WEBVTT - Bloomberg Daybreak: August 17, 2022 - Hour 1 (Radio) 0:00:02.040 --> 0:00:05.320 Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 0:00:05.360 --> 0:00:08.760 day Break for Wednesday, August seventeen, twenty two. Coming up 0:00:08.800 --> 0:00:11.760 this hour, Liz Cheney loses her House seat as two 0:00:11.840 --> 0:00:15.280 states vote in primary elections. Trader is ready for minutes 0:00:15.320 --> 0:00:18.239 from the Fed and retail sales data. China issues a 0:00:18.320 --> 0:00:21.520 warning to the US over Taiwan and oil dips as 0:00:21.560 --> 0:00:23.880 we made the prospects ever a new to nuclear deal 0:00:23.960 --> 0:00:27.400 with Iran. New York City schools abandoned, COVID health screenings 0:00:27.440 --> 0:00:31.040 and PCR tests, plus Rudy Giuliana A will testified today 0:00:31.080 --> 0:00:34.320 before Grand Jury in Georgia. I'm Michael Barne. More ahead, 0:00:34.640 --> 0:00:37.479 I'm John Stage and sports. The Yankees slump continued, the 0:00:37.560 --> 0:00:40.080 Bats again quiet, the home loss to Tampa Bay, and 0:00:40.120 --> 0:00:45.199 the Mets got shut out in Atlanta. That's all. Train 0:00:45.320 --> 0:00:48.720 ahead on Bloomberg day Break on Bloomberg Eliving Free on 0:00:48.840 --> 0:00:53.080 New York Bloomberg nineteen nine one, Washington, d C, Bloomberg one, 0:00:53.120 --> 0:00:57.639 those sixx one, Boston Bloomberg nine sixties, and Francisco Syrius 0:00:57.760 --> 0:01:00.880 x M one nineteen and around the world down Bloomberg 0:01:00.960 --> 0:01:08.080 Radio dot Com and via the Bloomberg Business app. Good morning. 0:01:08.120 --> 0:01:11.200 I'm John Tucker and I'm Karen Moscow and US DOT 0:01:11.240 --> 0:01:14.320 index futures are lower this morning, were coming up to 0:01:14.360 --> 0:01:15.920 five oh one on Wall Street, and we checked the 0:01:15.959 --> 0:01:19.240 markets every fifteen minutes throughout the trading day on Bloomberg. 0:01:19.360 --> 0:01:22.000 Right now, SMP futures are down about seventeen points, and 0:01:22.080 --> 0:01:25.399 DOWN futures down eighty nine and NASDACK futures down seventy five. 0:01:25.920 --> 0:01:29.080 The decks in Germany is down four tenths of upper cent, 0:01:29.160 --> 0:01:31.920 the ten year treasury down seventeen thirty seconds, YE two 0:01:31.959 --> 0:01:34.399 point eight six percent, and it yield on the two 0:01:34.480 --> 0:01:37.720 year three point to nine percent. John and Karen, We're 0:01:37.720 --> 0:01:39.560 gonna have more on the markets at a moment, but 0:01:39.720 --> 0:01:43.720 first we're gonna begin with politics. Republican Representative Liz Cheney 0:01:43.800 --> 0:01:47.640 has lost her primary in Wyoming, while former Alaska Governor 0:01:47.680 --> 0:01:51.440 Sarah Palin is staging a political comeback, and Bloomberg Sammy 0:01:51.440 --> 0:01:55.040 Morris has the tales from our news room in Washington. 0:01:55.320 --> 0:01:57.880 Cheney lost to lawyer Harriet Hagerman, who had been backed 0:01:57.920 --> 0:02:00.640 by Donald Trump. Cheney voted to in peach Trump and 0:02:00.680 --> 0:02:03.200 its co Chair of the House elect Committee investigating the 0:02:03.320 --> 0:02:06.640 January sixth insurrection. She warned her supporters about the future 0:02:06.680 --> 0:02:08.880 of the Republican Party and the country. If we do 0:02:09.080 --> 0:02:12.359 not condemn the conspiracies and the lies, if we do 0:02:12.520 --> 0:02:16.200 not hold those responsible to accounts, we will be excusing 0:02:16.240 --> 0:02:20.120 this conduct and it will become a feature of all elections. 0:02:20.560 --> 0:02:23.840 America will never be the same. In Alaska, party primaries 0:02:23.880 --> 0:02:26.799 were replaced with open primaries. The top four vote getters 0:02:26.880 --> 0:02:29.560 in each race advances to the general election in November. 0:02:29.840 --> 0:02:32.320 Sarah Palin was among the candidates to advance in the 0:02:32.400 --> 0:02:36.320 House race. Senator Lisa Murkowski and challenger Kelly Shibaka earned 0:02:36.400 --> 0:02:38.480 two of the slots in the Senate race. Results are 0:02:38.520 --> 0:02:42.119 still being tabulated to determine the final two slots in Washington. 0:02:42.200 --> 0:02:44.760 I'm anymore as Bloomberg daybreak. All right, Amy, thank you 0:02:44.840 --> 0:02:47.480 who was sticking with politics. President Biden has signed the 0:02:47.520 --> 0:02:51.000 Inflation Reduction Act into law. He's handling the landmark bill 0:02:51.040 --> 0:02:54.840 addressing tax, climate, and health policy. I'm keeping my campaign 0:02:54.919 --> 0:02:59.600 commitment no one. Let me emphasize, no one earning lesson 0:02:59.720 --> 0:03:03.519 four hundred thousand dollars a year will pay a penny 0:03:03.600 --> 0:03:07.200 more in federal facts. President Biden signed the law with 0:03:07.440 --> 0:03:11.640 no GOP support from both chambers of Congress. Republican Congressman 0:03:11.680 --> 0:03:15.440 Adrian Smith and Nebraska discussed the bill's impact on the 0:03:15.520 --> 0:03:19.440 deficit Laate yesterday on Bloomberg Radio. It's important that the 0:03:19.520 --> 0:03:24.880 President understand we cannot just continue without making any changes whatsoever, 0:03:25.160 --> 0:03:27.679 continue in the direction of this spending that I think 0:03:27.720 --> 0:03:31.000 has been very problematic. The American people expect us to 0:03:31.120 --> 0:03:35.000 get that under control. And Nebraska Republican Congressman Adrian Smith 0:03:35.080 --> 0:03:37.720 made the comments on Bloomberg Sound on Catch the program 0:03:37.800 --> 0:03:41.120 weekdays at five pm Eastern on Bloomberg Radio and Karen 0:03:41.160 --> 0:03:43.240 to Markets Now, where the S and P five hunder 0:03:43.320 --> 0:03:47.280 posted a small game. Yesterday, earnings from Walmart and Home 0:03:47.360 --> 0:03:50.200 Depot boosted sentiment. Today, we're gonna be watching minutes from 0:03:50.200 --> 0:03:52.960 the Federal Reserve, which will test events on a pivot 0:03:53.000 --> 0:03:56.880 towards slower rate hikes. Let's get more from Bloomberg's Mike McKee. 0:03:57.400 --> 0:03:59.800 After two moves of three quarters percent, the size of 0:03:59.840 --> 0:04:03.360 the heads next grade increases an open question. Investors may 0:04:03.440 --> 0:04:05.760 find some clues in the minutes of their last meeting. 0:04:05.960 --> 0:04:08.760 Those minutes likely won't settle the question, but they could 0:04:08.800 --> 0:04:11.440 indicate what kind of data officials would need to see 0:04:11.520 --> 0:04:15.200 to favor another unusually large increase. With Chairman j Powell 0:04:15.240 --> 0:04:17.839 expected to speak at the Kansas City FEDS Jackson Whole 0:04:17.880 --> 0:04:21.680 Conference a week from Friday, any post minutes market move 0:04:21.960 --> 0:04:25.720 maybe short lived. Michael mckeed Bloomberg Daybreak. All right, Mike, 0:04:25.800 --> 0:04:28.160 thank you. All those minutes come around two pm Wall 0:04:28.240 --> 0:04:31.120 straight time. But this morning it's all about the consumer. 0:04:31.240 --> 0:04:33.760 We get data on US retail sales for July at 0:04:33.800 --> 0:04:38.280 eight thirty. MasterCard Advisor's chief economist Michelle Meyer expects another game. 0:04:38.440 --> 0:04:41.680 The surveys have shown that consumers are worried. They're trying 0:04:41.760 --> 0:04:43.960 to plan ahead. They're trying to think about how to 0:04:44.040 --> 0:04:47.560 navigate this economic environment. But in the interim, they are 0:04:47.680 --> 0:04:52.080 still outspending. Michelle Meyer and MasterCard Advisors remains bullish on 0:04:52.240 --> 0:04:55.200 US spending. Economist predicted gain of just one tenth of 0:04:55.240 --> 0:04:58.279 a percent for July retail sales. Stay tuned for complete 0:04:58.320 --> 0:05:01.720 coverage and analysis of the data coming up on Bloomberg Surveillance. 0:05:01.960 --> 0:05:04.600 And when it comes to earnings, it's also about retail. 0:05:04.680 --> 0:05:08.880 To Karen Bloomberg's Jeff Belinger, reports that Target will deliver 0:05:09.120 --> 0:05:13.200 its earnings report this morning. Target made a strategic decision 0:05:13.320 --> 0:05:16.840 to rapidly liquidate much of its success inventory. The second 0:05:16.920 --> 0:05:19.680 quarter results will indicate whether that was a good move 0:05:19.800 --> 0:05:23.520 and whether further mark downs are needed. Bloomberg Intelligence as 0:05:23.600 --> 0:05:26.600 Target may have continued to outpace its peers when it 0:05:26.720 --> 0:05:29.200 comes to store traffic, the chain has sought to be 0:05:29.279 --> 0:05:32.800 surgical and raising prices to protect the perception of value 0:05:33.080 --> 0:05:36.960 and maintain customer loyalty. B I says that may also 0:05:37.360 --> 0:05:41.799 have weighed on gross margin. Jeff Bullinger, Bloomberg Daybreak, Thanks Jeff, 0:05:41.880 --> 0:05:44.680 and a day after Home Depot beat estimates were expected 0:05:44.680 --> 0:05:48.600 to get earnings from home improvement retailer lows today. Attorney 0:05:48.600 --> 0:05:51.520 to commodities now John Oil continues to drop as traders 0:05:51.560 --> 0:05:55.200 away the prospects of a few key geopolitical factors right now. 0:05:55.279 --> 0:05:58.280 West Texas screwed is up four tens per cent, or 0:05:58.279 --> 0:06:01.080 thirty six cents at eighties six owner's eighty nine cents 0:06:01.160 --> 0:06:03.480 a barrel blombards. You need a young joint us live 0:06:03.560 --> 0:06:06.200 with that story. Need a good morning, Good morning, Karen W. 0:06:06.360 --> 0:06:10.120 T I. Futures dropped more than three percent yesterday closing 0:06:10.200 --> 0:06:13.080 below eighty seven dollars of barrel. They're also lowered this 0:06:13.200 --> 0:06:17.000 morning as talks between Iran and the European Unions signal 0:06:17.120 --> 0:06:20.680 progress toward a renewed nuclear deal that could open the 0:06:20.760 --> 0:06:24.520 door to crude shipments from the Islamic Republic. Owanda Market 0:06:24.560 --> 0:06:27.280 Analysis says the potential for a deal creates a two 0:06:27.360 --> 0:06:30.000 way risk for the price of oil, but the primary 0:06:30.120 --> 0:06:32.720 driver of the current weakness is the threat of a 0:06:32.760 --> 0:06:37.760 global recession at coronavirus lockdowns in China, live in New York, 0:06:37.800 --> 0:06:40.320 I'm gonna need a Young Bloomberg daybreak. And in the 0:06:40.480 --> 0:06:44.200 UK today data shows the inflation accelerating again again. Consumer 0:06:44.240 --> 0:06:47.440 prices rose by double digits in July and annual pays 0:06:47.480 --> 0:06:50.719 of ten point one percent. Bloombridge Leslie Burden in London 0:06:50.800 --> 0:06:53.560 says rising food prices are adding to the squeeze on 0:06:53.720 --> 0:06:57.200 UK consumers. Food was actually the biggest contributor, which means 0:06:57.240 --> 0:06:59.359 that the poorest households are going to be hit the hardest, 0:06:59.520 --> 0:07:02.560 but it is also broad faced recreation and culture with 0:07:02.600 --> 0:07:05.640 the next biggest contributors. And not worrying for the Bank 0:07:05.680 --> 0:07:07.440 of England because it indicates that this is going to 0:07:07.560 --> 0:07:11.320 last longer. Bloomberg Selizzie Burdens traders are now ramping up 0:07:11.400 --> 0:07:14.240 as that the Bank of England will raise rates by 0:07:14.400 --> 0:07:18.880 fifty basis points come September. You're listening to Bloomberg Daybreak 0:07:23.440 --> 0:07:25.680 and East No Flanco settled on Wall Streets. Had to 0:07:25.720 --> 0:07:28.080 bring in Michael Barr with more. What else is going 0:07:28.120 --> 0:07:30.480 on to New York, Canada, around the world, John, thank 0:07:30.520 --> 0:07:33.320 you very much. Sarah Rudy Giuliani a schedule to appear 0:07:33.360 --> 0:07:36.760 today and an Atlanta courthouse to testify before a special 0:07:36.840 --> 0:07:40.400 grand jury and an investigation into possible illegal attempts to 0:07:40.520 --> 0:07:44.440 influence the election in Georgia. The former New York mayor 0:07:44.520 --> 0:07:47.520 and attorney for former President Donald Trump is the target 0:07:47.600 --> 0:07:51.560 of the investigation. Any questioning will take place behind closed doors. 0:07:52.160 --> 0:07:56.080 Nonprofits and New York City social services saying they've been 0:07:56.160 --> 0:08:00.360 stretched then trying to accommodate asylum seekers and migrants who 0:08:00.440 --> 0:08:04.520 often are buzzed in unannounced and in unknown numbers from 0:08:04.600 --> 0:08:08.920 Texas and Arizona. Catholic Charities executives say they're working with 0:08:09.040 --> 0:08:12.280 families to provide essentials and more. To Mike the Cardinal 0:08:12.360 --> 0:08:16.000 Dolan at dawns and me. These just aren't cases. These 0:08:16.120 --> 0:08:22.120 just aren't uh, these just aren't problems. These just aren't statistics. 0:08:22.280 --> 0:08:26.200 These are not just refugees and asylum seekers in the plural. 0:08:27.040 --> 0:08:31.160 These are people with names Cardinal dolon As. New York 0:08:31.200 --> 0:08:35.240 City officials estimated around dred migrants have been transported recently 0:08:35.640 --> 0:08:38.880 into the city from border towns. The New York City 0:08:38.920 --> 0:08:42.480 Department of Education is relaxing COVID nineteen protocols for students 0:08:42.520 --> 0:08:45.520 and staff ahead of the start of the new school year. 0:08:46.040 --> 0:08:49.160 According to the guidelines, the district will no longer require 0:08:49.280 --> 0:08:52.439 daily health screenings to enter school buildings, nor will it 0:08:52.600 --> 0:08:58.239 conduct in school PCR surveillance testing. Iranian officials have confirmed 0:08:58.280 --> 0:09:00.760 that they have submitted a written responds to the latest 0:09:00.800 --> 0:09:04.320 EU draft to revive the nuclear deal. Bloomberg's At Baxter 0:09:04.480 --> 0:09:08.360 reports the US is watching closely. Bloomberg sources are saying 0:09:08.480 --> 0:09:10.679 that it may ask for a couple of adjustments in 0:09:10.760 --> 0:09:13.760 the pact, to which the US State Department spokesman that 0:09:13.920 --> 0:09:17.320 Price says, there is a red line. We are committed. 0:09:17.400 --> 0:09:21.000 President Biden has made a solemn commitment that Iran will 0:09:21.120 --> 0:09:24.280 never obtain a nuclear weapon that in its own right 0:09:24.960 --> 0:09:30.199 is something that UM redounds to our national security, but 0:09:30.320 --> 0:09:32.839 price as the US will go through the response with 0:09:33.000 --> 0:09:36.439 hopes of a deal. In San Francisco, I'm at Baxter 0:09:36.520 --> 0:09:39.400 Bloomberg Gabrie opening statements as schedule to begin today. In 0:09:39.440 --> 0:09:42.320 the latest federal trial for singer R Kelly in Chicago. 0:09:42.520 --> 0:09:46.040 He is accused of enticing miners for sex, producing child bornography, 0:09:46.400 --> 0:09:49.240 and fixing his two thousand eight state child porn trial, 0:09:49.320 --> 0:09:52.160 at which he was acquitted. Global News twenty four hours 0:09:52.200 --> 0:09:55.000 a day on air and on Bloomberg Quicktake, powered by 0:09:55.080 --> 0:09:57.560 more than twenty seven hundred journalists and analysts more than 0:09:57.600 --> 0:10:00.240 a hundred twenty countries. Hi, Michael barn This is Burt 0:10:00.280 --> 0:10:07.679 John Michael, thank you. It's up five ten Ball Street. 0:10:07.720 --> 0:10:10.679 That's time for the Bloomberg Sports upthing. Good morning, John Stash, 0:10:10.920 --> 0:10:12.679 all right, Good morning, John Tugh. Start to the week 0:10:12.760 --> 0:10:14.839 for New York baseball. The night after the Yankees and 0:10:14.960 --> 0:10:17.839 Mets lost games by a combined seven teen to one, 0:10:17.960 --> 0:10:20.320 they lost by a combined eight to one for the Yankees. 0:10:20.400 --> 0:10:24.360 That tailspin continues eleven losses in the last thirteen games. 0:10:24.400 --> 0:10:27.720 Going further back, just eleven wins in thirty three games, 0:10:27.760 --> 0:10:30.600 they're sure to losing a fifth consecutive series. Aaron Brune's 0:10:30.600 --> 0:10:33.080 team lost to Tampa Bay three to one. You can't 0:10:33.280 --> 0:10:37.000 let the frustration get in your way of of you know, 0:10:37.160 --> 0:10:41.160 preparing and you know, getting ready to go every night. 0:10:41.200 --> 0:10:43.000 You know, we've got a few guys that are in 0:10:43.080 --> 0:10:46.559 a rut. We gotta we gotta prepare and get ready 0:10:46.640 --> 0:10:48.679 and fight our way out of it. You know, it's 0:10:48.760 --> 0:10:51.439 part of it. And uh, you know it's no fun 0:10:51.480 --> 0:10:53.880 when you're going through it. But that's where we are 0:10:54.000 --> 0:10:56.400 right now. Scored one run of the last three games 0:10:56.440 --> 0:10:58.520 and the Mets and two games in atlanta've only scored 0:10:58.600 --> 0:11:01.040 one shut out by the Braves have nothing. Atlanta's eighth 0:11:01.080 --> 0:11:03.240 win in a row since losing four or five of 0:11:03.280 --> 0:11:05.360 the Mets at City Field, and that Met Division lead 0:11:05.400 --> 0:11:07.160 over the Braises down to three and a half. The 0:11:07.200 --> 0:11:09.800 good news for the Mats Max scherz Er pitches tonight, 0:11:09.920 --> 0:11:12.400 Jacob de Graham tomorrow. Good news for the Jet Zach 0:11:12.480 --> 0:11:15.960 Wilson's knee surgery went well, no additional damage was found. 0:11:16.080 --> 0:11:19.120 Still likely Wilson will miss the season opener, which would 0:11:19.160 --> 0:11:21.280 meet veteran Joe Flacco, would face his old team, the 0:11:21.360 --> 0:11:24.439 Baltimore Ravens and the Giants preseason opener. They're they're veteran 0:11:24.480 --> 0:11:27.440 backup d be Tyrod Taylor looked good, and coach Brian 0:11:27.559 --> 0:11:29.640 dave All said Taylor will now get some reps with 0:11:29.720 --> 0:11:32.640 the first team, but he downplayed any significance to that, 0:11:33.040 --> 0:11:36.160 said Daniel Jones is the starter. The Athletic reports trade 0:11:36.200 --> 0:11:38.920 talks are again heating up between the Nicks and Utah 0:11:39.040 --> 0:11:41.160 Jazz for a deal that would bring all star Donovan 0:11:41.200 --> 0:11:44.280 Mitchells in New York. John stash Hower Bloomberg Sports, John 0:11:44.400 --> 0:11:46.760 all Right, John tankas very much ahead of the cash show. 0:11:46.800 --> 0:11:49.040 Gold on Wall Street futures right now are in the 0:11:49.160 --> 0:11:52.320 red as traders wave minutes for the Federal reserves last meeting. 0:11:52.360 --> 0:11:55.400 Down futures right now eighty points slower. That's down two 0:11:55.480 --> 0:11:58.199 tenths of a percent. Smp E mini futures they're down 0:11:58.280 --> 0:12:02.360 sixteen in the next futures right now are sixty four 0:12:02.440 --> 0:12:09.520 points lower. This is Bloomberg Bloomberg Weather for Today from 0:12:09.600 --> 0:12:13.480 meteorologist Rob Carolin. Partial sunshine could see an isolated shower 0:12:13.559 --> 0:12:23.199 this morning at eight tomorrow. Sunny five Markets, headlines and 0:12:23.360 --> 0:12:26.600 breaking news twenty four hours a day at Bloomberg dot Com, 0:12:26.760 --> 0:12:30.360 the Bloomberg Business Outland at Bloomberg Quicktake, this is a 0:12:30.400 --> 0:12:39.760 Bloomberg business lash and I'm Karen Moscow. US stock Index 0:12:39.840 --> 0:12:43.360 futures are following as concerns over the federal reserves, aggressive 0:12:43.480 --> 0:12:47.480 rate high path outweigh robust corporate earnings and China's stimulus plants. 0:12:47.520 --> 0:12:49.800 We checked the markets every fifteen minutes throughout the trading 0:12:49.880 --> 0:12:53.840 day on Bloomberg. SNP futures down seventeen points, now futures 0:12:53.880 --> 0:12:56.800 down eighty nine and nasdack features down seventy one. The 0:12:56.920 --> 0:12:59.480 decks same. Germany is down four tenths of upper seven, 0:12:59.520 --> 0:13:02.720 the ten year treasury down fifteen thirty seconds, two point 0:13:02.760 --> 0:13:04.920 eight six percent, that yield on the two year three 0:13:04.960 --> 0:13:08.400 point to nine percent. NIMEX screwed oil is it'll change 0:13:08.400 --> 0:13:11.080 at eighty six dollars fifty three cents of barrel. Comex 0:13:11.160 --> 0:13:14.600 schoold is it'll changed as well as seventeen eighty announced. 0:13:14.920 --> 0:13:17.520 The euro one pot one seven five against the dollar, 0:13:17.559 --> 0:13:19.760 British found one point two one oh seven, the yen 0:13:19.880 --> 0:13:22.920 one thirty four point six nine, and bitcoin this morning 0:13:23.320 --> 0:13:25.800 is down six cents of a percent at twenty three thousand, 0:13:25.880 --> 0:13:28.640 eight hundred dollars. Today, we are watching for a FOURD 0:13:28.679 --> 0:13:31.079 on July retail sales at a day thirty Wall Street 0:13:31.160 --> 0:13:33.959 time at two minutes from the fence, latest meeting and 0:13:34.080 --> 0:13:37.200 Target and Lows are among companies scheduled to report earnings today. 0:13:37.559 --> 0:13:40.160 That's a Bloomberg business flash. Now here's Michael Barr with 0:13:40.280 --> 0:13:43.240 more on what's going on around the world. Michael, good morning, 0:13:43.600 --> 0:13:47.839 Good morning, Karen. Wyoming Representative Liz Cheney, Donald Trump's versas 0:13:47.920 --> 0:13:51.360 Republican adversary in Congress has been defeated in the GOP 0:13:51.559 --> 0:13:56.559 primary Chiefel Tuesday to Harriet Hageman arrival back by the 0:13:56.640 --> 0:14:00.880 former president sixty six percent to twenty three percent. President 0:14:01.000 --> 0:14:04.040 Joe Biden signed a sweeping tax, climate, and healthcare measure 0:14:04.120 --> 0:14:07.240 into law. The measure, known as the Inflation Reduction Act, 0:14:07.440 --> 0:14:10.720 would also cap and lower the price of medicines for seniors. 0:14:11.120 --> 0:14:14.439 In baseball, the Yankees and Mets lost the Red Sox 0:14:14.480 --> 0:14:18.760 and Orioles one. The Nationals lost the A's and Giants one. 0:14:19.280 --> 0:14:21.800 Global News twenty four hours a day on here and 0:14:22.040 --> 0:14:24.840 on Bloomberg Quick Take, powered by more than twenty seven 0:14:24.920 --> 0:14:27.560 hundred journalists and analysts are more than a D twenty countries. 0:14:27.840 --> 0:14:30.640 Michael Barr And this is Bloomberg. Michael, thank you. It 0:14:31.120 --> 0:14:33.400 is five twenty on Wall Street. Were line from the 0:14:33.400 --> 0:14:37.720 Bloomberg Interton Broker's studios. This is Bloomberg Daybreak. Well, as 0:14:37.760 --> 0:14:40.960 you heard, Republican Representative Liz Cheney called on Americans to 0:14:41.200 --> 0:14:44.000 unite across party lines to keep Donald Trump from winning 0:14:44.000 --> 0:14:47.920 the White House again. Following her crushing defeat, Let's take 0:14:47.960 --> 0:14:50.400 a closer look at the results of Tuesday's primary. Now 0:14:50.480 --> 0:14:54.720 we're joined by Julie Norman University College London, professor Julie. 0:14:54.720 --> 0:14:56.840 Always a pleasure, Thanks for being with us this morning. 0:14:57.480 --> 0:15:01.200 Is Cheney's loss all because she you refused to bow 0:15:01.400 --> 0:15:04.600 down to Donald Trump? And what is this signal to 0:15:05.320 --> 0:15:09.680 other Republicans in the party? Oh? Well, absolutely, John, I mean, 0:15:09.960 --> 0:15:13.240 Cheney obviously has a long history in the state from 0:15:13.280 --> 0:15:15.440 both her own accomplishments and her father. She won her 0:15:15.520 --> 0:15:18.560 last primary by over seventy percent, and so this is 0:15:18.640 --> 0:15:21.200 not just a loss, but a crushing one by probably 0:15:21.280 --> 0:15:24.520 over thirty five points when everything is tallied. And this 0:15:24.760 --> 0:15:27.560 is not just because of her impeachment vote against Trump, 0:15:27.680 --> 0:15:30.680 but her really being the face of opposition to Trump 0:15:30.760 --> 0:15:34.160 within the Republican Party co chair in the January sixth hearing, 0:15:34.720 --> 0:15:38.400 being very outspoken throughout her campaign that she saw her 0:15:38.520 --> 0:15:41.440 role as really pushing back at Trump and preventing him 0:15:41.560 --> 0:15:44.920 from from holding office again and challenging what she sees 0:15:44.960 --> 0:15:47.960 as the US democracy. And so she really took a 0:15:48.000 --> 0:15:51.160 strong stance against him, and really from the start, Trump 0:15:51.240 --> 0:15:53.760 and his team targeted her very early. It was a 0:15:53.840 --> 0:15:57.080 very aggressive campaign against her and uh and unfortunately it 0:15:57.200 --> 0:16:01.320 worked in Wyoming, Um for for for for Cheney, and 0:16:01.520 --> 0:16:05.720 by this big loss, well what next for Liz Cheney. Well, 0:16:05.760 --> 0:16:09.400 it'll be interesting. So her speech was a very impassioned 0:16:09.440 --> 0:16:12.960 speech and suggested that this certainly wasn't the end um. 0:16:13.160 --> 0:16:18.400 Some are asking if she'll be considering presidential run, even 0:16:18.440 --> 0:16:21.120 though many believe would be very difficult for her to 0:16:21.600 --> 0:16:24.840 succeed in the GOP primary. That is something that potentially 0:16:24.960 --> 0:16:27.240 might be on the table, but right now her focus 0:16:27.320 --> 0:16:29.720 seems to be on doing everything she can again to 0:16:29.960 --> 0:16:33.120 push back against this popularity of Trump within the party 0:16:33.360 --> 0:16:36.000 and his potential run in four So we'll see what 0:16:36.120 --> 0:16:39.280 kind of actions that that results in for her. Trump 0:16:39.400 --> 0:16:43.040 called her a loss a complete rebuke of the January 0:16:43.240 --> 0:16:46.560 six Committee. I wonder from your perspective, is it a 0:16:46.640 --> 0:16:53.200 complete rebuke? And also uh to what it is the 0:16:53.280 --> 0:16:57.200 January six Committee somewhat diminished without the Liz Cheney or 0:16:57.240 --> 0:17:01.640 at least with the lame duck until next year. Sure, 0:17:01.800 --> 0:17:04.480 So I would say the Committee obviously has known that 0:17:05.080 --> 0:17:07.320 Cheney was likely to lose this primery, that was almost 0:17:07.359 --> 0:17:11.439 a given, and they were essentially planning to wrap up 0:17:11.480 --> 0:17:14.240 their work as much as they can going into this 0:17:14.359 --> 0:17:16.800 midterm season. So that's one reason we had the hearings 0:17:16.880 --> 0:17:19.119 this summer. They will probably see the final report some 0:17:19.200 --> 0:17:22.200 time in September, so that timeline I think was pretty 0:17:22.280 --> 0:17:25.800 understood in terms of a review to the committee. You know, 0:17:26.320 --> 0:17:29.680 Wyoming itself went by went for Trump by over forty 0:17:29.920 --> 0:17:33.480 points in twenties, so it's a very heavy pro Trump state. 0:17:33.880 --> 0:17:36.200 I think the January six Committee where it makes in 0:17:36.359 --> 0:17:40.080 roads with Republicans will be in other areas, say, you know, 0:17:40.320 --> 0:17:43.160 suburbs in Virginia, these kinds of places where report where 0:17:43.440 --> 0:17:45.800 voters are a bit more receptive to its messaging. But 0:17:46.200 --> 0:17:48.159 it's state like Wyoming that's probably not where it was 0:17:48.160 --> 0:17:50.720 going to get the biggest traction to begin with, it's 0:17:50.720 --> 0:17:54.119 switched to Alaska. Lusia Murkowski had a narrow lead over 0:17:54.200 --> 0:17:57.000 the Trumpec challenger. She of course, was one of the 0:17:57.040 --> 0:17:59.399 seven GOP senators who voted to convict him, and the 0:17:59.440 --> 0:18:04.320 impeachment trial followed the riot at the US Capital. Your 0:18:04.359 --> 0:18:08.080 thoughts about the race in Alanska. Yes, so the Alaska race, 0:18:08.119 --> 0:18:11.040 it's interesting as much about process as well as the results. 0:18:11.080 --> 0:18:14.040 So it was an important race for Murkowski yesterday as 0:18:14.160 --> 0:18:19.160 the only senator who voted against against Trump and impeachment hearings, 0:18:19.200 --> 0:18:21.399 who is up for re election this year, so the 0:18:21.480 --> 0:18:23.720 fact that she does seem to be holding her lead 0:18:24.000 --> 0:18:27.320 is notable. But Alaska has a really interesting system this 0:18:27.520 --> 0:18:30.360 year where they are doing an all party open primary 0:18:30.880 --> 0:18:34.359 where the top four candidates from all parties advance, and 0:18:34.440 --> 0:18:36.879 then there's going to be a ranked choice system in 0:18:36.960 --> 0:18:39.639 the general election. So we haven't really seen something like 0:18:39.760 --> 0:18:43.080 this before in Alaska. It will most likely benefit a 0:18:43.200 --> 0:18:47.000 more centrist moderate candidate like Murkowski in the generals, so 0:18:47.160 --> 0:18:49.200 we'll see if that holds. But the primary at least 0:18:49.240 --> 0:18:52.040 was solid for her. She came out solid and likely 0:18:52.080 --> 0:18:54.920 win or two points ahead of her closest challenger, and 0:18:55.280 --> 0:19:00.840 Sarah Palin is back. What what are your thoughts about her? Yeah, so, um, 0:19:00.960 --> 0:19:03.800 Palin is actually kind of been in two elections right 0:19:03.840 --> 0:19:07.680 now in uh In Alaska won a special election for 0:19:07.800 --> 0:19:11.160 an open seat that will be in play through November, 0:19:11.320 --> 0:19:14.520 and then the actual primary for the November seat. And 0:19:14.640 --> 0:19:18.560 again this is a situation with this new Alaska system. 0:19:18.760 --> 0:19:22.399 So Palin came in solid in both Um she pulled 0:19:22.400 --> 0:19:25.760 it about their got about the percentage and in both 0:19:25.800 --> 0:19:28.800 of those elections. But again with this ranked choice system, 0:19:29.080 --> 0:19:30.920 which we won't know the results until the end of 0:19:30.960 --> 0:19:34.200 August for that special election, UM, it could tip out 0:19:34.240 --> 0:19:37.400 of her favor there. So she's definitely still in the game. 0:19:37.640 --> 0:19:41.280 But this new system may may show that that there's 0:19:41.320 --> 0:19:43.520 some other ways for more centers moderate candidates to have 0:19:43.600 --> 0:19:46.120 an edge. Julie, thanks all, I appreciate it this morning. 0:19:46.160 --> 0:19:49.680 Julie Norman, the University of College London protfessor and the 0:19:49.880 --> 0:19:52.720 hand of the Cansha love wall Street. The futures right 0:19:52.800 --> 0:19:55.440 now in the down futures, down, the seven s and 0:19:55.640 --> 0:19:59.720 evening futures seventeen points glower and the anset futures right 0:19:59.760 --> 0:20:03.280 now down sixty nine points. You're listening to Bloomberg day 0:20:03.320 --> 0:20:08.280 Break and Bloomberg Weather for it today Marshal Sun developing 0:20:08.400 --> 0:20:11.680 chants of the shower this morning high seventy to eighty 0:20:12.080 --> 0:20:14.400 that I clear at low sixty five seventy and part 0:20:14.400 --> 0:20:17.359 of it mostly Sunday tomorrow, the high temperature topping up 0:20:17.560 --> 0:20:24.399 at about eighty five degrees. Broadcasting live from the Bloomberg 0:20:24.520 --> 0:20:28.960 Interacted Broker's studio in New York, Bloomberg Living Free to Washington, 0:20:29.040 --> 0:20:33.119 d C. Bloomberg to Boston, Bloomberg one O six one 0:20:33.240 --> 0:20:36.680 to San Francisco, Bloomberg NOME sixty to the Country Sirius 0:20:36.880 --> 0:20:40.000 XM Cho one nine and around the globe, the Bloomberg 0:20:40.080 --> 0:20:43.960 Business app and Bloomberg Radio dot Com. This is Bloomberg 0:20:44.080 --> 0:20:51.840 day Break. It's five thirty on Wall Street. Good morning. 0:20:51.880 --> 0:20:54.600 I'm John Tucker and I'm Karen Moscall. We are just 0:20:54.720 --> 0:20:57.520 about four hours away from the open of US trading. 0:20:57.600 --> 0:20:58.960 Let's get you up to date on the news. You 0:20:59.040 --> 0:21:01.480 need to know what this where we begin with politics, 0:21:01.560 --> 0:21:05.639 Republican Representative List Chaney losing her primary in Wyoming to 0:21:05.720 --> 0:21:10.080 Trump Act Harriet Hageman. Cheney voted to impeach former President 0:21:10.160 --> 0:21:13.119 Trump and co chairs the House Select Committee investigating the 0:21:13.240 --> 0:21:18.000 January six insurrection. She says Trump's fanning the flames of violence. 0:21:18.440 --> 0:21:23.400 Our nation is barreling once again towards crisis, lawlessness, and violence. 0:21:23.800 --> 0:21:27.600 Laz Janney Warren supporters had stolen election rhetoric could become 0:21:27.720 --> 0:21:31.200 normalized if former President Trump is not held accountable. And 0:21:31.440 --> 0:21:34.800 in Alaska, former Governor Sarah Palin advanced to the general 0:21:34.840 --> 0:21:37.560 election of November for the state's open the House seat, 0:21:37.920 --> 0:21:41.200 and Alaska Senator at Lisa Murkowski and Trump Act challenger 0:21:41.440 --> 0:21:44.520 Kelley Shabaka earned two of these slots in the Senate race, 0:21:44.600 --> 0:21:48.600 with results still being tabulated to determine the final two slots. 0:21:48.840 --> 0:21:52.120 Whole stigiment politics John President Biden has signed the Inflation 0:21:52.240 --> 0:21:55.800 Reduction Act into law. The landmark bill addresses tax, climate, 0:21:55.880 --> 0:21:59.280 and health policy. The measure garnered no GOP support from 0:21:59.320 --> 0:22:02.040 both chambers of Congress and to markets now Karen, where 0:22:02.080 --> 0:22:05.879 the SMP posted a small game yesterday. Now today, markets 0:22:05.960 --> 0:22:08.359 will be watching minutes from the FAD due out at 0:22:08.400 --> 0:22:11.119 two p m. Wall Street time, and US retail sales 0:22:11.200 --> 0:22:14.479 data for July at eight thirty this morning, economists predicted 0:22:14.600 --> 0:22:17.639 gain of just one tenth of a percent for retail sales. 0:22:17.800 --> 0:22:21.359 Attorney to Commodities John oil slide continues as traders away 0:22:21.400 --> 0:22:24.359 the prospects of a few key geo political factors. Right now, 0:22:24.440 --> 0:22:28.000 West Texas crewed is some little change at eighty six 0:22:28.040 --> 0:22:30.480 dollars sixty cents of barrel, and Bloomberg's her need a 0:22:30.520 --> 0:22:32.399 young joins us Live with the story we need a 0:22:32.440 --> 0:22:35.160 good morning. Good morning, Karen w t I futures drop 0:22:35.359 --> 0:22:39.119 more than three percent yesterday, closing below eighty seven dollars 0:22:39.160 --> 0:22:42.280 of barrel. They're also lowered this morning as talks between 0:22:42.359 --> 0:22:46.120 Iran and the European Union signal progress toward a renewed 0:22:46.240 --> 0:22:49.440