Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: Daybreak for Friday, January fourteen two. Coming up this hour.
Speaker 1: US futures stabilize after yesterday sell off. Tech is under
Speaker 1: pressure as FED officials build the case for higher interest rates.
Speaker 1: Banks are in focus. Is JP Morgan's City Group and
Speaker 1: Wells Fargo report earnings and a major stepback for President
Speaker 1: Biden's vaccine mandate. New Jersey Governor Murphy signs and abortion
Speaker 1: rights bill on the state, plus a push to eliminate
Speaker 1: the full of US to rule is all but dead
Speaker 1: in the Senate. Michael blarn More ahead, I'm Don Stashon sports,
Speaker 1: the Nets lost the Rangers one, the Islanders beat the Devils,
Speaker 1: and in Australia Novak Djokovic and as Visa taken away again.
Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg Elimentoryo,
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one, O
Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x
Speaker 1: M one nineteen and around the world Old on Bloomberg
Speaker 1: Radio dot Com and via The Bloomberg Business. Good Morning,
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow and US DOT
Speaker 1: index futures are on the rise this morning ahead of
Speaker 1: big bank earnings. We're coming up to five o one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On bloomberg S and P
Speaker 1: futures up ten points down, futures of ninety one, Nasdaq
Speaker 1: futures up twenty five, Ten year Treasury down eight thirty seconds,
Speaker 1: held one point seven three per cent, and the yield
Speaker 1: on the two year point nine two percent. And nim
Speaker 1: X screwed oil is up seven tenths percent. Nathan, Well, Karen,
Speaker 1: We're coming off another day of declines on Wall Street.
Speaker 1: The tech heavy NASDAC posted a loss of two and
Speaker 1: a half percent. That's after several FETE officials beat the
Speaker 1: drum for higher interest rates. It all started with Governor
Speaker 1: Lyle Brainerd as part of her Senate confirmation hearing. Our
Speaker 1: monetary policy is focused on getting inflation back down to
Speaker 1: two percent while sustaining a recovery that includes everyone. This
Speaker 1: is our most important task. Lile Brainerd says the Fed
Speaker 1: could raise rates as soon as March. Consensus calls for
Speaker 1: three or four hikes from the FED this year. Governor
Speaker 1: Christopher Waller calls three increases a good baseline, at least
Speaker 1: for now. We'll have to wait and see what inflation
Speaker 1: looks like in the second half of the year. If
Speaker 1: it continues to be high, the case will be made
Speaker 1: for four, maybe five hikes. Governor Chris Waller made those
Speaker 1: comments in an interview with Bloomberg's Kathleen Hayes. He joins
Speaker 1: Philadelphia FED chiefs Patrick Harker and Jim Bullard of St. Louis.
Speaker 1: They've also floated the idea for increases. Chicago Fed President
Speaker 1: Charles Evans is more conscious he wants more inflation data
Speaker 1: before committing to a March liftoff. We need to get
Speaker 1: inflation back down in the ballpark of our two percent objective. UM.
Speaker 1: I think it's probably going to be UM at the
Speaker 1: end of this year. It's going to be elevated. It's UM.
Speaker 1: I don't think it's gonna be three percent at the
Speaker 1: end of this year, and I think it's more likely
Speaker 1: to be two and a half as measured by the
Speaker 1: personal consumption expenditure. Charles Evans will be watching that PC
Speaker 1: inflation a closely. We get their next reading on that
Speaker 1: coming up at the end of this month. Well, Nathan,
Speaker 1: the White House is set to add some new faces
Speaker 1: at the FED now. President Biden has selected as picks
Speaker 1: to fill open seats at the Central Bank, and Bloomberg's
Speaker 1: Ornia Young and joins us live at the Latest. Good Morning, Nida,
Speaker 1: Good morning Karen Bloomberg. Sources say President Biden is planning
Speaker 1: to nominate Sarah bloom Breskin to the fifth top banking
Speaker 1: regulator spot. He'll also announce economists Philip Jefferson and Lisa
Speaker 1: Cook has picks for governors. Cook would be the first
Speaker 1: black woman on the fifth board and Jefferson would be
Speaker 1: the fourth black man. The picks would also help Biden
Speaker 1: keep his promise to improve diversity at the Central Bank.
Speaker 1: His nominations would as well add experts focused on a
Speaker 1: broad job market recovery as they seek to tame the
Speaker 1: hottest inflation in a generation. Live in New York, I'm
Speaker 1: gonna need a Young Bloomberg daybreak, Okay, Nita, thank you,
Speaker 1: and we get more data for the FED to digest
Speaker 1: this morning. Retail sales figures for December are do out
Speaker 1: at eight thirty am Wall Street Time. Let's get a
Speaker 1: preview now from Bloomberg's Mike McKee. The O Macron variant
Speaker 1: will weigh on the retail sales numbers as many bars
Speaker 1: and restaurants were forced to close during the holiday season.
Speaker 1: Gasoline prices and auto sales also decline dealers struggling to
Speaker 1: get cars, But it does appear core sales were strong,
Speaker 1: everything from toys to supporting goods and clothing. Americans incomes
Speaker 1: were bolstered by a government fiscal aid and rising wages,
Speaker 1: particularly at the lower end of the income spectrum. Then
Speaker 1: not so necessarily good news is retail sales will also
Speaker 1: benefit from soaring inflation, as sales are reported in dollar figures.
Speaker 1: Michael McKee, Bloomberg Daybreak. All right, Michael, thank you. All.
Speaker 1: Earnings also come into focus today. Big banks kick off
Speaker 1: this season with results to do out this morning at
Speaker 1: Bloomberg Global Finance Correspondence, and Ali Bostick has more. JP
Speaker 1: Morgan is kicking off earnings and expectations are high that
Speaker 1: consumer loan growth is coming back and that trading will
Speaker 1: hold up even as it starts to moderate and even
Speaker 1: decline in many places on Wall Street. With that said,
Speaker 1: we're also looking a city group and Wells Fargo earnings
Speaker 1: not only to see that the consumer is returning, but
Speaker 1: also to make sure that those banks can keep costs
Speaker 1: down as they are more under pressure with wages rising
Speaker 1: and more investment in technology. Wells Fargo in City Group
Speaker 1: have regulatory risks as well that investors will want updates on.
Speaker 1: In New York, Shnali Bastic Bloomberg Day Break. Okay, Shinnali,
Speaker 1: thank you now to the latest on the pandemic and
Speaker 1: a major legal setback for President Biden. The Supreme Court
Speaker 1: has blocked his rule that would require large companies to
Speaker 1: mandate vaccines or weekly testing for employees. We got reaction
Speaker 1: from Labor Secretary Marty Walsh. We just have to continue
Speaker 1: our efforts with the present laid out. You know, is
Speaker 1: this a setback. I wouldn't say if the setback, if
Speaker 1: it to be a disappointment is what it is. But
Speaker 1: we're going to continue to do everything we can. I'm
Speaker 1: going to continue everything I can as Secretary of Labor
Speaker 1: for the United States of America to make sure every
Speaker 1: single worker in America is safe. Labor Secretary Marty Walsh
Speaker 1: spoke with our Washington correspondent Joe Matthew on Bloomberg Sound
Speaker 1: On Catch the program weekdays at five pm Eastern on
Speaker 1: Bloomberg Radio. Nathan. When it comes to vaccinated employees, City
Speaker 1: Group is out with its data. The bank says it's
Speaker 1: US employees have complied with its vaccine mandate, and the
Speaker 1: bank expects more workers to comply its order or comply
Speaker 1: with its order before today's deadline. Cities mandate is one
Speaker 1: of the strictest on Wall Street, making COVID vaccines a
Speaker 1: condition of employment. Meantime, Karen, the White House is ramping
Speaker 1: up other plans to tackle the pandemic. President Biden's doubling
Speaker 1: his order of rapid COVID tests to send to Americans.
Speaker 1: He says he'll also distribute high quality masks. Where I'm
Speaker 1: making high quality masks available to American people in the
Speaker 1: American people for free. You know, I know we all
Speaker 1: wish that we could finally be done with wearing masks.
Speaker 1: I get it, but there is they're a really important tool.
Speaker 1: When the President says he'll have a formal announcement on
Speaker 1: distributing masks next week. Turning to the markets now, Nathan,
Speaker 1: Crypto is in focus today. A dodge coin search as
Speaker 1: much as fift percent this morning, after Elon Mush said
Speaker 1: it can be used to buy Tesla merchandise. Muski is
Speaker 1: a frequent booster of dogecoin on social media and is
Speaker 1: hinted at the move for some time. And Karen Tiger
Speaker 1: Woods is in financial news this morning. A blank check
Speaker 1: company backed by the golf Star has filed to raise
Speaker 1: a hundred fifty million dollars in an I p O
Speaker 1: company plans to seek a merger target in the sports
Speaker 1: or health tech sectors with an enterprise value of as
Speaker 1: much as a billion dollars. This is Bloomberg. It's south
Speaker 1: five oh seven on Wall Street where thirty nine degrees
Speaker 1: in Central Park. Already dealing with an accident on the
Speaker 1: westbound Gowanas by Hamilton Avenue. On details for you in
Speaker 1: traffic First, Michael Barr is here with more on what's
Speaker 1: going on in New York and around the world. Happy Friday, Michael,
Speaker 1: Happy Friday to you, Nathan. New York City Mayor Eric
Speaker 1: Adams said he is considering a temporary remote option for
Speaker 1: the city's public schools and a stark reversal from his
Speaker 1: position to keep kids learning in person despite a surgeon
Speaker 1: COVID cases. We want to provide the safest place for
Speaker 1: our children, and we want to have our children in school,
Speaker 1: Adams says, though a substantial number of children's parents aren't
Speaker 1: bringing their kids to school. According to city data, only
Speaker 1: about of the city's one million students have been attending
Speaker 1: classes since schools reopened after the winter break. On January three,
Speaker 1: New Jersey Democratic Governor Phil Murphy, anticipating possible changes to
Speaker 1: the Roe v. Wade ruling from the U. S. Supreme Court,
Speaker 1: signed an abortion rights bill into state law. Murphy signed
Speaker 1: the measure fulfilling a campaign pledge made in the lead
Speaker 1: up to his re election victory in November. On Twitter,
Speaker 1: Murphy posted his comments during a signing ceremony in te Neck.
Speaker 1: Regardless of whether or not the Supreme Court overturns Roe v. Wade,
Speaker 1: New Jersey's position and supporting the right to reproductive autonomy
Speaker 1: will remain clear and unchanged. Governor Murphy also says, in
Speaker 1: addition to abortion rights, the bill also specifically outlines a
Speaker 1: right to access contraception as well as to carry a
Speaker 1: pregnancy to term. President Biden is now casting some doubt
Speaker 1: on whether his voting rights bill can get done. Bloomberg's
Speaker 1: that Baxter reports. If it can be done, it will
Speaker 1: have to be approached in a different way. After weeks
Speaker 1: of talks with senators, Cinema and Mansion both say that
Speaker 1: changing the filibuster rule is not an option. Need changes
Speaker 1: to make the Senate work better, But the President says
Speaker 1: the fight is not over. As long as I have
Speaker 1: a breath in me, as long as I'm in the
Speaker 1: White House, as long as I'm engaged at all, I'm
Speaker 1: going to be fighting to change the way these legislatures
Speaker 1: have moving. The President did meet with both before decisions
Speaker 1: were made in San Francisco. I'm at Baxter Bloomberg Gay Break,
Speaker 1: leaders of the far right group the oath Keepers, with
Speaker 1: charge with conspiring to prevent the certification of Joe Biden
Speaker 1: as president by joining in the attack on the Capitol
Speaker 1: last year. The indictment charges Elmer Stewart Rhodes, described as
Speaker 1: the founder of the group, and ten other individuals with
Speaker 1: seditious conspiracy and other churches. Global News twenty four hours
Speaker 1: a day on here and on Bloomberg quick Take, powered
Speaker 1: by more than journalists and analysts more than a hundred
Speaker 1: when two countries. I'm Michael Barr. This is Bloomberg. Nathan
Speaker 1: thanks Michael almost five ten on All Street Time for
Speaker 1: the Bloomberg Sports up. Faked Morning, John ALRK Your Morning,
Speaker 1: Nathan is Novak Djokovic story is like when fans watch
Speaker 1: a tennis match in their head goes back and forth.
Speaker 1: Last week, Djokovic, despite being unvaccinated, received a medical exemption
Speaker 1: to play the Australian Open. He flew to Melbourne and
Speaker 1: promptly had his visa taken away. There was a mistake
Speaker 1: in the paperwork Monday had Judge Rein stated it. Now
Speaker 1: the Immigration Minister, acting in what he called the public interest,
Speaker 1: removed the visa again and now Djokovic's lawyers were said
Speaker 1: to be planning another appeal. The tournament, which Djokovic is
Speaker 1: one nine times, begins Monday. Nets Off the Big One
Speaker 1: in Chicago, gave Kevin Durant the night off. Kyrie Irving
Speaker 1: can't play home games shure enough. The Nets lost to
Speaker 1: Oklahoma City one thirty to one. On nine, Nicks made
Speaker 1: a trade sent to seldom use Kevin not to the
Speaker 1: first round draft pick that originally belonged to Charlotte to
Speaker 1: Atlanta for Cam cam Reddis, who the Hawks took with
Speaker 1: the tenth overall pick in only twenty two. He'll be
Speaker 1: reunited with r J. Barrett. They were teammates at Too
Speaker 1: Nick's play in Atlanta. Tomorrow Rangers in San Jose. The
Speaker 1: newest blue shirt helped out Alfid Eric keeps it alive,
Speaker 1: slides it over the Heatlele for scroll, robbing all the
Speaker 1: goal line, back out for a shot Store. The rain
Speaker 1: Church get the first Hill goal for a braided Sneider
Speaker 1: it his head Hill debut. Yeah, they don't have a
Speaker 1: two topic lead over the Sharks. Jenny Albert on WP
Speaker 1: and the Rangers speech San Jose three nothing. Chris Cryder
Speaker 1: scored the other two goals. He's got twenty three on
Speaker 1: the season, fourth most in the NHL. The Islanders on
Speaker 1: a Matthew bars Ol goal with five minutes left, bet
Speaker 1: the Devil's three to Seaton Hall, upset by De Paul,
Speaker 1: who came in oh and five. In the Big East.
Speaker 1: It was ninety six ninety two John Stash Award Bluebird Sports.
Speaker 1: All right, John, thank you right now. S and P
Speaker 1: futures are up nine points, Sound Futures up ninety one,
Speaker 1: Nastack futures up twenty one points after a tech led
Speaker 1: sell off yesterday. We'll talk about the Fed path with
Speaker 1: John Sylvia Dynamic Economic Strategy. Next, this is Bloomberg Bloomberg
Speaker 1: eleven three oh Weather turning partly sunny and breezy today
Speaker 1: with low forties for highs, a mix of sun and clouds,
Speaker 1: low twenties for highs. Tomorrow snow developing late Sunday with
Speaker 1: a high near thirty five right now forty degrees. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com, The Bloomberg Business Out and at Bloomberg
Speaker 1: Quicktake is your Bloomberg Business lash and I'm Camra in Moscow.
Speaker 1: European stocks following, Asian shares lower after a slew of
Speaker 1: Federal Reserve officials signal the combat inflation aggressively, Treasury yields rising,
Speaker 1: the dollar falling. US futures are taking higher after the
Speaker 1: nasdack fell to its lowest level since October. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: bloomberg s and p Future is up six points this morning.
Speaker 1: Down Future is up seventy six Nasdack futures they're little
Speaker 1: change the decks in Germany's down seven tenths of upper
Speaker 1: cent ten year Treasury down nine thirty seconds. He at
Speaker 1: one point seven three percent yield on the two year
Speaker 1: point nine two percent. Non mex screwed oil is up
Speaker 1: nine tenths percent or seventy one cents at eighty two dollars,
Speaker 1: eighty three cents of barrel comex s gold up about
Speaker 1: a tenth of upper cent of a dollar forty at
Speaker 1: eighteen eighty announced. The euro one point one four six
Speaker 1: zero against the dollar. British found one point three seven
Speaker 1: three zero. The ends at one thirteen point nine six
Speaker 1: bitcoin this morning, moving lower. Had forty two thou five
Speaker 1: hundred dollars JP Morgan Chase City Group, whilst Fargo among
Speaker 1: companies reporting earnings today. And we get a number of
Speaker 1: economic reports today, including December retail sales. That's a Bloomberg
Speaker 1: business flash. Now here's Michael Bart with more on what's
Speaker 1: going on around the world. Uncle, good morning, Good morning, Karen.
Speaker 1: President Joe Biden is all but conceding defeat for this
Speaker 1: year on the Democrats big elections and voting rights legislation.
Speaker 1: Biden spoke at the Capitol after a key fellow Democrats,
Speaker 1: Senator Kirsten Cinema of theres want to dramatically announced the
Speaker 1: refusal to go along with changing Senate rules to muscle
Speaker 1: pass the Republican filibuster. Tennis star Novak Djokovic faces deportation
Speaker 1: again after the Australian the government revoked his visa for
Speaker 1: a second time. Immigration Minister Alex Hawk said today that
Speaker 1: he used his ministerial discretion to revoke Djokovic's visa on
Speaker 1: public interest grounds, three days before the Australian Open is
Speaker 1: to begin. Djokovic's lawyers are expected to appeal. In the NBA,
Speaker 1: the Nets and Warriors lost in the NHL, the Islanders
Speaker 1: beat the Devil's, the Rangers and Bruins. One Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven under journalist
Speaker 1: and analysts more than a hundred twenty countries. I'm Michael
Speaker 1: mar This is Bloomberg, Nathan. Thanks Michael. We're coming up
Speaker 1: to five twenty on Wall Street Live from the Burloomberg
Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak, with inflation and
Speaker 1: the possibility of faster fed rate hikes front and center
Speaker 1: for investors. Let's bring in John Sylvia under of Dynamic
Speaker 1: Economic Strategy. John, it's good to speak with you on
Speaker 1: this Friday morning as we are hearing calls getting louder
Speaker 1: from a lot more fed voices on faster rate hikes. Potentially,
Speaker 1: is a March lift off a done deal for you?
Speaker 1: At this point? The answer is yes. The inflation numbers
Speaker 1: continue to surprise. There was no deceleration and the CPI
Speaker 1: numbers over the last month, and you're quite right. I
Speaker 1: mean the inflation will probably feed into the retail sales
Speaker 1: numbers that we see today. Let's get a little bit
Speaker 1: more into that. How do you see inflation feeding into
Speaker 1: those retail sales numbers? Well, what we saw was November's
Speaker 1: numbers were a little bit less than expected, and particularly
Speaker 1: in some of the discretionary areas such as appliances, furniture,
Speaker 1: and department stores were down in November and down over
Speaker 1: the last three months. And I think it's important to
Speaker 1: remember that the retail sales number is a nominal number,
Speaker 1: so the pace of inflation does suggest that real spending
Speaker 1: is probably going to slow down, at least in the
Speaker 1: first half. I wanted to ask you a little bit
Speaker 1: more about that as well. Because I think we're probably
Speaker 1: going to see some effect of holiday spending in this
Speaker 1: number as well, aren't we what happens when that goes away? Yeah,
Speaker 1: that's that's going to be a tough one. Holiday spending
Speaker 1: going away. There's probably a lot of pent up demands
Speaker 1: you can imagine with people being sort of cooped up
Speaker 1: because of the shutdowns, they wanted to have that emotional
Speaker 1: release they go out shopping. But the first quarter of
Speaker 1: the year tends to be a slower consumer spending number.
Speaker 1: And I'll go back to your earlier point, Um, with
Speaker 1: the FED raising interest rates, Now that's going to impact
Speaker 1: some of this discretionary spending once again because um, as
Speaker 1: you know with appliances, furniture, um, sometimes electronics, people actually
Speaker 1: put those on financing plans, so there will be that
Speaker 1: negative hit as well. We're seeing some wage pressure as well.
Speaker 1: What impact does that that have when it comes to
Speaker 1: retail spending in the health of the consumer more generally?
Speaker 1: Are we heading into a wage inflationary spiral in some way? Well? Unfortunately,
Speaker 1: the foundations of a lot of economics is that sooner
Speaker 1: or lay to workers wake up to the fact that
Speaker 1: inflation has accelerated, and then they pushed their wage demands
Speaker 1: to follow those inflation numbers, so there is a wage
Speaker 1: price borrow. I do expect that what we will see
Speaker 1: is higher nominal wages going forward, but unfortunately, you know,
Speaker 1: the pace of inflation still exceeds to gain an average
Speaker 1: hourly earnings and UH as as was mentioned in Bloomberg
Speaker 1: several weeks ago by Mike McKee, UM, real wage gains
Speaker 1: are actually declining. So that's that's a tough scenario. Workers
Speaker 1: are going to try to catch up, UM, so there
Speaker 1: will be some wage price FIRA. Yeah, and in some
Speaker 1: ways the Feds trying to catch up as well. Right
Speaker 1: when do you start to see some actual dampening effect
Speaker 1: on inflation from the policy moves at the markets pricing
Speaker 1: in here? Well, historically it takes some time, a good
Speaker 1: three six nine months before any impact on the actual
Speaker 1: inflation numbers comes from the Fed raising interest rates. I
Speaker 1: would expect that, you know, inflation probably will moderate by
Speaker 1: the second quarter of this year. UM it still ends
Speaker 1: up UM. When you look at the overall case of
Speaker 1: the CPI, you're still looking at something like three and
Speaker 1: a half to four consumer prices in UM, so there's
Speaker 1: some sustained inflation pressure going forward. In our last thirty
Speaker 1: seconds here, what do you see moderating that inflation in
Speaker 1: the second quarter? Is it gonna be apply chain issues
Speaker 1: sort of working themselves out? What's your what's your case there?
Speaker 1: My case is both supply and demand. You're quite right.
Speaker 1: Supplies issues are seemed to be working on. If you
Speaker 1: look at the I S M delivery numbers, those numbers
Speaker 1: seem to be declining, so there is some improvement there
Speaker 1: and delivery, and I think overall arrogant demand the US
Speaker 1: economy will moderate as well. So it's both the supply
Speaker 1: and demand story. Thanks John, good having you on with
Speaker 1: us this morning. John Sylvia is the founder of Dynamic
Speaker 1: Economic Strategy. Looking ahead to the market, open futures are
Speaker 1: moving a bit higher. We see SMP futures up seven
Speaker 1: and a half points right now, Dow futures are up
Speaker 1: eighty three points, DANCEDACK futures on the rise by ten
Speaker 1: points ten. Your treasuries down ten thirty seconds, the yield
Speaker 1: one point seven three percent in the yield on the
Speaker 1: two year right now point nine to just ahead, we
Speaker 1: get you set for bank earnings and a legal setback
Speaker 1: for President Biden's vaccine mandates all coming up as we
Speaker 1: check your top stories of the morning right here on
Speaker 1: Bloomberg Daybreak. Daybreak is brought to you by the Breakers.
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Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.
Speaker 1: Good morning. I'm Nathan Hagar and I'm kerin Moscow. How
Speaker 1: we're just about four hours away from the open of
Speaker 1: US training. Let's get you up to date on the news.
Speaker 1: You need to know what this show. Our US futures
Speaker 1: are now little changed following yesterday's sell off, which saw
Speaker 1: the nasdack drop two and a half percent. The FEDS
Speaker 1: push for a higher interest rates to combat inflation is
Speaker 1: growing louder. Governor Christopher Waller tells US at least three
Speaker 1: hikes this year is a good baseline. It really depends
Speaker 1: on what happens with inflation. I mean, if inflation just
Speaker 1: is stubbornly high through the first part of this year,
Speaker 1: first half of this year, we're gonna have to do
Speaker 1: a lot more. But that's what that's our job, and
Speaker 1: that's what we're committed to do, and if we have
Speaker 1: to do more rate hikes, will do it. FED Governor
Speaker 1: Chris Waller tells Our Kathleen Hayes he sees a scenario
Speaker 1: where the FED raises race as much as five times
Speaker 1: this year. Well meantime, Karen, the White House is set
Speaker 1: to add some new faces at the FED. President Biden
Speaker 1: has made his picks to fill open seats at the
Speaker 1: Central Bank, and Bloomberg Jornia Young joins US Live with
Speaker 1: the latest. Good Morning, Na, Good morning, Nathan Bloomberg. Sources
Speaker 1: say President Biden is planning to nominate Sarah bloom Reskin
Speaker 1: to the FITS top banking regulator spot. He'll also announce
Speaker 1: economists Philip Jefferson and Lisa Cooks picks for governors. Cook
Speaker 1: would be the first black woman on the fifth board
Speaker 1: and Jefferson would be the fourth black man. The picks
Speaker 1: would help Biden keep his promise to improve diversity at
Speaker 1: the Central Bank. Live in New York, I'm ren need
Speaker 1: a young Bloomberg daybreak Ney to thank you. We get
Speaker 1: more data for the Fed to digest this morning. Retail
Speaker 1: sales figures for December or do out at eight thirty am.
Speaker 1: Wall Street Time economist forecast a monthly decline of one
Speaker 1: tenth of upper cent, and today also marks the unofficial
Speaker 1: start of fourth quarter earning season. Karen, we get results
Speaker 1: from three major banks this morning. Bloomberg's Larry Kowsky has
Speaker 1: a preview. Loan growth that eluded large US banks for
Speaker 1: most of twenty one is expected to make an appearance
Speaker 1: sign that the economy is recovering. JP Morgan Chase reports first,
Speaker 1: followed by Wells Fargo and City Group. Investment banking fees
Speaker 1: maybe a highlight for JP Morgan. According to Bloomberg Intelligence,
Speaker 1: Wells Fargo is expected to show a modest rise in
Speaker 1: net interest income. Borrowing growth in its card business will
Speaker 1: be in focus. At City Larry Kowsky Bloomberg Day Break, Larry,
Speaker 1: thank you, and turning to politics now. It's a major
Speaker 1: setback for President Biden's vaccine mandate. The Supreme Court has
Speaker 1: blocked a rule that would require large companies to require
Speaker 1: vaccines are weekly testing for employees. The ruling limits Biden's
Speaker 1: options for increasing the country's vaccination rate. The CDC says
Speaker 1: of the country is fully vaccinated and just of that
Speaker 1: group have received a booster shot. S andp futures are
Speaker 1: little change this morning to Future is up fifty nine
Speaker 1: Nasdack Future is now down about eighteen straight and had
Speaker 1: your latest local headlines plus a check of sports. And
Speaker 1: this is Bloomberg all right, Karen, thank you. It is
Speaker 1: five thirty three on Wall Street where at forty degrees
Speaker 1: in Central Park and still dealing with the accident in
Speaker 1: Brooklyn westbound Gwanas at Hamilton Avenue. Michael Barr is here
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan. New
Speaker 1: York City Mayor Eric Adams is now considering allowing the
Speaker 1: nation's largest school district to return to some form of
Speaker 1: virtual instruction, as the city weather is a way of
Speaker 1: of coronavirus cases. Adams says that he still believes the
Speaker 1: safest place for children to be is in school, but
Speaker 1: that there are a substantial number of children missing classes.
Speaker 1: I am working closely with the UH president of the
Speaker 1: u f T. I think that people AS's surprised to
Speaker 1: see how well we're doing. This is not Chicago, this
Speaker 1: is New York. Mayor Adams was referencing Chicago, where the
Speaker 1: nation's third largest school district canceled five days of classes
Speaker 1: because of disagreements with the teachers union over COVID nineteen
Speaker 1: safety protocols. New Jersey Democratic Governor Phil Murphy signed a
Speaker 1: bill in shrining the right to an abortion into state law.
Speaker 1: Murphy on his government Twitter post says New Jersey's position
Speaker 1: in support of the right to reproductive autonomy will remain
Speaker 1: clear and unchanged. This is a victory, yes, but not
Speaker 1: necessarily a conclusion. Under our states laws, you folks now
Speaker 1: have the statutory right to reproductive freedom. Governor Murphy signed
Speaker 1: the bill as a Supreme Court rulingco to come in
Speaker 1: June in a case in which the Court was asked
Speaker 1: to overturn Roe v. Wade. President Joe Biden is all
Speaker 1: but conceding defeat for this year on the Democrats big
Speaker 1: elections and voting rights legislation pushed back involved the President
Speaker 1: trying to change the filibuster rule, including from within his
Speaker 1: own party. Moderate Democrats like Arizona Senator Kirsten Cinema disagree
Speaker 1: on changing it. What is the legislative filibuster other than
Speaker 1: a tool that requires new federal policy to be broadly
Speaker 1: supported by senators representing a broader cross section of Americans?
Speaker 1: Guardi Senator Cinema says the current filibuster rule lessens the
Speaker 1: chances of one party to get complete control. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Tank, powered by more than seven under journalist and
Speaker 1: analysts more than a hundred twenty countries. Michael Barr, this
Speaker 1: is Bloomberg, Nathan. Thanks Michael on Wall Street. Time for
Speaker 1: the Bloomberg Sports Update with John Sesshi. All right, Eivan
Speaker 1: Novak Djokovic was in the Australian Open. He got a
Speaker 1: medical exempt to to play his fight being unvaccinated, and
Speaker 1: then he was out and then back in and as
Speaker 1: of now he's again out. The Immigration Minister using personal
Speaker 1: powers canceled Djokovic's visa in what he called the public interest,
Speaker 1: but Djokovic's lawyers are expected to appeal again. Then, Net
Speaker 1: said to win in Chicago when they had the Big
Speaker 1: three all on the floor for just a second time,
Speaker 1: but in Brooklyn it was only James Hart and Kevin
Speaker 1: Durant got the night off. Kyrie Irving can't play home games.
Speaker 1: Pardon scored twenty six, but no one else had more
Speaker 1: than thirteen. The Nets lost to Oklahoma City one thirty two,
Speaker 1: one on nine the mixed plate. Tomorrow in Atlanta, they
Speaker 1: just made a trade with the Hawks. They sent Kevin
Speaker 1: Knox in the first round draft pick and got back
Speaker 1: Cam Reddish. The Rangers won three, noting at San Jose
Speaker 1: to Gore goals for Chris Pryder, who, along with Adam Fox,
Speaker 1: was just named to play in the All Star Game,
Speaker 1: the shutout for Igor Sisterkin in his return from Covid.
Speaker 1: Ilanders beat the Devil three two. Seaton Hall upset like
Speaker 1: the Pall, but first ever NFL playoff weekend with six
Speaker 1: games spanning three days. It starts tomorrow with Derek Carr
Speaker 1: and the Raiders in Cincinnati. It's an exciting time, obviously,
Speaker 1: you know something I've dreamed of, um since I was traffed.
Speaker 1: That's all I want to do is get the playoffs
Speaker 1: China Championship, you know, and uh, you know the fact
Speaker 1: that we're in the tournament is uh, it's really cool.
Speaker 1: The Raiders have not one of playoff games with two
Speaker 1: thousand two. The Bengals last playoff win was in nineteen ninety.
Speaker 1: Tomorrow Night, New England at Buffalo expected to be bitterly cold.
Speaker 1: Their first meeting in the playoffs. Its nineteen sixty three.
Speaker 1: Three more games Sunday, Another Monday Night. John Stash at
Speaker 1: We're Bloomberg Sports, Nathan, Thanks Sean. It's thirty seven on
Speaker 1: Wall Street. Time for the Tri State Business Report. Here's
Speaker 1: Bloomberg's head, Cory Daniel Ox sold the Manhattan apartment for
Speaker 1: about one nine million dollars just two years after buying
Speaker 1: the property for ninety five million. Source tells Bloomberg. He
Speaker 1: purchased the Pennhouse apartment on Central Park South. In New
Speaker 1: Jersey's student loan borrowers will get over sixty million dollars
Speaker 1: in relief from a settlement with Navy INT and its subsidiary,
Speaker 1: Navy and Solutions. The payments will resolve with lawsuit filed
Speaker 1: by the state against the student loan servicing Giant. A
Speaker 1: coalition of New York businesses says the Empire State should
Speaker 1: be a prime beneficiary of federal funding for the domestic
Speaker 1: semiconductor industry. Axios reports executives from several companies, including IBM
Speaker 1: Global Founderies, Analog Devices, and Applied Materials. We're all calling
Speaker 1: for a passage of stalled chip industry funding. They're also
Speaker 1: calling for directing a big chunk of that money to
Speaker 1: the New York region. That's your Bloomberg Tri State Business Report.
Speaker 1: I'm ed Corey thinks that it's five thirty eight on
Speaker 1: Wall Street. Bloomberg Radio is on the air from San
Speaker 1: Francisco to New York, London to Hong Kong. Let's check
Speaker 1: in with our global news team for some of the
Speaker 1: top stories heard on our three hundred affiliate radio stations
Speaker 1: around the world. I'm Steve photos Can on Chen Chen
Speaker 1: Wins in New York. We're talking about city Groups saying
Speaker 1: nine nine percent of its employees have complied with the
Speaker 1: company's vaccine mandate. I'm Gourney Donahoe on kf Babian Omaha trucking,
Speaker 1: farming and heating will get more costly as diesel surgeons.
Speaker 1: I'm Karen Chase and for w BBM in Chicago, I'll
Speaker 1: be reporting on American and Delta airlines trimming a flight
Speaker 1: schedules do to a pilot pinch. I'm Tom Mackenzie on
Speaker 1: Bloomberg d a B Digital Radio in London. We're reporting
Speaker 1: on a surprisingly strong November g d P print, which
Speaker 1: means the UK economy has now surpassed pre pandemic levels
Speaker 1: for the first time. I bed Dory on w w
Speaker 1: jays Destroid. I'm reporting last year's record high carpwriters won't
Speaker 1: be dropping zoon. Those are some of the stories our
Speaker 1: Bloomberg journalists and analysts are working on this morning around
Speaker 1: the world. Midst five nine on Wall Street. The following
Speaker 1: is an editorial from Bloomberg Opinion. Temperatures in Alaska reached
Speaker 1: record highs in recent week, while researchers warned that a
Speaker 1: major ice shelf in that Arctica could collapse in just
Speaker 1: a few years time. These are signposts on a grim path.
Speaker 1: They show that damage to the criosphere, the portions of
Speaker 1: Earth's surface where ice predominates, is happening faster than many
Speaker 1: people expected. Unfortunately, melting glaciers and thine permafrost themselves worse
Speaker 1: than climate change, creating terrible feedback loops. After a year
Speaker 1: of climate promises, two must be a year of action,
Speaker 1: particularly in the Arctic and the ad Arctic. Cutting global
Speaker 1: emissions is of course essential, but policy makers should also
Speaker 1: investigate large scale technological interventions that could help slow runaway
Speaker 1: warming at the world's poles. Such efforts could at least
Speaker 1: weaken those feedback loops and by crucial time for emissions
Speaker 1: reductions to take hold. This editor was written by the
Speaker 1: Bloomberg Opinion editorial board. I'm David Shipley. For more Bloomberg opinion,
Speaker 1: please go to Bloomberg dot com, slash opinion or op
Speaker 1: and go on the Bloomberg Terminal. This has been Bloomberg
Speaker 1: opinion and you can hear Bloomberg opinion editorials every weekday.
Speaker 1: At this time, terminal customers can read more at O, P,
Speaker 1: I N go. Right now, SMP futures are up five points,
Speaker 1: down futures up seventy five. Dance deck futures have turned
Speaker 1: to touch lower. They're now down three points as we
Speaker 1: await bank earnings get a preview next with Bloomberg's global
Speaker 1: financial correspondent Shinnali Bassek. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather partly sunny, breezy, low forties today, mix of
Speaker 1: sun and clouds. Tomorrow low twenties for highs late day.
Speaker 1: Snow arrives Sunday with a high in your thirty five
Speaker 1: currently forty degrees in Central Park. Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business app, and at Bloomberg Quicktake. This is
Speaker 1: a Bloomberg Business flash and I'm Karen. Moscow and Europeans
Speaker 1: stocks are following Asian shares lower after a slew of
Speaker 1: Federal Reserve official signal Bell combat in inflation aggressively. Right now,
Speaker 1: SMP futures are higher and NASDACK futures are a little
Speaker 1: changes after the nasdack felt to its lowest level since October.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg. SMP future is up about six points down,
Speaker 1: futures up seventy nine NASDACK futures that will change the
Speaker 1: dacts in Germany's down six tents of upper cent tenure
Speaker 1: Treasury down eleven thirty seconds, yield one point seven four percent.
Speaker 1: That yield on the two year point nine three percent
Speaker 1: nine x screwed oils up one point one percent of
Speaker 1: ninety two cents at eighty three dollars four cents of
Speaker 1: barrel comexs. Gold is little change at eighteen fifty announced
Speaker 1: the euro one point one four or five nine against
Speaker 1: the dollar, British found one point three seven three two
Speaker 1: and the end at one thirteen point nine zero and
Speaker 1: Bitcoin this morning moving lower at forty two thousand, four
Speaker 1: hundred dollars. Such a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world.
Speaker 1: Michael Darren, thank you very much. President Joe Biden is
Speaker 1: all about conceding defeat for this year on the Democrats
Speaker 1: big elections in voting rights legislation by spoke at the
Speaker 1: Capitol after a key fellow Democrat, Senator Kirsten Cinema of Arizona,
Speaker 1: dramatically announced a refusal to go along with changing Senate
Speaker 1: rules to muscle past the Republican filibuster. Tennis star Novak
Speaker 1: Djokovic faces deportation again after the Australian government revoked his
Speaker 1: visa for a second time. Immigration Minister Alex Hawk said
Speaker 1: today that he used his ministerial discretion to revoke Djokovic's
Speaker 1: visa on public interest grounds, three days before the Australian
Speaker 1: Open is to begin. Djokovic's lawyers are expected to appeal.
Speaker 1: In the NBA, the Nets and Warriors lost in the NHL,
Speaker 1: The Islanders beat the Devil's, the Rangers and Bruins. One
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick to take Power by more than twenty
Speaker 1: seven hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg. Nathan alright, Michael, thank you.
Speaker 1: It's five forty nine on Wall Street Live from the
Speaker 1: Bloomberg Interacted broker's studios. This is Bloomberg Daybreak on earnings
Speaker 1: kickoff Friday. Fourth quarter results from the first three of
Speaker 1: the big six Wall Street banks come out this morning.
Speaker 1: And here with us now someone who's gonna be watching
Speaker 1: those headlines very closely. When they crossed the Bloomberg terminal
Speaker 1: in mirror hours. Bloomberg Global Financial correspondent Nale Bassic is
Speaker 1: with us this morning. Socianale, JP Morgan, Chase, Wells Fargo,
Speaker 1: City Group getting ready to report here. But really for
Speaker 1: all the banks, it's about the return of loan growth, right, Yeah,
Speaker 1: that's the main macro story. But every bank is so
Speaker 1: so different. Remember when it comes to City Group and
Speaker 1: Wells Fargo, they have been grappling with regulatory issues and
Speaker 1: they have key changes that they want to make to
Speaker 1: their business. City Group is exiting certain regions around the world.
Speaker 1: When it comes to certain types of businesses like retail,
Speaker 1: that's a costly endeavor that comes with termination fees and
Speaker 1: other restructuring chargers, so that will last into this year.
Speaker 1: While they will also be expected to give some updates
Speaker 1: and what buybacks will look like. Wells Fargo will also
Speaker 1: be expected to give some updates on what their cost
Speaker 1: pressures look like. The headcount has been going down for
Speaker 1: a while, whereas over JP Morgan, which will be the
Speaker 1: first likely to report this morning, we are expecting that
Speaker 1: their investment, banking and trading numbers, even in a moderating environment,
Speaker 1: are expected to be quite high, and the headcount has
Speaker 1: been rising. So it's a lot of different stories going on.
Speaker 1: Even with some of these very traditional consumer businesses coming
Speaker 1: back and the prospect of making more money off of
Speaker 1: loans in higher interest rate environment. Yeah, a lot of
Speaker 1: different storylines to thread through here, starting off with JP Morgan, though, Shannali,
Speaker 1: let's start there. Such a big year was in terms
Speaker 1: of deal making M and A. Is that somewhere that
Speaker 1: JP Morgan could really shine when results come out, truly,
Speaker 1: because you know, it's funny because Goldman Sachs is normally
Speaker 1: last five years in a row at least the number
Speaker 1: one in advisory for merger's acquisitions related trans actions, and
Speaker 1: JP Morgan and Morgan Stanley have really been duking it
Speaker 1: out for number two. JP Morgan has been number two
Speaker 1: lately and number one when it comes to debt underwriting,
Speaker 1: which has been a record business as well on Wall Street.
Speaker 1: So there's a lot to like there. There's a lot
Speaker 1: of fees that are coming in in those businesses. So
Speaker 1: that's why I say, even though the consumers a big
Speaker 1: story and how long it will take to rebound, investment
Speaker 1: banking is still definitely bringing in loads and loads of
Speaker 1: money on Wall Street and JP Morgan is a key
Speaker 1: beneficiary of that. And you mentioned the regulatory risk still
Speaker 1: surrounding walls, Fargo and City Group. That plays a lot
Speaker 1: into I think we're going to be listening for really
Speaker 1: closely when it comes to the outlook for all the
Speaker 1: banks when we're getting into an environment where the FED
Speaker 1: is pulling back support, the prospects of higher interest rates
Speaker 1: and what that could mean for the US recovery going forward. Yeah, absolutely,
Speaker 1: and and the global recovery. Really you look at a
Speaker 1: thing like City Group and it's exit from Mexico and
Speaker 1: the government really assuring their their citizens that you know,
Speaker 1: they will have banking services and access to their funds.
Speaker 1: You know, it's a big move to have these big
Speaker 1: banks reshape around the world and the fashion that they're
Speaker 1: doing so and choosing the more profitable regions to operate in.
Speaker 1: With that said, you're seeing the big getting bigger JP Morgan,
Speaker 1: Goldman Sacks expanding heavily in Europe and around the world,
Speaker 1: whereas UM and also making a lot of acquisitions, where
Speaker 1: as you're seeing City Group really start to reshape and
Speaker 1: retreat from certain regions. Now last minute here, Shinali, what
Speaker 1: about cost overhang. There's been so much more spending just
Speaker 1: getting top talent back to their desks and there's still
Speaker 1: the question of whether they're actually going to be able
Speaker 1: to physically be at their desks with a macron hanging
Speaker 1: around exactly. It's a sticky balance for the banks because
Speaker 1: on one hand, the costs tied to employees are going up,
Speaker 1: but the cost tied to technology will be significant, and
Speaker 1: we expect that the bank executives will create a lot
Speaker 1: of discipline around telling investors that they need to be spending,
Speaker 1: that they need to be more comfortable with spending more
Speaker 1: to stay competitive, and that the technology costs will become
Speaker 1: a priority in some cases ahead of talent. It's gonna
Speaker 1: be a very interesting earning story to pass through here Bloombridge.
Speaker 1: Shinnali Bassek, thanks for the preview as we get ready
Speaker 1: for JP Morgan, the first out of the gate for
Speaker 1: the Big six reporting fourth quarter results this morning just
Speaker 1: before seven Wall Street time. We're expecting those numbers, followed
Speaker 1: by Wells Fargo around seven am, and City Group reports
Speaker 1: its results at eight this morning. We'll have full coverage
Speaker 1: for you throughout the day here on Bloomberg Radio. Karen Nathan,
Speaker 1: it is five or fifty four on Wall Street, and
Speaker 1: let's take a closer look at the view from the FED.
Speaker 1: Now we're hearing a course of officials at the Central
Speaker 1: Bank talk up the prospect of three, four, or even
Speaker 1: five interest rate hikes this year. FED Governor Christopher Waller
Speaker 1: is among those, saying as many as five increases is possible.
Speaker 1: He spoke late yesterday with Bloomberg's Kathleen heyes, so let's
Speaker 1: listen into that conversation. Now, three hikes is still a
Speaker 1: good baseline. We'll have to wait and see what inflation
Speaker 1: looks like in the second half of the year. If
Speaker 1: it continues to be high, the case will be made
Speaker 1: for four, maybe five hikes. But if inflation falls back
Speaker 1: and the second half of the year is many of
Speaker 1: us think it will as some supply chain issues get
Speaker 1: sorted out, then you could actually pause and not even
Speaker 1: go to the full three. So it really is going
Speaker 1: to hinge on the inflation data the second half of
Speaker 1: this year. But yeah, you can't rule these things out.
Speaker 1: Is It's sort of like do whatever it takes, especially
Speaker 1: if you don't see inflation is starting to respond after
Speaker 1: you do, say the first three rate hikes, going for
Speaker 1: four and again you just said going for five maybe, Yeah,
Speaker 1: I mean that it really depends on what happens with inflation.
Speaker 1: I mean, if inflation just is stubbornly high through the
Speaker 1: first part of this year, first half of this year,
Speaker 1: we're gonna have to do a lot more. But that's
Speaker 1: what that's our job, and that that's what we're committed
Speaker 1: to do, and if we have to do more rate hikes,
Speaker 1: will do it. We also have the balance sheet. We
Speaker 1: can start letting the balance sheet run off earlier. That
Speaker 1: will take some pressure off longer in rates and also
Speaker 1: lead to a tightening of policy and removing some accommodation.
Speaker 1: Could you see conditions where the Fed might do a
Speaker 1: fifty basis point rate hike this year? That hasn't happened
Speaker 1: in a long time, but to see if you want
Speaker 1: to impact inflation, maybe even inflation expectations, could you see
Speaker 1: a fifty basis point rate hike in the mix? I certainly,
Speaker 1: even though I kind of as the datas come in,
Speaker 1: I still favor March lift off. I don't see a
Speaker 1: fifty basis point hike in March. We have not prevared
Speaker 1: markets for anything that dramatic. One of our key themes
Speaker 1: has been not to surprise markets given well enough advance
Speaker 1: in terms of what we're trying to do, and a
Speaker 1: fifty basis point move in March would really be a shock.
Speaker 1: So I don't see. I can't speak for the committee,
Speaker 1: I can only speak for myself, but I really don't
Speaker 1: see a fifty basis point hike in March down the road.
Speaker 1: If inflation just does not look like it's coming down,
Speaker 1: it would certainly be in the tool kit, but it
Speaker 1: would take a lot for us to move in that direction.
Speaker 1: If that hasn't done a fifty basis point rate hike
Speaker 1: in a long time. Do you have a target rate
Speaker 1: for inflation now? Will you have a sense of one
Speaker 1: you'll know you've done enough to rain in inflation and
Speaker 1: to say, okay, we can at least pause now and
Speaker 1: see what we're doing. How what kind of guidance can
Speaker 1: you give on that? Well, like I said, uh, if
Speaker 1: inflation has stayed higher for longer than any of us
Speaker 1: thought it was going to we still have a lot
Speaker 1: of expectations that inflation pressures will drop off in the
Speaker 1: second half of this year, and my own view as
Speaker 1: inflation would be probably by the end of the year
Speaker 1: down around two and a half percent um. And then
Speaker 1: once you get to that point, it's it's not as
Speaker 1: pressing to UM to do a rapid number rapid rate hikes.
Speaker 1: If you get inflation back down to the two and
Speaker 1: a half number by the second half of the year,
Speaker 1: then I think by three it'll move closer to our
Speaker 1: target and that will take a lot of pressure off
Speaker 1: having to raise rates. And as feder Reserve Governor Christopher
Speaker 1: Wohler speaking with the Bloomberg's Kathleen Hayes. Catch the full
Speaker 1: interview online at Bloomberg dot com. Checking futures right now,
Speaker 1: SMP futures are up seven points down, futures up nine
Speaker 1: d and nastacks features a little change the decks in
Speaker 1: Germany's down sixtensive upper set ten year treasury down ten
Speaker 1: thirties seconds. He at one point seven four percent and
Speaker 1: the yield on the two year is at point nine
Speaker 1: two per cent and still ahead. On Bloomberg Daybreak, check
Speaker 1: on the business headlines and all the news you need
Speaker 1: to start your day. And this is Bloomberg