1 00:00:02,040 --> 00:00:05,320 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:05,360 --> 00:00:08,760 Speaker 1: day Break for Wednesday, August seventeen, twenty two. Coming up 3 00:00:08,800 --> 00:00:11,760 Speaker 1: this hour, Liz Cheney loses her House seat as two 4 00:00:11,840 --> 00:00:15,280 Speaker 1: states vote in primary elections. Trader is ready for minutes 5 00:00:15,320 --> 00:00:18,239 Speaker 1: from the Fed and retail sales data. China issues a 6 00:00:18,320 --> 00:00:21,520 Speaker 1: warning to the US over Taiwan and oil dips as 7 00:00:21,560 --> 00:00:23,880 Speaker 1: we made the prospects ever a new to nuclear deal 8 00:00:23,960 --> 00:00:27,400 Speaker 1: with Iran. New York City schools abandoned, COVID health screenings 9 00:00:27,440 --> 00:00:31,040 Speaker 1: and PCR tests, plus Rudy Giuliana A will testified today 10 00:00:31,080 --> 00:00:34,320 Speaker 1: before Grand Jury in Georgia. I'm Michael Barne. More ahead, 11 00:00:34,640 --> 00:00:37,479 Speaker 1: I'm John Stage and sports. The Yankees slump continued, the 12 00:00:37,560 --> 00:00:40,080 Speaker 1: Bats again quiet, the home loss to Tampa Bay, and 13 00:00:40,120 --> 00:00:45,199 Speaker 1: the Mets got shut out in Atlanta. That's all. Train 14 00:00:45,320 --> 00:00:48,720 Speaker 1: ahead on Bloomberg day Break on Bloomberg Eliving Free on 15 00:00:48,840 --> 00:00:53,080 Speaker 1: New York Bloomberg nineteen nine one, Washington, d C, Bloomberg one, 16 00:00:53,120 --> 00:00:57,639 Speaker 1: those sixx one, Boston Bloomberg nine sixties, and Francisco Syrius 17 00:00:57,760 --> 00:01:00,880 Speaker 1: x M one nineteen and around the world down Bloomberg 18 00:01:00,960 --> 00:01:08,080 Speaker 1: Radio dot Com and via the Bloomberg Business app. Good morning. 19 00:01:08,120 --> 00:01:11,200 Speaker 1: I'm John Tucker and I'm Karen Moscow and US DOT 20 00:01:11,240 --> 00:01:14,320 Speaker 1: index futures are lower this morning, were coming up to 21 00:01:14,360 --> 00:01:15,920 Speaker 1: five oh one on Wall Street, and we checked the 22 00:01:15,959 --> 00:01:19,240 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 23 00:01:19,360 --> 00:01:22,000 Speaker 1: Right now, SMP futures are down about seventeen points, and 24 00:01:22,080 --> 00:01:25,399 Speaker 1: DOWN futures down eighty nine and NASDACK futures down seventy five. 25 00:01:25,920 --> 00:01:29,080 Speaker 1: The decks in Germany is down four tenths of upper cent, 26 00:01:29,160 --> 00:01:31,920 Speaker 1: the ten year treasury down seventeen thirty seconds, YE two 27 00:01:31,959 --> 00:01:34,399 Speaker 1: point eight six percent, and it yield on the two 28 00:01:34,480 --> 00:01:37,720 Speaker 1: year three point to nine percent. John and Karen, We're 29 00:01:37,720 --> 00:01:39,560 Speaker 1: gonna have more on the markets at a moment, but 30 00:01:39,720 --> 00:01:43,720 Speaker 1: first we're gonna begin with politics. Republican Representative Liz Cheney 31 00:01:43,800 --> 00:01:47,640 Speaker 1: has lost her primary in Wyoming, while former Alaska Governor 32 00:01:47,680 --> 00:01:51,440 Speaker 1: Sarah Palin is staging a political comeback, and Bloomberg Sammy 33 00:01:51,440 --> 00:01:55,040 Speaker 1: Morris has the tales from our news room in Washington. 34 00:01:55,320 --> 00:01:57,880 Speaker 1: Cheney lost to lawyer Harriet Hagerman, who had been backed 35 00:01:57,920 --> 00:02:00,640 Speaker 1: by Donald Trump. Cheney voted to in peach Trump and 36 00:02:00,680 --> 00:02:03,200 Speaker 1: its co Chair of the House elect Committee investigating the 37 00:02:03,320 --> 00:02:06,640 Speaker 1: January sixth insurrection. She warned her supporters about the future 38 00:02:06,680 --> 00:02:08,880 Speaker 1: of the Republican Party and the country. If we do 39 00:02:09,080 --> 00:02:12,359 Speaker 1: not condemn the conspiracies and the lies, if we do 40 00:02:12,520 --> 00:02:16,200 Speaker 1: not hold those responsible to accounts, we will be excusing 41 00:02:16,240 --> 00:02:20,120 Speaker 1: this conduct and it will become a feature of all elections. 42 00:02:20,560 --> 00:02:23,840 Speaker 1: America will never be the same. In Alaska, party primaries 43 00:02:23,880 --> 00:02:26,799 Speaker 1: were replaced with open primaries. The top four vote getters 44 00:02:26,880 --> 00:02:29,560 Speaker 1: in each race advances to the general election in November. 45 00:02:29,840 --> 00:02:32,320 Speaker 1: Sarah Palin was among the candidates to advance in the 46 00:02:32,400 --> 00:02:36,320 Speaker 1: House race. Senator Lisa Murkowski and challenger Kelly Shibaka earned 47 00:02:36,400 --> 00:02:38,480 Speaker 1: two of the slots in the Senate race. Results are 48 00:02:38,520 --> 00:02:42,119 Speaker 1: still being tabulated to determine the final two slots in Washington. 49 00:02:42,200 --> 00:02:44,760 Speaker 1: I'm anymore as Bloomberg daybreak. All right, Amy, thank you 50 00:02:44,840 --> 00:02:47,480 Speaker 1: who was sticking with politics. President Biden has signed the 51 00:02:47,520 --> 00:02:51,000 Speaker 1: Inflation Reduction Act into law. He's handling the landmark bill 52 00:02:51,040 --> 00:02:54,840 Speaker 1: addressing tax, climate, and health policy. I'm keeping my campaign 53 00:02:54,919 --> 00:02:59,600 Speaker 1: commitment no one. Let me emphasize, no one earning lesson 54 00:02:59,720 --> 00:03:03,519 Speaker 1: four hundred thousand dollars a year will pay a penny 55 00:03:03,600 --> 00:03:07,200 Speaker 1: more in federal facts. President Biden signed the law with 56 00:03:07,440 --> 00:03:11,640 Speaker 1: no GOP support from both chambers of Congress. Republican Congressman 57 00:03:11,680 --> 00:03:15,440 Speaker 1: Adrian Smith and Nebraska discussed the bill's impact on the 58 00:03:15,520 --> 00:03:19,440 Speaker 1: deficit Laate yesterday on Bloomberg Radio. It's important that the 59 00:03:19,520 --> 00:03:24,880 Speaker 1: President understand we cannot just continue without making any changes whatsoever, 60 00:03:25,160 --> 00:03:27,679 Speaker 1: continue in the direction of this spending that I think 61 00:03:27,720 --> 00:03:31,000 Speaker 1: has been very problematic. The American people expect us to 62 00:03:31,120 --> 00:03:35,000 Speaker 1: get that under control. And Nebraska Republican Congressman Adrian Smith 63 00:03:35,080 --> 00:03:37,720 Speaker 1: made the comments on Bloomberg Sound on Catch the program 64 00:03:37,800 --> 00:03:41,120 Speaker 1: weekdays at five pm Eastern on Bloomberg Radio and Karen 65 00:03:41,160 --> 00:03:43,240 Speaker 1: to Markets Now, where the S and P five hunder 66 00:03:43,320 --> 00:03:47,280 Speaker 1: posted a small game. Yesterday, earnings from Walmart and Home 67 00:03:47,360 --> 00:03:50,200 Speaker 1: Depot boosted sentiment. Today, we're gonna be watching minutes from 68 00:03:50,200 --> 00:03:52,960 Speaker 1: the Federal Reserve, which will test events on a pivot 69 00:03:53,000 --> 00:03:56,880 Speaker 1: towards slower rate hikes. Let's get more from Bloomberg's Mike McKee. 70 00:03:57,400 --> 00:03:59,800 Speaker 1: After two moves of three quarters percent, the size of 71 00:03:59,840 --> 00:04:03,360 Speaker 1: the heads next grade increases an open question. Investors may 72 00:04:03,440 --> 00:04:05,760 Speaker 1: find some clues in the minutes of their last meeting. 73 00:04:05,960 --> 00:04:08,760 Speaker 1: Those minutes likely won't settle the question, but they could 74 00:04:08,800 --> 00:04:11,440 Speaker 1: indicate what kind of data officials would need to see 75 00:04:11,520 --> 00:04:15,200 Speaker 1: to favor another unusually large increase. With Chairman j Powell 76 00:04:15,240 --> 00:04:17,839 Speaker 1: expected to speak at the Kansas City FEDS Jackson Whole 77 00:04:17,880 --> 00:04:21,680 Speaker 1: Conference a week from Friday, any post minutes market move 78 00:04:21,960 --> 00:04:25,720 Speaker 1: maybe short lived. Michael mckeed Bloomberg Daybreak. All right, Mike, 79 00:04:25,800 --> 00:04:28,160 Speaker 1: thank you. All those minutes come around two pm Wall 80 00:04:28,240 --> 00:04:31,120 Speaker 1: straight time. But this morning it's all about the consumer. 81 00:04:31,240 --> 00:04:33,760 Speaker 1: We get data on US retail sales for July at 82 00:04:33,800 --> 00:04:38,280 Speaker 1: eight thirty. MasterCard Advisor's chief economist Michelle Meyer expects another game. 83 00:04:38,440 --> 00:04:41,680 Speaker 1: The surveys have shown that consumers are worried. They're trying 84 00:04:41,760 --> 00:04:43,960 Speaker 1: to plan ahead. They're trying to think about how to 85 00:04:44,040 --> 00:04:47,560 Speaker 1: navigate this economic environment. But in the interim, they are 86 00:04:47,680 --> 00:04:52,080 Speaker 1: still outspending. Michelle Meyer and MasterCard Advisors remains bullish on 87 00:04:52,240 --> 00:04:55,200 Speaker 1: US spending. Economist predicted gain of just one tenth of 88 00:04:55,240 --> 00:04:58,279 Speaker 1: a percent for July retail sales. Stay tuned for complete 89 00:04:58,320 --> 00:05:01,720 Speaker 1: coverage and analysis of the data coming up on Bloomberg Surveillance. 90 00:05:01,960 --> 00:05:04,600 Speaker 1: And when it comes to earnings, it's also about retail. 91 00:05:04,680 --> 00:05:08,880 Speaker 1: To Karen Bloomberg's Jeff Belinger, reports that Target will deliver 92 00:05:09,120 --> 00:05:13,200 Speaker 1: its earnings report this morning. Target made a strategic decision 93 00:05:13,320 --> 00:05:16,840 Speaker 1: to rapidly liquidate much of its success inventory. The second 94 00:05:16,920 --> 00:05:19,680 Speaker 1: quarter results will indicate whether that was a good move 95 00:05:19,800 --> 00:05:23,520 Speaker 1: and whether further mark downs are needed. Bloomberg Intelligence as 96 00:05:23,600 --> 00:05:26,600 Speaker 1: Target may have continued to outpace its peers when it 97 00:05:26,720 --> 00:05:29,200 Speaker 1: comes to store traffic, the chain has sought to be 98 00:05:29,279 --> 00:05:32,800 Speaker 1: surgical and raising prices to protect the perception of value 99 00:05:33,080 --> 00:05:36,960 Speaker 1: and maintain customer loyalty. B I says that may also 100 00:05:37,360 --> 00:05:41,799 Speaker 1: have weighed on gross margin. Jeff Bullinger, Bloomberg Daybreak, Thanks Jeff, 101 00:05:41,880 --> 00:05:44,680 Speaker 1: and a day after Home Depot beat estimates were expected 102 00:05:44,680 --> 00:05:48,600 Speaker 1: to get earnings from home improvement retailer lows today. Attorney 103 00:05:48,600 --> 00:05:51,520 Speaker 1: to commodities now John Oil continues to drop as traders 104 00:05:51,560 --> 00:05:55,200 Speaker 1: away the prospects of a few key geopolitical factors right now. 105 00:05:55,279 --> 00:05:58,280 Speaker 1: West Texas screwed is up four tens per cent, or 106 00:05:58,279 --> 00:06:01,080 Speaker 1: thirty six cents at eighties six owner's eighty nine cents 107 00:06:01,160 --> 00:06:03,480 Speaker 1: a barrel blombards. You need a young joint us live 108 00:06:03,560 --> 00:06:06,200 Speaker 1: with that story. Need a good morning, Good morning, Karen W. 109 00:06:06,360 --> 00:06:10,120 Speaker 1: T I. Futures dropped more than three percent yesterday closing 110 00:06:10,200 --> 00:06:13,080 Speaker 1: below eighty seven dollars of barrel. They're also lowered this 111 00:06:13,200 --> 00:06:17,000 Speaker 1: morning as talks between Iran and the European Unions signal 112 00:06:17,120 --> 00:06:20,680 Speaker 1: progress toward a renewed nuclear deal that could open the 113 00:06:20,760 --> 00:06:24,520 Speaker 1: door to crude shipments from the Islamic Republic. Owanda Market 114 00:06:24,560 --> 00:06:27,280 Speaker 1: Analysis says the potential for a deal creates a two 115 00:06:27,360 --> 00:06:30,000 Speaker 1: way risk for the price of oil, but the primary 116 00:06:30,120 --> 00:06:32,720 Speaker 1: driver of the current weakness is the threat of a 117 00:06:32,760 --> 00:06:37,760 Speaker 1: global recession at coronavirus lockdowns in China, live in New York, 118 00:06:37,800 --> 00:06:40,320 Speaker 1: I'm gonna need a Young Bloomberg daybreak. And in the 119 00:06:40,480 --> 00:06:44,200 Speaker 1: UK today data shows the inflation accelerating again again. Consumer 120 00:06:44,240 --> 00:06:47,440 Speaker 1: prices rose by double digits in July and annual pays 121 00:06:47,480 --> 00:06:50,719 Speaker 1: of ten point one percent. Bloombridge Leslie Burden in London 122 00:06:50,800 --> 00:06:53,560 Speaker 1: says rising food prices are adding to the squeeze on 123 00:06:53,720 --> 00:06:57,200 Speaker 1: UK consumers. Food was actually the biggest contributor, which means 124 00:06:57,240 --> 00:06:59,359 Speaker 1: that the poorest households are going to be hit the hardest, 125 00:06:59,520 --> 00:07:02,560 Speaker 1: but it is also broad faced recreation and culture with 126 00:07:02,600 --> 00:07:05,640 Speaker 1: the next biggest contributors. And not worrying for the Bank 127 00:07:05,680 --> 00:07:07,440 Speaker 1: of England because it indicates that this is going to 128 00:07:07,560 --> 00:07:11,320 Speaker 1: last longer. Bloomberg Selizzie Burdens traders are now ramping up 129 00:07:11,400 --> 00:07:14,240 Speaker 1: as that the Bank of England will raise rates by 130 00:07:14,400 --> 00:07:18,880 Speaker 1: fifty basis points come September. You're listening to Bloomberg Daybreak 131 00:07:23,440 --> 00:07:25,680 Speaker 1: and East No Flanco settled on Wall Streets. Had to 132 00:07:25,720 --> 00:07:28,080 Speaker 1: bring in Michael Barr with more. What else is going 133 00:07:28,120 --> 00:07:30,480 Speaker 1: on to New York, Canada, around the world, John, thank 134 00:07:30,520 --> 00:07:33,320 Speaker 1: you very much. Sarah Rudy Giuliani a schedule to appear 135 00:07:33,360 --> 00:07:36,760 Speaker 1: today and an Atlanta courthouse to testify before a special 136 00:07:36,840 --> 00:07:40,400 Speaker 1: grand jury and an investigation into possible illegal attempts to 137 00:07:40,520 --> 00:07:44,440 Speaker 1: influence the election in Georgia. The former New York mayor 138 00:07:44,520 --> 00:07:47,520 Speaker 1: and attorney for former President Donald Trump is the target 139 00:07:47,600 --> 00:07:51,560 Speaker 1: of the investigation. Any questioning will take place behind closed doors. 140 00:07:52,160 --> 00:07:56,080 Speaker 1: Nonprofits and New York City social services saying they've been 141 00:07:56,160 --> 00:08:00,360 Speaker 1: stretched then trying to accommodate asylum seekers and migrants who 142 00:08:00,440 --> 00:08:04,520 Speaker 1: often are buzzed in unannounced and in unknown numbers from 143 00:08:04,600 --> 00:08:08,920 Speaker 1: Texas and Arizona. Catholic Charities executives say they're working with 144 00:08:09,040 --> 00:08:12,280 Speaker 1: families to provide essentials and more. To Mike the Cardinal 145 00:08:12,360 --> 00:08:16,000 Speaker 1: Dolan at dawns and me. These just aren't cases. These 146 00:08:16,120 --> 00:08:22,120 Speaker 1: just aren't uh, these just aren't problems. These just aren't statistics. 147 00:08:22,280 --> 00:08:26,200 Speaker 1: These are not just refugees and asylum seekers in the plural. 148 00:08:27,040 --> 00:08:31,160 Speaker 1: These are people with names Cardinal dolon As. New York 149 00:08:31,200 --> 00:08:35,240 Speaker 1: City officials estimated around dred migrants have been transported recently 150 00:08:35,640 --> 00:08:38,880 Speaker 1: into the city from border towns. The New York City 151 00:08:38,920 --> 00:08:42,480 Speaker 1: Department of Education is relaxing COVID nineteen protocols for students 152 00:08:42,520 --> 00:08:45,520 Speaker 1: and staff ahead of the start of the new school year. 153 00:08:46,040 --> 00:08:49,160 Speaker 1: According to the guidelines, the district will no longer require 154 00:08:49,280 --> 00:08:52,439 Speaker 1: daily health screenings to enter school buildings, nor will it 155 00:08:52,600 --> 00:08:58,239 Speaker 1: conduct in school PCR surveillance testing. Iranian officials have confirmed 156 00:08:58,280 --> 00:09:00,760 Speaker 1: that they have submitted a written responds to the latest 157 00:09:00,800 --> 00:09:04,320 Speaker 1: EU draft to revive the nuclear deal. Bloomberg's At Baxter 158 00:09:04,480 --> 00:09:08,360 Speaker 1: reports the US is watching closely. Bloomberg sources are saying 159 00:09:08,480 --> 00:09:10,679 Speaker 1: that it may ask for a couple of adjustments in 160 00:09:10,760 --> 00:09:13,760 Speaker 1: the pact, to which the US State Department spokesman that 161 00:09:13,920 --> 00:09:17,320 Speaker 1: Price says, there is a red line. We are committed. 162 00:09:17,400 --> 00:09:21,000 Speaker 1: President Biden has made a solemn commitment that Iran will 163 00:09:21,120 --> 00:09:24,280 Speaker 1: never obtain a nuclear weapon that in its own right 164 00:09:24,960 --> 00:09:30,199 Speaker 1: is something that UM redounds to our national security, but 165 00:09:30,320 --> 00:09:32,839 Speaker 1: price as the US will go through the response with 166 00:09:33,000 --> 00:09:36,439 Speaker 1: hopes of a deal. In San Francisco, I'm at Baxter 167 00:09:36,520 --> 00:09:39,400 Speaker 1: Bloomberg Gabrie opening statements as schedule to begin today. In 168 00:09:39,440 --> 00:09:42,320 Speaker 1: the latest federal trial for singer R Kelly in Chicago. 169 00:09:42,520 --> 00:09:46,040 Speaker 1: He is accused of enticing miners for sex, producing child bornography, 170 00:09:46,400 --> 00:09:49,240 Speaker 1: and fixing his two thousand eight state child porn trial, 171 00:09:49,320 --> 00:09:52,160 Speaker 1: at which he was acquitted. Global News twenty four hours 172 00:09:52,200 --> 00:09:55,000 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 173 00:09:55,080 --> 00:09:57,560 Speaker 1: more than twenty seven hundred journalists and analysts more than 174 00:09:57,600 --> 00:10:00,240 Speaker 1: a hundred twenty countries. Hi, Michael barn This is Burt 175 00:10:00,280 --> 00:10:07,679 Speaker 1: John Michael, thank you. It's up five ten Ball Street. 176 00:10:07,720 --> 00:10:10,679 Speaker 1: That's time for the Bloomberg Sports upthing. Good morning, John Stash, 177 00:10:10,920 --> 00:10:12,679 Speaker 1: all right, Good morning, John Tugh. Start to the week 178 00:10:12,760 --> 00:10:14,839 Speaker 1: for New York baseball. The night after the Yankees and 179 00:10:14,960 --> 00:10:17,839 Speaker 1: Mets lost games by a combined seven teen to one, 180 00:10:17,960 --> 00:10:20,320 Speaker 1: they lost by a combined eight to one for the Yankees. 181 00:10:20,400 --> 00:10:24,360 Speaker 1: That tailspin continues eleven losses in the last thirteen games. 182 00:10:24,400 --> 00:10:27,720 Speaker 1: Going further back, just eleven wins in thirty three games, 183 00:10:27,760 --> 00:10:30,600 Speaker 1: they're sure to losing a fifth consecutive series. Aaron Brune's 184 00:10:30,600 --> 00:10:33,080 Speaker 1: team lost to Tampa Bay three to one. You can't 185 00:10:33,280 --> 00:10:37,000 Speaker 1: let the frustration get in your way of of you know, 186 00:10:37,160 --> 00:10:41,160 Speaker 1: preparing and you know, getting ready to go every night. 187 00:10:41,200 --> 00:10:43,000 Speaker 1: You know, we've got a few guys that are in 188 00:10:43,080 --> 00:10:46,559 Speaker 1: a rut. We gotta we gotta prepare and get ready 189 00:10:46,640 --> 00:10:48,679 Speaker 1: and fight our way out of it. You know, it's 190 00:10:48,760 --> 00:10:51,439 Speaker 1: part of it. And uh, you know it's no fun 191 00:10:51,480 --> 00:10:53,880 Speaker 1: when you're going through it. But that's where we are 192 00:10:54,000 --> 00:10:56,400 Speaker 1: right now. Scored one run of the last three games 193 00:10:56,440 --> 00:10:58,520 Speaker 1: and the Mets and two games in atlanta've only scored 194 00:10:58,600 --> 00:11:01,040 Speaker 1: one shut out by the Braves have nothing. Atlanta's eighth 195 00:11:01,080 --> 00:11:03,240 Speaker 1: win in a row since losing four or five of 196 00:11:03,280 --> 00:11:05,360 Speaker 1: the Mets at City Field, and that Met Division lead 197 00:11:05,400 --> 00:11:07,160 Speaker 1: over the Braises down to three and a half. The 198 00:11:07,200 --> 00:11:09,800 Speaker 1: good news for the Mats Max scherz Er pitches tonight, 199 00:11:09,920 --> 00:11:12,400 Speaker 1: Jacob de Graham tomorrow. Good news for the Jet Zach 200 00:11:12,480 --> 00:11:15,960 Speaker 1: Wilson's knee surgery went well, no additional damage was found. 201 00:11:16,080 --> 00:11:19,120 Speaker 1: Still likely Wilson will miss the season opener, which would 202 00:11:19,160 --> 00:11:21,280 Speaker 1: meet veteran Joe Flacco, would face his old team, the 203 00:11:21,360 --> 00:11:24,439 Speaker 1: Baltimore Ravens and the Giants preseason opener. They're they're veteran 204 00:11:24,480 --> 00:11:27,440 Speaker 1: backup d be Tyrod Taylor looked good, and coach Brian 205 00:11:27,559 --> 00:11:29,640 Speaker 1: dave All said Taylor will now get some reps with 206 00:11:29,720 --> 00:11:32,640 Speaker 1: the first team, but he downplayed any significance to that, 207 00:11:33,040 --> 00:11:36,160 Speaker 1: said Daniel Jones is the starter. The Athletic reports trade 208 00:11:36,200 --> 00:11:38,920 Speaker 1: talks are again heating up between the Nicks and Utah 209 00:11:39,040 --> 00:11:41,160 Speaker 1: Jazz for a deal that would bring all star Donovan 210 00:11:41,200 --> 00:11:44,280 Speaker 1: Mitchells in New York. John stash Hower Bloomberg Sports, John 211 00:11:44,400 --> 00:11:46,760 Speaker 1: all Right, John tankas very much ahead of the cash show. 212 00:11:46,800 --> 00:11:49,040 Speaker 1: Gold on Wall Street futures right now are in the 213 00:11:49,160 --> 00:11:52,320 Speaker 1: red as traders wave minutes for the Federal reserves last meeting. 214 00:11:52,360 --> 00:11:55,400 Speaker 1: Down futures right now eighty points slower. That's down two 215 00:11:55,480 --> 00:11:58,199 Speaker 1: tenths of a percent. Smp E mini futures they're down 216 00:11:58,280 --> 00:12:02,360 Speaker 1: sixteen in the next futures right now are sixty four 217 00:12:02,440 --> 00:12:09,520 Speaker 1: points lower. This is Bloomberg Bloomberg Weather for Today from 218 00:12:09,600 --> 00:12:13,480 Speaker 1: meteorologist Rob Carolin. Partial sunshine could see an isolated shower 219 00:12:13,559 --> 00:12:23,199 Speaker 1: this morning at eight tomorrow. Sunny five Markets, headlines and 220 00:12:23,360 --> 00:12:26,600 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 221 00:12:26,760 --> 00:12:30,360 Speaker 1: the Bloomberg Business Outland at Bloomberg Quicktake, this is a 222 00:12:30,400 --> 00:12:39,760 Speaker 1: Bloomberg business lash and I'm Karen Moscow. US stock Index 223 00:12:39,840 --> 00:12:43,360 Speaker 1: futures are following as concerns over the federal reserves, aggressive 224 00:12:43,480 --> 00:12:47,480 Speaker 1: rate high path outweigh robust corporate earnings and China's stimulus plants. 225 00:12:47,520 --> 00:12:49,800 Speaker 1: We checked the markets every fifteen minutes throughout the trading 226 00:12:49,880 --> 00:12:53,840 Speaker 1: day on Bloomberg. SNP futures down seventeen points, now futures 227 00:12:53,880 --> 00:12:56,800 Speaker 1: down eighty nine and nasdack features down seventy one. The 228 00:12:56,920 --> 00:12:59,480 Speaker 1: decks same. Germany is down four tenths of upper seven, 229 00:12:59,520 --> 00:13:02,720 Speaker 1: the ten year treasury down fifteen thirty seconds, two point 230 00:13:02,760 --> 00:13:04,920 Speaker 1: eight six percent, that yield on the two year three 231 00:13:04,960 --> 00:13:08,400 Speaker 1: point to nine percent. NIMEX screwed oil is it'll change 232 00:13:08,400 --> 00:13:11,080 Speaker 1: at eighty six dollars fifty three cents of barrel. Comex 233 00:13:11,160 --> 00:13:14,600 Speaker 1: schoold is it'll changed as well as seventeen eighty announced. 234 00:13:14,920 --> 00:13:17,520 Speaker 1: The euro one pot one seven five against the dollar, 235 00:13:17,559 --> 00:13:19,760 Speaker 1: British found one point two one oh seven, the yen 236 00:13:19,880 --> 00:13:22,920 Speaker 1: one thirty four point six nine, and bitcoin this morning 237 00:13:23,320 --> 00:13:25,800 Speaker 1: is down six cents of a percent at twenty three thousand, 238 00:13:25,880 --> 00:13:28,640 Speaker 1: eight hundred dollars. Today, we are watching for a FOURD 239 00:13:28,679 --> 00:13:31,079 Speaker 1: on July retail sales at a day thirty Wall Street 240 00:13:31,160 --> 00:13:33,959 Speaker 1: time at two minutes from the fence, latest meeting and 241 00:13:34,080 --> 00:13:37,200 Speaker 1: Target and Lows are among companies scheduled to report earnings today. 242 00:13:37,559 --> 00:13:40,160 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 243 00:13:40,280 --> 00:13:43,240 Speaker 1: more on what's going on around the world. Michael, good morning, 244 00:13:43,600 --> 00:13:47,839 Speaker 1: Good morning, Karen. Wyoming Representative Liz Cheney, Donald Trump's versas 245 00:13:47,920 --> 00:13:51,360 Speaker 1: Republican adversary in Congress has been defeated in the GOP 246 00:13:51,559 --> 00:13:56,559 Speaker 1: primary Chiefel Tuesday to Harriet Hageman arrival back by the 247 00:13:56,640 --> 00:14:00,880 Speaker 1: former president sixty six percent to twenty three percent. President 248 00:14:01,000 --> 00:14:04,040 Speaker 1: Joe Biden signed a sweeping tax, climate, and healthcare measure 249 00:14:04,120 --> 00:14:07,240 Speaker 1: into law. The measure, known as the Inflation Reduction Act, 250 00:14:07,440 --> 00:14:10,720 Speaker 1: would also cap and lower the price of medicines for seniors. 251 00:14:11,120 --> 00:14:14,439 Speaker 1: In baseball, the Yankees and Mets lost the Red Sox 252 00:14:14,480 --> 00:14:18,760 Speaker 1: and Orioles one. The Nationals lost the A's and Giants one. 253 00:14:19,280 --> 00:14:21,800 Speaker 1: Global News twenty four hours a day on here and 254 00:14:22,040 --> 00:14:24,840 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 255 00:14:24,920 --> 00:14:27,560 Speaker 1: hundred journalists and analysts are more than a D twenty countries. 256 00:14:27,840 --> 00:14:30,640 Speaker 1: Michael Barr And this is Bloomberg. Michael, thank you. It 257 00:14:31,120 --> 00:14:33,400 Speaker 1: is five twenty on Wall Street. Were line from the 258 00:14:33,400 --> 00:14:37,720 Speaker 1: Bloomberg Interton Broker's studios. This is Bloomberg Daybreak. Well, as 259 00:14:37,760 --> 00:14:40,960 Speaker 1: you heard, Republican Representative Liz Cheney called on Americans to 260 00:14:41,200 --> 00:14:44,000 Speaker 1: unite across party lines to keep Donald Trump from winning 261 00:14:44,000 --> 00:14:47,920 Speaker 1: the White House again. Following her crushing defeat, Let's take 262 00:14:47,960 --> 00:14:50,400 Speaker 1: a closer look at the results of Tuesday's primary. Now 263 00:14:50,480 --> 00:14:54,720 Speaker 1: we're joined by Julie Norman University College London, professor Julie. 264 00:14:54,720 --> 00:14:56,840 Speaker 1: Always a pleasure, Thanks for being with us this morning. 265 00:14:57,480 --> 00:15:01,200 Speaker 1: Is Cheney's loss all because she you refused to bow 266 00:15:01,400 --> 00:15:04,600 Speaker 1: down to Donald Trump? And what is this signal to 267 00:15:05,320 --> 00:15:09,680 Speaker 1: other Republicans in the party? Oh? Well, absolutely, John, I mean, 268 00:15:09,960 --> 00:15:13,240 Speaker 1: Cheney obviously has a long history in the state from 269 00:15:13,280 --> 00:15:15,440 Speaker 1: both her own accomplishments and her father. She won her 270 00:15:15,520 --> 00:15:18,560 Speaker 1: last primary by over seventy percent, and so this is 271 00:15:18,640 --> 00:15:21,200 Speaker 1: not just a loss, but a crushing one by probably 272 00:15:21,280 --> 00:15:24,520 Speaker 1: over thirty five points when everything is tallied. And this 273 00:15:24,760 --> 00:15:27,560 Speaker 1: is not just because of her impeachment vote against Trump, 274 00:15:27,680 --> 00:15:30,680 Speaker 1: but her really being the face of opposition to Trump 275 00:15:30,760 --> 00:15:34,160 Speaker 1: within the Republican Party co chair in the January sixth hearing, 276 00:15:34,720 --> 00:15:38,400 Speaker 1: being very outspoken throughout her campaign that she saw her 277 00:15:38,520 --> 00:15:41,440 Speaker 1: role as really pushing back at Trump and preventing him 278 00:15:41,560 --> 00:15:44,920 Speaker 1: from from holding office again and challenging what she sees 279 00:15:44,960 --> 00:15:47,960 Speaker 1: as the US democracy. And so she really took a 280 00:15:48,000 --> 00:15:51,160 Speaker 1: strong stance against him, and really from the start, Trump 281 00:15:51,240 --> 00:15:53,760 Speaker 1: and his team targeted her very early. It was a 282 00:15:53,840 --> 00:15:57,080 Speaker 1: very aggressive campaign against her and uh and unfortunately it 283 00:15:57,200 --> 00:16:01,320 Speaker 1: worked in Wyoming, Um for for for for Cheney, and 284 00:16:01,520 --> 00:16:05,720 Speaker 1: by this big loss, well what next for Liz Cheney. Well, 285 00:16:05,760 --> 00:16:09,400 Speaker 1: it'll be interesting. So her speech was a very impassioned 286 00:16:09,440 --> 00:16:12,960 Speaker 1: speech and suggested that this certainly wasn't the end um. 287 00:16:13,160 --> 00:16:18,400 Speaker 1: Some are asking if she'll be considering presidential run, even 288 00:16:18,440 --> 00:16:21,120 Speaker 1: though many believe would be very difficult for her to 289 00:16:21,600 --> 00:16:24,840 Speaker 1: succeed in the GOP primary. That is something that potentially 290 00:16:24,960 --> 00:16:27,240 Speaker 1: might be on the table, but right now her focus 291 00:16:27,320 --> 00:16:29,720 Speaker 1: seems to be on doing everything she can again to 292 00:16:29,960 --> 00:16:33,120 Speaker 1: push back against this popularity of Trump within the party 293 00:16:33,360 --> 00:16:36,000 Speaker 1: and his potential run in four So we'll see what 294 00:16:36,120 --> 00:16:39,280 Speaker 1: kind of actions that that results in for her. Trump 295 00:16:39,400 --> 00:16:43,040 Speaker 1: called her a loss a complete rebuke of the January 296 00:16:43,240 --> 00:16:46,560 Speaker 1: six Committee. I wonder from your perspective, is it a 297 00:16:46,640 --> 00:16:53,200 Speaker 1: complete rebuke? And also uh to what it is the 298 00:16:53,280 --> 00:16:57,200 Speaker 1: January six Committee somewhat diminished without the Liz Cheney or 299 00:16:57,240 --> 00:17:01,640 Speaker 1: at least with the lame duck until next year. Sure, 300 00:17:01,800 --> 00:17:04,480 Speaker 1: So I would say the Committee obviously has known that 301 00:17:05,080 --> 00:17:07,320 Speaker 1: Cheney was likely to lose this primery, that was almost 302 00:17:07,359 --> 00:17:11,439 Speaker 1: a given, and they were essentially planning to wrap up 303 00:17:11,480 --> 00:17:14,240 Speaker 1: their work as much as they can going into this 304 00:17:14,359 --> 00:17:16,800 Speaker 1: midterm season. So that's one reason we had the hearings 305 00:17:16,880 --> 00:17:19,119 Speaker 1: this summer. They will probably see the final report some 306 00:17:19,200 --> 00:17:22,200 Speaker 1: time in September, so that timeline I think was pretty 307 00:17:22,280 --> 00:17:25,800 Speaker 1: understood in terms of a review to the committee. You know, 308 00:17:26,320 --> 00:17:29,680 Speaker 1: Wyoming itself went by went for Trump by over forty 309 00:17:29,920 --> 00:17:33,480 Speaker 1: points in twenties, so it's a very heavy pro Trump state. 310 00:17:33,880 --> 00:17:36,200 Speaker 1: I think the January six Committee where it makes in 311 00:17:36,359 --> 00:17:40,080 Speaker 1: roads with Republicans will be in other areas, say, you know, 312 00:17:40,320 --> 00:17:43,160 Speaker 1: suburbs in Virginia, these kinds of places where report where 313 00:17:43,440 --> 00:17:45,800 Speaker 1: voters are a bit more receptive to its messaging. But 314 00:17:46,200 --> 00:17:48,159 Speaker 1: it's state like Wyoming that's probably not where it was 315 00:17:48,160 --> 00:17:50,720 Speaker 1: going to get the biggest traction to begin with, it's 316 00:17:50,720 --> 00:17:54,119 Speaker 1: switched to Alaska. Lusia Murkowski had a narrow lead over 317 00:17:54,200 --> 00:17:57,000 Speaker 1: the Trumpec challenger. She of course, was one of the 318 00:17:57,040 --> 00:17:59,399 Speaker 1: seven GOP senators who voted to convict him, and the 319 00:17:59,440 --> 00:18:04,320 Speaker 1: impeachment trial followed the riot at the US Capital. Your 320 00:18:04,359 --> 00:18:08,080 Speaker 1: thoughts about the race in Alanska. Yes, so the Alaska race, 321 00:18:08,119 --> 00:18:11,040 Speaker 1: it's interesting as much about process as well as the results. 322 00:18:11,080 --> 00:18:14,040 Speaker 1: So it was an important race for Murkowski yesterday as 323 00:18:14,160 --> 00:18:19,160 Speaker 1: the only senator who voted against against Trump and impeachment hearings, 324 00:18:19,200 --> 00:18:21,399 Speaker 1: who is up for re election this year, so the 325 00:18:21,480 --> 00:18:23,720 Speaker 1: fact that she does seem to be holding her lead 326 00:18:24,000 --> 00:18:27,320 Speaker 1: is notable. But Alaska has a really interesting system this 327 00:18:27,520 --> 00:18:30,360 Speaker 1: year where they are doing an all party open primary 328 00:18:30,880 --> 00:18:34,359 Speaker 1: where the top four candidates from all parties advance, and 329 00:18:34,440 --> 00:18:36,879 Speaker 1: then there's going to be a ranked choice system in 330 00:18:36,960 --> 00:18:39,639 Speaker 1: the general election. So we haven't really seen something like 331 00:18:39,760 --> 00:18:43,080 Speaker 1: this before in Alaska. It will most likely benefit a 332 00:18:43,200 --> 00:18:47,000 Speaker 1: more centrist moderate candidate like Murkowski in the generals, so 333 00:18:47,160 --> 00:18:49,200 Speaker 1: we'll see if that holds. But the primary at least 334 00:18:49,240 --> 00:18:52,040 Speaker 1: was solid for her. She came out solid and likely 335 00:18:52,080 --> 00:18:54,920 Speaker 1: win or two points ahead of her closest challenger, and 336 00:18:55,280 --> 00:19:00,840 Speaker 1: Sarah Palin is back. What what are your thoughts about her? Yeah, so, um, 337 00:19:00,960 --> 00:19:03,800 Speaker 1: Palin is actually kind of been in two elections right 338 00:19:03,840 --> 00:19:07,680 Speaker 1: now in uh In Alaska won a special election for 339 00:19:07,800 --> 00:19:11,160 Speaker 1: an open seat that will be in play through November, 340 00:19:11,320 --> 00:19:14,520 Speaker 1: and then the actual primary for the November seat. And 341 00:19:14,640 --> 00:19:18,560 Speaker 1: again this is a situation with this new Alaska system. 342 00:19:18,760 --> 00:19:22,399 Speaker 1: So Palin came in solid in both Um she pulled 343 00:19:22,400 --> 00:19:25,760 Speaker 1: it about their got about the percentage and in both 344 00:19:25,800 --> 00:19:28,800 Speaker 1: of those elections. But again with this ranked choice system, 345 00:19:29,080 --> 00:19:30,920 Speaker 1: which we won't know the results until the end of 346 00:19:30,960 --> 00:19:34,200 Speaker 1: August for that special election, UM, it could tip out 347 00:19:34,240 --> 00:19:37,400 Speaker 1: of her favor there. So she's definitely still in the game. 348 00:19:37,640 --> 00:19:41,280 Speaker 1: But this new system may may show that that there's 349 00:19:41,320 --> 00:19:43,520 Speaker 1: some other ways for more centers moderate candidates to have 350 00:19:43,600 --> 00:19:46,120 Speaker 1: an edge. Julie, thanks all, I appreciate it this morning. 351 00:19:46,160 --> 00:19:49,680 Speaker 1: Julie Norman, the University of College London protfessor and the 352 00:19:49,880 --> 00:19:52,720 Speaker 1: hand of the Cansha love wall Street. The futures right 353 00:19:52,800 --> 00:19:55,440 Speaker 1: now in the down futures, down, the seven s and 354 00:19:55,640 --> 00:19:59,720 Speaker 1: evening futures seventeen points glower and the anset futures right 355 00:19:59,760 --> 00:20:03,280 Speaker 1: now down sixty nine points. You're listening to Bloomberg day 356 00:20:03,320 --> 00:20:08,280 Speaker 1: Break and Bloomberg Weather for it today Marshal Sun developing 357 00:20:08,400 --> 00:20:11,680 Speaker 1: chants of the shower this morning high seventy to eighty 358 00:20:12,080 --> 00:20:14,400 Speaker 1: that I clear at low sixty five seventy and part 359 00:20:14,400 --> 00:20:17,359 Speaker 1: of it mostly Sunday tomorrow, the high temperature topping up 360 00:20:17,560 --> 00:20:24,399 Speaker 1: at about eighty five degrees. Broadcasting live from the Bloomberg 361 00:20:24,520 --> 00:20:28,960 Speaker 1: Interacted Broker's studio in New York, Bloomberg Living Free to Washington, 362 00:20:29,040 --> 00:20:33,119 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 363 00:20:33,240 --> 00:20:36,680 Speaker 1: to San Francisco, Bloomberg NOME sixty to the Country Sirius 364 00:20:36,880 --> 00:20:40,000 Speaker 1: XM Cho one nine and around the globe, the Bloomberg 365 00:20:40,080 --> 00:20:43,960 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg 366 00:20:44,080 --> 00:20:51,840 Speaker 1: day Break. It's five thirty on Wall Street. Good morning. 367 00:20:51,880 --> 00:20:54,600 Speaker 1: I'm John Tucker and I'm Karen Moscall. We are just 368 00:20:54,720 --> 00:20:57,520 Speaker 1: about four hours away from the open of US trading. 369 00:20:57,600 --> 00:20:58,960 Speaker 1: Let's get you up to date on the news. You 370 00:20:59,040 --> 00:21:01,480 Speaker 1: need to know what this where we begin with politics, 371 00:21:01,560 --> 00:21:05,639 Speaker 1: Republican Representative List Chaney losing her primary in Wyoming to 372 00:21:05,720 --> 00:21:10,080 Speaker 1: Trump Act Harriet Hageman. Cheney voted to impeach former President 373 00:21:10,160 --> 00:21:13,119 Speaker 1: Trump and co chairs the House Select Committee investigating the 374 00:21:13,240 --> 00:21:18,000 Speaker 1: January six insurrection. She says Trump's fanning the flames of violence. 375 00:21:18,440 --> 00:21:23,400 Speaker 1: Our nation is barreling once again towards crisis, lawlessness, and violence. 376 00:21:23,800 --> 00:21:27,600 Speaker 1: Laz Janney Warren supporters had stolen election rhetoric could become 377 00:21:27,720 --> 00:21:31,200 Speaker 1: normalized if former President Trump is not held accountable. And 378 00:21:31,440 --> 00:21:34,800 Speaker 1: in Alaska, former Governor Sarah Palin advanced to the general 379 00:21:34,840 --> 00:21:37,560 Speaker 1: election of November for the state's open the House seat, 380 00:21:37,920 --> 00:21:41,200 Speaker 1: and Alaska Senator at Lisa Murkowski and Trump Act challenger 381 00:21:41,440 --> 00:21:44,520 Speaker 1: Kelley Shabaka earned two of these slots in the Senate race, 382 00:21:44,600 --> 00:21:48,600 Speaker 1: with results still being tabulated to determine the final two slots. 383 00:21:48,840 --> 00:21:52,120 Speaker 1: Whole stigiment politics John President Biden has signed the Inflation 384 00:21:52,240 --> 00:21:55,800 Speaker 1: Reduction Act into law. The landmark bill addresses tax, climate, 385 00:21:55,880 --> 00:21:59,280 Speaker 1: and health policy. The measure garnered no GOP support from 386 00:21:59,320 --> 00:22:02,040 Speaker 1: both chambers of Congress and to markets now Karen, where 387 00:22:02,080 --> 00:22:05,879 Speaker 1: the SMP posted a small game yesterday. Now today, markets 388 00:22:05,960 --> 00:22:08,359 Speaker 1: will be watching minutes from the FAD due out at 389 00:22:08,400 --> 00:22:11,119 Speaker 1: two p m. Wall Street time, and US retail sales 390 00:22:11,200 --> 00:22:14,479 Speaker 1: data for July at eight thirty this morning, economists predicted 391 00:22:14,600 --> 00:22:17,639 Speaker 1: gain of just one tenth of a percent for retail sales. 392 00:22:17,800 --> 00:22:21,359 Speaker 1: Attorney to Commodities John oil slide continues as traders away 393 00:22:21,400 --> 00:22:24,359 Speaker 1: the prospects of a few key geo political factors. Right now, 394 00:22:24,440 --> 00:22:28,000 Speaker 1: West Texas crewed is some little change at eighty six 395 00:22:28,040 --> 00:22:30,480 Speaker 1: dollars sixty cents of barrel, and Bloomberg's her need a 396 00:22:30,520 --> 00:22:32,399 Speaker 1: young joins us Live with the story we need a 397 00:22:32,440 --> 00:22:35,160 Speaker 1: good morning. Good morning, Karen w t I futures drop 398 00:22:35,359 --> 00:22:39,119 Speaker 1: more than three percent yesterday, closing below eighty seven dollars 399 00:22:39,160 --> 00:22:42,280 Speaker 1: of barrel. They're also lowered this morning as talks between 400 00:22:42,359 --> 00:22:46,120 Speaker 1: Iran and the European Union signal progress toward a renewed 401 00:22:46,240 --> 00:22:49,440 Speaker 1: nuclear deal that could open the door to CREWE shipments 402 00:22:49,480 --> 00:22:52,800 Speaker 1: from the Islamic Republic. A Wanda market analysis says the 403 00:22:52,840 --> 00:22:55,240 Speaker 1: potential for a deal creates a two way risk for 404 00:22:55,320 --> 00:22:57,920 Speaker 1: the price of oil, but the primary driver of the 405 00:22:57,960 --> 00:23:01,200 Speaker 1: current weakness is the threat of a recession and a 406 00:23:01,320 --> 00:23:04,960 Speaker 1: coronavirus lockdown in China. Live in New York, I'm really 407 00:23:05,000 --> 00:23:07,240 Speaker 1: need a young Bloomberg day break, real need a thanks. 408 00:23:07,400 --> 00:23:10,359 Speaker 1: Overseas in the UK, inflation head of forty year high. Today, 409 00:23:10,440 --> 00:23:13,840 Speaker 1: the July consumer price index rose ten point one percent, 410 00:23:14,240 --> 00:23:16,600 Speaker 1: and Bloomberg's Lizzie Burden says the data is likely to 411 00:23:16,720 --> 00:23:20,800 Speaker 1: impact Bank of England policy. Bomberg Economics has changed its 412 00:23:20,840 --> 00:23:24,119 Speaker 1: base case and now these fifty basis points in September, 413 00:23:24,200 --> 00:23:28,439 Speaker 1: following upon that jumbo hike in August. That's Bloomberg's Lizzie 414 00:23:28,480 --> 00:23:31,840 Speaker 1: Burden reporting from London saying rising food prices adding to 415 00:23:31,920 --> 00:23:39,119 Speaker 1: the squeeze a UK consumers. And that brings us to 416 00:23:39,440 --> 00:23:42,040 Speaker 1: three on Wall Street time to bring in Michael Barr 417 00:23:42,280 --> 00:23:43,959 Speaker 1: with more of what else is going out of New 418 00:23:44,040 --> 00:23:46,399 Speaker 1: York hand around the world. Jeah, thank you very much. 419 00:23:46,480 --> 00:23:50,280 Speaker 1: Rudy Giuliani, former President Trump's personal attorney, is scheduled to 420 00:23:50,359 --> 00:23:54,280 Speaker 1: testify today in the possible criminal activity surrounding those who 421 00:23:54,359 --> 00:23:58,199 Speaker 1: trying to overturn the Georgia election results. The former New 422 00:23:58,280 --> 00:24:00,800 Speaker 1: York mayor is now the target of an investigation by 423 00:24:00,840 --> 00:24:05,159 Speaker 1: Georgia prosecutors. Giuliani has pushed back on the investigation and 424 00:24:05,320 --> 00:24:08,440 Speaker 1: has claim without evidence that Atlanta is a city known 425 00:24:08,480 --> 00:24:12,640 Speaker 1: for corruption. With New York City officials estimating around twenty 426 00:24:12,880 --> 00:24:15,920 Speaker 1: hundred asylum seekers and migrants have been busted into the 427 00:24:16,000 --> 00:24:20,440 Speaker 1: city from border towns along Texas and Arizona. Nonprofits and 428 00:24:20,600 --> 00:24:24,720 Speaker 1: city social services they've been stretched then trying to accommodate 429 00:24:24,760 --> 00:24:28,720 Speaker 1: the newcomers. Catholic charities say they're working with families provide 430 00:24:28,760 --> 00:24:33,000 Speaker 1: services like scholarships for local schools for families, gift cards 431 00:24:33,160 --> 00:24:37,280 Speaker 1: for food and other essentials, and more. Cardinal Timothy Dolan. 432 00:24:37,720 --> 00:24:41,600 Speaker 1: Our perspective is not the political. Our perspective is not 433 00:24:41,920 --> 00:24:45,280 Speaker 1: how did we get in this mess. Our perspective uh 434 00:24:45,640 --> 00:24:47,719 Speaker 1: is simply to help them to reach out to them, 435 00:24:48,720 --> 00:24:52,040 Speaker 1: Cardinal Timothy Dolan. The reigning and officials confirmed this week 436 00:24:52,119 --> 00:24:54,600 Speaker 1: that they have submitted their written response to the latest 437 00:24:54,680 --> 00:24:59,720 Speaker 1: EU draft revived the Nuclear Accord. State Department spokesman Ned 438 00:25:00,040 --> 00:25:02,720 Speaker 1: Ice says the US will provide its response to both 439 00:25:02,720 --> 00:25:05,760 Speaker 1: Iran and the e USE text in private, but says 440 00:25:05,880 --> 00:25:09,880 Speaker 1: they've been transparent about their ultimate goal to ensured Tehran 441 00:25:10,000 --> 00:25:13,880 Speaker 1: limits their nuclear program. We are committed President Biden has 442 00:25:13,920 --> 00:25:17,680 Speaker 1: made a solemn commitment that Iran will never obtain a 443 00:25:17,800 --> 00:25:21,159 Speaker 1: nuclear weapon. That in its own right is something that 444 00:25:21,960 --> 00:25:27,680 Speaker 1: UM redounds to our national security. State Department spokesman Ned Price. 445 00:25:28,000 --> 00:25:30,400 Speaker 1: The New York City Health Department says the West Nile 446 00:25:30,520 --> 00:25:33,000 Speaker 1: virus has been detected and two people and a record 447 00:25:33,119 --> 00:25:36,280 Speaker 1: number of mosquitoes in the city. The department says the 448 00:25:36,359 --> 00:25:39,960 Speaker 1: two cases are in Brooklyn and Queen's Global News twenty 449 00:25:39,960 --> 00:25:42,679 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 450 00:25:42,920 --> 00:25:45,760 Speaker 1: powered by more than twenty seven hundred journalists and analysts 451 00:25:45,880 --> 00:25:48,720 Speaker 1: more than a hundred twenty countries. Michael bar and this 452 00:25:49,400 --> 00:25:56,440 Speaker 1: is Bloomberg. Michael, thank you. It's five thirty six on 453 00:25:56,560 --> 00:25:58,800 Speaker 1: Wall Street. That's not for the Bloomberg Sports Update. Now 454 00:25:58,920 --> 00:26:01,280 Speaker 1: here's John Snashar Yanks. John. The Mets went down to 455 00:26:01,320 --> 00:26:04,400 Speaker 1: Atlanta fly and High. Winners of seventeen of their last 456 00:26:04,440 --> 00:26:06,399 Speaker 1: twenty games, they have come back to Earth as the 457 00:26:06,440 --> 00:26:09,000 Speaker 1: Braves of one twice by a combined score of eighteen 458 00:26:09,080 --> 00:26:12,000 Speaker 1: to one. Mets had only three hits off Charlie Morton, 459 00:26:12,040 --> 00:26:14,479 Speaker 1: who struck out twelve, and Atlanta's five nothing to win. 460 00:26:14,560 --> 00:26:16,440 Speaker 1: That cuts the Mets Division lead down to three and 461 00:26:16,440 --> 00:26:19,400 Speaker 1: a half and another starting pitcher is injured. The Mets 462 00:26:19,480 --> 00:26:22,160 Speaker 1: just put Carlos Carrasco on the injured list and Taiwan 463 00:26:22,280 --> 00:26:24,879 Speaker 1: Walker had to leave last night after just two innings 464 00:26:24,920 --> 00:26:27,800 Speaker 1: with back spasms. Mets to have Max Scherz around the 465 00:26:27,800 --> 00:26:30,480 Speaker 1: mounta tonight, Jacob to Graham tomorrow and those two aces 466 00:26:30,880 --> 00:26:33,880 Speaker 1: are scheduled. The next week faced the Yankees, who lost again. 467 00:26:34,040 --> 00:26:37,040 Speaker 1: Tampa Bay's Randy and Rose Arena killed the Yanks two 468 00:26:37,080 --> 00:26:38,399 Speaker 1: years ago in the playoffs. He had a three run 469 00:26:38,440 --> 00:26:40,399 Speaker 1: homer first, didn't know off Nestra Cortez. It's all the 470 00:26:40,520 --> 00:26:43,919 Speaker 1: Rays got or needed. And at three one winners, Yanks 471 00:26:43,960 --> 00:26:47,840 Speaker 1: bats again very quiet, only four hits, even Aaron Judges 472 00:26:47,920 --> 00:26:50,000 Speaker 1: in hitting one for his last four team. And you 473 00:26:50,080 --> 00:26:51,600 Speaker 1: never want to lose, and I never know one in 474 00:26:51,640 --> 00:26:55,720 Speaker 1: here is happy about it. Um. You know, having a 475 00:26:55,720 --> 00:26:59,320 Speaker 1: little bit of a cushion helps. With that cushion, we 476 00:26:59,400 --> 00:27:02,119 Speaker 1: got a sound top of it. You guys are putting, 477 00:27:02,119 --> 00:27:03,920 Speaker 1: the working guys are coming up, they're showing up, they're 478 00:27:03,920 --> 00:27:06,199 Speaker 1: doing their things. So and that's just about going out 479 00:27:06,200 --> 00:27:08,200 Speaker 1: there on the field and performing. Tanks have lost six 480 00:27:08,320 --> 00:27:10,400 Speaker 1: of the last seven. Over those seven games, they scored 481 00:27:10,400 --> 00:27:12,800 Speaker 1: a total of only nine runs. That Jets says. Zach 482 00:27:12,880 --> 00:27:16,240 Speaker 1: Wilson's knee surgery went well. It's possible that Jets QB 483 00:27:16,400 --> 00:27:19,920 Speaker 1: could play the season opener. Tennis and Cincinnati. Serena Williams 484 00:27:19,960 --> 00:27:22,840 Speaker 1: lost six four or six love to Ma Radicana, who's 485 00:27:22,880 --> 00:27:25,760 Speaker 1: half Serena's age. She's the defending US Open champs. Serena 486 00:27:25,800 --> 00:27:27,760 Speaker 1: now gets ready to come to New York to the Open, 487 00:27:27,840 --> 00:27:30,399 Speaker 1: which she says will be the final tournament of her career. 488 00:27:30,680 --> 00:27:33,199 Speaker 1: John Stash were Bloomberg Sports John John Thanks a lot 489 00:27:33,320 --> 00:27:35,280 Speaker 1: five thirty settled on Wall Street time down for the 490 00:27:35,359 --> 00:27:37,919 Speaker 1: Trying State Business Report, and for that we're joined by 491 00:27:37,960 --> 00:27:41,800 Speaker 1: Bloomberg's ed Quarry. New York City's pension costs will rise 492 00:27:41,880 --> 00:27:44,960 Speaker 1: by about six billion dollars over the next three fiscal years. 493 00:27:45,240 --> 00:27:48,280 Speaker 1: Inflation and fears of a recession of hammered the city's 494 00:27:48,320 --> 00:27:51,639 Speaker 1: retirement plans. Five of the city's pension funds lost eight 495 00:27:51,720 --> 00:27:54,720 Speaker 1: point six percent for the fiscal year, the most since 496 00:27:54,760 --> 00:27:59,200 Speaker 1: the financial crisis. Rockefeller Capital Management, the wealth and investment 497 00:27:59,240 --> 00:28:02,960 Speaker 1: advisory hearn that emerged from the Rockefeller's family office, plans 498 00:28:03,040 --> 00:28:05,640 Speaker 1: to add as many as one hundred fifteen wealth advisor 499 00:28:05,720 --> 00:28:08,719 Speaker 1: teams in coming years as it expands through the US. 500 00:28:09,040 --> 00:28:11,919 Speaker 1: The New York based firm currently has eighty five teams. 501 00:28:12,200 --> 00:28:15,240 Speaker 1: More than a dozen were acquired this year. The pandemic 502 00:28:15,320 --> 00:28:17,800 Speaker 1: has made parking in New York even tougher, with some 503 00:28:17,960 --> 00:28:21,000 Speaker 1: New Yorkers shunning the subway. During the COVID outbreak, one 504 00:28:21,080 --> 00:28:23,520 Speaker 1: measure of car ownership in the city went up two 505 00:28:23,600 --> 00:28:26,880 Speaker 1: hundred and twenty four percent in one The work from 506 00:28:26,920 --> 00:28:29,840 Speaker 1: home trend means many cars still aren't being moved at all, 507 00:28:30,040 --> 00:28:33,800 Speaker 1: and dining sheds continue to eat up street space that 508 00:28:33,960 --> 00:28:37,320 Speaker 1: your Bloomberg Tries Date business report. I'm Ed Corey. It 509 00:28:37,400 --> 00:28:40,280 Speaker 1: thanks a lot of five eight on Wall Street. Bloomberg 510 00:28:40,360 --> 00:28:42,840 Speaker 1: Radio is on the year from San Francisco to New York, 511 00:28:43,200 --> 00:28:45,680 Speaker 1: London to Hong Kong. Let's check in now with their 512 00:28:45,680 --> 00:28:48,520 Speaker 1: global news team for some of the top stories heard 513 00:28:48,560 --> 00:28:52,080 Speaker 1: on our three hundred at Phillip Radio stations around the world. 514 00:28:56,320 --> 00:28:59,960 Speaker 1: Ktr H in Houston. Amazon raising charges on third party 515 00:29:00,080 --> 00:29:03,680 Speaker 1: fellers during the holidays time. Gina Servettian for w c 516 00:29:03,840 --> 00:29:07,000 Speaker 1: CEO in Minneapolis. I'm reporting that a court order says 517 00:29:07,080 --> 00:29:10,120 Speaker 1: three m can't use bankruptcy to dodge the decisions of 518 00:29:10,200 --> 00:29:13,400 Speaker 1: a federal judge preparing more than two hundred thousand ear 519 00:29:13,440 --> 00:29:17,040 Speaker 1: Plug related lawsuits for trial. I'm Jeff Bullinger and on 520 00:29:17,320 --> 00:29:20,080 Speaker 1: w G Y and Albany. I'm reporting that workers at 521 00:29:20,080 --> 00:29:23,640 Speaker 1: an Amazon warehouse near Albany are seeking to join a union. 522 00:29:23,840 --> 00:29:27,400 Speaker 1: I'm Stephen Carol on Bloomberg DAB Digital Radio in London. 523 00:29:27,480 --> 00:29:30,360 Speaker 1: We've been reporting on inflation hitting a new forty year 524 00:29:30,480 --> 00:29:33,640 Speaker 1: high in the UK as price rises hit double digits. 525 00:29:34,000 --> 00:29:37,760 Speaker 1: Id Coy on w w J in Detroit. I'm reporting 526 00:29:37,760 --> 00:29:40,960 Speaker 1: a new owner plans to redevelop the long vacant gross 527 00:29:41,080 --> 00:29:44,840 Speaker 1: Field building. And those are some of these stories are 528 00:29:44,920 --> 00:29:47,720 Speaker 1: twenty seven hundred Bloomberg journalists and analysts are working on 529 00:29:47,800 --> 00:29:51,120 Speaker 1: this morning around the world. It's five thirty nine on 530 00:29:51,240 --> 00:29:55,240 Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion. 531 00:29:55,560 --> 00:29:59,800 Speaker 1: This editorial was written by the Bloomberg Editorial Board. Cal 532 00:30:00,080 --> 00:30:03,800 Speaker 1: Foregna teenagers can look forward to a welcome back to 533 00:30:03,960 --> 00:30:08,000 Speaker 1: school gift when they return to class more time to sleep. 534 00:30:08,400 --> 00:30:11,440 Speaker 1: A new state law will require that all public high 535 00:30:11,480 --> 00:30:15,640 Speaker 1: schools start classes at eight thirty am or later. The 536 00:30:15,760 --> 00:30:19,440 Speaker 1: shift has the potential to improve students mental health and 537 00:30:19,840 --> 00:30:24,760 Speaker 1: academic performance. As a rule, adolescence don't get enough sleep, 538 00:30:24,840 --> 00:30:28,240 Speaker 1: and not just because they're avoiding it. Among many other 539 00:30:28,400 --> 00:30:33,680 Speaker 1: physiological changes brought on by puberty, the body's circadian rhythms shift. 540 00:30:34,240 --> 00:30:38,120 Speaker 1: That's why the American Academy of Pediatrics advocates pushing back 541 00:30:38,240 --> 00:30:42,280 Speaker 1: school start times for adolescence. Places that have done so 542 00:30:42,720 --> 00:30:47,600 Speaker 1: have seen gains in both students sleep and their academic achievement. 543 00:30:48,120 --> 00:30:52,400 Speaker 1: California's bold move could serve as a learning opportunity for 544 00:30:52,480 --> 00:30:56,960 Speaker 1: other states. This editorial was written by the Bloomberg Editorial Board. 545 00:30:57,000 --> 00:30:59,880 Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com, 546 00:31:00,080 --> 00:31:04,200 Speaker 1: slash Opinion or Opie I n go on the Bloomberg terminal. 547 00:31:04,520 --> 00:31:08,760 Speaker 1: This has been Bloomberg Opinion and Bloomberg Opinion editorials can 548 00:31:08,800 --> 00:31:11,920 Speaker 1: be heard every weekday. At this time. Terminal customers can 549 00:31:11,960 --> 00:31:15,680 Speaker 1: read more head Opie I n go. You're listening to 550 00:31:15,720 --> 00:31:22,680 Speaker 1: Bloomberg day Break and just ahead, we'll get you set 551 00:31:22,760 --> 00:31:24,880 Speaker 1: up for the market day a half with Joe Quillan 552 00:31:25,240 --> 00:31:29,680 Speaker 1: of the Meryal Bank of America Private BAC SMP Futures 553 00:31:29,800 --> 00:31:38,280 Speaker 1: right now down eighteen points. This is Bloomberg Markets, headlines 554 00:31:38,360 --> 00:31:41,320 Speaker 1: and breaking news twenty four hours a day at Bloomberg 555 00:31:41,400 --> 00:31:45,480 Speaker 1: dot Com, the Bloomberg Business Outland, at Bloomberg Victape. He's 556 00:31:45,520 --> 00:31:54,320 Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Any West 557 00:31:54,320 --> 00:31:57,160 Speaker 1: stock index future is falling this morning as concerns over 558 00:31:57,200 --> 00:32:00,400 Speaker 1: the federal reserves, aggressive rate hike path out way robust 559 00:32:00,480 --> 00:32:03,560 Speaker 1: corporate earnings in China's stimulus plans. We checked the markets 560 00:32:03,600 --> 00:32:06,520 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now, 561 00:32:06,680 --> 00:32:09,640 Speaker 1: S and P futures are down nineteen points down, futures 562 00:32:09,640 --> 00:32:12,400 Speaker 1: down a hundred four and NASDAC features down seventy five. 563 00:32:12,520 --> 00:32:15,720 Speaker 1: The decks in Germany's down half percent. Ten year treasury 564 00:32:15,840 --> 00:32:18,640 Speaker 1: down sixteen thirty seconds, held two point eight six percent, 565 00:32:19,000 --> 00:32:21,320 Speaker 1: yield on the two year three points to eight percent. 566 00:32:21,760 --> 00:32:24,040 Speaker 1: Nine X Screwed oil is up to ten percent or 567 00:32:24,080 --> 00:32:26,520 Speaker 1: sixteen cents at eighty six dollars, sixty nine cents of 568 00:32:26,600 --> 00:32:28,960 Speaker 1: barrel comic school down a tenth of a percent or 569 00:32:29,000 --> 00:32:31,920 Speaker 1: two dollars ten cents at seventeen eighty seven sixty ounce. 570 00:32:32,320 --> 00:32:34,880 Speaker 1: The Euro one point one seven five against the dollar, 571 00:32:34,960 --> 00:32:37,320 Speaker 1: British pound one point to one, and the yen one 572 00:32:37,440 --> 00:32:40,080 Speaker 1: thirty four point eight four. Look at a bitcoin, it 573 00:32:40,200 --> 00:32:42,440 Speaker 1: is down six tens percent at twenty three thousand, eight 574 00:32:42,520 --> 00:32:45,520 Speaker 1: hundred thirty eight dollars. That's a Bloomberg Business Flash. Now 575 00:32:45,560 --> 00:32:48,200 Speaker 1: here's Michael bar with more on what's going on around 576 00:32:48,240 --> 00:32:50,680 Speaker 1: the world. Michael Karen, thank you very much. One of 577 00:32:50,800 --> 00:32:54,400 Speaker 1: former President Trump's most vocal Republican opponents has gone down 578 00:32:54,480 --> 00:32:58,200 Speaker 1: to defeat. Liz Cheney lost the Republican primary to retain 579 00:32:58,280 --> 00:33:01,360 Speaker 1: her seat in the House to Harry It Hagerman arrival 580 00:33:01,560 --> 00:33:07,120 Speaker 1: back by Trump six to Alaska U S Senator Lisa 581 00:33:07,200 --> 00:33:11,680 Speaker 1: Murkowski and her Trump endorsed Republican rival, Kelly Shivaka, have 582 00:33:11,880 --> 00:33:16,680 Speaker 1: advanced from Tuesday's primary. Meanwhile, Republican Sarah Palin was among 583 00:33:16,760 --> 00:33:19,720 Speaker 1: the candidates advancing to the November general election in the 584 00:33:19,840 --> 00:33:23,400 Speaker 1: race for Alaska's only House seat. In baseball, the Yankees 585 00:33:23,520 --> 00:33:26,880 Speaker 1: and Mets lost, the Red Sox and Orioles won, the 586 00:33:27,040 --> 00:33:31,680 Speaker 1: Nationals lost, the A's and Giants won. Global News twenty 587 00:33:31,720 --> 00:33:34,880 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 588 00:33:35,160 --> 00:33:38,239 Speaker 1: powered by more than twenty hundred journalists and analysts more 589 00:33:38,240 --> 00:33:41,160 Speaker 1: than a hundred twenty countries. Michael Barr and this is 590 00:33:41,240 --> 00:33:45,000 Speaker 1: Bloomberg Jump. Michael, thank you. Nine on Wall Street. We 591 00:33:45,120 --> 00:33:48,960 Speaker 1: are live from the Bloomberg Interact of Broker's Studios. Investors 592 00:33:49,000 --> 00:33:52,680 Speaker 1: awaiting the minutes of the Fed's latest last policy meeting 593 00:33:52,760 --> 00:33:55,560 Speaker 1: for clues on policymakers path forward. Let's get you set 594 00:33:55,640 --> 00:33:58,040 Speaker 1: up for the trading day now with Joe Quinlan, head 595 00:33:58,120 --> 00:34:00,400 Speaker 1: of the c I O Market Strap to Jay for 596 00:34:00,520 --> 00:34:04,520 Speaker 1: Merrill and Bank of America Private Bank OJO. The questions 597 00:34:04,560 --> 00:34:07,560 Speaker 1: almost obligatory at this point. Have we passed the peak 598 00:34:07,600 --> 00:34:11,239 Speaker 1: in inflation? Does the weaker data signal the Fed's job 599 00:34:11,280 --> 00:34:14,719 Speaker 1: as close to being finished? Well, we've come a long 600 00:34:14,760 --> 00:34:17,000 Speaker 1: way to the FED tightening cycle job, but we're not 601 00:34:17,160 --> 00:34:18,759 Speaker 1: done yet. We're still looking for the Fed to go 602 00:34:18,920 --> 00:34:22,399 Speaker 1: fifty basis points again in September, fifty thereafter and coming 603 00:34:22,400 --> 00:34:25,719 Speaker 1: in by the twenty five by the end of the year, 604 00:34:26,160 --> 00:34:28,360 Speaker 1: an you get quantitative tightening, So the Feds, you know, 605 00:34:28,360 --> 00:34:31,680 Speaker 1: it's not a mission accomplished yet. Lbit, the inflation data 606 00:34:31,719 --> 00:34:34,080 Speaker 1: looks like it's peaked, but it's gonna plateau at a 607 00:34:34,160 --> 00:34:35,719 Speaker 1: high level. So there's a lot of work to be 608 00:34:35,760 --> 00:34:37,880 Speaker 1: done yet on the inflation front. What do you expected 609 00:34:37,920 --> 00:34:41,279 Speaker 1: glean from the FED minutes today? Yeah? I think the 610 00:34:41,640 --> 00:34:43,759 Speaker 1: key will be you know who's hawk ish, who isn't 611 00:34:43,800 --> 00:34:46,120 Speaker 1: the voting members. I think it's going to be pretty 612 00:34:46,200 --> 00:34:48,640 Speaker 1: much uniform in the sense that they're not done. I 613 00:34:49,000 --> 00:34:50,720 Speaker 1: think the FED is going to signal to the markets 614 00:34:50,760 --> 00:34:53,840 Speaker 1: they're gonna be tough still yet LB at the inflation 615 00:34:53,920 --> 00:34:56,279 Speaker 1: numbers are improving, so I think it's be a little 616 00:34:56,280 --> 00:34:58,160 Speaker 1: bit more on a hawkish tone and be uniform in 617 00:34:58,239 --> 00:35:01,799 Speaker 1: that sense company profits. They've encouraged an equity rebound from 618 00:35:01,840 --> 00:35:05,680 Speaker 1: the June lows doesn't have legs at this point. You know, 619 00:35:06,160 --> 00:35:08,839 Speaker 1: we think it does, but it's sector specific. And when 620 00:35:09,239 --> 00:35:12,480 Speaker 1: you take out energy from the Q two earnings, there 621 00:35:12,560 --> 00:35:14,680 Speaker 1: was a lot of pain, a lot of red so 622 00:35:14,920 --> 00:35:17,400 Speaker 1: but what you saw Walmart, some of these other companies 623 00:35:17,440 --> 00:35:20,160 Speaker 1: working through the inventories. It's going to be a sector 624 00:35:20,239 --> 00:35:22,800 Speaker 1: by sector, company by company into the second half of 625 00:35:22,840 --> 00:35:25,480 Speaker 1: this year. How do you manage the tite labor market, 626 00:35:25,560 --> 00:35:28,759 Speaker 1: the rising input costs of bottles supply chains. We're still 627 00:35:28,800 --> 00:35:31,680 Speaker 1: looking for your growth in earnings, but I do believe 628 00:35:31,800 --> 00:35:34,719 Speaker 1: twenty three earnings estimates are still too high. LBA did 629 00:35:34,840 --> 00:35:36,440 Speaker 1: come down, but they're a little bit too high yet. 630 00:35:37,200 --> 00:35:40,960 Speaker 1: And as far as retail sales today that the figures 631 00:35:41,040 --> 00:35:43,160 Speaker 1: we get this morning, what is the state of the 632 00:35:43,280 --> 00:35:47,600 Speaker 1: U S consumer it's the state of US consumer gun, 633 00:35:47,640 --> 00:35:50,200 Speaker 1: it's okay, not great. I would say it's weakening a 634 00:35:50,280 --> 00:35:54,120 Speaker 1: little bit here. Disposable income, real wages are declining, but 635 00:35:54,280 --> 00:35:56,760 Speaker 1: they're using their credit card. They are in that pant 636 00:35:56,840 --> 00:36:00,440 Speaker 1: post pandemic moods, so they're out there spending back to schools, 637 00:36:00,480 --> 00:36:04,120 Speaker 1: commenting Christmas ahead of us. So I think consumer, you know, 638 00:36:04,200 --> 00:36:06,600 Speaker 1: if they don't have the income, they will go deep 639 00:36:06,640 --> 00:36:08,560 Speaker 1: into their savings or use the credit cards. So I 640 00:36:08,640 --> 00:36:12,080 Speaker 1: think the consumer outlook is pretty pretty solid, albeit it's 641 00:36:12,120 --> 00:36:14,440 Speaker 1: not as robust as as was a year ago with 642 00:36:14,520 --> 00:36:17,400 Speaker 1: all this all this pandemic spending that we saw. All right, 643 00:36:17,440 --> 00:36:20,400 Speaker 1: So given all that, what's the investment thesis that you're following. 644 00:36:21,480 --> 00:36:24,839 Speaker 1: We're buying the dips here, John, we the opportunistically when 645 00:36:24,880 --> 00:36:27,680 Speaker 1: we get a pull back, whether it's technology, energy, we're 646 00:36:27,719 --> 00:36:29,920 Speaker 1: stepping in and buying because if there, if there is 647 00:36:29,920 --> 00:36:32,440 Speaker 1: a recession or not. Remember when the US comes out 648 00:36:32,440 --> 00:36:35,600 Speaker 1: of recession, it's typically stronger, and that's going to happen again. 649 00:36:35,760 --> 00:36:38,920 Speaker 1: So we're buying. We're focused on the US by the dips, 650 00:36:39,320 --> 00:36:43,840 Speaker 1: by quality, be diversified, own the intangibles of technology and 651 00:36:43,960 --> 00:36:48,200 Speaker 1: the hard, hard assets of energy, minerals and metals. So 652 00:36:48,520 --> 00:36:52,640 Speaker 1: the rally that we've seen not just a bear market 653 00:36:52,760 --> 00:36:56,239 Speaker 1: rally in your opinion, No, I think we're putting in 654 00:36:56,280 --> 00:36:59,080 Speaker 1: a bottom. It's gonna be chopping though. Remember for whatever 655 00:36:59,320 --> 00:37:01,919 Speaker 1: for lots of in September is a very choppy month 656 00:37:02,000 --> 00:37:05,120 Speaker 1: heading into the fourth quarters, so expect that the hotility 657 00:37:05,200 --> 00:37:07,800 Speaker 1: we've had a nice glide upwards, but don't be fooled 658 00:37:07,840 --> 00:37:11,399 Speaker 1: by that. Stay diversified the quality and I do think 659 00:37:11,400 --> 00:37:14,239 Speaker 1: we're putting in this bottom bar markt bottom, but it's 660 00:37:14,320 --> 00:37:16,000 Speaker 1: it's gonna take some time yet. We're not out of 661 00:37:16,040 --> 00:37:18,800 Speaker 1: the woods. You've got China weakening, Europe's heading for recession, 662 00:37:18,880 --> 00:37:21,319 Speaker 1: and the Fed is not done raising rate. So buckle up. 663 00:37:21,760 --> 00:37:25,960 Speaker 1: We get from a week from Friday, the event that's 664 00:37:26,239 --> 00:37:29,319 Speaker 1: held out west at Jackson Hall. Do you FED symposium 665 00:37:29,360 --> 00:37:31,399 Speaker 1: out there? What are you supposed we're gonna hear out 666 00:37:31,440 --> 00:37:35,600 Speaker 1: of that? Yeah, it's gonna be interesting in terms of 667 00:37:35,960 --> 00:37:39,319 Speaker 1: how does the FED spread the needle of quantitative tightening? Um? 668 00:37:39,640 --> 00:37:42,560 Speaker 1: What is there? What's the terminal rate? How do I 669 00:37:42,640 --> 00:37:44,600 Speaker 1: think the biggest us like, what are they? What's the 670 00:37:45,200 --> 00:37:48,200 Speaker 1: path of future inflation? How you know if we're at 671 00:37:48,239 --> 00:37:50,839 Speaker 1: peak inflation. That's fine, but how fast does it come down? 672 00:37:51,040 --> 00:37:53,200 Speaker 1: Is the Fed gonna stick with that two percent target? 673 00:37:53,320 --> 00:37:55,520 Speaker 1: That's going to be a key messaging point, the two 674 00:37:55,560 --> 00:37:59,279 Speaker 1: percent target. Joe A pleasure as always, Joe Quillan, head 675 00:37:59,320 --> 00:38:02,640 Speaker 1: of the Seat market Strategy for Marylynch at Bank of 676 00:38:02,719 --> 00:38:06,520 Speaker 1: America Private Bank with us this morning. Karen, all right, John, 677 00:38:06,560 --> 00:38:08,839 Speaker 1: thank you. It is five fifty three on Wall Street. 678 00:38:08,880 --> 00:38:11,160 Speaker 1: It's time now for the Bloomberg Law Rapport. Let's get 679 00:38:11,160 --> 00:38:13,440 Speaker 1: to the legal stories we are watching this morning. From 680 00:38:13,480 --> 00:38:20,360 Speaker 1: Bloomberg's Jeff Bellinger. The emergency board formed to prevent a 681 00:38:20,440 --> 00:38:24,200 Speaker 1: strike against the nation's largest railroads is recommending wage hikes 682 00:38:24,280 --> 00:38:28,120 Speaker 1: and expanded health coverage for workers. Immigration activists filed a 683 00:38:28,200 --> 00:38:31,920 Speaker 1: complaint in an Illinois court accusing Lexus Nexus of collecting 684 00:38:32,000 --> 00:38:36,759 Speaker 1: personal information from consumers and selling it to corporations, law enforcement, 685 00:38:36,880 --> 00:38:40,680 Speaker 1: and government agencies. A Jersey City, New Jersey ordinance restricting 686 00:38:40,760 --> 00:38:44,000 Speaker 1: short term housing rentals through services like air B and 687 00:38:44,080 --> 00:38:47,960 Speaker 1: B survived the legal test before the third Circuit. Bloomberg 688 00:38:48,080 --> 00:38:52,200 Speaker 1: Law everything you need, all on one legal research platform, 689 00:38:52,360 --> 00:38:56,960 Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more 690 00:38:57,040 --> 00:39:01,040 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you. 691 00:39:01,200 --> 00:39:03,880 Speaker 1: Now another legal story we're watching. The former head of 692 00:39:03,920 --> 00:39:07,160 Speaker 1: the JP Morgan Chase and Company precious metals business and 693 00:39:07,239 --> 00:39:10,880 Speaker 1: its top gold trader were convicted in Chicago and charges 694 00:39:11,040 --> 00:39:14,480 Speaker 1: of fraud, spoofing, and market manipulation. It's a big victory 695 00:39:14,560 --> 00:39:17,160 Speaker 1: for the government and it's long crackdown on spoofing in 696 00:39:17,200 --> 00:39:20,920 Speaker 1: the precious metals market, even though a third defendant, as salesman, 697 00:39:21,040 --> 00:39:24,399 Speaker 1: was acquitted for more Bloomberg's doom Grossos speak to James Park, 698 00:39:24,480 --> 00:39:27,080 Speaker 1: a professor at u c l A Law School. This 699 00:39:27,320 --> 00:39:31,520 Speaker 1: is the highlight of the federal government's crackdown on spoofing 700 00:39:31,760 --> 00:39:35,200 Speaker 1: in precious metals. How did they do all? In all, 701 00:39:35,400 --> 00:39:39,640 Speaker 1: I think they did very well. They initially got h 702 00:39:39,760 --> 00:39:43,960 Speaker 1: settlement from JP Morgan the institution, and they have also 703 00:39:44,280 --> 00:39:47,680 Speaker 1: gotten a number of convictions, both through pre bargaining and 704 00:39:47,760 --> 00:39:51,640 Speaker 1: also through jury trials. I think they're around ten individuals 705 00:39:51,719 --> 00:39:55,400 Speaker 1: who have pleaded guilty or been convicted. And you know 706 00:39:55,520 --> 00:39:57,480 Speaker 1: this is not just the case where they found the 707 00:39:57,560 --> 00:40:02,000 Speaker 1: misconduct and they penalized J. P. Morrigan the corporation. There 708 00:40:02,040 --> 00:40:06,320 Speaker 1: are a lot of commentators, scholars, who have criticized federal 709 00:40:06,440 --> 00:40:10,680 Speaker 1: prosecutors for not bringing the individual cases, not bringing cases 710 00:40:10,719 --> 00:40:14,399 Speaker 1: against individuals for corporate wrongdoing, And this is a nice 711 00:40:14,440 --> 00:40:18,000 Speaker 1: example where the government did bring cases against individuals and 712 00:40:18,040 --> 00:40:21,560 Speaker 1: worked very hard to do so, and they've been successful 713 00:40:21,760 --> 00:40:25,560 Speaker 1: in holding individuals accountable for corporate wrongdoing. It's not just 714 00:40:25,719 --> 00:40:28,880 Speaker 1: the case that JP Morgan is paying a nine million 715 00:40:28,960 --> 00:40:35,000 Speaker 1: dollars fine and agreeing to various reforms. You are actually 716 00:40:35,160 --> 00:40:40,040 Speaker 1: punishing the individuals who have committed wrongdoing, and that is 717 00:40:40,400 --> 00:40:44,880 Speaker 1: more powerful deterrent than if you are just punishing a 718 00:40:45,000 --> 00:40:48,239 Speaker 1: corporation that pays a large fine. So I think the 719 00:40:48,320 --> 00:40:51,879 Speaker 1: government did very well in these cases. This case sort 720 00:40:51,880 --> 00:40:56,840 Speaker 1: of ends the prosecutions into spoofing in precious metals. What 721 00:40:57,040 --> 00:41:00,760 Speaker 1: might be next? You know, it's interesting this see whether 722 00:41:00,920 --> 00:41:04,239 Speaker 1: these types of cases will also be brought in the 723 00:41:04,360 --> 00:41:08,560 Speaker 1: crypto asset space. I think that's a space where there, 724 00:41:08,920 --> 00:41:12,600 Speaker 1: you know, is a lot of potential for spoofing and 725 00:41:12,719 --> 00:41:16,880 Speaker 1: manipulating markets. And several years ago the Department of Justice 726 00:41:17,080 --> 00:41:19,439 Speaker 1: did announce that it was going to be looking into 727 00:41:19,520 --> 00:41:24,080 Speaker 1: manipulative practices in crypto asset markets, and so it'll be 728 00:41:24,200 --> 00:41:30,000 Speaker 1: interesting to see whether the success in commodities markets or 729 00:41:30,080 --> 00:41:35,959 Speaker 1: more traditional commodity markets will then essentially be translated into 730 00:41:36,040 --> 00:41:40,839 Speaker 1: cases in bitcoin and other crypto asset markets, which are 731 00:41:41,239 --> 00:41:45,320 Speaker 1: potentially very vulnerable to manipulation. So it'll be interesting to 732 00:41:45,360 --> 00:41:48,480 Speaker 1: see what comes next out of these efforts and as 733 00:41:48,560 --> 00:41:50,960 Speaker 1: James Parker, professor at u c l A Law School, 734 00:41:51,000 --> 00:41:53,719 Speaker 1: speaking at the Bloombergy Student Grosso catch more of that 735 00:41:53,920 --> 00:41:57,520 Speaker 1: interview plus analysis of the latest legal news by subscribing 736 00:41:57,560 --> 00:42:01,040 Speaker 1: to the Bloomberg Law Podcast or downloading the at Bloomberg 737 00:42:01,120 --> 00:42:04,920 Speaker 1: dot com Slash podcast. Attorneys can find exceptional legal research 738 00:42:04,960 --> 00:42:07,600 Speaker 1: and business development tools at Bloomberg Law dot com and 739 00:42:07,680 --> 00:42:11,880 Speaker 1: on the Bloomberg terminal at b Law. Go. Futurists this 740 00:42:12,080 --> 00:42:14,440 Speaker 1: morning moving lower M S and P Future is down 741 00:42:14,480 --> 00:42:16,960 Speaker 1: about twenty four points down, Futures down a hundred twenty 742 00:42:17,040 --> 00:42:19,680 Speaker 1: seven at Nasty Eggs. Future is down in nineties seven 743 00:42:20,040 --> 00:42:23,239 Speaker 1: ten year treasury down eighteen thirty seconds, YELD two point 744 00:42:23,280 --> 00:42:25,920 Speaker 1: eight six percent, and the yield on A two years 745 00:42:25,960 --> 00:42:29,320 Speaker 1: at three point to eight percent. NIMEX screude oil is 746 00:42:29,440 --> 00:42:31,680 Speaker 1: up six tenths per center forty eight cents at eighty 747 00:42:31,760 --> 00:42:35,560 Speaker 1: seven dollars one cent of barrel and the euro one 748 00:42:36,040 --> 00:42:38,719 Speaker 1: one eight one against the dollar still ahead. On Bloomberg 749 00:42:38,800 --> 00:42:41,319 Speaker 1: day Break, a check on the business headlines and all 750 00:42:41,400 --> 00:42:44,160 Speaker 1: the news you need to start your day. And this 751 00:42:44,840 --> 00:42:45,480 Speaker 1: is Bloomberg.