Speaker 1: That brings us to five oh seven on Wall Street
Speaker 1: where seventy six degrees in Central Park. Heads up for
Speaker 1: some police activity at street. It's got that stretch closed
Speaker 1: between ninth and eighth. Will tell you more shortly in traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan.
Speaker 1: The first hearing is in the books about the m
Speaker 1: t a's congestion pricing plan in Manhattan. Hundreds of people
Speaker 1: on both sides signed up to speak on the matter.
Speaker 1: According to the m t A, the plan could cost
Speaker 1: drivers in Manhattan south of sixty Street as much as
Speaker 1: twenty three dollars during rush hour. The agency says it
Speaker 1: was designed to lessen traffic congestion by as much as
Speaker 1: Last evening's public hearing was the first of six. We
Speaker 1: may soon learn more about what made the Justice Department
Speaker 1: search former President Donald Trump's Mara Lago home. The d
Speaker 1: o J is submitting a redacted version today of the
Speaker 1: affidavit out of concerns for the safety of the witnesses.
Speaker 1: Legal expert Lorie Levinson, it does look like the court
Speaker 1: felt that this was something of such great public interests
Speaker 1: that to the extent that the court could release information
Speaker 1: that did not compromise an ongoing investigation, it was inclined
Speaker 1: to do so. And of course there's great public attention
Speaker 1: on what happened here, why the Department of Justice went
Speaker 1: so far to get a warrant to search the ex
Speaker 1: president's Marlago residents. Loyola Law School professor Laurie Levinson says
Speaker 1: the judge ordered it to be released to the public
Speaker 1: by noon. California's Air Quality Regulation Board voted yesterday to
Speaker 1: halt the sale of gas powered cars by five The
Speaker 1: board says it would dramatically lower emissions and air pollutants.
Speaker 1: Governor Gavin Newsom this is the architecture for completely decarbonizing
Speaker 1: our economy. Change away to producing zoom energy, and it's
Speaker 1: the architecture for economic power, not just electric power. Governor
Speaker 1: Newsom says one tenth of all cars sold in the
Speaker 1: US arts Californians. However, not everyone is on board with
Speaker 1: the change. Tom Becker says he downs electric vehicles will
Speaker 1: be reliable enough. Even by that time. Battery failures and
Speaker 1: electric vehicles are very common, and guess what these people
Speaker 1: are not going to honor their battery warranties. They don't
Speaker 1: honor him. Now you can have a battery failure in
Speaker 1: these electric vehicles that will cost dollars. Tom Becker was
Speaker 1: among those who spoke at the hearing Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalists an analists,
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg. Nathan, all right, Michael, thank you. Coming up
Speaker 1: to five ten on Wall Street time for the Bloomberg
Speaker 1: Sports Update. Good morning, John Stenshower, Good morning, Nathan. Good
Speaker 1: started to the Yankees ten game road trip there in Oakland.
Speaker 1: That the team that's twenty and forty two at home,
Speaker 1: and the Yanks teet off on the age twenty hits.
Speaker 1: They were up ten nothing in the fourth in in
Speaker 1: the final thirteen to four, three hits for the red
Speaker 1: hot Andrew ben and ten d three for Josh Donaldson,
Speaker 1: three hits, three rbies for rookie Oswaldo Cabrera, plenty of
Speaker 1: run support for Jamison Town to get his team leading twelve.
Speaker 1: When Garrett Cole starts tonight, Esther Cortez was to start tomorrow,
Speaker 1: but he was placed on the injured list with a
Speaker 1: strained groin, not believed to be a serious injury. Done.
Speaker 1: Carlo Stanton came off the i L. He was back
Speaker 1: in the Yankee line up last night. As for the Mets,
Speaker 1: Jacob Gram a lot of times with his career, has
Speaker 1: gotten no run support. He doesn't need a lot. He
Speaker 1: got all he needed with one swing of the bat.
Speaker 1: Basketball hit high in the air, deep to left field.
Speaker 1: Forget about it that way at it here fu the
Speaker 1: facing of the second deck. Need Alonso demolishes a two
Speaker 1: run homer in the Mets ll lead three nothing in
Speaker 1: the bottom of the third CBS thirty first on run
Speaker 1: for Alonso. He's got a hundred and four RBIs that
Speaker 1: Mets beat the Rockies three. The one is the grom
Speaker 1: one six sittings gave up to three hits struck at nine.
Speaker 1: Mets now with a two game lead on Atlanta the
Speaker 1: US Open against Monday. It's all about Serena Williams and
Speaker 1: she learned her first round opponent in this her career
Speaker 1: ending tournament, will be Donka Convintage from Montenegro, rank edioth
Speaker 1: in the world. Meanwhile, the unvaccinated. Novak Djokovic made it official.
Speaker 1: He's not playing, not allowed to fly into the US
Speaker 1: towards Yapagehip Golf in Atlanta. Sixty five for world number
Speaker 1: one Scottie Scheffler. He's got a five shot lead. John Stash,
Speaker 1: Edward Bloomberg Sports, Nathan, thank you, John SMP futures down
Speaker 1: down thirteen point, Staff features down sixty seven, Nastack futures
Speaker 1: down fifty nine points. The tenure treasuries down fourteen thirty seconds,
Speaker 1: the old three point zero seven percent. Ahead of Chairman
Speaker 1: Powell's keynote at the Jackson Hole Economic Symposium, what will
Speaker 1: he say? We check in next with Sarah House of
Speaker 1: Wells Fargo. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: partly Sunday today, maybe some showers and storms this afternoon
Speaker 1: with a Higheer ninety degrees. Oper eight is a mix
Speaker 1: of sun clouds tomorrow Oper eighties sunshine for Sunday right
Speaker 1: now seventy six in Central Park Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business Outland at Bloomberg Quick Tape. This is
Speaker 1: a Bloomberg Business lash and I'm Karen Moscow. You watch
Speaker 1: Dock Index futures are slipping this morning. The dollar is
Speaker 1: climbing as a chorus of Federal Reserve hawks prepare the
Speaker 1: ground for a much anticipated speech by Chair Jerome Powell
Speaker 1: that's set to shape views on the pace of monetary tightening.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on bloomberg S and p futures are done about
Speaker 1: fourteen points this morning. Down futures down sixty eight and
Speaker 1: NAS deck futures down sixty. The decks in Germany's down
Speaker 1: a tenth of upper sent ten. Your treasury down twelve
Speaker 1: thirty seconds. You'll three point oh seven percent. They yield
Speaker 1: on the two year three point three eight percent. Nin
Speaker 1: Max Screwed oil is up six tents percent or fifty
Speaker 1: eight cents at ninety three dollars ten cents of barrel
Speaker 1: comex School done about half percent or eight dollars at
Speaker 1: seventeen sixty three forty announced. The euro is at point
Speaker 1: against the dollar. British found one point one eight one
Speaker 1: nine and again one thirty six point eight six and
Speaker 1: Bitcoin this morning it's down one per cent at thirty dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, good Morning,
Speaker 1: Good Morning, Karen. A federal judge says the Justice Department
Speaker 1: has until noon to release an affidavit used to justify
Speaker 1: the FBI search of former President Trump's Florida home. The
Speaker 1: judge says he's accepted the Justice Department's redactions and reasons
Speaker 1: for blacking out information about witnesses, agents, and uncharged parties
Speaker 1: in the document. A major nuclear power plant in Ukraine
Speaker 1: was temporarily cut off from the electricity grid. The Zaporiza
Speaker 1: nuclear plant, occupied by the Russians went offline, causing a
Speaker 1: blackout in the region and has caused more fears of
Speaker 1: a nuclear disaster. In baseball, the Yankees beat the A's
Speaker 1: thirteen four, The Mets beat the Rockies three one. The
Speaker 1: Red Sox lost the Orioles one. Thursday Night NFL preseason action.
Speaker 1: The fort Is lost with the Texans seventeen. ZIP Global
Speaker 1: News twenty four hours a day on airrand on Bloomberg
Speaker 1: Quick Take power by more than seven hundred journalists analysts
Speaker 1: more than a hundred twenty countries, Michael bar This is
Speaker 1: Bloomberg Nathan Michael, thank you. We are live from the
Speaker 1: Bloomberg Interactive Broker Studios where it is five nineteen on
Speaker 1: Wall Street, which puts us four hours in forty one
Speaker 1: minutes away from Chairman Jerome Powell's speech at the annual
Speaker 1: Jackson Hole Economic Symposium. Let's get you set four it
Speaker 1: this morning. Wells Fargo Senior economist Sarah House joins us
Speaker 1: ahead of the keynote address. Sarah, what do you think
Speaker 1: Sherman Powell will say? What do you think he should say? Well,
Speaker 1: I think what we see is overall that reeration of
Speaker 1: the sell bringing baking back downs. I think we're gonna
Speaker 1: try to establish your line here, Sarah, there is a
Speaker 1: lot of static. Maybe joining us from Jackson Hole will
Speaker 1: try to clear that up with her this morning as
Speaker 1: we uh take a look at the markets ahead of
Speaker 1: the speech. Futures appointing to a little bit of losses
Speaker 1: here with SMP futures down thirteen points, Nasdaq futures leading
Speaker 1: the declines. We've had seen a lot of volatility, of course,
Speaker 1: all week long ahead of Chairman Powell's addressed. NASTAC futures
Speaker 1: right now are down about a half percent or sixty
Speaker 1: three points. Lots of movement in the bond space as well.
Speaker 1: We've got the tenure treasury right now down thirteen thirty
Speaker 1: seconds for yield of three point zero seven percent, kneeled
Speaker 1: on the two year three point three eight percent. A
Speaker 1: lot of Treasury watchers are looking for even more volatility
Speaker 1: coming off of Chairman Powell's speech later on this morning,
Speaker 1: and as we look ahead to more economic data ahead
Speaker 1: of the f O m c uh next meeting at
Speaker 1: the end of next month. Sair House is back with
Speaker 1: us this morning. Hope your line sounding a little bit
Speaker 1: better this morning, to make sure, Sarah that we get
Speaker 1: clarity on whether you think Chairman Powell is going to
Speaker 1: deliver clarity later this morning. I think he's going to
Speaker 1: keep his options open and suggest that the Fed does
Speaker 1: remain nimble and we'll be reacting to the data. So
Speaker 1: I don't think we're going to get any strong hints
Speaker 1: about fifty or seventy five at the upcoming September meeting.
Speaker 1: The Committee agrees that rates need to go higher, but
Speaker 1: I think they're they're trying to acknowledge the fact that
Speaker 1: we are beginning to see growth cool. There are some
Speaker 1: at least tentative signs of inflation beginning to ease, but
Speaker 1: there's still so much uncertainty about the path ahead, and
Speaker 1: so I think they're going to suggest that they will
Speaker 1: will do what is necessary to bring down inflation. Is
Speaker 1: that what you've been hearing from, Sorry, Sarah, is that
Speaker 1: what you've been hearing from some of the other FED
Speaker 1: speakers that we've gotten to hear from ahead of Chairman
Speaker 1: Powell's speech this morning. A lot of hawkish talk ahead
Speaker 1: of this much watched address later today, a lot of
Speaker 1: pokished hawk when it relates to bringing down inflation. So
Speaker 1: you did have Bullard out yesterday reiterating that he's in
Speaker 1: favor of front loading, thinks we need to get rates
Speaker 1: up to a range of three seventy five or by
Speaker 1: by the end of this year. So I think so,
Speaker 1: I think we're seeing that from from some of the
Speaker 1: said speakers, but those tended lean a little bit more
Speaker 1: hawkish than than Pow has I think, in some ways
Speaker 1: is a little bit more hesitant. We saw that in
Speaker 1: the press conference coming out of the July meeting, where
Speaker 1: he was flagging the fact that we haven't seen the
Speaker 1: full effects of tightening to date, and so I think
Speaker 1: there there could be perhaps a little bit more of
Speaker 1: a of a balanced tone or some some hints of
Speaker 1: hesitation with within his speech, relatives to what we've seen
Speaker 1: from some of the more hawkish members speaking before. Before today,
Speaker 1: obviously there's been a lot of attention on core PC
Speaker 1: as a data point for Powell and company to look
Speaker 1: at when it comes to whether they're winning the inflation fight.
Speaker 1: What other data points do you think the central banks
Speaker 1: should be looking at? So I think right now are
Speaker 1: really important. One is what we're seeing in terms of
Speaker 1: wages and labor costs. So we had another really strong
Speaker 1: e c I last quarter. Average early wages also re accelerating,
Speaker 1: So we'll get another look at that next Friday with
Speaker 1: with the jobs report, and I think that's really important.
Speaker 1: Where we're certainly seeing some easy pressures in inflation coming
Speaker 1: from supply chain shipping costs going down, supplier delivery time easy,
Speaker 1: but we haven't seen that from the labor market, and
Speaker 1: so we're seeing labor costs still running out a pace
Speaker 1: well above two inflation consistent levels. And this is the
Speaker 1: area of inflation that is well within the Fed's remit
Speaker 1: so I think there's there's still a lot of concern
Speaker 1: out there over how quickly inflation might cool and how
Speaker 1: easily it might get back to two percent. It's not
Speaker 1: going to be an easy path ahead, even with the
Speaker 1: titan that we've seen today. Again, Sarah, thanks for being
Speaker 1: with us this morning. Glad we got you back on
Speaker 1: with a clearer line there. That's Sarah house Wells Farges
Speaker 1: senior economists. As we get set four Chairman Powell's address
Speaker 1: later on this morning ten am Wall Street time. Of course,
Speaker 1: we'll be hearing from a lot of head speakers ahead
Speaker 1: of that as well. So you want to stay with
Speaker 1: Bloomberg Radio for our complete coverage of the Jackson Hole
Speaker 1: Economic Symposium. It continues this morning on a special edition
Speaker 1: of Bloomberg Surveillance Live from Jackson Hole with Tom Keene,
Speaker 1: Jonathan Farrell, and Lisa Brahmoy. It's up begins at seven
Speaker 1: am Wall Street time. Ahead of the remarks from Chairman Powell,
Speaker 1: will bring to you live at ten s ANDP Futures
Speaker 1: down fourteen points now down, Futures down seventy one. Nasdaq
Speaker 1: Future is lower by sixty two points. You are listening
Speaker 1: to Bloomberg Daybreak Bloomberg eleven three oh Weather partly sunny,
Speaker 1: some showers and storms developing this afternoon with highs in
Speaker 1: the upper eighties, mix of sun and clouds. Tomorrow upper
Speaker 1: eighties will be in the upper eighties with sunshine on Sunday.
Speaker 1: Right now seventies six in Central Park. My from the
Speaker 1: Bloomberg into Ramptor Berger Studios. This is Bloomberg day Break
Speaker 1: for Friday, August twenty six two. Coming up this hour.
Speaker 1: FED officials take a hawkish stance ahead of j Powell's
Speaker 1: Jackson Whole speech. A judge orders Twitter to hand more
Speaker 1: data to Elon Musk. Guess their legal battle continues. Dell
Speaker 1: and salesforce slide as more tech companies report tighter times ahead.
Speaker 1: The first MTA hearing on congestion pricing in Manhattan is
Speaker 1: in the books. Plus we should see soon and redacted
Speaker 1: AFFI David Search Trump's mora lago with State. I'm Michael Barr.
Speaker 1: More ahead, I'm stash in sports. Twenty hits for the
Speaker 1: Yankees and easy win at Oakland. Jake Graham pitched the
Speaker 1: Mets to victory over Colorado. That's all stread ahead on
Speaker 1: Bloomberg day Break on Bloomberg eleven Tree, on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Syrius x M one nineteen
Speaker 1: and around the world on blue Berg Radio dot com
Speaker 1: and via the Bloomberg Business Actor. And Good Friday morning.
Speaker 1: I'm Nathan Hager and I'm Karen Moscow US not index
Speaker 1: futures are lower this morning. We are coming up to
Speaker 1: five oh one on Wall Street, and we check the
Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg
Speaker 1: SMP futures are down thirteen points down, futures down sixty nine,
Speaker 1: and NASDACK futures down fifty nine. The decks in Germany
Speaker 1: is that will change the ten year treasury down twelve
Speaker 1: thirty seconds. He'll three point oh seven percent and the
Speaker 1: yield on the two year three point three seven percent. Nathan, Karen,
Speaker 1: it is the event Wall Street and global markets have
Speaker 1: been waiting for all week long. Federal Reserve Chairman Jerome
Speaker 1: Powell delivers the speech at the Jackson Hole Economic Symposium
Speaker 1: at ten am Wall Street time today. Bloomberg's Tom Keene
Speaker 1: is covering the event for us. Good morning, Tom, Karen
Speaker 1: and Nathan. Of course, all eyes on Chairman Paul. This
Speaker 1: will be a different speech, widely anticipated they all are.
Speaker 1: But what's different this time is the stakes on interest
Speaker 1: rate policy. What's widely understood is it's not just the speech,
Speaker 1: it's a few and key reports that we're gonna see
Speaker 1: into September and that important FED meaning. So it's not
Speaker 1: just the speech, it's the data reports, but it's also
Speaker 1: the news around the world, the idea of what's going
Speaker 1: on in Europe and China flat on their back. All
Speaker 1: around the world will be watching Chairman Paul this morning
Speaker 1: certainly will be Thank you for that, Tom, and please
Speaker 1: follow Bloomberg Radio and television all morning long for the
Speaker 1: latest from Jackson Hole. Are on site coverage to the
Speaker 1: kickoff of Powell speech begins at seven am with a
Speaker 1: special edition of Bloomberg Surveillance with Tom Keene, Lisa A. Bramowitz,
Speaker 1: and Jonathan faroh Well. Nathan Central Banker is stressed the
Speaker 1: need to keep raising interest rates at Jackson Hall, St. Louis.
Speaker 1: FED chief James Bullard said officials should lift their policy
Speaker 1: benchmark to a three point seven five percent to four
Speaker 1: percent range by year end. Philadelphia Fed President Patrick Harker
Speaker 1: and Atlanta FED President Raphael Bostick also called for continued hikes.
Speaker 1: Can To City Fed President Es your George shared her
Speaker 1: view on Bloomberg Television. Very important that we are clear
Speaker 1: in our communication about the destination we're headed. And I
Speaker 1: think that destination is important, which is we have to
Speaker 1: get interest rates higher to slow down demand and bring
Speaker 1: inflation back to our target. Kansas City Fed President Es
Speaker 1: Your George also said there was more room to go
Speaker 1: and asked how high the Fed should push borrowing costs. Well, Karen,
Speaker 1: Markets will be looking for any sort of signals Pal
Speaker 1: might give when it comes to rate hikes. In his
Speaker 1: speech at ten am, BEMO Capital Market senior economist Jennifer
Speaker 1: Lee does not think the FED share will change his
Speaker 1: recent guidance. I think he's going to stay on the
Speaker 1: hawkers truck. I don't know why he would change his
Speaker 1: tone so quickly. Yes, we've had some weaker, you know,
Speaker 1: economic data, especially on the housing front. We finally saw
Speaker 1: some pullback on the headline inflation. But you know it's
Speaker 1: gonna be far, far too soon to bring the dovish bell.
Speaker 1: Bemo Capital Market Senior economist Jennifer Lee says the next
Speaker 1: major event for the Fed to watch is the CPI
Speaker 1: report in three weeks. Nathan just as Well speech begins,
Speaker 1: we'll get a key economic report, and Bloomberg'svinnidale Judais has
Speaker 1: the details. In early August, the university did for Michigan's
Speaker 1: consumer sentiment index hovard new a record low, and today's
Speaker 1: figures on late August aren't expected to be much better
Speaker 1: Bloomberg Economics, as Americans recognized, there will be challenging months
Speaker 1: just ahead, even with today's rising wages and low unemployment.
Speaker 1: Also on today's data calendar, government figures on July consumer
Speaker 1: spending and it could be tempid with inflation running hot.
Speaker 1: Then he dealt Judais Bloomberg dey break Okayvinny, thank you.
Speaker 1: Overseas stocks in Asia rows helped by the tech sector
Speaker 1: after talks between Beijing and Washington to avoid the delisting
Speaker 1: of companies in New York was said to show signs
Speaker 1: of progress well the geo politics Now, Nathan Tennessee Senator
Speaker 1: Marsha Blackburn is in Taiwan, the third visit by an
Speaker 1: American dignitary this month. Senator Blackburn held several meetings there,
Speaker 1: including with Taiwan's president, the opportunity to talk with her
Speaker 1: that hopes, dream plans, and approaches for Taiwan, and how
Speaker 1: they recame their independent. Tennessee Senator Marsha Blackburn says the
Speaker 1: US will continue to support Taiwan's independence. Back at Homecaen,
Speaker 1: President Biden campaign for Democrats in Maryland yesterday ahead of
Speaker 1: November's mid terms. The President aimed his attacks on former
Speaker 1: President Trump and what he called ultra mega Republicans. Republicans
Speaker 1: don't just threaten our personal rights and economic security, they're
Speaker 1: a threat to our very democracy. They refused to accept
Speaker 1: the will of the people. They embrace, embrace political violence.
Speaker 1: President Biden also said the so called mega philosophy is
Speaker 1: semi fascism. On the Corporate news Now Nathan, a couple
Speaker 1: of tech companies released a bleak economic data and fell
Speaker 1: at the close yesterday. Dell Technologies gave our revenue forecast
Speaker 1: I fell short of estimates, and Salesforce also slipped after
Speaker 1: its quarterly revenue fell short of analysts estimates. Dell shares
Speaker 1: are lower this morning, down four point two per cent,
Speaker 1: to Twitter Now Karen and its ongoing battle with Elon Musk.
Speaker 1: A judge has ordered the social media giant to hand
Speaker 1: over info. Delaware Chancery Court Judge Kathleen McCormick rolled the
Speaker 1: Twitter has to turn over information about nine thousand accounts
Speaker 1: that surveyed last year. She wants the company to identify
Speaker 1: which had human beings attached to them. McCormick says Twitter
Speaker 1: also must produce documents sufficient to show how those nine
Speaker 1: thousand accounts were selected for review. At a hearing this week,
Speaker 1: must lawyers accused their Twitter counterparts of stonewalling on Bot's information.
Speaker 1: Musk thinks that gives him reason to exit his bid
Speaker 1: for the platform. And another quick corporate note here, Nathan
Speaker 1: pharmaceutical giant Mark's pursuit to buy cancer drugmaker Sigen has stalled,
Speaker 1: threatening Murk's biggest deal in more than a decade. The
Speaker 1: companies have reportedly failed to agree on a price to
Speaker 1: this point. And futures Yeah, well check markets now, Karen,
Speaker 1: ahead of the uh uh, the much watched speech coming
Speaker 1: up from Fed chair Palace and p futures right now
Speaker 1: are down fourteen points now, futures down seventy eight. NASDAC
Speaker 1: futures are lower by sixty one points the tenure treasure.
Speaker 1: He's down fourteen thirty seconds for yield of three point
Speaker 1: zero seven percent. Name x Screws hired by six tenths
Speaker 1: per cent to ninety three dollars eleven cents of barrel,
Speaker 1: and the euro right now zero point nine four against
Speaker 1: the dollar. Straight ahead, we'll have your latest local headlines
Speaker 1: and a check of sports. You are listening to Bloomberg Daybreak,
Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg Living free to Washington, d C, Bloomberg N one
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg NUN sixteen to the country Sirius XM Chado one
Speaker 1: nineteen and around the globe to Bloomberg Business app in
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It is
Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hager
Speaker 1: and I'm Karen Moscow. We are just about four hours
Speaker 1: away from the open of US trading. Let's get you
Speaker 1: have to date on the news you need to know
Speaker 1: at this hour. We begin with the Federal Reserve Chair J.
Speaker 1: Powell's address at the Jackson Hole Economic Symposium this morning.
Speaker 1: Several FED speakers have discussed monetary policy at Jackson Hole.
Speaker 1: Kansas City Fan President Esther George told Bloomberg Television that
Speaker 1: once rates get higher, they may have to stay there
Speaker 1: for a while. We have more room to go, that
Speaker 1: we would bring those rates down quickly, and I've seen
Speaker 1: that in some of the forecasts. Seems a bit remarkable
Speaker 1: to me. I think we will have to hold and
Speaker 1: Kansas City Fed President Esther George also said there was
Speaker 1: more room to go and asked how high the FED
Speaker 1: should push borrowing costs. Please follow Bloomberg Radio and Television
Speaker 1: all morning long for the latest from Jackson Hole. Are
Speaker 1: on site. Coverage begins at seven am Wall Street Time
Speaker 1: with a special edition of Bloomberg Surveillance to Politics Now, Karen.
Speaker 1: President Biden campaign for Democrats in Maryland yesterday ahead of
Speaker 1: November's mid terms, and he aimed as attacks on former
Speaker 1: President Donald Trump and what he called ultra mega Republicans.
Speaker 1: We must be stronger, more determined, and more minute to
Speaker 1: saving America. Then the magar Republics are destroyed America. President
Speaker 1: by And also said the so called mega philosophy is
Speaker 1: semi fascism. Meanwhile, Nathan overseas Tennessee Senator Marsha blackburnes in Taiwan,
Speaker 1: the third visit by an American dignitary this month. Senator
Speaker 1: Blackburn met with Taiwan's president and said the US will
Speaker 1: continue to support Taiwan's independence. To Corporate News Now, Karen
Speaker 1: and to Twitter with developments in its battle with Elon Musk,
Speaker 1: Bloomberg's Rnita Young joins US Live with the update. Good morning, Ranita,
Speaker 1: Good morning Nathan. Yesterday, Delaware Chancery Court Judge Kathleen McCormick
Speaker 1: ruled Twitter must turnover information about nine thousand accounts it
Speaker 1: surveyed last year. She wants the company to identify which
Speaker 1: had human beings attached to them. McCormick said Twitter also
Speaker 1: must produce documents sufficient to show how those nine thousand
Speaker 1: accounts were selected for review. At a Wednesday hearing, Musk's
Speaker 1: lawyers accused their Twitter counterparts of stone walling them on
Speaker 1: the bots information must believe that gives him reason to
Speaker 1: exit the bid for the platform. Live in New York,
Speaker 1: Live in Washington. I'm really need a Young Bloomberg daybreak
Speaker 1: ivery needed. Thanks in another corporate not a couple of
Speaker 1: tech companies releasing bleak earnings and falling at the close. Yesterday,
Speaker 1: Dell Technologies gave a revenue forecast that fell short of estimates,
Speaker 1: and Cortantly revenue from SALESFORCET fell short of analysts estimates
Speaker 1: as well. Futures this morning are lower. SMP future is
Speaker 1: down about seventeen points now features down eighty seven, nasdack
Speaker 1: futures down seventy four straight. I had your latest local
Speaker 1: headlines plus a check of sports, and this is Bloomberg.
Speaker 1: Thanks Karen. Three on Wall Street, seventy six degrees in
Speaker 1: Central Park on an accident if you're headed to laguardi
Speaker 1: a westbound Grand Central Airport at Ditmar's Boulevard of details
Speaker 1: coming up in traffic. First Michael Barr with a closure
Speaker 1: on forty four street. Michael, thank you very much. Nathan, Yeah,
Speaker 1: that act. That is not an accident. That off of
Speaker 1: Eighth Avenue in Hill's Kitchen is a fatal stabbing. According
Speaker 1: to the NYPD, a nine year old man with a
Speaker 1: history of menacing people was fatally stabbed in a flight
Speaker 1: earlier this morning. The suspect, the twenty eight year old man,
Speaker 1: claims it was in self defense he was taken into custody.
Speaker 1: The first of six public hearings was last night about
Speaker 1: the m t a's congestion pricing plan in Manhattan. Hundreds
Speaker 1: of people on both sides signed up to speak on
Speaker 1: the matter during the virtual meeting. Yet we're expected to
Speaker 1: pay for You're bloated and out of control. Agency seven
Speaker 1: ABC with the audio. According to the m t A,
Speaker 1: the plan could cost drivers in Manhattan South of Street
Speaker 1: as much as twenty three dollars during rush hour. The
Speaker 1: agency says it was designed to lessen traffic congestion by
Speaker 1: as much as The Justice Department is set to release
Speaker 1: a heavily blacked out document explaining the justification for an
Speaker 1: FBI search of Donald Trump's Florida state earlier this month,
Speaker 1: when agents removed top secret to government records and other
Speaker 1: classified documents. The document is e affected by noon. Justice
Speaker 1: Department officials are expected to have removed sensitive details about
Speaker 1: witnesses and the scope and direction of the probe. Legal
Speaker 1: expert Lourie Levinson. There's been an effort by the media
Speaker 1: and by Donald Trump to get more information from the affidavit,
Speaker 1: but the government has resisted that, in part because they
Speaker 1: have an ongoing investigation. However, it does look like there's
Speaker 1: at least a compromise that there's more information regarding the
Speaker 1: investigation of Donald Trump and its possession of classified information
Speaker 1: that the public will get in the near future. Loyola
Speaker 1: law professor Laurie Levinson five people were observed at an
Speaker 1: area hospital after an incident had six Flags Great Adventure
Speaker 1: in Jackson Township, New Jersey. The park says several guests
Speaker 1: reported back pain after writing the El Toro roller Coaster
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than journalists and analysts
Speaker 1: more than a d countries. I'm Michael bar This is
Speaker 1: Bloomberg NA. Thanks Michael on Wall Street. Time for the
Speaker 1: Bloomberg Sports Update with John Thanks Days and the Yankees
Speaker 1: with as many wins in their last four games as
Speaker 1: they had in the first twenty one days of all this.
Speaker 1: They made it four wins in a row, the first three.
Speaker 1: We're all by the same score of four to two.
Speaker 1: Last night in Oakland it was thirteen to four. A
Speaker 1: twenty hit attack, no home runs, but three hits, three
Speaker 1: RBIs for the rookie as Waldo Cabrera and easy win
Speaker 1: for Jamisonntyana Mets back at today Field started a long
Speaker 1: homestand they meet Colorado three to one. Six wrong ginnings
Speaker 1: from Jacob de Graham, one for Edwin Diaz. They played
Speaker 1: the trumpet song for Diaz in the eighth inning that
Speaker 1: left the ninth for Adam Outavin know Peter Alonso had
Speaker 1: the big hit, two run homer in the third. Think
Speaker 1: it's important to win every game, whether you're playing the
Speaker 1: Yankees or Um or the Rockies or or whoever, or
Speaker 1: the Phillies. I mean, it doesn't matter. It's just that
Speaker 1: we need to do our job every single day. Come
Speaker 1: up and and execute a plan, come up and play
Speaker 1: together as a team. So we did a really good
Speaker 1: job of that tonight. Pitching was right. Uh, we did
Speaker 1: did enough as an offense to scoring up runs and
Speaker 1: win again. The Met's lead the Braves now by two.
Speaker 1: The Jets in twenty twenties drafted white out Denzel Mims
Speaker 1: in the second round. He has fallen on the Jets
Speaker 1: death chard and now Mins has asked to be traded.
Speaker 1: Jets and Giants placed Sunday afternoon at MetLife. The two
Speaker 1: New York teams have had a joint practice and Daniel
Speaker 1: Jones went fourteen and fifteen, but Giants linebackers he's o
Speaker 1: Gilari limped off the field of the leg injury. US
Speaker 1: Open begins Monday. Novak Djokovic made it official he's unvaccinated.
Speaker 1: He's not allowed to fly into the US to play
Speaker 1: golf in Atlanta. Scotti Scheffer took a big step towards
Speaker 1: an eighteen million dollar paycheck. He began the Tour Championship
Speaker 1: with the two shot lead based on leading the standings,
Speaker 1: and he now lead by fom John Stashwen Bomberg Sports.
Speaker 1: Thanks John seven on Wall Street Time for the Tri
Speaker 1: State Business Report with Boomberg's way Dey Gillette. New Jersey
Speaker 1: based Merk has hit the pause button in its talks
Speaker 1: to buy cancer drugmaker Segon. It would be the pharmaceutical
Speaker 1: company's biggest deal in over a decade, but so far
Speaker 1: the two have not agreed on a price. According to
Speaker 1: sources who has to remain confidential, Murk invested in Segan,
Speaker 1: which used to be known as Seattle Genetics in the
Speaker 1: company has a market value of about thirty billion. Hundreds
Speaker 1: sounded off last night at the first virtual public meeting
Speaker 1: on the Metropolitan Transportation Authorities controversial proposed congestion pricing plan
Speaker 1: for Manhattan. The goal is to lessen congestion in the
Speaker 1: Central Business District by charging up to twenty three dollars
Speaker 1: to drive south of sixtieth Street, aside from the West
Speaker 1: Side and FDR Highways. Five additional hearings are planned. Former
Speaker 1: President Trump's one time Connecticut estate is relisting for about
Speaker 1: half of its two thousand fourteen asking price. Dal Jones
Speaker 1: reports the Greenwich Waterfront of state is listing for almost
Speaker 1: thirty million dollars, down from fifty four million. That's the
Speaker 1: Bloomberg Tri State Business Report. I'm Wendy to Let. Thanks Wendy,
Speaker 1: It's on Wall Street. Now. Let's check in with our
Speaker 1: global news team for some of the tough stories on
Speaker 1: our three D affiliate radio stations around the world. I'm
Speaker 1: Steve Photos and x A Laws Angeles. We're talking about
Speaker 1: the nation's largest operator of EV charging stations, ready to
Speaker 1: do battle to get AD dollars. I'm Gina Servetti in
Speaker 1: for w BBM in Chicago. I'm reporting that after days
Speaker 1: of looking at corn crops in Iowa, Illinois, Nebraska, Minnesota,
Speaker 1: and South Dakota scouts are returning with discouraging news and
Speaker 1: that could mean even higher food prices. Famlis Matteo and
Speaker 1: on cam Ox and St. Louis, I'll be reporting on
Speaker 1: the world's most popular password manager getting hacked. I'm Stephen
Speaker 1: carl on D A B Digital Radio in London. We've
Speaker 1: been reporting on how energy bills are set to rize
Speaker 1: a percent in October after the UK's regulator raised the
Speaker 1: price cop I'm ready to let on w T A
Speaker 1: M in Cleveland. I'm reporting on a big company pulling
Speaker 1: out of purchasing homes and those are some of the
Speaker 1: stories are d Bloomberg journalists and analysts who working on
Speaker 1: this morning. It's five thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. Chinese leaders seized upon
Speaker 1: US House Speaker and Nancy Pelosi's high profile visit to
Speaker 1: Taiwan earlier this month to launch the largest military exercises
Speaker 1: ever conducted near the island. Although Chinese missiles are no
Speaker 1: longer arcing over Taiwan, things have hardly returned to normal
Speaker 1: to re establish a more favorable equilibrium. The U S
Speaker 1: will have to do more to both deter and reassure China.
Speaker 1: That means moving military resources to the Indo Pacific and
Speaker 1: stepping up cooperation with regional allies, while also avoiding noisy
Speaker 1: symbolic gestures that needlessly provoked China. The aim should be
Speaker 1: a mutual understanding that Taiwan is a long term issue
Speaker 1: to be managed. However messy and unsatisfying such a compromise
Speaker 1: might be, it would be better than sliding into a
Speaker 1: conflict with incalculable cost. This editorial was written by the
Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to
Speaker 1: Bloomberg dot com, slash opinion or O P I N
Speaker 1: go on the Bloomberg terminal. This has been Bloomberg opinion,
Speaker 1: and you can hear Bloomberg opinion editorials every weekday at
Speaker 1: this time. Terminal customers can read more at O P
Speaker 1: I n go. Ahead of Pal speech this morning, futures
Speaker 1: are pulling back. We've got SMP futures right now down
Speaker 1: fourteen points now futures down and Dansack futures lower by
Speaker 1: sixty six points. Matt Maylie, chief market strategist at Miller,
Speaker 1: Tabac joins us. Next. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather sunshine with showers and storms this afternoon, going
Speaker 1: up to near ninety degrees uper eighties, mix of sun
Speaker 1: and clouds. Tomorrow sunny for Sunday with highs and the
Speaker 1: upper eightings right now seventy six in Central Park Markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg
Speaker 1: Quick Take. He's a Bloomberg Business Flash and I'm camerin Moscow.
Speaker 1: US Stock Index futures are slippering and slipping, and treasuries
Speaker 1: retreating as a chorus of federies of hawks prepare the
Speaker 1: ground for a much anticipated speech by chairs your own
Speaker 1: Powell that's set to shape views on the pace of
Speaker 1: monetary tightening. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day on Bloomberg U S and P future
Speaker 1: is down about fifteen points down, futures down seventy and
Speaker 1: as dag features down sixty eight. The decks in Germany's
Speaker 1: down about two tenths of a percent, ten Your treasury
Speaker 1: down thirteen thirty seconds. He had three point oh seven
Speaker 1: percent yield on the two year three point three eight percent.
Speaker 1: Nimex screwed oil is a one in a quarter percent
Speaker 1: of a dollar twelve at ninety three dollars sixty five
Speaker 1: cents a barrel. Call mex School down half percent or
Speaker 1: eight dollars ten cents at seventeen sixty three thirty announced.
Speaker 1: The euro is at one point zero zero zero one
Speaker 1: against the dollar. British found one point one eight three
Speaker 1: zero and he had one thirties six point nine one.
Speaker 1: And Bitcoin this morning is down one percent at twenty
Speaker 1: one thousand, four hundred twenty dollars. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more on what's going on
Speaker 1: around the world. Michael, thank you very much. Karen. By noon,
Speaker 1: the Justice Department is set to release a heavily redacted
Speaker 1: affidavia explaining the justification for an FBI search of Donald
Speaker 1: Trump's Florida A state. Earlier this month, agents removed top
Speaker 1: secret government records and other classified documents. Russian President Vladimir
Speaker 1: Putin appears to be trying to replenish his military by
Speaker 1: ordering a thirteen percent increase in the country's troops strength.
Speaker 1: Russian forces have suffered heavy losses in six months of
Speaker 1: war in Ukraine. In baseball, the Yankees beat the A's
Speaker 1: thirteen four, The Mets beat the Rockies three one. The
Speaker 1: Red Sox lost the Orioles one Thursday night. NFL preseason
Speaker 1: action is lost to the Texans. Seventeen. ZIP Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael Barron, this is Bloomberg. Nathan, Okay, Michael,
Speaker 1: thank you. It is five nine on Wall Street Life
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak
Speaker 1: as we continue the countdown to Chairman Pal's speech at
Speaker 1: Jackson Houlward, joined this morning by Matt Mayleie, chief market
Speaker 1: strategist at Miller Ta Back, Matt, It's great to have
Speaker 1: you back on with us. We've seen uh plenty of
Speaker 1: gyrations in the market in the days leading up to
Speaker 1: Chairman Powell's address. How do you view the market action
Speaker 1: this week? Well, it's yeah, I mean we've had you
Speaker 1: had that huge rally uh from the middle of June
Speaker 1: until about a week ago. And uh, so I could
Speaker 1: see why people want to take a pull the market
Speaker 1: to pull back a little bit anyway, Uh, you know,
Speaker 1: taking a few chips off the table in front of that,
Speaker 1: in front of this big speech today, and then of
Speaker 1: course we bounced Bennet sense and Wally bounced back, just
Speaker 1: kind of shows some of some of the uncertainty out there. Um,
Speaker 1: but it's gonna be uh, it's gonna be very interesting
Speaker 1: to see what he says today because the setup has
Speaker 1: certainly been very hawkish, very hawkish, and uh if he
Speaker 1: does not come off as pretty darted hawkish, Uh, I
Speaker 1: mean I personally, I think he's gonna make a FED
Speaker 1: speak uh pre irrelevant going forward because if you have
Speaker 1: a whole slew of people of either quite quite hawkish
Speaker 1: too extremely hawkish, and he comes out on the doubsh side, Uh,
Speaker 1: why would you even listen to these people anymore? So
Speaker 1: it's it's gonna be very interesting to me. Is that
Speaker 1: your call? Do you think he's gonna soften the tone
Speaker 1: ahead of or after all that we've heard from the
Speaker 1: FED speakers this week? No? I don't, And I think
Speaker 1: the market is you know, and that's gonna be tough
Speaker 1: for the market. I think he's gonna be I think
Speaker 1: he is gonna be hawkish, uh for for partially partially
Speaker 1: because why why would you why would all these other
Speaker 1: people come out and be as hawkish as they had
Speaker 1: been in unison. Uh if he wasn't on the same page,
Speaker 1: it just wouldn't make a whole lot of sense to me.
Speaker 1: Uh and uh And you know there's a good reason
Speaker 1: for it. I mean, we can all talk about it
Speaker 1: fears a recession and we can't have a recession. But
Speaker 1: it's like, well, if you don't take and say don't
Speaker 1: don't take care of inflation first, the recession is going
Speaker 1: to be worse if you back off too soon. Uh
Speaker 1: So I do think and I guess my point is
Speaker 1: that I think that the stock market is not pricing
Speaker 1: in a oor pace of of of cutting rates. I'm sorry,
Speaker 1: of raising rates. I think it's pricing in uh an
Speaker 1: end of rates, the end of hiking rates by the
Speaker 1: end of the year, end up pivot to cutting rates
Speaker 1: by next year. And I just I don't think that's
Speaker 1: what we're gonna get. So what does that mean for
Speaker 1: the market if the if the chairman does delivered that message. Yeah,
Speaker 1: I just don't think that the markets priced in for that,
Speaker 1: for that message, and and and we'll we'll we'll see
Speaker 1: a pullback you know again that would that would be okay.
Speaker 1: I mean, I think the markets, Uh, even if you're
Speaker 1: very very bullish on the on the economy and bullish
Speaker 1: on the market longer term. Uh, this rally has been
Speaker 1: a very strong one. And uh, even even without the
Speaker 1: Jackson whole speech to day, the market is kind of
Speaker 1: ripe for a pullback anyway because it's getting overbought on
Speaker 1: a tentacle basis. So but when you combine it with
Speaker 1: the fact that uh that he I believe will be
Speaker 1: more hawkish, Uh, that does lead for it's kind of
Speaker 1: tough because we're heading into the September October time frame
Speaker 1: and we could get that kind of pullback. It could
Speaker 1: be a little bit bigger than people have been thinking.
Speaker 1: Use it a pullback, it tests the jew low. Does
Speaker 1: it go further than that? Well, I I certainly think
Speaker 1: the chances are are there. Uh. And uh, I don't
Speaker 1: want to sound overly bearished, because you know the problem
Speaker 1: that we face is that the last time we had
Speaker 1: a big, bad bear market that lasted from you know,
Speaker 1: for a while. I mean two thousand twenty was kind
Speaker 1: of one of those odd situations with the pandemic. But
Speaker 1: that was, of course during the financial crisis, and people think, oh, well, jeez,
Speaker 1: if you think it's going to go lower, you're looking
Speaker 1: for another financial crisis where the market goes down, and
Speaker 1: that's not what I'm looking for. But I do think
Speaker 1: we we can definitely test the lows and uh uh
Speaker 1: and maybe even letter cut them in at last minute here, Matt,
Speaker 1: Are there any sectors or styles that are better insulated
Speaker 1: from a more difficult investment environment? Well, I just think that.
Speaker 1: One of the things that I said back in December
Speaker 1: and January this year is that the raising cash is
Speaker 1: a good idea right now. But as for the sectors,
Speaker 1: I still think the energy sector is that, you know,
Speaker 1: is it's doing quite well. You look at crude oil,
Speaker 1: it's very interesting. Um yeah, yes, it's come way down.
Speaker 1: You know. I don't some people still saying it's gonna
Speaker 1: bounce back to one fifty on crude oil. I don't
Speaker 1: think that's gonna happen. But I do think that the
Speaker 1: energy sector is one that will do well. It's a
Speaker 1: good inflation hedge, and that's what I'm really worried about.
Speaker 1: I mean, we have to beat inflation first, and I
Speaker 1: think it's gonna stay at an elevated level even though Pete,
Speaker 1: we're past peat inflation. One of those reasons, I think
Speaker 1: that oil will not come down a lot further. So
Speaker 1: I think the energy sectors is a good place to
Speaker 1: play and as a place to you know, get some
Speaker 1: hedges for that, for that elevated level of inflation. I
Speaker 1: think we'll stay with us. Thanks Matt, great having on
Speaker 1: with us once again. Matt Maylee, Chief market strategist at
Speaker 1: Miller Ta Back, Karen Allry, Nathan, thank you at it's
Speaker 1: five or fifty three on Wall Street. Time for our
Speaker 1: Bloomberg Law Report. Let's get to the legal stories we're
Speaker 1: watching this morning. From Bloomberg's Jeff Bellinger. A federal magistrate
Speaker 1: in Manhattan handed Amazon and the nation's top publish houses
Speaker 1: a tentative victory, finding allegations of a conspiracy to inflate
Speaker 1: book prices to be implausible. The federal court in Massachusetts
Speaker 1: will let consumers proceed with allegations that Gordon's misrepresented products
Speaker 1: made with Pelopia from China as sustainably sourced their healthcare
Speaker 1: filed the trademark infringement suit in New Jersey federal court
Speaker 1: charging that an unauthorized seller is distributing fake their products
Speaker 1: in storefronts run by Amazon and Walmart. Bloomberg Law everything
Speaker 1: you need, all on one legal research platform, including guidance
Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg
Speaker 1: Law dot com. Another legal story we're watching. On Wednesday,
Speaker 1: President Joe Biden unveiled a sweeping student debt relief package
Speaker 1: that cancels as much as twenty thousand dollars in debt.
Speaker 1: First some For more on this and potential challenges to
Speaker 1: the bide An administration's plan, Bloomberg's Greg Store spoke with
Speaker 1: Georgia's State University College of Law professor Eric Siegel. Let
Speaker 1: me ask you about the prospect that you mentioned about
Speaker 1: servicers loan servicers suing to challenge here. Have you seen
Speaker 1: any indication that there is a service or out there
Speaker 1: who might be motivated to challenge this. You mentioned that
Speaker 1: there might be some financial impact, but surely if there
Speaker 1: is a lawsuit here, it's going to be about ideology
Speaker 1: as much as about money. Right, I don't think it
Speaker 1: would be very hard for groups who are devoted to
Speaker 1: dismantling the administrative state and both of you know, there
Speaker 1: are a lot of groups that want to do that.
Speaker 1: In general, they'll be able to find a service or
Speaker 1: somewhere who says, you know, I have X number of
Speaker 1: loans and I make X amount of money off of them,
Speaker 1: and now I'm going to have X minus that amount
Speaker 1: of money. But we shouldn't criticize that because you know,
Speaker 1: that's how civil rights groups brought lawsuits that eventually led
Speaker 1: to the Brown Versu support of education. That's an equally
Speaker 1: true thing for both docks and in these kinds of
Speaker 1: ideological battles, public interest groups and normally fund the lawsuits.
Speaker 1: They find plainets who are outstanding, and that's something we
Speaker 1: shouldn't criticize, you know, unless we want a much weaker judiciary,
Speaker 1: because this is how this is normally done. Now. I
Speaker 1: will also say, twenty years ago, the federal society would
Speaker 1: not have thought this was the kind of lawsuits people
Speaker 1: should bring, But they've changed their minds on that. And
Speaker 1: so there are a lot of groups who are very
Speaker 1: vested in limiting the amount of deference Congress can give
Speaker 1: to the executive branch. That's the kind of lawsuit this
Speaker 1: would be. It would be that the secretary didn't have
Speaker 1: the authority that a secretary says they have, or if
Speaker 1: Congress wants to delegate this power, it has to do
Speaker 1: so tough, you know, much clearer statute, because it's called
Speaker 1: a major question. All of that stuff is fairly new,
Speaker 1: so it's hard to say, but I'm sure there are
Speaker 1: plainets out there to be gotten by ideological groups who
Speaker 1: want to further limit the administrative state, as Georgia's State
Speaker 1: University College of Law professor Eric Siegel, speaking with Bloomberg's
Speaker 1: Gregg iss Store. Catch more of that interview, plus analysis
Speaker 1: of the latest legal news, by subscribing to the Bloomberg
Speaker 1: Law Podcast or downloading the show at Bloomberg dot com
Speaker 1: slash podcast. Attorneys can find exceptional legal research and business
Speaker 1: development tools at Bloomberg Law dot com and on the
Speaker 1: Bloomberg terminal at b Law. Go. And futures this morning
Speaker 1: are following s and P futures down seventeen points down
Speaker 1: features down A D two and NASDAG features down seventy four,
Speaker 1: ten year Treasury down thirteen thirty seconds held three point
Speaker 1: oh seven percent. They yield on the two year three
Speaker 1: point three eight percent. NIMEX screwed oil higher, up one
Speaker 1: point one percent of a dollar four at ninety three
Speaker 1: dollars fifty six cents in barrel, and Comic School is
Speaker 1: done half percent at seventeen sixty two thirty announce and
Speaker 1: our top stories are straight ahead. This is Bloomberg