1 00:00:02,360 --> 00:00:05,080 Speaker 1: Live from the Bloomberg in Director Burger Studios. This is 2 00:00:05,120 --> 00:00:09,440 Speaker 1: Bloomberg day Break, first Tuesday, March one. Coming up this hour, 3 00:00:09,760 --> 00:00:12,960 Speaker 1: Russias steps up shelling of key cities in Ukraine. We 4 00:00:13,039 --> 00:00:16,439 Speaker 1: are live with the latest. More companies abandonized to Russia 5 00:00:16,480 --> 00:00:19,960 Speaker 1: as Moscow becomes increasingly isolated and the war becomes a 6 00:00:20,079 --> 00:00:22,880 Speaker 1: key focus for President. Finded in tonight State of the 7 00:00:22,960 --> 00:00:26,119 Speaker 1: Union address, New York Mayor Adams says the NYPD has 8 00:00:26,160 --> 00:00:29,280 Speaker 1: been too slow in designating hate crimes. Plus Hong Kong 9 00:00:29,360 --> 00:00:31,760 Speaker 1: scope of nineteen jomody rate is now one of the 10 00:00:31,800 --> 00:00:34,360 Speaker 1: highest in the world. I'm like the Bloomer more ahead. 11 00:00:34,479 --> 00:00:37,080 Speaker 1: I'm John stas Shower sports blowout loss for the NAT's, 12 00:00:37,120 --> 00:00:40,159 Speaker 1: easy win for the Devil's in a marathon bargaining session 13 00:00:40,240 --> 00:00:44,960 Speaker 1: to try and end the baseball lockout. That's all straight 14 00:00:44,960 --> 00:00:49,160 Speaker 1: ahead on Bloomberg day Break on Bloomberg Elementoryo, New York, 15 00:00:49,320 --> 00:00:54,040 Speaker 1: Bloomberg nine one, Washington, d C. Bloomberg one oh six one, Boston, 16 00:00:54,200 --> 00:00:58,720 Speaker 1: Bloomberg nine six, San Francisco, Syrius x M one nineteen 17 00:00:59,080 --> 00:01:02,040 Speaker 1: and around the world long Bloomberg Radio dot Com and 18 00:01:02,160 --> 00:01:09,360 Speaker 1: via The Bloomberg Business. Good Morning, I'm Nathan Hagar and 19 00:01:09,400 --> 00:01:13,319 Speaker 1: I'm Karen Moscow and global stocks are retreating this morning. 20 00:01:13,400 --> 00:01:15,240 Speaker 1: We are coming up to five oh one on Wall Street, 21 00:01:15,280 --> 00:01:17,520 Speaker 1: and we checked the markets every fifteen minutes throughout the 22 00:01:17,560 --> 00:01:21,119 Speaker 1: trading day on Bloomberg. Right now, SMP futures are down 23 00:01:21,120 --> 00:01:24,520 Speaker 1: twenty five points down, futures down one hundred sixty two, 24 00:01:24,560 --> 00:01:27,880 Speaker 1: and nasday futures down one hundred sixteen. Ten year treasury 25 00:01:27,959 --> 00:01:30,720 Speaker 1: up six thirty seconds. He had one point eight zero percent. 26 00:01:30,800 --> 00:01:34,559 Speaker 1: They yield on the two year one point four zero percent. Nathan, Well, Karen, 27 00:01:34,560 --> 00:01:36,200 Speaker 1: We'll have more on the markets in a minute, but 28 00:01:36,240 --> 00:01:39,920 Speaker 1: we begin this morning. In Ukraine. Russia has escalated shelling 29 00:01:39,959 --> 00:01:43,520 Speaker 1: overnight in key cities as a large Russian convoy moves 30 00:01:43,600 --> 00:01:46,680 Speaker 1: slowly toward the capital of Kiev. Amy Morris has the 31 00:01:46,760 --> 00:01:51,040 Speaker 1: latest from our Bloomberg newsroom. In Washington, senators held a 32 00:01:51,120 --> 00:01:54,360 Speaker 1: closed door briefing on the Russian invasion of Ukraine last night, 33 00:01:54,360 --> 00:01:58,280 Speaker 1: where Ukraine's ambassador sent our country needs more military weapons. 34 00:01:58,480 --> 00:02:02,360 Speaker 1: Republicans Senator Mit Romney says the US can provide some help. 35 00:02:02,440 --> 00:02:05,200 Speaker 1: We continue to have the capacity to get armament and 36 00:02:05,440 --> 00:02:09,840 Speaker 1: and nourishment. Two fighters in Ukraine. That's done not by 37 00:02:09,919 --> 00:02:12,919 Speaker 1: US directly. Democratic Senator Chris Coon says they're racing now 38 00:02:12,960 --> 00:02:16,720 Speaker 1: for our humanitarian crisis. Suspect Russia will try and starve 39 00:02:16,960 --> 00:02:19,359 Speaker 1: the population of Keith. We have to be prepared to 40 00:02:19,400 --> 00:02:23,480 Speaker 1: provide significant humanitarian relief. New satellite images today show a 41 00:02:23,560 --> 00:02:27,600 Speaker 1: forty mile long Russian military convoy just north of Kiev. 42 00:02:28,040 --> 00:02:31,480 Speaker 1: In Washington, I maybe Morris Bloomberg Daybreak, right, Amy, thank you. 43 00:02:31,520 --> 00:02:34,440 Speaker 1: As Russia steps up attacks on Ukraine, the fighting could 44 00:02:34,440 --> 00:02:37,120 Speaker 1: turn even more brutal. That's the concern we're hearing from 45 00:02:37,200 --> 00:02:40,480 Speaker 1: retired Lieutenant General Ben Hodges, the former commander of US 46 00:02:40,600 --> 00:02:43,360 Speaker 1: Army Europe. It was two days ago the whole world 47 00:02:43,400 --> 00:02:46,520 Speaker 1: solve dismissal that slammed into an apartment building, and that 48 00:02:46,680 --> 00:02:50,160 Speaker 1: sort of thing is going to increase. UM. I think 49 00:02:50,480 --> 00:02:53,040 Speaker 1: he will do whatever it takes to number one to 50 00:02:53,200 --> 00:02:56,520 Speaker 1: decapitate the government uh and number two to avoid the 51 00:02:56,600 --> 00:03:00,840 Speaker 1: humiliation of his forces being defeated and not able to 52 00:03:00,880 --> 00:03:05,160 Speaker 1: take Retired Army Lieutenant General Van Honjas spoke with our 53 00:03:05,200 --> 00:03:08,639 Speaker 1: Washington corresponded Joe matthew on Bloomberg Sound on Catch the 54 00:03:08,680 --> 00:03:11,960 Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio. The 55 00:03:12,000 --> 00:03:15,440 Speaker 1: list of companies abandoning Russia is growing quickly, Karen and 56 00:03:15,480 --> 00:03:19,000 Speaker 1: the mass exodus is reversing three decades of investment by 57 00:03:19,080 --> 00:03:22,760 Speaker 1: Western business. Bloomberg. Rinita Young joins US Live with the details. 58 00:03:22,800 --> 00:03:26,359 Speaker 1: Good morning, Granita, Good morning Nathan. Russia's largest foreign investor, 59 00:03:26,440 --> 00:03:30,120 Speaker 1: BP led the way with its surprising announcement on Sunday 60 00:03:30,160 --> 00:03:33,279 Speaker 1: that it would exit its state and state controlled Rosneft. 61 00:03:33,760 --> 00:03:36,480 Speaker 1: That move could result in a twenty five billion dollar 62 00:03:36,680 --> 00:03:39,680 Speaker 1: right off and cut its global oil and gas production 63 00:03:39,760 --> 00:03:43,680 Speaker 1: by a third. Shell followed yesterday saying it's ending partnerships 64 00:03:43,720 --> 00:03:47,840 Speaker 1: with state controlled Gas prom citing Russia's quote senseless act 65 00:03:47,880 --> 00:03:51,960 Speaker 1: of military aggression. And Equinoor, which is Norway's biggest energy 66 00:03:52,000 --> 00:03:55,240 Speaker 1: company and majority owned by the state, also announced it 67 00:03:55,280 --> 00:03:58,760 Speaker 1: will start withdrawing from its joint ventures in Russia worth 68 00:03:58,800 --> 00:04:02,640 Speaker 1: about one point two billion dollars. Live in New York. 69 00:04:02,720 --> 00:04:04,800 Speaker 1: I'm rena need a Young Bloomberg daybreak. All right, we 70 00:04:04,880 --> 00:04:07,080 Speaker 1: need to thank you. A couple of Wall Street Titans 71 00:04:07,080 --> 00:04:10,440 Speaker 1: are speaking out about the Russia invasion. JP Morgan, CEO 72 00:04:10,560 --> 00:04:14,120 Speaker 1: Jamie Diamond warrants that disconnecting Russian banks from the swift 73 00:04:14,160 --> 00:04:18,800 Speaker 1: and messaging system may bring unintended consequences. Sanction says I 74 00:04:18,839 --> 00:04:22,000 Speaker 1: cannot do busit you. A swift thing says I can't 75 00:04:22,040 --> 00:04:24,160 Speaker 1: use a communication to do busy with you. I can 76 00:04:24,200 --> 00:04:25,880 Speaker 1: still do busy with you. And there are a lot 77 00:04:25,960 --> 00:04:28,520 Speaker 1: of workadouns in the swift, So they're different tools we're 78 00:04:28,560 --> 00:04:32,480 Speaker 1: used for different reasons. JP Morgan, CEO Jamie Diamond made 79 00:04:32,480 --> 00:04:35,400 Speaker 1: the comments at an interview with Bloomberg's at Hammond. Stay 80 00:04:35,440 --> 00:04:38,200 Speaker 1: tuned for more of that conversation coming up later this hour. 81 00:04:38,360 --> 00:04:40,880 Speaker 1: We also caught up with Citadel founder Ken Griffin. The 82 00:04:41,080 --> 00:04:44,560 Speaker 1: billionaire says, this is a very critical time in geo politics. 83 00:04:44,920 --> 00:04:48,640 Speaker 1: I think we're at a very, very very volved conflection 84 00:04:48,720 --> 00:04:51,279 Speaker 1: point that will come down to whether or not the 85 00:04:51,360 --> 00:04:56,120 Speaker 1: Russians will be satisfied by simply extending their affective borders 86 00:04:56,120 --> 00:05:01,080 Speaker 1: in the Ukraine, Will they take Kiev, will a position 87 00:05:01,120 --> 00:05:04,479 Speaker 1: themselves to reach beyond the borders of the Ukraine. The 88 00:05:04,640 --> 00:05:08,800 Speaker 1: last is terrifying the markets. Citadel founder Ken Griffin made 89 00:05:08,800 --> 00:05:11,880 Speaker 1: those comments in an upcoming interview on Bloomberg Wealth with 90 00:05:12,000 --> 00:05:15,320 Speaker 1: David Rubinstein, the show They've used. March twenty two at 91 00:05:15,400 --> 00:05:19,440 Speaker 1: nine pm Eastern on Bloomberg Television, Well Nathan, Market volatility 92 00:05:19,480 --> 00:05:23,600 Speaker 1: remains high as world power step into isolate commodity rich Russia. 93 00:05:23,720 --> 00:05:26,560 Speaker 1: Let's get the latest on the action live with Bloomberg's 94 00:05:26,680 --> 00:05:29,120 Speaker 1: John Tucker, John Go Mordan Carra. The risk of markets 95 00:05:29,120 --> 00:05:32,920 Speaker 1: includes disruptions to supplies of raw materials, which threatened stoke 96 00:05:33,000 --> 00:05:36,480 Speaker 1: high inflation and hamper growth. We saw a buyer this 97 00:05:36,520 --> 00:05:39,080 Speaker 1: morning warned that the Ukraine invasion poses a risk to 98 00:05:39,200 --> 00:05:44,000 Speaker 1: its outlook. Most pressures may also impact monetary policy. Brett 99 00:05:44,040 --> 00:05:46,760 Speaker 1: McGonagall as chairman of Capital Link. At the end of 100 00:05:46,760 --> 00:05:48,760 Speaker 1: the day, what I think is going to happen is 101 00:05:48,880 --> 00:05:52,040 Speaker 1: this gives some sort of a pause to an overly 102 00:05:52,160 --> 00:05:56,440 Speaker 1: hawkish sed Deutsche Bank strapper. Just say stocks typically decline 103 00:05:56,440 --> 00:05:59,960 Speaker 1: about six to eight percent after a geopolitical event before 104 00:06:00,000 --> 00:06:03,920 Speaker 1: were retracing those losses in about three weeks. Aside from equities, 105 00:06:04,000 --> 00:06:06,920 Speaker 1: oil pushing hires investors try to figure out whether a 106 00:06:07,000 --> 00:06:10,520 Speaker 1: possible release of strategic reserves will have much of an 107 00:06:10,520 --> 00:06:14,039 Speaker 1: impact and checking prices Right now, Brent crude is up 108 00:06:14,080 --> 00:06:17,120 Speaker 1: four dollars four cents at one oh two twenty one 109 00:06:17,560 --> 00:06:20,680 Speaker 1: Live in New York on John Tucker Bloomberg Daybreak. Thanks John. 110 00:06:20,680 --> 00:06:23,000 Speaker 1: The invasion of Ukraine will take the spotlight tonight and 111 00:06:23,080 --> 00:06:26,320 Speaker 1: President Biden State of the Union address. Originally he planned 112 00:06:26,320 --> 00:06:29,359 Speaker 1: to highlight the improving coronavirus out look and rebrand his 113 00:06:29,440 --> 00:06:33,200 Speaker 1: domestic policy priorities. The timing of tonight's speech creates a 114 00:06:33,320 --> 00:06:36,640 Speaker 1: large opportunity for the president. That's according to Barbara Perry, 115 00:06:36,680 --> 00:06:39,760 Speaker 1: director of Presidential Studies at the Miller Center of Public Affairs, 116 00:06:40,080 --> 00:06:42,960 Speaker 1: if he sees as this moment, gives a good, solid speech, 117 00:06:43,240 --> 00:06:47,000 Speaker 1: acknowledges people's pain, points out what he's done well, where 118 00:06:47,040 --> 00:06:50,360 Speaker 1: his victories have been. And I think on the Ukrainian business, 119 00:06:50,600 --> 00:06:53,599 Speaker 1: this could be his ish benign berlin Er moment of 120 00:06:53,680 --> 00:06:56,880 Speaker 1: John Kennedy is standing at the Berlin Wall in nineteen three. 121 00:06:56,880 --> 00:06:58,320 Speaker 1: I don't know how to say it in Russian, but 122 00:06:58,640 --> 00:07:02,320 Speaker 1: ish benign Ukrainian. Barbara Perry was a guest on Bloomberg's 123 00:07:02,320 --> 00:07:04,440 Speaker 1: Balance of Power. You can catch a special edition of 124 00:07:04,480 --> 00:07:06,760 Speaker 1: the program tonight with live coverage of the State of 125 00:07:06,800 --> 00:07:10,120 Speaker 1: the Union starting at a thirty pm Eastern on Bloomberg 126 00:07:10,200 --> 00:07:14,080 Speaker 1: Radio and television. Futures lower ahead of the open this 127 00:07:14,120 --> 00:07:16,640 Speaker 1: morning straight ahead your latest local headlines in the check 128 00:07:16,680 --> 00:07:24,400 Speaker 1: of sports. This is Bloomberg five oh seven on Wall Street, 129 00:07:24,440 --> 00:07:27,080 Speaker 1: thirty two degrees in Central Park. Still some lingering roadwork 130 00:07:27,120 --> 00:07:29,960 Speaker 1: on all three Hudson River crossings. Janelle Crispins got the 131 00:07:30,000 --> 00:07:32,520 Speaker 1: details on that for you shortly. First, Michael bar is 132 00:07:32,560 --> 00:07:34,080 Speaker 1: here to tell us what else is going on in 133 00:07:34,080 --> 00:07:36,520 Speaker 1: New York and around the world. Good morning, Michael, Good 134 00:07:36,520 --> 00:07:39,400 Speaker 1: morning Nathan. New York City Mayor Eric Adams said he 135 00:07:39,480 --> 00:07:43,800 Speaker 1: hopes replacing the nypds Hate Crime Unit head will add 136 00:07:43,800 --> 00:07:46,280 Speaker 1: a sense of urgency to the issue. I thought we 137 00:07:46,280 --> 00:07:50,200 Speaker 1: were too slow and designating um investigating something as a 138 00:07:50,280 --> 00:07:54,040 Speaker 1: particularly hate crime. Mayor Adams says that he wanted a 139 00:07:54,040 --> 00:07:57,840 Speaker 1: new face and a new vision investigating hate crimes. Earlier 140 00:07:57,880 --> 00:08:01,480 Speaker 1: this month, the NYPD reassigned in back there, Jessica Correy, 141 00:08:01,720 --> 00:08:04,880 Speaker 1: head of the Hate Crime Task Force. The decision followed 142 00:08:04,880 --> 00:08:08,080 Speaker 1: a number of high profile incidents targeting members of the 143 00:08:08,160 --> 00:08:12,680 Speaker 1: Asian Americans and Pacific Islanders communities, as well as an 144 00:08:12,680 --> 00:08:16,040 Speaker 1: overall increase in hate crimes across the city. Meanwhile, they 145 00:08:16,080 --> 00:08:18,680 Speaker 1: or Adams also talked about the city hoping to lift 146 00:08:18,760 --> 00:08:22,800 Speaker 1: more COVID mandates and businesses and schools. We are trending 147 00:08:22,920 --> 00:08:26,160 Speaker 1: in the right direction. And every morning when I wake 148 00:08:26,280 --> 00:08:29,960 Speaker 1: up and speak with my doctors of as I stated 149 00:08:30,160 --> 00:08:32,840 Speaker 1: from the beginning, we want to follow the science, and 150 00:08:32,920 --> 00:08:35,200 Speaker 1: they they have followed the science. We want to get to. 151 00:08:35,400 --> 00:08:37,520 Speaker 1: We're at the right level we want to be. We 152 00:08:37,679 --> 00:08:40,439 Speaker 1: just don't want to move too quickly. Now their children 153 00:08:40,440 --> 00:08:43,840 Speaker 1: are coming back. Mayor Adams talked with Bloomberge Joe Matthew 154 00:08:43,920 --> 00:08:47,480 Speaker 1: on balance of power. Hong Kong's COVID nineteen fatality rate 155 00:08:47,520 --> 00:08:50,280 Speaker 1: is now one of the highest in the world. There 156 00:08:50,280 --> 00:08:53,359 Speaker 1: has been a wave of deaths among its under vaccinated 157 00:08:53,440 --> 00:08:57,199 Speaker 1: elderly population. The city reported one hundred seventeen new COVID 158 00:08:57,240 --> 00:09:00,200 Speaker 1: deaths today. The Senate last night took up the show 159 00:09:00,240 --> 00:09:02,800 Speaker 1: of a woman's right to an abortion. The vote to 160 00:09:02,920 --> 00:09:07,080 Speaker 1: open debate on the Women's Health Protection Act failed. Republicans 161 00:09:07,120 --> 00:09:10,400 Speaker 1: widely opposed the bill and filibustered it, stopping the measure 162 00:09:10,440 --> 00:09:14,360 Speaker 1: from proceeding in the legislative process. Still, Democrats went ahead 163 00:09:14,360 --> 00:09:17,120 Speaker 1: with a vote to put Republicans on record opposing the measure. 164 00:09:17,520 --> 00:09:21,000 Speaker 1: Senate majority leader Chuck Schumer of New York says he 165 00:09:21,120 --> 00:09:25,280 Speaker 1: supports the bill. We must fight to stop these insidious 166 00:09:25,280 --> 00:09:29,840 Speaker 1: efforts to curtail a woman's right to access safe, legal abortion, 167 00:09:30,360 --> 00:09:34,040 Speaker 1: and we must assert the federal government's role to protect 168 00:09:34,200 --> 00:09:38,960 Speaker 1: this constitutional right. The bill is meant to federally safeguard 169 00:09:39,000 --> 00:09:42,640 Speaker 1: abortion rights, which faces an uncertain future in the U. S. 170 00:09:42,640 --> 00:09:45,600 Speaker 1: Supreme Court. Global News twenty four hours a day on 171 00:09:45,840 --> 00:09:49,079 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 172 00:09:49,160 --> 00:09:51,959 Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries. 173 00:09:52,280 --> 00:10:01,120 Speaker 1: Michael Barren, this is Bloomberg, Nathan, Thanks Michael, five or 174 00:10:01,160 --> 00:10:02,920 Speaker 1: nine on All Street time for the Bloomberg Sports I 175 00:10:03,040 --> 00:10:05,840 Speaker 1: Take Morning, John stenshow here, Morning, Nathan Long night for 176 00:10:05,880 --> 00:10:08,839 Speaker 1: the Nets in Brooklyn, Toronto. Scored forty two points in 177 00:10:08,920 --> 00:10:11,079 Speaker 1: the first quarter in the route was on. Raptors won 178 00:10:11,120 --> 00:10:14,400 Speaker 1: one thirty three nineties seven rookie Scottie Barnes scored twenty 179 00:10:14,400 --> 00:10:16,520 Speaker 1: eight points, made his first eleven shots, and that's still 180 00:10:16,559 --> 00:10:18,960 Speaker 1: without Kevin. Randy is expected back soon. They were without 181 00:10:19,000 --> 00:10:20,520 Speaker 1: Kyrie or every n who hasn't played a home game 182 00:10:20,559 --> 00:10:23,319 Speaker 1: all season, and their coach, Steve Nash, who was at 183 00:10:23,320 --> 00:10:26,080 Speaker 1: the arena, even did a pregame presser then had to 184 00:10:26,160 --> 00:10:29,320 Speaker 1: leave for help and safety protocol. Nets have now lost 185 00:10:29,320 --> 00:10:32,040 Speaker 1: fourteen of seventeen. Irving did lead them to a victory 186 00:10:32,120 --> 00:10:35,320 Speaker 1: last weekend in Milwaukee and then spoke about being allowed 187 00:10:35,360 --> 00:10:38,520 Speaker 1: to play home games despite being unvaccinated. You know, just 188 00:10:38,559 --> 00:10:41,800 Speaker 1: remain impatient and just seeing where things end up in 189 00:10:41,840 --> 00:10:43,600 Speaker 1: this next week or so were the next two weeks, 190 00:10:43,679 --> 00:10:46,040 Speaker 1: I'm not too sure, but I know as much Pop 191 00:10:46,559 --> 00:10:49,360 Speaker 1: and uh I just I want to say this is 192 00:10:49,400 --> 00:10:52,600 Speaker 1: that are very appreciative of all those that are pushing 193 00:10:53,240 --> 00:10:56,400 Speaker 1: behind the scene to make our world a better play. 194 00:10:56,440 --> 00:10:59,480 Speaker 1: New York City is going to start allowing unvaccinated fans 195 00:10:59,480 --> 00:11:01,280 Speaker 1: into there, you know, but it's not known if that'll 196 00:11:01,320 --> 00:11:03,760 Speaker 1: mean Irving will be allowed to play. Devil's a seven 197 00:11:03,800 --> 00:11:06,280 Speaker 1: to two rout of Vancouver for to reach five eighty 198 00:11:06,360 --> 00:11:09,520 Speaker 1: five seventy three over you match. Still no labor deal, 199 00:11:09,559 --> 00:11:12,040 Speaker 1: then the baseball lockout, but at least they are trying. 200 00:11:12,120 --> 00:11:15,040 Speaker 1: The two sides met until two am. They'll be back 201 00:11:15,040 --> 00:11:17,560 Speaker 1: at eleven this morning. They pushed back the deadline. It 202 00:11:17,640 --> 00:11:20,040 Speaker 1: was to be last night. Have no deal, then opening 203 00:11:20,080 --> 00:11:23,560 Speaker 1: day would be postponed. That deadline is now five o'clock today. Earlier, 204 00:11:23,960 --> 00:11:27,320 Speaker 1: the big baseball story was Derek Jeter's resignation as CEO 205 00:11:27,400 --> 00:11:30,360 Speaker 1: of the Miami Marlins an apparent disagreement with his boss 206 00:11:30,440 --> 00:11:33,160 Speaker 1: over the direction of the franchise. Jeter had a four 207 00:11:33,240 --> 00:11:36,400 Speaker 1: percent ownership steak, which you will now sell up. John 208 00:11:36,400 --> 00:11:40,080 Speaker 1: stash Award Bloomberg Sports Okay, John, thank you. SMP futures 209 00:11:40,080 --> 00:11:42,640 Speaker 1: down down thirty one points down, futures down two eight 210 00:11:42,679 --> 00:11:45,480 Speaker 1: NASTAC futures down a hundred thirty five points. That's a 211 00:11:45,559 --> 00:11:48,839 Speaker 1: drop of nearly one percent. The tenure treasury up seven 212 00:11:48,880 --> 00:11:51,199 Speaker 1: thirty seconds down, the yield one point eight zero percent, 213 00:11:51,240 --> 00:11:54,080 Speaker 1: yield on the two year one point four zero percent. 214 00:11:54,120 --> 00:11:56,280 Speaker 1: And i'm x screwed up three point one percent of 215 00:11:56,320 --> 00:11:59,400 Speaker 1: three dollars one cent at ninety eight dollars seventy five 216 00:11:59,440 --> 00:12:02,559 Speaker 1: cents a herald. Stay with us. You're listening to Bloomberg 217 00:12:02,720 --> 00:12:09,800 Speaker 1: Daybreak Bloomberg eleven three oh weather, increasing clouds and be 218 00:12:09,840 --> 00:12:12,040 Speaker 1: high in the mid forties Today, will be near fifty 219 00:12:12,040 --> 00:12:15,560 Speaker 1: tomorrow with clearing skies and mostly sunny Thursday, but chillier 220 00:12:15,640 --> 00:12:17,840 Speaker 1: with a high land near forty. Right now thirty two 221 00:12:17,880 --> 00:12:23,760 Speaker 1: and partly cloudy in Central Park, Markets, headlines and breaking 222 00:12:23,760 --> 00:12:26,640 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 223 00:12:26,760 --> 00:12:30,400 Speaker 1: the Bloomberg Business Outland. At Bloomberg Quick Tape, He's a 224 00:12:30,440 --> 00:12:39,960 Speaker 1: Bloomberg business clash, but I'm Karin. Moscow socks and Europe 225 00:12:39,960 --> 00:12:42,920 Speaker 1: are lower along with US dot Index. Futures bonds are 226 00:12:42,960 --> 00:12:46,480 Speaker 1: gaining as the conflict in Ukraine intensifies amid mounting penalties 227 00:12:46,480 --> 00:12:49,880 Speaker 1: against Russia. Utilities and travel stars are leading a decline 228 00:12:49,880 --> 00:12:52,120 Speaker 1: in the stocks. You're up six hundred as traders assess 229 00:12:52,200 --> 00:12:54,840 Speaker 1: the effect of sanctions, who check the markets every fifteen 230 00:12:54,880 --> 00:12:58,040 Speaker 1: minutes throughout the trading day on Bloomberg Right Now Futures, 231 00:12:58,120 --> 00:13:01,240 Speaker 1: SMP futures down about twenty eight, fool Now futures down 232 00:13:01,280 --> 00:13:04,080 Speaker 1: one hundred eighty, and nasday futures down one hundred sixteen. 233 00:13:04,400 --> 00:13:06,640 Speaker 1: The decks in Germany is down to and a third 234 00:13:06,720 --> 00:13:09,480 Speaker 1: percent ten year treasury of eight thirty seconds, he had 235 00:13:09,520 --> 00:13:11,800 Speaker 1: one point seven nine percent. They yield on the two 236 00:13:11,880 --> 00:13:15,160 Speaker 1: year one point three nine percent. Nine x Screwed oil 237 00:13:15,440 --> 00:13:17,640 Speaker 1: is up three point two percent of three dollars six 238 00:13:17,679 --> 00:13:20,000 Speaker 1: cents and ninety eight dollars seventy nine cents of barrel 239 00:13:20,240 --> 00:13:23,320 Speaker 1: comes called up one percent or nineteen dollars at nineteen 240 00:13:23,400 --> 00:13:26,679 Speaker 1: nineteen sixty announced the euro one point one one seven 241 00:13:26,720 --> 00:13:29,000 Speaker 1: six against the dollar, British found one point three four 242 00:13:29,040 --> 00:13:31,719 Speaker 1: oh three, and again as it won fourteen point eight 243 00:13:31,760 --> 00:13:34,200 Speaker 1: three bitcoin this morning, moving higher at more than three 244 00:13:34,200 --> 00:13:36,800 Speaker 1: and a half percent at forty three thousand, one hundred 245 00:13:36,880 --> 00:13:40,000 Speaker 1: eighty dollars. That's a Bloomberg business flash. Now here's Michael 246 00:13:40,000 --> 00:13:42,480 Speaker 1: Barr with more. Let's going on around the world, uncal 247 00:13:42,520 --> 00:13:45,720 Speaker 1: Good morning, Good morning Karen. A forty mile convoy of 248 00:13:45,800 --> 00:13:49,480 Speaker 1: Russian tanks and other vehicles is threatening Ukraine's capital, Kiev 249 00:13:49,960 --> 00:13:54,959 Speaker 1: as an intense shelling attack targeted the country's second largest city. Meanwhile, 250 00:13:55,080 --> 00:13:58,000 Speaker 1: both sides look to resume talks in the coming days 251 00:13:58,240 --> 00:14:01,680 Speaker 1: aimed at stopping the fighting. Major League Baseball as extended 252 00:14:01,720 --> 00:14:04,439 Speaker 1: it's deadline for reaching a labor deal to today at 253 00:14:04,440 --> 00:14:08,680 Speaker 1: five pm for salvaging opening days scheduled on March thirty one. 254 00:14:09,280 --> 00:14:12,480 Speaker 1: Locked out players and team owners engaged in a series 255 00:14:12,480 --> 00:14:16,440 Speaker 1: of intense negotiations that began yesterday and stretched into early 256 00:14:16,480 --> 00:14:20,120 Speaker 1: this morning. In the NBA, the Nets lost. In the NHL, 257 00:14:20,240 --> 00:14:23,680 Speaker 1: the Devil's and Bruins won. The capitols lost Global Neames 258 00:14:23,680 --> 00:14:26,920 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 259 00:14:27,200 --> 00:14:30,360 Speaker 1: powered by more than twenty seven under journalists and analysts 260 00:14:30,440 --> 00:14:33,680 Speaker 1: more than twenty countries. Michael bar this is Bloomberg Natan. 261 00:14:33,800 --> 00:14:36,360 Speaker 1: Thanks Michael. It's five nineteen on Wall Street Live from 262 00:14:36,360 --> 00:14:40,240 Speaker 1: the Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak, and 263 00:14:40,280 --> 00:14:43,640 Speaker 1: our executive editor for International Relations, Rosalind Matheson is with 264 00:14:43,760 --> 00:14:46,320 Speaker 1: us this morning as we continue following the latest developments 265 00:14:46,320 --> 00:14:48,640 Speaker 1: out of the war in Ukraine. Ro's, good morning. We've 266 00:14:48,680 --> 00:14:51,800 Speaker 1: seen the dramatic images of the government headquarters in the 267 00:14:51,800 --> 00:14:54,640 Speaker 1: second largest city, car Cave, being bombarded, and now this 268 00:14:54,720 --> 00:14:59,240 Speaker 1: word of a forty mile convoy headed toward the capital Kiev. 269 00:14:59,560 --> 00:15:02,760 Speaker 1: What's the latest, Well, that's right. What we're seeing is 270 00:15:02,800 --> 00:15:05,880 Speaker 1: the fighting escalating on the ground, but also shifting perhaps 271 00:15:06,200 --> 00:15:10,120 Speaker 1: to a new stage from the Russians after six days 272 00:15:10,160 --> 00:15:13,960 Speaker 1: of fighting and possibly quite a sense of frustration at progress, 273 00:15:14,000 --> 00:15:18,240 Speaker 1: certainly not anticipating the level of the resistance that they 274 00:15:18,240 --> 00:15:21,600 Speaker 1: would encounter from the Ukrainian forces who've been fighting with 275 00:15:21,680 --> 00:15:26,120 Speaker 1: determination around the country, even though they are caused out 276 00:15:26,160 --> 00:15:29,880 Speaker 1: class militarily by the Russian military. So what we're seeing 277 00:15:29,960 --> 00:15:34,080 Speaker 1: is an escalation also in an aerial bombardment. Key cities 278 00:15:34,080 --> 00:15:38,200 Speaker 1: like Khakiev coming under extensive bombing overnight again and also 279 00:15:38,280 --> 00:15:42,600 Speaker 1: cities further to the southeast also suffering as well, and 280 00:15:42,640 --> 00:15:46,000 Speaker 1: that perhaps reflects a sense of the Russians of wanting 281 00:15:46,040 --> 00:15:49,520 Speaker 1: to escalate to try and get some progress here. And 282 00:15:49,560 --> 00:15:53,000 Speaker 1: you can do that perhaps more effectively just by picking 283 00:15:53,080 --> 00:15:56,160 Speaker 1: up that bombardment campaign instead of waiting for troops on 284 00:15:56,200 --> 00:15:59,720 Speaker 1: the ground to move forward. Suddenly that large convoy is 285 00:15:59,760 --> 00:16:03,120 Speaker 1: head towards Kiev, but it's making very slow progress on 286 00:16:03,440 --> 00:16:06,680 Speaker 1: tricky roads, difficult to rain. Those roads are very narrow, 287 00:16:07,120 --> 00:16:09,840 Speaker 1: they're also full of potholes, so just the movement is 288 00:16:09,920 --> 00:16:12,960 Speaker 1: quite difficult and so being slowed down by that alone. 289 00:16:13,000 --> 00:16:15,240 Speaker 1: So you can see there's definitely a shift in tactics 290 00:16:15,240 --> 00:16:17,600 Speaker 1: on the ground as a result. Now you wonder whether 291 00:16:17,680 --> 00:16:21,320 Speaker 1: the shift in tactics as as a result of the 292 00:16:21,360 --> 00:16:24,560 Speaker 1: resistance that we're seeing from Ukrainian forces or the impact 293 00:16:24,680 --> 00:16:26,920 Speaker 1: that the Russian economy is starting to feel now with 294 00:16:27,000 --> 00:16:32,120 Speaker 1: these sanctions taking hold and near universal, it seems business 295 00:16:32,200 --> 00:16:36,280 Speaker 1: reaction basically cutting off ties to Russia. It could be 296 00:16:36,520 --> 00:16:40,480 Speaker 1: a combination of those things. What's the assessment. Well, certainly, 297 00:16:40,520 --> 00:16:43,080 Speaker 1: as his economy gets squeezed and that filters down to 298 00:16:43,200 --> 00:16:46,400 Speaker 1: Russian consumers as well as to the upper echelons of 299 00:16:46,560 --> 00:16:50,720 Speaker 1: power in Russia, you can imagine that the Russian presently 300 00:16:51,000 --> 00:16:54,440 Speaker 1: keen to mitigate that and to minimize it as quickly 301 00:16:54,560 --> 00:16:57,480 Speaker 1: as possible. So that might be a factor in his thinking. 302 00:16:57,480 --> 00:17:00,960 Speaker 1: But also the cost of the invasion themselves considerable. He 303 00:17:01,040 --> 00:17:03,880 Speaker 1: had massed up to two hundred thousand troops and a 304 00:17:03,880 --> 00:17:06,800 Speaker 1: lot of equipment on the border over a period of months, 305 00:17:06,800 --> 00:17:10,600 Speaker 1: sustaining that force ahead of invasion on the border, doing 306 00:17:10,640 --> 00:17:13,479 Speaker 1: some very big drills in places like bi Larus, and 307 00:17:13,520 --> 00:17:16,800 Speaker 1: now the actual war itself, and so the financial cost 308 00:17:16,880 --> 00:17:19,959 Speaker 1: to him from that are also rising. They're probably dwarfed 309 00:17:19,960 --> 00:17:23,240 Speaker 1: by the economic penalties he's facing, but certainly a factor 310 00:17:23,280 --> 00:17:26,919 Speaker 1: in his thinking, no doubt. Now pretty startling headline we 311 00:17:26,960 --> 00:17:30,120 Speaker 1: saw from the Minister of Defense of Russia, Sergei Shoigu, 312 00:17:30,200 --> 00:17:33,400 Speaker 1: saying that Russia will pursue the Ukraine offensive until all 313 00:17:33,560 --> 00:17:36,720 Speaker 1: goals are achieved. It sounds as though they've at least 314 00:17:36,760 --> 00:17:41,640 Speaker 1: feel undeterred or as you mentioned, the shift in tactics there, 315 00:17:41,640 --> 00:17:44,760 Speaker 1: But what's the implication if we hear from the Russian 316 00:17:44,800 --> 00:17:49,800 Speaker 1: Defense minister that this bombardment, this escalation of fighting in 317 00:17:49,920 --> 00:17:53,119 Speaker 1: Ukraine could continue. Well, the fear is also not just 318 00:17:53,160 --> 00:17:55,639 Speaker 1: what happens inside Ukraine with that, but also there is 319 00:17:55,760 --> 00:17:59,000 Speaker 1: that as time goes on and those campaigns continue, do 320 00:17:59,080 --> 00:18:02,359 Speaker 1: you start to see thing seep outside the Ukrainian border. 321 00:18:02,400 --> 00:18:05,040 Speaker 1: Of course, there was concern yesterday from Poland that Russia 322 00:18:05,160 --> 00:18:08,680 Speaker 1: might move very close to the border in Ukraine between 323 00:18:08,800 --> 00:18:11,080 Speaker 1: Ukraine and Poland and try and block that border off 324 00:18:11,080 --> 00:18:14,639 Speaker 1: and the exodus of people. So you're bringing Russian troops 325 00:18:14,640 --> 00:18:18,720 Speaker 1: and equipment and planes potentially into ever closer proximity to 326 00:18:18,800 --> 00:18:22,240 Speaker 1: those of NATO countries, and that could risk some kind 327 00:18:22,280 --> 00:18:27,480 Speaker 1: of incident, misunderstanding or whatever. That essentially then sees NATO 328 00:18:27,600 --> 00:18:30,639 Speaker 1: troops in direct conflict with Russia. Of course, the Russian 329 00:18:30,640 --> 00:18:33,960 Speaker 1: present has also put his nuclear arsenal on higher alert, 330 00:18:33,960 --> 00:18:36,879 Speaker 1: and that's raising a lot of concern across Europe. So 331 00:18:36,920 --> 00:18:40,520 Speaker 1: the risk is not just that the conflict escalates for 332 00:18:40,680 --> 00:18:44,679 Speaker 1: the people of Ukraine and unfortunate consequences of that for civilians. 333 00:18:44,680 --> 00:18:47,640 Speaker 1: Of course, in city areas, but that this could blow 334 00:18:47,680 --> 00:18:50,560 Speaker 1: into a broader conflict even that's not currently intended. But 335 00:18:50,640 --> 00:18:52,800 Speaker 1: only have about thirty seconds left here rise where we've 336 00:18:52,800 --> 00:18:55,960 Speaker 1: seen the pretty extraordinary support that Ukraine has been receiving, 337 00:18:56,040 --> 00:18:59,240 Speaker 1: Germany stepping up its defense spending as well. Is there 338 00:18:59,280 --> 00:19:02,440 Speaker 1: more that can be sent sent in that the Ukraine 339 00:19:02,680 --> 00:19:06,840 Speaker 1: could expect in terms of support from the US and allies. Well, 340 00:19:06,840 --> 00:19:09,159 Speaker 1: there were some reports Ukraine said this morning that they 341 00:19:09,160 --> 00:19:11,840 Speaker 1: would that countries in Eastern Europe had degree to send 342 00:19:11,840 --> 00:19:15,480 Speaker 1: them a bunch of fighter jets. Of course Slovakia Bulgaria 343 00:19:15,520 --> 00:19:18,639 Speaker 1: amongst the countries that have now denied that because setting 344 00:19:18,720 --> 00:19:21,480 Speaker 1: sending in fighter jets that have actually originally been made 345 00:19:21,480 --> 00:19:24,439 Speaker 1: in Russia would have put more aircraft in the in 346 00:19:24,480 --> 00:19:27,120 Speaker 1: the in the air space there and risk further conflict 347 00:19:27,240 --> 00:19:30,520 Speaker 1: and catastrophe. So beyond that, they're simply sending in mostly 348 00:19:30,560 --> 00:19:33,880 Speaker 1: on the ground ums and other weaponry. Thanks for the time, 349 00:19:33,920 --> 00:19:37,800 Speaker 1: as always, Rosalind Mathieson, our executive editor for International Relations 350 00:19:37,840 --> 00:19:40,960 Speaker 1: at Bloomberg News. As we continue monitoring developments in the 351 00:19:40,960 --> 00:19:44,160 Speaker 1: war in Ukraine and the market reaction. Right now, futures 352 00:19:44,160 --> 00:19:46,159 Speaker 1: are falling ahead of the open on Wall Street, with 353 00:19:46,280 --> 00:19:49,480 Speaker 1: SMP futures now down twenty eight points down, futures down 354 00:19:49,480 --> 00:19:52,119 Speaker 1: a hundred eighty seven, and NAZDAC futures lower by a 355 00:19:52,240 --> 00:19:55,720 Speaker 1: hundred fourteen points. Just ahead, the Pentagon looks for de 356 00:19:55,920 --> 00:19:59,840 Speaker 1: escalation plans from Russia and the war whip saws markets. 357 00:20:00,080 --> 00:20:03,560 Speaker 1: Top stories of the morning. Just ahead on Bloomberg day Break, 358 00:20:07,520 --> 00:20:10,240 Speaker 1: Bloomberg eleven three oh weather clouds will increase today. Highs 359 00:20:10,240 --> 00:20:12,280 Speaker 1: in the mid forties, will be in your fifty tomorrow 360 00:20:12,400 --> 00:20:14,679 Speaker 1: under clearing sky's chintz of a little bit of rain 361 00:20:14,720 --> 00:20:16,840 Speaker 1: tomorrow night, but it will turn mostly sunny Thursday, with 362 00:20:16,880 --> 00:20:19,400 Speaker 1: the hein your forty Right now thirty two in Central Park, 363 00:20:22,040 --> 00:20:26,560 Speaker 1: broadcasting y from the Bloomberg Interactive Broker Studio in New York, 364 00:20:26,680 --> 00:20:30,000 Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg nine 365 00:20:30,440 --> 00:20:33,199 Speaker 1: one to Boston, Bloomberg What all the six one does? 366 00:20:33,240 --> 00:20:36,960 Speaker 1: San Francisco, Bloomberg nine six to the Country, Sirius XM 367 00:20:37,040 --> 00:20:39,879 Speaker 1: chad A one ninet and around the globe the Bloomberg 368 00:20:39,880 --> 00:20:48,360 Speaker 1: Business and Bloomberg Radio dot Com. This is Bloomberg Daybreak, 369 00:20:50,040 --> 00:20:52,240 Speaker 1: and it's five thirty on Wall Street. Good morning, I'm 370 00:20:52,280 --> 00:20:55,359 Speaker 1: Karen Moscow and I'm Nathan Hager Bloomberg Daybreak. Bront you 371 00:20:55,440 --> 00:20:59,119 Speaker 1: by SEI visionary asset managers find opportunity where others are challenged. 372 00:20:59,200 --> 00:21:02,680 Speaker 1: Exploits to drop in potential with SCI's global operating platform. 373 00:21:02,760 --> 00:21:04,959 Speaker 1: Find out how at se i C dot com slash 374 00:21:05,000 --> 00:21:07,720 Speaker 1: I M S. And we're about four hours away from 375 00:21:07,720 --> 00:21:09,480 Speaker 1: the open of US trading. Let's get you up to 376 00:21:09,520 --> 00:21:11,160 Speaker 1: date on the news you need to know. At this hour, 377 00:21:11,280 --> 00:21:14,240 Speaker 1: Moscow has stepped up shelling in Ukraine and Russian troops 378 00:21:14,240 --> 00:21:16,960 Speaker 1: are on the move. Satellite images show a forty mile 379 00:21:17,080 --> 00:21:20,960 Speaker 1: long military convoy just north of Kiev. At the same time, 380 00:21:21,000 --> 00:21:23,360 Speaker 1: the Pentagon is mulling a plan to deal with Russia 381 00:21:23,480 --> 00:21:26,879 Speaker 1: if it eventually decides to de escalate, Bloomberg said. Baxter 382 00:21:27,000 --> 00:21:30,680 Speaker 1: has the story a plan being called a deconfliction mechanism, 383 00:21:30,760 --> 00:21:34,000 Speaker 1: and spokesman John Kirby says this could happen as Vladimir 384 00:21:34,080 --> 00:21:36,800 Speaker 1: Putin has met more resistance than he expected. You gotta 385 00:21:36,840 --> 00:21:39,320 Speaker 1: hand it to the Ukrainians who have been fighting very 386 00:21:39,359 --> 00:21:41,640 Speaker 1: hard for their country and making an impact and making 387 00:21:41,680 --> 00:21:44,560 Speaker 1: a dent. Having said that, Kirby says Putin still has 388 00:21:44,600 --> 00:21:47,760 Speaker 1: more troops available. He hasn't moved all of it into Ukraine, 389 00:21:48,240 --> 00:21:50,400 Speaker 1: but he's moved the majority of it. He still has 390 00:21:50,440 --> 00:21:53,760 Speaker 1: a lot in San Francisco. I'm at Baxter Bloomberg Daybreak. 391 00:21:53,880 --> 00:21:56,000 Speaker 1: Thank you, Ed. And as the conflict deepens, the list 392 00:21:56,040 --> 00:21:59,320 Speaker 1: of companies abandoning Moscow is growing. Bloomberg's would need a 393 00:21:59,359 --> 00:22:01,600 Speaker 1: Young joins us Live with the details. Good morning, Ranita, 394 00:22:01,640 --> 00:22:05,159 Speaker 1: Good morning Nathan. Russia's largest foreign investor, BP led the 395 00:22:05,160 --> 00:22:08,320 Speaker 1: way with its surprising announcement on Sunday that it would 396 00:22:08,359 --> 00:22:12,560 Speaker 1: exit at stake and state controlled Rosneft. Shell followed yesterday 397 00:22:12,640 --> 00:22:16,600 Speaker 1: saying it's ending partnerships with state controlled gas Prom and Equanoor, 398 00:22:16,680 --> 00:22:20,120 Speaker 1: which is Norway's biggest energy company, also announced it will 399 00:22:20,160 --> 00:22:23,679 Speaker 1: start withdrawing from its joint ventures in Russia worth about 400 00:22:23,680 --> 00:22:27,160 Speaker 1: one point two billion dollars. Live in New York, I'm 401 00:22:27,200 --> 00:22:30,160 Speaker 1: Ranita Young, Bloomberg Daybreak, Ranita, thank you. The markets having 402 00:22:30,200 --> 00:22:33,160 Speaker 1: whipsaw by the war, along with steps to Isola commodity 403 00:22:33,240 --> 00:22:34,879 Speaker 1: rich Russia. And let me get the latest on that, 404 00:22:34,960 --> 00:22:37,960 Speaker 1: Live with the Bloomberg's John Tucker, John Karen. The SMP 405 00:22:38,080 --> 00:22:40,600 Speaker 1: five had a trimmed to drop yesterday that reached one 406 00:22:40,640 --> 00:22:44,679 Speaker 1: point six percent, while still launching its second month of declines. 407 00:22:44,960 --> 00:22:48,120 Speaker 1: The tech heavy NASDAK finished higher yesterday, but it's still 408 00:22:48,160 --> 00:22:52,679 Speaker 1: down focent from its November record. JP Morgan Chase strategists 409 00:22:52,680 --> 00:22:55,760 Speaker 1: say the war in Ukraine is dim prospects for aggressive 410 00:22:55,760 --> 00:22:59,560 Speaker 1: FED rate hikes and that should bolster American stocks, even 411 00:22:59,600 --> 00:23:02,879 Speaker 1: as Mark could endure this bout of volatility. Live in 412 00:23:02,880 --> 00:23:05,520 Speaker 1: New York on John Tucker Bloomberg Daybreak and John, the 413 00:23:05,560 --> 00:23:09,080 Speaker 1: conflict in Ukraine has energy prices pushing higher, despite whispers 414 00:23:09,080 --> 00:23:11,600 Speaker 1: of a possible release of strategic oil reserves by the 415 00:23:11,680 --> 00:23:14,639 Speaker 1: US and its allies. Checking prices now, nimex screws up 416 00:23:14,640 --> 00:23:17,000 Speaker 1: three point one percent at ninety eight dollar sixty six 417 00:23:17,000 --> 00:23:19,639 Speaker 1: cents of barrel Brent up three point six percent a 418 00:23:19,800 --> 00:23:22,800 Speaker 1: hundred one dollar forty four cents, and the Russian invasion 419 00:23:22,840 --> 00:23:25,120 Speaker 1: will be a main topic tonight at President Biden State 420 00:23:25,160 --> 00:23:27,040 Speaker 1: of the Union address. Nathan to an in for live 421 00:23:27,119 --> 00:23:29,480 Speaker 1: cover to the speech beginning at eight thirty pm Eastern 422 00:23:29,680 --> 00:23:33,560 Speaker 1: on Bloomberg Radio and Television. Your top local stories straight ahead. 423 00:23:33,600 --> 00:23:40,120 Speaker 1: This is Bloomberg, all right. Thanks. Three on Wall Street 424 00:23:40,160 --> 00:23:42,639 Speaker 1: thirty two degrees in Central Park on a disabled vehicle 425 00:23:42,680 --> 00:23:46,679 Speaker 1: westbound on the Brockner but the Bronxterver Parkway. Details on 426 00:23:46,720 --> 00:23:49,000 Speaker 1: that coming up in Traffic First. Michael Bars here with 427 00:23:49,000 --> 00:23:50,720 Speaker 1: more on what's going on in New York and around 428 00:23:50,760 --> 00:23:52,960 Speaker 1: the world. Michael Nathan, thank you very much. New York 429 00:23:52,960 --> 00:23:56,600 Speaker 1: City Mayor Eric Adams said the city's police permit has 430 00:23:56,640 --> 00:24:00,320 Speaker 1: been too slow and designating and investigating incidents as a 431 00:24:00,320 --> 00:24:03,600 Speaker 1: heat crime. During his news briefing, Adam says that he 432 00:24:03,600 --> 00:24:07,440 Speaker 1: hopes replacing the NYPDS Hate Crime Unit head will add 433 00:24:07,440 --> 00:24:09,760 Speaker 1: a sense of urgency to the issue. I'm not going 434 00:24:09,800 --> 00:24:12,359 Speaker 1: to govern the city based on stats. We're going to 435 00:24:12,440 --> 00:24:14,919 Speaker 1: be clear. If there's a crime, we're going to we 436 00:24:15,000 --> 00:24:18,960 Speaker 1: put that crime. Mayor Eric Adams also says that he 437 00:24:19,000 --> 00:24:22,400 Speaker 1: can't make a vaccine exception for the Brooklyn Nets basketball 438 00:24:22,440 --> 00:24:25,600 Speaker 1: star Kyrie Irving, who is prevented from playing in home 439 00:24:25,640 --> 00:24:29,000 Speaker 1: games at the Barclays Center because he's not vaccinated. Adams 440 00:24:29,040 --> 00:24:32,280 Speaker 1: spoke to Bloomberg's Joe Matthew on balance of power there. Adams, 441 00:24:32,320 --> 00:24:35,879 Speaker 1: will you revoke the private employer mandate so Kyrie Irving 442 00:24:35,960 --> 00:24:39,600 Speaker 1: can play at the Barclays Center. That's the question. We 443 00:24:39,640 --> 00:24:43,640 Speaker 1: hear all all the time. Listen the mandates got us here. 444 00:24:44,280 --> 00:24:49,159 Speaker 1: We can instantly get Kyrie to play. Just get that 445 00:24:49,280 --> 00:24:52,760 Speaker 1: sutting off. Mayor Adams also says he plans to announce 446 00:24:52,840 --> 00:24:56,480 Speaker 1: lifting the city's public sector vaccine mandates next week. Hong 447 00:24:56,560 --> 00:24:59,560 Speaker 1: Kong residents empty story shelves and a scramble to prepare 448 00:24:59,640 --> 00:25:02,680 Speaker 1: for reported lockdown of the city later this month and 449 00:25:02,760 --> 00:25:06,280 Speaker 1: meant a snowball. In COVID outbreak, Hong Kong's COVID nineteen 450 00:25:06,280 --> 00:25:09,520 Speaker 1: fatality rate is now the highest in the developed world. 451 00:25:09,920 --> 00:25:13,560 Speaker 1: California authorities say a man shot and killed his three daughters, 452 00:25:13,560 --> 00:25:17,119 Speaker 1: their chaperone, and himself during a supervised visit with the 453 00:25:17,160 --> 00:25:21,320 Speaker 1: girls at a church in Sacramento. Sacramento County Sheriff spokesman 454 00:25:21,359 --> 00:25:24,440 Speaker 1: Sergeant Rod Grassman says the shooter was a strange from 455 00:25:24,480 --> 00:25:28,159 Speaker 1: the children's mother. This is um as far as I 456 00:25:28,200 --> 00:25:31,800 Speaker 1: can see at this point, a domestic violence related sort 457 00:25:31,840 --> 00:25:35,480 Speaker 1: of incident. Sergeant Grassman says the victims included three girls, 458 00:25:35,520 --> 00:25:39,240 Speaker 1: ages nine, ten, and thirteen. Senator Joe Manchins has he 459 00:25:39,280 --> 00:25:42,840 Speaker 1: wanted the administration to encourage more domestic energy production the 460 00:25:42,920 --> 00:25:46,360 Speaker 1: West Virginia Democrats says he was planning weeks of hearings 461 00:25:46,400 --> 00:25:49,600 Speaker 1: on energy independence, both for the US and to support 462 00:25:49,680 --> 00:25:52,879 Speaker 1: NATO allies. Global News twenty four hours a day on 463 00:25:53,000 --> 00:25:55,760 Speaker 1: air and on Bloomberg quick Take, powered by more in 464 00:25:55,800 --> 00:25:58,400 Speaker 1: that twenty seven hundred journalists and analysts more than a hundred, 465 00:25:58,440 --> 00:26:01,639 Speaker 1: twenty countries. I'm Michael Barne, there is Bloomberg. Thank you, Michael. 466 00:26:07,080 --> 00:26:09,800 Speaker 1: On Wall Street. Time for the Bloomberg Sports Update. Here's Johnston, 467 00:26:10,240 --> 00:26:13,359 Speaker 1: Thank Nathan. Baseball's opening days scheduled for March thirty one. 468 00:26:13,600 --> 00:26:16,159 Speaker 1: Will it happen? Where? He still don't know. MLB had 469 00:26:16,160 --> 00:26:18,760 Speaker 1: said a deadline for last night they have no labor deal, 470 00:26:18,840 --> 00:26:21,239 Speaker 1: then the lockout and the season would be shortened. They 471 00:26:21,240 --> 00:26:24,240 Speaker 1: have now extended that deadline to five o'clock today. The 472 00:26:24,240 --> 00:26:27,280 Speaker 1: two sides were at the bargaining table until two am 473 00:26:27,320 --> 00:26:30,360 Speaker 1: and will return at eleven this morning. Commissioner Rob Manfred 474 00:26:30,400 --> 00:26:33,119 Speaker 1: emerged it around six last night, said we are working 475 00:26:33,160 --> 00:26:35,600 Speaker 1: at it. MLB put out a statement that read we 476 00:26:35,640 --> 00:26:39,439 Speaker 1: want to exhaust every possibility to get a deal done. Meanwhile, 477 00:26:39,480 --> 00:26:42,240 Speaker 1: Derek Jeter is no longer running the Miami Marlins. He 478 00:26:42,320 --> 00:26:45,959 Speaker 1: resigned after four years as CEO. He will now divest 479 00:26:46,040 --> 00:26:49,920 Speaker 1: his four percent ownership. Jeter clearly differed with principal owner 480 00:26:49,960 --> 00:26:52,400 Speaker 1: Bruce Sherman on the direction of the team. The Yankees 481 00:26:52,400 --> 00:26:56,359 Speaker 1: have named Hensley Mullins assistant hitting coach. Former Yankee player, 482 00:26:56,600 --> 00:26:59,080 Speaker 1: Mullins was actually a finalist to be Yankee manager when 483 00:26:59,119 --> 00:27:01,639 Speaker 1: they hired Aaron boom nets Off. The upset win in 484 00:27:01,680 --> 00:27:03,919 Speaker 1: Milwaukee began at home at home with the Raptors. It 485 00:27:04,080 --> 00:27:07,399 Speaker 1: was all Toronto in Brooklyn one thirty three to nineties 486 00:27:07,400 --> 00:27:11,120 Speaker 1: seven eight two teams again tonight in Toronto. Fifty two 487 00:27:11,160 --> 00:27:13,840 Speaker 1: points last night for John Morant in a win for 488 00:27:13,960 --> 00:27:16,840 Speaker 1: Memphis the Devil's with seven different goal scorers on a 489 00:27:16,960 --> 00:27:19,399 Speaker 1: seven or two rout of Vancouver four and beat U 490 00:27:19,440 --> 00:27:22,800 Speaker 1: mass eight five seventy three two oh ms twenty three points, 491 00:27:22,800 --> 00:27:26,040 Speaker 1: eleven rebounds with the Rams, North Carolina beat Syracuse in overtime. 492 00:27:26,520 --> 00:27:29,399 Speaker 1: N y C f C, the offending MLS champions, have 493 00:27:29,440 --> 00:27:33,200 Speaker 1: signed a new player, New York City native named Maximo Carrizo. 494 00:27:33,320 --> 00:27:36,480 Speaker 1: He signed what they call a homegrown contract on his 495 00:27:36,640 --> 00:27:40,440 Speaker 1: fourteenth birthday. He's been playing the team's youth academy since 496 00:27:40,480 --> 00:27:43,760 Speaker 1: he was none. John Stash Allard Bloomberg Sports Naked. Thanks 497 00:27:43,840 --> 00:27:45,920 Speaker 1: John thirty seven on Wall Street Time for the tri 498 00:27:46,040 --> 00:27:49,840 Speaker 1: State Business Report with Bloomberg's head Cory. Luxury fashion brand 499 00:27:50,000 --> 00:27:53,960 Speaker 1: Ermez International is moving its US headquarters to a building 500 00:27:53,960 --> 00:27:57,960 Speaker 1: on Manhattan's Madison Avenue that's being redeveloped. The Paris base 501 00:27:58,040 --> 00:28:01,160 Speaker 1: designer is taking more than seventy one thousand square feet 502 00:28:01,160 --> 00:28:04,600 Speaker 1: of offices at five fifty Madison Avenue, the less for 503 00:28:04,640 --> 00:28:08,119 Speaker 1: all of the space and the towers twenty three through floors. 504 00:28:08,720 --> 00:28:12,480 Speaker 1: City groups decided to change course on holding Wednesday's Investor 505 00:28:12,600 --> 00:28:16,040 Speaker 1: Day meeting in person. The decision comes after two members 506 00:28:16,040 --> 00:28:19,800 Speaker 1: of senior management tested positive for COVID nineteen. They say 507 00:28:19,800 --> 00:28:23,199 Speaker 1: a virtual format is the right decision given the current circumstances. 508 00:28:23,359 --> 00:28:26,399 Speaker 1: They owned. New Jersey based Royal Wine will donate one 509 00:28:27,160 --> 00:28:30,240 Speaker 1: of its proceeds through March tenth from two of its 510 00:28:30,320 --> 00:28:35,400 Speaker 1: vodka brands to the aid organization Emergency Ukraine. Also Monday, 511 00:28:35,440 --> 00:28:37,920 Speaker 1: Total Wine and More of Maryland chained with many New 512 00:28:38,000 --> 00:28:41,640 Speaker 1: Jersey stores said at yanked Russian products from its shelves. 513 00:28:41,920 --> 00:28:45,440 Speaker 1: That your Bloomberg tried State Business Report. I'm ed Corey. Thanks, 514 00:28:45,440 --> 00:28:47,760 Speaker 1: said Bloomberg Radio is on the air from San Francisco 515 00:28:47,800 --> 00:28:50,280 Speaker 1: to New York, London to Hong Kong. Let's check in 516 00:28:50,280 --> 00:28:52,000 Speaker 1: with our global news team for some of the top 517 00:28:52,040 --> 00:28:54,760 Speaker 1: stories heard on our three hundred affiliate radio stations around 518 00:28:54,760 --> 00:29:00,680 Speaker 1: the world. I'm Steve Podascan on ten ten Wins in 519 00:29:00,760 --> 00:29:03,960 Speaker 1: New York. We're talking about a lawsuit in luxury retail 520 00:29:04,080 --> 00:29:08,000 Speaker 1: as Cartier's sues Tiffany claiming a theft of trade secrets. 521 00:29:08,280 --> 00:29:11,160 Speaker 1: I'm Gina Servettian for w b D. I'm in Chicago. 522 00:29:11,280 --> 00:29:14,120 Speaker 1: I'm reporting that politicians from New York to Illinois to 523 00:29:14,240 --> 00:29:18,240 Speaker 1: California are calling for public pensions to dump investments tied 524 00:29:18,240 --> 00:29:21,680 Speaker 1: to Russia. Um Corney Donahoe on ktr H in Houston. 525 00:29:21,840 --> 00:29:25,120 Speaker 1: United Airlines is continuing to fly through Russian airspace as 526 00:29:25,240 --> 00:29:28,760 Speaker 1: rivals divert flights. My klint head called pombeg dab digital 527 00:29:28,760 --> 00:29:32,280 Speaker 1: media a little Portico. Bois Johnson meeting key Eastern European 528 00:29:32,400 --> 00:29:35,320 Speaker 1: allies as the opposition calls for more to be done 529 00:29:35,440 --> 00:29:39,120 Speaker 1: to help Ukrainian refugees. Him Ed Corey on w w 530 00:29:39,400 --> 00:29:43,080 Speaker 1: J in Detroit. I'm reporting the Energy Department is recognizing 531 00:29:43,200 --> 00:29:46,440 Speaker 1: Ford for joining its Better Climate Channel, And those are 532 00:29:46,520 --> 00:29:49,520 Speaker 1: some of the stories our hundred Bloomberg journalists and analysts 533 00:29:49,520 --> 00:29:51,480 Speaker 1: are working on this morning around the world. It's five 534 00:29:51,560 --> 00:29:54,480 Speaker 1: thirty nine on Wall Street. The following is an editorial 535 00:29:54,640 --> 00:29:58,880 Speaker 1: from Bloomberg Opinion. This sedatorial was written by the Bloomberg 536 00:29:59,120 --> 00:30:03,680 Speaker 1: Editorial Board board. In response to Russia's invasion of Ukraine, 537 00:30:04,120 --> 00:30:07,400 Speaker 1: Western leaders have agreed to exclude some of the country's 538 00:30:07,560 --> 00:30:12,440 Speaker 1: largest banks from Swift, the messaging service that facilitates most 539 00:30:12,680 --> 00:30:17,160 Speaker 1: money transfers globally. The move will deal Russia a brutal blow, 540 00:30:17,560 --> 00:30:21,960 Speaker 1: but it could also have long term consequences for international finance. 541 00:30:22,480 --> 00:30:26,080 Speaker 1: As with any network, the value of Swift depends on 542 00:30:26,160 --> 00:30:29,560 Speaker 1: the number of banks that use it. Only Iran has 543 00:30:29,680 --> 00:30:33,480 Speaker 1: ever been cut off entirely. The example of Russia could 544 00:30:33,520 --> 00:30:38,000 Speaker 1: prompt others, such as China to turn to alternatives, fragmenting 545 00:30:38,080 --> 00:30:42,960 Speaker 1: the global payment system and potentially undermining the US dollars dominance. 546 00:30:43,400 --> 00:30:47,360 Speaker 1: That's why Western leaders and particularly the US, should be 547 00:30:47,520 --> 00:30:52,320 Speaker 1: wary of ejecting Russia from Swift completely. Their desire for 548 00:30:52,480 --> 00:30:56,240 Speaker 1: bold action is understandable, but they should take care not 549 00:30:56,480 --> 00:31:00,560 Speaker 1: to do something they'll later regret. This editorial was written 550 00:31:00,600 --> 00:31:04,800 Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please 551 00:31:04,880 --> 00:31:08,760 Speaker 1: go to Bloomberg dot com, Slash Opinion or op I 552 00:31:09,040 --> 00:31:13,200 Speaker 1: n go on the Bloomberg Terminal. This has been Bloomberg Opinion. 553 00:31:13,360 --> 00:31:16,160 Speaker 1: Listen for Bloomberg opinion editorials every weekdy at this time 554 00:31:16,280 --> 00:31:18,760 Speaker 1: terminal customers can read more at ope I n Go 555 00:31:22,360 --> 00:31:24,600 Speaker 1: Bloomberg eleventh three oh weather. Clouds will increase today with 556 00:31:24,640 --> 00:31:26,760 Speaker 1: highs in the mid forties, clearing and mild er tomorrow 557 00:31:26,920 --> 00:31:29,680 Speaker 1: in your fifty degrees mostly sunny, but highs only near 558 00:31:29,760 --> 00:31:33,240 Speaker 1: forty by Thursday. Right now mostly cloudy thirty three degrees 559 00:31:33,280 --> 00:31:39,880 Speaker 1: in Central Park. Markets. Headlines and breaking news twenty four 560 00:31:39,920 --> 00:31:42,960 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 561 00:31:43,000 --> 00:31:46,640 Speaker 1: at and at Bloomberg Quicktape. This is a Bloomberg Business 562 00:31:46,680 --> 00:31:55,800 Speaker 1: Flash and I'm kerin Moscow. A fresh wave of volatility 563 00:31:55,920 --> 00:31:59,400 Speaker 1: hitting global markets as the conflict in Ukraine intensifies amid 564 00:31:59,480 --> 00:32:02,920 Speaker 1: mounting penalties against Russia. Stocks in Europe are falling along 565 00:32:02,960 --> 00:32:06,200 Speaker 1: with US stock index futures, while bonds gain and oil 566 00:32:06,240 --> 00:32:09,000 Speaker 1: pushes sharply higher. We checked the markets every fifteen minutes 567 00:32:09,000 --> 00:32:11,400 Speaker 1: throughout the trading day on Bloomberg U S and P 568 00:32:11,560 --> 00:32:14,040 Speaker 1: Future is down thirty points this morning. Down Future is 569 00:32:14,040 --> 00:32:17,320 Speaker 1: down two hundred ten nasdack Futures down one dred ten. 570 00:32:17,680 --> 00:32:19,720 Speaker 1: The docks in Germany is down two and a quarter 571 00:32:19,880 --> 00:32:22,920 Speaker 1: percent ten. Your Treasury up nineteen thirty seconds yield one 572 00:32:22,960 --> 00:32:25,280 Speaker 1: point seven five percent. They yield on the two year 573 00:32:25,360 --> 00:32:28,440 Speaker 1: one point three three percent. NIMEX screwed oil is up 574 00:32:28,440 --> 00:32:30,680 Speaker 1: three and a quarter percent, up three dollars ten cents 575 00:32:30,720 --> 00:32:33,440 Speaker 1: at ninety eight dollars eighty two cents of barrel COMEXS 576 00:32:33,520 --> 00:32:35,760 Speaker 1: Gold is at one point three percent of twenty four 577 00:32:35,800 --> 00:32:39,400 Speaker 1: dollars seventy cents at nineteen twenty an ounced, the euro 578 00:32:39,560 --> 00:32:42,000 Speaker 1: one point one one seven nine against the dollar, British 579 00:32:42,040 --> 00:32:44,600 Speaker 1: found one point three three nine nine, began as at 580 00:32:44,640 --> 00:32:48,200 Speaker 1: one fourteen point eight seven, and Bitcoin this morning moving 581 00:32:48,280 --> 00:32:50,640 Speaker 1: higher at more than four percent at forty three thousand, 582 00:32:50,720 --> 00:32:53,600 Speaker 1: four hundred twenty dollars. Today, we are watching for reports 583 00:32:53,640 --> 00:32:56,520 Speaker 1: on constructions, spending and manufacturing at at ten o'clock Wall 584 00:32:56,560 --> 00:32:59,480 Speaker 1: Street time, and Target is among companies schedule to report 585 00:32:59,560 --> 00:33:02,760 Speaker 1: earnings today. That's a Bloomberg business flash. Now here's Michael 586 00:33:02,800 --> 00:33:05,000 Speaker 1: Barr with more I'm less going on around the world. 587 00:33:05,160 --> 00:33:08,480 Speaker 1: Michael Darren, thank you very much. Ukraine President Voladimir z 588 00:33:08,560 --> 00:33:11,760 Speaker 1: Lensky says Russian missiles into the country's second largest city, 589 00:33:11,840 --> 00:33:16,920 Speaker 1: Kharkiv is open uncovered. Terrorism Interfacts News out of Ukraine 590 00:33:16,960 --> 00:33:21,160 Speaker 1: report Zelinski declared Russia a terrorist state. President Biden delivers 591 00:33:21,240 --> 00:33:23,720 Speaker 1: his first State of the Union speech tonight, the President 592 00:33:24,160 --> 00:33:27,520 Speaker 1: dealing with low approval ratings an installed legislative agenda on 593 00:33:27,680 --> 00:33:31,360 Speaker 1: top of the Russia invasion. Bloomberg will carry Tonight's address 594 00:33:31,400 --> 00:33:34,280 Speaker 1: starting at eight thirty pm Eastern Time. In the NBA, 595 00:33:34,360 --> 00:33:36,959 Speaker 1: the Nets lost. In the NHL, the Devils and Bruins won, 596 00:33:37,040 --> 00:33:40,160 Speaker 1: the Capitols lost. Global News twenty four hours a day 597 00:33:40,280 --> 00:33:43,200 Speaker 1: on here and on Bloomberg Quick Tank, powered by more 598 00:33:43,320 --> 00:33:46,240 Speaker 1: than twenty seven hundred journalist analyst in more than a 599 00:33:46,320 --> 00:33:49,720 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, 600 00:33:49,880 --> 00:33:52,160 Speaker 1: Thank you, Michael. It's fine forty nine on Wall Street 601 00:33:52,200 --> 00:33:55,680 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, 602 00:33:55,720 --> 00:33:57,800 Speaker 1: and we remain fixed on the war in Ukraine. This 603 00:33:57,880 --> 00:34:01,320 Speaker 1: morning is Russia steps up showing penalties from world leaders 604 00:34:01,360 --> 00:34:03,640 Speaker 1: and big business are starting to hit Moscow now and 605 00:34:03,760 --> 00:34:06,400 Speaker 1: over the weekend, Western nations agreed to exclude some of 606 00:34:06,520 --> 00:34:09,640 Speaker 1: Russia's banks from the Swift messaging system that's used for 607 00:34:09,800 --> 00:34:12,960 Speaker 1: trillions of dollars of transactions around the world. But that 608 00:34:13,120 --> 00:34:17,280 Speaker 1: move could have unintended consequences. That's according to JP Morgan 609 00:34:17,400 --> 00:34:20,480 Speaker 1: Chase CEO Jamie Diamond. He sat down to discuss the 610 00:34:20,520 --> 00:34:23,719 Speaker 1: move with Bloomberg's at Hammond in an exclusive interview from 611 00:34:23,800 --> 00:34:27,840 Speaker 1: JP Morgan's Global High Yield and Leveraged Finance Conference in Miami. 612 00:34:28,200 --> 00:34:31,240 Speaker 1: Let's listen in now to that conversation with Jamie Diamond 613 00:34:31,719 --> 00:34:33,400 Speaker 1: and just told to me quickly about Swift and what 614 00:34:33,520 --> 00:34:36,200 Speaker 1: that means for the global banking industry. If indeed these 615 00:34:36,239 --> 00:34:39,680 Speaker 1: sanctions doesn't have been proposed to follow the little misinformation today, 616 00:34:40,320 --> 00:34:42,480 Speaker 1: the government's going to decide, how do you sanction, how 617 00:34:42,520 --> 00:34:44,480 Speaker 1: do you swift? How don't want to bore your users? 618 00:34:44,719 --> 00:34:47,440 Speaker 1: A saint? He says, they cannot do busit your a 619 00:34:47,600 --> 00:34:50,040 Speaker 1: swift thing says, I can't use a communication to do 620 00:34:50,120 --> 00:34:52,200 Speaker 1: busy you. I can still do busy with you. And 621 00:34:52,280 --> 00:34:53,920 Speaker 1: there are a lot of workerounds in the swift. So 622 00:34:54,200 --> 00:34:57,120 Speaker 1: they're different tools. We're used for different reasons. And you know, 623 00:34:57,239 --> 00:34:59,560 Speaker 1: the banks are talking to the government. So everyone who 624 00:34:59,600 --> 00:35:03,359 Speaker 1: stands the issues, not because they're for against any particular thing, 625 00:35:03,680 --> 00:35:06,600 Speaker 1: war don't doesn't always follow the path you want for 626 00:35:06,719 --> 00:35:08,600 Speaker 1: the answer, sanctions always follow the path you want. So 627 00:35:08,680 --> 00:35:10,560 Speaker 1: then people should be very thoughtful how they go about 628 00:35:10,560 --> 00:35:13,520 Speaker 1: these things. And the question of workarounds the swift is 629 00:35:13,560 --> 00:35:16,000 Speaker 1: a very important one because that seems to be a 630 00:35:16,040 --> 00:35:18,799 Speaker 1: concern that if an alternative system is established and begins 631 00:35:18,800 --> 00:35:21,759 Speaker 1: to attraction, that can present real risks to this sort 632 00:35:21,800 --> 00:35:24,120 Speaker 1: of financial stability of the West. Well, I remember, they 633 00:35:24,160 --> 00:35:25,880 Speaker 1: could just stop us from doing it by telling us 634 00:35:26,320 --> 00:35:29,520 Speaker 1: a sanction is very targeted, very specific, very clean, and 635 00:35:29,640 --> 00:35:31,840 Speaker 1: depending how you apply, you can apply that in moltile 636 00:35:31,920 --> 00:35:34,880 Speaker 1: ways that you can't get around. There's no work around 637 00:35:34,920 --> 00:35:36,640 Speaker 1: in that kind of sanctions, nor should there be. You know, 638 00:35:36,640 --> 00:35:38,520 Speaker 1: I'm an American patriot and we're gonna do with the 639 00:35:38,520 --> 00:35:41,239 Speaker 1: American government telliss to do. And uh so I think 640 00:35:41,280 --> 00:35:43,600 Speaker 1: people were I think they're more us with about the 641 00:35:43,719 --> 00:35:47,880 Speaker 1: unintended consequences. What countries do you hurt? And what people 642 00:35:48,000 --> 00:35:50,600 Speaker 1: are going to do work around how you fix that 643 00:35:50,719 --> 00:35:53,360 Speaker 1: in case you shouldn't remember, the government itself wants to 644 00:35:53,400 --> 00:35:57,120 Speaker 1: have an open conduit, looks like for energy payments. So 645 00:35:57,160 --> 00:35:58,480 Speaker 1: there are a whole bunch of issues they got to 646 00:35:58,520 --> 00:36:01,720 Speaker 1: work through. Before any of they started, there was obviously 647 00:36:01,719 --> 00:36:03,799 Speaker 1: a lot of questions around the Fed and what they 648 00:36:03,840 --> 00:36:05,120 Speaker 1: were going to be doing this year to try and 649 00:36:05,120 --> 00:36:07,360 Speaker 1: get inflation on the control. You've been public in some 650 00:36:07,520 --> 00:36:09,640 Speaker 1: comments about when you think they've got it right, where 651 00:36:09,640 --> 00:36:12,040 Speaker 1: you think they've got it wrong. Taking in everything that's 652 00:36:12,080 --> 00:36:14,040 Speaker 1: going on at the moment, you think what they've telegraphed 653 00:36:14,040 --> 00:36:16,520 Speaker 1: it's gonna be enough to get the economy under control. 654 00:36:17,080 --> 00:36:19,640 Speaker 1: It's really good to step back two years ago because 655 00:36:19,680 --> 00:36:22,480 Speaker 1: we were here two years ago and then reachly after 656 00:36:22,600 --> 00:36:25,680 Speaker 1: that we had months after we had a fifteens unemployment, 657 00:36:25,719 --> 00:36:28,319 Speaker 1: no vaccine. So I really applaud what the government did 658 00:36:28,400 --> 00:36:30,880 Speaker 1: to get things back, and it's very easy to second 659 00:36:30,960 --> 00:36:32,719 Speaker 1: guess and do all that. I hate doing it. I'm 660 00:36:32,719 --> 00:36:35,680 Speaker 1: about to do it. They probably too much fiscal stimulus 661 00:36:35,760 --> 00:36:39,239 Speaker 1: and quietated easing, but you're still a very short economy, 662 00:36:39,640 --> 00:36:41,040 Speaker 1: and you know, I think the Feds are gonna try 663 00:36:41,080 --> 00:36:44,759 Speaker 1: to meet that story economy of strength I raising race 664 00:36:44,840 --> 00:36:48,520 Speaker 1: and you know, reversing que not to eliminate, to slow 665 00:36:48,600 --> 00:36:50,960 Speaker 1: it down, so reduce inflation and all that, and you 666 00:36:51,000 --> 00:36:52,839 Speaker 1: know I wish him the best. How many rate races 667 00:36:52,920 --> 00:36:55,520 Speaker 1: do you think you should see this hearing? I mean, look, 668 00:36:55,840 --> 00:36:57,800 Speaker 1: people are relying on seven or nine. It could be 669 00:36:57,840 --> 00:37:00,480 Speaker 1: seven nine, it could be more, could be us. And 670 00:37:00,680 --> 00:37:03,360 Speaker 1: obviously when people say that feds are gonna be data dependent, 671 00:37:03,600 --> 00:37:06,239 Speaker 1: of course, can you imagine the fetch saying We're not 672 00:37:06,280 --> 00:37:08,520 Speaker 1: gonna be data dependent at all. So you know they 673 00:37:08,560 --> 00:37:11,080 Speaker 1: should be data dependent. The stronger this is, they're more 674 00:37:11,160 --> 00:37:13,440 Speaker 1: they can raise it and they'll keep all the issues 675 00:37:13,480 --> 00:37:16,040 Speaker 1: in mind and hopefully you can upset it. And I 676 00:37:16,160 --> 00:37:18,920 Speaker 1: do think I don't think all of the inflations temporary, 677 00:37:18,960 --> 00:37:20,720 Speaker 1: but I do think part of it because the compling, 678 00:37:21,120 --> 00:37:23,520 Speaker 1: we'll get better over tirement. So they just gotta navigate 679 00:37:23,600 --> 00:37:25,759 Speaker 1: through that. And I don't think it should promise us 680 00:37:26,239 --> 00:37:28,000 Speaker 1: what they're gonna do, because they don't know what they're 681 00:37:28,000 --> 00:37:32,719 Speaker 1: gonna do. Retain that flexibility, to retain flexibility, yes, a 682 00:37:32,800 --> 00:37:34,840 Speaker 1: lot of figuring on from what's what's happening elsewhere in 683 00:37:34,880 --> 00:37:37,759 Speaker 1: the world today. I wonder what your advice is to 684 00:37:37,840 --> 00:37:40,480 Speaker 1: big cult for customers about how they deal with this 685 00:37:40,719 --> 00:37:42,840 Speaker 1: what seems to be a new normal in terms of volatility, 686 00:37:42,880 --> 00:37:45,000 Speaker 1: whether it's induced by the FED, whether it's induced by 687 00:37:45,040 --> 00:37:47,719 Speaker 1: what's going on a Ukraine or elsewhere. Basically, they've gotta 688 00:37:47,719 --> 00:37:49,640 Speaker 1: get used to it, you know, we have uh you know, 689 00:37:49,760 --> 00:37:52,920 Speaker 1: firstial market volatility is not the same thing as the economy, 690 00:37:53,520 --> 00:37:55,239 Speaker 1: and you know, the economy looks like you would be 691 00:37:55,280 --> 00:37:57,719 Speaker 1: pretty strong for a while. Obviously there are things gonna 692 00:37:58,200 --> 00:38:00,640 Speaker 1: upset that Apple card, you know, mark of volatility, and 693 00:38:00,680 --> 00:38:03,279 Speaker 1: lest it affects the economy, most of the people don't care. 694 00:38:03,440 --> 00:38:05,320 Speaker 1: They don't pay that much attention to it. So I 695 00:38:05,480 --> 00:38:08,160 Speaker 1: think you will inevitably have a lot of market volatility, 696 00:38:08,480 --> 00:38:11,600 Speaker 1: both from you know, the bipartisan the lack of bi partisanship, 697 00:38:12,040 --> 00:38:14,440 Speaker 1: you know, the reversal QUI to q T. That's a 698 00:38:14,600 --> 00:38:17,840 Speaker 1: very complex thing. Rising rates, you know, the markets already 699 00:38:17,880 --> 00:38:19,840 Speaker 1: kind of high, you know, which makes it so I 700 00:38:20,160 --> 00:38:22,600 Speaker 1: think it's kind of a normal state of affairs. I 701 00:38:22,680 --> 00:38:26,000 Speaker 1: tell mol, I worry about shoving my customer. I want 702 00:38:26,040 --> 00:38:28,120 Speaker 1: to be for these customers day in and day out. 703 00:38:28,360 --> 00:38:31,120 Speaker 1: I'll deal with the market volatility like the weather. Well, 704 00:38:31,280 --> 00:38:34,920 Speaker 1: that's fine. Do worry about monatility because it changes their 705 00:38:34,960 --> 00:38:37,400 Speaker 1: ability to make clear decisions over time to rise? I 706 00:38:37,440 --> 00:38:40,040 Speaker 1: need very few do, actually, And I mean I think 707 00:38:40,160 --> 00:38:43,160 Speaker 1: you know, confidence is not driven because the market volatilities, 708 00:38:43,160 --> 00:38:46,200 Speaker 1: because this rule of law is the country gonna grow 709 00:38:46,320 --> 00:38:48,560 Speaker 1: and stuff like that. So, uh, you know, some people 710 00:38:48,600 --> 00:38:51,440 Speaker 1: react to market volatility if it starts to affect the 711 00:38:51,520 --> 00:38:55,840 Speaker 1: economy like capital investment, consumer you know, real consumer commons. 712 00:38:56,160 --> 00:38:58,120 Speaker 1: Then the federal price slowed down when it's doing it, 713 00:38:58,680 --> 00:39:00,360 Speaker 1: and you know they don't want to do that. But 714 00:39:01,360 --> 00:39:03,120 Speaker 1: my view has built the business for the long run. 715 00:39:03,200 --> 00:39:06,520 Speaker 1: You know, you're gonna have some tough times. That's that's 716 00:39:06,520 --> 00:39:09,200 Speaker 1: where we all live with. That was JP Morgan Chase 717 00:39:09,280 --> 00:39:13,120 Speaker 1: CEO Jamie Diamond, speaking exclusively with Bloomberg's Ed Hammond from 718 00:39:13,239 --> 00:39:16,880 Speaker 1: JP Morgan's Global High Yield and Leveraged Finance Conference in Miami. 719 00:39:17,000 --> 00:39:20,120 Speaker 1: You can catch more of their conversation online at Bloomberg 720 00:39:20,160 --> 00:39:22,759 Speaker 1: dot com. Karen, all right, Nathan, it is five fifty 721 00:39:22,840 --> 00:39:25,400 Speaker 1: four on Wall Street and this is Bloomberg Daybreak and 722 00:39:25,480 --> 00:39:28,400 Speaker 1: tonight President Biden delivers his State of the Union address. 723 00:39:28,800 --> 00:39:32,000 Speaker 1: Just one year ago, the political climate was starkly different 724 00:39:32,080 --> 00:39:35,000 Speaker 1: than today, with a focus on domestic policy and recovery 725 00:39:35,080 --> 00:39:37,799 Speaker 1: from the pandemic. Today it's all about the conflict between 726 00:39:37,880 --> 00:39:41,680 Speaker 1: Russia and Ukraine. There were promises made, kept and missed, 727 00:39:41,719 --> 00:39:45,160 Speaker 1: and last year's address from their president and Bloomberg Washington corresponded. 728 00:39:45,239 --> 00:39:49,160 Speaker 1: Joe Matthew brings us more in this special report. America 729 00:39:50,040 --> 00:39:53,480 Speaker 1: is on the move again. On the eve of his 730 00:39:53,600 --> 00:39:57,040 Speaker 1: hundredth day in office, President Biden made lofty declarations to 731 00:39:57,160 --> 00:39:59,719 Speaker 1: a joint session of Congress and laid out his vision 732 00:39:59,760 --> 00:40:03,200 Speaker 1: for his administration. America is ready for a takeoff. In 733 00:40:03,320 --> 00:40:10,160 Speaker 1: my view, we're working again, dreaming again, discovering again, and 734 00:40:10,360 --> 00:40:13,799 Speaker 1: leading the world again. The President, however, has faced many 735 00:40:13,920 --> 00:40:16,960 Speaker 1: hurdles from a pandemic that has lingered long past when 736 00:40:17,000 --> 00:40:20,160 Speaker 1: he had hoped to a steady and persistent rise in inflation. 737 00:40:20,360 --> 00:40:23,560 Speaker 1: While he came into office hoping for bipartisanship, many of 738 00:40:23,640 --> 00:40:26,400 Speaker 1: the priorities Biden laid out in his first address have 739 00:40:26,600 --> 00:40:31,000 Speaker 1: not landed. Raised the minimum ways to fifteen dollars, four 740 00:40:31,040 --> 00:40:34,440 Speaker 1: additional years of public education every person in America. The 741 00:40:34,480 --> 00:40:38,040 Speaker 1: American Family's Plan will finally provide up to twelve weeks 742 00:40:38,080 --> 00:40:41,279 Speaker 1: of paid leave and medical leaf. The American Family's Plan, 743 00:40:41,440 --> 00:40:44,680 Speaker 1: which was later rebranded as Build Back Better, is dead, 744 00:40:45,080 --> 00:40:48,840 Speaker 1: leaving those promises unfulfilled. The president also laid out a 745 00:40:48,920 --> 00:40:51,279 Speaker 1: series of domestic goals that he has not been able 746 00:40:51,320 --> 00:40:55,680 Speaker 1: to reach, including stricter gun laws, police reform, voting rights reform, 747 00:40:55,800 --> 00:40:59,840 Speaker 1: and immigration reform. The country who supports this reform and 748 00:41:00,160 --> 00:41:04,040 Speaker 1: Congress should act. Biden did, however, deliver on some of 749 00:41:04,080 --> 00:41:07,280 Speaker 1: the promises he made during last year's address, including passing 750 00:41:07,320 --> 00:41:11,959 Speaker 1: a bipartisan infrastructure bill includes massive investments in fixing roads 751 00:41:12,000 --> 00:41:16,280 Speaker 1: and bridges and electric vehicles and broadband. Biden also pledged 752 00:41:16,320 --> 00:41:19,279 Speaker 1: to remove all US troops from Afghanistan during his first 753 00:41:19,360 --> 00:41:22,200 Speaker 1: year in office, and while he followed through, the withdrawal 754 00:41:22,400 --> 00:41:25,800 Speaker 1: was marred by the death of thirteen American service members. 755 00:41:26,400 --> 00:41:30,120 Speaker 1: That disaster in Afghanistan also saw a rapid return to 756 00:41:30,239 --> 00:41:33,360 Speaker 1: power of the Taliban and is widely considered a foreign 757 00:41:33,440 --> 00:41:36,759 Speaker 1: policy fiasco. When it comes to Russia, Ukraine was not 758 00:41:36,880 --> 00:41:40,760 Speaker 1: even mentioned last year. Instead, Biden focused on election medling. 759 00:41:41,080 --> 00:41:46,360 Speaker 1: So I responded directly proportionally to Russia's interference our elections 760 00:41:46,840 --> 00:41:49,800 Speaker 1: and the cyber attacks on our government, our business Biden 761 00:41:49,800 --> 00:41:51,879 Speaker 1: will return to the House Chamber more than a year 762 00:41:52,040 --> 00:41:55,080 Speaker 1: into what has been a very challenging first term. If 763 00:41:55,120 --> 00:41:57,839 Speaker 1: the proof democracy still works, that our government still works, 764 00:41:57,880 --> 00:42:00,680 Speaker 1: when we can deliver for our people, still trying to 765 00:42:00,800 --> 00:42:04,320 Speaker 1: prove that government's bitterly divided can in fact deliver for 766 00:42:04,400 --> 00:42:10,799 Speaker 1: the American people in Washington. Joe Matthew, Bloomberg Daybreak. All right, Joe, 767 00:42:10,880 --> 00:42:13,759 Speaker 1: thank you, and please join Bloomberg's Joe Matthew tonight as 768 00:42:13,840 --> 00:42:16,480 Speaker 1: he leads our coverage our President Biden's second State of 769 00:42:16,520 --> 00:42:18,840 Speaker 1: the Union address. And it all starts at eight thirty 770 00:42:18,920 --> 00:42:23,560 Speaker 1: Eastern on Bloomberg Radio and Television. And futures this morning, 771 00:42:23,800 --> 00:42:27,640 Speaker 1: following SMP futures down twenty two points, to OWN futures 772 00:42:27,680 --> 00:42:31,160 Speaker 1: down one sixty and NASDAG futures down eight one the 773 00:42:31,239 --> 00:42:34,239 Speaker 1: tenure treasury up twenty thirty seconds, the yield one point 774 00:42:34,320 --> 00:42:36,759 Speaker 1: seven five percent, and they yield on the two year 775 00:42:37,120 --> 00:42:40,520 Speaker 1: one point three two percent and still ahead on Bloomberg 776 00:42:40,640 --> 00:42:43,080 Speaker 1: Daybreak and check on the business headlines and all the 777 00:42:43,160 --> 00:42:46,719 Speaker 1: news you need to start your day. This is Bloomberg