Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, August seventeen, twenty two. Coming up
Speaker 1: this hour, Liz Cheney loses her House seat as two
Speaker 1: states vote in primary elections. Trader is ready for minutes
Speaker 1: from the Fed and retail sales data. China issues a
Speaker 1: warning to the US over Taiwan and oil dips as
Speaker 1: we made the prospects ever a new to nuclear deal
Speaker 1: with Iran. New York City schools abandoned, COVID health screenings
Speaker 1: and PCR tests, plus Rudy Giuliana A will testified today
Speaker 1: before Grand Jury in Georgia. I'm Michael Barne. More ahead,
Speaker 1: I'm John Stage and sports. The Yankees slump continued, the
Speaker 1: Bats again quiet, the home loss to Tampa Bay, and
Speaker 1: the Mets got shut out in Atlanta. That's all. Train
Speaker 1: ahead on Bloomberg day Break on Bloomberg Eliving Free on
Speaker 1: New York Bloomberg nineteen nine one, Washington, d C, Bloomberg one,
Speaker 1: those sixx one, Boston Bloomberg nine sixties, and Francisco Syrius
Speaker 1: x M one nineteen and around the world down Bloomberg
Speaker 1: Radio dot Com and via the Bloomberg Business app. Good morning.
Speaker 1: I'm John Tucker and I'm Karen Moscow and US DOT
Speaker 1: index futures are lower this morning, were coming up to
Speaker 1: five oh one on Wall Street, and we checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, SMP futures are down about seventeen points, and
Speaker 1: DOWN futures down eighty nine and NASDACK futures down seventy five.
Speaker 1: The decks in Germany is down four tenths of upper cent,
Speaker 1: the ten year treasury down seventeen thirty seconds, YE two
Speaker 1: point eight six percent, and it yield on the two
Speaker 1: year three point to nine percent. John and Karen, We're
Speaker 1: gonna have more on the markets at a moment, but
Speaker 1: first we're gonna begin with politics. Republican Representative Liz Cheney
Speaker 1: has lost her primary in Wyoming, while former Alaska Governor
Speaker 1: Sarah Palin is staging a political comeback, and Bloomberg Sammy
Speaker 1: Morris has the tales from our news room in Washington.
Speaker 1: Cheney lost to lawyer Harriet Hagerman, who had been backed
Speaker 1: by Donald Trump. Cheney voted to in peach Trump and
Speaker 1: its co Chair of the House elect Committee investigating the
Speaker 1: January sixth insurrection. She warned her supporters about the future
Speaker 1: of the Republican Party and the country. If we do
Speaker 1: not condemn the conspiracies and the lies, if we do
Speaker 1: not hold those responsible to accounts, we will be excusing
Speaker 1: this conduct and it will become a feature of all elections.
Speaker 1: America will never be the same. In Alaska, party primaries
Speaker 1: were replaced with open primaries. The top four vote getters
Speaker 1: in each race advances to the general election in November.
Speaker 1: Sarah Palin was among the candidates to advance in the
Speaker 1: House race. Senator Lisa Murkowski and challenger Kelly Shibaka earned
Speaker 1: two of the slots in the Senate race. Results are
Speaker 1: still being tabulated to determine the final two slots in Washington.
Speaker 1: I'm anymore as Bloomberg daybreak. All right, Amy, thank you
Speaker 1: who was sticking with politics. President Biden has signed the
Speaker 1: Inflation Reduction Act into law. He's handling the landmark bill
Speaker 1: addressing tax, climate, and health policy. I'm keeping my campaign
Speaker 1: commitment no one. Let me emphasize, no one earning lesson
Speaker 1: four hundred thousand dollars a year will pay a penny
Speaker 1: more in federal facts. President Biden signed the law with
Speaker 1: no GOP support from both chambers of Congress. Republican Congressman
Speaker 1: Adrian Smith and Nebraska discussed the bill's impact on the
Speaker 1: deficit Laate yesterday on Bloomberg Radio. It's important that the
Speaker 1: President understand we cannot just continue without making any changes whatsoever,
Speaker 1: continue in the direction of this spending that I think
Speaker 1: has been very problematic. The American people expect us to
Speaker 1: get that under control. And Nebraska Republican Congressman Adrian Smith
Speaker 1: made the comments on Bloomberg Sound on Catch the program
Speaker 1: weekdays at five pm Eastern on Bloomberg Radio and Karen
Speaker 1: to Markets Now, where the S and P five hunder
Speaker 1: posted a small game. Yesterday, earnings from Walmart and Home
Speaker 1: Depot boosted sentiment. Today, we're gonna be watching minutes from
Speaker 1: the Federal Reserve, which will test events on a pivot
Speaker 1: towards slower rate hikes. Let's get more from Bloomberg's Mike McKee.
Speaker 1: After two moves of three quarters percent, the size of
Speaker 1: the heads next grade increases an open question. Investors may
Speaker 1: find some clues in the minutes of their last meeting.
Speaker 1: Those minutes likely won't settle the question, but they could
Speaker 1: indicate what kind of data officials would need to see
Speaker 1: to favor another unusually large increase. With Chairman j Powell
Speaker 1: expected to speak at the Kansas City FEDS Jackson Whole
Speaker 1: Conference a week from Friday, any post minutes market move
Speaker 1: maybe short lived. Michael mckeed Bloomberg Daybreak. All right, Mike,
Speaker 1: thank you. All those minutes come around two pm Wall
Speaker 1: straight time. But this morning it's all about the consumer.
Speaker 1: We get data on US retail sales for July at
Speaker 1: eight thirty. MasterCard Advisor's chief economist Michelle Meyer expects another game.
Speaker 1: The surveys have shown that consumers are worried. They're trying
Speaker 1: to plan ahead. They're trying to think about how to
Speaker 1: navigate this economic environment. But in the interim, they are
Speaker 1: still outspending. Michelle Meyer and MasterCard Advisors remains bullish on
Speaker 1: US spending. Economist predicted gain of just one tenth of
Speaker 1: a percent for July retail sales. Stay tuned for complete
Speaker 1: coverage and analysis of the data coming up on Bloomberg Surveillance.
Speaker 1: And when it comes to earnings, it's also about retail.
Speaker 1: To Karen Bloomberg's Jeff Belinger, reports that Target will deliver
Speaker 1: its earnings report this morning. Target made a strategic decision
Speaker 1: to rapidly liquidate much of its success inventory. The second
Speaker 1: quarter results will indicate whether that was a good move
Speaker 1: and whether further mark downs are needed. Bloomberg Intelligence as
Speaker 1: Target may have continued to outpace its peers when it
Speaker 1: comes to store traffic, the chain has sought to be
Speaker 1: surgical and raising prices to protect the perception of value
Speaker 1: and maintain customer loyalty. B I says that may also
Speaker 1: have weighed on gross margin. Jeff Bullinger, Bloomberg Daybreak, Thanks Jeff,
Speaker 1: and a day after Home Depot beat estimates were expected
Speaker 1: to get earnings from home improvement retailer lows today. Attorney
Speaker 1: to commodities now John Oil continues to drop as traders
Speaker 1: away the prospects of a few key geopolitical factors right now.
Speaker 1: West Texas screwed is up four tens per cent, or
Speaker 1: thirty six cents at eighties six owner's eighty nine cents
Speaker 1: a barrel blombards. You need a young joint us live
Speaker 1: with that story. Need a good morning, Good morning, Karen W.
Speaker 1: T I. Futures dropped more than three percent yesterday closing
Speaker 1: below eighty seven dollars of barrel. They're also lowered this
Speaker 1: morning as talks between Iran and the European Unions signal
Speaker 1: progress toward a renewed nuclear deal that could open the
Speaker 1: door to crude shipments from the Islamic Republic. Owanda Market
Speaker 1: Analysis says the potential for a deal creates a two
Speaker 1: way risk for the price of oil, but the primary
Speaker 1: driver of the current weakness is the threat of a
Speaker 1: global recession at coronavirus lockdowns in China, live in New York,
Speaker 1: I'm gonna need a Young Bloomberg daybreak. And in the
Speaker 1: UK today data shows the inflation accelerating again again. Consumer
Speaker 1: prices rose by double digits in July and annual pays
Speaker 1: of ten point one percent. Bloombridge Leslie Burden in London
Speaker 1: says rising food prices are adding to the squeeze on
Speaker 1: UK consumers. Food was actually the biggest contributor, which means
Speaker 1: that the poorest households are going to be hit the hardest,
Speaker 1: but it is also broad faced recreation and culture with
Speaker 1: the next biggest contributors. And not worrying for the Bank
Speaker 1: of England because it indicates that this is going to
Speaker 1: last longer. Bloomberg Selizzie Burdens traders are now ramping up
Speaker 1: as that the Bank of England will raise rates by
Speaker 1: fifty basis points come September. You're listening to Bloomberg Daybreak
Speaker 1: and East No Flanco settled on Wall Streets. Had to
Speaker 1: bring in Michael Barr with more. What else is going
Speaker 1: on to New York, Canada, around the world, John, thank
Speaker 1: you very much. Sarah Rudy Giuliani a schedule to appear
Speaker 1: today and an Atlanta courthouse to testify before a special
Speaker 1: grand jury and an investigation into possible illegal attempts to
Speaker 1: influence the election in Georgia. The former New York mayor
Speaker 1: and attorney for former President Donald Trump is the target
Speaker 1: of the investigation. Any questioning will take place behind closed doors.
Speaker 1: Nonprofits and New York City social services saying they've been
Speaker 1: stretched then trying to accommodate asylum seekers and migrants who
Speaker 1: often are buzzed in unannounced and in unknown numbers from
Speaker 1: Texas and Arizona. Catholic Charities executives say they're working with
Speaker 1: families to provide essentials and more. To Mike the Cardinal
Speaker 1: Dolan at dawns and me. These just aren't cases. These
Speaker 1: just aren't uh, these just aren't problems. These just aren't statistics.
Speaker 1: These are not just refugees and asylum seekers in the plural.
Speaker 1: These are people with names Cardinal dolon As. New York
Speaker 1: City officials estimated around dred migrants have been transported recently
Speaker 1: into the city from border towns. The New York City
Speaker 1: Department of Education is relaxing COVID nineteen protocols for students
Speaker 1: and staff ahead of the start of the new school year.
Speaker 1: According to the guidelines, the district will no longer require
Speaker 1: daily health screenings to enter school buildings, nor will it
Speaker 1: conduct in school PCR surveillance testing. Iranian officials have confirmed
Speaker 1: that they have submitted a written responds to the latest
Speaker 1: EU draft to revive the nuclear deal. Bloomberg's At Baxter
Speaker 1: reports the US is watching closely. Bloomberg sources are saying
Speaker 1: that it may ask for a couple of adjustments in
Speaker 1: the pact, to which the US State Department spokesman that
Speaker 1: Price says, there is a red line. We are committed.
Speaker 1: President Biden has made a solemn commitment that Iran will
Speaker 1: never obtain a nuclear weapon that in its own right
Speaker 1: is something that UM redounds to our national security, but
Speaker 1: price as the US will go through the response with
Speaker 1: hopes of a deal. In San Francisco, I'm at Baxter
Speaker 1: Bloomberg Gabrie opening statements as schedule to begin today. In
Speaker 1: the latest federal trial for singer R Kelly in Chicago.
Speaker 1: He is accused of enticing miners for sex, producing child bornography,
Speaker 1: and fixing his two thousand eight state child porn trial,
Speaker 1: at which he was acquitted. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a hundred twenty countries. Hi, Michael barn This is Burt
Speaker 1: John Michael, thank you. It's up five ten Ball Street.
Speaker 1: That's time for the Bloomberg Sports upthing. Good morning, John Stash,
Speaker 1: all right, Good morning, John Tugh. Start to the week
Speaker 1: for New York baseball. The night after the Yankees and
Speaker 1: Mets lost games by a combined seven teen to one,
Speaker 1: they lost by a combined eight to one for the Yankees.
Speaker 1: That tailspin continues eleven losses in the last thirteen games.
Speaker 1: Going further back, just eleven wins in thirty three games,
Speaker 1: they're sure to losing a fifth consecutive series. Aaron Brune's
Speaker 1: team lost to Tampa Bay three to one. You can't
Speaker 1: let the frustration get in your way of of you know,
Speaker 1: preparing and you know, getting ready to go every night.
Speaker 1: You know, we've got a few guys that are in
Speaker 1: a rut. We gotta we gotta prepare and get ready
Speaker 1: and fight our way out of it. You know, it's
Speaker 1: part of it. And uh, you know it's no fun
Speaker 1: when you're going through it. But that's where we are
Speaker 1: right now. Scored one run of the last three games
Speaker 1: and the Mets and two games in atlanta've only scored
Speaker 1: one shut out by the Braves have nothing. Atlanta's eighth
Speaker 1: win in a row since losing four or five of
Speaker 1: the Mets at City Field, and that Met Division lead
Speaker 1: over the Braises down to three and a half. The
Speaker 1: good news for the Mats Max scherz Er pitches tonight,
Speaker 1: Jacob de Graham tomorrow. Good news for the Jet Zach
Speaker 1: Wilson's knee surgery went well, no additional damage was found.
Speaker 1: Still likely Wilson will miss the season opener, which would
Speaker 1: meet veteran Joe Flacco, would face his old team, the
Speaker 1: Baltimore Ravens and the Giants preseason opener. They're they're veteran
Speaker 1: backup d be Tyrod Taylor looked good, and coach Brian
Speaker 1: dave All said Taylor will now get some reps with
Speaker 1: the first team, but he downplayed any significance to that,
Speaker 1: said Daniel Jones is the starter. The Athletic reports trade
Speaker 1: talks are again heating up between the Nicks and Utah
Speaker 1: Jazz for a deal that would bring all star Donovan
Speaker 1: Mitchells in New York. John stash Hower Bloomberg Sports, John
Speaker 1: all Right, John tankas very much ahead of the cash show.
Speaker 1: Gold on Wall Street futures right now are in the
Speaker 1: red as traders wave minutes for the Federal reserves last meeting.
Speaker 1: Down futures right now eighty points slower. That's down two
Speaker 1: tenths of a percent. Smp E mini futures they're down
Speaker 1: sixteen in the next futures right now are sixty four
Speaker 1: points lower. This is Bloomberg Bloomberg Weather for Today from
Speaker 1: meteorologist Rob Carolin. Partial sunshine could see an isolated shower
Speaker 1: this morning at eight tomorrow. Sunny five Markets, headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Outland at Bloomberg Quicktake, this is a
Speaker 1: Bloomberg business lash and I'm Karen Moscow. US stock Index
Speaker 1: futures are following as concerns over the federal reserves, aggressive
Speaker 1: rate high path outweigh robust corporate earnings and China's stimulus plants.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. SNP futures down seventeen points, now futures
Speaker 1: down eighty nine and nasdack features down seventy one. The
Speaker 1: decks same. Germany is down four tenths of upper seven,
Speaker 1: the ten year treasury down fifteen thirty seconds, two point
Speaker 1: eight six percent, that yield on the two year three
Speaker 1: point to nine percent. NIMEX screwed oil is it'll change
Speaker 1: at eighty six dollars fifty three cents of barrel. Comex
Speaker 1: schoold is it'll changed as well as seventeen eighty announced.
Speaker 1: The euro one pot one seven five against the dollar,
Speaker 1: British found one point two one oh seven, the yen
Speaker 1: one thirty four point six nine, and bitcoin this morning
Speaker 1: is down six cents of a percent at twenty three thousand,
Speaker 1: eight hundred dollars. Today, we are watching for a FOURD
Speaker 1: on July retail sales at a day thirty Wall Street
Speaker 1: time at two minutes from the fence, latest meeting and
Speaker 1: Target and Lows are among companies scheduled to report earnings today.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, good morning,
Speaker 1: Good morning, Karen. Wyoming Representative Liz Cheney, Donald Trump's versas
Speaker 1: Republican adversary in Congress has been defeated in the GOP
Speaker 1: primary Chiefel Tuesday to Harriet Hageman arrival back by the
Speaker 1: former president sixty six percent to twenty three percent. President
Speaker 1: Joe Biden signed a sweeping tax, climate, and healthcare measure
Speaker 1: into law. The measure, known as the Inflation Reduction Act,
Speaker 1: would also cap and lower the price of medicines for seniors.
Speaker 1: In baseball, the Yankees and Mets lost the Red Sox
Speaker 1: and Orioles one. The Nationals lost the A's and Giants one.
Speaker 1: Global News twenty four hours a day on here and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts are more than a D twenty countries.
Speaker 1: Michael Barr And this is Bloomberg. Michael, thank you. It
Speaker 1: is five twenty on Wall Street. Were line from the
Speaker 1: Bloomberg Interton Broker's studios. This is Bloomberg Daybreak. Well, as
Speaker 1: you heard, Republican Representative Liz Cheney called on Americans to
Speaker 1: unite across party lines to keep Donald Trump from winning
Speaker 1: the White House again. Following her crushing defeat, Let's take
Speaker 1: a closer look at the results of Tuesday's primary. Now
Speaker 1: we're joined by Julie Norman University College London, professor Julie.
Speaker 1: Always a pleasure, Thanks for being with us this morning.
Speaker 1: Is Cheney's loss all because she you refused to bow
Speaker 1: down to Donald Trump? And what is this signal to
Speaker 1: other Republicans in the party? Oh? Well, absolutely, John, I mean,
Speaker 1: Cheney obviously has a long history in the state from
Speaker 1: both her own accomplishments and her father. She won her
Speaker 1: last primary by over seventy percent, and so this is
Speaker 1: not just a loss, but a crushing one by probably
Speaker 1: over thirty five points when everything is tallied. And this
Speaker 1: is not just because of her impeachment vote against Trump,
Speaker 1: but her really being the face of opposition to Trump
Speaker 1: within the Republican Party co chair in the January sixth hearing,
Speaker 1: being very outspoken throughout her campaign that she saw her
Speaker 1: role as really pushing back at Trump and preventing him
Speaker 1: from from holding office again and challenging what she sees
Speaker 1: as the US democracy. And so she really took a
Speaker 1: strong stance against him, and really from the start, Trump
Speaker 1: and his team targeted her very early. It was a
Speaker 1: very aggressive campaign against her and uh and unfortunately it
Speaker 1: worked in Wyoming, Um for for for for Cheney, and
Speaker 1: by this big loss, well what next for Liz Cheney. Well,
Speaker 1: it'll be interesting. So her speech was a very impassioned
Speaker 1: speech and suggested that this certainly wasn't the end um.
Speaker 1: Some are asking if she'll be considering presidential run, even
Speaker 1: though many believe would be very difficult for her to
Speaker 1: succeed in the GOP primary. That is something that potentially
Speaker 1: might be on the table, but right now her focus
Speaker 1: seems to be on doing everything she can again to
Speaker 1: push back against this popularity of Trump within the party
Speaker 1: and his potential run in four So we'll see what
Speaker 1: kind of actions that that results in for her. Trump
Speaker 1: called her a loss a complete rebuke of the January
Speaker 1: six Committee. I wonder from your perspective, is it a
Speaker 1: complete rebuke? And also uh to what it is the
Speaker 1: January six Committee somewhat diminished without the Liz Cheney or
Speaker 1: at least with the lame duck until next year. Sure,
Speaker 1: So I would say the Committee obviously has known that
Speaker 1: Cheney was likely to lose this primery, that was almost
Speaker 1: a given, and they were essentially planning to wrap up
Speaker 1: their work as much as they can going into this
Speaker 1: midterm season. So that's one reason we had the hearings
Speaker 1: this summer. They will probably see the final report some
Speaker 1: time in September, so that timeline I think was pretty
Speaker 1: understood in terms of a review to the committee. You know,
Speaker 1: Wyoming itself went by went for Trump by over forty
Speaker 1: points in twenties, so it's a very heavy pro Trump state.
Speaker 1: I think the January six Committee where it makes in
Speaker 1: roads with Republicans will be in other areas, say, you know,
Speaker 1: suburbs in Virginia, these kinds of places where report where
Speaker 1: voters are a bit more receptive to its messaging. But
Speaker 1: it's state like Wyoming that's probably not where it was
Speaker 1: going to get the biggest traction to begin with, it's
Speaker 1: switched to Alaska. Lusia Murkowski had a narrow lead over
Speaker 1: the Trumpec challenger. She of course, was one of the
Speaker 1: seven GOP senators who voted to convict him, and the
Speaker 1: impeachment trial followed the riot at the US Capital. Your
Speaker 1: thoughts about the race in Alanska. Yes, so the Alaska race,
Speaker 1: it's interesting as much about process as well as the results.
Speaker 1: So it was an important race for Murkowski yesterday as
Speaker 1: the only senator who voted against against Trump and impeachment hearings,
Speaker 1: who is up for re election this year, so the
Speaker 1: fact that she does seem to be holding her lead
Speaker 1: is notable. But Alaska has a really interesting system this
Speaker 1: year where they are doing an all party open primary
Speaker 1: where the top four candidates from all parties advance, and
Speaker 1: then there's going to be a ranked choice system in
Speaker 1: the general election. So we haven't really seen something like
Speaker 1: this before in Alaska. It will most likely benefit a
Speaker 1: more centrist moderate candidate like Murkowski in the generals, so
Speaker 1: we'll see if that holds. But the primary at least
Speaker 1: was solid for her. She came out solid and likely
Speaker 1: win or two points ahead of her closest challenger, and
Speaker 1: Sarah Palin is back. What what are your thoughts about her? Yeah, so, um,
Speaker 1: Palin is actually kind of been in two elections right
Speaker 1: now in uh In Alaska won a special election for
Speaker 1: an open seat that will be in play through November,
Speaker 1: and then the actual primary for the November seat. And
Speaker 1: again this is a situation with this new Alaska system.
Speaker 1: So Palin came in solid in both Um she pulled
Speaker 1: it about their got about the percentage and in both
Speaker 1: of those elections. But again with this ranked choice system,
Speaker 1: which we won't know the results until the end of
Speaker 1: August for that special election, UM, it could tip out
Speaker 1: of her favor there. So she's definitely still in the game.
Speaker 1: But this new system may may show that that there's
Speaker 1: some other ways for more centers moderate candidates to have
Speaker 1: an edge. Julie, thanks all, I appreciate it this morning.
Speaker 1: Julie Norman, the University of College London protfessor and the
Speaker 1: hand of the Cansha love wall Street. The futures right
Speaker 1: now in the down futures, down, the seven s and
Speaker 1: evening futures seventeen points glower and the anset futures right
Speaker 1: now down sixty nine points. You're listening to Bloomberg day
Speaker 1: Break and Bloomberg Weather for it today Marshal Sun developing
Speaker 1: chants of the shower this morning high seventy to eighty
Speaker 1: that I clear at low sixty five seventy and part
Speaker 1: of it mostly Sunday tomorrow, the high temperature topping up
Speaker 1: at about eighty five degrees. Broadcasting live from the Bloomberg
Speaker 1: Interacted Broker's studio in New York, Bloomberg Living Free to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one
Speaker 1: to San Francisco, Bloomberg NOME sixty to the Country Sirius
Speaker 1: XM Cho one nine and around the globe, the Bloomberg
Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg
Speaker 1: day Break. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm John Tucker and I'm Karen Moscall. We are just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you up to date on the news. You
Speaker 1: need to know what this where we begin with politics,
Speaker 1: Republican Representative List Chaney losing her primary in Wyoming to
Speaker 1: Trump Act Harriet Hageman. Cheney voted to impeach former President
Speaker 1: Trump and co chairs the House Select Committee investigating the
Speaker 1: January six insurrection. She says Trump's fanning the flames of violence.
Speaker 1: Our nation is barreling once again towards crisis, lawlessness, and violence.
Speaker 1: Laz Janney Warren supporters had stolen election rhetoric could become
Speaker 1: normalized if former President Trump is not held accountable. And
Speaker 1: in Alaska, former Governor Sarah Palin advanced to the general
Speaker 1: election of November for the state's open the House seat,
Speaker 1: and Alaska Senator at Lisa Murkowski and Trump Act challenger
Speaker 1: Kelley Shabaka earned two of these slots in the Senate race,
Speaker 1: with results still being tabulated to determine the final two slots.
Speaker 1: Whole stigiment politics John President Biden has signed the Inflation
Speaker 1: Reduction Act into law. The landmark bill addresses tax, climate,
Speaker 1: and health policy. The measure garnered no GOP support from
Speaker 1: both chambers of Congress and to markets now Karen, where
Speaker 1: the SMP posted a small game yesterday. Now today, markets
Speaker 1: will be watching minutes from the FAD due out at
Speaker 1: two p m. Wall Street time, and US retail sales
Speaker 1: data for July at eight thirty this morning, economists predicted
Speaker 1: gain of just one tenth of a percent for retail sales.
Speaker 1: Attorney to Commodities John oil slide continues as traders away
Speaker 1: the prospects of a few key geo political factors. Right now,
Speaker 1: West Texas crewed is some little change at eighty six
Speaker 1: dollars sixty cents of barrel, and Bloomberg's her need a
Speaker 1: young joins us Live with the story we need a
Speaker 1: good morning. Good morning, Karen w t I futures drop
Speaker 1: more than three percent yesterday, closing below eighty seven dollars
Speaker 1: of barrel. They're also lowered this morning as talks between
Speaker 1: Iran and the European Union signal progress toward a renewed
Speaker 1: nuclear deal that could open the door to CREWE shipments
Speaker 1: from the Islamic Republic. A Wanda market analysis says the
Speaker 1: potential for a deal creates a two way risk for
Speaker 1: the price of oil, but the primary driver of the
Speaker 1: current weakness is the threat of a recession and a
Speaker 1: coronavirus lockdown in China. Live in New York, I'm really
Speaker 1: need a young Bloomberg day break, real need a thanks.
Speaker 1: Overseas in the UK, inflation head of forty year high. Today,
Speaker 1: the July consumer price index rose ten point one percent,
Speaker 1: and Bloomberg's Lizzie Burden says the data is likely to
Speaker 1: impact Bank of England policy. Bomberg Economics has changed its
Speaker 1: base case and now these fifty basis points in September,
Speaker 1: following upon that jumbo hike in August. That's Bloomberg's Lizzie
Speaker 1: Burden reporting from London saying rising food prices adding to
Speaker 1: the squeeze a UK consumers. And that brings us to
Speaker 1: three on Wall Street time to bring in Michael Barr
Speaker 1: with more of what else is going out of New
Speaker 1: York hand around the world. Jeah, thank you very much.
Speaker 1: Rudy Giuliani, former President Trump's personal attorney, is scheduled to
Speaker 1: testify today in the possible criminal activity surrounding those who
Speaker 1: trying to overturn the Georgia election results. The former New
Speaker 1: York mayor is now the target of an investigation by
Speaker 1: Georgia prosecutors. Giuliani has pushed back on the investigation and
Speaker 1: has claim without evidence that Atlanta is a city known
Speaker 1: for corruption. With New York City officials estimating around twenty
Speaker 1: hundred asylum seekers and migrants have been busted into the
Speaker 1: city from border towns along Texas and Arizona. Nonprofits and
Speaker 1: city social services they've been stretched then trying to accommodate
Speaker 1: the newcomers. Catholic charities say they're working with families provide
Speaker 1: services like scholarships for local schools for families, gift cards
Speaker 1: for food and other essentials, and more. Cardinal Timothy Dolan.
Speaker 1: Our perspective is not the political. Our perspective is not
Speaker 1: how did we get in this mess. Our perspective uh
Speaker 1: is simply to help them to reach out to them,
Speaker 1: Cardinal Timothy Dolan. The reigning and officials confirmed this week
Speaker 1: that they have submitted their written response to the latest
Speaker 1: EU draft revived the Nuclear Accord. State Department spokesman Ned
Speaker 1: Ice says the US will provide its response to both
Speaker 1: Iran and the e USE text in private, but says
Speaker 1: they've been transparent about their ultimate goal to ensured Tehran
Speaker 1: limits their nuclear program. We are committed President Biden has
Speaker 1: made a solemn commitment that Iran will never obtain a
Speaker 1: nuclear weapon. That in its own right is something that
Speaker 1: UM redounds to our national security. State Department spokesman Ned Price.
Speaker 1: The New York City Health Department says the West Nile
Speaker 1: virus has been detected and two people and a record
Speaker 1: number of mosquitoes in the city. The department says the
Speaker 1: two cases are in Brooklyn and Queen's Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael bar and this
Speaker 1: is Bloomberg. Michael, thank you. It's five thirty six on
Speaker 1: Wall Street. That's not for the Bloomberg Sports Update. Now
Speaker 1: here's John Snashar Yanks. John. The Mets went down to
Speaker 1: Atlanta fly and High. Winners of seventeen of their last
Speaker 1: twenty games, they have come back to Earth as the
Speaker 1: Braves of one twice by a combined score of eighteen
Speaker 1: to one. Mets had only three hits off Charlie Morton,
Speaker 1: who struck out twelve, and Atlanta's five nothing to win.
Speaker 1: That cuts the Mets Division lead down to three and
Speaker 1: a half and another starting pitcher is injured. The Mets
Speaker 1: just put Carlos Carrasco on the injured list and Taiwan
Speaker 1: Walker had to leave last night after just two innings
Speaker 1: with back spasms. Mets to have Max Scherz around the
Speaker 1: mounta tonight, Jacob to Graham tomorrow and those two aces
Speaker 1: are scheduled. The next week faced the Yankees, who lost again.
Speaker 1: Tampa Bay's Randy and Rose Arena killed the Yanks two
Speaker 1: years ago in the playoffs. He had a three run
Speaker 1: homer first, didn't know off Nestra Cortez. It's all the
Speaker 1: Rays got or needed. And at three one winners, Yanks
Speaker 1: bats again very quiet, only four hits, even Aaron Judges
Speaker 1: in hitting one for his last four team. And you
Speaker 1: never want to lose, and I never know one in
Speaker 1: here is happy about it. Um. You know, having a
Speaker 1: little bit of a cushion helps. With that cushion, we
Speaker 1: got a sound top of it. You guys are putting,
Speaker 1: the working guys are coming up, they're showing up, they're
Speaker 1: doing their things. So and that's just about going out
Speaker 1: there on the field and performing. Tanks have lost six
Speaker 1: of the last seven. Over those seven games, they scored
Speaker 1: a total of only nine runs. That Jets says. Zach
Speaker 1: Wilson's knee surgery went well. It's possible that Jets QB
Speaker 1: could play the season opener. Tennis and Cincinnati. Serena Williams
Speaker 1: lost six four or six love to Ma Radicana, who's
Speaker 1: half Serena's age. She's the defending US Open champs. Serena
Speaker 1: now gets ready to come to New York to the Open,
Speaker 1: which she says will be the final tournament of her career.
Speaker 1: John Stash were Bloomberg Sports John John Thanks a lot
Speaker 1: five thirty settled on Wall Street time down for the
Speaker 1: Trying State Business Report, and for that we're joined by
Speaker 1: Bloomberg's ed Quarry. New York City's pension costs will rise
Speaker 1: by about six billion dollars over the next three fiscal years.
Speaker 1: Inflation and fears of a recession of hammered the city's
Speaker 1: retirement plans. Five of the city's pension funds lost eight
Speaker 1: point six percent for the fiscal year, the most since
Speaker 1: the financial crisis. Rockefeller Capital Management, the wealth and investment
Speaker 1: advisory hearn that emerged from the Rockefeller's family office, plans
Speaker 1: to add as many as one hundred fifteen wealth advisor
Speaker 1: teams in coming years as it expands through the US.
Speaker 1: The New York based firm currently has eighty five teams.
Speaker 1: More than a dozen were acquired this year. The pandemic
Speaker 1: has made parking in New York even tougher, with some
Speaker 1: New Yorkers shunning the subway. During the COVID outbreak, one
Speaker 1: measure of car ownership in the city went up two
Speaker 1: hundred and twenty four percent in one The work from
Speaker 1: home trend means many cars still aren't being moved at all,
Speaker 1: and dining sheds continue to eat up street space that
Speaker 1: your Bloomberg Tries Date business report. I'm Ed Corey. It
Speaker 1: thanks a lot of five eight on Wall Street. Bloomberg
Speaker 1: Radio is on the year from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in now with their
Speaker 1: global news team for some of the top stories heard
Speaker 1: on our three hundred at Phillip Radio stations around the world.
Speaker 1: Ktr H in Houston. Amazon raising charges on third party
Speaker 1: fellers during the holidays time. Gina Servettian for w c
Speaker 1: CEO in Minneapolis. I'm reporting that a court order says
Speaker 1: three m can't use bankruptcy to dodge the decisions of
Speaker 1: a federal judge preparing more than two hundred thousand ear
Speaker 1: Plug related lawsuits for trial. I'm Jeff Bullinger and on
Speaker 1: w G Y and Albany. I'm reporting that workers at
Speaker 1: an Amazon warehouse near Albany are seeking to join a union.
Speaker 1: I'm Stephen Carol on Bloomberg DAB Digital Radio in London.
Speaker 1: We've been reporting on inflation hitting a new forty year
Speaker 1: high in the UK as price rises hit double digits.
Speaker 1: Id Coy on w w J in Detroit. I'm reporting
Speaker 1: a new owner plans to redevelop the long vacant gross
Speaker 1: Field building. And those are some of these stories are
Speaker 1: twenty seven hundred Bloomberg journalists and analysts are working on
Speaker 1: this morning around the world. It's five thirty nine on
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. Cal
Speaker 1: Foregna teenagers can look forward to a welcome back to
Speaker 1: school gift when they return to class more time to sleep.
Speaker 1: A new state law will require that all public high
Speaker 1: schools start classes at eight thirty am or later. The
Speaker 1: shift has the potential to improve students mental health and
Speaker 1: academic performance. As a rule, adolescence don't get enough sleep,
Speaker 1: and not just because they're avoiding it. Among many other
Speaker 1: physiological changes brought on by puberty, the body's circadian rhythms shift.
Speaker 1: That's why the American Academy of Pediatrics advocates pushing back
Speaker 1: school start times for adolescence. Places that have done so
Speaker 1: have seen gains in both students sleep and their academic achievement.
Speaker 1: California's bold move could serve as a learning opportunity for
Speaker 1: other states. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash Opinion or Opie I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion and Bloomberg Opinion editorials can
Speaker 1: be heard every weekday. At this time. Terminal customers can
Speaker 1: read more head Opie I n go. You're listening to
Speaker 1: Bloomberg day Break and just ahead, we'll get you set
Speaker 1: up for the market day a half with Joe Quillan
Speaker 1: of the Meryal Bank of America Private BAC SMP Futures
Speaker 1: right now down eighteen points. This is Bloomberg Markets, headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business Outland, at Bloomberg Victape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Any West
Speaker 1: stock index future is falling this morning as concerns over
Speaker 1: the federal reserves, aggressive rate hike path out way robust
Speaker 1: corporate earnings in China's stimulus plans. We checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right now,
Speaker 1: S and P futures are down nineteen points down, futures
Speaker 1: down a hundred four and NASDAC features down seventy five.
Speaker 1: The decks in Germany's down half percent. Ten year treasury
Speaker 1: down sixteen thirty seconds, held two point eight six percent,
Speaker 1: yield on the two year three points to eight percent.
Speaker 1: Nine X Screwed oil is up to ten percent or
Speaker 1: sixteen cents at eighty six dollars, sixty nine cents of
Speaker 1: barrel comic school down a tenth of a percent or
Speaker 1: two dollars ten cents at seventeen eighty seven sixty ounce.
Speaker 1: The Euro one point one seven five against the dollar,
Speaker 1: British pound one point to one, and the yen one
Speaker 1: thirty four point eight four. Look at a bitcoin, it
Speaker 1: is down six tens percent at twenty three thousand, eight
Speaker 1: hundred thirty eight dollars. That's a Bloomberg Business Flash. Now
Speaker 1: here's Michael bar with more on what's going on around
Speaker 1: the world. Michael Karen, thank you very much. One of
Speaker 1: former President Trump's most vocal Republican opponents has gone down
Speaker 1: to defeat. Liz Cheney lost the Republican primary to retain
Speaker 1: her seat in the House to Harry It Hagerman arrival
Speaker 1: back by Trump six to Alaska U S Senator Lisa
Speaker 1: Murkowski and her Trump endorsed Republican rival, Kelly Shivaka, have
Speaker 1: advanced from Tuesday's primary. Meanwhile, Republican Sarah Palin was among
Speaker 1: the candidates advancing to the November general election in the
Speaker 1: race for Alaska's only House seat. In baseball, the Yankees
Speaker 1: and Mets lost, the Red Sox and Orioles won, the
Speaker 1: Nationals lost, the A's and Giants won. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty hundred journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is
Speaker 1: Bloomberg Jump. Michael, thank you. Nine on Wall Street. We
Speaker 1: are live from the Bloomberg Interact of Broker's Studios. Investors
Speaker 1: awaiting the minutes of the Fed's latest last policy meeting
Speaker 1: for clues on policymakers path forward. Let's get you set
Speaker 1: up for the trading day now with Joe Quinlan, head
Speaker 1: of the c I O Market Strap to Jay for
Speaker 1: Merrill and Bank of America Private Bank OJO. The questions
Speaker 1: almost obligatory at this point. Have we passed the peak
Speaker 1: in inflation? Does the weaker data signal the Fed's job
Speaker 1: as close to being finished? Well, we've come a long
Speaker 1: way to the FED tightening cycle job, but we're not
Speaker 1: done yet. We're still looking for the Fed to go
Speaker 1: fifty basis points again in September, fifty thereafter and coming
Speaker 1: in by the twenty five by the end of the year,
Speaker 1: an you get quantitative tightening, So the Feds, you know,
Speaker 1: it's not a mission accomplished yet. Lbit, the inflation data
Speaker 1: looks like it's peaked, but it's gonna plateau at a
Speaker 1: high level. So there's a lot of work to be
Speaker 1: done yet on the inflation front. What do you expected
Speaker 1: glean from the FED minutes today? Yeah? I think the
Speaker 1: key will be you know who's hawk ish, who isn't
Speaker 1: the voting members. I think it's going to be pretty
Speaker 1: much uniform in the sense that they're not done. I
Speaker 1: think the FED is going to signal to the markets
Speaker 1: they're gonna be tough still yet LB at the inflation
Speaker 1: numbers are improving, so I think it's be a little
Speaker 1: bit more on a hawkish tone and be uniform in
Speaker 1: that sense company profits. They've encouraged an equity rebound from
Speaker 1: the June lows doesn't have legs at this point. You know,
Speaker 1: we think it does, but it's sector specific. And when
Speaker 1: you take out energy from the Q two earnings, there
Speaker 1: was a lot of pain, a lot of red so
Speaker 1: but what you saw Walmart, some of these other companies
Speaker 1: working through the inventories. It's going to be a sector
Speaker 1: by sector, company by company into the second half of
Speaker 1: this year. How do you manage the tite labor market,
Speaker 1: the rising input costs of bottles supply chains. We're still
Speaker 1: looking for your growth in earnings, but I do believe
Speaker 1: twenty three earnings estimates are still too high. LBA did
Speaker 1: come down, but they're a little bit too high yet.
Speaker 1: And as far as retail sales today that the figures
Speaker 1: we get this morning, what is the state of the
Speaker 1: U S consumer it's the state of US consumer gun,
Speaker 1: it's okay, not great. I would say it's weakening a
Speaker 1: little bit here. Disposable income, real wages are declining, but
Speaker 1: they're using their credit card. They are in that pant
Speaker 1: post pandemic moods, so they're out there spending back to schools,
Speaker 1: commenting Christmas ahead of us. So I think consumer, you know,
Speaker 1: if they don't have the income, they will go deep
Speaker 1: into their savings or use the credit cards. So I
Speaker 1: think the consumer outlook is pretty pretty solid, albeit it's
Speaker 1: not as robust as as was a year ago with
Speaker 1: all this all this pandemic spending that we saw. All right,
Speaker 1: So given all that, what's the investment thesis that you're following.
Speaker 1: We're buying the dips here, John, we the opportunistically when
Speaker 1: we get a pull back, whether it's technology, energy, we're
Speaker 1: stepping in and buying because if there, if there is
Speaker 1: a recession or not. Remember when the US comes out
Speaker 1: of recession, it's typically stronger, and that's going to happen again.
Speaker 1: So we're buying. We're focused on the US by the dips,
Speaker 1: by quality, be diversified, own the intangibles of technology and
Speaker 1: the hard, hard assets of energy, minerals and metals. So
Speaker 1: the rally that we've seen not just a bear market
Speaker 1: rally in your opinion, No, I think we're putting in
Speaker 1: a bottom. It's gonna be chopping though. Remember for whatever
Speaker 1: for lots of in September is a very choppy month
Speaker 1: heading into the fourth quarters, so expect that the hotility
Speaker 1: we've had a nice glide upwards, but don't be fooled
Speaker 1: by that. Stay diversified the quality and I do think
Speaker 1: we're putting in this bottom bar markt bottom, but it's
Speaker 1: it's gonna take some time yet. We're not out of
Speaker 1: the woods. You've got China weakening, Europe's heading for recession,
Speaker 1: and the Fed is not done raising rate. So buckle up.
Speaker 1: We get from a week from Friday, the event that's
Speaker 1: held out west at Jackson Hall. Do you FED symposium
Speaker 1: out there? What are you supposed we're gonna hear out
Speaker 1: of that? Yeah, it's gonna be interesting in terms of
Speaker 1: how does the FED spread the needle of quantitative tightening? Um?
Speaker 1: What is there? What's the terminal rate? How do I
Speaker 1: think the biggest us like, what are they? What's the
Speaker 1: path of future inflation? How you know if we're at
Speaker 1: peak inflation. That's fine, but how fast does it come down?
Speaker 1: Is the Fed gonna stick with that two percent target?
Speaker 1: That's going to be a key messaging point, the two
Speaker 1: percent target. Joe A pleasure as always, Joe Quillan, head
Speaker 1: of the Seat market Strategy for Marylynch at Bank of
Speaker 1: America Private Bank with us this morning. Karen, all right, John,
Speaker 1: thank you. It is five fifty three on Wall Street.
Speaker 1: It's time now for the Bloomberg Law Rapport. Let's get
Speaker 1: to the legal stories we are watching this morning. From
Speaker 1: Bloomberg's Jeff Bellinger. The emergency board formed to prevent a
Speaker 1: strike against the nation's largest railroads is recommending wage hikes
Speaker 1: and expanded health coverage for workers. Immigration activists filed a
Speaker 1: complaint in an Illinois court accusing Lexus Nexus of collecting
Speaker 1: personal information from consumers and selling it to corporations, law enforcement,
Speaker 1: and government agencies. A Jersey City, New Jersey ordinance restricting
Speaker 1: short term housing rentals through services like air B and
Speaker 1: B survived the legal test before the third Circuit. Bloomberg
Speaker 1: Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you.
Speaker 1: Now another legal story we're watching. The former head of
Speaker 1: the JP Morgan Chase and Company precious metals business and
Speaker 1: its top gold trader were convicted in Chicago and charges
Speaker 1: of fraud, spoofing, and market manipulation. It's a big victory
Speaker 1: for the government and it's long crackdown on spoofing in
Speaker 1: the precious metals market, even though a third defendant, as salesman,
Speaker 1: was acquitted for more Bloomberg's doom Grossos speak to James Park,
Speaker 1: a professor at u c l A Law School. This
Speaker 1: is the highlight of the federal government's crackdown on spoofing
Speaker 1: in precious metals. How did they do all? In all,
Speaker 1: I think they did very well. They initially got h
Speaker 1: settlement from JP Morgan the institution, and they have also
Speaker 1: gotten a number of convictions, both through pre bargaining and
Speaker 1: also through jury trials. I think they're around ten individuals
Speaker 1: who have pleaded guilty or been convicted. And you know
Speaker 1: this is not just the case where they found the
Speaker 1: misconduct and they penalized J. P. Morrigan the corporation. There
Speaker 1: are a lot of commentators, scholars, who have criticized federal
Speaker 1: prosecutors for not bringing the individual cases, not bringing cases
Speaker 1: against individuals for corporate wrongdoing, And this is a nice
Speaker 1: example where the government did bring cases against individuals and
Speaker 1: worked very hard to do so, and they've been successful
Speaker 1: in holding individuals accountable for corporate wrongdoing. It's not just
Speaker 1: the case that JP Morgan is paying a nine million
Speaker 1: dollars fine and agreeing to various reforms. You are actually
Speaker 1: punishing the individuals who have committed wrongdoing, and that is
Speaker 1: more powerful deterrent than if you are just punishing a
Speaker 1: corporation that pays a large fine. So I think the
Speaker 1: government did very well in these cases. This case sort
Speaker 1: of ends the prosecutions into spoofing in precious metals. What
Speaker 1: might be next? You know, it's interesting this see whether
Speaker 1: these types of cases will also be brought in the
Speaker 1: crypto asset space. I think that's a space where there,
Speaker 1: you know, is a lot of potential for spoofing and
Speaker 1: manipulating markets. And several years ago the Department of Justice
Speaker 1: did announce that it was going to be looking into
Speaker 1: manipulative practices in crypto asset markets, and so it'll be
Speaker 1: interesting to see whether the success in commodities markets or
Speaker 1: more traditional commodity markets will then essentially be translated into
Speaker 1: cases in bitcoin and other crypto asset markets, which are
Speaker 1: potentially very vulnerable to manipulation. So it'll be interesting to
Speaker 1: see what comes next out of these efforts and as
Speaker 1: James Parker, professor at u c l A Law School,
Speaker 1: speaking at the Bloombergy Student Grosso catch more of that
Speaker 1: interview plus analysis of the latest legal news by subscribing
Speaker 1: to the Bloomberg Law Podcast or downloading the at Bloomberg
Speaker 1: dot com Slash podcast. Attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com and
Speaker 1: on the Bloomberg terminal at b Law. Go. Futurists this
Speaker 1: morning moving lower M S and P Future is down
Speaker 1: about twenty four points down, Futures down a hundred twenty
Speaker 1: seven at Nasty Eggs. Future is down in nineties seven
Speaker 1: ten year treasury down eighteen thirty seconds, YELD two point
Speaker 1: eight six percent, and the yield on A two years
Speaker 1: at three point to eight percent. NIMEX screude oil is
Speaker 1: up six tenths per center forty eight cents at eighty
Speaker 1: seven dollars one cent of barrel and the euro one
Speaker 1: one eight one against the dollar still ahead. On Bloomberg
Speaker 1: day Break, a check on the business headlines and all
Speaker 1: the news you need to start your day. And this
Speaker 1: is Bloomberg.