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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning.

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Speaker 1: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 1: stories we're following today.

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Speaker 2: The markets and gold enter the trading day in record territory.

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Speaker 2: It's after the Fed signal that remains on track for

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Speaker 2: three interest right cuts this year. The recent pickup and

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Speaker 2: inflation did not sway FED share j Powell's message that

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Speaker 2: it is likely appropriate to lower rates.

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Speaker 3: We believe that our policy rate is likely at its

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Speaker 3: peak for this tightening cycle, and that if the economy

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Speaker 3: evolves broadly as expected, it will likely be appropriate to

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Speaker 3: begin dialing back policy restraint at some point this year.

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Speaker 3: The economic outlook is uncertain, however, and we remain highly

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Speaker 3: attentive to inflation risks.

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Speaker 2: Chairman Powell also said it would be appropriate to slow

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Speaker 2: the pace at which the FED reduces its bond holdings

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Speaker 2: fairly soon.

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Speaker 1: Reaction is still pouring into the Fed maintaining its rate

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Speaker 1: cutout look. We caught up with former New York Fed

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Speaker 1: President and current Bloomberg Opinion columnist Bill Dudley.

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Speaker 2: We still think mantary policy is tight. We still think

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Speaker 2: we're going to get more confident about getting inflation down

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Speaker 2: to two percent, and so we still think we're going

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Speaker 2: to cut rates this year time. He's uncertain, and he

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Speaker 2: said over and over again, it depends on the data.

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Speaker 1: And former New York Fed President Bill Dudley added that

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Speaker 1: he thinks the Fed is still committed to getting inflation

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Speaker 1: down to two percent, so, Karen.

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Speaker 2: While the Fed held steady yesterday, there's been a surprise

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Speaker 2: from the Swiss National Bank. It unexpectedly cut rates a

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Speaker 2: quarter point to one point five percent. The Frank tumbled

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Speaker 2: after the decision, falling more than one percent against the dollar.

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Speaker 2: Later this morning, the Bank of England is likely to

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Speaker 2: keep its interest rates at a sixteen year high.

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Speaker 1: Well staying in Europe. And Nathan job cuts coming to Berkley's.

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Speaker 1: Bloomberg News has learned the UK lender is preparing to

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Speaker 1: cut several hundred jobs within its investment bank division. The

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Speaker 1: move comes as the firm embarks on a year's long

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Speaker 1: effort to trim costs and boost profits within the unit.

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Speaker 2: And we're looking at the pair of initial public offerings

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Speaker 2: this morning, Karen, it was quite the Wall Street debut

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Speaker 2: for Esterra Labs. The semiconductor connectivity company, soared more than

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Speaker 2: seventy percent on its first day of trading, giving a

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Speaker 2: Stera a market value of almost nine and a half

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Speaker 2: billion dollars.

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Speaker 1: And today, Nathan, another highly anticipated IPO hits the market.

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Speaker 1: We get the details from Bloomberg's John Tucker, John and Karen.

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Speaker 4: Reddit begins trading after pricing its IPO with thirty four

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Speaker 4: dollars a share that's the top of the expected range.

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Speaker 4: The offering values to the company at almost six and

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Speaker 4: a half billion dollars. That website that hosts millions of

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Speaker 4: online forums, is nineteen years old and has a fiercely

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Speaker 4: loyal customer base. While its core business is online advertising,

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Speaker 4: the real attraction is the ability to train artificial intelligence models.

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Speaker 4: Bloomberg intelligence analysts expect big providers like open Ai, Google, Apple, Amazon,

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Speaker 4: and Meta to pay for Reddit's data. They expected to

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Speaker 4: eventually fetch them multiple closer to ten billion dollars. The

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Speaker 4: ticker symbol again RDDT, John Tucker, Bloomberg Radio.

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Speaker 2: Looking at some other company news, Karen, The Justice Department

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Speaker 2: is planning to file a lawsuit against Apple, perhaps as

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Speaker 2: soon as today. More from Bloomberg's Doug Prisner, we're told

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Speaker 2: Apple will be accused of violating antitrust laws by blocking

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Speaker 2: rivals from accessing hardware and software features on the iPhone.

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Speaker 2: The case will mark the third time the dojsuit Apple

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Speaker 2: for anti trust violations in the past fourteen years, but

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Speaker 2: this case is the first to accuse the company of

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Speaker 2: illegally maintaining its dominant position. Apple is also under increased

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Speaker 2: scrutiny in Europe over alleged anti competitive behavior. Earlier this month,

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Speaker 2: the company was hit with a two billion dollar fine

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Speaker 2: for shutting out music streaming rivals from offering cheaper deals

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Speaker 2: in New York. I'm Doug Prisoner Bloomberg Radio.

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Speaker 5: Okay, Doug. Thanks.

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Speaker 2: Looking at shares of Apple and the pre market. They

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Speaker 2: are down one percent.

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Speaker 1: Well on the flip side, and Nathan shares a Micron

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Speaker 1: Technology surging more than sixteen percent. The company delivering a

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Speaker 1: strong revenue forecast for the current quarter. We get the

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Speaker 1: story from Bloomberg's Charlie Pillett.

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Speaker 5: Micron is the largest American maker of computer memory chips,

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Speaker 5: and it was boosted by demand for artificial intelligence hardware.

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Speaker 5: Micron Technology said fiscal third quarter revenue will be in

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Speaker 5: the range of six point four to six point eight

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Speaker 5: billion dollars that compares with an average analyssessimate of five

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Speaker 5: point nine to nine billion micron and its rivals are

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Speaker 5: emerging from one of the worst slumps the memory chip

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Speaker 5: industry has suffered, triggered by weak demand for PCs and smartphones.

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Speaker 5: In New York, Charlie Pellett, Bloomberg Radio, All right, Charlie,

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Speaker 5: thank you. Turning to politics now.

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Speaker 2: The text is out on the deal to keep most

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Speaker 2: government agencies open through the end of September. We get

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Speaker 2: the details from Bloomberg. Steve Podisk in Washington.

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Speaker 6: The one point two trillion dollar package is backed by

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Speaker 6: President Biden and leaders of both parties, and comes before

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Speaker 6: a Saturday deadline for a partial gu government shutdown. It

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Speaker 6: expands detention facilities for migrants, imposes a six percent funding

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Speaker 6: cut on the State Department and Foreign Aid, and bans

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Speaker 6: US embassies from flying LGBTQ Pride flags or other non

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Speaker 6: US official flags. The spending bill funds roughly three quarters

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Speaker 6: of US agency budgets, including the Departments of Defense and

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Speaker 6: Homeland Security, for the remainder of the federal fiscal year.

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Speaker 6: Congress approved funding for the other agencies earlier this month.

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Speaker 6: In Washington, Steve Podisk Bloomberg Radio.

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Speaker 1: All right, Steve, thanks, So he turned to geopolitics now,

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Speaker 1: and the US is now pushing for an immediate ceasefire

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Speaker 1: in Gaza, tied to the release of hostages held by Hamas.

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Speaker 1: Secretary of State Anthony Blincoln says the US is circulating

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Speaker 1: a draft resolution at the UN Security Council calling for

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Speaker 1: a ceasefire. He made the announcement in Saudi Arabia, where

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Speaker 1: State Department spokesman and Veden Patel says he urged Israel

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Speaker 1: to exercise caution.

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Speaker 3: There should be no full scale military operation and RAFA

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Speaker 3: without a credible and executable plan to protect the civilian opera,

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Speaker 3: civilian population.

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Speaker 1: And Vadam Patanel is at the State Department. Till now,

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Speaker 1: the US has used its veto power at the UN

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Speaker 1: to block calls for an immediate ceasefire in Gaza.

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Speaker 5: Thank Karin.

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Speaker 2: Another top Biden administration official is on a surprise trip

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Speaker 2: to Ukraine. National Security Advisor Jake Sullivan is in Kiev,

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Speaker 2: where he promised the House will approve sixty billion dollars

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Speaker 2: installed AID. Here's White House National Security spokesman John Kirby.

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Speaker 7: Distrusted the urgent need for the US House of Representatives

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Speaker 7: to pass the National Security Supplemental to meet Ukraine's critical

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Speaker 7: battlefield and humanitarian needs.

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Speaker 2: White House spokesman John Kirby spoke aboard Air Force One. Meanwhile,

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Speaker 2: Kiev woke up this morning to its first large scale

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Speaker 2: attack from Russia in more than a month. Ukraine says

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Speaker 2: it shot down thirty one missiles that Russia fired on

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Speaker 2: the capital today.

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Speaker 5: Thirteen people were hurt.

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Speaker 1: And we turned out to some of the other stories

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Speaker 1: making news in New York and around the world, and

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Speaker 1: for that we're joined by Bloomberg's and Michael Barr.

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Speaker 5: Michael, good Morning, Good morning, Karen.

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Speaker 7: In Haiti, arm gangs are launching deadly new attacks in

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Speaker 7: the suburbs of Porter of Prince. People under fire are

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Speaker 7: pleading for help from Haiti's National Police Force. Meanwhile, a

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Speaker 7: Florida State chartered plane from Haiti arrived yesterday at Orlando's

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Speaker 7: Sandford International Airport after evacuating about fourteen individuals trapped in

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Speaker 7: the country amid the ongoing humanitarian crisis. This man's son

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Speaker 7: was rescued.

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Speaker 8: It was very stressful. I can happily say was a

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Speaker 8: mission accomplished and we're finally reunited with junion, our two

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Speaker 8: year old son, that these were turning into weeks, the

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Speaker 8: weeks were turning into months.

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Speaker 7: Florida Executive Director of Emergency Management Kevin Guthrie.

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Speaker 2: You obviously saw tears, you saw laughter, you saw joy.

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Speaker 5: I'll tell you there's.

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Speaker 3: Nothing more gratifying as name of director than to see that.

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Speaker 7: Emergency Management Director Kevin Guthrie says hundreds of Floridians are

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Speaker 7: seeking evacuation from the country. A charter bus company that

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Speaker 7: transport its migrants from Texas to the New York area

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Speaker 7: has agreed to stop doing that for now. It comes

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Speaker 7: as a lawsuit is pending against road Runner Charners. The

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Speaker 7: New York City Department of Social Services filed a lawsuit

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Speaker 7: against Roadrunner and more than a dozen other bus companies.

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Speaker 7: According to the suit, the charter bus companies are implementing

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Speaker 7: Texas Governor Abbott's bad faith plan to bring migrants to

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Speaker 7: New York and should be held liable for the city's

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Speaker 7: costs of care. Former President Donald Trump is running out

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Speaker 7: of time to at least post a bond to appeal

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Speaker 7: as New York civil fraud judgment. By Monday, Trump could

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Speaker 7: be forced to surrender some of his properties to help

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Speaker 7: pay the four hundred and fifty four million dollars. Trump's

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Speaker 7: lawyers have claimed that more than thirty insurance companies rejected

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Speaker 7: his bond bids, but New York Attorney General Letitia James

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Speaker 7: dismissed their argument that he can't find the money, saying

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Speaker 7: there is nothing unusual about even billion dollar judgments being

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Speaker 7: for bonded.

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Speaker 9: If he does not have funds to pay off the judgment,

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Speaker 9: and then we will seek judgment enforcement mechanisms in court,

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Speaker 9: and we will ask the judge to seize his assets.

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Speaker 7: It's part of last month's ruling accusing Trump and others

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Speaker 7: of deceiving banks and insurers by inflating his wealth. And

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Speaker 7: October eighth trial date is set in the case of

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Speaker 7: a marine veteran charged with manslaughter and the chokehold death

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Speaker 7: of a subway writer in New York City. Witnesses say

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Speaker 7: Daniel Penny, who was twenty five, was restraining Jordan Neeley

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Speaker 7: after Neely was acting erratically on the train. President Joe

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Speaker 7: Biden says he is for giving nearly six billion dollars

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Speaker 7: in federal student net for almost seventy eight thousand Americans

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Speaker 7: working in public service. Biden says. Those helped include teachers, nurses,

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Speaker 7: and firefighters. Global news twenty four hours a day and

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Speaker 7: whenever you want it with the Bloomberg News. Now, I'm

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Speaker 7: Michael Barr, and this is Bloomberg Karen.

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Speaker 1: All right, Michael Barr, thank you. It's time now for

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Speaker 1: the Bloomberg Sports Update, brought to you by Tri State Outie,

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Speaker 1: and we bring in John stash Hour.

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Speaker 5: John.

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Speaker 10: Good morning, morning, Karen. Get out your brackets. NCAA tournament

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Speaker 10: againzine Ernest Today. Games in Pittsburgh, Charlotte, Omahon, Salt Lake City.

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Speaker 6: The Wagner Seahawks, who.

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Speaker 10: Got their first ever NCAA win the other night, will

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Speaker 10: try to be the third ever sixteen seed to beat

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Speaker 10: a one. They take it on North Carolina. Saint Peter's

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Speaker 10: shopped the world two years ago with a Cinderella run

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Speaker 10: to the Elite eighth. The Peacocks are back as a

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Speaker 10: fifteen seed. They'll take on Tennessee and Dayton. Colorado took

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Speaker 10: out Boise State. Grambling had never before played an nc

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Speaker 10: DOUBLEA game. Now moving on with an overtime win over

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Speaker 10: Montana State, Celtics r up by twenty one held on

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Speaker 10: beat the Bucks in Boston won twenty two to one.

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Speaker 5: Nineteen.

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Speaker 10: Milwaukee was without the Injurediannis under the company. These are

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Speaker 10: the top two teams in the East, but the Celtics

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Speaker 10: are eleven games ahead. Warriors beat Memphis. Nicks go for

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Speaker 10: a four to zero road trip tonight in Denver. The

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Speaker 10: Rangers visit Boston. The Capitol is lost in Toronto. Seven

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Speaker 10: in Tampa. Not a bad night for the Yankees. Gihnty

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Speaker 10: Carlos Stanton, who comes off such a down season. Two

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Speaker 10: run homer in the first inning, grand slam in the second,

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Speaker 10: another two run shot on the fourth. The Yankees beat

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Speaker 10: the Firates twelve to nothing. Aaron Judge was back in

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Speaker 10: the lineup first time in ten days. The Dodgers and

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Speaker 10: Padres are back this morning in Seoul. LA won the

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Speaker 10: season opener five to two. Shoeotani had a couple of

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Speaker 10: hits in his Dodger debut, his new teammate with rookie Betts.

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Speaker 11: You know, really just seeing him get work, seeing him

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Speaker 11: just do simple things, well what I think, it's simple,

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Speaker 11: just better than everybody else's. It's really neat. It's really

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Speaker 11: neat to see. But I'm really looking forward to seeing

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Speaker 11: all the things that he's gonna accomplish. But I haven't

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Speaker 11: really got to really dive in and see some eye

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Speaker 11: opening stuff, but I know it's coming really soon.

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Speaker 10: And Otani's in the news because his longtime interpreter, who

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Speaker 10: we had a very close relationship with, has been fired.

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Speaker 10: He's been accused of stealing millions from Otani to pay

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Speaker 10: for gambling debts. John Stansheward, Bloomberg Sports.

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Speaker 2: Now, let's get more on the FED decision, the latest

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Speaker 2: pause from chairman Howe and company. Jennifer Lee is with

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Speaker 2: us now, the senior economist at BMO Capital Markets. Boy, Jen, sure,

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Speaker 2: sounds like the fed's bias is toward rate cuts. What

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Speaker 2: did you make of the messaging from a chairman powelling company?

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Speaker 12: Oh, well, good morning and thanks for having me on.

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Speaker 12: You know, my first thought was, okay, so you guys

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Speaker 12: raised GDP, you lowered unemployment, and you raised your core

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Speaker 12: PC this flater forecast, and yet you're still looking for,

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Speaker 12: you know, only three rate cuts, which I thought was

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Speaker 12: quite interesting and I was confused, you know, but it

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Speaker 12: sounds almost like a glory loog situation. You know, the

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Speaker 12: soft landing narrative is generally playing out in the in

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Speaker 12: their mind. But what was interesting is that I also

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Speaker 12: thought that because the fact that he was very cautious

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Speaker 12: still and then he said that there was still very

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Speaker 12: much two sided risks to this whole thing. So it's

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Speaker 12: still you know, patience is definitely still the narrative I

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Speaker 12: guess of today.

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Speaker 2: I think I hear a little bit of skepticism in

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Speaker 2: your tone of the soft landing narrative.

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Speaker 5: Am I right to hear that?

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Speaker 9: You know?

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Speaker 12: I hate to say this, but I mean I would

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Speaker 12: love to have that soft landing, But sometimes I wonder

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Speaker 12: what are we missing? What could go wrong? And and

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Speaker 12: you know, I mean, so the problem is that ifflation

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Speaker 12: does remain still sticky. You know, there's a possibility that

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Speaker 12: we could see you know, fewer rate cuts than what's

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Speaker 12: still priced in right now. I mean, it's still fairly

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Speaker 12: early in the in the year, so you know, a

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Speaker 12: lot and a lot of things could you know, potentially

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Speaker 12: I think, go wrong. So we'll have to stay very

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Speaker 12: cautious and nimble is another key word that we use

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Speaker 12: these days, and see how things play out. But right now,

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Speaker 12: you know, I think we're pretty comfortable with our first

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Speaker 12: rate cut call of July.

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Speaker 2: In July as a post to June, can you go

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Speaker 2: a little bit more into what you're seeing that has

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Speaker 2: you thinking that maybe inflation could be a little stickier

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Speaker 2: than the Chairman Palace seemed to indicate when he sort

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Speaker 2: of shrugged off the hot raids we've had over the

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Speaker 2: last couple of months.

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Speaker 12: I think we're going to just need like a few

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Speaker 12: more and only because you know, we've had two surprise

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Speaker 12: inflation reading is one was like super hot in January

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Speaker 12: and then we you know, everyone including us thought there

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Speaker 12: would be some reversal in February, and we didn't see

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Speaker 12: that in both the CPI and the PPI. So this

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Speaker 12: is where, you know, this is where we're already keep

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Speaker 12: an eye on things, especially on the end the wage

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Speaker 12: front as well, even though wage it's had been coming down.

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Speaker 12: But you know, the good news is, you know, that's

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Speaker 12: it's great for consumers. It's great for workers that they

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Speaker 12: have an income, that they have money coming in still

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Speaker 12: the help support spending and whether or they're going to

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Speaker 12: spend it all, you know that will remain to be seen.

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Speaker 12: You know, you don't have to spend it all. It

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Speaker 12: can keep it all for a rainy day. But again,

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Speaker 12: I think just keeping an eye on the overall molebentim

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Speaker 12: of the consumer. You know, we obviously class of sowing

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Speaker 12: in retail sales growth over the last over the beginning

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Speaker 12: of the year, so see how that plays out. So

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Speaker 12: this is what we're kind of keeping eye on, is

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Speaker 12: particularly the consumer and the strength of the consumer.

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Speaker 2: Does the dot plot support the tone that we heard

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Speaker 2: from Chairman Pale. It seemed like more FED voters were

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Speaker 2: calling for just two cuts this year and the media

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Speaker 2: next year is only three.

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Speaker 12: Yeah, so that was kind of interesting. So it's you know, Celtics,

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Speaker 12: so more a few more of the officials are are

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Speaker 12: also questioning, you know, the number of of of moves,

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Speaker 12: but it can also swing the other way. And it's

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Speaker 12: interesting because Bill Dudley yesterday afterwards was also sort of

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Speaker 12: downplaying the role of the dot plots even though everyone

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Speaker 12: always you know, watches out very carefully. But I find

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Speaker 12: that FED officials always sorted be very cautious where of

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Speaker 12: watching too much into the dots. But you know, that's

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Speaker 12: all we have to go by to see what what

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Speaker 12: the officials are the committee overall is thinking. But overall,

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Speaker 12: you know, the meeting is still for three cuts and

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Speaker 12: and you know, I think that's still a fair assessment,

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Speaker 12: you know, until until it's not. And I hate it

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Speaker 12: sound wishy washy, but that's you know, we're all data dependent,

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Speaker 12: We're all you know, we're not going on a meeting

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Speaker 12: by meeting basis. We're not calendar dependent, you know, as

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Speaker 12: as President Leguard would say, so again, just keep watching

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Speaker 12: the data, keep watching wages, and keep watching consumers.

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Speaker 8: Setting.

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