1 00:00:03,560 --> 00:00:06,920 Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is is Bloomberg 2 00:00:06,960 --> 00:00:10,760 Speaker 1: day Break for Tuesday, August thirty two. Coming up this hour, 3 00:00:11,119 --> 00:00:15,040 Speaker 1: Futures Rise. Following the worst two days stock selloff since June. 4 00:00:15,360 --> 00:00:17,479 Speaker 1: A top FED official says he was happy how the 5 00:00:17,480 --> 00:00:21,040 Speaker 1: market reacted to j Powell's Jacksonhole speech and the Biden 6 00:00:21,079 --> 00:00:24,239 Speaker 1: administration said to be preparing to sell a billion dollars 7 00:00:24,239 --> 00:00:27,520 Speaker 1: in arms to Taiwan. New York Mayor Adams provides more 8 00:00:27,560 --> 00:00:31,120 Speaker 1: resources for pregnant women. Plus Ukraine has launched a southern offensive. 9 00:00:31,200 --> 00:00:34,040 Speaker 1: As inspector said to a nuclear plant, I like the bar. 10 00:00:34,200 --> 00:00:37,440 Speaker 1: More ahead, I'm drying. Stature and sports, Aaron Judges fifty 11 00:00:37,479 --> 00:00:39,520 Speaker 1: a film, Rod Game, and a Yankee Loss of the Angel. 12 00:00:39,560 --> 00:00:45,400 Speaker 1: Serena Williams advances at the US Open. That's all trained 13 00:00:45,400 --> 00:00:48,760 Speaker 1: ahead on Bloomberg day Break on Bloomberg Eliving, Free on 14 00:00:48,880 --> 00:00:53,320 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh 15 00:00:53,360 --> 00:00:58,120 Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Syrius XM 16 00:00:58,160 --> 00:01:00,920 Speaker 1: one nine Team and around the world. Old on Bloomberg 17 00:01:01,000 --> 00:01:07,960 Speaker 1: Radio dot Com and via The Bloomberg Business. Good morning, 18 00:01:07,959 --> 00:01:10,920 Speaker 1: I'm Nathan Hager and I'm Karen Moscow u S stock 19 00:01:11,000 --> 00:01:13,680 Speaker 1: Index futures on the rise this morning. We're coming up 20 00:01:13,680 --> 00:01:15,360 Speaker 1: to fundle one on Wall Street, and we check the 21 00:01:15,360 --> 00:01:18,479 Speaker 1: markets every fifteen minutes through on the trading day. On Bloomberg, 22 00:01:18,880 --> 00:01:21,720 Speaker 1: SNP futures up thirty five points down, futures of two 23 00:01:21,800 --> 00:01:25,160 Speaker 1: hundred twenty and Nasdaq futures of one forty four ten 24 00:01:25,240 --> 00:01:28,840 Speaker 1: year Treasury up thirteen thirty seconds three point oh five percent, 25 00:01:28,959 --> 00:01:31,120 Speaker 1: and they yield on the two year three point four 26 00:01:31,280 --> 00:01:34,320 Speaker 1: one percent. And NIMEX screwed oil is down three tenths 27 00:01:34,360 --> 00:01:37,119 Speaker 1: of a percent Nathan Well, Karen. The rise in futures 28 00:01:37,160 --> 00:01:40,240 Speaker 1: follows two straight days of losses on Wall Street. In fact, 29 00:01:40,280 --> 00:01:43,319 Speaker 1: the SMP five hundred and NASDAC one hundred posted their 30 00:01:43,319 --> 00:01:46,880 Speaker 1: worst two day tumble since mid June, following FIT chair J. 31 00:01:47,040 --> 00:01:50,200 Speaker 1: Powell's hawk Is comments on Friday. Aaron Kennon is CEO 32 00:01:50,280 --> 00:01:53,320 Speaker 1: at Clear Harbor Asset Management. There has been a belief 33 00:01:53,720 --> 00:01:56,720 Speaker 1: since perhaps mid June, that the FIT, at some point, 34 00:01:56,760 --> 00:01:58,720 Speaker 1: perhaps even by the end of the year, would be 35 00:01:58,760 --> 00:02:00,920 Speaker 1: in a position where they are looking at data and 36 00:02:00,960 --> 00:02:03,960 Speaker 1: decelerating inflation, and that they may in fact be in 37 00:02:03,960 --> 00:02:05,920 Speaker 1: a position to pivot, and I think what we heard 38 00:02:05,920 --> 00:02:09,640 Speaker 1: on Friday was that's not accurate. Do not fight the Fed. 39 00:02:09,960 --> 00:02:13,080 Speaker 1: You know, if you're predicting a pivot soon, please do 40 00:02:13,120 --> 00:02:15,880 Speaker 1: not bet on it. Naron Kennon with Clear Harbor Asset 41 00:02:15,919 --> 00:02:18,840 Speaker 1: Management says equities could experience a rough patch as the 42 00:02:18,840 --> 00:02:22,920 Speaker 1: FED continues battling inflation. Well. Investors may have been rattled 43 00:02:22,960 --> 00:02:26,360 Speaker 1: by the stock market reaction to Powell's speech Nathan. Minneapolis 44 00:02:26,360 --> 00:02:29,639 Speaker 1: FED President Neil Cash Cary says it was good bye him. 45 00:02:29,840 --> 00:02:31,800 Speaker 1: I assumably it was not exciting to see the stock 46 00:02:31,840 --> 00:02:35,480 Speaker 1: market rallying after our last photo Open Market Committee meeting, 47 00:02:35,520 --> 00:02:38,280 Speaker 1: because I know how committed we all are to getting 48 00:02:38,280 --> 00:02:42,000 Speaker 1: inflation down, and I somehow think the markets were misunderstanding that. 49 00:02:42,080 --> 00:02:45,240 Speaker 1: And I was actually happy to see how share Powell's 50 00:02:45,360 --> 00:02:48,240 Speaker 1: Jackson Hole speech was received. You know, people now understand 51 00:02:48,280 --> 00:02:51,040 Speaker 1: the seriousness of our commitment to getting inflation back down 52 00:02:51,080 --> 00:02:54,720 Speaker 1: to two. Cary said, the US Central Bank is determined 53 00:02:54,760 --> 00:02:57,880 Speaker 1: to contain inflation. The most costly mistake we will make 54 00:02:58,360 --> 00:03:01,680 Speaker 1: is if we get fooled thinking, oh, we've got inflation licked. 55 00:03:01,720 --> 00:03:04,880 Speaker 1: Now let's go cut interest rates. Because the economy is 56 00:03:04,880 --> 00:03:06,919 Speaker 1: showing signs of weakening easy. So the way to deal 57 00:03:06,960 --> 00:03:09,480 Speaker 1: with the lags for me is just to get somewhere 58 00:03:09,520 --> 00:03:12,080 Speaker 1: and sit there until we're really convinced that we've got 59 00:03:12,160 --> 00:03:15,440 Speaker 1: inflation licked. Minneapolis Fed President Neil cash Cary made the 60 00:03:15,480 --> 00:03:18,800 Speaker 1: comments on the Odd Lots podcast with The Bloomberg's Tracy 61 00:03:18,880 --> 00:03:22,000 Speaker 1: Alloway and Joe Wassenthal. Listen to the entire interview wherever 62 00:03:22,080 --> 00:03:24,640 Speaker 1: you get your podcasts well. Interest rates are also in 63 00:03:24,720 --> 00:03:28,040 Speaker 1: focus in Europe here and ECB Chief Economist Philip Blane 64 00:03:28,120 --> 00:03:30,640 Speaker 1: is urging a steady pace of rate hikes to fight 65 00:03:30,720 --> 00:03:34,520 Speaker 1: record inflation. He thinks it will help minimize any negative consequences. 66 00:03:34,880 --> 00:03:37,000 Speaker 1: Where we are now, where the polls fate is zero 67 00:03:37,680 --> 00:03:40,400 Speaker 1: is below annie verse from off the terminal race, we 68 00:03:40,480 --> 00:03:43,040 Speaker 1: said in July, and it's fairly obvious, and the market 69 00:03:43,040 --> 00:03:46,480 Speaker 1: believes that the surveys anticipators is there will be a 70 00:03:46,520 --> 00:03:49,240 Speaker 1: series of hikes coming off. But of course what the 71 00:03:49,240 --> 00:03:54,360 Speaker 1: big debate is exactly how high should the accuminated increased 72 00:03:54,400 --> 00:03:57,680 Speaker 1: fe ECB Chief Economist Philip Blaines comments seemed to push 73 00:03:57,720 --> 00:04:00,200 Speaker 1: back against some of his colleagues who floated the idea 74 00:04:00,240 --> 00:04:03,040 Speaker 1: of a seventy five basis point hike at next week's meeting. 75 00:04:03,520 --> 00:04:06,560 Speaker 1: But the Corporate News now Nathan. Microsoft is outline plan 76 00:04:06,760 --> 00:04:10,440 Speaker 1: changes to the terms of its software licensing agreements in Europe, 77 00:04:10,480 --> 00:04:14,000 Speaker 1: and Bloomberg's Charlie Pellett has that story. It follows complaints 78 00:04:14,000 --> 00:04:18,920 Speaker 1: to antitrust regulators from some European cloud computing service providers 79 00:04:18,920 --> 00:04:23,119 Speaker 1: that the company's practices put rivals at a competitive disadvantage. 80 00:04:23,520 --> 00:04:27,080 Speaker 1: Microsoft says the changes will make it simpler for customers 81 00:04:27,120 --> 00:04:30,400 Speaker 1: of rival cloud service companies in Europe to move their 82 00:04:30,400 --> 00:04:34,320 Speaker 1: existing software to these other networks. It says the new 83 00:04:34,480 --> 00:04:38,440 Speaker 1: terms will also ensure that cloud partners quote have access 84 00:04:38,480 --> 00:04:42,200 Speaker 1: to the products necessary to sell cost effective solutions that 85 00:04:42,360 --> 00:04:46,400 Speaker 1: customers want. In New York, Charlie Pellett, Bloomberg Day Break, 86 00:04:46,480 --> 00:04:48,640 Speaker 1: All right, Charlie, thanks on the earnings front, we get 87 00:04:48,720 --> 00:04:52,000 Speaker 1: quarterly results later this morning from best Buy. Bloomberg's Tom 88 00:04:52,000 --> 00:04:54,920 Speaker 1: Busby has a preview. After cutting its annual profit and 89 00:04:54,960 --> 00:04:58,000 Speaker 1: sales forecast in July, It's expected to be a dismal 90 00:04:58,160 --> 00:05:01,520 Speaker 1: second quarter earnings report from the Minnesota based retailer, as 91 00:05:01,560 --> 00:05:05,120 Speaker 1: if contends with weakening demand for PCs laptops, and other 92 00:05:05,120 --> 00:05:08,640 Speaker 1: consumer electronics u S COMP sales forecast to tumble more 93 00:05:08,640 --> 00:05:11,599 Speaker 1: than eleven percent last quarter. The big focus though, for 94 00:05:11,680 --> 00:05:15,120 Speaker 1: investors the chain's outlook for the all important holiday shopping season. 95 00:05:15,240 --> 00:05:17,800 Speaker 1: Consensus calls for adjusted earnings per share of a dollar 96 00:05:17,839 --> 00:05:21,560 Speaker 1: thirty eight revenue of ten point three five billion dollars. 97 00:05:21,880 --> 00:05:25,200 Speaker 1: I'm Tom Busby, Bloomberg Daybreak. All right, Tom, thank you 98 00:05:25,240 --> 00:05:28,600 Speaker 1: to politics. Now. Bloomberg News has learned the Biden administration 99 00:05:28,720 --> 00:05:31,440 Speaker 1: is preparing to sell one point one billion dollars in 100 00:05:31,480 --> 00:05:34,480 Speaker 1: missiles and ratear support to Taiwan. It would be the 101 00:05:34,560 --> 00:05:37,800 Speaker 1: largest transfer of US weapons to Taiwan in almost two years. 102 00:05:38,040 --> 00:05:41,800 Speaker 1: Although the sale does not offer Taiwan any new military capacity, 103 00:05:42,200 --> 00:05:44,719 Speaker 1: it's still likely to lead to more protests from China. 104 00:05:45,040 --> 00:05:47,400 Speaker 1: And we're watching for a primetime speech later this week 105 00:05:47,440 --> 00:05:50,599 Speaker 1: from President Biden and Karen he'll escalate his criticism of 106 00:05:50,640 --> 00:05:54,360 Speaker 1: what he calls extreme MAGA Republicans. Let's get a preview 107 00:05:54,360 --> 00:05:57,760 Speaker 1: now from Amy Morris and our Bloomberg newsroom in Washington. 108 00:05:57,960 --> 00:06:00,880 Speaker 1: White House officials tell Bloomberg News and in Biden will 109 00:06:00,880 --> 00:06:03,159 Speaker 1: speak about the battle for the soul of the nation 110 00:06:03,240 --> 00:06:07,080 Speaker 1: and will warn that the country's core values, including democracy itself, 111 00:06:07,160 --> 00:06:11,440 Speaker 1: are at stake. Thursday's address from Philadelphia's Independence National Historical 112 00:06:11,480 --> 00:06:14,520 Speaker 1: Park will condemn the GOP for what Biden regards is 113 00:06:14,560 --> 00:06:17,680 Speaker 1: their threats to US rights and freedoms, and sharpen his 114 00:06:17,720 --> 00:06:20,560 Speaker 1: attacks on Republicans as he works to reframe the mid 115 00:06:20,680 --> 00:06:24,520 Speaker 1: term elections, which are traditionally punishing for first term presidents. 116 00:06:24,560 --> 00:06:27,839 Speaker 1: In Washington, I'm Amy Morris Bloomberg Day break Right, Amy Thanks. 117 00:06:27,839 --> 00:06:30,520 Speaker 1: President Biden's approval ratings have been on the rise. The 118 00:06:30,560 --> 00:06:34,040 Speaker 1: poll tracking website five thirty eight now says Democrats are 119 00:06:34,080 --> 00:06:38,640 Speaker 1: now slightly favored to keep control of the Senate in November. Republicans, meanwhile, 120 00:06:38,680 --> 00:06:42,320 Speaker 1: are dealing with multiple investigations against former President Donald trumb 121 00:06:42,520 --> 00:06:46,240 Speaker 1: Bloomberg political contributor Jeanie shehan Zano says the more the 122 00:06:46,240 --> 00:06:48,520 Speaker 1: former president is in the news, the better it is 123 00:06:48,600 --> 00:06:51,840 Speaker 1: for Democrats. Republicans know that they would like to turn 124 00:06:51,880 --> 00:06:54,880 Speaker 1: their focus on Joe Biden. They'd like to talk about inflation. 125 00:06:55,000 --> 00:06:57,320 Speaker 1: They'd like to talk about his age. They'd like to 126 00:06:57,320 --> 00:06:59,880 Speaker 1: talk about a whole bunch of things. They haven't gotten 127 00:07:00,160 --> 00:07:03,599 Speaker 1: oxygen in the room because Donald Trump takes it all up. 128 00:07:03,839 --> 00:07:07,839 Speaker 1: Bloomberg Politics contributor Jeanie Sheehan Zeno spoke with our Washington 129 00:07:07,880 --> 00:07:11,000 Speaker 1: corresponded Joe Matthew on Bloomberg Sound On. Catch the program 130 00:07:11,080 --> 00:07:14,600 Speaker 1: weekdays at five pm Eastern on Bloomberg Radio Straight Ahead 131 00:07:14,600 --> 00:07:17,240 Speaker 1: your latest local headlines plus a check of sports. And 132 00:07:17,440 --> 00:07:24,400 Speaker 1: this is Bloomberg com Sparing. It's five oh seven on 133 00:07:24,440 --> 00:07:26,760 Speaker 1: Wall Street where a seventy five degrees in Central Park 134 00:07:26,800 --> 00:07:28,800 Speaker 1: got some late road work at Scott the northbound New 135 00:07:28,880 --> 00:07:32,600 Speaker 1: Jersey turned quite car lanes closed between exit six and twelve. 136 00:07:33,080 --> 00:07:36,120 Speaker 1: With the details Shortland traffic. First, Michael Bars here with 137 00:07:36,120 --> 00:07:38,000 Speaker 1: what else is going on in New York and around 138 00:07:38,000 --> 00:07:40,440 Speaker 1: the world. Good morning Michael, Good morning Nathan. New York 139 00:07:40,440 --> 00:07:43,680 Speaker 1: City will get pregnant women more support and expanded access 140 00:07:43,720 --> 00:07:47,160 Speaker 1: to resources. It's an effort to address health disparities and 141 00:07:47,200 --> 00:07:51,000 Speaker 1: make pregnancy safer. New York City Mayor Eric Adams says 142 00:07:51,040 --> 00:07:54,400 Speaker 1: that he is signing seven bills into law making pregnancy 143 00:07:54,520 --> 00:07:57,440 Speaker 1: safer and bridged the gap for maternal healthcare for black 144 00:07:57,480 --> 00:08:01,120 Speaker 1: women and the numbers of clear Black women are nine 145 00:08:01,320 --> 00:08:04,840 Speaker 1: times more likely to die of pregnancy. Of your Lady 146 00:08:04,960 --> 00:08:08,760 Speaker 1: coises than white women in New York City that is 147 00:08:08,800 --> 00:08:13,480 Speaker 1: an alarming unacceptable number. Mayor Adams says the bills will 148 00:08:13,560 --> 00:08:17,680 Speaker 1: do several things, including establishing a maternal Bill of Rights 149 00:08:18,040 --> 00:08:21,480 Speaker 1: and for women to be free from discrimination. A team 150 00:08:21,760 --> 00:08:24,320 Speaker 1: lost an arm after an impact in the New York 151 00:08:24,320 --> 00:08:27,480 Speaker 1: City subway. The fifteen year old's arm was severed after 152 00:08:27,520 --> 00:08:31,760 Speaker 1: he struck a north bound our train in Jackson Hides, Queens. 153 00:08:32,240 --> 00:08:35,520 Speaker 1: He's currently in stable condition at Bellevue Hospital. Police at 154 00:08:35,559 --> 00:08:37,800 Speaker 1: the team is not believed to have been the victim 155 00:08:37,800 --> 00:08:41,520 Speaker 1: of a crime, and they're looking at surveillance footage. Ukraine's 156 00:08:41,559 --> 00:08:45,800 Speaker 1: military says it is advancing in Russian held territory just 157 00:08:46,040 --> 00:08:50,320 Speaker 1: north of the Crimea Peninsula. Ukrainian forces launched ground assaults 158 00:08:50,360 --> 00:08:53,720 Speaker 1: in the Kershawon region. It comes as the International Atomic 159 00:08:53,880 --> 00:08:58,040 Speaker 1: Energy Agency heads to the Russian occupied nuclear power plant 160 00:08:58,200 --> 00:09:01,400 Speaker 1: to the northeast in Ukraine. There is no safe water 161 00:09:01,480 --> 00:09:03,560 Speaker 1: to drink from the tap for up to a hundred 162 00:09:03,559 --> 00:09:07,000 Speaker 1: eighty thousand people in Jackson, Mississippi. Flood waters from the 163 00:09:07,000 --> 00:09:10,240 Speaker 1: Pearl River are going down, knocking out the main pumping station. 164 00:09:10,600 --> 00:09:13,640 Speaker 1: Mississippi Governor Tate reeves we are drafting a state of 165 00:09:13,640 --> 00:09:18,720 Speaker 1: emergency declaration with regards to Jackson's failure to produce running water, 166 00:09:19,320 --> 00:09:22,480 Speaker 1: Governor Reeves says that also means there is less or 167 00:09:22,480 --> 00:09:26,280 Speaker 1: no water to fight fires and flush toilets. Climate researchers 168 00:09:26,280 --> 00:09:29,839 Speaker 1: are sounding the alarm morning that Greenland's melting ice sheet 169 00:09:30,040 --> 00:09:33,200 Speaker 1: will eventually raise global sea levels by about ten inches. 170 00:09:33,600 --> 00:09:36,040 Speaker 1: According to the report in the journal Nature, The fear 171 00:09:36,120 --> 00:09:39,720 Speaker 1: now is that it may be inevitable. Author and science 172 00:09:39,840 --> 00:09:44,240 Speaker 1: journalists Guy Events says, nations have to start planning now 173 00:09:44,320 --> 00:09:48,439 Speaker 1: for future climate refugees and mass migration. People will not 174 00:09:48,559 --> 00:09:51,240 Speaker 1: be able to adapt in certain places, they will have 175 00:09:51,320 --> 00:09:55,000 Speaker 1: to move. Author Guy Events Global Needs twenty four hours 176 00:09:55,000 --> 00:09:57,920 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 177 00:09:57,960 --> 00:10:01,920 Speaker 1: more than journalists now listen more than twenty countries. High 178 00:10:01,960 --> 00:10:09,880 Speaker 1: Michael Barr and this is Bloomberg Maintain. Thanks Michael. Front 179 00:10:10,080 --> 00:10:12,000 Speaker 1: to five ten on Wall Street. Time for the Bloomberg 180 00:10:12,040 --> 00:10:15,120 Speaker 1: Sports Update. Good morning, John Stanshammer, Good morning Nathan Yankees. 181 00:10:15,120 --> 00:10:17,560 Speaker 1: After a couple of losson's in Oakland, began a series 182 00:10:17,559 --> 00:10:20,760 Speaker 1: in Anaheim and in the eighth inning, a milestone will 183 00:10:20,800 --> 00:10:23,319 Speaker 1: be one one to judge the pitch swung on a 184 00:10:23,480 --> 00:10:29,040 Speaker 1: hit deep center field twelve on the run judge number fifty, 185 00:10:32,520 --> 00:10:37,360 Speaker 1: end of the rock pile in center field in Anaheim. 186 00:10:37,520 --> 00:10:41,760 Speaker 1: It's four three angels after home run number fifty. Per 187 00:10:41,920 --> 00:10:45,000 Speaker 1: Aaron John am to call, he's only the tenth player 188 00:10:45,000 --> 00:10:48,120 Speaker 1: in baseball history to have two fifty home run seasons. 189 00:10:48,160 --> 00:10:50,240 Speaker 1: And he gets there before even get into September. And 190 00:10:50,280 --> 00:10:53,480 Speaker 1: the question now is if Judge Ken break Roger Marris's 191 00:10:53,520 --> 00:10:56,480 Speaker 1: Yankee and American League record of sixty one homers angels 192 00:10:56,480 --> 00:10:59,160 Speaker 1: one four three on the show, Ohtani two run homer 193 00:10:59,240 --> 00:11:02,439 Speaker 1: his twenty nine that came off Frankie Mantash's record with 194 00:11:02,600 --> 00:11:04,840 Speaker 1: the Yanks in the ages just four and eleven. The 195 00:11:04,920 --> 00:11:07,520 Speaker 1: Dodgers with a tenant and win in Miami, they've got 196 00:11:07,520 --> 00:11:10,480 Speaker 1: a record that's fifty one games over five hundred. Dodgers 197 00:11:10,480 --> 00:11:13,480 Speaker 1: start a series tonight with the Mets at City Field, 198 00:11:13,480 --> 00:11:15,719 Speaker 1: where across the parking lot at the US Open last 199 00:11:15,840 --> 00:11:18,600 Speaker 1: night a hot ticket to see Serena Williams not the 200 00:11:18,640 --> 00:11:21,880 Speaker 1: final match of her career. She beat Donka Covinet and 201 00:11:21,920 --> 00:11:24,199 Speaker 1: straight says, so she'll be back tomorrow night for a 202 00:11:24,320 --> 00:11:26,439 Speaker 1: second round match with a net count of right and 203 00:11:26,520 --> 00:11:29,480 Speaker 1: she is the tournament's second seed. The Knicks are said 204 00:11:29,520 --> 00:11:31,480 Speaker 1: to be close to an agreement with R. J. Barrett 205 00:11:31,800 --> 00:11:34,920 Speaker 1: a four year, one hundred and twenty million dollar extensions, 206 00:11:34,960 --> 00:11:36,959 Speaker 1: So if they are to make a trade with Utah 207 00:11:37,040 --> 00:11:40,520 Speaker 1: for Donovan Mitchell, it will not include Barrett. NFL teams 208 00:11:40,640 --> 00:11:42,880 Speaker 1: must cut their rosters today, and it's surprise the forty 209 00:11:42,960 --> 00:11:46,680 Speaker 1: Niners are keeping Jimmy Garoppolo as a backup quarterback. John 210 00:11:46,720 --> 00:11:50,600 Speaker 1: stash were Bloomberg Sports Nathan Okay, John, Thanks, futures moving 211 00:11:50,640 --> 00:11:52,920 Speaker 1: back up. I got SMP futures up thirty points, South 212 00:11:52,920 --> 00:11:55,320 Speaker 1: futures up a hundred ninety two. Nest At futures are 213 00:11:55,400 --> 00:11:58,720 Speaker 1: higher by one d eight points, a gain of one percent. 214 00:11:58,920 --> 00:12:01,360 Speaker 1: Let's in your treasury, you'll right now three point zero 215 00:12:01,440 --> 00:12:08,480 Speaker 1: five percent. This is Bloomberg Bloomberg eleven three oh Weather 216 00:12:08,600 --> 00:12:10,680 Speaker 1: mostly sunny, maybe a late day shower going up to 217 00:12:10,720 --> 00:12:13,640 Speaker 1: near ninety degrees and he showers and early tomorrow clearing 218 00:12:13,760 --> 00:12:16,560 Speaker 1: eyes in the upper eighties. Sunny, less humid for Thursday. 219 00:12:16,559 --> 00:12:23,960 Speaker 1: With the eight five Right Now, markets, headlines and breaking 220 00:12:23,960 --> 00:12:26,840 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 221 00:12:26,960 --> 00:12:30,599 Speaker 1: the Bloomberg Business at and at Bloomberg quicktape. He's a 222 00:12:30,640 --> 00:12:41,160 Speaker 1: Bloomberg business flash, and I'm Karen. Moscow stops rising this morning, 223 00:12:41,240 --> 00:12:44,679 Speaker 1: and US futures are as well as investor sentiments stabilizes 224 00:12:44,720 --> 00:12:47,160 Speaker 1: following a route sparked by the Federal Reserve signal of 225 00:12:47,200 --> 00:12:51,920 Speaker 1: a sustained period of restrictive monetary polictic qual inflation, Treasury 226 00:12:52,000 --> 00:12:54,360 Speaker 1: yields in the dollar declining. We checked the markets every 227 00:12:54,360 --> 00:12:58,000 Speaker 1: fifteen minutes throughout the trading day on Bloomberg SNP futures 228 00:12:58,000 --> 00:13:00,280 Speaker 1: at twenty nine points, now futures up a hundred eighty 229 00:13:00,360 --> 00:13:02,960 Speaker 1: nast egg futures up one hundred twenty. The decks in 230 00:13:03,000 --> 00:13:05,559 Speaker 1: Germany's at one point three percent. The ten year treasury 231 00:13:05,559 --> 00:13:08,120 Speaker 1: of eleven thirty seconds you have three point oh five percent. 232 00:13:08,200 --> 00:13:11,080 Speaker 1: They yield on the two year three point four one percent. 233 00:13:11,600 --> 00:13:14,240 Speaker 1: Nimex Scrude oil is down one point six percent on 234 00:13:14,320 --> 00:13:16,840 Speaker 1: a dollar fifty and ninety five dollars fifty three cents 235 00:13:16,840 --> 00:13:19,360 Speaker 1: of barrel comics gold down a quarter percent or four 236 00:13:19,440 --> 00:13:22,640 Speaker 1: dollars thirty cents at seventeen forty five forty announce. The 237 00:13:22,760 --> 00:13:25,760 Speaker 1: euro is at one point zero zero three three against 238 00:13:25,760 --> 00:13:28,320 Speaker 1: the dollar. British found one point one seven four two 239 00:13:28,559 --> 00:13:30,600 Speaker 1: and the end at one thirty eight point three one 240 00:13:30,679 --> 00:13:33,240 Speaker 1: and bitcoin is at one point one percent at twenty 241 00:13:33,280 --> 00:13:36,280 Speaker 1: thousand and three hundred ninety dollars. Today, we are watching 242 00:13:36,320 --> 00:13:38,760 Speaker 1: for several reports on home prices at at nine a m. 243 00:13:38,800 --> 00:13:41,520 Speaker 1: Wall Street time at tennis, a Jolts jobs report, and 244 00:13:41,559 --> 00:13:45,280 Speaker 1: consumer confidence and best buy in Hewlett Packard Enterprise among 245 00:13:45,320 --> 00:13:49,080 Speaker 1: companies scheduled to report earnings today. That's a Bloomberg business flash. 246 00:13:49,080 --> 00:13:51,600 Speaker 1: Now here's Muchael Barr with more unless going on around 247 00:13:51,640 --> 00:13:54,920 Speaker 1: the world. Muncle, Good morning, Good morning, Karen. Ukrainian Force 248 00:13:55,000 --> 00:13:58,880 Speaker 1: has launched ground assaults in the Curson region of southern Ukraine. 249 00:13:59,160 --> 00:14:01,800 Speaker 1: It comes as an inspector's add to the nuclear plant 250 00:14:01,880 --> 00:14:05,520 Speaker 1: to the northeast from the latest defensive. President Joe Biden 251 00:14:05,559 --> 00:14:08,960 Speaker 1: plans to deliver a prime time speech Thursday in Philadelphia, 252 00:14:09,080 --> 00:14:12,520 Speaker 1: sailing Republicans for what he regards as their threats to 253 00:14:12,800 --> 00:14:16,319 Speaker 1: US rights and freedom. Retirement will have to wait at 254 00:14:16,360 --> 00:14:19,960 Speaker 1: the US Open. Serena Williams advanced after her first round 255 00:14:20,000 --> 00:14:24,040 Speaker 1: win last night over Nanka Kovin. In baseball, the Yankees 256 00:14:24,200 --> 00:14:27,480 Speaker 1: lost to the Angels for three, but Aaron Judge did 257 00:14:27,520 --> 00:14:30,200 Speaker 1: his fiftieth home run of the season, Judge became one 258 00:14:30,280 --> 00:14:33,920 Speaker 1: of ten players in Major League history with multiple fifty 259 00:14:34,080 --> 00:14:39,120 Speaker 1: homer seasons. Alright, a run the Red Sox and Giants lost. 260 00:14:39,480 --> 00:14:42,280 Speaker 1: Global News twenty four hours a day on air and 261 00:14:42,440 --> 00:14:46,200 Speaker 1: on Bloomberg Quit Take, powered by more journalists endlist, more 262 00:14:46,240 --> 00:14:49,760 Speaker 1: than a hundred twenty countries. Michael barn this is Bloomberg, Nathan, 263 00:14:49,920 --> 00:14:52,560 Speaker 1: the verdict is in. Thank you, Michael. We're coming up 264 00:14:52,560 --> 00:14:54,720 Speaker 1: to five twenty on Wall Street Life in the Bloomberg 265 00:14:54,760 --> 00:14:58,040 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. We want to 266 00:14:58,080 --> 00:15:01,120 Speaker 1: turn now to politics because, as Michael mentioned, we are 267 00:15:01,160 --> 00:15:05,360 Speaker 1: expecting a rare primetime speech from President Biden later on 268 00:15:05,400 --> 00:15:07,640 Speaker 1: this week that really could set the tone for the 269 00:15:07,640 --> 00:15:13,280 Speaker 1: mid term elections. Bloomberg Government reporter Emily Wilkins joins us now, Emily, 270 00:15:13,600 --> 00:15:17,360 Speaker 1: good morning. As Michael mentioned, the President is expected to 271 00:15:17,760 --> 00:15:21,480 Speaker 1: blast Republicans in this address. What more do we know 272 00:15:21,520 --> 00:15:24,080 Speaker 1: about what the president plans to say on Thursday night? 273 00:15:24,520 --> 00:15:27,960 Speaker 1: So Biden is dusting off his playbook. He's going to 274 00:15:28,040 --> 00:15:30,240 Speaker 1: come in and start talking again about the battle for 275 00:15:30,320 --> 00:15:33,680 Speaker 1: the soul of the nation. He's going to slam Republicans 276 00:15:33,720 --> 00:15:36,000 Speaker 1: for what he says is a threat to US rights 277 00:15:36,000 --> 00:15:39,640 Speaker 1: and freedoms. I think abortion rights, think things that deal 278 00:15:39,680 --> 00:15:43,040 Speaker 1: with elections, access to elections, access to the ballot box, 279 00:15:43,320 --> 00:15:46,320 Speaker 1: and think as well the thought addressing the fact that 280 00:15:46,400 --> 00:15:49,480 Speaker 1: there are still some Republican candidates out there as well 281 00:15:49,480 --> 00:15:52,960 Speaker 1: as some Republicans who have continually pushed the false claim 282 00:15:53,040 --> 00:15:56,800 Speaker 1: that the election was stolen. And so expect Biden to 283 00:15:56,840 --> 00:15:59,120 Speaker 1: mention all of that. This is coming at a point 284 00:15:59,120 --> 00:16:02,480 Speaker 1: where things are up for the Democrats. Um, it's still 285 00:16:02,520 --> 00:16:04,440 Speaker 1: going to be a stretch for them to potentially hold 286 00:16:04,480 --> 00:16:06,680 Speaker 1: the House, but things are looking much better for them 287 00:16:06,760 --> 00:16:10,120 Speaker 1: to continue to hold the Senate. UM. Biden's poll numbers 288 00:16:10,120 --> 00:16:13,040 Speaker 1: have ticked slightly up they were on the love of July. 289 00:16:13,080 --> 00:16:16,120 Speaker 1: There's still only at pent so less than fifty, but 290 00:16:16,280 --> 00:16:18,920 Speaker 1: once again better than they were. And so this is 291 00:16:18,960 --> 00:16:21,880 Speaker 1: really a moment where Biden's trying to seize the momentum 292 00:16:22,000 --> 00:16:23,720 Speaker 1: to get out there to be in front of the 293 00:16:23,760 --> 00:16:27,160 Speaker 1: American people and the message that he's pushing. This isn't 294 00:16:27,200 --> 00:16:29,520 Speaker 1: a new one. Democrats have been talking about the maga 295 00:16:29,560 --> 00:16:33,320 Speaker 1: Republicans and the threat that Republicans posed really for months 296 00:16:33,360 --> 00:16:35,200 Speaker 1: at this point, and I think that the fact the 297 00:16:35,200 --> 00:16:37,640 Speaker 1: President is really getting out there on the campaign trail 298 00:16:37,840 --> 00:16:39,720 Speaker 1: kind of shows that we're at the point where things 299 00:16:39,760 --> 00:16:42,720 Speaker 1: are very much shifting from thoughts of legislating to thoughts 300 00:16:42,720 --> 00:16:46,280 Speaker 1: of campaigning. We're really going to see things get underway 301 00:16:46,840 --> 00:16:50,520 Speaker 1: after Labor Day. It is interesting, though, because, as you mentioned, 302 00:16:50,800 --> 00:16:54,480 Speaker 1: the Democrats are sort of writing this wave of momentum 303 00:16:54,480 --> 00:16:57,160 Speaker 1: that's driven in large part, one could argue by the 304 00:16:57,280 --> 00:17:02,400 Speaker 1: legislative wins that Democrats have seen over the last several weeks. Uh, 305 00:17:02,600 --> 00:17:05,080 Speaker 1: is there a risk for the president to sort of 306 00:17:05,160 --> 00:17:10,120 Speaker 1: go back to this message of Republicans being anti democratic, 307 00:17:10,160 --> 00:17:14,399 Speaker 1: the semi fascism line that a number of Republicans have 308 00:17:14,520 --> 00:17:18,240 Speaker 1: seized on is going too far. I mean, certainly they're 309 00:17:18,240 --> 00:17:21,440 Speaker 1: always going to be criticisms of the president after any 310 00:17:21,480 --> 00:17:24,040 Speaker 1: sort of speech, and I think that, you know, there's 311 00:17:24,080 --> 00:17:26,760 Speaker 1: definitely debate to be had over exactly how far there 312 00:17:26,760 --> 00:17:30,280 Speaker 1: should it should go. Biden came in and really expressed 313 00:17:30,320 --> 00:17:33,119 Speaker 1: himself as a president who was going to be bipartisan, 314 00:17:33,160 --> 00:17:35,360 Speaker 1: who was going to work across the aisle. He does 315 00:17:35,400 --> 00:17:37,040 Speaker 1: have some things he can point to, right He has 316 00:17:37,080 --> 00:17:40,000 Speaker 1: that infrastructure bill, he has the semiconductor bill. Both of 317 00:17:40,000 --> 00:17:43,320 Speaker 1: those were done with bipartisan support. At the same point, 318 00:17:43,359 --> 00:17:46,080 Speaker 1: when Democrats look at their strategy and look at the playbook, 319 00:17:46,480 --> 00:17:48,600 Speaker 1: what they see is that what they really need to 320 00:17:48,640 --> 00:17:51,960 Speaker 1: do is kind of cast the Republican Party as just 321 00:17:52,040 --> 00:17:55,280 Speaker 1: something that's not in the best interest of Americans. Republicans, 322 00:17:55,320 --> 00:17:57,280 Speaker 1: of course, have pushed back, saying that if you look 323 00:17:57,280 --> 00:17:59,639 Speaker 1: at high inflation prices, you look at gas prices that 324 00:17:59,640 --> 00:18:02,119 Speaker 1: are still a way too high, this is the Democrats 325 00:18:02,119 --> 00:18:04,240 Speaker 1: fall and they are going to rally behind a number 326 00:18:04,280 --> 00:18:07,439 Speaker 1: of policies to really help the economy. Uh, They've been 327 00:18:07,560 --> 00:18:09,800 Speaker 1: very focused on on the issues. When I've talked to 328 00:18:09,840 --> 00:18:12,320 Speaker 1: Republican candidates and tried to get them to talk about 329 00:18:12,520 --> 00:18:16,199 Speaker 1: the election or abortion, they're very quite quickly paid it 330 00:18:16,240 --> 00:18:19,440 Speaker 1: back to the overall agenda. And that's what Republicans are 331 00:18:19,440 --> 00:18:23,199 Speaker 1: really banking on in their messaging. In our last minute here, Emily, 332 00:18:23,240 --> 00:18:27,080 Speaker 1: we've had a pretty significant geopolitical development word of a 333 00:18:27,240 --> 00:18:33,520 Speaker 1: pretty sizeable arms sale coming from the US to Taiwan. Yeah, 334 00:18:33,560 --> 00:18:37,560 Speaker 1: we are hearing that the State Department is prepared to 335 00:18:37,600 --> 00:18:40,440 Speaker 1: sell one point one billion dollars and missiles and radar 336 00:18:40,480 --> 00:18:43,520 Speaker 1: support to Taiwan. Now, Congress has to sign off on 337 00:18:43,600 --> 00:18:46,080 Speaker 1: this package, but it's very likely that they're going to 338 00:18:46,160 --> 00:18:49,520 Speaker 1: do so given the wide bipartisan support we've seen from Taiwan. 339 00:18:49,880 --> 00:18:52,880 Speaker 1: I mean, we've seen a Democratic Senator at Market go there, 340 00:18:52,920 --> 00:18:55,879 Speaker 1: We've seen Republicans Senator Marsha Blackburn go there just in 341 00:18:55,880 --> 00:18:58,479 Speaker 1: the recent weeks, and of course there was a Speaker 342 00:18:58,480 --> 00:19:02,119 Speaker 1: Pelosi's historic trip earlier this month. So you're really seeing 343 00:19:02,160 --> 00:19:05,000 Speaker 1: this wide support. And this comes at a time where, 344 00:19:05,119 --> 00:19:08,639 Speaker 1: you know, China and the relationship between Beijing and Washington 345 00:19:09,080 --> 00:19:12,239 Speaker 1: has really ratcheted up in terms of tension. China has 346 00:19:12,280 --> 00:19:15,560 Speaker 1: continued to send warships and aircraft to the Taiwan Strait 347 00:19:15,640 --> 00:19:18,800 Speaker 1: on a daily basis, and you're seeing this willingness for 348 00:19:18,880 --> 00:19:22,520 Speaker 1: Congress to continue to engage, even though tensions in the 349 00:19:22,560 --> 00:19:26,399 Speaker 1: region have been particularly high, even before Speaker Pelosi's trapping 350 00:19:26,520 --> 00:19:29,679 Speaker 1: and certainly afterwards. Thanks Emily good having on with us 351 00:19:29,760 --> 00:19:33,399 Speaker 1: this morning. Bloomberg Government reporter Emily Wilkins keeping track of 352 00:19:33,440 --> 00:19:36,919 Speaker 1: all the developments for US from the nation's capital, looking 353 00:19:37,000 --> 00:19:40,960 Speaker 1: at developments on Wall Street. Futures are bouncing back. We've 354 00:19:41,000 --> 00:19:43,760 Speaker 1: got SMP futures up thirty two points right now, DAL 355 00:19:43,920 --> 00:19:47,359 Speaker 1: futures highed by two hundred nine NASTAC futures up a 356 00:19:47,440 --> 00:19:49,880 Speaker 1: hundred thirty four points, and the tenure treasury is up 357 00:19:49,880 --> 00:19:53,320 Speaker 1: eleven thirty seconds now the yield three point zero six 358 00:19:53,520 --> 00:19:56,679 Speaker 1: per cent coming up. More on the market recovery and 359 00:19:56,720 --> 00:20:00,639 Speaker 1: why one prominent fed voice is saying he's happy about 360 00:20:00,680 --> 00:20:03,639 Speaker 1: the two day market slide. That's all straight ahead. On 361 00:20:03,640 --> 00:20:09,480 Speaker 1: Bloomberg Daybreak, Bloomberg eleven three oh weather, sunshine, chance for 362 00:20:09,480 --> 00:20:12,000 Speaker 1: a late day shower today going up to near ninety degrees, 363 00:20:12,040 --> 00:20:14,359 Speaker 1: any showers and early tomorrow will have highs in the 364 00:20:14,400 --> 00:20:17,119 Speaker 1: uper eighties once again, mid eighties, sunny and less humid 365 00:20:17,160 --> 00:20:23,080 Speaker 1: for Thursday. Right now seventy five in Central Park, broadcasting 366 00:20:23,119 --> 00:20:26,840 Speaker 1: live from the Bloomberg Interactive Broker Studio in New York, 367 00:20:26,960 --> 00:20:30,760 Speaker 1: Bloomberg E Living frem to Washington, d C. Bloomberg on 368 00:20:31,040 --> 00:20:34,280 Speaker 1: to Boston, Bloomberg one O six one does San Francisco, 369 00:20:34,320 --> 00:20:37,520 Speaker 1: Bloomberg nine sixty to the country, Sirius XM to the 370 00:20:37,600 --> 00:20:40,960 Speaker 1: one nineteen and around the globe, the Bloomberg Business and 371 00:20:41,040 --> 00:20:51,040 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 372 00:20:51,040 --> 00:20:53,520 Speaker 1: thirty on Wall Street. Good morning, I'm Nathan Hager and 373 00:20:53,560 --> 00:20:56,439 Speaker 1: I'm Karen Moscow. We are just about four hours away 374 00:20:56,480 --> 00:20:58,399 Speaker 1: from the open of US trading. Let's get you up 375 00:20:58,440 --> 00:20:59,840 Speaker 1: to date on the news you need to know. At 376 00:20:59,840 --> 00:21:03,080 Speaker 1: the sour futures are bouncing back after two straight days 377 00:21:03,080 --> 00:21:06,520 Speaker 1: of losses. On Wall Street. The n P five NASDACK 378 00:21:06,560 --> 00:21:09,840 Speaker 1: one hundred posted their worst two day tumbles since mid June. 379 00:21:10,119 --> 00:21:13,640 Speaker 1: Following a FED chair J Powell's hawkish comments on Friday, 380 00:21:13,840 --> 00:21:16,960 Speaker 1: Terry Spath, as chief investment officer, was Zumo Wealth, the 381 00:21:17,000 --> 00:21:20,280 Speaker 1: markets are suits because they're afraid that the FED could 382 00:21:20,680 --> 00:21:24,159 Speaker 1: create a hard landing. Looking forward into September, what we're 383 00:21:24,160 --> 00:21:27,000 Speaker 1: gonna want to try and anticipate is if we see 384 00:21:27,040 --> 00:21:29,680 Speaker 1: a seventy five bases rise, which I think is a 385 00:21:29,760 --> 00:21:33,800 Speaker 1: very high probability and increasing probability, is that digested as 386 00:21:33,920 --> 00:21:36,920 Speaker 1: bad news or as good news? Zuma Wealth ce IO 387 00:21:37,160 --> 00:21:40,760 Speaker 1: Terry Spath says she expects continued market volatility in the 388 00:21:40,840 --> 00:21:43,040 Speaker 1: short term. While the market may have been rattled by 389 00:21:43,040 --> 00:21:46,160 Speaker 1: powell speech care and Minneapolis Fed President Neil cash Car, 390 00:21:46,160 --> 00:21:48,439 Speaker 1: he says he was comforted by the sell off. I 391 00:21:48,520 --> 00:21:51,760 Speaker 1: was actually happy to see how share Pell's Jackson Hole 392 00:21:51,800 --> 00:21:54,959 Speaker 1: speech was received. People now understand the seriousness of our 393 00:21:55,000 --> 00:21:58,280 Speaker 1: commitment to getting inflation back down to two. Minneapolis FED 394 00:21:58,320 --> 00:22:01,080 Speaker 1: President Neil cash Cary spoke on The Odd Lots podcast 395 00:22:01,119 --> 00:22:04,119 Speaker 1: with Bloomberg's Tracy Alway and Joe Wis and Thal. Listen 396 00:22:04,160 --> 00:22:07,480 Speaker 1: to the entire interview wherever you get your podcasts well, Nathan. 397 00:22:07,520 --> 00:22:10,440 Speaker 1: Interest rates are in focus in Europe. ECB Chief economist 398 00:22:10,480 --> 00:22:13,280 Speaker 1: Philip Lane seemed to question the idea of a seventy 399 00:22:13,280 --> 00:22:16,240 Speaker 1: five basis point hike at next week's meeting. We think 400 00:22:16,240 --> 00:22:18,479 Speaker 1: about the next couple of years, We're not necessarily going 401 00:22:18,520 --> 00:22:20,520 Speaker 1: to be the longer and study stace. We may have 402 00:22:20,600 --> 00:22:24,760 Speaker 1: ciclical forces in either direction. Let's say that the policy 403 00:22:24,840 --> 00:22:27,040 Speaker 1: rates should be evolved in neutual rates. We may have 404 00:22:27,080 --> 00:22:30,040 Speaker 1: cixlical forces that may say, at the past rates should 405 00:22:30,080 --> 00:22:33,359 Speaker 1: be below that race. ECB Chief Economist Philip Lane is 406 00:22:33,480 --> 00:22:37,080 Speaker 1: urging a steady pace of rate hikes to fighting record inflation. 407 00:22:37,320 --> 00:22:39,760 Speaker 1: To politics now, Karen Bloomberg News has learned the Biden 408 00:22:39,760 --> 00:22:42,840 Speaker 1: administrations preparing to sell one point one billion dollars in 409 00:22:42,920 --> 00:22:46,520 Speaker 1: missiles and radar support to Taiwan, which will likely increase 410 00:22:46,560 --> 00:22:49,960 Speaker 1: tensions with China. Back at home, Nathan President Biden will 411 00:22:50,000 --> 00:22:53,119 Speaker 1: deliver a prime time speech this week, escalating criticism of 412 00:22:53,119 --> 00:22:56,280 Speaker 1: what he calls extreme Maga Republicans. It comes as the 413 00:22:56,280 --> 00:22:59,240 Speaker 1: President is seeing his approval ratings improve ahead of a 414 00:22:59,280 --> 00:23:03,240 Speaker 1: November midter arms. Bloomberg political contributor Genie shehan Zeno says, 415 00:23:03,280 --> 00:23:06,680 Speaker 1: for Democrats, one strategy will be keeping former President Trump 416 00:23:06,720 --> 00:23:09,840 Speaker 1: in the news. The political reality is the more Donald 417 00:23:09,840 --> 00:23:12,720 Speaker 1: Trump is in the news, the better for Democrats. And 418 00:23:12,720 --> 00:23:15,679 Speaker 1: that's been reality, So you know, the more Trump, the 419 00:23:15,760 --> 00:23:19,920 Speaker 1: better for them. Bloomberg Politics, a contributor to Genie shehan Zeno, 420 00:23:20,040 --> 00:23:22,680 Speaker 1: spoke to Joe Matthew on Bloomberg Sound on Catch the 421 00:23:22,720 --> 00:23:26,760 Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio, Futures 422 00:23:26,800 --> 00:23:29,920 Speaker 1: Higher This Morning, straight Ahead, your latest local headlines, plus 423 00:23:30,040 --> 00:23:38,480 Speaker 1: a check of sports, and this is Bloomberg. Thank you. 424 00:23:38,560 --> 00:23:41,560 Speaker 1: Caring on Wall Street seventy five degrees in Central Park, 425 00:23:41,600 --> 00:23:44,400 Speaker 1: got some emergency work in Jersey City, Root for forties 426 00:23:44,400 --> 00:23:47,720 Speaker 1: closed both ways at Dan Fourth Avenue. Details and traffic. First, 427 00:23:47,760 --> 00:23:49,480 Speaker 1: Michael Barr with what else is going on in New 428 00:23:49,560 --> 00:23:51,880 Speaker 1: York and around the world, Michael Nathan, thank you very much. 429 00:23:51,920 --> 00:23:54,679 Speaker 1: New York Mayor Eric Adams says he is signing several 430 00:23:54,720 --> 00:23:58,600 Speaker 1: bills to expand access and resources to pregnant women. Mayor 431 00:23:58,640 --> 00:24:01,960 Speaker 1: Adams says these bills will promote and expand access to 432 00:24:02,200 --> 00:24:06,520 Speaker 1: maternal healthcare. From the overturning of Road versus Wade to 433 00:24:06,800 --> 00:24:12,280 Speaker 1: state efforts to criminalize those who seek abortions, reproductive healthcare 434 00:24:12,920 --> 00:24:17,160 Speaker 1: is in danger. The health choices should be made by 435 00:24:17,320 --> 00:24:21,399 Speaker 1: women and their bodies. They should make the decisions on 436 00:24:21,640 --> 00:24:25,240 Speaker 1: these important medical moments. Me Or Adams says, one of 437 00:24:25,280 --> 00:24:28,560 Speaker 1: the bills established as a maternal Bill of Rights. More 438 00:24:28,600 --> 00:24:30,920 Speaker 1: bus loads of migrants are coming to New York City 439 00:24:30,920 --> 00:24:34,160 Speaker 1: today from Texas. The city continues to try and find 440 00:24:34,200 --> 00:24:37,359 Speaker 1: places for the asylum seekers. Authorities say of the twenty 441 00:24:37,440 --> 00:24:40,400 Speaker 1: year old who opened fire in a band Oregon supermarket, 442 00:24:40,520 --> 00:24:43,040 Speaker 1: killing two before he turned the gun on himself was 443 00:24:43,080 --> 00:24:45,360 Speaker 1: a loner who was known for getting into fights at 444 00:24:45,400 --> 00:24:49,240 Speaker 1: the high school where he graduated in Meanwhile, the vigil 445 00:24:49,359 --> 00:24:51,399 Speaker 1: was held last nine for the victims who were shot 446 00:24:51,440 --> 00:24:54,840 Speaker 1: at the Safeway store Sunday night. Flooding has caused a 447 00:24:55,000 --> 00:24:59,720 Speaker 1: worst case scenario to hit the drinking water supply for Jackson, Mississippi. 448 00:25:00,000 --> 00:25:02,080 Speaker 1: One of the main pumps at the city's main water 449 00:25:02,160 --> 00:25:05,719 Speaker 1: treatment facility failed earlier than predicted. The city can no 450 00:25:05,800 --> 00:25:09,960 Speaker 1: longer provide enough running water for everyone. Mississippi Governor Tate Reeves, 451 00:25:10,080 --> 00:25:14,240 Speaker 1: Please stay safe, do not drink the water. In too 452 00:25:14,240 --> 00:25:17,200 Speaker 1: many cases, it is raw water from the reservoir being 453 00:25:17,240 --> 00:25:21,879 Speaker 1: pushed through the pipes. Governor Reeves says. Jackson's mayor declared 454 00:25:21,880 --> 00:25:25,880 Speaker 1: a state of emergency. Ukraine's military says it is advancing 455 00:25:26,000 --> 00:25:29,760 Speaker 1: in Russian held territory just north of the Crimea Peninsula. 456 00:25:30,040 --> 00:25:33,359 Speaker 1: President Zelinski didn't talk specifically about the operation there in 457 00:25:33,400 --> 00:25:37,040 Speaker 1: the region. He said Ukrainian forces were retaking this country's 458 00:25:37,119 --> 00:25:40,600 Speaker 1: territory and he had a message for Russian forces. If 459 00:25:40,640 --> 00:25:44,040 Speaker 1: you want to survive, it's time to flee. Global News 460 00:25:44,080 --> 00:25:47,280 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 461 00:25:47,480 --> 00:25:50,439 Speaker 1: powered by more than hundred journalists and analysts more than 462 00:25:50,440 --> 00:25:52,840 Speaker 1: a hundred twenty countries. At Michael bar This is Bloomberg. 463 00:25:53,200 --> 00:26:01,040 Speaker 1: Thanks Michael wall Street. Time for the Bloomberg Sports Update. 464 00:26:01,080 --> 00:26:04,080 Speaker 1: Here's John Stesshower. Thanks Nathan Night of home runs, the 465 00:26:04,160 --> 00:26:06,600 Speaker 1: Yankees and Angels and Anaheim. The Angels hit three won 466 00:26:06,640 --> 00:26:08,679 Speaker 1: by x Yank Mike Ford and other by show Hey 467 00:26:08,760 --> 00:26:11,520 Speaker 1: O Tony two runshot his twenty nine. Yankees got solo 468 00:26:11,520 --> 00:26:14,240 Speaker 1: home runs from Anthony Rizzo fourth fitting his twenty nine 469 00:26:14,280 --> 00:26:17,359 Speaker 1: and then in the eight patented Aaron Judge blast a 470 00:26:17,480 --> 00:26:20,720 Speaker 1: straightaway centfield Judges fifty at home. Ron Wickhams, only the 471 00:26:20,800 --> 00:26:23,200 Speaker 1: ten to have done it twice for the Angels won 472 00:26:23,240 --> 00:26:25,920 Speaker 1: four three. The Yanks thirst day loss after winning five 473 00:26:25,920 --> 00:26:27,320 Speaker 1: in a row. The Mets were off. They host the 474 00:26:27,400 --> 00:26:31,120 Speaker 1: high flying Dodgers tonight. L as on the last thirty one. 475 00:26:31,400 --> 00:26:34,880 Speaker 1: Serena Williams has never actually used the word Retiringngine missed 476 00:26:34,880 --> 00:26:36,920 Speaker 1: it being vague, said last night she'll continue to be 477 00:26:37,040 --> 00:26:39,920 Speaker 1: vague in her career. Definitely not over yet. You want 478 00:26:39,960 --> 00:26:42,440 Speaker 1: her first round match the US Open, straight sets over 479 00:26:42,520 --> 00:26:45,480 Speaker 1: Donka Ka Vintage, much to the delight of a big crowd. 480 00:26:45,640 --> 00:26:50,720 Speaker 1: When I walked out the the reception was really overwhelming. 481 00:26:51,840 --> 00:26:56,280 Speaker 1: Um it was, it was loud, and it was it 482 00:26:56,440 --> 00:26:59,199 Speaker 1: was I could fill it in my chest and it 483 00:26:59,320 --> 00:27:01,399 Speaker 1: was a really good or you'll be back tomorrow and 484 00:27:01,440 --> 00:27:03,600 Speaker 1: I for figures would be a tougher match with second 485 00:27:03,600 --> 00:27:07,000 Speaker 1: seed in net contivit opening day upsets. Dominic team who 486 00:27:07,000 --> 00:27:09,439 Speaker 1: won the Open two years ago, lost, so did fourth 487 00:27:09,480 --> 00:27:13,560 Speaker 1: seeded Stefano sits upast Taylor Fritz, the highest seed American, 488 00:27:13,960 --> 00:27:16,640 Speaker 1: beaten by fellow American Brandon Holding, the son of one 489 00:27:16,640 --> 00:27:20,280 Speaker 1: time US Open champ Tracy Austin. Simona hallup stunned by 490 00:27:20,359 --> 00:27:24,560 Speaker 1: Darius snygera twenty year old from Ukraine. She's a qualifier. 491 00:27:24,640 --> 00:27:27,240 Speaker 1: She had never before won a professional match. R J. 492 00:27:27,400 --> 00:27:30,120 Speaker 1: Barnley twenty two years old, and yet on the verge 493 00:27:30,160 --> 00:27:32,720 Speaker 1: of a contract extension with the Knicks four years, one 494 00:27:32,760 --> 00:27:36,439 Speaker 1: hundred and twenty million dollars. John Stashdward Bloomberg Sports Nathan. 495 00:27:36,560 --> 00:27:38,840 Speaker 1: Thanks John. It's five thirty seven on Wall Street time 496 00:27:38,880 --> 00:27:41,680 Speaker 1: for the Tri State Business Report. Here's Bloomberg sad Cory. 497 00:27:41,960 --> 00:27:44,800 Speaker 1: New York City continues to be the priziest place in 498 00:27:44,840 --> 00:27:48,040 Speaker 1: the country to be a tenant. Median one bedroom rent 499 00:27:48,080 --> 00:27:51,360 Speaker 1: for August is up forty percent here over here. That's 500 00:27:51,400 --> 00:27:54,960 Speaker 1: according to the Zumper National Rent Index. Medium rent for 501 00:27:55,000 --> 00:27:59,120 Speaker 1: two bedroom apartments was up about forty seven percent. Manhattan 502 00:27:59,200 --> 00:28:03,320 Speaker 1: leads the Burrs with monthly rent climbing to hundred twelve dollars. 503 00:28:03,520 --> 00:28:06,280 Speaker 1: New Jersey is cutting an automotive fuel tanks by one 504 00:28:06,359 --> 00:28:10,280 Speaker 1: cent per gallant after consumer demand was higher than expected. 505 00:28:10,520 --> 00:28:14,040 Speaker 1: Petroleum products gross receipt charge will drop to thirty point 506 00:28:14,119 --> 00:28:17,960 Speaker 1: nine cents for gasoline thirty four point nine cents for diesel. 507 00:28:18,000 --> 00:28:22,040 Speaker 1: In October, as tennis icon Serena Williams prepared for her 508 00:28:22,080 --> 00:28:25,439 Speaker 1: final US Open tournament, she also readied herself for the 509 00:28:25,480 --> 00:28:27,960 Speaker 1: next stage of her career away from the tennis court. 510 00:28:28,280 --> 00:28:31,320 Speaker 1: William says she'll focus on her family and her venture 511 00:28:31,560 --> 00:28:35,800 Speaker 1: capital firm after tennis. That your Bloomberg Trying State Business report. 512 00:28:35,920 --> 00:28:39,600 Speaker 1: I'm in Corey, thanks said, It's on Wall Street. Bloomberg 513 00:28:39,720 --> 00:28:42,160 Speaker 1: Radio is on the air from San Francisco to New York, 514 00:28:42,200 --> 00:28:44,600 Speaker 1: London to Hong Kong. Let's check in with our global 515 00:28:44,640 --> 00:28:46,440 Speaker 1: news team for some of the top stories heard on 516 00:28:46,440 --> 00:28:53,080 Speaker 1: our three hundred affiliate radio stations around the world. On 517 00:28:53,320 --> 00:28:56,600 Speaker 1: wh F and Louisville, toyotas Global output Frank for a 518 00:28:56,640 --> 00:29:01,200 Speaker 1: fourth straight month. On the semiconductor shortage, I'm Steves Podascan 519 00:29:01,320 --> 00:29:04,800 Speaker 1: on K and X in Los Angeles. We're talking about California, 520 00:29:04,960 --> 00:29:08,000 Speaker 1: not exporters turning to the Port of l A as 521 00:29:08,040 --> 00:29:11,160 Speaker 1: an alternative to the backed up Port of Oakland. I'm 522 00:29:11,240 --> 00:29:14,200 Speaker 1: callin head gom PIMPEG DAB digital radio in London. We're 523 00:29:14,240 --> 00:29:16,920 Speaker 1: putting on British pubs on the brink of going bust 524 00:29:17,000 --> 00:29:20,840 Speaker 1: without support for energy bills. Just the latest sector demanding 525 00:29:20,960 --> 00:29:25,360 Speaker 1: more government help. I'm in Corey on w J in Detroit. 526 00:29:25,600 --> 00:29:28,400 Speaker 1: I'm rewarding Michigan Red Durant who still having enough time 527 00:29:28,520 --> 00:29:31,760 Speaker 1: finding workers. Those are some of the stories our twenty 528 00:29:32,120 --> 00:29:34,760 Speaker 1: hundred Bloomberg journalist and analysts are working on this morning 529 00:29:34,840 --> 00:29:37,560 Speaker 1: around the world. It's five thirty nine on Wall Street. 530 00:29:37,840 --> 00:29:42,040 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 531 00:29:42,360 --> 00:29:46,320 Speaker 1: was written by the Bloomberg Editorial Board. As Russia's war 532 00:29:46,440 --> 00:29:50,600 Speaker 1: with Ukraine, plants on a pencer movement is advancing towards 533 00:29:50,680 --> 00:29:54,360 Speaker 1: British households this winter. The price of natural gas so 534 00:29:54,560 --> 00:29:58,880 Speaker 1: skyrocketed since the invasion, boosting electricity costs and pushing up 535 00:29:58,920 --> 00:30:03,400 Speaker 1: prices from manu acturing inputs, food and pretty much everything else. 536 00:30:03,880 --> 00:30:07,240 Speaker 1: With UK energy demands set to rise in the colder months, 537 00:30:07,520 --> 00:30:14,080 Speaker 1: the financial pressure on millions of households could soon prove intolerable. Unfortunately, 538 00:30:14,240 --> 00:30:17,800 Speaker 1: this looming emergency has gotten too little attention during the 539 00:30:17,920 --> 00:30:21,760 Speaker 1: Conservative Party's leadership race. The winner of the election will 540 00:30:21,840 --> 00:30:25,360 Speaker 1: need to deliver both short term relief and longer term 541 00:30:25,480 --> 00:30:30,120 Speaker 1: reforms to bolster energy security. By any measure, Britain is 542 00:30:30,200 --> 00:30:34,080 Speaker 1: likely to face a long hard winterer. The next Prime 543 00:30:34,120 --> 00:30:38,800 Speaker 1: Minister will need foresight and ambition to forestall the worst. 544 00:30:39,360 --> 00:30:42,920 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 545 00:30:43,040 --> 00:30:46,080 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 546 00:30:46,200 --> 00:30:49,800 Speaker 1: opinion or ope I n go on the Bloomberg terminal. 547 00:30:50,080 --> 00:30:53,200 Speaker 1: This has been Bloomberg opinion and you can hear Bloomberg 548 00:30:53,280 --> 00:30:56,760 Speaker 1: opinion editorials every week at this time. Terminal customers can 549 00:30:56,840 --> 00:31:00,600 Speaker 1: read more at op I n go Latin. Two days 550 00:31:00,680 --> 00:31:05,040 Speaker 1: slide following Chairman Powell's comments, Futures are moving higher this morning. 551 00:31:05,240 --> 00:31:07,760 Speaker 1: SMP futures are up thirty seven point, Staff futures up 552 00:31:07,760 --> 00:31:11,440 Speaker 1: two one. NASTAC futures leading the games this morning, up 553 00:31:11,480 --> 00:31:15,640 Speaker 1: a hundred fifty one points. Steed Wack, chief investment officer 554 00:31:15,760 --> 00:31:22,920 Speaker 1: at Flow Bank, joins us next. This is Bloomberg Bloomberg 555 00:31:22,960 --> 00:31:25,520 Speaker 1: eleventh three oh Weather sunny, chance for light day shower today, 556 00:31:25,600 --> 00:31:28,160 Speaker 1: upper eighties for highs and he showers and early tomorrow 557 00:31:28,280 --> 00:31:31,320 Speaker 1: clearing highs in the opper eighties once again, sunny, less, humid, 558 00:31:31,440 --> 00:31:34,400 Speaker 1: mid eighties for Thursday. Right now seventy five in Central 559 00:31:34,440 --> 00:31:40,360 Speaker 1: Park markets. Headlines and breaking news twenty four hours a 560 00:31:40,440 --> 00:31:43,440 Speaker 1: day at Bloomberg dot Com and Bloomberg Business at and 561 00:31:43,600 --> 00:31:53,479 Speaker 1: at Bloomberg Quicktape is a Bloomberg Business Flash and I'm 562 00:31:53,560 --> 00:31:56,200 Speaker 1: Karen Moscow stops other rise this morning along with you 563 00:31:56,280 --> 00:31:59,920 Speaker 1: as Stoock Index futures has investors sentiments stabilizes following our 564 00:32:00,040 --> 00:32:02,520 Speaker 1: routes sparked by the Federal Reserve signal of a sustained 565 00:32:02,600 --> 00:32:07,280 Speaker 1: period of restrictive monetary policy to quel inflation. Treasury yields 566 00:32:07,400 --> 00:32:09,720 Speaker 1: and the dollar are declining. We checked the markets every 567 00:32:09,760 --> 00:32:12,960 Speaker 1: fifteen minutes throughout the trading day on Bloomberg s and 568 00:32:13,040 --> 00:32:15,360 Speaker 1: P futures are up thirty five points this morning, DEW 569 00:32:15,480 --> 00:32:18,080 Speaker 1: futures up two hundred thirty two and NASDACK futures up 570 00:32:18,080 --> 00:32:21,000 Speaker 1: a hundred forty four. The decks in Germany's at one 571 00:32:21,040 --> 00:32:24,160 Speaker 1: point seven percent, the ten year treasury of eleven thirty seconds. 572 00:32:24,480 --> 00:32:26,720 Speaker 1: You three point oh six percent. They yield on the 573 00:32:26,800 --> 00:32:30,080 Speaker 1: two year three point four zero percent. Night mack screwed 574 00:32:30,160 --> 00:32:32,760 Speaker 1: oil is down one point nine percent on a dollar 575 00:32:32,840 --> 00:32:35,200 Speaker 1: eighty and ninety five dollars twenty two cents of barrel. 576 00:32:35,440 --> 00:32:37,840 Speaker 1: Comic School that a quarter percent or four dollar sixty 577 00:32:37,880 --> 00:32:41,040 Speaker 1: cents is seventeen forty five ten announced. The euro one 578 00:32:41,080 --> 00:32:43,960 Speaker 1: point zero zero three five against the dollar, the British 579 00:32:44,000 --> 00:32:46,160 Speaker 1: pound one point one seven three three and the yen 580 00:32:46,240 --> 00:32:49,680 Speaker 1: one thirty eight point three seven and bitcoin is up 581 00:32:49,720 --> 00:32:52,520 Speaker 1: one point two percent at twenty thousand, four hundred dollars. 582 00:32:52,960 --> 00:32:55,520 Speaker 1: Now's at Bloomberg Business Flash. Now here's Michael Barr with 583 00:32:55,640 --> 00:32:58,760 Speaker 1: more on what's going on around the world. Michael, thank 584 00:32:58,800 --> 00:33:01,840 Speaker 1: you very much. Karen You. Military says it is advancing 585 00:33:01,960 --> 00:33:05,400 Speaker 1: in Russian hell Territory just north of the Crimea Peninsula. 586 00:33:05,760 --> 00:33:09,240 Speaker 1: It comes as the International Atomic Energy Agency heads to 587 00:33:09,360 --> 00:33:13,520 Speaker 1: the Russian occupied nuclear power plant to the northeast in Ukraine. 588 00:33:14,200 --> 00:33:18,360 Speaker 1: Tony Ronado, the senior Secret Service official whose name was 589 00:33:18,480 --> 00:33:21,479 Speaker 1: at the center of controversy during the January six hearings, 590 00:33:21,560 --> 00:33:25,680 Speaker 1: has retired at the US Open Hold on retirement. Serena 591 00:33:25,680 --> 00:33:28,680 Speaker 1: Williams advanced after her first round win last night over 592 00:33:29,080 --> 00:33:32,760 Speaker 1: Danka Kovinich. In baseball, the Yankees lost to the Angels 593 00:33:32,800 --> 00:33:36,400 Speaker 1: four three, but Aaron Judge hit his fiftieth home run 594 00:33:36,480 --> 00:33:39,960 Speaker 1: of the season. Judge became only one of ten players 595 00:33:40,080 --> 00:33:43,320 Speaker 1: in MLB history to have multiple fifty homer seasons. The 596 00:33:43,360 --> 00:33:46,440 Speaker 1: Red Sox and Giants lost. Global News twenty four hours 597 00:33:46,480 --> 00:33:49,640 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 598 00:33:49,680 --> 00:33:52,520 Speaker 1: more than seven hundred journalists analysts more than a hundred 599 00:33:52,560 --> 00:33:55,640 Speaker 1: twenty countries. Michael bar this is Bloomberg Naked and it's 600 00:33:55,680 --> 00:33:59,480 Speaker 1: not even September yet. Thank you, Michael. It is on 601 00:33:59,560 --> 00:34:03,040 Speaker 1: Wallst Live from the Bloomberg Interactive Broker Studios. This is 602 00:34:03,200 --> 00:34:06,360 Speaker 1: Bloomberg day Break. Let's jump into these markets now. Sti 603 00:34:06,480 --> 00:34:10,640 Speaker 1: Dwek joins, us chief investment officer at Flow Bank. St 604 00:34:10,880 --> 00:34:14,200 Speaker 1: Good morning. We're seeing futures rise after the two days 605 00:34:14,200 --> 00:34:20,680 Speaker 1: slide following Jackson Hole. Do you buy this step? Good morning? UM? 606 00:34:21,120 --> 00:34:24,319 Speaker 1: I think I would. Um. You know, there's a lot 607 00:34:24,360 --> 00:34:27,440 Speaker 1: of talk about this FED pivot that wasn't happening, but 608 00:34:27,600 --> 00:34:29,560 Speaker 1: I don't think we were ever going to get an 609 00:34:29,600 --> 00:34:33,239 Speaker 1: actual pivot. The market wasn't expecting the Fed to start 610 00:34:33,280 --> 00:34:37,320 Speaker 1: cutting now or to stop hiking. The FED is clearly 611 00:34:37,920 --> 00:34:41,680 Speaker 1: past the most aggressive part of his tightening cycle. We're 612 00:34:41,719 --> 00:34:44,239 Speaker 1: probably going to get fifty basis points unless we get 613 00:34:44,239 --> 00:34:48,440 Speaker 1: a really bad inflation number for August, which indicators don't 614 00:34:48,480 --> 00:34:50,360 Speaker 1: seem to be pointing that way, and then we'll have 615 00:34:50,480 --> 00:34:54,319 Speaker 1: a couple more basis points. But we're moving intour into 616 00:34:54,400 --> 00:34:56,960 Speaker 1: the end of the tightening cycle, and I think the 617 00:34:57,040 --> 00:34:59,440 Speaker 1: FED needed to re anchor those medium to long term 618 00:34:59,480 --> 00:35:02,800 Speaker 1: expectation sins reaffirm it was going to keep fighting inflation 619 00:35:02,920 --> 00:35:04,960 Speaker 1: because it felt the market maybe got a little too 620 00:35:05,080 --> 00:35:08,200 Speaker 1: complacent over the summer. But I don't think this speech 621 00:35:08,200 --> 00:35:12,400 Speaker 1: should be that much of a surprise and change the perspectives. 622 00:35:12,480 --> 00:35:13,960 Speaker 1: And you can see you didn't see that much of 623 00:35:14,000 --> 00:35:16,399 Speaker 1: a move in the bond market. You're getting right into 624 00:35:16,440 --> 00:35:18,480 Speaker 1: the heart of the debate, aren't you. Whether the Fed 625 00:35:18,680 --> 00:35:22,240 Speaker 1: is going to pivot I guess to slower rate hikes. 626 00:35:22,360 --> 00:35:24,440 Speaker 1: Dig a little deeper into your call here, Why do 627 00:35:24,520 --> 00:35:27,239 Speaker 1: you think the Fed is going to start slowing down 628 00:35:27,640 --> 00:35:33,759 Speaker 1: next month? We saw in the July minutes that they 629 00:35:33,840 --> 00:35:36,080 Speaker 1: know it takes three to six months for the rate 630 00:35:36,200 --> 00:35:39,640 Speaker 1: hikes to feed through into the economy. We started to 631 00:35:39,680 --> 00:35:43,000 Speaker 1: see a couple of data points showing that growth is 632 00:35:43,120 --> 00:35:46,440 Speaker 1: gradually slowing, although not yet so much in the labor 633 00:35:46,520 --> 00:35:51,680 Speaker 1: market of course. And we're continuing to get these disinflation indicators. 634 00:35:52,239 --> 00:35:55,759 Speaker 1: Hopefully August comes in lower than July. And again, most 635 00:35:55,800 --> 00:35:59,520 Speaker 1: of these indicators are pointing that way. One month doesn't 636 00:35:59,520 --> 00:36:01,640 Speaker 1: make a trap, and but two, three, four months in 637 00:36:01,680 --> 00:36:04,399 Speaker 1: a row. If this continues into the end of the year, 638 00:36:04,920 --> 00:36:08,399 Speaker 1: that gives a little confidence that inflation is coming down, 639 00:36:08,800 --> 00:36:11,360 Speaker 1: and they need to let the big, big rate hikes 640 00:36:11,400 --> 00:36:14,080 Speaker 1: that they did in the second and third quarter have 641 00:36:14,200 --> 00:36:17,799 Speaker 1: an impact on growth, bring demand down slowly, and let 642 00:36:17,920 --> 00:36:20,400 Speaker 1: that feed through into next year. I'm sure by now 643 00:36:20,480 --> 00:36:23,520 Speaker 1: you've heard the comments to our Odd Lots podcast here 644 00:36:23,560 --> 00:36:26,919 Speaker 1: on Bloomberg News from Minneapolis FED President Neil cash Cary 645 00:36:27,000 --> 00:36:29,400 Speaker 1: saying that he was pretty happy with the market reaction 646 00:36:29,520 --> 00:36:31,920 Speaker 1: following Chairman pal speech on Friday. He says, it's a 647 00:36:31,960 --> 00:36:36,160 Speaker 1: sign that the message from Powell on higher for longer 648 00:36:36,320 --> 00:36:39,440 Speaker 1: rates was received by markets. Is the market sending a 649 00:36:39,520 --> 00:36:43,239 Speaker 1: different message here, I don't think. Again, if you look 650 00:36:43,280 --> 00:36:45,720 Speaker 1: at the bone market, you had more of a reaction 651 00:36:45,880 --> 00:36:49,719 Speaker 1: before the speech, then after the terminal rate didn't change 652 00:36:49,760 --> 00:36:53,080 Speaker 1: so much. The odds of seventy five basis points versus 653 00:36:53,120 --> 00:36:55,719 Speaker 1: fifty for September went up, but they sort of retreated 654 00:36:55,840 --> 00:36:58,560 Speaker 1: already since I think the Fed also wanted to send 655 00:36:58,600 --> 00:37:01,279 Speaker 1: a message that the rate cut expectations that were coming 656 00:37:01,360 --> 00:37:04,799 Speaker 1: in sort of earlier and earlier in three weren't going 657 00:37:04,880 --> 00:37:07,200 Speaker 1: to happen. So I'm not sure it was so much 658 00:37:07,239 --> 00:37:10,200 Speaker 1: about September or into the end of the year. I 659 00:37:10,280 --> 00:37:12,680 Speaker 1: think it was a view that they are going to 660 00:37:13,200 --> 00:37:16,000 Speaker 1: get restrictive, as we've already known, and they're going to 661 00:37:16,160 --> 00:37:20,919 Speaker 1: stay restrictive for longer, and even if growth slows, it's 662 00:37:21,000 --> 00:37:23,279 Speaker 1: kind of what they're hoping for. So they're not going 663 00:37:23,360 --> 00:37:26,319 Speaker 1: to jump in at the first sign of a disappointing 664 00:37:26,840 --> 00:37:30,800 Speaker 1: non farm peril's number or a softer p m I number. 665 00:37:31,000 --> 00:37:33,600 Speaker 1: They're going to stay tighter for longer. So, given all 666 00:37:33,640 --> 00:37:35,480 Speaker 1: that you're saying here, I see in our last minute 667 00:37:35,600 --> 00:37:38,919 Speaker 1: or so, how are you advising your clients to add 668 00:37:39,040 --> 00:37:43,320 Speaker 1: to risk? Are you making a certain recommendations on sectors 669 00:37:43,480 --> 00:37:47,440 Speaker 1: or styles through the rest of this year. Well, we 670 00:37:47,600 --> 00:37:52,040 Speaker 1: think that technology is going to resume its out performance 671 00:37:52,200 --> 00:37:54,839 Speaker 1: in the coming months and lead the market higher into 672 00:37:54,920 --> 00:37:56,480 Speaker 1: the end of the year. Now, it doesn't mean we 673 00:37:56,560 --> 00:37:59,160 Speaker 1: don't get more speed bumps like we did just now, 674 00:37:59,680 --> 00:38:02,319 Speaker 1: and September for sure can be tricky at least at 675 00:38:02,360 --> 00:38:05,640 Speaker 1: some point uh during the month. So it's not there's 676 00:38:05,760 --> 00:38:10,000 Speaker 1: certainly no all clear signal, but some of these more 677 00:38:10,400 --> 00:38:13,399 Speaker 1: some of the cyclical sectors should start to recover if 678 00:38:13,480 --> 00:38:17,040 Speaker 1: growth holds up. And again I think technology growth and 679 00:38:17,760 --> 00:38:20,759 Speaker 1: earnings are going to continue to support the sector and 680 00:38:20,880 --> 00:38:23,560 Speaker 1: that will help lead the market higher. Great to get 681 00:38:23,600 --> 00:38:26,760 Speaker 1: your thoughts this morning, St. Thanks for this, really appreciate 682 00:38:26,840 --> 00:38:30,560 Speaker 1: you joining us. That's St. Dwack, chief investment officer at 683 00:38:30,640 --> 00:38:33,600 Speaker 1: Flow Bank. Karen. All right, Nathan, it is Stroctor three 684 00:38:33,640 --> 00:38:35,880 Speaker 1: on Wall Straight time for the Bloomberg The Law Report. 685 00:38:35,960 --> 00:38:38,279 Speaker 1: Let's get to the llegal stories we're watching this morning. 686 00:38:38,320 --> 00:38:44,960 Speaker 1: From Bloomberg's Jeff Bellinger. A federal judge in Pennsylvania rejected 687 00:38:45,000 --> 00:38:47,840 Speaker 1: Walmart's attempt to dismiss part of a lawsuit to ldging 688 00:38:47,880 --> 00:38:50,760 Speaker 1: that employees were not paid for working through meal breaks. 689 00:38:50,920 --> 00:38:54,000 Speaker 1: A former New York City police officer filed the federal lawsuit, 690 00:38:54,160 --> 00:38:57,720 Speaker 1: charging that his dismissal over his personal relationships with Roger 691 00:38:57,840 --> 00:39:00,799 Speaker 1: Stone and members of the Proud Boys by lated his rights. 692 00:39:01,080 --> 00:39:04,080 Speaker 1: Kaeshiva University is asking the U. S. Supreme Court to 693 00:39:04,200 --> 00:39:06,960 Speaker 1: intervene in a dispute over the establishment of a pied 694 00:39:07,000 --> 00:39:09,960 Speaker 1: student group. It is the latest national legal clash over 695 00:39:10,200 --> 00:39:14,560 Speaker 1: LGBTQ protections and the free exercise of religion. Bloomberg Law 696 00:39:14,840 --> 00:39:18,640 Speaker 1: everything you need, all on one legal research platform, including 697 00:39:18,680 --> 00:39:22,520 Speaker 1: guidance analysis and Bloomberg market Intelligence. Find out more at 698 00:39:22,560 --> 00:39:26,319 Speaker 1: Bloomberg Law dot com. All right, Jeff, thank you. Now 699 00:39:26,360 --> 00:39:29,760 Speaker 1: another legal story we're watching this morning. The US Department 700 00:39:29,800 --> 00:39:33,440 Speaker 1: of Justice said it already screened documents seized from Donald 701 00:39:33,480 --> 00:39:37,799 Speaker 1: Trump's Florida home for attorney client privilege, potentially counting doubt 702 00:39:37,840 --> 00:39:40,920 Speaker 1: in the former president's lawsuits seeking third party review of 703 00:39:40,960 --> 00:39:44,640 Speaker 1: the records. For more, Bloomberg News legal reporter Zoe Tilman 704 00:39:44,760 --> 00:39:48,480 Speaker 1: joined Kimberly Robinson to discuss the new developments. You know, 705 00:39:48,560 --> 00:39:50,959 Speaker 1: we learned a couple of key things, the first being 706 00:39:51,200 --> 00:39:54,800 Speaker 1: that investigators are quite far along in going through the 707 00:39:54,920 --> 00:39:58,040 Speaker 1: documents that received to the point that they could tell 708 00:39:58,239 --> 00:40:02,160 Speaker 1: a judge in Florida their privileged team had gone through 709 00:40:02,239 --> 00:40:05,640 Speaker 1: the documents that were seized had identified that some were 710 00:40:05,680 --> 00:40:09,640 Speaker 1: potentially attorney client privileged material, and that they were already 711 00:40:09,680 --> 00:40:12,399 Speaker 1: going through the process that they had previously laid out 712 00:40:12,440 --> 00:40:14,719 Speaker 1: for what to do with that information. It was a 713 00:40:14,880 --> 00:40:17,879 Speaker 1: strong suggestion to the judge perhaps that this is all 714 00:40:18,120 --> 00:40:20,839 Speaker 1: moot and far too late in the game to bring 715 00:40:20,920 --> 00:40:24,920 Speaker 1: in someone now to to unring the belt of giving 716 00:40:24,960 --> 00:40:29,320 Speaker 1: investigators access to these documents. So, putting aside the special 717 00:40:29,480 --> 00:40:33,120 Speaker 1: master issue, what's the normal procedure that the d o 718 00:40:33,200 --> 00:40:36,759 Speaker 1: J goes through when dealing with privileged documents like this? Yeah, 719 00:40:36,800 --> 00:40:41,040 Speaker 1: so it's pretty common for a federal investigation, especially one 720 00:40:41,120 --> 00:40:43,400 Speaker 1: like this, to have what's known as a taint team 721 00:40:43,560 --> 00:40:47,280 Speaker 1: or filter team or privileged team, which is a collection 722 00:40:47,440 --> 00:40:51,600 Speaker 1: of usually FBI agents and prosecutors who are not the 723 00:40:51,760 --> 00:40:55,360 Speaker 1: lead prosecutors in case, agents and an investigation. And the 724 00:40:55,440 --> 00:40:58,080 Speaker 1: purpose of that is so that the folks were ultimately 725 00:40:58,160 --> 00:41:01,120 Speaker 1: prosecuting the case, they don't see something that could get 726 00:41:01,200 --> 00:41:05,640 Speaker 1: them disqualified or knocked out of the investigation at some 727 00:41:05,960 --> 00:41:09,040 Speaker 1: later critical phase or i think, worst case scenario for 728 00:41:09,080 --> 00:41:12,680 Speaker 1: the Justice Department, jeopardize the entire integrity of the investigation. 729 00:41:13,000 --> 00:41:17,080 Speaker 1: Was less clear here is uh this the concept of 730 00:41:17,200 --> 00:41:21,720 Speaker 1: executive privilege and whether that type of privilege is something 731 00:41:21,800 --> 00:41:25,719 Speaker 1: that the Justice Department could or should filter for as 732 00:41:25,760 --> 00:41:28,239 Speaker 1: they're going through these documents. That's not typically what a 733 00:41:28,360 --> 00:41:30,880 Speaker 1: taint team would be looking for. So that's a big 734 00:41:30,960 --> 00:41:33,920 Speaker 1: question mark, and the Justice Department did not address that issue, 735 00:41:34,000 --> 00:41:37,440 Speaker 1: which Trump has raised in the filing today and as 736 00:41:37,480 --> 00:41:41,560 Speaker 1: Bloomberg News legal reporter Zoe Tillman speaking to Kimberly Robinson. 737 00:41:41,680 --> 00:41:44,760 Speaker 1: Catch more of that interview plus analysis of the latest 738 00:41:44,840 --> 00:41:47,920 Speaker 1: legal news by subscribing to the Bloomberg Law Podcast or 739 00:41:47,960 --> 00:41:51,840 Speaker 1: downloading the show at Bloomberg dot com slash podcast. Attorneys 740 00:41:51,880 --> 00:41:54,880 Speaker 1: can find exceptional legal research and business development tools at 741 00:41:54,920 --> 00:41:58,239 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 742 00:41:58,320 --> 00:42:00,880 Speaker 1: b law Go. And we can look at the markets 743 00:42:00,960 --> 00:42:04,080 Speaker 1: this morning. The futures on the rise. SNP futures up 744 00:42:04,120 --> 00:42:07,080 Speaker 1: about thirty six points down futures have two hundred thirty 745 00:42:07,120 --> 00:42:09,959 Speaker 1: one and NASTAG futures have a one hundred forty five 746 00:42:10,120 --> 00:42:13,080 Speaker 1: or about one point two percent. Ten Your treasury is 747 00:42:13,160 --> 00:42:15,760 Speaker 1: up ten thirty seconds. He had three point oh six percent. 748 00:42:15,880 --> 00:42:18,200 Speaker 1: They yield on the two year three point four zero 749 00:42:18,360 --> 00:42:21,640 Speaker 1: percent nine x screwed. Oil is falling down one point 750 00:42:21,760 --> 00:42:24,919 Speaker 1: seven percent at a dollar sixty seven at ninety thirty 751 00:42:24,960 --> 00:42:27,799 Speaker 1: four cents of barrel comes. Gold is down to ten 752 00:42:27,960 --> 00:42:30,919 Speaker 1: percent or three dollars ten cents at seventeen forty six 753 00:42:31,040 --> 00:42:34,680 Speaker 1: sixty an ounce. The euro one point zero zero three 754 00:42:34,800 --> 00:42:37,720 Speaker 1: three against the dollar, the en one thirty eight point 755 00:42:37,800 --> 00:42:41,279 Speaker 1: three four and still ahead on Bloomberg Daybreak and check 756 00:42:41,320 --> 00:42:43,520 Speaker 1: on the business headlines and all the news you need 757 00:42:43,600 --> 00:42:46,640 Speaker 1: to start your day. And this is Bloomberg