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Speaker 1: From the Bloomberg Interactive Burgers Studios is Bloomberg day Break

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Speaker 1: for Wednesday, June twenty.

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Speaker 2: First coming up today, A.

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Speaker 3: Hopeful sound noises are detected in the search for the

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Speaker 3: undersea vessel near the Titanic.

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Speaker 1: New tensions emerged with China after President Biden refers to

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Speaker 1: Shijin Ping as a dictator.

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Speaker 4: Fed Chair J.

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Speaker 3: Powell delivers his first day of congressional testimony this morning.

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Speaker 1: And FedEx does not deliver for investors with its latest earnings.

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Speaker 4: President Biden prepares for his state visit with India's Prime minister.

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Speaker 4: Plus New York State is banding employer's use of non

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Speaker 4: compete agreements. I'm Michael bar More Ahead.

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Speaker 5: I'm John Stasharon Sports Garrett Cole pitched the Yankees so

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Speaker 5: much they didn't win over Seattle, the Mets, and Justin

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Speaker 5: Verlander lost in Houston.

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Speaker 6: That's all straight Ahead on Bloomberg day Break, the business

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Speaker 6: news you need to starn your day in just one

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Speaker 6: fifteen minute podcast each morning on Apples, Spotify, the Bloomberg

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Speaker 6: Business app and everywhere you get your podcasts.

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Speaker 7: Good morning, I'm Nathan Hager.

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Speaker 1: And I'm Karen Moscow. Here are the stories.

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Speaker 2: We're following today.

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Speaker 3: We want to update you first on the missing submersible

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Speaker 3: near the wreckage of the Titanic and what may be

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Speaker 3: a hopeful sign. The Coastguard says underwater sounds have been detected.

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Speaker 3: Now search teams are being redirected to find out where

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Speaker 3: those sounds came from. Coastguard Rear Admiral John Mager says

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Speaker 3: they're using planes, remotely operated vehicles, and underwater robots to

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Speaker 3: find the five people on board the titan.

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Speaker 7: It's a really complex case. Their active debris fielled down

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Speaker 7: on the bottom of the ocean, and a lot of

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Speaker 7: complexity of working at that time.

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Speaker 3: Rear Admiral John magertell's ABC News it's a race against time.

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Speaker 3: The Titan is designed to carry up to ninety six

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Speaker 3: hours of oxygen. At this rate, the ship may have

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Speaker 3: less than twenty four hours of air left well.

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Speaker 1: Another major story that we're following this morning, Nathan, involves

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Speaker 1: the fallout from the plea deal for Hunter Biden. The

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Speaker 1: deal may help avoid a messy public trial and keep

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Speaker 1: President Biden's son out of jail, but the agreement also

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Speaker 1: provides fodder for the president's political opponents. Bloomberg's Amy Morris

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Speaker 1: or Poor Sermer a ninety nine one newsroom in Washington.

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Speaker 8: Hunter Biden's legal troubles haven't stopped the President from supporting him.

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Speaker 9: Very proud of my son.

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Speaker 8: Republicans are outraged with the deal, vowing to continue their

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Speaker 8: probes into the Biden family. Congressman James Comer is chair

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Speaker 8: of the House Oversight Committee.

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Speaker 6: This has absolutely nothing to do with our investigation of

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Speaker 6: Joe Biden, and we're going to continue to move forward

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Speaker 6: with that.

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Speaker 8: The Congressman Jamie Raskin, the top Democrat on that committee, says,

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Speaker 8: if there is a double standard, it's with the Trump family,

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Speaker 8: not Biden.

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Speaker 7: They should check out what happened with Jared Kushner.

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Speaker 5: He registered to create a new corporation, which promptly received

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Speaker 5: two billion dollars from the Saudi government.

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Speaker 8: Judge still has to approve the Plea deal, even as

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Speaker 8: the lead prosecutor says the investigation is ongoing. In Washington,

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Speaker 8: I'm Amy Morris, Bloomberg Daybreak.

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Speaker 6: Thank you, Amy.

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Speaker 3: While the rhetoric heats up between the parties over Hunter Biden,

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Speaker 3: in tentions between the US and China may be rising again,

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Speaker 3: and China, says President Biden made a quote public political

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Speaker 3: provocation by referring to his counterpart she Jinping as a dictator.

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Speaker 3: Biden told a California fundraiser that the Chinese leader had

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Speaker 3: been embarrassed by an alleged spy balloon because he didn't

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Speaker 3: know it was there. The President says, quote, that's the

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Speaker 3: great embarrassment for dictators when they didn't know what happened.

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Speaker 1: Well, turning to the markets now, Nathan, all eyes today

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Speaker 1: and tomorrow are focused on Washington. That's where Fed Chairman

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Speaker 1: j Powell gives his semi annual report to Congress. We

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Speaker 1: get a preview from Bloomberg's Michael McKee.

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Speaker 2: In the House today, the Fed Chairman will have the

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Speaker 2: opportunity to clarify what some feel was a confusing message

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Speaker 2: on the path for interest rates. What would lead central

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Speaker 2: bankers to raise rates again something their own forecasts suggests

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Speaker 2: will happen? Does inflation have to rise, does unemployment or

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Speaker 2: does it just have to remain flat? What is the

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Speaker 2: ultimate end rate? And how soon after that might they

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Speaker 2: begin the rate cuts they foresee for twenty twenty four.

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Speaker 2: There will also be questions about the impact of March

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Speaker 2: A bank failures and on possible regulatory changes for the industry. Tomorrow,

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Speaker 2: Poll comes back to testify before the Senate. Michael McKee Bloomberg.

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Speaker 3: Daybreak, Okay, Mike, As investors await possible clues on the

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Speaker 3: future of rates, Brown Brothers Harriman, head of Currency Strategy,

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Speaker 3: when Thin thinks the FED is far from done, when

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Speaker 3: all its.

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Speaker 10: Dust settles, I think the FED is going to go

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Speaker 10: higher for longer.

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Speaker 11: The market still doesn't quite believe the Fed.

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Speaker 8: They cut one hike pricing, but.

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Speaker 2: The fedest single number two. And I said to a.

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Speaker 1: Lot of analysts, I don't think the Fed will hike again.

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Speaker 2: That this isn't just a pause, this is the end.

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Speaker 2: I wholeheartedly disagree.

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Speaker 3: Brown Brothers Harriman's whin then expects a stronger dollar the

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Speaker 3: rest of the year.

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Speaker 9: Well.

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Speaker 1: Rates are also in focus in Europe. This morning, Nathan

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Speaker 1: after a hot inflation rading over in the UK, and

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Speaker 1: we get the latest of the Bloomberg's Ewen Pot's in London.

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Speaker 2: Good morning you in, Good.

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Speaker 12: Morning, count of Nathan. It's hot in London again today.

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Speaker 12: But while the weather is nice, a fourth inflation reading

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Speaker 12: high that estimates is not so welcome. Consumer prizes rose

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Speaker 12: eight points seven percent in the year to make the

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Speaker 12: flying forecasts for a slowdown in price gains core inflation unexpected.

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Speaker 12: The rose on last month. It's now at a thirty

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Speaker 12: one year high. It's all a headache for the Bank

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Speaker 12: of England as they weigh their next move in tomorrow's

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Speaker 12: policy meeting. Traders are ramping up bets the bank will

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Speaker 12: need to administer stronger medicine in their fights against Rumpant's inflation.

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Speaker 12: In London, I'm une Pot's Bloombok.

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Speaker 3: Day break, marry you and thank you. Back here in

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Speaker 3: the US, we're watching shares of FedEx in early trading.

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Speaker 3: They're down about three percent after the company gave a

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Speaker 3: twenty twenty four profit outlook that came in below analysts essimate.

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Speaker 3: So we get the story from Bloomberg's Charlie Pellett.

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Speaker 9: A drop in package demand offset CEO raj subermanians four

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Speaker 9: billion dollar cost cutting plan the company, who's sought to

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Speaker 9: reduce expenses as the industry deals with a decline and

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Speaker 9: package volume following two years of surging demand fueled by

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Speaker 9: pandemic driven online shopping. In a separate statement, FedEx said

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Speaker 9: CFO Michael Lens will retire effective July thirty, first in

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Speaker 9: New York, Charlie Pellett's Bloomberg Daybreak.

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Speaker 1: Right, Urlie, Thanks, and JP Morgan. Chase is making a

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Speaker 1: fresh round of layoffs in Asia. Bloomberg News has learned

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Speaker 1: the bank is cutting about twenty investment banking jobs as

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Speaker 1: deal flows remain muted. Sources say the reductions impact mostly

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Speaker 1: junior staff and associates and analyst levels, and sectors including consumer,

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Speaker 1: healthcare and private capital markets.

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Speaker 3: Time now to take a look at some of the

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Speaker 3: other stories making news in New York and around the world,

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Speaker 3: and for that we are joined by Bloomberg's Michael Barr.

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Speaker 4: Good Morning, Michael, Good morning, Nathan. New York is joining

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Speaker 4: other states on banning employee non compete agreements. The bill

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Speaker 4: coincides with Federal Trade Commission and National Labor Relations Board

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Speaker 4: actions to fight non competes. The measure now heads to

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Speaker 4: Governor Kathy Oakle's desk after the state Assembly passed it yesterday.

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Speaker 4: Employer's use of non compete contracts, which restrict workers from

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Speaker 4: going to work for a competitor, an estimated one fifth

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Speaker 4: of the US workforce. The FDN and Y confirmed what

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Speaker 4: many suspected a lithium ion battery was the cause of

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Speaker 4: Tuesday's fire that killed four people in Manhattan. The blaze

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Speaker 4: started in an e bike shop on the Lower East Side.

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Speaker 4: The shop is downstairs from their apartments in the sixth

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Speaker 4: story building. New York City Fire Commissioner Laura Kevano his.

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Speaker 13: Exact scenario where there is an e bike store on

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Speaker 13: the first floor and residences above, and the volume of

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Speaker 13: fire created by these lithium ion batteries is incredibly deadly.

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Speaker 4: The FDN Y says the shop was inspected in August

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Speaker 4: of last year and summonses were issued. A former NYPD

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Speaker 4: officer is among a group of people convicted of working

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Speaker 4: for China. More from Bloomberg's Dan Schwartzman.

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Speaker 14: Three people, including a retired New York City Police sergeant,

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Speaker 14: had been convicted of acting as agents of the People's

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Speaker 14: Republic of China. Prosecutors showed that the three carried out

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Speaker 14: a legal law enforcement operation in the US, including trying

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Speaker 14: to pressure dissidents to return to China. The three were

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Speaker 14: in a group of eight originally charged back in October

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Speaker 14: of twenty twenty of participating in Operation fox Hunt, which

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Speaker 14: a Chinese government says was a legitimate operation to track

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Speaker 14: down fugitives in New York. I'm Dan Schwartzman Bloomberg Daybreak.

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Speaker 4: President Joe Biden is hosting Indian Prime Minister Narindra Modi

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Speaker 4: for a state visit this week. Biden hopes to improve

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Speaker 4: his relationship with the leader of a nation of one

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Speaker 4: point four billion at the US Administration sees as a

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Speaker 4: pivotal force in Asia for decades to come. Dozens of

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Speaker 4: Congressional members are urging President Biden to talk to Mody

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Speaker 4: about human rights concerns. Today, Modi is highlighting inner tranquility.

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Speaker 4: His public schedule for the day opens with a group

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Speaker 4: yoga session on the United Nations North Lawn. Global News

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Speaker 4: twenty four hours a day, powered by more than twenty

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Speaker 4: seven hundred journalist nanailist over one hundred and twenty countries.

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Speaker 4: I'm Michael Barr. This is Bloomberg, Nathan.

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Speaker 3: Thank you, Michael. Time now for the Bloomberg Sports update,

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Speaker 3: and for that, here's John Stanshall.

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Speaker 5: All right, Nathan, yankees back home after the rough weekend

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Speaker 5: in Boston, and thankfully Garrett Cole was on the mound

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Speaker 5: dominant in seven to thirty. The is allowed one run

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Speaker 5: only four hits, struck out eight. Clay Holmes got the

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Speaker 5: last five outs, so much needed a Yankee win three

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Speaker 5: to one over Seattle. They beat the Mariners George Kirby,

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Speaker 5: the Ryan native who had shut them out in a

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Speaker 5: recent game in Seattle, Billy McKinney to the two run

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Speaker 5: homer off Kirby in the second. Any Before the game,

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Speaker 5: Yankee g and Brian Cashman met the media to discuss

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Speaker 5: the Yanks' recent struggles.

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Speaker 10: Got a really good team. When we're flying high and

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Speaker 10: playing the way we're capable of right now, we haven't

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Speaker 10: been doing that, and so it looks bad. It feels bad,

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Speaker 10: It tastes bad, and no one likes losing, so so

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Speaker 10: I understand why the fans are upset and not happy

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Speaker 10: was how it's playing out.

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Speaker 5: Cashman said he still has belief in rookie short staff

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Speaker 5: Anthony Volfe, who's among many Yankees who have been struggling.

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Speaker 14: Mets at Houston.

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Speaker 5: Justin Verlanders faced his former seven Alex Bregman hit a

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Speaker 5: two on homer off him. The Astros one four to two,

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Speaker 5: of the Mets to only four hits. Didn't have a

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Speaker 5: base runner off Franbur Valdez until the sixth inning. They

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Speaker 5: didn't score until the eighth Freeway Series. Dodgers shut out

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Speaker 5: the Angels two nothing behind Clayton Kershaw. The Cincinnati Reds

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Speaker 5: last season lost one hundred games. They just won their

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Speaker 5: tenth game in a row, and the Giants, a five

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Speaker 5: hundred team last year, won their ninth straight. The ex

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Speaker 5: met Marcus Stroman has the lowest DRA in the National League.

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Speaker 5: He pitched the Cubs to a shutout win over Pittsburgh

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Speaker 5: and the x Yankee Aaron Hicks, who's still getting paid

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Speaker 5: by the Yanks. They released him with a one eighty

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Speaker 5: eight batting average. He had a homer four RBIs in

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Speaker 5: Baltimore's win at Tampa Bay. Hicks with the Orioles is

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Speaker 5: batting three forty. John Stashaward Bloomberg.

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Speaker 6: Sports from coast to coast, from New York to San Francisco,

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Speaker 6: Boston to Washington, DC, nationwide on Syrias XAM, the Bloomberg

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Speaker 6: Business appened Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 4: Good morning.

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Speaker 3: I'm Nathan haig Well. A flurry of legal news came

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Speaker 3: out of Washington yesterday morning. First, we learned the trial

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Speaker 3: date for former President Donald Trump, in the classified documents case.

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Speaker 3: A federal judge set that for mid August. It was

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Speaker 3: also announced that the current president's son, Hunter Biden, is

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Speaker 3: facing tax and gun charges and reached a plea deal

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Speaker 3: in that case. Bloomberg's Joe Matthews spoke with former White

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Speaker 3: House Chief of Staff mcmulvaney on Bloomberg's sound On to

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Speaker 3: break down the political fallout for the current and former presidents.

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Speaker 3: Let's hear part of that conversation.

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Speaker 15: Anything short of a felony indictment of Hunter Biden was

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Speaker 15: going to be interprend by some folks as to tier.

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Speaker 15: I think it remains to be seen as to what's in,

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Speaker 15: what are the facts, what was the circumstance behind Hunter

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Speaker 15: Biden's tax issues.

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Speaker 11: Now that the German comers.

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Speaker 15: Made a really good point, which is now that we

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Speaker 15: are either at the end or moving speedily to the

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Speaker 15: end of the investigation of Hunter Biden, then the Department

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Speaker 15: of Justice no longer has an excuse.

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Speaker 11: Not to share information with Congress. So as between both

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Speaker 11: the public hearing on the plea deal and the congressional investigation,

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Speaker 11: my guess is we'll see a lot more about Hunter

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Speaker 11: Biden than we know. Right now and only then will

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Speaker 11: you be able to sort of have an informed opinion

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Speaker 11: as to a two different tiers of justice in this consum.

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Speaker 3: Does this quiet the voices of concern who thought Hunter

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Speaker 3: Biden was never going to be acknowledged here in Washington,

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Speaker 3: that this would never actually become a.

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Speaker 11: Case, Yeah, a little bit. In fact, I had some

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Speaker 11: conversations with some of my friends, by Republican friends who

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Speaker 11: are complaining about, well, they're charging Trump but they're not

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Speaker 11: charging Hunter. And then you know, say, well, okay, they

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Speaker 11: charge Hunter. He's been okay with them charging Trumpet very quiet,

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Speaker 11: very quickly. So again, whether or not it's a serious charge,

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Speaker 11: I guess we don't know yet until we see the

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Speaker 11: facts in the file.

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Speaker 4: Mick.

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Speaker 3: The idea of an August fourteen trial date the all

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Speaker 3: the while, and that might frankly be a bigger story

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Speaker 3: that's been kind of overshadowed by the Hunter headline. Do

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Speaker 3: you think a trial actually begins in August?

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Speaker 11: And no, you're not supposed to make, you know, absolute

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Speaker 11: tradictions when you're dealing with politics, and there's a lot

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Speaker 11: of politics here. But I'd be willing to bet my

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Speaker 11: house there's no trial at August fourteenth. Keep in mind,

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Speaker 11: the right to a speedy trial, which does exist under

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Speaker 11: our constitution, is possessed by the accused, not by the government.

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Speaker 11: So you know, if don Trump wants to have slowed

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Speaker 11: things down, there's going to be plenty of opportunities to do.

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Speaker 1: So.

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Speaker 11: You've made a good point about how hard it's going

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Speaker 11: to be to picking jury. I disagree with your the reporter, respectfully.

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Speaker 11: I think it's going to be very, very difficult to

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Speaker 11: pick a jury here because everybody's going to have an

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Speaker 11: opinion about it, and Donald Trump is going to be

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Speaker 11: looking for one juror who's willing to say, you know,

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Speaker 11: I don't care what he did, I'm not convicting it

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Speaker 11: because he only has to get it one person to

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Speaker 11: hold out, and the government knows that. So that's going

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Speaker 11: to take a long time. The government may try to

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Speaker 11: recuse the judge. That may take a long time. There's

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Speaker 11: going to be quite over evidence that may take a

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Speaker 11: long time. So if I'm a betting man, and I am,

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Speaker 11: I'm not betting it, August and.

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Speaker 3: I am, says Mick Mulvaney. That said, does the trial

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Speaker 3: begin before the presidential election or is that what we're

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Speaker 3: talking about here, anything to delay it past the election.

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Speaker 11: I talked to a lot of my friends who were

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Speaker 11: in the federal prosecuting business, a lot of folks who

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Speaker 11: used to do white collar criminal defense to a man

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Speaker 11: and a woman. They all thought this trial would take

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Speaker 11: place after the election. I think we're all surprised by

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Speaker 11: this announcement, at least of this early date. And whether

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Speaker 11: or not that changes the caucus, you know, i'd have

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Speaker 11: to talk to folks who've done this for twenty thirty years.

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Speaker 11: I'm not sure how Donald Trump delays it for a

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Speaker 11: year and you know, four months or whatever. But I

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Speaker 11: still think it's a better chance than not that it

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Speaker 11: comes after the election. But again, this has thrown me

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Speaker 11: a curveball al over everybody else. Seeing it's August fourteenth day.

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Speaker 3: I don't know if you saw Donald Trump and Brett

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Speaker 3: Baer on Fox News. There were some pretty remarkable moments,

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Speaker 3: and it's been suggested that some of this could be

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Speaker 3: entered as evidence in the trial, particularly as he discusses

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Speaker 3: moving the boxes around and what was in the boxes.

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Speaker 3: Here's a moment that you might have missed.

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Speaker 9: So why not just.

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Speaker 6: Hand them over then? Because I had a boxes I

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Speaker 6: want to go through the boxes and get all my

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Speaker 6: personal things out.

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Speaker 8: I don't want to hand that over to Narrow yet,

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Speaker 8: and I was.

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Speaker 2: Very busy, as you've sort of seen.

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Speaker 11: Yeah, Ords, you then tell this aid to move to

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Speaker 11: other locations after telling your lawyers to say you'd fully

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Speaker 11: complied with the subpoena when you hadn't.

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Speaker 15: But before I send boxes over, I have to take

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Speaker 15: all of my things.

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Speaker 3: Actually, the former president do damage to himself.

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Speaker 11: Yes, I was watching it. I was actually texting a

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Speaker 11: little bit with Brett Bair. You know, the interview wasn'tlive.

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Speaker 11: All I could think of is now the public sort

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Speaker 11: of gets a chance to see why so many of

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Speaker 11: Donald Trump lawyers quit because he made things much much

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Speaker 11: worse for himself. There's one thing that was It wasn't

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Speaker 11: in the segment you just picked up, but it was

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Speaker 11: right about the same time where he said. Rhett asked

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Speaker 11: him about the papers that he held up on the

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Speaker 11: audio tape, and Trump said, there was nothing there. There

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Speaker 11: was nothing there. It was just a was newspaper clippings,

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Speaker 11: stuff attending like it was famous or be classified.

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Speaker 8: But it's not.

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Speaker 11: In order to make that defense, he has to testify,

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Speaker 11: and I can guarantee you that Donald Trump is not

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Speaker 11: testifying in this case, so that that is going to

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Speaker 11: be used against him. Most of a lot of that

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Speaker 11: video would be used against him.

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