:34,200 --> 00:16:37,160 Speaker 1: go and look at thirty are kind of busted through 288 00:16:37,240 --> 00:16:40,480 Speaker 1: the two percent mark as well. I think they can 289 00:16:40,480 --> 00:16:44,000 Speaker 1: go much much higher. They've got to equal what we're 290 00:16:44,040 --> 00:16:46,560 Speaker 1: seeing with inflation at the end of the day, because 291 00:16:46,600 --> 00:16:49,200 Speaker 1: people are not going to be buying treasuries if they 292 00:16:49,240 --> 00:16:51,960 Speaker 1: see that they're only getting two or three percent, but 293 00:16:52,080 --> 00:16:55,560 Speaker 1: inflation is seven eight nine percent, so at the end 294 00:16:55,600 --> 00:16:58,400 Speaker 1: of the day, those rates have to go up. Okay, well, 295 00:16:58,400 --> 00:17:01,520 Speaker 1: with higher rates, the traditional thinking would be the you know, 296 00:17:02,080 --> 00:17:05,080 Speaker 1: tech would underperform, which is why we've seen quite a 297 00:17:05,119 --> 00:17:07,159 Speaker 1: bit of bolatility in the NAZAC for example, but as 298 00:17:07,200 --> 00:17:10,000 Speaker 1: few training sessions and then you know, have that broader rotation. 299 00:17:10,560 --> 00:17:14,240 Speaker 1: Are you subscribing to the broader rotation? Well, I think 300 00:17:14,280 --> 00:17:18,280 Speaker 1: what's happening is that those tech companies that have not 301 00:17:18,400 --> 00:17:21,000 Speaker 1: been making money, they're going to be in deep trouble. 302 00:17:21,400 --> 00:17:24,840 Speaker 1: Those stops are gonna go down in price. But companies 303 00:17:24,880 --> 00:17:28,600 Speaker 1: that having a very good return on capital, paying dividends, 304 00:17:29,000 --> 00:17:32,359 Speaker 1: have a good profit increase. Those companies that are going 305 00:17:32,400 --> 00:17:36,119 Speaker 1: to be outstanding, they're gonna be outperforming. So there's going 306 00:17:36,200 --> 00:17:39,440 Speaker 1: to be a strong differentiation in the market, if you will. 307 00:17:39,760 --> 00:17:43,080 Speaker 1: Mark When you look at the China story, there are 308 00:17:43,480 --> 00:17:46,879 Speaker 1: some major risks that have kept quite a bit of 309 00:17:46,880 --> 00:17:50,480 Speaker 1: foreign capital away, especially out of the United States and Europe. 310 00:17:50,760 --> 00:17:54,160 Speaker 1: Run me through your thinking on the China opportunity set 311 00:17:54,200 --> 00:17:57,359 Speaker 1: at the moment. Well, my feeling is that the crackdown, 312 00:17:57,520 --> 00:18:01,000 Speaker 1: so called crackdown by the Chinese is regulators has been 313 00:18:01,040 --> 00:18:04,359 Speaker 1: a good thing because there's no question there was a 314 00:18:04,400 --> 00:18:08,160 Speaker 1: little bit of a wild West atmosphere in the Chinese 315 00:18:08,160 --> 00:18:10,360 Speaker 1: market for quite some time. I mean, you can look 316 00:18:10,359 --> 00:18:13,080 Speaker 1: at what these property companies were doing. They were not 317 00:18:13,160 --> 00:18:16,000 Speaker 1: only in property. They were all over the map, buying 318 00:18:16,040 --> 00:18:20,160 Speaker 1: football stadiums, etcetera, etcetera. So there had to be some 319 00:18:20,280 --> 00:18:25,800 Speaker 1: kind of the crackdown and regulatory emphasis on part of 320 00:18:25,840 --> 00:18:29,080 Speaker 1: the Chinese government. And I think what they're doing is 321 00:18:29,080 --> 00:18:31,000 Speaker 1: a good thing from a long term point of view. 322 00:18:31,400 --> 00:18:33,679 Speaker 1: Of course, from a short term point of view, it 323 00:18:33,760 --> 00:18:37,320 Speaker 1: hits the index because you get the big boys like 324 00:18:37,400 --> 00:18:41,120 Speaker 1: Ali Baba ten Cent coming down dramatically, and of course 325 00:18:41,160 --> 00:18:45,280 Speaker 1: that affects the Chinese Index, and by the way, it 326 00:18:45,400 --> 00:18:49,200 Speaker 1: also affects the Emerging Markets Index, which is down because 327 00:18:49,240 --> 00:18:52,680 Speaker 1: of China. But at the end of the day, we're 328 00:18:52,760 --> 00:18:56,840 Speaker 1: very interested in keeping our watch on China, particularly in 329 00:18:56,840 --> 00:19:01,119 Speaker 1: the medium and small cap area. Just I believe with 330 00:19:01,160 --> 00:19:05,199 Speaker 1: a more level playing field, the medium cap companies in 331 00:19:05,240 --> 00:19:08,360 Speaker 1: particular will do much better than they have done before. 332 00:19:08,960 --> 00:19:12,440 Speaker 1: And that's veteran investor Mark Moby is speaking with Bloomberg's 333 00:19:12,560 --> 00:19:15,360 Speaker 1: Yosuf Gamal l D. And you can catch more at 334 00:19:15,359 --> 00:19:19,240 Speaker 1: that conversation on the Bloomberg terminal and online at Bloomberg 335 00:19:19,680 --> 00:19:22,320 Speaker 1: dot com. Ahead of the cash open on Wall Street 336 00:19:22,359 --> 00:19:25,520 Speaker 1: for this Monday morning, the futures they've been fluctuating back 337 00:19:25,520 --> 00:19:27,760 Speaker 1: and forth all morning long right now, the down futures 338 00:19:28,200 --> 00:19:30,640 Speaker 1: they're unchanged and s and B E many futures are 339 00:19:30,680 --> 00:19:33,440 Speaker 1: a six points lower, and then as their futures are 340 00:19:33,680 --> 00:19:38,000 Speaker 1: sixty points lower. Overseas cyclical stocks you have like energy 341 00:19:38,200 --> 00:19:41,760 Speaker 1: banks tied to the economic expansion, among the biggest gainers 342 00:19:41,840 --> 00:19:44,720 Speaker 1: on the stocks. Your up six hundred. It's the offsetting 343 00:19:44,760 --> 00:19:47,160 Speaker 1: declines in tech firms and some of the real estate. 344 00:19:47,280 --> 00:19:51,760 Speaker 1: The treasury yields right now they are extending their climbs. 345 00:19:52,160 --> 00:19:55,359 Speaker 1: The ten year yield one seventy six, the two year 346 00:19:55,440 --> 00:19:58,760 Speaker 1: yield right now, the US at point eight six percent, 347 00:19:59,480 --> 00:20:08,120 Speaker 1: and your sitting the Bloomberg Degree. The Bloomberg Weather from 348 00:20:08,200 --> 00:20:12,160 Speaker 1: meteorologist Rob Caroline. Sunshine, breezy, colder today, the high thirty 349 00:20:12,480 --> 00:20:16,120 Speaker 1: that's the night part of the cloudy, some snow showers possible, breezy, 350 00:20:16,320 --> 00:20:19,480 Speaker 1: turning a lot colder after Budnes the low temperature fifteen 351 00:20:22,000 --> 00:20:26,520 Speaker 1: broadcasting live from the Bloomberg Interacted Broker Studio in New York. 352 00:20:26,640 --> 00:20:31,320 Speaker 1: Bloomberg Living Freedom to Washington, d C. Bloomberg on to Boston, 353 00:20:31,440 --> 00:20:34,680 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N 354 00:20:34,880 --> 00:20:38,159 Speaker 1: sixteen to the country. Sirius XM CHADO one nineteen and 355 00:20:38,240 --> 00:20:41,600 Speaker 1: around the globe, the Bloomberg Business APT and Bloomberg Radio 356 00:20:41,720 --> 00:20:50,760 Speaker 1: dot Com. This is Bloomberg Daybreak at six thirty on 357 00:20:50,880 --> 00:20:54,399 Speaker 1: Wall Street. Good barning. I'm John Tucker and I'm Parent Moscow. 358 00:20:54,520 --> 00:20:56,480 Speaker 1: We are just about three hours away from the open 359 00:20:56,480 --> 00:20:58,159 Speaker 1: of US trading. Let's get you up to date in 360 00:20:58,200 --> 00:21:00,440 Speaker 1: the news you need to know at this hour. US 361 00:21:00,520 --> 00:21:03,720 Speaker 1: futures are extending their losses now to begin the week. 362 00:21:03,960 --> 00:21:06,400 Speaker 1: In the SNP five dred is down one point nine 363 00:21:06,400 --> 00:21:09,960 Speaker 1: percent so far this year. That's the worst starts in 364 00:21:10,000 --> 00:21:12,320 Speaker 1: to tech heavy NASDAC one hundred is down four and 365 00:21:12,359 --> 00:21:15,600 Speaker 1: a half percent. It all comes as traders anticipate higher 366 00:21:15,640 --> 00:21:18,680 Speaker 1: interest rates and Goldman Sax is ramping up its forecast 367 00:21:18,720 --> 00:21:20,919 Speaker 1: on that front. Bloomberg's re need a young joins US 368 00:21:20,920 --> 00:21:24,199 Speaker 1: now with more Karen Goldman SAX expects the Fed to 369 00:21:24,320 --> 00:21:27,359 Speaker 1: raise interest rates four times this year and begin the 370 00:21:27,400 --> 00:21:31,000 Speaker 1: balance sheet runoff process in July. That's moved up from 371 00:21:31,000 --> 00:21:33,960 Speaker 1: a previous forecast of December. It's all because of a 372 00:21:34,000 --> 00:21:37,119 Speaker 1: stronger labor market and hawk is signs from the Central 373 00:21:37,119 --> 00:21:40,320 Speaker 1: Bank's latest meeting. Goldman says the Fed is set to 374 00:21:40,359 --> 00:21:44,679 Speaker 1: normalized policy faster than we've ever seen before. I'm rened 375 00:21:44,720 --> 00:21:48,040 Speaker 1: a young Bloomberg Daybreak, thanks for reneed a. Treasury yields 376 00:21:48,080 --> 00:21:51,200 Speaker 1: they continue to climb with a ten year benchmark moving 377 00:21:51,280 --> 00:21:55,639 Speaker 1: closer to two. Garfield Reynolds covers rates for Bloomberg News 378 00:21:56,320 --> 00:21:59,280 Speaker 1: insing can come in this quarta and if it does 379 00:21:59,359 --> 00:22:02,720 Speaker 1: bust through that with the same it could go significantly 380 00:22:02,800 --> 00:22:06,280 Speaker 1: higher before anybody calls the Holt because there's a little 381 00:22:06,320 --> 00:22:10,120 Speaker 1: bit too much complacency out there about just how how 382 00:22:10,840 --> 00:22:14,720 Speaker 1: Bloomberg's Garfield Reynolds is this week's reports on inflation CPI 383 00:22:14,880 --> 00:22:17,840 Speaker 1: on Wednesday and pp I on Thursday will be key 384 00:22:17,960 --> 00:22:21,160 Speaker 1: for the bond market. Well. John Geo Politics is also 385 00:22:21,240 --> 00:22:24,360 Speaker 1: and focuses wearing. Ahead of meetings between the US and Russia, 386 00:22:24,440 --> 00:22:27,160 Speaker 1: Bloomberg News has learned the White House in US allies 387 00:22:27,240 --> 00:22:31,560 Speaker 1: may impose export restrictions on Moscow if lavemrar Putin seizes 388 00:22:31,640 --> 00:22:34,840 Speaker 1: more of Ukraine. To get the latest from Bloomberg's Marietta Today, 389 00:22:34,840 --> 00:22:36,399 Speaker 1: Oe so far, you know, some of the lines that 390 00:22:36,440 --> 00:22:38,600 Speaker 1: we've gotten here is pretty much the same kind of 391 00:22:38,600 --> 00:22:41,040 Speaker 1: mood music that was heard for weeks now, kind of saying, 392 00:22:41,080 --> 00:22:43,640 Speaker 1: you know, the United States, there's two ways here, one 393 00:22:43,680 --> 00:22:45,840 Speaker 1: in which Russia de escalates and we go for a 394 00:22:45,880 --> 00:22:49,840 Speaker 1: diplomatic solution. If there's no diplomatic solution to the Ukraine tension, 395 00:22:49,920 --> 00:22:53,960 Speaker 1: then we could see immediate and huge, massive repercussions on 396 00:22:54,040 --> 00:22:56,639 Speaker 1: the Russian economy. And of course Russia still playing this 397 00:22:56,800 --> 00:22:59,920 Speaker 1: very tough saying we're not going into talks to conceive 398 00:23:00,440 --> 00:23:03,840 Speaker 1: and Bloomberg's Maria today, oh says talks are ongoing in Geneva. 399 00:23:03,920 --> 00:23:07,280 Speaker 1: They'll be followed by NATO meetings in Brussels later this week. 400 00:23:07,920 --> 00:23:10,520 Speaker 1: S and P futures are a little change to lower 401 00:23:10,560 --> 00:23:13,880 Speaker 1: down three points down futures that will change nasdack futures 402 00:23:13,880 --> 00:23:17,320 Speaker 1: down forty four. The decks in Germany's down three tenths 403 00:23:17,320 --> 00:23:20,119 Speaker 1: of a percent, ten, Your treasury down three thirties seconds. 404 00:23:20,160 --> 00:23:22,399 Speaker 1: You had one point seven seven percent. They yield on 405 00:23:22,480 --> 00:23:25,119 Speaker 1: the two year point eight six percent. And nim X 406 00:23:25,160 --> 00:23:28,280 Speaker 1: screwed oil is down three tenths of u percent. Straight 407 00:23:28,320 --> 00:23:31,520 Speaker 1: to had your latest local headlines plus a check of sports, 408 00:23:31,640 --> 00:23:40,760 Speaker 1: and this is Bloomberg. Thanks Karen sixty three on Wall Street, 409 00:23:40,800 --> 00:23:43,080 Speaker 1: and let's bring in Michael barn out to tell us 410 00:23:43,119 --> 00:23:46,000 Speaker 1: what else is going on in New York and around 411 00:23:46,000 --> 00:23:48,560 Speaker 1: the world. John, thank you very much. New York Mayor 412 00:23:48,720 --> 00:23:50,960 Speaker 1: Eric Adams says it's one of the worst fires in 413 00:23:51,080 --> 00:23:57,760 Speaker 1: modern city history. Nine of them are children up babies 414 00:23:58,520 --> 00:24:02,160 Speaker 1: that we lost, and we're all filling this and we're 415 00:24:02,160 --> 00:24:05,520 Speaker 1: going to be here for his community. The blaze that 416 00:24:05,560 --> 00:24:07,679 Speaker 1: broke out at a high rise apartment building and the 417 00:24:07,680 --> 00:24:11,919 Speaker 1: bronx also injured dozens. New York Governor Kathy Hocle we 418 00:24:11,960 --> 00:24:14,600 Speaker 1: are indeed a city and shock to see it in 419 00:24:14,640 --> 00:24:17,639 Speaker 1: the mother's eyes as I held her who lost her 420 00:24:17,800 --> 00:24:22,480 Speaker 1: entire family. New York Fire Commissioner Daniel Ninegro The marshals 421 00:24:22,480 --> 00:24:26,439 Speaker 1: have determined through physical evidence and through firsthand accounts by 422 00:24:26,480 --> 00:24:30,359 Speaker 1: the residents that this fire started in a bedroom in 423 00:24:30,480 --> 00:24:33,840 Speaker 1: affordable Electric Heater Commissioner nine Gros says the blaze began 424 00:24:33,920 --> 00:24:38,040 Speaker 1: in a third floor apartment and smoke quickly spread. Representative 425 00:24:38,080 --> 00:24:41,520 Speaker 1: Alexandria O Cassio Cortez of New York has nested positive 426 00:24:41,520 --> 00:24:45,200 Speaker 1: for COVID nineteen. According to her office. Of Cassio Cortez, 427 00:24:45,240 --> 00:24:48,679 Speaker 1: who was fully vaccinated and has had a booster shot, 428 00:24:49,000 --> 00:24:53,359 Speaker 1: is experiencing symptoms and recovering at home. Bob Sagett, the 429 00:24:53,400 --> 00:24:56,359 Speaker 1: actor comedian known for his role in Full House and 430 00:24:56,440 --> 00:24:59,520 Speaker 1: host of America's Funniest Home Videos, died while on a 431 00:24:59,600 --> 00:25:03,640 Speaker 1: stand up tour. Detectives who found Saget's body in an Orlando, 432 00:25:03,720 --> 00:25:07,280 Speaker 1: Florida hotel room say there were no signs of foul 433 00:25:07,280 --> 00:25:12,200 Speaker 1: play or drug use in the case. Bob Saget was thanks, 434 00:25:12,240 --> 00:25:15,040 Speaker 1: but it took too long. Fat complained about the distribution 435 00:25:15,119 --> 00:25:19,360 Speaker 1: of one billion female dollars in pandemic ravage New York City. 436 00:25:19,720 --> 00:25:23,359 Speaker 1: Standing alongside Mayor Eric Adams, Senate Majority Leader Chuck Schumer 437 00:25:23,560 --> 00:25:25,720 Speaker 1: says that the FEMA money now being delivered to the 438 00:25:25,720 --> 00:25:29,000 Speaker 1: Big Apple to help hospitals was approved two years ago, 439 00:25:29,200 --> 00:25:32,920 Speaker 1: long before the Omicron variant arrived. We are saying, Tom, 440 00:25:33,560 --> 00:25:39,240 Speaker 1: no more delays. When the city applies for relief money 441 00:25:39,240 --> 00:25:42,440 Speaker 1: from oh Macron. We can't wait another two years. Senator 442 00:25:42,480 --> 00:25:44,600 Speaker 1: Schumer says the money will pay for a lot of 443 00:25:44,640 --> 00:25:48,680 Speaker 1: COVID expenses. Ohio Representative Jim Jordan indicated that he won't 444 00:25:48,720 --> 00:25:52,879 Speaker 1: voluntarily testified to the House committee investigating the insurrection at 445 00:25:52,880 --> 00:25:56,119 Speaker 1: the US Capitol, writing the inquiry is unfair minded and objective. 446 00:25:56,680 --> 00:26:00,240 Speaker 1: Jordan is one of former President Donald Trump's congressional ally eyes, 447 00:26:00,480 --> 00:26:03,320 Speaker 1: and as publicly acknowledged talking on the phone with Trump 448 00:26:03,359 --> 00:26:07,480 Speaker 1: on January six, as rioters stormed the Capitol Global News 449 00:26:07,520 --> 00:26:09,880 Speaker 1: twenty four hours a day on a rand on Bloomberg 450 00:26:09,960 --> 00:26:13,040 Speaker 1: Quicktake powered by more than twenty seven hundred journalist and 451 00:26:13,080 --> 00:26:15,600 Speaker 1: analysts more than a hundred twenty countries. I'm Michael Barr. 452 00:26:15,720 --> 00:26:22,680 Speaker 1: This is Bloomberg. John all right, Michael, thank you. Is 453 00:26:22,720 --> 00:26:25,040 Speaker 1: now six thirty six on Wall Street, and that's time 454 00:26:25,080 --> 00:26:28,680 Speaker 1: for the Bloomberg Sports Update. This John Stanhowar alright jaw 455 00:26:28,720 --> 00:26:31,560 Speaker 1: was season ending losses. The Jets and Giants both finished 456 00:26:31,560 --> 00:26:34,560 Speaker 1: four and thirteen, so they get high draft picks. The 457 00:26:34,640 --> 00:26:38,200 Speaker 1: Jets also owned Seattle's pick and the Giants have Chicago, 458 00:26:38,359 --> 00:26:41,159 Speaker 1: so the two New York teams together owned four the 459 00:26:41,200 --> 00:26:44,240 Speaker 1: top ten picks. Both teams need plenty of help. The 460 00:26:44,240 --> 00:26:46,440 Speaker 1: Giants need a ton of help on offense. They lost 461 00:26:46,440 --> 00:26:49,399 Speaker 1: to Washington twenty two to seven. Antonio Gibson ran for 462 00:26:49,440 --> 00:26:52,520 Speaker 1: a hundred forty six yards. Giants only had hundred seventy 463 00:26:52,600 --> 00:26:55,360 Speaker 1: seven total, only ten first downs. Jake from did throw 464 00:26:55,400 --> 00:26:58,399 Speaker 1: a touchdown pass but also had a fumble two interceptions, 465 00:26:58,440 --> 00:27:01,119 Speaker 1: one of those returned for a score. Giants lost their 466 00:27:01,200 --> 00:27:04,119 Speaker 1: last six, all by double digits, and now general manager 467 00:27:04,160 --> 00:27:07,520 Speaker 1: Dave Gentleman seems certain to leave his four year record 468 00:27:07,680 --> 00:27:11,320 Speaker 1: nineteen and forty six. Not known if coach Joe Judge 469 00:27:11,640 --> 00:27:14,440 Speaker 1: keeps his job. Jets lost in Buffalo twenty seven to ten. 470 00:27:14,520 --> 00:27:17,840 Speaker 1: The playoffs begin Saturday with Las Vegas at Cincinnati. The 471 00:27:17,920 --> 00:27:21,080 Speaker 1: Raiders beat the Chargers last night thirty five thirty two 472 00:27:21,119 --> 00:27:23,200 Speaker 1: on a field goal on the last play of overtime 473 00:27:23,240 --> 00:27:26,040 Speaker 1: of tie would have meant both teams got in. Instead, 474 00:27:26,080 --> 00:27:28,320 Speaker 1: the Charges are out, the Steelers are in. They'll play 475 00:27:28,320 --> 00:27:31,480 Speaker 1: at Kansas City. New England goes to Buffalo. The NFC 476 00:27:31,560 --> 00:27:35,520 Speaker 1: has Philadelphia, Tampa Bay, forty Niners in Dallas, and Arizona 477 00:27:35,920 --> 00:27:38,359 Speaker 1: at the l A Ram's. Alabama looks to make it 478 00:27:38,480 --> 00:27:42,280 Speaker 1: seven national championships in the last thirteen years. The Crypston 479 00:27:42,320 --> 00:27:45,680 Speaker 1: type beat Georgia last month in the SEC championship game. 480 00:27:45,720 --> 00:27:49,080 Speaker 1: They'll play again tonight in Indianapolis. Georgia actually a slight favorite. 481 00:27:49,359 --> 00:27:52,720 Speaker 1: Its last title came in eighty overtime in Brooklyn. Nets 482 00:27:52,720 --> 00:27:57,359 Speaker 1: beat Spurs one nineteen a judge in Australia reinstated Novak 483 00:27:57,440 --> 00:28:00,040 Speaker 1: Djokovic's visa. As of now he's free to play the 484 00:28:00,119 --> 00:28:02,960 Speaker 1: upcoming Australian Open but the government can still take further 485 00:28:03,000 --> 00:28:06,240 Speaker 1: action against it. Johns to actually where Bloombird Sports. John? 486 00:28:06,320 --> 00:28:08,880 Speaker 1: All right, John, thanks very much. It is coming up 487 00:28:08,880 --> 00:28:11,879 Speaker 1: on six thirty eight on Wall Street and it's time 488 00:28:11,960 --> 00:28:13,920 Speaker 1: to take a look at stocks some of the names 489 00:28:13,960 --> 00:28:16,439 Speaker 1: that are moving in this pre market this morning, and 490 00:28:16,560 --> 00:28:20,200 Speaker 1: for that we're joined by Bloomberg Radio and TV Markets 491 00:28:20,280 --> 00:28:24,200 Speaker 1: correspondent created group to create Happy Monday to you. Let's 492 00:28:24,400 --> 00:28:27,320 Speaker 1: let's be optimistic and start with some of the stocks 493 00:28:27,359 --> 00:28:30,919 Speaker 1: that are moving higher this morning of the pre market. Yeah, well, 494 00:28:30,960 --> 00:28:33,520 Speaker 1: good morning, John, Happy Monday to you as well. Yeah, 495 00:28:33,560 --> 00:28:35,480 Speaker 1: let's start with the big ones. Bio Marin is the 496 00:28:35,480 --> 00:28:37,160 Speaker 1: one that's coming up at the top of my list here. 497 00:28:37,240 --> 00:28:40,040 Speaker 1: B m r N is your taker. Up three point 498 00:28:40,120 --> 00:28:42,280 Speaker 1: three percent in the pre market after the biotech firm 499 00:28:42,280 --> 00:28:46,360 Speaker 1: announced positive result for its hemophilia treatment trial on Sunday. 500 00:28:46,360 --> 00:28:49,120 Speaker 1: This is a biotech company which, as all biotech company, 501 00:28:49,160 --> 00:28:51,960 Speaker 1: feeds up pretty binary re sponse positive news mes positive 502 00:28:52,720 --> 00:28:55,200 Speaker 1: moves for the stock as well. Moving on to Warner 503 00:28:55,280 --> 00:28:58,160 Speaker 1: Media and Viacom CDs. They are considering a sale of 504 00:28:58,200 --> 00:29:01,280 Speaker 1: the c W network, according to the Los Angeles Business Journal, 505 00:29:01,440 --> 00:29:03,880 Speaker 1: but they were also raised to a buy at Deutsche 506 00:29:03,920 --> 00:29:06,719 Speaker 1: Bank a price target of forty three dollars of Viacom 507 00:29:06,800 --> 00:29:09,360 Speaker 1: shares rising in the pre market. B I a c 508 00:29:09,600 --> 00:29:12,360 Speaker 1: s R taker. They're up to the tune of three percent. 509 00:29:12,560 --> 00:29:15,360 Speaker 1: I'm gonna move on to Micron Technology. M use your 510 00:29:15,400 --> 00:29:18,400 Speaker 1: taker up one point one percent. Initiated at a bye 511 00:29:18,880 --> 00:29:21,920 Speaker 1: by New Street Research. The price target was announced at 512 00:29:21,920 --> 00:29:24,360 Speaker 1: a hundred and thirty five dollars a share. Right now, 513 00:29:24,680 --> 00:29:27,160 Speaker 1: the shares are hovering around nine dollars, so you can 514 00:29:27,160 --> 00:29:30,320 Speaker 1: see how that's a pretty bullish catalyst for Micron Technology. 515 00:29:30,400 --> 00:29:32,800 Speaker 1: MU once again is a taker. And speaking of the 516 00:29:32,800 --> 00:29:34,760 Speaker 1: big tech companies, I want to move on to security 517 00:29:34,800 --> 00:29:39,080 Speaker 1: software company z Scaler v S. Is your taker up 518 00:29:39,200 --> 00:29:42,600 Speaker 1: one point three percent? You be saying plenty of growth 519 00:29:42,640 --> 00:29:45,160 Speaker 1: lovers to pull and upgrading the company to a buy 520 00:29:45,400 --> 00:29:47,480 Speaker 1: from a neutral. All right, those are the stocks that 521 00:29:47,600 --> 00:29:50,240 Speaker 1: are higher in the pre market. I bet you also 522 00:29:50,280 --> 00:29:53,560 Speaker 1: have some of those that are moving lower. We've we've 523 00:29:53,640 --> 00:29:55,920 Speaker 1: had a couple. We like to look at them as well. Um, 524 00:29:56,000 --> 00:29:59,520 Speaker 1: we're in particular we have to we have toward journalists 525 00:29:59,520 --> 00:30:01,320 Speaker 1: at the end of the day, well, we'll talking about 526 00:30:01,320 --> 00:30:04,560 Speaker 1: those tech companies. Morgan Stanley upgrading its entire sector view 527 00:30:04,920 --> 00:30:08,000 Speaker 1: on U S I T services too attractive from inline 528 00:30:08,000 --> 00:30:12,200 Speaker 1: with growth, expecting to remain at high levels for foreseeable futures. 529 00:30:12,240 --> 00:30:15,040 Speaker 1: That being said, Cognizant was not part of that. Getting 530 00:30:15,560 --> 00:30:18,320 Speaker 1: a drop lower in the prices CTS H and your 531 00:30:18,360 --> 00:30:21,800 Speaker 1: Taker down one point seven percent, really citing a shortage 532 00:30:21,800 --> 00:30:24,880 Speaker 1: of skilled talent for the broader I T sector. John 533 00:30:25,360 --> 00:30:28,360 Speaker 1: Alright Cretty Group to appreciate it. Bloomberg Radio and TV 534 00:30:28,480 --> 00:30:32,400 Speaker 1: Markets correspondent Critty Group to looking at the stocks as 535 00:30:32,440 --> 00:30:35,760 Speaker 1: a whole handle they cashow up on on Wall Street. 536 00:30:36,080 --> 00:30:39,200 Speaker 1: Right now, we have the SMP futures they are lowered 537 00:30:39,240 --> 00:30:42,520 Speaker 1: down eight points, done about two tens of percent. We've 538 00:30:42,520 --> 00:30:46,000 Speaker 1: been in and out of losses, gains and losses this morning. 539 00:30:46,240 --> 00:30:48,840 Speaker 1: Down futures they're down twenty one points. There's not a 540 00:30:48,840 --> 00:30:51,720 Speaker 1: lot of movement there. And then say futures they are 541 00:30:51,760 --> 00:30:55,440 Speaker 1: down sixty one points. That's down four tenths of a percent. 542 00:30:55,600 --> 00:30:58,760 Speaker 1: We can also switch to fixed income right now tenure 543 00:30:58,880 --> 00:31:02,920 Speaker 1: yield that he is higher one seventies six and the 544 00:31:02,960 --> 00:31:08,120 Speaker 1: two year yield at point eight six percent. Volatility index 545 00:31:08,160 --> 00:31:10,239 Speaker 1: haven't paid a lot of tension that lately. Right now 546 00:31:10,320 --> 00:31:14,719 Speaker 1: the vix at twenty point zero six, that's a slightly elevated. 547 00:31:15,120 --> 00:31:21,360 Speaker 1: At this point, you're listening the Bloomberg Daybreak at a 548 00:31:21,360 --> 00:31:24,120 Speaker 1: Bloomberg Weather forward Today mostly sunny, breeze and colder the 549 00:31:24,200 --> 00:31:28,160 Speaker 1: heights aperture thirty Now tonight things really changed partly cloudy. 550 00:31:28,240 --> 00:31:31,200 Speaker 1: Could see some snow showers this evening. It'll be breezy, 551 00:31:31,440 --> 00:31:37,720 Speaker 1: a lot colder after midnight. The low champerature fifteen Markets, 552 00:31:37,800 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 553 00:31:40,920 --> 00:31:44,320 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 554 00:31:44,400 --> 00:31:53,760 Speaker 1: Quick Tape. He's a Bloomberg Business lash and I'm Karen 555 00:31:53,840 --> 00:31:57,000 Speaker 1: Moscow and SMP futures are lower at the moment we 556 00:31:57,040 --> 00:31:59,080 Speaker 1: go to the first word breaking news dash for today's 557 00:31:59,080 --> 00:32:03,720 Speaker 1: morning call. Here's Dell Maloney, Bill, good morning, and good morning, Karen. 558 00:32:03,760 --> 00:32:06,080 Speaker 1: Modest losses in the futures right now at death futures 559 00:32:06,120 --> 00:32:09,560 Speaker 1: down eighteen points, sub dropped seven NASDAK futures are lower 560 00:32:09,600 --> 00:32:12,440 Speaker 1: by fifty five. The US A ten yel at one 561 00:32:12,480 --> 00:32:15,440 Speaker 1: point seven seven percent, Gold is up five, oil is 562 00:32:15,480 --> 00:32:19,080 Speaker 1: trading lower, and Bitcoin is down by one point seven percent. 563 00:32:19,400 --> 00:32:22,240 Speaker 1: Hong Kong rose one point six percent overnight, while up 564 00:32:22,320 --> 00:32:25,440 Speaker 1: of markets are posting modest losses this morning. Back in 565 00:32:25,480 --> 00:32:27,640 Speaker 1: the US. On the economic front, at ten o'clock November, 566 00:32:27,640 --> 00:32:31,520 Speaker 1: whostale inventories and also regarding earnings this morning, Lulu Lemon 567 00:32:31,560 --> 00:32:34,040 Speaker 1: now sees Q four EPs and revenue at the low 568 00:32:34,160 --> 00:32:36,520 Speaker 1: end of the range. Shares it down eight percent in 569 00:32:36,600 --> 00:32:39,120 Speaker 1: the pre market. In deal news, Owens and Minor to 570 00:32:39,120 --> 00:32:42,120 Speaker 1: buy Apria for thirty seven fifty per share in cash, 571 00:32:42,480 --> 00:32:44,880 Speaker 1: and in other news, Goldman Sachs now expects the FED 572 00:32:44,920 --> 00:32:48,600 Speaker 1: to raise rates four times this year. Wrapping things Updale 573 00:32:48,600 --> 00:32:51,720 Speaker 1: Technologies was raised out perform ed Bernstein, Adidas and Nike 574 00:32:51,840 --> 00:32:54,840 Speaker 1: both cut to hold at HSBC, and Toll Brothers was 575 00:32:54,880 --> 00:32:58,600 Speaker 1: cut to sector perform at RBC Live. From the first 576 00:32:58,640 --> 00:33:01,480 Speaker 1: to breaking news, discomb build lonely care right Bill, thank 577 00:33:01,480 --> 00:33:04,320 Speaker 1: you to hear live Rickey News. Overa Bloomberg type squawk 578 00:33:04,480 --> 00:33:07,200 Speaker 1: on your terminal scue you a w K and that's 579 00:33:07,240 --> 00:33:10,040 Speaker 1: a Bloomberg business flash now here's Michael Barr with Moore 580 00:33:10,120 --> 00:33:12,640 Speaker 1: on what's going on around the world. Michael, Karen, thank 581 00:33:12,640 --> 00:33:14,960 Speaker 1: you very much. At least nineteen people were killed in 582 00:33:15,000 --> 00:33:18,200 Speaker 1: New York City Sunday, and a high rise apartment fire 583 00:33:18,200 --> 00:33:22,560 Speaker 1: in the Bronx investigators CML functioning space eaters sparked a blaze. 584 00:33:22,680 --> 00:33:25,680 Speaker 1: Bob Saget's fullhouse family is reacting to the news of 585 00:33:25,720 --> 00:33:29,479 Speaker 1: his death. John Stamos says he is broken. Saggot night 586 00:33:29,560 --> 00:33:33,040 Speaker 1: in his Orlando, Florida hotel room at six. In the 587 00:33:33,080 --> 00:33:35,720 Speaker 1: final week of the regular NFL season, the Giants lost 588 00:33:35,760 --> 00:33:38,440 Speaker 1: to Washington. The Jets lost the forty nine are in 589 00:33:38,440 --> 00:33:40,840 Speaker 1: the playoffs after beating the Rams. The Patriots lost to 590 00:33:40,920 --> 00:33:44,240 Speaker 1: the Dolphins, but still advanced. The Ravens lost to the Steelers. 591 00:33:44,320 --> 00:33:48,240 Speaker 1: Round one playoff games Raiders and Bengals, Patriots and Bills, 592 00:33:48,320 --> 00:33:51,479 Speaker 1: Eagles and Box Forty, Niners and Cowboys, Steelers and Chiefs, 593 00:33:51,720 --> 00:33:55,400 Speaker 1: Cardinals and Rams, Packers and Titans get byes. In the NBA, 594 00:33:55,560 --> 00:33:59,320 Speaker 1: the Nets, Wizards and Warriors one and Australian judges reinstated 595 00:33:59,360 --> 00:34:02,680 Speaker 1: tennis starting of Djokovic's visa, which was canceled last week 596 00:34:02,720 --> 00:34:05,800 Speaker 1: because he is Unvaccinated Global News twenty four hours a 597 00:34:05,840 --> 00:34:08,080 Speaker 1: day on air and on Bloomberg Quick Take, powered by 598 00:34:08,080 --> 00:34:11,680 Speaker 1: more journalist and analysts more than a hundred twenty countries. 599 00:34:11,800 --> 00:34:15,600 Speaker 1: I'm Michael Barr. This is Bloomberg. The following commentary is 600 00:34:15,640 --> 00:34:20,400 Speaker 1: from Bloomberg Opinion. Bigger child tax credits can pay dividends 601 00:34:20,440 --> 00:34:23,960 Speaker 1: for the US. I'm Justin Fox, a columnist for Bloomberg Opinion. 602 00:34:24,160 --> 00:34:27,040 Speaker 1: Not many people expected that the pandemic would bring a 603 00:34:27,040 --> 00:34:29,719 Speaker 1: big decline in poverty in the US, But thanks to 604 00:34:29,800 --> 00:34:32,560 Speaker 1: lots of government aid, that's what seems to have happened, 605 00:34:32,640 --> 00:34:34,880 Speaker 1: at least if you go by a Census Bureau measure 606 00:34:34,960 --> 00:34:39,080 Speaker 1: that factors in assistance programs and unavoidable expenses not reflected 607 00:34:39,080 --> 00:34:42,280 Speaker 1: in the official poverty rate. The percentage of Americans below 608 00:34:42,320 --> 00:34:46,480 Speaker 1: this supplemental poverty measure poverty line felt to a record 609 00:34:46,520 --> 00:34:49,920 Speaker 1: loan nine percent in two thousand twenty and is projected 610 00:34:49,920 --> 00:34:53,200 Speaker 1: to have dropped further last year. Poverty has fallen most 611 00:34:53,239 --> 00:34:56,240 Speaker 1: for children, due in part to a hundred billion dollar 612 00:34:56,320 --> 00:34:59,800 Speaker 1: expansion of the child tax credit that expires this month. 613 00:35:00,120 --> 00:35:02,879 Speaker 1: Keeping some of that in place could pay dividends, as 614 00:35:02,960 --> 00:35:05,560 Speaker 1: keeping kids out of poverty makes them more likely to 615 00:35:05,600 --> 00:35:09,319 Speaker 1: succeed as adults. I'm justin Fox. For more opinion, please 616 00:35:09,360 --> 00:35:12,200 Speaker 1: go to Bloomberg dot com slash Opinion or O P 617 00:35:12,360 --> 00:35:15,160 Speaker 1: I n go on the Bloomberg terminal. This has been 618 00:35:15,239 --> 00:35:19,120 Speaker 1: Bloomberg Opinion and Bloomberg Opinion commentaries can be heard every 619 00:35:19,120 --> 00:35:21,960 Speaker 1: weekday at this time and terminal customers can read more 620 00:35:22,040 --> 00:35:25,719 Speaker 1: at O P I n go. And it is six 621 00:35:25,880 --> 00:35:28,360 Speaker 1: fifty on Wall Street. Returned to news and science and 622 00:35:28,400 --> 00:35:31,280 Speaker 1: technology now with the Bloomberg and J I T. Stemmer 623 00:35:31,360 --> 00:35:34,439 Speaker 1: Ford Bronti U buy New Jersey Institute of Technology, which 624 00:35:34,440 --> 00:35:38,680 Speaker 1: announced the renowned scholar and educational leader, Dr tech Lim 625 00:35:39,000 --> 00:35:41,279 Speaker 1: will join the university as n j I T s 626 00:35:41,400 --> 00:35:44,200 Speaker 1: ninth President. Learn more at n j I T dot 627 00:35:44,200 --> 00:35:47,239 Speaker 1: e du. Now here's just making news and science, technology, 628 00:35:47,280 --> 00:35:51,560 Speaker 1: engineering and math. Shipping companies and software developers are experimenting 629 00:35:51,560 --> 00:35:54,080 Speaker 1: with self driving trucks, has a way to solve a 630 00:35:54,200 --> 00:35:58,000 Speaker 1: driver's shortage worsened by the pandemic. J. B. Hunt, Huber's 631 00:35:58,040 --> 00:36:01,680 Speaker 1: Freight Division and FedEx are among the operators testing automated 632 00:36:01,680 --> 00:36:04,280 Speaker 1: big rigs, as a lack of drivers has caused ports 633 00:36:04,320 --> 00:36:07,880 Speaker 1: to back up and intensify the supply chain squeeze gripping 634 00:36:07,880 --> 00:36:11,000 Speaker 1: the economy. While self driving trucks are still years from 635 00:36:11,000 --> 00:36:14,520 Speaker 1: winning regulatory approval, pioneers of the technology see it as 636 00:36:14,520 --> 00:36:19,000 Speaker 1: a long term solution to an increasingly intractable labor problem. 637 00:36:19,080 --> 00:36:21,799 Speaker 1: The new CEO of Ferrari is trying to put the 638 00:36:21,960 --> 00:36:26,759 Speaker 1: iconic Italian automaker on track for electrification. Benndetto Vigna is 639 00:36:26,840 --> 00:36:30,320 Speaker 1: revamping the company's organizational structure and hiring managers with the 640 00:36:30,360 --> 00:36:34,759 Speaker 1: technology background. Ferrari has been slow to embrace batteries. Its 641 00:36:34,760 --> 00:36:37,720 Speaker 1: first fully electric car is not scheduled to debut until 642 00:36:39,320 --> 00:36:42,080 Speaker 1: and the parent of Facebook is going bigger in Texas. 643 00:36:42,200 --> 00:36:45,040 Speaker 1: Meta Platforms has least half of what will be the 644 00:36:45,040 --> 00:36:48,160 Speaker 1: biggest skyscraper in the city of Austin. The company has 645 00:36:48,200 --> 00:36:50,839 Speaker 1: two thousand employees in Austin and is seeking to hire 646 00:36:50,920 --> 00:36:54,400 Speaker 1: four hundred more. Both Samsung and Tesla have recently announced 647 00:36:54,400 --> 00:36:57,200 Speaker 1: plans to expand in the area. And that's the Bloomberg 648 00:36:57,280 --> 00:37:00,520 Speaker 1: and j I t Stem Report, John or Nice Karen, 649 00:37:00,640 --> 00:37:02,960 Speaker 1: and we are live from the Bloomberg into Ranta Broker 650 00:37:03,080 --> 00:37:06,600 Speaker 1: Studios where it is now six fifty two on Wall Street. 651 00:37:06,800 --> 00:37:09,040 Speaker 1: That means it's time to check what's going on in 652 00:37:09,120 --> 00:37:11,880 Speaker 1: d C. Some of the top stories in our nation's 653 00:37:11,920 --> 00:37:14,920 Speaker 1: capital this morning include talks between the US and Russia 654 00:37:15,239 --> 00:37:18,840 Speaker 1: taking center stage in Europe this week, the House Speaker 655 00:37:18,920 --> 00:37:22,440 Speaker 1: Nancy Pelosi floating the idea of another round of coronavirus 656 00:37:22,600 --> 00:37:27,160 Speaker 1: relief aid as state and local tax deductions are likely 657 00:37:27,200 --> 00:37:30,279 Speaker 1: playing a major role in the mid term elections. Let's 658 00:37:30,280 --> 00:37:32,480 Speaker 1: take a deeper dive out of these stories this morning 659 00:37:32,480 --> 00:37:36,959 Speaker 1: with Bloomberg Government reporter Emily Wilkins. Happy Monday to you, am. 660 00:37:37,360 --> 00:37:41,400 Speaker 1: Let's start with the US considering restrictions on Russia to 661 00:37:41,440 --> 00:37:43,839 Speaker 1: try and keep a lid on Vladimir Putin. What are 662 00:37:43,880 --> 00:37:47,040 Speaker 1: the restrictions we're talking about here, So at this point 663 00:37:47,280 --> 00:37:51,080 Speaker 1: we're looking for potential export controls on Russia, just curbing 664 00:37:51,160 --> 00:37:55,120 Speaker 1: sensitive technology, curbing electronics. And this would all be if 665 00:37:55,239 --> 00:38:00,480 Speaker 1: President Putin decides to move more on Ukraine. No decisions 666 00:38:00,480 --> 00:38:03,239 Speaker 1: have been made quite of yet, uh, And we're going 667 00:38:03,280 --> 00:38:05,640 Speaker 1: to be, of course, looking very closely at the talks 668 00:38:05,680 --> 00:38:09,000 Speaker 1: that happens this week for what goes forward. There has 669 00:38:09,000 --> 00:38:11,479 Speaker 1: also been a bit of a suggestion that the Biden 670 00:38:11,480 --> 00:38:14,560 Speaker 1: administration might try and offer a parent instead of a stick, 671 00:38:14,680 --> 00:38:17,400 Speaker 1: trying to come to some sort of agreement with Russia 672 00:38:17,480 --> 00:38:22,280 Speaker 1: about how Western military is expanding in the area. Definitely 673 00:38:22,360 --> 00:38:24,640 Speaker 1: don't want to go against NATO on that, but trying 674 00:38:24,640 --> 00:38:27,120 Speaker 1: to see if there is some way to find middle ground. 675 00:38:27,320 --> 00:38:29,759 Speaker 1: Now it is the US, to be clear, going to 676 00:38:29,880 --> 00:38:36,279 Speaker 1: negotiate scaling back deployments from troops. So one thing that 677 00:38:36,280 --> 00:38:38,080 Speaker 1: the US wants to make sure in the area that 678 00:38:38,120 --> 00:38:41,000 Speaker 1: they are sort of like keeping up with their allies, 679 00:38:41,040 --> 00:38:44,920 Speaker 1: that they aren't necessarily uh moving from the area. I mean, 680 00:38:45,280 --> 00:38:48,440 Speaker 1: definitely the US is will be looking for Putin to 681 00:38:48,520 --> 00:38:51,040 Speaker 1: pull back some of the troops that he's in mass 682 00:38:51,120 --> 00:38:55,719 Speaker 1: at Ukraine's border in recent months. Um, that's something that 683 00:38:55,760 --> 00:38:58,319 Speaker 1: has been a huge concern. Definitely something the US has 684 00:38:58,320 --> 00:39:01,279 Speaker 1: been keeping a very close eye on. Given that build up. 685 00:39:01,640 --> 00:39:04,400 Speaker 1: There were some US experts who believe that if Putin 686 00:39:04,520 --> 00:39:07,560 Speaker 1: was going to strike in Ukraine, that would happen in 687 00:39:07,640 --> 00:39:11,480 Speaker 1: early two And here we are, Okay, let's move on 688 00:39:11,520 --> 00:39:16,560 Speaker 1: to our our next story. Possibly more virus aid in 689 00:39:16,800 --> 00:39:20,279 Speaker 1: Washington at least the House speakers talking about it, is 690 00:39:20,320 --> 00:39:23,799 Speaker 1: anybody else well, Speaker Policy said there is an opportunity 691 00:39:23,960 --> 00:39:27,000 Speaker 1: and yes. The Washington Post reported last week that you've 692 00:39:27,000 --> 00:39:31,200 Speaker 1: got a number of senators bipartisan, both Democrats and Republicans, 693 00:39:31,360 --> 00:39:34,720 Speaker 1: who are talking about potentially giving another boost and aid 694 00:39:34,800 --> 00:39:37,680 Speaker 1: to businesses that are being hurt by the continuance of 695 00:39:37,680 --> 00:39:41,000 Speaker 1: the O Macron variant, who are struggling to defined workers, 696 00:39:41,040 --> 00:39:45,120 Speaker 1: to maintain workers, who just are struggling a little bit 697 00:39:45,200 --> 00:39:48,280 Speaker 1: as so many people get hit with the current variant. 698 00:39:48,719 --> 00:39:51,239 Speaker 1: And that's been the number that was floated out there 699 00:39:51,680 --> 00:39:53,880 Speaker 1: was was pretty low if you look at some of 700 00:39:53,920 --> 00:39:56,319 Speaker 1: the other stimulus were nowhere in the trillions, were not 701 00:39:56,360 --> 00:39:58,640 Speaker 1: in the hundred billions or at the round like of 702 00:39:58,800 --> 00:40:02,880 Speaker 1: sixty sixties seventy billion dollars. But nothing is clear at 703 00:40:02,880 --> 00:40:05,320 Speaker 1: this point. Pelosi pointed out that the White House hasn't 704 00:40:05,360 --> 00:40:08,839 Speaker 1: sent a request for funding. That's normally how these things originate, 705 00:40:09,080 --> 00:40:12,080 Speaker 1: and what could potentially happen here is, remember, Congress will 706 00:40:12,680 --> 00:40:15,120 Speaker 1: has this temporary funding of the government that will go 707 00:40:15,280 --> 00:40:18,600 Speaker 1: until mid February. Congress will then need to send that 708 00:40:18,680 --> 00:40:21,240 Speaker 1: funding further. If the White House does put a request 709 00:40:21,280 --> 00:40:23,759 Speaker 1: for more funding for O Macron, it seems like the 710 00:40:23,800 --> 00:40:27,680 Speaker 1: door is open for a bipartisan agreement maybe to be 711 00:40:27,719 --> 00:40:30,840 Speaker 1: added to that much larger spending bill. Yeah, nearer, and 712 00:40:30,960 --> 00:40:33,200 Speaker 1: dear to our hearts those of us that live in 713 00:40:33,280 --> 00:40:37,600 Speaker 1: high tax states. The salt cap um right now, Well, 714 00:40:37,760 --> 00:40:40,720 Speaker 1: let's be clear. It was Republicans who imposed the cap 715 00:40:40,800 --> 00:40:44,160 Speaker 1: on the salt deductions on your taxes. And it may 716 00:40:44,200 --> 00:40:47,600 Speaker 1: be the Democrats in the mid terms who get get 717 00:40:47,640 --> 00:40:50,120 Speaker 1: blamed for part of that, but it was Republicans who 718 00:40:50,160 --> 00:40:52,799 Speaker 1: impose it, and then it was Democrats who benefited from it. 719 00:40:52,840 --> 00:40:55,480 Speaker 1: You saw that law, tax law with the cap go 720 00:40:55,640 --> 00:41:00,000 Speaker 1: into effect in seventeen and then the mid terms huge 721 00:41:00,000 --> 00:41:02,640 Speaker 1: blue wave. Democrats picked up a lot of seats, including 722 00:41:02,760 --> 00:41:05,000 Speaker 1: in New York and New Jersey, and a number of 723 00:41:05,040 --> 00:41:07,920 Speaker 1: members who won they ran on saying they would repeal 724 00:41:08,000 --> 00:41:10,480 Speaker 1: the salt cap. And so now you've gotten to the 725 00:41:10,520 --> 00:41:12,920 Speaker 1: point where you're seeing a number of them up for 726 00:41:13,000 --> 00:41:15,560 Speaker 1: this their up for reelection. It's going to be a 727 00:41:15,600 --> 00:41:18,320 Speaker 1: difficult year for Democrats. It always is for the party 728 00:41:18,400 --> 00:41:21,120 Speaker 1: that's empowered the White House. And instead of being able 729 00:41:21,120 --> 00:41:23,239 Speaker 1: to go home and show their constituents, hey, we were 730 00:41:23,239 --> 00:41:25,799 Speaker 1: able to do something with the salt cap, that's all 731 00:41:25,840 --> 00:41:29,480 Speaker 1: gotten hold up now because there is so much disagreement 732 00:41:29,560 --> 00:41:32,800 Speaker 1: right now, particularly from Senator Joe Mansion and Senator Kirsten 733 00:41:32,880 --> 00:41:36,040 Speaker 1: Cinema on Joe Biden's social spending and tax plan of 734 00:41:36,080 --> 00:41:38,759 Speaker 1: which the salt cap was a part of. So there's 735 00:41:38,760 --> 00:41:41,120 Speaker 1: are of a big question about what, if anything, will 736 00:41:41,160 --> 00:41:43,120 Speaker 1: happen with that, if there might be some other way 737 00:41:43,160 --> 00:41:45,920 Speaker 1: for it to move, if there's some momentum that's potentially 738 00:41:46,000 --> 00:41:50,000 Speaker 1: left for that economic plan that Biden put forward. I 739 00:41:50,000 --> 00:41:51,839 Speaker 1: think there are a lot of questions, but one thing 740 00:41:51,880 --> 00:41:54,879 Speaker 1: we really do know looking at the map is that 741 00:41:54,960 --> 00:41:57,719 Speaker 1: if they don't wind up getting something done on the 742 00:41:57,760 --> 00:42:00,200 Speaker 1: salt cap, that's going to make a lot of these 743 00:42:00,280 --> 00:42:03,200 Speaker 1: members all the more vulnerable and then all the more 744 00:42:03,320 --> 00:42:07,800 Speaker 1: likely that Democrats will lose control of the House this November. Emily, 745 00:42:07,840 --> 00:42:10,640 Speaker 1: always a pleasure, Thanks very much. I appreciated Bloomberg Government 746 00:42:10,640 --> 00:42:13,560 Speaker 1: reporter Emily Wilkins, and you can read more about these 747 00:42:13,600 --> 00:42:16,920 Speaker 1: stories on Bloomberg dot com or on the Bloomberg terminal. 748 00:42:17,440 --> 00:42:19,719 Speaker 1: Also a reminder, you can follow all the latest on 749 00:42:19,760 --> 00:42:23,359 Speaker 1: Bloomberg Radio in Washington Bloomberg N one and one oh 750 00:42:23,400 --> 00:42:27,120 Speaker 1: five point seven FM h D two. Yeah, as we 751 00:42:27,200 --> 00:42:29,080 Speaker 1: look at futures ahead of the cashop with on Wall 752 00:42:29,120 --> 00:42:31,680 Speaker 1: Street and S and P futures, they're down five points 753 00:42:31,760 --> 00:42:33,799 Speaker 1: right now, down about a tenth of a percent, the 754 00:42:33,880 --> 00:42:39,400 Speaker 1: Dansing futures forty eight points lower, and UH the down futures. 755 00:42:39,480 --> 00:42:43,319 Speaker 1: Right now, they are unchanged and flat. You're listening to 756 00:42:43,320 --> 00:42:46,680 Speaker 1: Bloomberg day Break for Karen Mosca. I'm John Tucker.