1 00:00:03,279 --> 00:00:05,240 Speaker 1: That brings us to five oh seven on Wall Street 2 00:00:05,240 --> 00:00:08,680 Speaker 1: where seventy six degrees in Central Park. Heads up for 3 00:00:08,720 --> 00:00:13,560 Speaker 1: some police activity at street. It's got that stretch closed 4 00:00:13,560 --> 00:00:16,360 Speaker 1: between ninth and eighth. Will tell you more shortly in traffic. First, 5 00:00:16,360 --> 00:00:18,360 Speaker 1: Michael Barr with what else is going on in New 6 00:00:18,440 --> 00:00:20,840 Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan. 7 00:00:20,880 --> 00:00:23,119 Speaker 1: The first hearing is in the books about the m 8 00:00:23,160 --> 00:00:26,560 Speaker 1: t a's congestion pricing plan in Manhattan. Hundreds of people 9 00:00:26,640 --> 00:00:28,840 Speaker 1: on both sides signed up to speak on the matter. 10 00:00:29,200 --> 00:00:31,800 Speaker 1: According to the m t A, the plan could cost 11 00:00:31,880 --> 00:00:35,479 Speaker 1: drivers in Manhattan south of sixty Street as much as 12 00:00:35,479 --> 00:00:38,880 Speaker 1: twenty three dollars during rush hour. The agency says it 13 00:00:39,040 --> 00:00:43,200 Speaker 1: was designed to lessen traffic congestion by as much as 14 00:00:43,520 --> 00:00:46,479 Speaker 1: Last evening's public hearing was the first of six. We 15 00:00:46,560 --> 00:00:49,519 Speaker 1: may soon learn more about what made the Justice Department 16 00:00:49,600 --> 00:00:53,000 Speaker 1: search former President Donald Trump's Mara Lago home. The d 17 00:00:53,120 --> 00:00:56,160 Speaker 1: o J is submitting a redacted version today of the 18 00:00:56,200 --> 00:00:59,800 Speaker 1: affidavit out of concerns for the safety of the witnesses. 19 00:01:00,120 --> 00:01:03,320 Speaker 1: Legal expert Lorie Levinson, it does look like the court 20 00:01:03,400 --> 00:01:06,840 Speaker 1: felt that this was something of such great public interests 21 00:01:06,880 --> 00:01:09,840 Speaker 1: that to the extent that the court could release information 22 00:01:10,280 --> 00:01:14,520 Speaker 1: that did not compromise an ongoing investigation, it was inclined 23 00:01:14,560 --> 00:01:18,120 Speaker 1: to do so. And of course there's great public attention 24 00:01:18,600 --> 00:01:22,200 Speaker 1: on what happened here, why the Department of Justice went 25 00:01:22,319 --> 00:01:25,400 Speaker 1: so far to get a warrant to search the ex 26 00:01:25,480 --> 00:01:30,560 Speaker 1: president's Marlago residents. Loyola Law School professor Laurie Levinson says 27 00:01:30,600 --> 00:01:32,920 Speaker 1: the judge ordered it to be released to the public 28 00:01:32,959 --> 00:01:37,120 Speaker 1: by noon. California's Air Quality Regulation Board voted yesterday to 29 00:01:37,160 --> 00:01:41,600 Speaker 1: halt the sale of gas powered cars by five The 30 00:01:41,640 --> 00:01:45,000 Speaker 1: board says it would dramatically lower emissions and air pollutants. 31 00:01:45,120 --> 00:01:50,280 Speaker 1: Governor Gavin Newsom this is the architecture for completely decarbonizing 32 00:01:50,280 --> 00:01:52,760 Speaker 1: our economy. Change away to producing zoom energy, and it's 33 00:01:52,760 --> 00:01:57,000 Speaker 1: the architecture for economic power, not just electric power. Governor 34 00:01:57,040 --> 00:01:59,360 Speaker 1: Newsom says one tenth of all cars sold in the 35 00:01:59,440 --> 00:02:02,800 Speaker 1: US arts Californians. However, not everyone is on board with 36 00:02:02,840 --> 00:02:06,200 Speaker 1: the change. Tom Becker says he downs electric vehicles will 37 00:02:06,240 --> 00:02:10,000 Speaker 1: be reliable enough. Even by that time. Battery failures and 38 00:02:10,080 --> 00:02:14,120 Speaker 1: electric vehicles are very common, and guess what these people 39 00:02:14,160 --> 00:02:16,440 Speaker 1: are not going to honor their battery warranties. They don't 40 00:02:16,480 --> 00:02:19,560 Speaker 1: honor him. Now you can have a battery failure in 41 00:02:19,600 --> 00:02:25,320 Speaker 1: these electric vehicles that will cost dollars. Tom Becker was 42 00:02:25,360 --> 00:02:28,200 Speaker 1: among those who spoke at the hearing Global News twenty 43 00:02:28,240 --> 00:02:30,959 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 44 00:02:31,040 --> 00:02:34,040 Speaker 1: powered by more than twenty seven hundred journalists an analists, 45 00:02:34,120 --> 00:02:36,760 Speaker 1: more than a hundred twenty countries. Michael Barr and this 46 00:02:36,880 --> 00:02:44,000 Speaker 1: is Bloomberg. Nathan, all right, Michael, thank you. Coming up 47 00:02:44,040 --> 00:02:45,960 Speaker 1: to five ten on Wall Street time for the Bloomberg 48 00:02:46,000 --> 00:02:48,799 Speaker 1: Sports Update. Good morning, John Stenshower, Good morning, Nathan. Good 49 00:02:48,800 --> 00:02:51,400 Speaker 1: started to the Yankees ten game road trip there in Oakland. 50 00:02:51,440 --> 00:02:54,040 Speaker 1: That the team that's twenty and forty two at home, 51 00:02:54,080 --> 00:02:56,400 Speaker 1: and the Yanks teet off on the age twenty hits. 52 00:02:56,440 --> 00:02:58,400 Speaker 1: They were up ten nothing in the fourth in in 53 00:02:58,440 --> 00:03:01,320 Speaker 1: the final thirteen to four, three hits for the red 54 00:03:01,320 --> 00:03:03,840 Speaker 1: hot Andrew ben and ten d three for Josh Donaldson, 55 00:03:03,919 --> 00:03:07,160 Speaker 1: three hits, three rbies for rookie Oswaldo Cabrera, plenty of 56 00:03:07,240 --> 00:03:10,440 Speaker 1: run support for Jamison Town to get his team leading twelve. 57 00:03:10,520 --> 00:03:14,120 Speaker 1: When Garrett Cole starts tonight, Esther Cortez was to start tomorrow, 58 00:03:14,400 --> 00:03:16,079 Speaker 1: but he was placed on the injured list with a 59 00:03:16,200 --> 00:03:18,880 Speaker 1: strained groin, not believed to be a serious injury. Done. 60 00:03:18,919 --> 00:03:21,440 Speaker 1: Carlo Stanton came off the i L. He was back 61 00:03:21,440 --> 00:03:23,520 Speaker 1: in the Yankee line up last night. As for the Mets, 62 00:03:23,880 --> 00:03:25,960 Speaker 1: Jacob Gram a lot of times with his career, has 63 00:03:26,000 --> 00:03:28,639 Speaker 1: gotten no run support. He doesn't need a lot. He 64 00:03:28,760 --> 00:03:31,760 Speaker 1: got all he needed with one swing of the bat. 65 00:03:31,919 --> 00:03:34,640 Speaker 1: Basketball hit high in the air, deep to left field. 66 00:03:34,800 --> 00:03:37,920 Speaker 1: Forget about it that way at it here fu the 67 00:03:38,000 --> 00:03:42,600 Speaker 1: facing of the second deck. Need Alonso demolishes a two 68 00:03:42,680 --> 00:03:46,080 Speaker 1: run homer in the Mets ll lead three nothing in 69 00:03:46,200 --> 00:03:49,320 Speaker 1: the bottom of the third CBS thirty first on run 70 00:03:49,360 --> 00:03:51,560 Speaker 1: for Alonso. He's got a hundred and four RBIs that 71 00:03:51,640 --> 00:03:53,600 Speaker 1: Mets beat the Rockies three. The one is the grom 72 00:03:53,640 --> 00:03:56,160 Speaker 1: one six sittings gave up to three hits struck at nine. 73 00:03:56,560 --> 00:03:59,280 Speaker 1: Mets now with a two game lead on Atlanta the 74 00:03:59,360 --> 00:04:02,560 Speaker 1: US Open against Monday. It's all about Serena Williams and 75 00:04:02,720 --> 00:04:05,640 Speaker 1: she learned her first round opponent in this her career 76 00:04:05,720 --> 00:04:09,400 Speaker 1: ending tournament, will be Donka Convintage from Montenegro, rank edioth 77 00:04:09,440 --> 00:04:13,320 Speaker 1: in the world. Meanwhile, the unvaccinated. Novak Djokovic made it official. 78 00:04:13,400 --> 00:04:15,880 Speaker 1: He's not playing, not allowed to fly into the US 79 00:04:16,120 --> 00:04:19,240 Speaker 1: towards Yapagehip Golf in Atlanta. Sixty five for world number 80 00:04:19,240 --> 00:04:22,200 Speaker 1: one Scottie Scheffler. He's got a five shot lead. John Stash, 81 00:04:22,320 --> 00:04:25,520 Speaker 1: Edward Bloomberg Sports, Nathan, thank you, John SMP futures down 82 00:04:25,600 --> 00:04:28,720 Speaker 1: down thirteen point, Staff features down sixty seven, Nastack futures 83 00:04:28,760 --> 00:04:32,840 Speaker 1: down fifty nine points. The tenure treasuries down fourteen thirty seconds, 84 00:04:32,880 --> 00:04:35,760 Speaker 1: the old three point zero seven percent. Ahead of Chairman 85 00:04:35,800 --> 00:04:39,880 Speaker 1: Powell's keynote at the Jackson Hole Economic Symposium, what will 86 00:04:39,960 --> 00:04:42,839 Speaker 1: he say? We check in next with Sarah House of 87 00:04:42,880 --> 00:04:48,640 Speaker 1: Wells Fargo. This is Bloomberg Bloomberg eleven three oh weather 88 00:04:48,680 --> 00:04:51,400 Speaker 1: partly Sunday today, maybe some showers and storms this afternoon 89 00:04:51,400 --> 00:04:53,599 Speaker 1: with a Higheer ninety degrees. Oper eight is a mix 90 00:04:53,640 --> 00:04:57,320 Speaker 1: of sun clouds tomorrow Oper eighties sunshine for Sunday right 91 00:04:57,320 --> 00:05:03,680 Speaker 1: now seventy six in Central Park Markets, headlines and breaking 92 00:05:03,680 --> 00:05:06,600 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 93 00:05:06,720 --> 00:05:10,240 Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Tape. This is 94 00:05:10,279 --> 00:05:19,279 Speaker 1: a Bloomberg Business lash and I'm Karen Moscow. You watch 95 00:05:19,320 --> 00:05:22,640 Speaker 1: Dock Index futures are slipping this morning. The dollar is 96 00:05:22,720 --> 00:05:25,440 Speaker 1: climbing as a chorus of Federal Reserve hawks prepare the 97 00:05:25,480 --> 00:05:28,640 Speaker 1: ground for a much anticipated speech by Chair Jerome Powell 98 00:05:29,000 --> 00:05:31,960 Speaker 1: that's set to shape views on the pace of monetary tightening. 99 00:05:32,160 --> 00:05:34,440 Speaker 1: We checked the markets every fifteen minutes throughout the trading 100 00:05:34,520 --> 00:05:37,039 Speaker 1: day on bloomberg S and p futures are done about 101 00:05:37,080 --> 00:05:39,920 Speaker 1: fourteen points this morning. Down futures down sixty eight and 102 00:05:40,040 --> 00:05:43,000 Speaker 1: NAS deck futures down sixty. The decks in Germany's down 103 00:05:43,040 --> 00:05:45,679 Speaker 1: a tenth of upper sent ten. Your treasury down twelve 104 00:05:45,680 --> 00:05:48,560 Speaker 1: thirty seconds. You'll three point oh seven percent. They yield 105 00:05:48,560 --> 00:05:51,240 Speaker 1: on the two year three point three eight percent. Nin 106 00:05:51,360 --> 00:05:53,800 Speaker 1: Max Screwed oil is up six tents percent or fifty 107 00:05:53,800 --> 00:05:56,159 Speaker 1: eight cents at ninety three dollars ten cents of barrel 108 00:05:56,440 --> 00:05:58,960 Speaker 1: comex School done about half percent or eight dollars at 109 00:05:59,000 --> 00:06:02,440 Speaker 1: seventeen sixty three forty announced. The euro is at point 110 00:06:03,520 --> 00:06:06,000 Speaker 1: against the dollar. British found one point one eight one 111 00:06:06,120 --> 00:06:09,039 Speaker 1: nine and again one thirty six point eight six and 112 00:06:09,080 --> 00:06:14,120 Speaker 1: Bitcoin this morning it's down one per cent at thirty dollars. 113 00:06:14,360 --> 00:06:16,919 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 114 00:06:17,040 --> 00:06:19,599 Speaker 1: more on what's going on around the world. Michael, good Morning, 115 00:06:19,680 --> 00:06:22,920 Speaker 1: Good Morning, Karen. A federal judge says the Justice Department 116 00:06:22,960 --> 00:06:26,599 Speaker 1: has until noon to release an affidavit used to justify 117 00:06:26,680 --> 00:06:30,640 Speaker 1: the FBI search of former President Trump's Florida home. The 118 00:06:30,760 --> 00:06:35,160 Speaker 1: judge says he's accepted the Justice Department's redactions and reasons 119 00:06:35,160 --> 00:06:39,720 Speaker 1: for blacking out information about witnesses, agents, and uncharged parties 120 00:06:39,720 --> 00:06:43,120 Speaker 1: in the document. A major nuclear power plant in Ukraine 121 00:06:43,160 --> 00:06:47,480 Speaker 1: was temporarily cut off from the electricity grid. The Zaporiza 122 00:06:47,800 --> 00:06:51,520 Speaker 1: nuclear plant, occupied by the Russians went offline, causing a 123 00:06:51,560 --> 00:06:54,120 Speaker 1: blackout in the region and has caused more fears of 124 00:06:54,160 --> 00:06:57,520 Speaker 1: a nuclear disaster. In baseball, the Yankees beat the A's 125 00:06:57,640 --> 00:07:00,560 Speaker 1: thirteen four, The Mets beat the Rockies three one. The 126 00:07:00,600 --> 00:07:04,840 Speaker 1: Red Sox lost the Orioles one. Thursday Night NFL preseason action. 127 00:07:04,920 --> 00:07:08,039 Speaker 1: The fort Is lost with the Texans seventeen. ZIP Global 128 00:07:08,040 --> 00:07:11,000 Speaker 1: News twenty four hours a day on airrand on Bloomberg 129 00:07:11,080 --> 00:07:14,400 Speaker 1: Quick Take power by more than seven hundred journalists analysts 130 00:07:14,440 --> 00:07:17,080 Speaker 1: more than a hundred twenty countries, Michael bar This is 131 00:07:17,120 --> 00:07:19,320 Speaker 1: Bloomberg Nathan Michael, thank you. We are live from the 132 00:07:19,320 --> 00:07:22,720 Speaker 1: Bloomberg Interactive Broker Studios where it is five nineteen on 133 00:07:22,880 --> 00:07:25,800 Speaker 1: Wall Street, which puts us four hours in forty one 134 00:07:25,840 --> 00:07:30,000 Speaker 1: minutes away from Chairman Jerome Powell's speech at the annual 135 00:07:30,120 --> 00:07:33,320 Speaker 1: Jackson Hole Economic Symposium. Let's get you set four it 136 00:07:33,440 --> 00:07:37,520 Speaker 1: this morning. Wells Fargo Senior economist Sarah House joins us 137 00:07:37,560 --> 00:07:40,760 Speaker 1: ahead of the keynote address. Sarah, what do you think 138 00:07:40,800 --> 00:07:45,680 Speaker 1: Sherman Powell will say? What do you think he should say? Well, 139 00:07:45,720 --> 00:07:49,800 Speaker 1: I think what we see is overall that reeration of 140 00:07:49,960 --> 00:07:59,200 Speaker 1: the sell bringing baking back downs. I think we're gonna 141 00:07:59,200 --> 00:08:02,680 Speaker 1: try to establish your line here, Sarah, there is a 142 00:08:02,720 --> 00:08:07,120 Speaker 1: lot of static. Maybe joining us from Jackson Hole will 143 00:08:07,160 --> 00:08:09,440 Speaker 1: try to clear that up with her this morning as 144 00:08:09,440 --> 00:08:12,720 Speaker 1: we uh take a look at the markets ahead of 145 00:08:12,760 --> 00:08:16,280 Speaker 1: the speech. Futures appointing to a little bit of losses 146 00:08:16,320 --> 00:08:19,760 Speaker 1: here with SMP futures down thirteen points, Nasdaq futures leading 147 00:08:19,760 --> 00:08:23,119 Speaker 1: the declines. We've had seen a lot of volatility, of course, 148 00:08:23,160 --> 00:08:26,360 Speaker 1: all week long ahead of Chairman Powell's addressed. NASTAC futures 149 00:08:26,400 --> 00:08:28,920 Speaker 1: right now are down about a half percent or sixty 150 00:08:28,960 --> 00:08:32,080 Speaker 1: three points. Lots of movement in the bond space as well. 151 00:08:32,120 --> 00:08:35,520 Speaker 1: We've got the tenure treasury right now down thirteen thirty 152 00:08:35,559 --> 00:08:38,800 Speaker 1: seconds for yield of three point zero seven percent, kneeled 153 00:08:38,840 --> 00:08:41,000 Speaker 1: on the two year three point three eight percent. A 154 00:08:41,040 --> 00:08:44,760 Speaker 1: lot of Treasury watchers are looking for even more volatility 155 00:08:44,800 --> 00:08:47,760 Speaker 1: coming off of Chairman Powell's speech later on this morning, 156 00:08:47,760 --> 00:08:50,520 Speaker 1: and as we look ahead to more economic data ahead 157 00:08:50,520 --> 00:08:54,280 Speaker 1: of the f O m c uh next meeting at 158 00:08:54,320 --> 00:08:56,760 Speaker 1: the end of next month. Sair House is back with 159 00:08:56,840 --> 00:08:59,000 Speaker 1: us this morning. Hope your line sounding a little bit 160 00:08:59,040 --> 00:09:01,520 Speaker 1: better this morning, to make sure, Sarah that we get 161 00:09:01,559 --> 00:09:05,040 Speaker 1: clarity on whether you think Chairman Powell is going to 162 00:09:05,120 --> 00:09:08,520 Speaker 1: deliver clarity later this morning. I think he's going to 163 00:09:08,640 --> 00:09:12,280 Speaker 1: keep his options open and suggest that the Fed does 164 00:09:12,360 --> 00:09:15,480 Speaker 1: remain nimble and we'll be reacting to the data. So 165 00:09:15,520 --> 00:09:17,440 Speaker 1: I don't think we're going to get any strong hints 166 00:09:17,440 --> 00:09:21,079 Speaker 1: about fifty or seventy five at the upcoming September meeting. 167 00:09:21,720 --> 00:09:24,640 Speaker 1: The Committee agrees that rates need to go higher, but 168 00:09:24,800 --> 00:09:28,920 Speaker 1: I think they're they're trying to acknowledge the fact that 169 00:09:28,960 --> 00:09:30,920 Speaker 1: we are beginning to see growth cool. There are some 170 00:09:31,040 --> 00:09:34,960 Speaker 1: at least tentative signs of inflation beginning to ease, but 171 00:09:35,200 --> 00:09:38,040 Speaker 1: there's still so much uncertainty about the path ahead, and 172 00:09:38,080 --> 00:09:40,000 Speaker 1: so I think they're going to suggest that they will 173 00:09:40,360 --> 00:09:43,280 Speaker 1: will do what is necessary to bring down inflation. Is 174 00:09:43,320 --> 00:09:45,840 Speaker 1: that what you've been hearing from, Sorry, Sarah, is that 175 00:09:45,840 --> 00:09:47,560 Speaker 1: what you've been hearing from some of the other FED 176 00:09:47,640 --> 00:09:50,920 Speaker 1: speakers that we've gotten to hear from ahead of Chairman 177 00:09:50,960 --> 00:09:55,040 Speaker 1: Powell's speech this morning. A lot of hawkish talk ahead 178 00:09:55,160 --> 00:09:59,440 Speaker 1: of this much watched address later today, a lot of 179 00:09:59,440 --> 00:10:03,400 Speaker 1: pokished hawk when it relates to bringing down inflation. So 180 00:10:03,800 --> 00:10:07,000 Speaker 1: you did have Bullard out yesterday reiterating that he's in 181 00:10:07,040 --> 00:10:09,840 Speaker 1: favor of front loading, thinks we need to get rates 182 00:10:09,920 --> 00:10:13,360 Speaker 1: up to a range of three seventy five or by 183 00:10:13,360 --> 00:10:16,480 Speaker 1: by the end of this year. So I think so, 184 00:10:16,520 --> 00:10:18,599 Speaker 1: I think we're seeing that from from some of the 185 00:10:18,679 --> 00:10:21,240 Speaker 1: said speakers, but those tended lean a little bit more 186 00:10:21,280 --> 00:10:24,679 Speaker 1: hawkish than than Pow has I think, in some ways 187 00:10:24,760 --> 00:10:26,800 Speaker 1: is a little bit more hesitant. We saw that in 188 00:10:26,840 --> 00:10:29,880 Speaker 1: the press conference coming out of the July meeting, where 189 00:10:30,240 --> 00:10:32,160 Speaker 1: he was flagging the fact that we haven't seen the 190 00:10:32,200 --> 00:10:35,560 Speaker 1: full effects of tightening to date, and so I think 191 00:10:35,600 --> 00:10:38,280 Speaker 1: there there could be perhaps a little bit more of 192 00:10:38,040 --> 00:10:40,840 Speaker 1: a of a balanced tone or some some hints of 193 00:10:41,000 --> 00:10:43,920 Speaker 1: hesitation with within his speech, relatives to what we've seen 194 00:10:43,960 --> 00:10:48,440 Speaker 1: from some of the more hawkish members speaking before. Before today, 195 00:10:48,559 --> 00:10:50,960 Speaker 1: obviously there's been a lot of attention on core PC 196 00:10:51,400 --> 00:10:54,560 Speaker 1: as a data point for Powell and company to look 197 00:10:54,600 --> 00:10:57,400 Speaker 1: at when it comes to whether they're winning the inflation fight. 198 00:10:57,520 --> 00:11:01,160 Speaker 1: What other data points do you think the central banks 199 00:11:01,160 --> 00:11:03,960 Speaker 1: should be looking at? So I think right now are 200 00:11:04,000 --> 00:11:06,320 Speaker 1: really important. One is what we're seeing in terms of 201 00:11:06,320 --> 00:11:09,240 Speaker 1: wages and labor costs. So we had another really strong 202 00:11:09,280 --> 00:11:14,120 Speaker 1: e c I last quarter. Average early wages also re accelerating, 203 00:11:14,240 --> 00:11:17,959 Speaker 1: So we'll get another look at that next Friday with 204 00:11:17,960 --> 00:11:20,240 Speaker 1: with the jobs report, and I think that's really important. 205 00:11:20,240 --> 00:11:23,839 Speaker 1: Where we're certainly seeing some easy pressures in inflation coming 206 00:11:23,880 --> 00:11:27,920 Speaker 1: from supply chain shipping costs going down, supplier delivery time easy, 207 00:11:28,400 --> 00:11:30,960 Speaker 1: but we haven't seen that from the labor market, and 208 00:11:31,000 --> 00:11:34,040 Speaker 1: so we're seeing labor costs still running out a pace 209 00:11:34,600 --> 00:11:39,120 Speaker 1: well above two inflation consistent levels. And this is the 210 00:11:39,240 --> 00:11:41,800 Speaker 1: area of inflation that is well within the Fed's remit 211 00:11:41,920 --> 00:11:44,000 Speaker 1: so I think there's there's still a lot of concern 212 00:11:44,040 --> 00:11:47,480 Speaker 1: out there over how quickly inflation might cool and how 213 00:11:47,559 --> 00:11:49,560 Speaker 1: easily it might get back to two percent. It's not 214 00:11:49,600 --> 00:11:51,480 Speaker 1: going to be an easy path ahead, even with the 215 00:11:51,480 --> 00:11:54,680 Speaker 1: titan that we've seen today. Again, Sarah, thanks for being 216 00:11:54,679 --> 00:11:56,640 Speaker 1: with us this morning. Glad we got you back on 217 00:11:56,679 --> 00:11:59,840 Speaker 1: with a clearer line there. That's Sarah house Wells Farges 218 00:12:00,120 --> 00:12:05,120 Speaker 1: senior economists. As we get set four Chairman Powell's address 219 00:12:05,400 --> 00:12:08,960 Speaker 1: later on this morning ten am Wall Street time. Of course, 220 00:12:08,960 --> 00:12:10,959 Speaker 1: we'll be hearing from a lot of head speakers ahead 221 00:12:11,000 --> 00:12:12,720 Speaker 1: of that as well. So you want to stay with 222 00:12:12,800 --> 00:12:16,240 Speaker 1: Bloomberg Radio for our complete coverage of the Jackson Hole 223 00:12:16,320 --> 00:12:20,200 Speaker 1: Economic Symposium. It continues this morning on a special edition 224 00:12:20,240 --> 00:12:23,600 Speaker 1: of Bloomberg Surveillance Live from Jackson Hole with Tom Keene, 225 00:12:23,679 --> 00:12:26,240 Speaker 1: Jonathan Farrell, and Lisa Brahmoy. It's up begins at seven 226 00:12:26,240 --> 00:12:30,240 Speaker 1: am Wall Street time. Ahead of the remarks from Chairman Powell, 227 00:12:30,559 --> 00:12:33,840 Speaker 1: will bring to you live at ten s ANDP Futures 228 00:12:33,880 --> 00:12:36,760 Speaker 1: down fourteen points now down, Futures down seventy one. Nasdaq 229 00:12:36,800 --> 00:12:41,080 Speaker 1: Future is lower by sixty two points. You are listening 230 00:12:41,120 --> 00:12:49,160 Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh Weather partly sunny, 231 00:12:49,320 --> 00:12:51,800 Speaker 1: some showers and storms developing this afternoon with highs in 232 00:12:51,800 --> 00:12:54,120 Speaker 1: the upper eighties, mix of sun and clouds. Tomorrow upper 233 00:12:54,160 --> 00:12:57,040 Speaker 1: eighties will be in the upper eighties with sunshine on Sunday. 234 00:12:57,160 --> 00:13:03,679 Speaker 1: Right now seventies six in Central Park. My from the 235 00:13:03,720 --> 00:13:06,960 Speaker 1: Bloomberg into Ramptor Berger Studios. This is Bloomberg day Break 236 00:13:06,960 --> 00:13:10,400 Speaker 1: for Friday, August twenty six two. Coming up this hour. 237 00:13:10,720 --> 00:13:13,720 Speaker 1: FED officials take a hawkish stance ahead of j Powell's 238 00:13:13,800 --> 00:13:16,600 Speaker 1: Jackson Whole speech. A judge orders Twitter to hand more 239 00:13:16,679 --> 00:13:20,000 Speaker 1: data to Elon Musk. Guess their legal battle continues. Dell 240 00:13:20,120 --> 00:13:23,800 Speaker 1: and salesforce slide as more tech companies report tighter times ahead. 241 00:13:24,080 --> 00:13:27,520 Speaker 1: The first MTA hearing on congestion pricing in Manhattan is 242 00:13:27,520 --> 00:13:30,120 Speaker 1: in the books. Plus we should see soon and redacted 243 00:13:30,160 --> 00:13:33,760 Speaker 1: AFFI David Search Trump's mora lago with State. I'm Michael Barr. 244 00:13:33,800 --> 00:13:36,640 Speaker 1: More ahead, I'm stash in sports. Twenty hits for the 245 00:13:36,720 --> 00:13:39,559 Speaker 1: Yankees and easy win at Oakland. Jake Graham pitched the 246 00:13:39,600 --> 00:13:45,880 Speaker 1: Mets to victory over Colorado. That's all stread ahead on 247 00:13:45,960 --> 00:13:49,200 Speaker 1: Bloomberg day Break on Bloomberg eleven Tree, on New York, 248 00:13:49,320 --> 00:13:53,880 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 249 00:13:54,000 --> 00:13:58,280 Speaker 1: Bloomberg nine sixties, San Francisco, Syrius x M one nineteen 250 00:13:58,440 --> 00:14:01,199 Speaker 1: and around the world on blue Berg Radio dot com 251 00:14:01,280 --> 00:14:09,000 Speaker 1: and via the Bloomberg Business Actor. And Good Friday morning. 252 00:14:09,040 --> 00:14:12,320 Speaker 1: I'm Nathan Hager and I'm Karen Moscow US not index 253 00:14:12,400 --> 00:14:15,120 Speaker 1: futures are lower this morning. We are coming up to 254 00:14:15,240 --> 00:14:17,000 Speaker 1: five oh one on Wall Street, and we check the 255 00:14:17,040 --> 00:14:20,160 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg 256 00:14:20,560 --> 00:14:24,360 Speaker 1: SMP futures are down thirteen points down, futures down sixty nine, 257 00:14:24,400 --> 00:14:27,600 Speaker 1: and NASDACK futures down fifty nine. The decks in Germany 258 00:14:27,680 --> 00:14:29,840 Speaker 1: is that will change the ten year treasury down twelve 259 00:14:29,840 --> 00:14:32,680 Speaker 1: thirty seconds. He'll three point oh seven percent and the 260 00:14:32,800 --> 00:14:36,360 Speaker 1: yield on the two year three point three seven percent. Nathan, Karen, 261 00:14:36,440 --> 00:14:38,720 Speaker 1: it is the event Wall Street and global markets have 262 00:14:38,760 --> 00:14:42,160 Speaker 1: been waiting for all week long. Federal Reserve Chairman Jerome 263 00:14:42,200 --> 00:14:45,520 Speaker 1: Powell delivers the speech at the Jackson Hole Economic Symposium 264 00:14:45,560 --> 00:14:49,480 Speaker 1: at ten am Wall Street time today. Bloomberg's Tom Keene 265 00:14:49,560 --> 00:14:52,360 Speaker 1: is covering the event for us. Good morning, Tom, Karen 266 00:14:52,360 --> 00:14:54,760 Speaker 1: and Nathan. Of course, all eyes on Chairman Paul. This 267 00:14:54,800 --> 00:14:58,000 Speaker 1: will be a different speech, widely anticipated they all are. 268 00:14:58,480 --> 00:15:01,400 Speaker 1: But what's different this time is the stakes on interest 269 00:15:01,480 --> 00:15:05,360 Speaker 1: rate policy. What's widely understood is it's not just the speech, 270 00:15:05,400 --> 00:15:08,000 Speaker 1: it's a few and key reports that we're gonna see 271 00:15:08,040 --> 00:15:11,600 Speaker 1: into September and that important FED meaning. So it's not 272 00:15:11,680 --> 00:15:14,800 Speaker 1: just the speech, it's the data reports, but it's also 273 00:15:14,880 --> 00:15:17,680 Speaker 1: the news around the world, the idea of what's going 274 00:15:17,720 --> 00:15:20,520 Speaker 1: on in Europe and China flat on their back. All 275 00:15:20,560 --> 00:15:23,880 Speaker 1: around the world will be watching Chairman Paul this morning 276 00:15:24,040 --> 00:15:26,040 Speaker 1: certainly will be Thank you for that, Tom, and please 277 00:15:26,040 --> 00:15:28,680 Speaker 1: follow Bloomberg Radio and television all morning long for the 278 00:15:28,760 --> 00:15:31,680 Speaker 1: latest from Jackson Hole. Are on site coverage to the 279 00:15:31,760 --> 00:15:34,840 Speaker 1: kickoff of Powell speech begins at seven am with a 280 00:15:34,880 --> 00:15:38,640 Speaker 1: special edition of Bloomberg Surveillance with Tom Keene, Lisa A. Bramowitz, 281 00:15:38,680 --> 00:15:41,760 Speaker 1: and Jonathan faroh Well. Nathan Central Banker is stressed the 282 00:15:41,840 --> 00:15:44,880 Speaker 1: need to keep raising interest rates at Jackson Hall, St. Louis. 283 00:15:44,880 --> 00:15:48,160 Speaker 1: FED chief James Bullard said officials should lift their policy 284 00:15:48,200 --> 00:15:51,240 Speaker 1: benchmark to a three point seven five percent to four 285 00:15:51,280 --> 00:15:55,160 Speaker 1: percent range by year end. Philadelphia Fed President Patrick Harker 286 00:15:55,200 --> 00:15:59,480 Speaker 1: and Atlanta FED President Raphael Bostick also called for continued hikes. 287 00:15:59,760 --> 00:16:02,320 Speaker 1: Can To City Fed President Es your George shared her 288 00:16:02,400 --> 00:16:06,320 Speaker 1: view on Bloomberg Television. Very important that we are clear 289 00:16:06,360 --> 00:16:09,400 Speaker 1: in our communication about the destination we're headed. And I 290 00:16:09,400 --> 00:16:12,400 Speaker 1: think that destination is important, which is we have to 291 00:16:12,400 --> 00:16:15,560 Speaker 1: get interest rates higher to slow down demand and bring 292 00:16:15,600 --> 00:16:18,840 Speaker 1: inflation back to our target. Kansas City Fed President Es 293 00:16:18,880 --> 00:16:21,320 Speaker 1: Your George also said there was more room to go 294 00:16:21,520 --> 00:16:24,920 Speaker 1: and asked how high the Fed should push borrowing costs. Well, Karen, 295 00:16:24,960 --> 00:16:27,040 Speaker 1: Markets will be looking for any sort of signals Pal 296 00:16:27,120 --> 00:16:28,960 Speaker 1: might give when it comes to rate hikes. In his 297 00:16:29,000 --> 00:16:32,440 Speaker 1: speech at ten am, BEMO Capital Market senior economist Jennifer 298 00:16:32,520 --> 00:16:34,800 Speaker 1: Lee does not think the FED share will change his 299 00:16:34,880 --> 00:16:37,840 Speaker 1: recent guidance. I think he's going to stay on the 300 00:16:37,880 --> 00:16:40,600 Speaker 1: hawkers truck. I don't know why he would change his 301 00:16:40,640 --> 00:16:43,600 Speaker 1: tone so quickly. Yes, we've had some weaker, you know, 302 00:16:43,640 --> 00:16:46,560 Speaker 1: economic data, especially on the housing front. We finally saw 303 00:16:46,640 --> 00:16:49,320 Speaker 1: some pullback on the headline inflation. But you know it's 304 00:16:49,320 --> 00:16:51,920 Speaker 1: gonna be far, far too soon to bring the dovish bell. 305 00:16:52,120 --> 00:16:55,080 Speaker 1: Bemo Capital Market Senior economist Jennifer Lee says the next 306 00:16:55,120 --> 00:16:57,280 Speaker 1: major event for the Fed to watch is the CPI 307 00:16:57,400 --> 00:17:01,360 Speaker 1: report in three weeks. Nathan just as Well speech begins, 308 00:17:01,480 --> 00:17:04,959 Speaker 1: we'll get a key economic report, and Bloomberg'svinnidale Judais has 309 00:17:05,000 --> 00:17:08,600 Speaker 1: the details. In early August, the university did for Michigan's 310 00:17:08,600 --> 00:17:11,920 Speaker 1: consumer sentiment index hovard new a record low, and today's 311 00:17:11,960 --> 00:17:14,960 Speaker 1: figures on late August aren't expected to be much better 312 00:17:15,080 --> 00:17:19,159 Speaker 1: Bloomberg Economics, as Americans recognized, there will be challenging months 313 00:17:19,200 --> 00:17:22,840 Speaker 1: just ahead, even with today's rising wages and low unemployment. 314 00:17:23,000 --> 00:17:26,520 Speaker 1: Also on today's data calendar, government figures on July consumer 315 00:17:26,600 --> 00:17:29,280 Speaker 1: spending and it could be tempid with inflation running hot. 316 00:17:29,359 --> 00:17:32,159 Speaker 1: Then he dealt Judais Bloomberg dey break Okayvinny, thank you. 317 00:17:32,240 --> 00:17:35,080 Speaker 1: Overseas stocks in Asia rows helped by the tech sector 318 00:17:35,119 --> 00:17:38,360 Speaker 1: after talks between Beijing and Washington to avoid the delisting 319 00:17:38,400 --> 00:17:40,680 Speaker 1: of companies in New York was said to show signs 320 00:17:40,680 --> 00:17:44,360 Speaker 1: of progress well the geo politics Now, Nathan Tennessee Senator 321 00:17:44,400 --> 00:17:47,280 Speaker 1: Marsha Blackburn is in Taiwan, the third visit by an 322 00:17:47,320 --> 00:17:51,040 Speaker 1: American dignitary this month. Senator Blackburn held several meetings there, 323 00:17:51,040 --> 00:17:56,240 Speaker 1: including with Taiwan's president, the opportunity to talk with her 324 00:17:56,840 --> 00:18:02,320 Speaker 1: that hopes, dream plans, and approaches for Taiwan, and how 325 00:18:02,400 --> 00:18:07,760 Speaker 1: they recame their independent. Tennessee Senator Marsha Blackburn says the 326 00:18:07,840 --> 00:18:11,480 Speaker 1: US will continue to support Taiwan's independence. Back at Homecaen, 327 00:18:11,520 --> 00:18:14,920 Speaker 1: President Biden campaign for Democrats in Maryland yesterday ahead of 328 00:18:14,960 --> 00:18:17,879 Speaker 1: November's mid terms. The President aimed his attacks on former 329 00:18:17,880 --> 00:18:22,520 Speaker 1: President Trump and what he called ultra mega Republicans. Republicans 330 00:18:22,520 --> 00:18:25,560 Speaker 1: don't just threaten our personal rights and economic security, they're 331 00:18:25,560 --> 00:18:28,840 Speaker 1: a threat to our very democracy. They refused to accept 332 00:18:28,840 --> 00:18:32,520 Speaker 1: the will of the people. They embrace, embrace political violence. 333 00:18:32,640 --> 00:18:35,560 Speaker 1: President Biden also said the so called mega philosophy is 334 00:18:35,760 --> 00:18:39,480 Speaker 1: semi fascism. On the Corporate news Now Nathan, a couple 335 00:18:39,520 --> 00:18:42,280 Speaker 1: of tech companies released a bleak economic data and fell 336 00:18:42,359 --> 00:18:45,840 Speaker 1: at the close yesterday. Dell Technologies gave our revenue forecast 337 00:18:45,920 --> 00:18:48,880 Speaker 1: I fell short of estimates, and Salesforce also slipped after 338 00:18:48,920 --> 00:18:52,320 Speaker 1: its quarterly revenue fell short of analysts estimates. Dell shares 339 00:18:52,320 --> 00:18:54,560 Speaker 1: are lower this morning, down four point two per cent, 340 00:18:55,160 --> 00:18:58,159 Speaker 1: to Twitter Now Karen and its ongoing battle with Elon Musk. 341 00:18:58,200 --> 00:19:00,680 Speaker 1: A judge has ordered the social media giant to hand 342 00:19:00,720 --> 00:19:04,680 Speaker 1: over info. Delaware Chancery Court Judge Kathleen McCormick rolled the 343 00:19:04,680 --> 00:19:07,720 Speaker 1: Twitter has to turn over information about nine thousand accounts 344 00:19:07,720 --> 00:19:10,520 Speaker 1: that surveyed last year. She wants the company to identify 345 00:19:10,600 --> 00:19:14,240 Speaker 1: which had human beings attached to them. McCormick says Twitter 346 00:19:14,320 --> 00:19:17,080 Speaker 1: also must produce documents sufficient to show how those nine 347 00:19:17,080 --> 00:19:20,080 Speaker 1: thousand accounts were selected for review. At a hearing this week, 348 00:19:20,160 --> 00:19:24,359 Speaker 1: must lawyers accused their Twitter counterparts of stonewalling on Bot's information. 349 00:19:24,680 --> 00:19:27,680 Speaker 1: Musk thinks that gives him reason to exit his bid 350 00:19:27,760 --> 00:19:31,000 Speaker 1: for the platform. And another quick corporate note here, Nathan 351 00:19:31,000 --> 00:19:35,920 Speaker 1: pharmaceutical giant Mark's pursuit to buy cancer drugmaker Sigen has stalled, 352 00:19:36,000 --> 00:19:38,800 Speaker 1: threatening Murk's biggest deal in more than a decade. The 353 00:19:38,840 --> 00:19:41,720 Speaker 1: companies have reportedly failed to agree on a price to 354 00:19:41,800 --> 00:19:47,040 Speaker 1: this point. And futures Yeah, well check markets now, Karen, 355 00:19:47,200 --> 00:19:51,240 Speaker 1: ahead of the uh uh, the much watched speech coming 356 00:19:51,280 --> 00:19:53,680 Speaker 1: up from Fed chair Palace and p futures right now 357 00:19:53,680 --> 00:19:57,400 Speaker 1: are down fourteen points now, futures down seventy eight. NASDAC 358 00:19:57,440 --> 00:20:00,000 Speaker 1: futures are lower by sixty one points the tenure treasure. 359 00:20:00,000 --> 00:20:02,640 Speaker 1: He's down fourteen thirty seconds for yield of three point 360 00:20:02,760 --> 00:20:05,600 Speaker 1: zero seven percent. Name x Screws hired by six tenths 361 00:20:05,600 --> 00:20:08,520 Speaker 1: per cent to ninety three dollars eleven cents of barrel, 362 00:20:08,840 --> 00:20:12,920 Speaker 1: and the euro right now zero point nine four against 363 00:20:12,920 --> 00:20:16,159 Speaker 1: the dollar. Straight ahead, we'll have your latest local headlines 364 00:20:16,240 --> 00:20:20,120 Speaker 1: and a check of sports. You are listening to Bloomberg Daybreak, 365 00:20:22,600 --> 00:20:27,120 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 366 00:20:27,240 --> 00:20:31,159 Speaker 1: Bloomberg Living free to Washington, d C, Bloomberg N one 367 00:20:31,320 --> 00:20:34,560 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 368 00:20:34,640 --> 00:20:38,080 Speaker 1: Bloomberg NUN sixteen to the country Sirius XM Chado one 369 00:20:38,119 --> 00:20:41,240 Speaker 1: nineteen and around the globe to Bloomberg Business app in 370 00:20:41,320 --> 00:20:51,080 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It is 371 00:20:51,160 --> 00:20:53,600 Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hager 372 00:20:53,880 --> 00:20:56,639 Speaker 1: and I'm Karen Moscow. We are just about four hours 373 00:20:56,720 --> 00:20:58,879 Speaker 1: away from the open of US trading. Let's get you 374 00:20:58,880 --> 00:21:00,119 Speaker 1: have to date on the news you need to know 375 00:21:00,200 --> 00:21:02,600 Speaker 1: at this hour. We begin with the Federal Reserve Chair J. 376 00:21:02,720 --> 00:21:07,359 Speaker 1: Powell's address at the Jackson Hole Economic Symposium this morning. 377 00:21:07,440 --> 00:21:10,680 Speaker 1: Several FED speakers have discussed monetary policy at Jackson Hole. 378 00:21:10,960 --> 00:21:14,520 Speaker 1: Kansas City Fan President Esther George told Bloomberg Television that 379 00:21:14,680 --> 00:21:17,800 Speaker 1: once rates get higher, they may have to stay there 380 00:21:17,880 --> 00:21:21,400 Speaker 1: for a while. We have more room to go, that 381 00:21:21,600 --> 00:21:23,920 Speaker 1: we would bring those rates down quickly, and I've seen 382 00:21:23,960 --> 00:21:26,280 Speaker 1: that in some of the forecasts. Seems a bit remarkable 383 00:21:26,320 --> 00:21:28,679 Speaker 1: to me. I think we will have to hold and 384 00:21:28,800 --> 00:21:31,840 Speaker 1: Kansas City Fed President Esther George also said there was 385 00:21:31,880 --> 00:21:33,920 Speaker 1: more room to go and asked how high the FED 386 00:21:33,960 --> 00:21:37,120 Speaker 1: should push borrowing costs. Please follow Bloomberg Radio and Television 387 00:21:37,160 --> 00:21:39,880 Speaker 1: all morning long for the latest from Jackson Hole. Are 388 00:21:40,000 --> 00:21:42,880 Speaker 1: on site. Coverage begins at seven am Wall Street Time 389 00:21:42,920 --> 00:21:47,119 Speaker 1: with a special edition of Bloomberg Surveillance to Politics Now, Karen. 390 00:21:47,160 --> 00:21:50,399 Speaker 1: President Biden campaign for Democrats in Maryland yesterday ahead of 391 00:21:50,440 --> 00:21:52,920 Speaker 1: November's mid terms, and he aimed as attacks on former 392 00:21:52,960 --> 00:21:56,600 Speaker 1: President Donald Trump and what he called ultra mega Republicans. 393 00:21:57,080 --> 00:22:00,720 Speaker 1: We must be stronger, more determined, and more minute to 394 00:22:00,960 --> 00:22:05,640 Speaker 1: saving America. Then the magar Republics are destroyed America. President 395 00:22:05,720 --> 00:22:08,119 Speaker 1: by And also said the so called mega philosophy is 396 00:22:08,320 --> 00:22:14,080 Speaker 1: semi fascism. Meanwhile, Nathan overseas Tennessee Senator Marsha blackburnes in Taiwan, 397 00:22:14,200 --> 00:22:17,240 Speaker 1: the third visit by an American dignitary this month. Senator 398 00:22:17,280 --> 00:22:20,120 Speaker 1: Blackburn met with Taiwan's president and said the US will 399 00:22:20,160 --> 00:22:23,920 Speaker 1: continue to support Taiwan's independence. To Corporate News Now, Karen 400 00:22:23,960 --> 00:22:27,280 Speaker 1: and to Twitter with developments in its battle with Elon Musk, 401 00:22:27,359 --> 00:22:30,800 Speaker 1: Bloomberg's Rnita Young joins US Live with the update. Good morning, Ranita, 402 00:22:30,880 --> 00:22:35,280 Speaker 1: Good morning Nathan. Yesterday, Delaware Chancery Court Judge Kathleen McCormick 403 00:22:35,560 --> 00:22:39,359 Speaker 1: ruled Twitter must turnover information about nine thousand accounts it 404 00:22:39,440 --> 00:22:43,040 Speaker 1: surveyed last year. She wants the company to identify which 405 00:22:43,080 --> 00:22:46,679 Speaker 1: had human beings attached to them. McCormick said Twitter also 406 00:22:47,080 --> 00:22:50,600 Speaker 1: must produce documents sufficient to show how those nine thousand 407 00:22:50,640 --> 00:22:54,439 Speaker 1: accounts were selected for review. At a Wednesday hearing, Musk's 408 00:22:54,480 --> 00:22:57,760 Speaker 1: lawyers accused their Twitter counterparts of stone walling them on 409 00:22:57,840 --> 00:23:01,679 Speaker 1: the bots information must believe that gives him reason to 410 00:23:01,840 --> 00:23:04,800 Speaker 1: exit the bid for the platform. Live in New York, 411 00:23:05,040 --> 00:23:07,840 Speaker 1: Live in Washington. I'm really need a Young Bloomberg daybreak 412 00:23:08,040 --> 00:23:10,639 Speaker 1: ivery needed. Thanks in another corporate not a couple of 413 00:23:10,680 --> 00:23:14,360 Speaker 1: tech companies releasing bleak earnings and falling at the close. Yesterday, 414 00:23:14,560 --> 00:23:17,879 Speaker 1: Dell Technologies gave a revenue forecast that fell short of estimates, 415 00:23:17,920 --> 00:23:21,280 Speaker 1: and Cortantly revenue from SALESFORCET fell short of analysts estimates 416 00:23:21,400 --> 00:23:25,000 Speaker 1: as well. Futures this morning are lower. SMP future is 417 00:23:25,040 --> 00:23:28,320 Speaker 1: down about seventeen points now features down eighty seven, nasdack 418 00:23:28,400 --> 00:23:31,240 Speaker 1: futures down seventy four straight. I had your latest local 419 00:23:31,240 --> 00:23:34,639 Speaker 1: headlines plus a check of sports, and this is Bloomberg. 420 00:23:38,200 --> 00:23:40,960 Speaker 1: Thanks Karen. Three on Wall Street, seventy six degrees in 421 00:23:41,040 --> 00:23:43,560 Speaker 1: Central Park on an accident if you're headed to laguardi 422 00:23:43,600 --> 00:23:47,360 Speaker 1: a westbound Grand Central Airport at Ditmar's Boulevard of details 423 00:23:47,359 --> 00:23:51,000 Speaker 1: coming up in traffic. First Michael Barr with a closure 424 00:23:51,080 --> 00:23:55,080 Speaker 1: on forty four street. Michael, thank you very much. Nathan, Yeah, 425 00:23:55,119 --> 00:23:58,080 Speaker 1: that act. That is not an accident. That off of 426 00:23:58,200 --> 00:24:01,920 Speaker 1: Eighth Avenue in Hill's Kitchen is a fatal stabbing. According 427 00:24:01,920 --> 00:24:04,280 Speaker 1: to the NYPD, a nine year old man with a 428 00:24:04,400 --> 00:24:07,280 Speaker 1: history of menacing people was fatally stabbed in a flight 429 00:24:07,320 --> 00:24:09,960 Speaker 1: earlier this morning. The suspect, the twenty eight year old man, 430 00:24:09,960 --> 00:24:13,560 Speaker 1: claims it was in self defense he was taken into custody. 431 00:24:13,960 --> 00:24:16,480 Speaker 1: The first of six public hearings was last night about 432 00:24:16,480 --> 00:24:20,000 Speaker 1: the m t a's congestion pricing plan in Manhattan. Hundreds 433 00:24:20,040 --> 00:24:22,240 Speaker 1: of people on both sides signed up to speak on 434 00:24:22,280 --> 00:24:25,639 Speaker 1: the matter during the virtual meeting. Yet we're expected to 435 00:24:25,760 --> 00:24:30,720 Speaker 1: pay for You're bloated and out of control. Agency seven 436 00:24:30,760 --> 00:24:33,679 Speaker 1: ABC with the audio. According to the m t A, 437 00:24:33,800 --> 00:24:37,280 Speaker 1: the plan could cost drivers in Manhattan South of Street 438 00:24:37,640 --> 00:24:40,520 Speaker 1: as much as twenty three dollars during rush hour. The 439 00:24:40,560 --> 00:24:44,199 Speaker 1: agency says it was designed to lessen traffic congestion by 440 00:24:44,240 --> 00:24:47,399 Speaker 1: as much as The Justice Department is set to release 441 00:24:47,440 --> 00:24:51,200 Speaker 1: a heavily blacked out document explaining the justification for an 442 00:24:51,240 --> 00:24:54,359 Speaker 1: FBI search of Donald Trump's Florida state earlier this month, 443 00:24:54,480 --> 00:24:57,320 Speaker 1: when agents removed top secret to government records and other 444 00:24:57,320 --> 00:25:01,960 Speaker 1: classified documents. The document is e affected by noon. Justice 445 00:25:02,000 --> 00:25:05,920 Speaker 1: Department officials are expected to have removed sensitive details about 446 00:25:05,960 --> 00:25:09,520 Speaker 1: witnesses and the scope and direction of the probe. Legal 447 00:25:09,560 --> 00:25:13,280 Speaker 1: expert Lourie Levinson. There's been an effort by the media 448 00:25:13,680 --> 00:25:17,560 Speaker 1: and by Donald Trump to get more information from the affidavit, 449 00:25:17,960 --> 00:25:20,760 Speaker 1: but the government has resisted that, in part because they 450 00:25:20,760 --> 00:25:24,600 Speaker 1: have an ongoing investigation. However, it does look like there's 451 00:25:24,600 --> 00:25:28,679 Speaker 1: at least a compromise that there's more information regarding the 452 00:25:28,760 --> 00:25:33,480 Speaker 1: investigation of Donald Trump and its possession of classified information 453 00:25:33,920 --> 00:25:36,880 Speaker 1: that the public will get in the near future. Loyola 454 00:25:36,960 --> 00:25:40,479 Speaker 1: law professor Laurie Levinson five people were observed at an 455 00:25:40,520 --> 00:25:43,920 Speaker 1: area hospital after an incident had six Flags Great Adventure 456 00:25:43,960 --> 00:25:47,640 Speaker 1: in Jackson Township, New Jersey. The park says several guests 457 00:25:47,760 --> 00:25:51,720 Speaker 1: reported back pain after writing the El Toro roller Coaster 458 00:25:52,240 --> 00:25:54,840 Speaker 1: Global News twenty four hours a day on air and 459 00:25:54,960 --> 00:25:59,200 Speaker 1: on Bloomberg Quicktake, powered by more than journalists and analysts 460 00:25:59,200 --> 00:26:01,440 Speaker 1: more than a d countries. I'm Michael bar This is 461 00:26:01,440 --> 00:26:09,040 Speaker 1: Bloomberg NA. Thanks Michael on Wall Street. Time for the 462 00:26:09,040 --> 00:26:12,000 Speaker 1: Bloomberg Sports Update with John Thanks Days and the Yankees 463 00:26:12,040 --> 00:26:14,439 Speaker 1: with as many wins in their last four games as 464 00:26:14,480 --> 00:26:16,600 Speaker 1: they had in the first twenty one days of all this. 465 00:26:16,720 --> 00:26:18,880 Speaker 1: They made it four wins in a row, the first three. 466 00:26:18,960 --> 00:26:20,640 Speaker 1: We're all by the same score of four to two. 467 00:26:20,680 --> 00:26:22,960 Speaker 1: Last night in Oakland it was thirteen to four. A 468 00:26:23,080 --> 00:26:25,840 Speaker 1: twenty hit attack, no home runs, but three hits, three 469 00:26:25,880 --> 00:26:28,280 Speaker 1: RBIs for the rookie as Waldo Cabrera and easy win 470 00:26:28,640 --> 00:26:31,280 Speaker 1: for Jamisonntyana Mets back at today Field started a long 471 00:26:31,280 --> 00:26:34,080 Speaker 1: homestand they meet Colorado three to one. Six wrong ginnings 472 00:26:34,080 --> 00:26:36,560 Speaker 1: from Jacob de Graham, one for Edwin Diaz. They played 473 00:26:36,560 --> 00:26:38,840 Speaker 1: the trumpet song for Diaz in the eighth inning that 474 00:26:38,960 --> 00:26:41,320 Speaker 1: left the ninth for Adam Outavin know Peter Alonso had 475 00:26:41,320 --> 00:26:43,520 Speaker 1: the big hit, two run homer in the third. Think 476 00:26:43,520 --> 00:26:45,920 Speaker 1: it's important to win every game, whether you're playing the 477 00:26:46,000 --> 00:26:49,320 Speaker 1: Yankees or Um or the Rockies or or whoever, or 478 00:26:49,359 --> 00:26:51,439 Speaker 1: the Phillies. I mean, it doesn't matter. It's just that 479 00:26:51,560 --> 00:26:53,760 Speaker 1: we need to do our job every single day. Come 480 00:26:53,840 --> 00:26:56,240 Speaker 1: up and and execute a plan, come up and play 481 00:26:56,280 --> 00:26:58,760 Speaker 1: together as a team. So we did a really good 482 00:26:58,840 --> 00:27:01,160 Speaker 1: job of that tonight. Pitching was right. Uh, we did 483 00:27:01,440 --> 00:27:03,760 Speaker 1: did enough as an offense to scoring up runs and 484 00:27:03,800 --> 00:27:05,720 Speaker 1: win again. The Met's lead the Braves now by two. 485 00:27:05,920 --> 00:27:08,800 Speaker 1: The Jets in twenty twenties drafted white out Denzel Mims 486 00:27:08,800 --> 00:27:10,840 Speaker 1: in the second round. He has fallen on the Jets 487 00:27:10,840 --> 00:27:13,040 Speaker 1: death chard and now Mins has asked to be traded. 488 00:27:13,280 --> 00:27:15,760 Speaker 1: Jets and Giants placed Sunday afternoon at MetLife. The two 489 00:27:15,760 --> 00:27:17,879 Speaker 1: New York teams have had a joint practice and Daniel 490 00:27:17,960 --> 00:27:21,359 Speaker 1: Jones went fourteen and fifteen, but Giants linebackers he's o 491 00:27:21,520 --> 00:27:23,800 Speaker 1: Gilari limped off the field of the leg injury. US 492 00:27:23,840 --> 00:27:27,800 Speaker 1: Open begins Monday. Novak Djokovic made it official he's unvaccinated. 493 00:27:27,840 --> 00:27:29,920 Speaker 1: He's not allowed to fly into the US to play 494 00:27:30,200 --> 00:27:32,840 Speaker 1: golf in Atlanta. Scotti Scheffer took a big step towards 495 00:27:32,840 --> 00:27:36,040 Speaker 1: an eighteen million dollar paycheck. He began the Tour Championship 496 00:27:36,080 --> 00:27:38,640 Speaker 1: with the two shot lead based on leading the standings, 497 00:27:38,640 --> 00:27:42,080 Speaker 1: and he now lead by fom John Stashwen Bomberg Sports. 498 00:27:42,520 --> 00:27:44,760 Speaker 1: Thanks John seven on Wall Street Time for the Tri 499 00:27:44,880 --> 00:27:47,959 Speaker 1: State Business Report with Boomberg's way Dey Gillette. New Jersey 500 00:27:48,000 --> 00:27:50,600 Speaker 1: based Merk has hit the pause button in its talks 501 00:27:50,640 --> 00:27:54,040 Speaker 1: to buy cancer drugmaker Segon. It would be the pharmaceutical 502 00:27:54,080 --> 00:27:56,800 Speaker 1: company's biggest deal in over a decade, but so far 503 00:27:56,880 --> 00:27:59,320 Speaker 1: the two have not agreed on a price. According to 504 00:27:59,359 --> 00:28:03,080 Speaker 1: sources who has to remain confidential, Murk invested in Segan, 505 00:28:03,160 --> 00:28:06,439 Speaker 1: which used to be known as Seattle Genetics in the 506 00:28:06,480 --> 00:28:10,000 Speaker 1: company has a market value of about thirty billion. Hundreds 507 00:28:10,000 --> 00:28:12,800 Speaker 1: sounded off last night at the first virtual public meeting 508 00:28:13,040 --> 00:28:17,760 Speaker 1: on the Metropolitan Transportation Authorities controversial proposed congestion pricing plan 509 00:28:17,880 --> 00:28:20,960 Speaker 1: for Manhattan. The goal is to lessen congestion in the 510 00:28:21,000 --> 00:28:24,080 Speaker 1: Central Business District by charging up to twenty three dollars 511 00:28:24,119 --> 00:28:26,880 Speaker 1: to drive south of sixtieth Street, aside from the West 512 00:28:26,920 --> 00:28:31,040 Speaker 1: Side and FDR Highways. Five additional hearings are planned. Former 513 00:28:31,080 --> 00:28:34,560 Speaker 1: President Trump's one time Connecticut estate is relisting for about 514 00:28:34,560 --> 00:28:38,280 Speaker 1: half of its two thousand fourteen asking price. Dal Jones 515 00:28:38,320 --> 00:28:41,479 Speaker 1: reports the Greenwich Waterfront of state is listing for almost 516 00:28:41,480 --> 00:28:44,760 Speaker 1: thirty million dollars, down from fifty four million. That's the 517 00:28:44,760 --> 00:28:47,960 Speaker 1: Bloomberg Tri State Business Report. I'm Wendy to Let. Thanks Wendy, 518 00:28:47,960 --> 00:28:50,120 Speaker 1: It's on Wall Street. Now. Let's check in with our 519 00:28:50,120 --> 00:28:52,000 Speaker 1: global news team for some of the tough stories on 520 00:28:52,000 --> 00:28:57,840 Speaker 1: our three D affiliate radio stations around the world. I'm 521 00:28:57,880 --> 00:29:01,280 Speaker 1: Steve Photos and x A Laws Angeles. We're talking about 522 00:29:01,280 --> 00:29:04,880 Speaker 1: the nation's largest operator of EV charging stations, ready to 523 00:29:04,920 --> 00:29:08,200 Speaker 1: do battle to get AD dollars. I'm Gina Servetti in 524 00:29:08,360 --> 00:29:11,800 Speaker 1: for w BBM in Chicago. I'm reporting that after days 525 00:29:11,800 --> 00:29:15,840 Speaker 1: of looking at corn crops in Iowa, Illinois, Nebraska, Minnesota, 526 00:29:15,880 --> 00:29:19,360 Speaker 1: and South Dakota scouts are returning with discouraging news and 527 00:29:19,400 --> 00:29:22,680 Speaker 1: that could mean even higher food prices. Famlis Matteo and 528 00:29:22,760 --> 00:29:25,280 Speaker 1: on cam Ox and St. Louis, I'll be reporting on 529 00:29:25,320 --> 00:29:29,160 Speaker 1: the world's most popular password manager getting hacked. I'm Stephen 530 00:29:29,200 --> 00:29:31,600 Speaker 1: carl on D A B Digital Radio in London. We've 531 00:29:31,600 --> 00:29:34,200 Speaker 1: been reporting on how energy bills are set to rize 532 00:29:34,240 --> 00:29:37,760 Speaker 1: a percent in October after the UK's regulator raised the 533 00:29:37,800 --> 00:29:40,360 Speaker 1: price cop I'm ready to let on w T A 534 00:29:40,520 --> 00:29:43,040 Speaker 1: M in Cleveland. I'm reporting on a big company pulling 535 00:29:43,040 --> 00:29:45,480 Speaker 1: out of purchasing homes and those are some of the 536 00:29:45,520 --> 00:29:48,600 Speaker 1: stories are d Bloomberg journalists and analysts who working on 537 00:29:48,640 --> 00:29:51,160 Speaker 1: this morning. It's five thirty nine on Wall Street. The 538 00:29:51,200 --> 00:29:55,080 Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was 539 00:29:55,120 --> 00:29:58,920 Speaker 1: written by the Bloomberg Editorial Board. Chinese leaders seized upon 540 00:29:59,080 --> 00:30:02,280 Speaker 1: US House Speaker and Nancy Pelosi's high profile visit to 541 00:30:02,400 --> 00:30:06,720 Speaker 1: Taiwan earlier this month to launch the largest military exercises 542 00:30:06,760 --> 00:30:10,200 Speaker 1: ever conducted near the island. Although Chinese missiles are no 543 00:30:10,280 --> 00:30:13,880 Speaker 1: longer arcing over Taiwan, things have hardly returned to normal 544 00:30:14,280 --> 00:30:17,600 Speaker 1: to re establish a more favorable equilibrium. The U S 545 00:30:17,640 --> 00:30:20,760 Speaker 1: will have to do more to both deter and reassure China. 546 00:30:21,200 --> 00:30:24,600 Speaker 1: That means moving military resources to the Indo Pacific and 547 00:30:24,720 --> 00:30:29,320 Speaker 1: stepping up cooperation with regional allies, while also avoiding noisy 548 00:30:29,360 --> 00:30:33,280 Speaker 1: symbolic gestures that needlessly provoked China. The aim should be 549 00:30:33,320 --> 00:30:36,360 Speaker 1: a mutual understanding that Taiwan is a long term issue 550 00:30:36,400 --> 00:30:40,160 Speaker 1: to be managed. However messy and unsatisfying such a compromise 551 00:30:40,240 --> 00:30:42,600 Speaker 1: might be, it would be better than sliding into a 552 00:30:42,680 --> 00:30:46,520 Speaker 1: conflict with incalculable cost. This editorial was written by the 553 00:30:46,520 --> 00:30:49,840 Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to 554 00:30:49,880 --> 00:30:52,720 Speaker 1: Bloomberg dot com, slash opinion or O P I N 555 00:30:52,800 --> 00:30:56,280 Speaker 1: go on the Bloomberg terminal. This has been Bloomberg opinion, 556 00:30:56,400 --> 00:30:59,160 Speaker 1: and you can hear Bloomberg opinion editorials every weekday at 557 00:30:59,160 --> 00:31:02,200 Speaker 1: this time. Terminal customers can read more at O P 558 00:31:02,440 --> 00:31:05,680 Speaker 1: I n go. Ahead of Pal speech this morning, futures 559 00:31:05,720 --> 00:31:08,400 Speaker 1: are pulling back. We've got SMP futures right now down 560 00:31:08,440 --> 00:31:13,200 Speaker 1: fourteen points now futures down and Dansack futures lower by 561 00:31:13,240 --> 00:31:16,880 Speaker 1: sixty six points. Matt Maylie, chief market strategist at Miller, 562 00:31:16,920 --> 00:31:23,080 Speaker 1: Tabac joins us. Next. This is Bloomberg Bloomberg eleven three 563 00:31:23,120 --> 00:31:26,000 Speaker 1: oh weather sunshine with showers and storms this afternoon, going 564 00:31:26,080 --> 00:31:28,480 Speaker 1: up to near ninety degrees uper eighties, mix of sun 565 00:31:28,480 --> 00:31:31,200 Speaker 1: and clouds. Tomorrow sunny for Sunday with highs and the 566 00:31:31,240 --> 00:31:37,640 Speaker 1: upper eightings right now seventy six in Central Park Markets. 567 00:31:37,720 --> 00:31:40,800 Speaker 1: Headlines and breaking news twenty four hours a day at 568 00:31:40,840 --> 00:31:44,240 Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg 569 00:31:44,280 --> 00:31:54,080 Speaker 1: Quick Take. He's a Bloomberg Business Flash and I'm camerin Moscow. 570 00:31:54,200 --> 00:31:58,080 Speaker 1: US Stock Index futures are slippering and slipping, and treasuries 571 00:31:58,120 --> 00:32:01,000 Speaker 1: retreating as a chorus of federies of hawks prepare the 572 00:32:01,040 --> 00:32:03,760 Speaker 1: ground for a much anticipated speech by chairs your own 573 00:32:03,840 --> 00:32:06,200 Speaker 1: Powell that's set to shape views on the pace of 574 00:32:06,240 --> 00:32:09,440 Speaker 1: monetary tightening. We checked the markets every fifteen minutes throughout 575 00:32:09,440 --> 00:32:11,640 Speaker 1: the trading day on Bloomberg U S and P future 576 00:32:11,680 --> 00:32:14,680 Speaker 1: is down about fifteen points down, futures down seventy and 577 00:32:14,760 --> 00:32:17,480 Speaker 1: as dag features down sixty eight. The decks in Germany's 578 00:32:17,520 --> 00:32:20,320 Speaker 1: down about two tenths of a percent, ten Your treasury 579 00:32:20,320 --> 00:32:22,720 Speaker 1: down thirteen thirty seconds. He had three point oh seven 580 00:32:22,760 --> 00:32:25,880 Speaker 1: percent yield on the two year three point three eight percent. 581 00:32:26,240 --> 00:32:28,520 Speaker 1: Nimex screwed oil is a one in a quarter percent 582 00:32:28,560 --> 00:32:30,800 Speaker 1: of a dollar twelve at ninety three dollars sixty five 583 00:32:30,800 --> 00:32:33,280 Speaker 1: cents a barrel. Call mex School down half percent or 584 00:32:33,320 --> 00:32:36,280 Speaker 1: eight dollars ten cents at seventeen sixty three thirty announced. 585 00:32:36,600 --> 00:32:39,640 Speaker 1: The euro is at one point zero zero zero one 586 00:32:39,680 --> 00:32:41,960 Speaker 1: against the dollar. British found one point one eight three 587 00:32:42,040 --> 00:32:44,960 Speaker 1: zero and he had one thirties six point nine one. 588 00:32:45,000 --> 00:32:47,520 Speaker 1: And Bitcoin this morning is down one percent at twenty 589 00:32:47,520 --> 00:32:50,960 Speaker 1: one thousand, four hundred twenty dollars. That's a Bloomberg business flash. 590 00:32:51,000 --> 00:32:53,120 Speaker 1: Now here's Michael Barr with more on what's going on 591 00:32:53,240 --> 00:32:55,920 Speaker 1: around the world. Michael, thank you very much. Karen. By noon, 592 00:32:56,040 --> 00:32:59,360 Speaker 1: the Justice Department is set to release a heavily redacted 593 00:32:59,400 --> 00:33:03,600 Speaker 1: affidavia explaining the justification for an FBI search of Donald 594 00:33:03,680 --> 00:33:07,680 Speaker 1: Trump's Florida A state. Earlier this month, agents removed top 595 00:33:07,720 --> 00:33:12,520 Speaker 1: secret government records and other classified documents. Russian President Vladimir 596 00:33:12,520 --> 00:33:15,760 Speaker 1: Putin appears to be trying to replenish his military by 597 00:33:15,960 --> 00:33:19,320 Speaker 1: ordering a thirteen percent increase in the country's troops strength. 598 00:33:19,800 --> 00:33:22,920 Speaker 1: Russian forces have suffered heavy losses in six months of 599 00:33:23,000 --> 00:33:26,600 Speaker 1: war in Ukraine. In baseball, the Yankees beat the A's 600 00:33:26,760 --> 00:33:30,160 Speaker 1: thirteen four, The Mets beat the Rockies three one. The 601 00:33:30,160 --> 00:33:34,280 Speaker 1: Red Sox lost the Orioles one Thursday night. NFL preseason 602 00:33:34,320 --> 00:33:38,560 Speaker 1: action is lost to the Texans. Seventeen. ZIP Global News 603 00:33:38,600 --> 00:33:42,120 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 604 00:33:42,400 --> 00:33:45,360 Speaker 1: powered by more than twenty seven hundred journalists and analysts 605 00:33:45,440 --> 00:33:50,240 Speaker 1: more than a hundred twenty countries. Michael Barron, this is Bloomberg. Nathan, Okay, Michael, 606 00:33:50,320 --> 00:33:53,160 Speaker 1: thank you. It is five nine on Wall Street Life 607 00:33:53,160 --> 00:33:56,360 Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak 608 00:33:56,360 --> 00:33:59,080 Speaker 1: as we continue the countdown to Chairman Pal's speech at 609 00:33:59,160 --> 00:34:02,760 Speaker 1: Jackson Houlward, joined this morning by Matt Mayleie, chief market 610 00:34:02,800 --> 00:34:05,320 Speaker 1: strategist at Miller Ta Back, Matt, It's great to have 611 00:34:05,440 --> 00:34:08,400 Speaker 1: you back on with us. We've seen uh plenty of 612 00:34:08,640 --> 00:34:12,400 Speaker 1: gyrations in the market in the days leading up to 613 00:34:12,719 --> 00:34:15,840 Speaker 1: Chairman Powell's address. How do you view the market action 614 00:34:15,960 --> 00:34:19,080 Speaker 1: this week? Well, it's yeah, I mean we've had you 615 00:34:19,160 --> 00:34:22,479 Speaker 1: had that huge rally uh from the middle of June 616 00:34:23,080 --> 00:34:25,680 Speaker 1: until about a week ago. And uh, so I could 617 00:34:25,680 --> 00:34:28,759 Speaker 1: see why people want to take a pull the market 618 00:34:28,800 --> 00:34:31,040 Speaker 1: to pull back a little bit anyway, Uh, you know, 619 00:34:31,120 --> 00:34:32,920 Speaker 1: taking a few chips off the table in front of that, 620 00:34:33,000 --> 00:34:35,440 Speaker 1: in front of this big speech today, and then of 621 00:34:35,480 --> 00:34:38,239 Speaker 1: course we bounced Bennet sense and Wally bounced back, just 622 00:34:38,360 --> 00:34:40,839 Speaker 1: kind of shows some of some of the uncertainty out there. Um, 623 00:34:40,960 --> 00:34:43,640 Speaker 1: but it's gonna be uh, it's gonna be very interesting 624 00:34:43,680 --> 00:34:45,480 Speaker 1: to see what he says today because the setup has 625 00:34:45,480 --> 00:34:48,960 Speaker 1: certainly been very hawkish, very hawkish, and uh if he 626 00:34:49,239 --> 00:34:52,279 Speaker 1: does not come off as pretty darted hawkish, Uh, I 627 00:34:52,320 --> 00:34:54,359 Speaker 1: mean I personally, I think he's gonna make a FED 628 00:34:54,480 --> 00:34:59,120 Speaker 1: speak uh pre irrelevant going forward because if you have 629 00:34:59,480 --> 00:35:03,520 Speaker 1: a whole slew of people of either quite quite hawkish 630 00:35:03,600 --> 00:35:07,000 Speaker 1: too extremely hawkish, and he comes out on the doubsh side, Uh, 631 00:35:07,440 --> 00:35:09,239 Speaker 1: why would you even listen to these people anymore? So 632 00:35:09,320 --> 00:35:11,400 Speaker 1: it's it's gonna be very interesting to me. Is that 633 00:35:11,520 --> 00:35:13,719 Speaker 1: your call? Do you think he's gonna soften the tone 634 00:35:13,920 --> 00:35:16,920 Speaker 1: ahead of or after all that we've heard from the 635 00:35:17,000 --> 00:35:20,080 Speaker 1: FED speakers this week? No? I don't, And I think 636 00:35:20,120 --> 00:35:22,680 Speaker 1: the market is you know, and that's gonna be tough 637 00:35:22,760 --> 00:35:24,520 Speaker 1: for the market. I think he's gonna be I think 638 00:35:24,560 --> 00:35:27,120 Speaker 1: he is gonna be hawkish, uh for for partially partially 639 00:35:27,160 --> 00:35:29,239 Speaker 1: because why why would you why would all these other 640 00:35:29,280 --> 00:35:31,360 Speaker 1: people come out and be as hawkish as they had 641 00:35:31,440 --> 00:35:34,759 Speaker 1: been in unison. Uh if he wasn't on the same page, 642 00:35:34,840 --> 00:35:36,320 Speaker 1: it just wouldn't make a whole lot of sense to me. 643 00:35:36,800 --> 00:35:39,319 Speaker 1: Uh and uh And you know there's a good reason 644 00:35:39,400 --> 00:35:41,160 Speaker 1: for it. I mean, we can all talk about it 645 00:35:41,480 --> 00:35:43,800 Speaker 1: fears a recession and we can't have a recession. But 646 00:35:44,640 --> 00:35:46,799 Speaker 1: it's like, well, if you don't take and say don't 647 00:35:46,800 --> 00:35:51,040 Speaker 1: don't take care of inflation first, the recession is going 648 00:35:51,080 --> 00:35:53,480 Speaker 1: to be worse if you back off too soon. Uh 649 00:35:53,640 --> 00:35:56,440 Speaker 1: So I do think and I guess my point is 650 00:35:56,480 --> 00:35:59,120 Speaker 1: that I think that the stock market is not pricing 651 00:35:59,200 --> 00:36:02,640 Speaker 1: in a oor pace of of of cutting rates. I'm sorry, 652 00:36:02,719 --> 00:36:05,799 Speaker 1: of raising rates. I think it's pricing in uh an 653 00:36:06,000 --> 00:36:08,759 Speaker 1: end of rates, the end of hiking rates by the 654 00:36:08,880 --> 00:36:10,879 Speaker 1: end of the year, end up pivot to cutting rates 655 00:36:10,920 --> 00:36:12,399 Speaker 1: by next year. And I just I don't think that's 656 00:36:12,400 --> 00:36:14,279 Speaker 1: what we're gonna get. So what does that mean for 657 00:36:14,360 --> 00:36:18,560 Speaker 1: the market if the if the chairman does delivered that message. Yeah, 658 00:36:18,600 --> 00:36:20,600 Speaker 1: I just don't think that the markets priced in for that, 659 00:36:20,840 --> 00:36:22,960 Speaker 1: for that message, and and and we'll we'll we'll see 660 00:36:22,960 --> 00:36:25,359 Speaker 1: a pullback you know again that would that would be okay. 661 00:36:25,400 --> 00:36:27,399 Speaker 1: I mean, I think the markets, Uh, even if you're 662 00:36:28,040 --> 00:36:30,120 Speaker 1: very very bullish on the on the economy and bullish 663 00:36:30,160 --> 00:36:33,080 Speaker 1: on the market longer term. Uh, this rally has been 664 00:36:33,360 --> 00:36:36,840 Speaker 1: a very strong one. And uh, even even without the 665 00:36:38,200 --> 00:36:40,000 Speaker 1: Jackson whole speech to day, the market is kind of 666 00:36:40,080 --> 00:36:43,120 Speaker 1: ripe for a pullback anyway because it's getting overbought on 667 00:36:43,160 --> 00:36:45,960 Speaker 1: a tentacle basis. So but when you combine it with 668 00:36:46,000 --> 00:36:48,840 Speaker 1: the fact that uh that he I believe will be 669 00:36:48,960 --> 00:36:52,400 Speaker 1: more hawkish, Uh, that does lead for it's kind of 670 00:36:52,440 --> 00:36:55,000 Speaker 1: tough because we're heading into the September October time frame 671 00:36:55,280 --> 00:36:57,080 Speaker 1: and we could get that kind of pullback. It could 672 00:36:57,120 --> 00:36:58,960 Speaker 1: be a little bit bigger than people have been thinking. 673 00:36:59,200 --> 00:37:01,279 Speaker 1: Use it a pullback, it tests the jew low. Does 674 00:37:01,320 --> 00:37:04,799 Speaker 1: it go further than that? Well, I I certainly think 675 00:37:04,840 --> 00:37:08,560 Speaker 1: the chances are are there. Uh. And uh, I don't 676 00:37:08,600 --> 00:37:11,440 Speaker 1: want to sound overly bearished, because you know the problem 677 00:37:11,560 --> 00:37:13,560 Speaker 1: that we face is that the last time we had 678 00:37:14,320 --> 00:37:17,040 Speaker 1: a big, bad bear market that lasted from you know, 679 00:37:17,400 --> 00:37:19,239 Speaker 1: for a while. I mean two thousand twenty was kind 680 00:37:19,280 --> 00:37:21,680 Speaker 1: of one of those odd situations with the pandemic. But 681 00:37:21,800 --> 00:37:25,799 Speaker 1: that was, of course during the financial crisis, and people think, oh, well, jeez, 682 00:37:25,800 --> 00:37:27,160 Speaker 1: if you think it's going to go lower, you're looking 683 00:37:27,200 --> 00:37:30,680 Speaker 1: for another financial crisis where the market goes down, and 684 00:37:30,760 --> 00:37:32,440 Speaker 1: that's not what I'm looking for. But I do think 685 00:37:32,440 --> 00:37:36,080 Speaker 1: we we can definitely test the lows and uh uh 686 00:37:36,160 --> 00:37:39,919 Speaker 1: and maybe even letter cut them in at last minute here, Matt, 687 00:37:40,160 --> 00:37:43,480 Speaker 1: Are there any sectors or styles that are better insulated 688 00:37:43,640 --> 00:37:48,239 Speaker 1: from a more difficult investment environment? Well, I just think that. 689 00:37:48,960 --> 00:37:50,720 Speaker 1: One of the things that I said back in December 690 00:37:50,840 --> 00:37:53,880 Speaker 1: and January this year is that the raising cash is 691 00:37:53,920 --> 00:37:57,040 Speaker 1: a good idea right now. But as for the sectors, 692 00:37:57,239 --> 00:37:59,719 Speaker 1: I still think the energy sector is that, you know, 693 00:37:59,880 --> 00:38:02,480 Speaker 1: is it's doing quite well. You look at crude oil, 694 00:38:02,520 --> 00:38:05,120 Speaker 1: it's very interesting. Um yeah, yes, it's come way down. 695 00:38:05,280 --> 00:38:07,000 Speaker 1: You know. I don't some people still saying it's gonna 696 00:38:07,000 --> 00:38:09,399 Speaker 1: bounce back to one fifty on crude oil. I don't 697 00:38:09,400 --> 00:38:10,960 Speaker 1: think that's gonna happen. But I do think that the 698 00:38:11,480 --> 00:38:14,360 Speaker 1: energy sector is one that will do well. It's a 699 00:38:14,440 --> 00:38:17,879 Speaker 1: good inflation hedge, and that's what I'm really worried about. 700 00:38:17,920 --> 00:38:20,880 Speaker 1: I mean, we have to beat inflation first, and I 701 00:38:21,000 --> 00:38:23,919 Speaker 1: think it's gonna stay at an elevated level even though Pete, 702 00:38:24,080 --> 00:38:26,480 Speaker 1: we're past peat inflation. One of those reasons, I think 703 00:38:26,719 --> 00:38:28,560 Speaker 1: that oil will not come down a lot further. So 704 00:38:28,640 --> 00:38:30,520 Speaker 1: I think the energy sectors is a good place to 705 00:38:30,600 --> 00:38:32,680 Speaker 1: play and as a place to you know, get some 706 00:38:33,080 --> 00:38:36,880 Speaker 1: hedges for that, for that elevated level of inflation. I 707 00:38:36,920 --> 00:38:39,160 Speaker 1: think we'll stay with us. Thanks Matt, great having on 708 00:38:39,280 --> 00:38:42,120 Speaker 1: with us once again. Matt Maylee, Chief market strategist at 709 00:38:42,200 --> 00:38:45,080 Speaker 1: Miller Ta Back, Karen Allry, Nathan, thank you at it's 710 00:38:45,160 --> 00:38:47,480 Speaker 1: five or fifty three on Wall Street. Time for our 711 00:38:47,520 --> 00:38:50,120 Speaker 1: Bloomberg Law Report. Let's get to the legal stories we're 712 00:38:50,160 --> 00:38:57,320 Speaker 1: watching this morning. From Bloomberg's Jeff Bellinger. A federal magistrate 713 00:38:57,360 --> 00:39:00,560 Speaker 1: in Manhattan handed Amazon and the nation's top publish houses 714 00:39:00,640 --> 00:39:04,320 Speaker 1: a tentative victory, finding allegations of a conspiracy to inflate 715 00:39:04,400 --> 00:39:07,799 Speaker 1: book prices to be implausible. The federal court in Massachusetts 716 00:39:07,840 --> 00:39:12,120 Speaker 1: will let consumers proceed with allegations that Gordon's misrepresented products 717 00:39:12,200 --> 00:39:16,040 Speaker 1: made with Pelopia from China as sustainably sourced their healthcare 718 00:39:16,120 --> 00:39:19,239 Speaker 1: filed the trademark infringement suit in New Jersey federal court 719 00:39:19,520 --> 00:39:23,440 Speaker 1: charging that an unauthorized seller is distributing fake their products 720 00:39:23,480 --> 00:39:27,840 Speaker 1: in storefronts run by Amazon and Walmart. Bloomberg Law everything 721 00:39:27,920 --> 00:39:31,600 Speaker 1: you need, all on one legal research platform, including guidance 722 00:39:31,640 --> 00:39:35,520 Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg 723 00:39:35,600 --> 00:39:41,120 Speaker 1: Law dot com. Another legal story we're watching. On Wednesday, 724 00:39:41,200 --> 00:39:44,920 Speaker 1: President Joe Biden unveiled a sweeping student debt relief package 725 00:39:45,000 --> 00:39:47,439 Speaker 1: that cancels as much as twenty thousand dollars in debt. 726 00:39:47,480 --> 00:39:50,239 Speaker 1: First some For more on this and potential challenges to 727 00:39:50,280 --> 00:39:53,520 Speaker 1: the bide An administration's plan, Bloomberg's Greg Store spoke with 728 00:39:53,560 --> 00:39:57,600 Speaker 1: Georgia's State University College of Law professor Eric Siegel. Let 729 00:39:57,680 --> 00:39:59,919 Speaker 1: me ask you about the prospect that you mentioned about 730 00:40:00,120 --> 00:40:05,120 Speaker 1: servicers loan servicers suing to challenge here. Have you seen 731 00:40:05,320 --> 00:40:09,040 Speaker 1: any indication that there is a service or out there 732 00:40:09,560 --> 00:40:13,840 Speaker 1: who might be motivated to challenge this. You mentioned that 733 00:40:13,880 --> 00:40:17,160 Speaker 1: there might be some financial impact, but surely if there 734 00:40:17,239 --> 00:40:20,080 Speaker 1: is a lawsuit here, it's going to be about ideology 735 00:40:20,120 --> 00:40:23,960 Speaker 1: as much as about money. Right, I don't think it 736 00:40:23,960 --> 00:40:28,080 Speaker 1: would be very hard for groups who are devoted to 737 00:40:28,280 --> 00:40:31,799 Speaker 1: dismantling the administrative state and both of you know, there 738 00:40:31,880 --> 00:40:33,759 Speaker 1: are a lot of groups that want to do that. 739 00:40:34,000 --> 00:40:37,080 Speaker 1: In general, they'll be able to find a service or 740 00:40:37,200 --> 00:40:40,120 Speaker 1: somewhere who says, you know, I have X number of 741 00:40:40,200 --> 00:40:42,640 Speaker 1: loans and I make X amount of money off of them, 742 00:40:42,840 --> 00:40:44,800 Speaker 1: and now I'm going to have X minus that amount 743 00:40:44,840 --> 00:40:47,840 Speaker 1: of money. But we shouldn't criticize that because you know, 744 00:40:47,960 --> 00:40:51,680 Speaker 1: that's how civil rights groups brought lawsuits that eventually led 745 00:40:51,719 --> 00:40:54,640 Speaker 1: to the Brown Versu support of education. That's an equally 746 00:40:54,680 --> 00:40:56,680 Speaker 1: true thing for both docks and in these kinds of 747 00:40:56,840 --> 00:41:01,400 Speaker 1: ideological battles, public interest groups and normally fund the lawsuits. 748 00:41:01,480 --> 00:41:04,320 Speaker 1: They find plainets who are outstanding, and that's something we 749 00:41:04,360 --> 00:41:07,680 Speaker 1: shouldn't criticize, you know, unless we want a much weaker judiciary, 750 00:41:07,719 --> 00:41:10,360 Speaker 1: because this is how this is normally done. Now. I 751 00:41:10,400 --> 00:41:14,040 Speaker 1: will also say, twenty years ago, the federal society would 752 00:41:14,040 --> 00:41:15,839 Speaker 1: not have thought this was the kind of lawsuits people 753 00:41:15,880 --> 00:41:18,360 Speaker 1: should bring, But they've changed their minds on that. And 754 00:41:18,440 --> 00:41:20,719 Speaker 1: so there are a lot of groups who are very 755 00:41:20,840 --> 00:41:24,440 Speaker 1: vested in limiting the amount of deference Congress can give 756 00:41:24,480 --> 00:41:26,880 Speaker 1: to the executive branch. That's the kind of lawsuit this 757 00:41:26,960 --> 00:41:29,759 Speaker 1: would be. It would be that the secretary didn't have 758 00:41:29,960 --> 00:41:34,279 Speaker 1: the authority that a secretary says they have, or if 759 00:41:34,360 --> 00:41:36,360 Speaker 1: Congress wants to delegate this power, it has to do 760 00:41:36,520 --> 00:41:40,160 Speaker 1: so tough, you know, much clearer statute, because it's called 761 00:41:40,360 --> 00:41:43,399 Speaker 1: a major question. All of that stuff is fairly new, 762 00:41:43,880 --> 00:41:46,040 Speaker 1: so it's hard to say, but I'm sure there are 763 00:41:46,480 --> 00:41:49,640 Speaker 1: plainets out there to be gotten by ideological groups who 764 00:41:49,719 --> 00:41:54,399 Speaker 1: want to further limit the administrative state, as Georgia's State 765 00:41:54,560 --> 00:41:58,200 Speaker 1: University College of Law professor Eric Siegel, speaking with Bloomberg's 766 00:41:58,320 --> 00:42:01,719 Speaker 1: Gregg iss Store. Catch more of that interview, plus analysis 767 00:42:01,760 --> 00:42:04,680 Speaker 1: of the latest legal news, by subscribing to the Bloomberg 768 00:42:04,760 --> 00:42:07,600 Speaker 1: Law Podcast or downloading the show at Bloomberg dot com 769 00:42:07,680 --> 00:42:11,360 Speaker 1: slash podcast. Attorneys can find exceptional legal research and business 770 00:42:11,400 --> 00:42:14,160 Speaker 1: development tools at Bloomberg Law dot com and on the 771 00:42:14,160 --> 00:42:17,760 Speaker 1: Bloomberg terminal at b Law. Go. And futures this morning 772 00:42:18,080 --> 00:42:21,200 Speaker 1: are following s and P futures down seventeen points down 773 00:42:21,280 --> 00:42:24,439 Speaker 1: features down A D two and NASDAG features down seventy four, 774 00:42:24,880 --> 00:42:27,799 Speaker 1: ten year Treasury down thirteen thirty seconds held three point 775 00:42:27,840 --> 00:42:30,279 Speaker 1: oh seven percent. They yield on the two year three 776 00:42:30,360 --> 00:42:34,000 Speaker 1: point three eight percent. NIMEX screwed oil higher, up one 777 00:42:34,080 --> 00:42:36,319 Speaker 1: point one percent of a dollar four at ninety three 778 00:42:36,360 --> 00:42:39,200 Speaker 1: dollars fifty six cents in barrel, and Comic School is 779 00:42:39,239 --> 00:42:42,560 Speaker 1: done half percent at seventeen sixty two thirty announce and 780 00:42:42,640 --> 00:42:46,239 Speaker 1: our top stories are straight ahead. This is Bloomberg