Speaker 1: Live from a Bloomberg interactive Burger Studios. This is Bloomberg
Speaker 1: Day Right for Thursday, October six two. Coming up this hour.
Speaker 1: Beneficials say the expectation for rate cuts next year is misplaced.
Speaker 1: The U S slams OPEC's decision to kur production. Elon
Speaker 1: must have wanted to slash his takeover price for Twitter,
Speaker 1: and hundreds of billions of dollars in market value have
Speaker 1: it wiped away? In the first month of this trust's government.
Speaker 1: New York City Council members are calling for housing asylum
Speaker 1: seekers and hotels and churches instead of Randall's Island. Plus
Speaker 1: more missile launches from North Korea on Mike Blood Blown
Speaker 1: More Ahead, I'm John Stash Howard. Sports the baseball regular
Speaker 1: season and then the Yankees lost the Mets one. They
Speaker 1: begin the postseason tomorrow night. That's all trading ahead on
Speaker 1: Bloomberg Day Break on Bloomberg eleven, Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixty, San Francisco, Sirius x AM one nine
Speaker 1: Team and around the world. Old on Bloomberg Radio dot
Speaker 1: Com and via the Bloomberg Business app and good morning.
Speaker 1: I'm Kared Moscow. I'm Nathan Haygar. Bloomberg Daybreak is brought
Speaker 1: to you by B and Y Melon's Pershing Learned why
Speaker 1: the world's most sophisticated wealth management and institutional firms rely
Speaker 1: on Pershing to help them improve profitability, create efficiency, attract talent,
Speaker 1: and manage risk at Pershing dot Com and US futures
Speaker 1: are lower this morning six o one on Wall Street.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SMP futures down twenty five points now futures
Speaker 1: down a hundred seventy eight and NASDACK futures are down
Speaker 1: eighty one. Tenure treasury down to thirty seconds here three
Speaker 1: point seven six percent, Nathan, we're caring. The drop in
Speaker 1: futures follows a late day come back on Wall Street yesterday.
Speaker 1: It fell as much as one point eight percent, but
Speaker 1: ended the session for the SMP five hundred down two
Speaker 1: tenths percent, fueled by a big options trade. Aaron Kennon,
Speaker 1: CEO at Clear Harbor Asset Management, says a drop in
Speaker 1: earnings is not being priced in yet. I think a
Speaker 1: very shallow recession, I would argue is probably priced in.
Speaker 1: But if we are seeing some sort of double digit
Speaker 1: decline and let's say sparnings next year, that's probably not
Speaker 1: yet priced into the market. Aaron Kennon A clear Heartborasset Management,
Speaker 1: says tomorrow's jobs report will be a key indicator for
Speaker 1: the path ahead well Nathan Feder Reserve officials are repeating
Speaker 1: the mantra that they don't plan to cut interest rates
Speaker 1: next year. San Francisco FED President Mary Daily and Atlanta
Speaker 1: FED chief Raphael Bostick are the latest to bang the
Speaker 1: drum on the need to keep tightening. We spoke yesterday
Speaker 1: with Daily, by c U says raising to a level
Speaker 1: that we believe is restrictive enough to bring inflation down,
Speaker 1: and then holding it there until we see inflation truly
Speaker 1: get close to two and and demonstrate that price stability
Speaker 1: is restored. Mary Dailey's comments are being echoed by Atlanta
Speaker 1: Fed President Raphael Bostick, who says rates still need to
Speaker 1: go much higher. I'd like to reach a point where
Speaker 1: policy is moderately restrictive, somewhere between four at four and
Speaker 1: a half percent by the end of this year, and
Speaker 1: then hold of that level and see how the economy
Speaker 1: and prices react. Now. The NFL president Raphael Bostake says
Speaker 1: there are encouraging signs on inflation, but he still sees
Speaker 1: the overall picture is challenging. Let's turn to oil now Karen,
Speaker 1: where a production cut by OPEC is making waves. Prices
Speaker 1: are currently steady a day after OPEC agreed to the
Speaker 1: biggest production cut since twenty twenty. The Alliance plans to
Speaker 1: slash daily output by two million barrels. Saw the Energy
Speaker 1: Minister Prince Abdulaz he has been salmon, spoke with us
Speaker 1: in Vienna. I don't want people to think that this
Speaker 1: is when waste in this case. No, it's a variety
Speaker 1: of conbluting uncertainties. And they could go yesterday altogether and
Speaker 1: to the positive side or to the negative side, or
Speaker 1: it could be accompanition. Saw the Energy Minister, Prince Abdulazi
Speaker 1: has been salmon, says the US lead initiative to slap
Speaker 1: a price camp on Russian oil is adding to market uncertainty.
Speaker 1: Checking prices now, they moved to take lower now with
Speaker 1: nime ex screwed down a tenth percent or ten cents
Speaker 1: at eighty seven dollar sixty seven cents of barrel. Brent
Speaker 1: is little changed, down six cents at thirty one cents. Well,
Speaker 1: the White House is pushing back against opex decision occur
Speaker 1: production Nathan, calling the move unnecessary and short sighted. We
Speaker 1: discussed the matter with National Economic Council Director Brian D's.
Speaker 1: As the President mentioned, we think it's unnecessary if you
Speaker 1: look at the global environment, where supply continues to be
Speaker 1: the predominant challenge. We've been working for some time to
Speaker 1: take action and encourage action globally to make sure that
Speaker 1: supply actually matches demand. White House Economic Advisor Brian d
Speaker 1: said the US or release ten million barrels from the
Speaker 1: Strategic Petroleum Reserve this month. He's also calling on gasoline
Speaker 1: companies to close the gap between wholesale and retail prices
Speaker 1: at the pump. Let's turn to the UK, now Karen,
Speaker 1: where political turmoil is still weighing on investor sentiment. Hundreds
Speaker 1: of billions of dollars have been wiped from the nation's
Speaker 1: stock and bond markets in the first month of Liz
Speaker 1: Trust's government. Let's get more from Bloomberg's U and Potts
Speaker 1: in London. Good morning, good morning, night and Karen three
Speaker 1: hundred and aty billion dollars. That's the total knocked off
Speaker 1: the value of UK stocks and bonds over the past month.
Speaker 1: While I said's globally have been royal by central banks tightening,
Speaker 1: confidence in the UK has taken a real battering. The
Speaker 1: September set off on the new government's unfounded tax cuts
Speaker 1: saw the pound hits a record low against the dollar,
Speaker 1: interventioned by the Bank of England and a swift climbed
Speaker 1: down by the Chancellor One Strategies, though, says some investors
Speaker 1: currently consider the UK as uninvestable. In London, i'mun part
Speaker 1: spin Back, Day break, hery new and thank you. Back
Speaker 1: Here in the US, we're learning more about the details
Speaker 1: behind Elon must takeover of Twitter. Turns out he was
Speaker 1: pushing for a lower price behind the scenes, and we
Speaker 1: get the details from Bloomberg's Lisa Mateo. Sources say Musks
Speaker 1: representatives and Twitter held talks in the past few weeks
Speaker 1: about a buy out for less than fifty four dollars
Speaker 1: and twenty cents of share, but they didn't go anywhere.
Speaker 1: The New York Times reported Musk had sought a thirty
Speaker 1: percent reduction in the price. This week must set in
Speaker 1: a letter to Twitter that he would be willing to
Speaker 1: complete the deal for the original price. In another development,
Speaker 1: the two sides of greed to postpone the billionaires long
Speaker 1: awaited deposition today in the company's lawsuit aimed at forcing
Speaker 1: him to go through with the forty four billion dollar buyout.
Speaker 1: Lisa Mateo Bloomberg Daybreak. Thanks Lisa, We have word of
Speaker 1: more corporate job cuts. This morning. General Electric is slashing
Speaker 1: positions that it's onshore wind turbine manufacturing business. Bloomberg News
Speaker 1: has learned GE will reduce its US onshore windworkforce by
Speaker 1: that's hundreds of jobs, moves designed to counter mounting losses
Speaker 1: at its renewable energy unit. And finally, news on the
Speaker 1: pandemic this morning, Nathan American Express ending our requirement that
Speaker 1: employees need to be vaccinated against COVID nineteen to enter
Speaker 1: the office. We get the story from Bloomberg's Charlie Pellett.
Speaker 1: This takes effect November one, stand It applies to offices
Speaker 1: across the United States, Canada, Australia, and New Zealand, all
Speaker 1: according to an internal memo two staff seen by Bloomberg.
Speaker 1: The New York based credit card company has been one
Speaker 1: of the few financial firms to embrace remote work in
Speaker 1: the aftermath of the pandemic in New York. Charlie Pellette
Speaker 1: Bloomberg day Break, Charlie, Thanks, futures are moving lower now,
Speaker 1: S and P futures down twenty six point. Staff futures
Speaker 1: down a hundred seventy one. Nastack futures are lower by
Speaker 1: eighty four points. In the tenure treasuries down five thirty
Speaker 1: seconds yield three point seven seven percent. Local headlines and
Speaker 1: a check of sports up next, This is Bloomberg and
Speaker 1: at six oh seven on Wall Street where fifty four
Speaker 1: degrees in Central Park still got that overturned tractor trailer
Speaker 1: on the northbound New Jersey Turnpike on ran from Roote
Speaker 1: eight team more coming up in traffic first, Michael Barr
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan, New
Speaker 1: York City Council members are proposing housing asylum seekers and
Speaker 1: hotels and churches. The ideas from last night's council meet
Speaker 1: income after Mayor Eric Adams now wants to house migrants
Speaker 1: in a tent city at Randall's Island. Mayor Adams scrapped
Speaker 1: the original idea of having the migrant relief center in
Speaker 1: Orchard Beach after opposition from both sides of the debate. However,
Speaker 1: critics say the new Andal's Island location will still have
Speaker 1: the same problems, including access from migrants to get jobs, healthcare,
Speaker 1: and schools. President Biden will be in New York State today.
Speaker 1: You will visit a jobs event at an IBM campus
Speaker 1: in Poughkeepsie. IBM will announce plans to invest twenty billion
Speaker 1: dollars over the next decade of the campus. The President
Speaker 1: will also attend a Democratic fundraiser in New Jersey. Yesterday,
Speaker 1: President Biden visited southwest Florida, pledging support for storm victims
Speaker 1: who lost everything to Hurricane Ian. I promise you we're
Speaker 1: gonna be with you every step of the way. The
Speaker 1: people of Florida to all of you, We're in this together.
Speaker 1: The President got a warm welcome from Florida Governor Rhonda Santis. Mr. President,
Speaker 1: Welcome to Florida. We appreciate working together across various levels
Speaker 1: of government. Biden said. He and to Santists have put
Speaker 1: politics aside, focused on the storm, and have been in
Speaker 1: complete lockstep. More than thirty people, primarily children, were killed
Speaker 1: today when a gunman opened fun here in a child
Speaker 1: care center in northeastern Thailand. Authorities said the gunman took
Speaker 1: his own life. It's a tragic discovery and a horrific
Speaker 1: crime for family members kidnapped from a business in central
Speaker 1: California have been found dead. Merce Head County Sheriff Vernon
Speaker 1: Warnkers said last night that one suspect is hospitalized after
Speaker 1: trying to kill himself, but there may be other suspects
Speaker 1: just lived inside. Because this was completely totally senseless. We
Speaker 1: have a whole family wiped out and for what we
Speaker 1: don't know yet. Authorities have released surveillance video of a
Speaker 1: man kidnapping a baby, the child's mother, father, and uncle
Speaker 1: on Monday. North Korea fire to suspect a short range
Speaker 1: ballistic missiles today towards waters where a US aircraft carrier
Speaker 1: had been deployed to ratcheting up tensions in the region.
Speaker 1: It came shortly after North Korea condemned the Biden administration
Speaker 1: for redeploying the U S. S. Ronald Reagan aircraft carrier
Speaker 1: to waters east of the Peninsula. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than hundred journalists and analysts more than a
Speaker 1: hundre twenty countries. I'm Michael Barron. This is Bloomberg, Nathan.
Speaker 1: Thanks Michael almost six cent on All Street time for
Speaker 1: the Bloomberg Sports Update with John Stenshown all right. Eight
Speaker 1: to The baseball regular season is over. The Dodgers won
Speaker 1: a hundred eleven games, the most of the National late
Speaker 1: since the nineteen oh six Cubs. The Mets and Braves
Speaker 1: both won a hundred and one finished tied for first,
Speaker 1: but Atlanta won the season series ten to nine, and
Speaker 1: that's why the Braves at the first round by and
Speaker 1: the Mets have to play a best of three wild
Speaker 1: card series with San Diego. All the games at City Field.
Speaker 1: The openers tomorrow night with a terrific pitching matchup. It
Speaker 1: will be match ters or against the Pondres, You Darvers.
Speaker 1: Mets finished up and in Washington nine to two. Jeff
Speaker 1: McNeill got the day off and he was able to
Speaker 1: just barely hold off Freddie Freeman and win the National
Speaker 1: League Batting until I don't Neil hit three twenty six.
Speaker 1: He hit two forty nine last season kind of hard
Speaker 1: work and um, you know, trying to get back to
Speaker 1: you know, the player I knew I could be, you
Speaker 1: know after last year and the last year wasn't a
Speaker 1: great year for me, so um, you know, kind of
Speaker 1: wanted to you know, get back to you know who
Speaker 1: I am, and um, you know, it was lucky enough
Speaker 1: to be rewarded for that. Aaron Judge didn't play the
Speaker 1: Yankee season ending for to loss of Texas, did not
Speaker 1: win the batting Tyler would have given him the Triple
Speaker 1: Crown judgment. A second of the twin. Luisa Ray is
Speaker 1: the guy who caught the ball that Judge hit for
Speaker 1: his record breaking sixty second home run, has already been
Speaker 1: offered two million dollars by a sports member of Billia.
Speaker 1: Aption now at Giants practice before they leave today for London.
Speaker 1: A welcome sighte the return of center Nick Gates, who
Speaker 1: in Week two last year supper Day fracture leg injury
Speaker 1: that required seven surgeries. It was feared that it was
Speaker 1: going to end Gates's career. It's not known when he'll
Speaker 1: actually playing a game. Daniel Jones limited in practice with
Speaker 1: his ankle injury, but Jones has not yet been ruled
Speaker 1: out first Sunday's game of Green Day, John Stashu or
Speaker 1: Bloomberg Sports Nathan, Thank you, John stp. Futures are moving
Speaker 1: lower now down seven tenths per center, twenty six points down.
Speaker 1: Futures are down a hundred seventy six points. Nasdaq Future
Speaker 1: is lower by eighty six points. We'll talk about this
Speaker 1: market next if Liz Ann Saunders of Charles Schwab, this
Speaker 1: is Bloomberg Bloomberg eleven three oh weather sunshine low seventies
Speaker 1: today and tomorrow. Lots of sun on Saturday, but cooler
Speaker 1: only near sixty degrees will be in the low sixties
Speaker 1: in the sunshine by Sunday. Right now fifty four in
Speaker 1: Central Park markets. Headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Out
Speaker 1: and at Bloomberg Quicktape's a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow. US Dock Index futures are falling as the
Speaker 1: OPEC close alliances planned to cut oil supply, stokes inflation fears,
Speaker 1: and as traders await labor market data e gage to
Speaker 1: the risk over session. We checked the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg get us in
Speaker 1: p futures are down twenty six points, dal Future is
Speaker 1: down one seventy two and as deck Future is down
Speaker 1: eighties seven. The decks in Germany is down for were
Speaker 1: tense of Upper said the tenure Treasury down three thirty
Speaker 1: seconds three point seven six percent in a yield on
Speaker 1: the two year four point one six percent. Nine X
Speaker 1: Screwed oil is down to tens per cent or twelve
Speaker 1: cents at eighty seven dollars sixty four cents of barrel
Speaker 1: comes gold up a tenth of upper cent or two
Speaker 1: dollars thirty cents. A seventeen twenty three ten announced the
Speaker 1: euro point two against the dollar, British found one point
Speaker 1: one to five five and the yen at one four
Speaker 1: point seven to In bitcoin this morning, it's up seven
Speaker 1: tenths percent to twenty thousand, one twenty five dollars as
Speaker 1: a Bloomberg Business Flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. More than thirty people, primarily children, were
Speaker 1: killed today when a gunman opened fire in a child
Speaker 1: care center in northeastern Thailand. Authority said the attacker later
Speaker 1: took his own life. President Biden visited Florida yesterday to
Speaker 1: offer support for the victims of Hurricane Ian. The President
Speaker 1: told victims that we are with you every step of
Speaker 1: the way. In baseball, on the last day of the
Speaker 1: regular season, the Yankee Is lost the Mats one over
Speaker 1: the Nationals nine to the Red Sox lost the Orioles
Speaker 1: split a double head over the Blue Jays, the Giants,
Speaker 1: and as one Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalist and analyst and more than
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg.
Speaker 1: Nathan Okay, Michael. Thanks at six nineteen on Wall Street
Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak,
Speaker 1: and we're joined now by liz Anne Saunders, chief investment
Speaker 1: strategist at Charles Schwab. As you watch futures take another
Speaker 1: leg lower this morning. We started this quarter off so well,
Speaker 1: liz Anne, but it looks perhaps like investor sentiment is
Speaker 1: back to where it started. Or is that taking it
Speaker 1: too far? Um? You know you're actually talking about sentiment indicators.
Speaker 1: It don't quite swing as wildly on a day to
Speaker 1: day basis as you see the market. I think it's
Speaker 1: just the the nature of the beast. And when you
Speaker 1: have a significant two day move like that the last
Speaker 1: four times we had back to back two and a
Speaker 1: half percent plus updates, we're all in the fall um
Speaker 1: into the winter of two thousand and eight, and so
Speaker 1: to see a bit of a reprieve in that case,
Speaker 1: you had unfortunately still double digit declines left ahead of
Speaker 1: you before you hit the March O nine bottom. And
Speaker 1: I'm not suggesting that that we're repeating that, but um
Speaker 1: to to have some profit taking kicking after such a
Speaker 1: strong two day move is not surprising, especially in this
Speaker 1: type of market. Now, I'll talk a little bit more
Speaker 1: about this type of market. What's predominating. I mean, we've
Speaker 1: heard of, particularly from the Federal Reserve officials, continuing to
Speaker 1: bang the drum about higher for longer interest rates. Is
Speaker 1: that the main focus for you? It is? But you also,
Speaker 1: um see the equity market moving somewhat in inverse lockstep
Speaker 1: with what bondyields are are doing. So even going back
Speaker 1: to the mid June low and the rally between mid
Speaker 1: June and mid August had a lot to do with
Speaker 1: what was happening in in bond yields, and I think
Speaker 1: more recently too, you had to reprieve both in bond
Speaker 1: yields and the dollar that I think was the called
Speaker 1: the fundamental set up for the two day rally that
Speaker 1: we have. So yes, I think it's it's it's rate
Speaker 1: and rates and Fed policy that are that are in
Speaker 1: the driver's seat in terms of market behavior. Do you
Speaker 1: see any further moves UH in bond yields given the
Speaker 1: message we're hearing from the FED, were of the view
Speaker 1: that at least the recent move on an intra day
Speaker 1: basis up to a little north of four percent on
Speaker 1: the ten year, that there's probably not a lot more
Speaker 1: upside beyond that, and we we we are not not
Speaker 1: definitively of the view that the Fed may be able
Speaker 1: to at least lower the pace of rate hikes UM
Speaker 1: sooner maybe than um. Some of the pessimists this this
Speaker 1: is distinct from a pivot. I think the notion of
Speaker 1: a p it to the extent that you define that
Speaker 1: as a shift from rate hikes to rate cuts. I
Speaker 1: think the set is appropriately tried to push way back
Speaker 1: on that notion, and that certainly sat behind the mid
Speaker 1: June to mid August rally, but they may not have
Speaker 1: to go to the mid four percent range, which is
Speaker 1: what the latest projections and dot spots showed. Um. You know,
Speaker 1: I think you're at about a sixty likelihood of a
Speaker 1: seventy basis point hike in November, but I wouldn't surprise
Speaker 1: if they started to telegraph maybe lower hikes, meaning fifty um,
Speaker 1: even if we get seventy five in November. Interesting you
Speaker 1: say that because we just heard from Raphael Boston from
Speaker 1: the Atlanta Fed yesterday saying that he'd be okay with
Speaker 1: four to four and a half percent. I mean, you
Speaker 1: put the four and a half percent number out there,
Speaker 1: So that's one FED speaker, and that's the stance I
Speaker 1: think that many of them have right now. We just
Speaker 1: think with the leading indicators of inflation in many cases
Speaker 1: have significantly rolled over. You saw it in both I
Speaker 1: s M manufacturing and I s M services prices paid. Um.
Speaker 1: This is leaving aside oil. Obviously, given the recent news
Speaker 1: there that there may be a point at which the
Speaker 1: FED can just lift its foot off the brake um.
Speaker 1: I also think, though importantly, as they really have been emphasizing,
Speaker 1: whenever they get to their destination, whether it's four in
Speaker 1: a quarter or four and a half four and three quarters,
Speaker 1: they're going to stay there for a while, that this
Speaker 1: isn't going to be a one eight two rate cuts,
Speaker 1: other than if the economic deterioration that they're actually trying
Speaker 1: to engineer here a bit in order to bring inflation
Speaker 1: down sustainably, or financial instability really kicking in. I think
Speaker 1: the Fed gets to their destination and they stay a while.
Speaker 1: Just about thirty seconds left here. Do you think tomorrow's
Speaker 1: jobs report helps the Fed get to that destination? Depends
Speaker 1: on what it is. I think some of the labor
Speaker 1: market data, not least being the huge drop in job openings,
Speaker 1: which is something they've specifically cited, is what they want
Speaker 1: to see some contraction in, but they would ideally love
Speaker 1: it to happen exclusive of a significant increase in the
Speaker 1: unemployment rate or significant deterioration in pay rolls. I think
Speaker 1: a hotter than expected number from a stock market perspective
Speaker 1: is probably not a good thing. Thanks as always, Lizanne,
Speaker 1: great getting your thoughts. Liz Ane Saunders, chief investment strategist
Speaker 1: at Charles Schwab with us this morning as we watch
Speaker 1: futures move lower. Now, SMP futures are down twenty six
Speaker 1: points down, futures down a hundred seventy five and NASDAC
Speaker 1: futures are lower by eighty six points ten. Your treasuries
Speaker 1: down four thirty seconds for yield of three point seven
Speaker 1: seven percent. NIMEX crude moving a bit lower now, down
Speaker 1: two tenths per cent, or fourteen cents at eighty seven
Speaker 1: dollars sixty two cents of barrel. Stay with us. You're
Speaker 1: listening to Bloomberg Daybreak Bloomberg eleven three oh weather, sunshine,
Speaker 1: low seventies today and tomorrow. We're gonna keep it sunny
Speaker 1: for the weekend, but it's gonna be cooler, only around
Speaker 1: sixty for Saturday, low sixties for Sunday. Right now in
Speaker 1: Central Park, broadcasting ve from the Bloomberg Interactive Broker Studio
Speaker 1: in New York. Bloomberg e Living Freedom to Washington, d C.
Speaker 1: Bloomberg ninety nine one to Boston, Bloomberg on OH six
Speaker 1: one to San Francisco, Bloomberg nine sixteen to the country.
Speaker 1: Sirius XM to the one nine team and around the
Speaker 1: bloom the Bloomberg Business and Bloomberg Radio dot com. This
Speaker 1: is Bloomberg Daybreak. It's six thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're just
Speaker 1: about three hours away from the open of US trading.
Speaker 1: Time to the five things that you need to notice
Speaker 1: start your day. Brought to you by Interactive Brokers. Interactive
Speaker 1: Brokers clients are an interest of up to two point
Speaker 1: five eight percent on the idle cash and their brokerage accounts.
Speaker 1: That's just one of the many reasons clients use interactive
Speaker 1: brokers to trade stocks, options, futures, currencies, bonds, funds, crypto
Speaker 1: and more. Visit ibkr dot com slash interest rates to
Speaker 1: learn more. At first, US futures are lower this morning,
Speaker 1: and that's after stocks and after two day winning streaky yesterday.
Speaker 1: Mainstay Capital Management founder David could Law says, right now
Speaker 1: it's time to be defensive. The classic sixty portfolio this
Speaker 1: down more than this year. Liquid alternatives that offer an
Speaker 1: opportunity for a positive return because of the strategies of
Speaker 1: shorting stocks actually generate positive returns. David could law with
Speaker 1: Mainstay Capital says it's wishful thinking to believe that rate
Speaker 1: heights will bring down inflation anytime soon. Stealth Karen FED
Speaker 1: officials keep banging the drum for tighter policy, insisting they
Speaker 1: do not plan to cut rates next year. San Francisco
Speaker 1: FED President Mary Daly's oak with Bloomberg yesterday, it's also
Speaker 1: very damaging to the economy to have this level of inflation,
Speaker 1: so we're committed to bringing it down in staying the
Speaker 1: course until we're well and truly done. Mary Daly's comments
Speaker 1: about inflation are being echoed by Atlanta FED President Raphael Bostick.
Speaker 1: He says rates still need to go higher. Meantime, Nathan,
Speaker 1: the price of oil is holding steady after Opak a
Speaker 1: great to slash daily output by two million barrel Saudi
Speaker 1: Energy Minister Prince Abdulazie has been Salmon, says he sat
Speaker 1: down with us in Vienna and says the move does
Speaker 1: not necessarily mean the market should price in more cunts
Speaker 1: in the future. We wanted to give the market a
Speaker 1: creed direction, a creed input. That's why we extended the
Speaker 1: agreement to end. But we still have the same tools
Speaker 1: in our guide this to the market. Is Saudi Energy
Speaker 1: Minister Prince Abdulazie has been Salmon says the US led
Speaker 1: initiative to slap a price camp on Russian oil is
Speaker 1: adding uncertainty to the market and checking prices now not
Speaker 1: like screwed oil down about a tenth of a percent
Speaker 1: now it's at eighty seven dollars sixty three cents of
Speaker 1: barrel Brent also done about the same and ninety three
Speaker 1: dollars twenty two cents. The Biden administration's calling OPEX move
Speaker 1: unnecessary and shortsighted, saying it aligns OPEC with Russia. In response,
Speaker 1: Economic advisor Brian d says the US will release ten
Speaker 1: million barrels from the Strategic Petroleum Reserve this month. And
Speaker 1: in corporate news this morning, Nathan, it turns out billionaire
Speaker 1: Elon Musk was reportedly pushing to buy Twitter for a
Speaker 1: lower price than previously a great upon he'll now go
Speaker 1: through with a deal on its original terms. That's the
Speaker 1: five things that you need to know to start your day,
Speaker 1: brought to you by Interactive Brokers. And this is Bloomberg.
Speaker 1: Thanks Karen. Six three on Wall Street, fifty four degrees
Speaker 1: in Central Park, still got that mess on the northbound
Speaker 1: New Jersey Turnpike on ramp from Route eighteen in East Brunswick.
Speaker 1: We'll tell you more in Traffic First. Michael Barr has
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Good morning, Michael, Good morning, Nathan late Words.
Speaker 1: South Korea says twelve North Korean war planes have flown
Speaker 1: near their border, prompting it to launch warplane in response.
Speaker 1: This after North Korea launched two ballistic missiles into its
Speaker 1: eastern waters today. It comes after the U. S redeployed
Speaker 1: in aircraft carrier in response to the North launched tuesday
Speaker 1: of a nuclear capable missile over Japan. Secretary of State
Speaker 1: Anthony Lincoln, you're taking appropriate defense and to turn steps
Speaker 1: with allies and partners. We called for UN Security Council
Speaker 1: meeting UH and we're consulting with our partners on the
Speaker 1: next steps UM. But I also want to make very
Speaker 1: clear that our commitment to the defense of our allies
Speaker 1: and partners free in Japan is is ironclad. Secretary b
Speaker 1: Lincoln spoke in chilean IBM will announce plans to invest
Speaker 1: twenty billion dollars over the next decade during a visit
Speaker 1: by President Joe Biden to the company's campus in Poughkeepsie,
Speaker 1: New York. President Biden will also be in New Jersey
Speaker 1: today for a Democratic fundraiser. Yesterday, President Biden was in Florida.
Speaker 1: President Biden laid out some of the benefits available to
Speaker 1: storm victims who lost property during hurricane And if you
Speaker 1: don't have in shorts, or if you're under insured and
Speaker 1: you found a place to rent where your car has
Speaker 1: been destroyed, you're entitled up maybe entitle up to thirty
Speaker 1: seven thousand, nine hundred dollars in federal funds. Biden received
Speaker 1: a warm welcome from Florida Governor Ron Descantis, who has
Speaker 1: clashed in the past with a Biden administration. New York
Speaker 1: City Council members are proposing housing asylum seekers in hotels
Speaker 1: and churches. The ideas from last night's council meet income
Speaker 1: after Mayor Eric Adams now wants to house migrants in
Speaker 1: a tent city at Randall's Island after scrapping the Orchard
Speaker 1: Beach location. However, critics say the new Randall's Island location
Speaker 1: will still have the same problems, including access from migrants
Speaker 1: to get jobs, healthcare, and schools. More than thirty people,
Speaker 1: primarily children, were killed today when a gunman opened fire
Speaker 1: in a child care center in northeastern Thailand. Au already
Speaker 1: say that the the gunman took his own life. A Connecticut
Speaker 1: jury is expected to hear closing arguments today in a
Speaker 1: trial to determine how much Info Wars hosts Alex Joe
Speaker 1: Own should pay for persuading his audience that the twenty
Speaker 1: twelve shooting at Sandy Hook Elementary School was a hoax
Speaker 1: to impose more gun control laws. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Laren, this is Bloomberg. Nathan, okay, Michael,
Speaker 1: thank you. Almost six thirty six on Wall Street. Time
Speaker 1: for the Bloomberg Sports Update with Johnstowns shown all right to.
Speaker 1: The baseball regular season is over. The new playoff format
Speaker 1: has twelve teams, the most ever. It includes the Phillies,
Speaker 1: who had not been to the postseason for the two
Speaker 1: thousand and eleven and the Mariners who hadn't gone to
Speaker 1: two thousand and one. It also includes the Yankees and
Speaker 1: meth Yanks one games. They want just forty two and
Speaker 1: thirty two. After the Allstar Great they lost the finale
Speaker 1: at Texas for to two. They'll now await the winner
Speaker 1: of the wild Cards series between Cleveland and Sampa Bay.
Speaker 1: The Mets won a hundred and one games, but because
Speaker 1: they got swept in Atlanta last weekend, they have to
Speaker 1: play a wild card series against San Diego. The open
Speaker 1: to the best of three is tomorrow night at City Field,
Speaker 1: with Matchers are opposing the Padres. Hugh Darvis Mets finished
Speaker 1: up for the nine to one over Washington. James McCann
Speaker 1: hit u three run homer, Francisco den Door a three
Speaker 1: run double. Jeff McNeil did not play, finished with a
Speaker 1: three twenty six average that one McNeil the nash League
Speaker 1: batting title. He hit just two forty nine a year ago.
Speaker 1: The Royals fired manager Mike Mffini. The Angels announced Phil Nevin,
Speaker 1: who took over when Joe Madden was fired, will return
Speaker 1: next season. Big five NFL begins with Coats and Broncos
Speaker 1: tonight in Denver. The Giants lead today for London to
Speaker 1: play the Packers Sunday at Tottenham Stadium still in Jersey. Yesterday,
Speaker 1: giant stob Daniel Jones gave an update. I was Inna
Speaker 1: Juan Sunday's a little bit, a little bit away. So
Speaker 1: I think I'll continue to progress throughout the week and
Speaker 1: see how i feel. But uh confidence my ability to
Speaker 1: uh throw from the pocket, throw outside of the pocket,
Speaker 1: and and uh take place from boat of Jones can't play.
Speaker 1: It's likely third stringer Davis Webbill starts with Tyrod Taylor's
Speaker 1: and can cut from protocol. Web has never thrown a
Speaker 1: pass in the NFL. Readulus using game Ron scratch. I
Speaker 1: went Bloomberg Court thanks set on Wall Street time down
Speaker 1: to take a look at stock some of the names
Speaker 1: moving in the pre market with Bloomberg Radio and TV
Speaker 1: Markets correspondent created goof tub once again watching Twitter as
Speaker 1: the saga continues with Elon Musk creat Yeah, we gotta
Speaker 1: come back to a fan favorite here t W t
Speaker 1: R is your ticker, Nathan down one point three percent
Speaker 1: and to your point, the saga does continue. You know,
Speaker 1: we were talking about this massive litigation battle between Elon
Speaker 1: Musk and between the folks over at Twitter. They were
Speaker 1: trial was supposed to start in October seventeenth. It was
Speaker 1: something that UM a lot of the street had said
Speaker 1: that Twitter would undeniably have the advantage, and just given
Speaker 1: that the trial was being done in the Delaware Chancery court,
Speaker 1: that being that which tends to favor UM kind of
Speaker 1: more of the deals that already being made, UM, it
Speaker 1: tends to favor the uh whoever is being acquisitioned UM
Speaker 1: so in this case Twitter. So Twitter shares UM actually
Speaker 1: down now because in the last couple of days we've
Speaker 1: heard stories that Elon Musk is actually looking to bid
Speaker 1: for Twitter at the offer price of fifty four dollars
Speaker 1: and twenty cents. The idea here being that their legal
Speaker 1: team dudes not think that they have much of a
Speaker 1: shot when it comes to UH this this trial that's
Speaker 1: going to unfold, So they're just going to kind of
Speaker 1: settle in what the original agreement was. But since then,
Speaker 1: you've had some major players who have actually tried to
Speaker 1: help Elon Must get some of that financing thirteen billion
Speaker 1: dollars of that financing start to back out. Think Apollo,
Speaker 1: for example, which was really the leader and helping Elon
Speaker 1: Must get that financing. Now the question is if he
Speaker 1: is to spend that money or to give the offer
Speaker 1: price fifty four dollars twenty cents and think of forty
Speaker 1: three billion dollar deal, where how is he going to
Speaker 1: pay for it? And it's those concerns that are now
Speaker 1: waiting or weighing, I should say. On on Twitter shares
Speaker 1: this morning, t w t R down one point three percent.
Speaker 1: How's that for Saga, Nathan? Well done? Of course we've
Speaker 1: been keeping so much attention on Twitter, but it looks
Speaker 1: like analysts are looking at social media or broadly, it's
Speaker 1: not the only company that they're looking at. It's not
Speaker 1: the only company that they're looking at. And this is
Speaker 1: a really important mover here because the entire market, i
Speaker 1: should say, is down to the tune about seven tenths
Speaker 1: of one percent. Pinterest, on the other hand, p I
Speaker 1: n AS is up about four percent, jumping after Goldman
Speaker 1: sacks Up basically gave them their standpard approval. They upgraded
Speaker 1: the social networking site to a buy from a neutral,
Speaker 1: saying that they're seeing those improving user growth patterns, better
Speaker 1: engagement trends, even as the backdrop for digital advertising remains
Speaker 1: kind of uncertain. And this is going to be crucial
Speaker 1: because social media companies broadly have always kind of been
Speaker 1: this um I want to say bell Weather if for
Speaker 1: a lot of kind of economic indicators of this idea
Speaker 1: here being that if you believe in the strength of
Speaker 1: the economy, you're going to spend more on advertising. You're
Speaker 1: going to spend more trying to get the consumer and
Speaker 1: therefore feed into the bottom line of the likes of pinterest.
Speaker 1: Good to get a macro perspective on some of these
Speaker 1: individual movers. Thanks as always, Pretty Bloomberg Radio and TV
Speaker 1: Markets correspondent Pretty Gupta. Watching the early morning trade, looking
Speaker 1: at stocks as a whole, they are moving lower. SMP
Speaker 1: futures down twenty five points, Stown futures down a hundred
Speaker 1: eighty Nasdaq futures are lower by eighty one points, and
Speaker 1: the tenure Treasury is down four thirty seconds. You'ld three
Speaker 1: point seven six percent. It's like a crude once again,
Speaker 1: little change down about a ten percent on the nimax
Speaker 1: at eighty seven sixty five a barrel. This is Bloomberg
Speaker 1: Bloomberg eleven three oh Weather sunshine for the rest of
Speaker 1: this weekend into the weekend will be in the low
Speaker 1: seventies today and tomorrow low sixties. Saturday and Sunday right now,
Speaker 1: fifty four degrees at a clear sky in Central Park. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, bloo Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karin
Speaker 1: Moscow future is lower this morning. We get to the
Speaker 1: first Word breaking news desk for today's morning call, and
Speaker 1: here's Bill Maloney. Bill, good morning, and good morning, Karen.
Speaker 1: That's right. US futures are in the red right now.
Speaker 1: Deaf futures down a hundred eighty two points, as if
Speaker 1: he's dropped twenty seven and as that futures dropped by
Speaker 1: eighties six the US ten years at three point seven
Speaker 1: seven percent, Gold is little changed, Oil is in the red,
Speaker 1: and bitcoin is training higher by one percent. Shanghai fil
Speaker 1: half percent overnight, while your pay markets are also in
Speaker 1: the red this morning and back in the US on
Speaker 1: the economic Friday thirty initial jobs claims Regarding earnings, McCormick
Speaker 1: EPs Speed S, Smiths and also look for Constellation brands
Speaker 1: to report in the pre market. Wrapping things up, Auto
Speaker 1: Nation was cut neutral at JP Morgan pinches raced by
Speaker 1: a Goldman, Sachs and verizoner was raced to outperform. Over
Speaker 1: at Oppenheimer Live from the first Breaking News deskm Bill Maloney, Karen, right, Bill,
Speaker 1: thanks to your live breaking news over your Bloomberg type
Speaker 1: squawk on your terminal squ a w u K. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael, Karen, thank
Speaker 1: you very much. South Korea says twelve North Korean war
Speaker 1: planes have flown near their border, prom to get to
Speaker 1: launch warplanes in response. It comes after North Korea launched
Speaker 1: two ballistic missiles into its eastern waters. Pyong Yang criticized
Speaker 1: the US redeployed an aircraft carrier after the North's earlier
Speaker 1: launch of a nuclear capable missile over Japan. Authorities say
Speaker 1: a former police officer killed at least twenty four children
Speaker 1: and eleven adults in a gun and knife attack that
Speaker 1: began at a child care center in Thailand. The assailant
Speaker 1: fled the first scene, shooting from his car as he
Speaker 1: drove home, before killing his wife and child and taking
Speaker 1: his own life. In baseball, on the last day of
Speaker 1: the regular season, the Yankees lost, Mets one over the
Speaker 1: Nationals nine to the Red Sox lost, the Orioles split
Speaker 1: a double head over the Blue Jays, the Giants and
Speaker 1: as one Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quittake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts on twenty countries. Michael bar
Speaker 1: and this is Bloomberg. Karen alright, Nchaolbar thank you on walls.
Speaker 1: Let's turn to news and science and technology now with
Speaker 1: the Bloomberg and j I T Stam report. It brought
Speaker 1: to uba New Jersey Institute of Technology, whose n j
Speaker 1: II unit has joined with pharmaceutical giant Murk to establish
Speaker 1: the Mark Digital Sciences Studio to support drug discovery and development.
Speaker 1: More at n j I T DOT E d U
Speaker 1: and here's just making news and science, technology, engineering and math.
Speaker 1: American Express is ending a requirement that employees need to
Speaker 1: be vaccinated again to enter offices. The decision, which takes
Speaker 1: effect November first, applies to offices across the US, Canada,
Speaker 1: Australia and New Zealand. Staffers also will no longer have
Speaker 1: to be vaccinated to attend companies sponsored in person events,
Speaker 1: and of course they're talking about vaccinations for COVID nineteen.
Speaker 1: IBM will announce plans to invest twenty billion dollars over
Speaker 1: the next decade during a visit by President Joe Biden
Speaker 1: to the company's campus in Poughkeepsie, New York. The investments
Speaker 1: will go toward research and development and the manufacturing of
Speaker 1: Semiconductor's mainframe technology, artificial intelligence, and wantum computing. According to
Speaker 1: a new studied route that stretched across three continents, this
Speaker 1: summer drying out large parts of Europe, the United States,
Speaker 1: and China was made twenty times more likely by climate
Speaker 1: change researchers from World Weather Arbitration, a group of scientists
Speaker 1: from around the world. You study a link between extreme
Speaker 1: weather and climate change. See this type of drought would
Speaker 1: only happen once every four years across the northern hemisphere
Speaker 1: if not for human cause climate change. Now to expect
Speaker 1: these conditions to repeat every twenty years, given how much
Speaker 1: the climate has warmed. And that's the Bloomberg n j
Speaker 1: I T STEM Report. Nathan, Thanks Karen. We are live
Speaker 1: from the Bloomberg Interactive Brokers studios where it's just about
Speaker 1: six fifty one on Wall Street time now to check
Speaker 1: what's going on in VC. Some of the top stories
Speaker 1: in our nation's capital include President Biden, Governor to Santis
Speaker 1: playing nice and Ian ravaged Florida President facing a new
Speaker 1: political headache with opex production cut, IBM unveiling that twenty
Speaker 1: billion dollar investment in New York when the President makes
Speaker 1: a stop there, and Janet Yellen calling for a World
Speaker 1: Bank over hall speaking Bloomberg Government reporter Jack Fitzpatrick for
Speaker 1: more on some of these stories, Jack, Good morning. So
Speaker 1: the President and the governor of Florida managed to bury
Speaker 1: the hatchet at least for a bit yesterday. Yeah, it
Speaker 1: was clearly in both of their interests to be seen
Speaker 1: as being as responsive as possible to the destruction from
Speaker 1: Hurricane Ian. Uh. This went off without too much of
Speaker 1: a hitch. You could read into the tea leaves of
Speaker 1: them potentially preparing to face each other in four in
Speaker 1: the presidential race. But there there even was some praise.
Speaker 1: Biden said he thought that De Santis had done a
Speaker 1: good job. They said they'd been working hand in glove together. Uh.
Speaker 1: And the President extended the authorization for full federal assistance
Speaker 1: on emergency needs. So this largely went off the way
Speaker 1: you would expect the president to act in any circumstance
Speaker 1: in which a really destructive hurricane hit any state. How
Speaker 1: how long can we expect this sort of at least
Speaker 1: show of cooperation to last. And I obviously they've got
Speaker 1: a long recovery ahead in I en, but there's not
Speaker 1: much time until we have a midterm election. Jack, Yeah,
Speaker 1: you know, the recovery from this kind of disaster comes
Speaker 1: in stages. There's things like getting water bottles to people
Speaker 1: who don't have access to water, making sure electric lines
Speaker 1: are are are repaired and electricity is available throughout the state,
Speaker 1: those short term concerns. And then in the meantime, FEMA
Speaker 1: assesses the damage and and they get into a bit
Speaker 1: of a rebuilding conversation through grants. Uh. Democrats in Congress,
Speaker 1: who still control the House and Senate, and obviously the
Speaker 1: presidents of Democrat very much make a point of saying
Speaker 1: we support federal aid for any scenario like this. Sometimes
Speaker 1: they say that with a bit of a chip on
Speaker 1: their shoulder, because some Republicans, including the opposed certain measures
Speaker 1: after Hurricane Sandy. But there would very likely be clear
Speaker 1: support in Congress for federal funds, not only for the
Speaker 1: short term stuff, but the long term rebuilding grants. I
Speaker 1: would not expect that to change at any point in
Speaker 1: the future. Now, while the President was on his way
Speaker 1: to Florida, we got that word from OPEC plus that
Speaker 1: they're going to cut production by two million barrels a day.
Speaker 1: Does this have the potential to be the kind of
Speaker 1: October surprise that this president doesn't want. It's definitely bad news.
Speaker 1: I don't know if this would constitute an October surprise
Speaker 1: in the sense of one single event, Uh that that
Speaker 1: really shocks people right before an election. Uh, this is
Speaker 1: the kind of thing that you know, OPEC production being
Speaker 1: limited can have somewhat of a delayed effect. Uh, we'll
Speaker 1: see exactly how quickly this might lead to an increase
Speaker 1: some and gas prices. Uh. It really adds a weight
Speaker 1: to something that's already been an issue. Cost of living
Speaker 1: is an issue broadly that that Republicans are hitting Democrats
Speaker 1: on in these mid term elections. If gas prices go up,
Speaker 1: it's not a new issue. It's something that's already been
Speaker 1: debated that a lot of people have already felt. Uh.
Speaker 1: So it is bad news. It's bad news for the
Speaker 1: US economy. It's bad news for Democrats, certainly on the
Speaker 1: campaign trail. It's hard to tell exactly how and when
Speaker 1: this hits everyday people, but it's not something that Democrats
Speaker 1: are happy about. Well, is there anything more that the
Speaker 1: White House can do besides saying that they're going to
Speaker 1: put out more from the strategic reserve and kind of
Speaker 1: hammer gasoline companies about the gap between wholesale and retail prices.
Speaker 1: Is there anything further the White House can do? I mean,
Speaker 1: in this case, there have been hints at how they
Speaker 1: might respond to OPEC countries. You know, you saw Senator
Speaker 1: Chris Murphy, who's close with the White House, among other lawmakers,
Speaker 1: raising the issue of US military aid to UH Saudi
Speaker 1: Arabia as a point of leverage. That would be uh,
Speaker 1: you know, a real point of tension if the US
Speaker 1: tried to open up those negotiations and those talks and
Speaker 1: and cast out as to the US is UH sort
Speaker 1: of defense and security relationship with a country like Saudi Arabia?
Speaker 1: But that that would be an option, that would be
Speaker 1: a heavier option than just releasing more oil from the
Speaker 1: Strategic Petroleum Reserve. That's not something that the the White
Speaker 1: House has commented on though, Well, I guess the President
Speaker 1: is going to try to take the reins on the
Speaker 1: economic message with this trip to New York and IBM facility.
Speaker 1: Tell us more about that. Yeah, In this case, IBM
Speaker 1: is going to announce plans to invest twenty billion dollars
Speaker 1: in the next decade. This is going to happen during
Speaker 1: a visit today by the President to their campus in Poughkeepsie. Uh.
Speaker 1: This ties in very clearly to the Chips Act that
Speaker 1: was enacted earlier this summer. That is something that the
Speaker 1: President is going to be touting on the campaign trail.
Speaker 1: That's that's one of the big accomplishments that Democrats want
Speaker 1: people to know about. That's a bit a bit abstract
Speaker 1: your everyday people in terms of what semiconductors are in
Speaker 1: their importance to the economy. But when you hear a
Speaker 1: significant number like that U twenty billion dollar investment by
Speaker 1: IBM among other companies with with similar announcements, that's something
Speaker 1: that the President is going to want to play up.
Speaker 1: And just thirty seconds left here, what's this overhaul at
Speaker 1: the World Bank that Treasury Secretary Yellen is gonna be
Speaker 1: talking about tonight. She is going to make the case
Speaker 1: that I know some other people have made that the
Speaker 1: World Bank is unnecessarily limited in the way it lends UH,
Speaker 1: specifically saying that they should move beyond country specific loans UH,
Speaker 1: and that in cases of UH supporting clean energy projects
Speaker 1: where the benefit could go beyond the borders of a
Speaker 1: single country, they should not be quite as limited in
Speaker 1: in focusing on lending to a single country and requiring
Speaker 1: that country to bear the costs and and UH and
Speaker 1: focus on the benefits of each project. So for pushing
Speaker 1: for the World Bank to take a broader view and
Speaker 1: lend more as well, especially for clean energy. Thanks Jack Bloomberg.
Speaker 1: Government Congressional reporter Jack Fitzpatrick with US this morning. Bloomberg
Speaker 1: Surveillance is up next with Tom Keene, Jonathan Farrell, and
Speaker 1: Lisa Bramowitz for Karen Moscow. I'm Nathan Hagar, and this
Speaker 1: is Bloomberg