1 00:00:02,960 --> 00:00:06,800 Speaker 1: Live from the Bloomberg Interactive Burgers Studios is Bloomberg Daybreak 2 00:00:06,800 --> 00:00:11,080 Speaker 1: for Monday, January ten two. Coming up this hour, Golden 3 00:00:11,119 --> 00:00:14,920 Speaker 1: Opposite forecast for tightening for the five make forecast while 4 00:00:15,000 --> 00:00:18,000 Speaker 1: grated the Omicron variant as millions of workers call out, 5 00:00:18,040 --> 00:00:22,079 Speaker 1: six White House makes plans to impose export restrictions on Russia, 6 00:00:22,200 --> 00:00:25,240 Speaker 1: and earnings get underway this week with results from Big Banks. 7 00:00:25,480 --> 00:00:27,640 Speaker 1: The deadly blaze is being described as one of the 8 00:00:27,640 --> 00:00:30,720 Speaker 1: worst fires in New York City modern history. Plus tributes 9 00:00:30,800 --> 00:00:34,080 Speaker 1: come in for comedian Bob Saget, I'm Mike la Bard Ahead, 10 00:00:34,280 --> 00:00:36,720 Speaker 1: I'm John Stash, Darn sports, the Jets and Giants lost 11 00:00:36,760 --> 00:00:39,600 Speaker 1: as the NFL regular scenes that ended, the Raiders, Steelers 12 00:00:39,600 --> 00:00:44,680 Speaker 1: and forty Niners grabbed the last playoff spots. That's all 13 00:00:44,680 --> 00:00:48,640 Speaker 1: straight Ahead on Bloomberg day Break on Bloomberg Element Treo, 14 00:00:48,760 --> 00:00:53,080 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one, O 15 00:00:53,240 --> 00:00:57,720 Speaker 1: six one, Boston, Bloomberg nine Sixties, San Francisco, Sirius x 16 00:00:57,880 --> 00:01:00,320 Speaker 1: M one nine Team and around the world. Old on 17 00:01:00,400 --> 00:01:07,840 Speaker 1: Bloomberg Radio dot Com and via The Bloomberg Business and 18 00:01:08,000 --> 00:01:11,080 Speaker 1: Good Morning, I'm John Tucker and I'm Karen Moscow and 19 00:01:11,280 --> 00:01:14,319 Speaker 1: US futures are little change this morning. We're coming up 20 00:01:14,360 --> 00:01:16,040 Speaker 1: to five oh one on Wall Street and we check 21 00:01:16,080 --> 00:01:18,679 Speaker 1: the markets every fifteen minutes throughout the trading day. On 22 00:01:18,760 --> 00:01:21,520 Speaker 1: Bloomberg again, S and P futures are little change, so 23 00:01:21,640 --> 00:01:25,840 Speaker 1: are down futures. NASDACK futures are lower and they're jumping 24 00:01:25,880 --> 00:01:28,000 Speaker 1: around as well, down about ten points right now. The 25 00:01:28,080 --> 00:01:31,480 Speaker 1: Dacks in Germany's down a quarter percent. Tenure Treasury down 26 00:01:31,560 --> 00:01:34,120 Speaker 1: eight thirties seconds. You at one point seven nine percent 27 00:01:34,200 --> 00:01:37,080 Speaker 1: in a yield on the two year point eight eight percent. 28 00:01:37,520 --> 00:01:42,000 Speaker 1: John and Karen. Fed policy remains front and center last 29 00:01:42,000 --> 00:01:44,639 Speaker 1: week's Fed minutes in the US jobs report, we're market 30 00:01:44,680 --> 00:01:47,280 Speaker 1: moving events. Now we have a big call on the 31 00:01:47,319 --> 00:01:50,360 Speaker 1: future of interest rates. Let's get the latest from Bloomberg's. 32 00:01:50,440 --> 00:01:53,280 Speaker 1: We need a young we need a good morning, Good morning, 33 00:01:53,320 --> 00:01:56,560 Speaker 1: John Goldman. Sex expects the FED to raise interest rates 34 00:01:56,560 --> 00:01:59,920 Speaker 1: four times this year and begin the balance sheet runoff 35 00:02:00,040 --> 00:02:03,560 Speaker 1: process in July. The firm had previously expected the balance 36 00:02:03,560 --> 00:02:06,240 Speaker 1: sheet run off to start in December, and it's all 37 00:02:06,320 --> 00:02:09,560 Speaker 1: due to a stronger labor market and hawkish signs from 38 00:02:09,560 --> 00:02:12,960 Speaker 1: those December minutes. FED officials have been signaling a quicker 39 00:02:13,000 --> 00:02:16,000 Speaker 1: move to titan policy and Golden And says that could 40 00:02:16,080 --> 00:02:20,119 Speaker 1: lead to faster policy normalization than we've seen before. I'm 41 00:02:20,160 --> 00:02:23,000 Speaker 1: rened a young bluebirth daybreak all right, rened to thank you. 42 00:02:23,040 --> 00:02:26,320 Speaker 1: And Inflation also remains in focus, and veteran investor Mark 43 00:02:26,400 --> 00:02:30,080 Speaker 1: Mobias says traders are under pricing the risks. He tells 44 00:02:30,160 --> 00:02:32,960 Speaker 1: us that the reacent spike and treasury yields has room 45 00:02:33,040 --> 00:02:35,440 Speaker 1: to run. I think they can go much much higher. 46 00:02:35,800 --> 00:02:38,840 Speaker 1: They've got to equal what we're seeing with inflation at 47 00:02:38,840 --> 00:02:41,200 Speaker 1: the end of the day, because people are not going 48 00:02:41,280 --> 00:02:44,119 Speaker 1: to be buying treasuries if they see that they only 49 00:02:44,120 --> 00:02:47,040 Speaker 1: getting two or three percent, but inflation is seven eight 50 00:02:47,120 --> 00:02:49,880 Speaker 1: nine percent, so at the end of the day, those 51 00:02:49,960 --> 00:02:52,720 Speaker 1: rates have to go off. Those comments are Mark Mobias 52 00:02:52,760 --> 00:02:55,920 Speaker 1: come after hawkish minutes from the feds December meeting underscore 53 00:02:56,000 --> 00:02:59,080 Speaker 1: the case for faster rate hikes and speaking of inflation, 54 00:02:59,160 --> 00:03:02,080 Speaker 1: it's the main event this week's economic calendar. Here with 55 00:03:02,120 --> 00:03:05,359 Speaker 1: more is Bloomberg's Vinnie del Judais. The Labor Department issues 56 00:03:05,400 --> 00:03:07,959 Speaker 1: the consumer price indecks on Wednesday, and the data could 57 00:03:07,960 --> 00:03:10,360 Speaker 1: put more pressure on the federal reserve the race interest 58 00:03:10,440 --> 00:03:14,000 Speaker 1: rates as soon as March. Bloomberg Economics, as December CPI 59 00:03:14,080 --> 00:03:16,960 Speaker 1: will register a seven percent year over your increase as 60 00:03:17,000 --> 00:03:20,440 Speaker 1: COVID nineteen related supply short to just persist, fielding the 61 00:03:20,480 --> 00:03:23,720 Speaker 1: worst inflation since the nineteen eighties. This week's data on 62 00:03:23,800 --> 00:03:27,040 Speaker 1: December producer prices and import prices will probably offer a 63 00:03:27,080 --> 00:03:30,560 Speaker 1: similar narrative. Beneat Dell, Judais, Bloomberg day break right, Vinny, 64 00:03:30,639 --> 00:03:33,280 Speaker 1: thank you. All Economic forecasts are also falling prey to 65 00:03:33,320 --> 00:03:36,600 Speaker 1: the Macron variant. The new COVID strain is now posing 66 00:03:36,680 --> 00:03:39,440 Speaker 1: a new test to growth, and Bloomberg said, Baxter has 67 00:03:39,480 --> 00:03:42,320 Speaker 1: the story. It is posing something on which employers have 68 00:03:42,400 --> 00:03:46,720 Speaker 1: no control, absentee ism because of illness, people calling in sick. 69 00:03:47,280 --> 00:03:50,480 Speaker 1: What started as a holiday flight cancelation has now become 70 00:03:50,560 --> 00:03:54,640 Speaker 1: a reality in factories, grocery stores, and ports again testing 71 00:03:54,680 --> 00:03:58,240 Speaker 1: supply chains top to bottom. The widespread absentee is um 72 00:03:58,320 --> 00:04:02,520 Speaker 1: is already constraining output and several economists have downgraded their 73 00:04:02,560 --> 00:04:07,120 Speaker 1: first quarter forecasts. How bad, how long it may take 74 00:04:07,200 --> 00:04:10,680 Speaker 1: several weeks to assess? In San Francisco, I'm at Baxter, 75 00:04:10,680 --> 00:04:14,240 Speaker 1: Bloomberg Gay Break Dank said on Capitol Hill. Democrats are 76 00:04:14,240 --> 00:04:17,240 Speaker 1: pushing for another round of virus aid. How Speaker Nancy 77 00:04:17,240 --> 00:04:20,560 Speaker 1: Pelosi says, go to add relief aid to a package 78 00:04:20,560 --> 00:04:25,159 Speaker 1: to government funding legislation. Now, the administration has not made 79 00:04:25,320 --> 00:04:28,839 Speaker 1: a formal request for more funding, but it is clear 80 00:04:29,320 --> 00:04:33,080 Speaker 1: from the opportunity that is there and the again the 81 00:04:33,160 --> 00:04:37,719 Speaker 1: challenge that is there from the resilience of this virus. 82 00:04:38,120 --> 00:04:40,800 Speaker 1: Speaker Pelosi making the comments on Face the Nation from 83 00:04:40,800 --> 00:04:44,679 Speaker 1: CBS heard Sundays on Bloomberg Radio. It's an interesting data 84 00:04:44,680 --> 00:04:47,839 Speaker 1: on vaccines coming out of Asia this morning. John Singapore 85 00:04:48,040 --> 00:04:50,440 Speaker 1: says it saw the few as deaths among those with 86 00:04:50,520 --> 00:04:54,440 Speaker 1: Maderna's vaccine and the most deaths among those with Signifac shot. 87 00:04:54,920 --> 00:04:58,840 Speaker 1: Nearly undred virus deaths recorded in the city state last 88 00:04:58,880 --> 00:05:03,120 Speaker 1: year were among unvac senated individuals. And Gia politics also 89 00:05:03,160 --> 00:05:05,960 Speaker 1: in focus this morning ahead of meetings between the US 90 00:05:06,040 --> 00:05:09,159 Speaker 1: and Russia. But White House and US allies may impose 91 00:05:09,279 --> 00:05:14,400 Speaker 1: export restrictions on Moscow if Vladimir Putin seizes more of Ukraine. 92 00:05:14,640 --> 00:05:19,080 Speaker 1: The discussing limits on sensitive technology and electronics. Today in Geneva, 93 00:05:19,160 --> 00:05:22,920 Speaker 1: senior American and Russian officials begin talks aimed at easing 94 00:05:22,960 --> 00:05:26,680 Speaker 1: tensions over Ukraine. Here, Secretary State Anthony B. Lincoln, I 95 00:05:26,720 --> 00:05:29,440 Speaker 1: don't think we're gonna see any any breakthroughs in the 96 00:05:29,480 --> 00:05:31,440 Speaker 1: coming In the coming week, we're gonna be able to 97 00:05:31,440 --> 00:05:33,840 Speaker 1: put things on the table. The Russians will do the same, 98 00:05:34,520 --> 00:05:37,800 Speaker 1: both directly with US at NATO at the os UH, 99 00:05:37,800 --> 00:05:40,039 Speaker 1: and we'll see if their grounds for for moving forward. 100 00:05:40,120 --> 00:05:43,479 Speaker 1: Secretary State Anthony B. Lincoln making the comments on CNN's 101 00:05:43,640 --> 00:05:46,839 Speaker 1: State of the Union. Turning to the markets, now, John, 102 00:05:46,880 --> 00:05:49,560 Speaker 1: we have a bullish call from Julian Emmanuel, the ever 103 00:05:49,600 --> 00:05:51,720 Speaker 1: Corps I s I strategist, says the S and P 104 00:05:51,920 --> 00:05:54,960 Speaker 1: five hired is likely to end the year at hundred 105 00:05:55,080 --> 00:05:58,440 Speaker 1: as the pandemic becomes an endemic by mid year. It's 106 00:05:58,440 --> 00:06:01,160 Speaker 1: about a ten percent increase from are in levels, Immanuel 107 00:06:01,240 --> 00:06:05,320 Speaker 1: says is also possible. His downside target is just south 108 00:06:05,360 --> 00:06:08,320 Speaker 1: of thirty six hundred at the pandemic is prolonged or 109 00:06:08,400 --> 00:06:12,320 Speaker 1: there's a hangover from spending and debt. Meantime, Karen Earning 110 00:06:12,320 --> 00:06:15,120 Speaker 1: season kicks off in Earnest On Wall Street this week 111 00:06:15,240 --> 00:06:18,839 Speaker 1: with more. Here's Bloomberg's Charlie Pellett. Banks will be front 112 00:06:18,880 --> 00:06:22,599 Speaker 1: and Center with reports Friday from JP Morgan, Chase City Group, 113 00:06:22,640 --> 00:06:25,960 Speaker 1: and Wells Fargo. They come as investors debate the strength 114 00:06:26,000 --> 00:06:29,479 Speaker 1: of the economy and the federal reserves next policy moves. 115 00:06:29,680 --> 00:06:34,039 Speaker 1: Seem as Shaw's chief strategist at Principal Global Investors, when 116 00:06:34,080 --> 00:06:36,000 Speaker 1: we think about actually a bit of think about we 117 00:06:36,000 --> 00:06:38,839 Speaker 1: were also going to think about earnings and the outlet 118 00:06:38,880 --> 00:06:40,880 Speaker 1: that we have for twenty two is still a very 119 00:06:40,880 --> 00:06:44,000 Speaker 1: solid recovery, still very straw economic en garment. Among some 120 00:06:44,080 --> 00:06:46,960 Speaker 1: of the other names scheduled to report this week, Delta, 121 00:06:47,279 --> 00:06:52,280 Speaker 1: Albertson's Infosis and KB Home in New York. Charlie Pellett, 122 00:06:52,279 --> 00:06:55,480 Speaker 1: Bloomberg Daybreak, Thanks Charlie, and ahead of the cash open 123 00:06:55,520 --> 00:06:58,800 Speaker 1: on Wall Street this Monday. Futures are mixed. The Dahl 124 00:06:58,920 --> 00:07:02,599 Speaker 1: futures of twenty points, SIP futures, they're up two points 125 00:07:02,720 --> 00:07:06,440 Speaker 1: right now. They tech have a nastic those futures down 126 00:07:06,640 --> 00:07:09,680 Speaker 1: ten and a half points right now. As for treasuries, 127 00:07:09,720 --> 00:07:12,360 Speaker 1: the benchmark ten year yield, it is up two basis 128 00:07:12,400 --> 00:07:15,240 Speaker 1: points right now at one point seven eight percent, the 129 00:07:15,320 --> 00:07:18,480 Speaker 1: two year at point eight seven percent. You're listening to 130 00:07:18,480 --> 00:07:24,840 Speaker 1: Bloomberg day Break and where it's five oh seven right now, 131 00:07:25,200 --> 00:07:28,840 Speaker 1: let's getting in from around the world. Here's Bloomberg's Michael Barnes. John, 132 00:07:28,920 --> 00:07:31,440 Speaker 1: thank you very much. At least nineteen people were killed 133 00:07:31,440 --> 00:07:34,080 Speaker 1: in New York City yesterday in a high rise apartment. 134 00:07:34,120 --> 00:07:37,080 Speaker 1: Fire officials say the fire in the Bronx also injured 135 00:07:37,080 --> 00:07:40,440 Speaker 1: at least sixty three people. New York Mayor Eric Adams, 136 00:07:40,760 --> 00:07:46,200 Speaker 1: it's a very significant moment to have just the unification 137 00:07:47,080 --> 00:07:52,840 Speaker 1: about city during this time of the tragedy, Mayor Eric Adams. 138 00:07:52,880 --> 00:07:55,200 Speaker 1: As investigators say, the cause of the blaze was a 139 00:07:55,200 --> 00:07:58,480 Speaker 1: malfunctioning space eater in an apartment on the third floor. 140 00:07:59,040 --> 00:08:02,240 Speaker 1: New York City Fire Comissioner Daniel Nigro tells us many 141 00:08:02,280 --> 00:08:05,760 Speaker 1: people are fighting for their lives because of smoke inhalation. 142 00:08:06,160 --> 00:08:09,480 Speaker 1: The door to that apartment. Unfortunately, when the residents left 143 00:08:09,560 --> 00:08:12,480 Speaker 1: was left open, it did not close by itself. The 144 00:08:12,600 --> 00:08:17,640 Speaker 1: smoke spread throughout the building. Thus the tremendous loss of 145 00:08:17,680 --> 00:08:20,720 Speaker 1: life and other people fighting for their lives right now 146 00:08:21,240 --> 00:08:25,000 Speaker 1: in hospitals all over the Bronx. Commissioner Nigro says nine 147 00:08:25,000 --> 00:08:28,680 Speaker 1: of the deaths were children. Republican Representative Jim Jordan of 148 00:08:28,720 --> 00:08:32,120 Speaker 1: Ohio when a former President Donald Trump's closest allies and 149 00:08:32,200 --> 00:08:35,440 Speaker 1: Congress has rejected a request for an interview by the 150 00:08:35,440 --> 00:08:39,240 Speaker 1: House panel investigating the January sixth Capital riot. In a 151 00:08:39,360 --> 00:08:42,640 Speaker 1: letter to the committee chairman, Jordan says the American people 152 00:08:42,960 --> 00:08:47,280 Speaker 1: are tired of Democrats, NonStop investigations and partisan witch hunts. 153 00:08:47,720 --> 00:08:51,280 Speaker 1: Republican Senator Ron Hunt said that he will Ron Johnson 154 00:08:51,320 --> 00:08:55,439 Speaker 1: said that he will seek a third term in twenty two. Johnson, 155 00:08:55,679 --> 00:08:59,680 Speaker 1: staunch supporter of former President Donald Trump, opposes COVID nineteen 156 00:08:59,679 --> 00:09:04,199 Speaker 1: backs a nation and masked mandates. New York Democratic Congresswoman 157 00:09:04,200 --> 00:09:08,880 Speaker 1: Alexandria or Cassio Cortez tested positive for COVID NINETEAM, according 158 00:09:08,960 --> 00:09:12,160 Speaker 1: to her office of Cassio Cortez, who was fully vaccinated, 159 00:09:12,520 --> 00:09:16,080 Speaker 1: has had a booster shot and is experiencing symptoms and 160 00:09:16,200 --> 00:09:19,360 Speaker 1: is recovering at home. Tributes are pouring in for comedian 161 00:09:19,440 --> 00:09:22,679 Speaker 1: Bob Saget. He played father Danny Tanner on the sitcom 162 00:09:22,800 --> 00:09:28,240 Speaker 1: Full House. It's Mr Carr. What does Mr Carr say? 163 00:09:29,600 --> 00:09:33,839 Speaker 1: You're right? He doesn't say anything. Sagged was found dead 164 00:09:33,920 --> 00:09:37,400 Speaker 1: yesterday in his Orlando, Florida hotel room. Bob Saget, who 165 00:09:37,400 --> 00:09:41,160 Speaker 1: was on a stand up tour was Global News twenty 166 00:09:41,160 --> 00:09:44,120 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 167 00:09:44,200 --> 00:09:47,240 Speaker 1: powered by more than twenty seven journalist and analysts in 168 00:09:47,280 --> 00:09:51,080 Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg. Jo. Michael, 169 00:09:51,080 --> 00:09:56,760 Speaker 1: thank you very much. Okay, just coming up on ten 170 00:09:56,840 --> 00:09:59,600 Speaker 1: on Wall Street. That's time for the Bloomberg Sports Update. 171 00:10:00,160 --> 00:10:03,400 Speaker 1: Here's John. Thanks John. The NFL regular season is over, 172 00:10:03,600 --> 00:10:06,319 Speaker 1: thankfully for the Jets and Giants. They both went four 173 00:10:06,440 --> 00:10:09,160 Speaker 1: and thirteen. The Jets, like last week, were at least 174 00:10:09,160 --> 00:10:11,880 Speaker 1: in their game, trailed the Bills by only three midway 175 00:10:11,880 --> 00:10:14,720 Speaker 1: through the fourth quarter. Buffalo went on to win seven 176 00:10:14,800 --> 00:10:16,480 Speaker 1: to ten to clinch the a f C. E's. The 177 00:10:16,559 --> 00:10:19,360 Speaker 1: Jets will go to next season unsure how good a 178 00:10:19,440 --> 00:10:23,160 Speaker 1: quarterback they have. Rookie Zack Wilson yesterday competed only seven passes. 179 00:10:23,160 --> 00:10:26,079 Speaker 1: The Jets will have the fourth and tenth picks of 180 00:10:26,120 --> 00:10:29,440 Speaker 1: the draft. The Giants will have the fifth and eighth picks. 181 00:10:29,480 --> 00:10:31,959 Speaker 1: They will clearly be looking to improve an offense so 182 00:10:32,160 --> 00:10:35,000 Speaker 1: in apt. The Giants on a third and nine yesterday 183 00:10:35,040 --> 00:10:37,480 Speaker 1: ran a quarterback sneak rather than risk of turnover. They 184 00:10:37,520 --> 00:10:40,560 Speaker 1: lost to Washington two to seven. They lost their last 185 00:10:40,559 --> 00:10:43,199 Speaker 1: six games and only once that they scored more than 186 00:10:43,280 --> 00:10:45,319 Speaker 1: ten points the regular season and the last minute in 187 00:10:45,400 --> 00:10:47,640 Speaker 1: Las Vegas. The Chargers game from fifteen down in the 188 00:10:47,679 --> 00:10:50,600 Speaker 1: last five minutes to force overtime, but the Raiders kicked 189 00:10:50,640 --> 00:10:52,560 Speaker 1: a field goal on the final play to win thirty 190 00:10:52,600 --> 00:10:55,440 Speaker 1: five thirty two. Had the game into the tie, both 191 00:10:55,480 --> 00:10:57,960 Speaker 1: teams would have made the playoffs. Instead, only the Raiders do. 192 00:10:58,000 --> 00:11:00,959 Speaker 1: They'll play Cincinnati. The Chargers are out. The Steelers are 193 00:11:00,960 --> 00:11:03,600 Speaker 1: in headed for Kansas City, New England will play Buffalo. 194 00:11:04,040 --> 00:11:07,000 Speaker 1: The NFC matchups are Philadelphia at Tampa Bay, the forty 195 00:11:07,080 --> 00:11:10,520 Speaker 1: Niners in Dallas, Arizona at the l A Rans NBA 196 00:11:10,640 --> 00:11:13,400 Speaker 1: overtime in Brooklyn. The Nets first home win since mid December. 197 00:11:13,440 --> 00:11:17,720 Speaker 1: They beat the Spurs nineteen. The Warriors beat the Kazz 198 00:11:17,800 --> 00:11:20,079 Speaker 1: and Clay Thompson's first game in two and a half years. 199 00:11:20,360 --> 00:11:23,920 Speaker 1: A judge in Australia reinstated Novak Djokovic's visas I now 200 00:11:23,960 --> 00:11:26,240 Speaker 1: he can play the upcoming Australian Open, but the government 201 00:11:26,280 --> 00:11:29,360 Speaker 1: could still take further action against him and historic hired 202 00:11:29,400 --> 00:11:31,959 Speaker 1: by the Yankees. Thirty four year old Rachel Balkovic will 203 00:11:31,960 --> 00:11:34,560 Speaker 1: manage the Yanks Class A minor league team in Tampa. 204 00:11:35,000 --> 00:11:37,640 Speaker 1: First female to have such a job. John Stash were 205 00:11:37,679 --> 00:11:40,839 Speaker 1: Bloomberg Sports John by John, thanks very much and ahead 206 00:11:40,840 --> 00:11:42,600 Speaker 1: of the cash show. But on Wall Street, futures in 207 00:11:42,640 --> 00:11:46,240 Speaker 1: the green right now, not but much. The nastac features 208 00:11:46,440 --> 00:11:50,439 Speaker 1: have just termed positive, up just six points, SMP futures 209 00:11:50,440 --> 00:11:53,440 Speaker 1: six points higher, and the own futures right now they're 210 00:11:53,679 --> 00:11:58,040 Speaker 1: up forty four points. Will preview the opening uh do 211 00:11:58,240 --> 00:12:00,439 Speaker 1: Wall Street this morning with Lori Calvas. Seen it in 212 00:12:00,600 --> 00:12:03,440 Speaker 1: just a few minutes. You're listening the Bloomberg Tay Break 213 00:12:06,520 --> 00:12:08,840 Speaker 1: Bloomberg day Break being brought to you by the Breakers 214 00:12:08,840 --> 00:12:11,880 Speaker 1: this winter. A warm welcome awaits and awaits you. The 215 00:12:11,880 --> 00:12:14,400 Speaker 1: Breakers is committed to making your stay even better with 216 00:12:14,440 --> 00:12:19,160 Speaker 1: exceptional experiences, gracious service, unparrelled seaside glamour. Learn more of 217 00:12:19,280 --> 00:12:24,240 Speaker 1: us of the Breakers dot markets, headlines and breaking news 218 00:12:24,360 --> 00:12:27,000 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 219 00:12:27,000 --> 00:12:31,119 Speaker 1: Bloomberg Business at and at Bloomberg Quicktape. He's a Bloomberg 220 00:12:31,200 --> 00:12:39,800 Speaker 1: Business Flash and I'm kared. Moscow and US stock Indix 221 00:12:39,880 --> 00:12:43,199 Speaker 1: futures have turned higher this morning. Investors are bracing for 222 00:12:43,240 --> 00:12:46,240 Speaker 1: a von market volatility as well as stimulus withdrawal. And 223 00:12:46,280 --> 00:12:48,559 Speaker 1: we checked the markets every fifteen minutes throughout the trading 224 00:12:48,679 --> 00:12:51,760 Speaker 1: day on Bloomberg S and P futures up about seven 225 00:12:51,800 --> 00:12:55,400 Speaker 1: points down, futures of forty five and NASDAC futures up thirteen. 226 00:12:55,840 --> 00:12:58,240 Speaker 1: The decks in Germany is down about a tenth above 227 00:12:58,280 --> 00:13:00,960 Speaker 1: her sent tenure, Treasury down three thirty seconds. He had 228 00:13:01,000 --> 00:13:03,719 Speaker 1: one point seven seven per set yield on a two 229 00:13:03,800 --> 00:13:06,640 Speaker 1: year point eight six per set nine X screwed oils 230 00:13:06,679 --> 00:13:08,880 Speaker 1: up to ten per cent or fourteen cents at seventy 231 00:13:08,920 --> 00:13:11,319 Speaker 1: nine dollars, three cents of barrel call make schooled the 232 00:13:11,440 --> 00:13:15,160 Speaker 1: tenth of upper cent or two dollars at seventy announced. 233 00:13:15,559 --> 00:13:18,080 Speaker 1: The euro one point one three three one against the dollar, 234 00:13:18,160 --> 00:13:20,280 Speaker 1: British found one point three five nine two, and the 235 00:13:20,440 --> 00:13:24,080 Speaker 1: ns at one fifteen point five nine Bitcoin this morning 236 00:13:24,160 --> 00:13:27,800 Speaker 1: moving lower at forty one thousand, nine hundred dollars. That's 237 00:13:27,800 --> 00:13:30,800 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moura 238 00:13:30,840 --> 00:13:33,000 Speaker 1: on what's going on around the world. Michael, good morning, 239 00:13:33,160 --> 00:13:35,960 Speaker 1: Good morning, Kareny and New York of mal Functioning Space 240 00:13:36,000 --> 00:13:39,160 Speaker 1: Eaters sparked a fire that filled a high rise Bronze 241 00:13:39,200 --> 00:13:42,959 Speaker 1: department building with thick smoke Sunday morning, killing nineteen people, 242 00:13:43,000 --> 00:13:47,240 Speaker 1: including nine children, and Australian judges reinstated tennis star Novent 243 00:13:47,280 --> 00:13:51,880 Speaker 1: Djokovic's visa, which was canceled last week because he is unvaccinated. 244 00:13:52,320 --> 00:13:55,040 Speaker 1: Final week of the regular NFL season, the Giants lost 245 00:13:55,080 --> 00:13:58,079 Speaker 1: to Washington seven. The Jets lost forty nine in the 246 00:13:58,120 --> 00:14:02,120 Speaker 1: playoffs after beating the Rams four. Patriots lost to the 247 00:14:02,200 --> 00:14:05,760 Speaker 1: Dolphins but still advanced. Steelers are in the post season 248 00:14:06,000 --> 00:14:09,720 Speaker 1: after beating the raven sixteen thirteen Round one playoffs, Raiders 249 00:14:09,760 --> 00:14:13,000 Speaker 1: and Bengals, Patriots and Bills, Eagles and Bucks, forty nine, 250 00:14:13,000 --> 00:14:17,240 Speaker 1: As and Cowboys, Steelers and Chiefs, Cardinals and Rams, Packers 251 00:14:17,320 --> 00:14:20,600 Speaker 1: and Titans get first round bys. In the NBA, the Nets, Wizards, 252 00:14:20,640 --> 00:14:23,360 Speaker 1: and Warriors won global news twenty four hours a day 253 00:14:23,480 --> 00:14:26,440 Speaker 1: on air and on Bloomberg Quickday, powered by more than 254 00:14:26,520 --> 00:14:28,840 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 255 00:14:28,880 --> 00:14:31,720 Speaker 1: twenty countries. I'm Michael Barr. This is Bloomberg jun Michael. 256 00:14:31,760 --> 00:14:34,400 Speaker 1: Thank you. It is five twenty on Wall Street. We 257 00:14:34,480 --> 00:14:37,880 Speaker 1: are lying for the Bloomberg Interactive Broker Studios. This is 258 00:14:37,920 --> 00:14:40,560 Speaker 1: Bloomberg Daybreak. Let's get you set up for the trading 259 00:14:40,640 --> 00:14:43,560 Speaker 1: day ahead, futures inching upward. The S and P five 260 00:14:43,640 --> 00:14:45,920 Speaker 1: hundred did post the worst start to a year since 261 00:14:46,280 --> 00:14:50,360 Speaker 1: twenty sixteen. We're joined now by Lori Calvassin, ahead of 262 00:14:50,480 --> 00:14:54,960 Speaker 1: US Equity Strategy at RBC Capital Markets. Hey, Lari, thanks 263 00:14:54,960 --> 00:14:56,840 Speaker 1: for being with us. Happy new year to you. What's 264 00:14:56,840 --> 00:15:00,680 Speaker 1: your overall thought on the markets? Uh? Text bearing the 265 00:15:00,720 --> 00:15:02,480 Speaker 1: brunt of the cell off of the first week of 266 00:15:03,720 --> 00:15:08,840 Speaker 1: trading with a hawkish till from the FED um cheaper 267 00:15:08,920 --> 00:15:13,240 Speaker 1: stocks going to outperform the more expensive ones. Well, thanks 268 00:15:13,240 --> 00:15:15,480 Speaker 1: for having me, As always, it's great to be here. Look, 269 00:15:15,520 --> 00:15:17,640 Speaker 1: I think that last week a lot of things that 270 00:15:17,720 --> 00:15:20,520 Speaker 1: we'd have been expecting to play out in the early 271 00:15:20,600 --> 00:15:23,760 Speaker 1: part of two did play out, so perhaps a bit 272 00:15:23,840 --> 00:15:26,960 Speaker 1: more fiercely than even we'd anticipated. And you know, I 273 00:15:27,040 --> 00:15:29,680 Speaker 1: think it's important to understand that there are different markets 274 00:15:29,720 --> 00:15:31,760 Speaker 1: here that look at the FED, and the equity market 275 00:15:31,800 --> 00:15:33,960 Speaker 1: at least seems to be lagging in terms of its 276 00:15:34,080 --> 00:15:36,520 Speaker 1: understanding of what the set is going to do this year. 277 00:15:36,640 --> 00:15:38,200 Speaker 1: So I think that's one of the reasons for the 278 00:15:38,240 --> 00:15:40,760 Speaker 1: ferocity of the move last year of last week rather 279 00:15:41,240 --> 00:15:43,320 Speaker 1: and the unwind and tech. If you go back to 280 00:15:43,680 --> 00:15:46,000 Speaker 1: right before the holidays in December, we did a poll 281 00:15:46,040 --> 00:15:49,000 Speaker 1: of equity investors and we found at fifty percent we're 282 00:15:49,040 --> 00:15:52,400 Speaker 1: still anticipating liftoffs by the Fed into Q of this year. 283 00:15:52,520 --> 00:15:54,960 Speaker 1: So the idea of March hikes coming into play. I 284 00:15:55,000 --> 00:15:57,320 Speaker 1: know that's been popular and fixing come circles for a while, 285 00:15:57,360 --> 00:15:59,200 Speaker 1: but it is something the equity market has been late 286 00:15:59,240 --> 00:16:01,760 Speaker 1: to digest, and I think that's, frankly, just one of 287 00:16:01,840 --> 00:16:04,680 Speaker 1: the reasons why we've seen this ferocious unwind in tech 288 00:16:04,760 --> 00:16:07,960 Speaker 1: SOX because, as you mentioned, when rates are rising, expensive 289 00:16:07,960 --> 00:16:11,480 Speaker 1: stocks underperform, and tech is where the most expensive valuations are. 290 00:16:11,880 --> 00:16:14,520 Speaker 1: Even after the route we saw last week, we got 291 00:16:14,600 --> 00:16:17,720 Speaker 1: the forecast from Goldman Sachs this morning four rate rises 292 00:16:18,000 --> 00:16:21,320 Speaker 1: this year. What's your view, um, I think that's similar 293 00:16:21,360 --> 00:16:23,440 Speaker 1: to what our economists have been talking about. I mean 294 00:16:23,480 --> 00:16:26,040 Speaker 1: they were telling us back in early December, Frankly, that 295 00:16:26,200 --> 00:16:28,040 Speaker 1: you know, they thought there was a fifty fifty chance 296 00:16:28,080 --> 00:16:30,760 Speaker 1: of a Mark March hike, and our rate strategy team 297 00:16:30,840 --> 00:16:33,480 Speaker 1: had been saying that they thought the Fed was on 298 00:16:33,560 --> 00:16:36,680 Speaker 1: a more aggressive tightening path than than the market understood. 299 00:16:36,720 --> 00:16:39,480 Speaker 1: They've been saying that for quite some time as well. Um, 300 00:16:39,600 --> 00:16:41,600 Speaker 1: so it's not really that much of a shock to us. 301 00:16:41,680 --> 00:16:43,880 Speaker 1: But again, I do think there's some additional digestion that 302 00:16:43,960 --> 00:16:46,560 Speaker 1: the equity market um is going to have to do. 303 00:16:46,880 --> 00:16:48,880 Speaker 1: So I don't think that this you know, this, this 304 00:16:49,200 --> 00:16:51,840 Speaker 1: this route and tech frankly doesn't seem to me like 305 00:16:51,920 --> 00:16:54,640 Speaker 1: it's done yet. Is there any thought that maybe the 306 00:16:54,720 --> 00:16:57,960 Speaker 1: projections for the rate rises might be overdone, that the 307 00:16:58,000 --> 00:17:00,320 Speaker 1: hawk is till might not be as hawk gish, and 308 00:17:00,400 --> 00:17:04,920 Speaker 1: that could actually wind up being a positive for risk assets. Well, yeah, 309 00:17:04,960 --> 00:17:08,159 Speaker 1: I've been hearing equity investors, you know, since you know, 310 00:17:08,240 --> 00:17:10,440 Speaker 1: my December meetings were we've really been focusing on the 311 00:17:10,520 --> 00:17:13,439 Speaker 1: year head outlook, questioning whether or not the FED should 312 00:17:13,480 --> 00:17:15,680 Speaker 1: be so aggressive. And there's been a couple of things 313 00:17:15,720 --> 00:17:18,480 Speaker 1: that people have pointed to in my conversations. At least 314 00:17:18,600 --> 00:17:21,680 Speaker 1: one has been the economic disruption from Omicron and does 315 00:17:21,720 --> 00:17:24,040 Speaker 1: not to say people are embarrassed on the economic outlook, 316 00:17:24,080 --> 00:17:26,640 Speaker 1: but just saying there's a certain fragility um that they've 317 00:17:26,680 --> 00:17:29,080 Speaker 1: been surprised that the FED would want to get so 318 00:17:29,280 --> 00:17:31,760 Speaker 1: aggressive in the middle of um you know, sort of 319 00:17:31,800 --> 00:17:33,240 Speaker 1: wait and see how it plays out, is what a 320 00:17:33,280 --> 00:17:36,000 Speaker 1: lot of people have told me. Others, frankly, have said, Look, 321 00:17:36,080 --> 00:17:38,920 Speaker 1: we expect inflation to start to moderate later this year. 322 00:17:39,000 --> 00:17:42,640 Speaker 1: We expect supply chain pressures to moderate by midyear. Why 323 00:17:42,840 --> 00:17:45,120 Speaker 1: does the FED need to be so aggressive if that's 324 00:17:45,160 --> 00:17:47,880 Speaker 1: already set to happen, um. So I think that's really 325 00:17:47,960 --> 00:17:50,080 Speaker 1: what a lot of equity investors have been struggling with 326 00:17:50,200 --> 00:17:52,119 Speaker 1: and why they've been behind the curve, so to speak. 327 00:17:52,680 --> 00:17:56,200 Speaker 1: A new year's started, another earning season. What among the 328 00:17:56,280 --> 00:17:58,639 Speaker 1: things you'll be watching for it to maybe indicate a 329 00:17:58,680 --> 00:18:02,480 Speaker 1: broader trend. So, you know, it's interesting. We always start 330 00:18:02,520 --> 00:18:05,119 Speaker 1: out with the financials, and the financials have had quieter 331 00:18:05,240 --> 00:18:07,520 Speaker 1: run cutting into this reporting season, so I'd say the 332 00:18:07,600 --> 00:18:10,320 Speaker 1: bar is pretty high there, um. But you know, putting 333 00:18:10,359 --> 00:18:12,960 Speaker 1: the financials aside, you know, I'm looking to see what 334 00:18:13,160 --> 00:18:15,800 Speaker 1: the color is on demand, what's the color on supply chain, 335 00:18:15,880 --> 00:18:18,240 Speaker 1: and the timing of improvement is COVID and the o 336 00:18:18,359 --> 00:18:22,400 Speaker 1: maicon wave delaying that and pricing power. Um Our analysts 337 00:18:22,440 --> 00:18:24,840 Speaker 1: have come into this year very comforted by the fact 338 00:18:24,920 --> 00:18:27,920 Speaker 1: that that their companies can manage through O Macron and 339 00:18:28,000 --> 00:18:30,480 Speaker 1: that pricing power is strong to come back supply chain 340 00:18:30,520 --> 00:18:33,320 Speaker 1: and inflation pressures. UM. But we do need to see 341 00:18:33,400 --> 00:18:36,600 Speaker 1: if that is continuing to hold in this latest commentary. Alright, 342 00:18:36,680 --> 00:18:39,000 Speaker 1: time to put you on the spot with some projections 343 00:18:39,119 --> 00:18:44,840 Speaker 1: you're in for you still sticking to your your in projections. 344 00:18:45,800 --> 00:18:48,800 Speaker 1: We're still sticking to the five thousand fifty target. UM. 345 00:18:48,880 --> 00:18:51,320 Speaker 1: We've had that in place for quite some time. UM. 346 00:18:51,440 --> 00:18:53,800 Speaker 1: It actually we had put our targets out early last year, 347 00:18:53,800 --> 00:18:57,239 Speaker 1: and so we did revise it earlier to that number already. UM. 348 00:18:57,320 --> 00:18:59,200 Speaker 1: And look, I think bottom line, it still sends the 349 00:18:59,240 --> 00:19:01,240 Speaker 1: message we want to send, which is that this is 350 00:19:01,280 --> 00:19:02,800 Speaker 1: going to be an up here in the stock market. 351 00:19:02,920 --> 00:19:04,919 Speaker 1: We don't think it's going to be as easy um 352 00:19:05,000 --> 00:19:07,199 Speaker 1: as what we got last year. We're not surprised by 353 00:19:07,240 --> 00:19:09,399 Speaker 1: the early year volatility. But the good news is this 354 00:19:09,520 --> 00:19:11,960 Speaker 1: volatility is coming early in the year and there's time 355 00:19:12,000 --> 00:19:15,120 Speaker 1: to recover from it. Yeah, what's what's the biggest risk 356 00:19:15,200 --> 00:19:18,159 Speaker 1: you see at this moment? So you know, I have 357 00:19:18,320 --> 00:19:21,600 Speaker 1: been concerned about the quantitative tightening talk. UM. That was 358 00:19:21,720 --> 00:19:24,160 Speaker 1: not something that was on our radar a few months ago. 359 00:19:24,240 --> 00:19:26,639 Speaker 1: It's something we have had to rapidly pull onto our 360 00:19:26,760 --> 00:19:29,600 Speaker 1: radar um. I think that in the multiple compression that 361 00:19:29,720 --> 00:19:33,359 Speaker 1: you do often see with rate height cycles is something 362 00:19:33,440 --> 00:19:35,760 Speaker 1: to keep in mind. We've been anticipating a very strong 363 00:19:35,840 --> 00:19:38,960 Speaker 1: Earns backdrop to offset that um, but I do think 364 00:19:39,000 --> 00:19:41,600 Speaker 1: that's really probably where the risk is. Boys A pleasure, 365 00:19:41,640 --> 00:19:44,560 Speaker 1: Thank you, lo Lorie Calvassin ahead of US Equity strategy 366 00:19:44,920 --> 00:19:48,520 Speaker 1: at RBC Capital Markets with us this Monday morning. Down 367 00:19:48,600 --> 00:19:53,120 Speaker 1: futures right now seventeen points higher, SMP futures a point higher, 368 00:19:53,240 --> 00:19:56,399 Speaker 1: and the st futures they've been fluctuating of in and 369 00:19:56,480 --> 00:20:00,399 Speaker 1: out of gains right now eleven points lower, or the 370 00:20:00,600 --> 00:20:06,720 Speaker 1: NASTAC futures. You're listening to Bloomberg day Bread and the 371 00:20:06,720 --> 00:20:09,480 Speaker 1: Bloomberg weather for it. Today mostly saw a breezy, colder 372 00:20:09,480 --> 00:20:12,160 Speaker 1: at the Heights aperture about thirty so I partly clowned 373 00:20:12,200 --> 00:20:15,240 Speaker 1: a chance of snow showers during the evening, breezy, much 374 00:20:15,359 --> 00:20:18,720 Speaker 1: colder after midnight, the lows dipping down into the mid teens. 375 00:20:22,080 --> 00:20:26,560 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 376 00:20:26,720 --> 00:20:30,639 Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg one 377 00:20:30,800 --> 00:20:34,000 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 378 00:20:34,080 --> 00:20:37,520 Speaker 1: Bloomberg N sixty to the country, Sirius XM Chado one 379 00:20:37,640 --> 00:20:40,720 Speaker 1: ninet and around the globe the Bloomberg Business at and 380 00:20:40,800 --> 00:20:50,560 Speaker 1: Bloomberg Radio dot com. This is Bloomberg Day Breaks five 381 00:20:50,680 --> 00:20:53,440 Speaker 1: thirty on Wall Street. Good morning, I'm John Tucker and 382 00:20:53,520 --> 00:20:55,960 Speaker 1: I'm Karen Moscow, and we're just about four hours away 383 00:20:56,000 --> 00:20:57,800 Speaker 1: from the open of US trading. Let's catch you have 384 00:20:57,880 --> 00:20:59,240 Speaker 1: to date on the news you need to know at 385 00:20:59,320 --> 00:21:02,680 Speaker 1: this hour. US futures are little change this morning. To 386 00:21:02,840 --> 00:21:05,040 Speaker 1: start the week, the S and P five hundred is 387 00:21:05,080 --> 00:21:08,520 Speaker 1: down one nine percent so far this year and as 388 00:21:08,560 --> 00:21:12,280 Speaker 1: the worst start since to tech having NAVSDAC one hundred 389 00:21:12,400 --> 00:21:15,040 Speaker 1: is down four and a half percent. It all comes 390 00:21:15,080 --> 00:21:18,240 Speaker 1: as traders anticipate higher interest rates, and Goldman Sachs is 391 00:21:18,440 --> 00:21:21,879 Speaker 1: ramping up its forecast on that front. Bloomberg's Reny too 392 00:21:21,920 --> 00:21:25,360 Speaker 1: Young joins us now with more. Karen Goldman Sachs expects 393 00:21:25,400 --> 00:21:28,200 Speaker 1: to Fit to raise interest rates four times this year 394 00:21:28,440 --> 00:21:32,000 Speaker 1: and begin the balance sheet runoff process in July. That's 395 00:21:32,080 --> 00:21:35,159 Speaker 1: moved up from a previous forecast of December. It's all 396 00:21:35,200 --> 00:21:38,159 Speaker 1: because of a stronger labor market and hawk is signs 397 00:21:38,200 --> 00:21:41,440 Speaker 1: from the Central Bank's latest meeting. Goldman says the Fed 398 00:21:41,560 --> 00:21:45,160 Speaker 1: is set to normalized policy faster than we've ever seen before. 399 00:21:45,800 --> 00:21:48,360 Speaker 1: I'm really need a young Bloomberg daybreak, all right, thanks 400 00:21:48,400 --> 00:21:50,680 Speaker 1: for need a Treasury yields they continue to climb, with 401 00:21:50,760 --> 00:21:55,040 Speaker 1: a tenure benchmark moving closer to two Garfield Reynolds covers 402 00:21:55,160 --> 00:21:58,560 Speaker 1: rates for Bloomberg News to missing can come in this quarter, 403 00:21:59,000 --> 00:22:01,359 Speaker 1: and if it does, us through that two percent, it 404 00:22:01,440 --> 00:22:05,800 Speaker 1: could go significantly higher before anybody calls the hoop because 405 00:22:06,000 --> 00:22:09,320 Speaker 1: there's a little bit too much complacency out there about 406 00:22:09,480 --> 00:22:13,560 Speaker 1: just how how Bloomberg Scarfield Reynolds is. This week's reports 407 00:22:13,560 --> 00:22:17,000 Speaker 1: on inflation CPI on Wednesday, p p I on Thursday 408 00:22:17,240 --> 00:22:21,120 Speaker 1: will be key for the bond market, and geo politics 409 00:22:21,280 --> 00:22:23,560 Speaker 1: is also in focus this morning, John, Ahead of meetings 410 00:22:23,640 --> 00:22:26,480 Speaker 1: between the US and Russia, Bloomberg News has learned the 411 00:22:26,520 --> 00:22:29,720 Speaker 1: White House in US allies may and pose export restrictions 412 00:22:29,760 --> 00:22:33,560 Speaker 1: on Moscow if Latimir Plutin seizes more of Ukraine. We 413 00:22:33,640 --> 00:22:36,160 Speaker 1: get the latest from Bloomberg's Maria Today. Oh so far. 414 00:22:36,240 --> 00:22:37,880 Speaker 1: You know some of the lines that we've gotten here 415 00:22:38,000 --> 00:22:40,040 Speaker 1: is pretty much the same kind of mood music that 416 00:22:40,119 --> 00:22:41,960 Speaker 1: we've heard for weeks now, kind of saying, you know, 417 00:22:42,000 --> 00:22:44,720 Speaker 1: the United States, there's two ways here, one in which 418 00:22:44,840 --> 00:22:47,520 Speaker 1: Russia d escalates and we go for a diplomatic solution. 419 00:22:47,600 --> 00:22:50,840 Speaker 1: If there's no diplomatic solution to the Ukraine tension, then 420 00:22:51,000 --> 00:22:54,800 Speaker 1: we could see immediate and huge, massive repercussions on the 421 00:22:54,880 --> 00:22:57,960 Speaker 1: Russian economy. And of course Russia still playing this very tough, 422 00:22:58,040 --> 00:23:01,240 Speaker 1: saying we're not going in to talk to Concede and 423 00:23:01,280 --> 00:23:04,600 Speaker 1: Bloomberry's Maria Today, O says talks are ongoing in Geneva. 424 00:23:04,760 --> 00:23:08,040 Speaker 1: They'll be followed by NATO meetings in Brussels later this week. 425 00:23:08,600 --> 00:23:10,960 Speaker 1: S and P futures that will change this morning. So 426 00:23:11,160 --> 00:23:14,239 Speaker 1: our down future is nowsday futures down four team now. 427 00:23:14,359 --> 00:23:16,560 Speaker 1: So they've been moving around a bit this morning. The 428 00:23:16,680 --> 00:23:18,680 Speaker 1: decks in Germany is down about a tenth of upper 429 00:23:18,800 --> 00:23:21,199 Speaker 1: cent ten year treasury down four thirty seconds. You had 430 00:23:21,280 --> 00:23:24,160 Speaker 1: one point seven seven percent yield on the two year, 431 00:23:24,240 --> 00:23:27,080 Speaker 1: point eight to six percent in bitcoin this morning at 432 00:23:28,040 --> 00:23:30,960 Speaker 1: nine hundred dollars straight. I had your latest local headlines, 433 00:23:31,040 --> 00:23:38,720 Speaker 1: plus a check of sports, and this is Bloomberg. Thanks 434 00:23:39,720 --> 00:23:42,040 Speaker 1: three on Wall Street. Hand, Let's bring in Michael Parnhow 435 00:23:42,160 --> 00:23:44,360 Speaker 1: with more on what else is going on in New York. 436 00:23:44,440 --> 00:23:47,320 Speaker 1: Hand around the world, John, thank you very much, Sarah. 437 00:23:47,359 --> 00:23:49,680 Speaker 1: New York Mayor Eric Adams says it's one of the 438 00:23:49,760 --> 00:23:55,600 Speaker 1: worst fires in modern city history. Nineteen deaths, nine of 439 00:23:55,720 --> 00:24:00,040 Speaker 1: them are children up babies that we lost, and we 440 00:24:00,119 --> 00:24:03,119 Speaker 1: all filling this and we're going to be here for 441 00:24:03,280 --> 00:24:06,879 Speaker 1: his community. Adam says the blaze that broke out at 442 00:24:06,920 --> 00:24:09,439 Speaker 1: a high rise apartment building and the ROVINX also injured 443 00:24:09,480 --> 00:24:12,879 Speaker 1: at least sixty three people. New York Governor Kathy hokel 444 00:24:13,359 --> 00:24:16,000 Speaker 1: we are indeed a city and shock to see it 445 00:24:16,040 --> 00:24:18,960 Speaker 1: in a mother's eyes as I held her who lost 446 00:24:19,040 --> 00:24:23,440 Speaker 1: her entire family. New York Fire Commissioner Daniel Ninegro the 447 00:24:23,560 --> 00:24:27,760 Speaker 1: marshals have determined, through physical evidence and through firsthand accounts 448 00:24:27,840 --> 00:24:31,240 Speaker 1: by the residents that this fire started in a bedroom 449 00:24:31,840 --> 00:24:34,720 Speaker 1: in a portable electric heater. Commissioner nine Gros says the 450 00:24:34,760 --> 00:24:38,679 Speaker 1: blaze began in a third floor apartment and smoke quickly spread. 451 00:24:39,160 --> 00:24:43,600 Speaker 1: Representative Alexandria Ocassio Cortez in New York has tested positive 452 00:24:43,640 --> 00:24:47,440 Speaker 1: for COVID nineteen. According to her office, Ocassio Cortez, who 453 00:24:47,520 --> 00:24:51,879 Speaker 1: was fully vaccinated and had a booster shot, is experiencing 454 00:24:51,960 --> 00:24:56,560 Speaker 1: symptoms and recovering an home. Ohio Representative Jim Jordan indicated 455 00:24:56,600 --> 00:24:59,920 Speaker 1: that he won't voluntarily testify to the House Committee invest 456 00:25:00,119 --> 00:25:03,680 Speaker 1: getting the riot at the US Capitol, writing the inquiry 457 00:25:03,880 --> 00:25:07,400 Speaker 1: isn't fair minded and objective, you know. Letter to committee 458 00:25:07,480 --> 00:25:11,439 Speaker 1: Chairman Benny Thompson, the Ohio Republican says the committee's request 459 00:25:11,560 --> 00:25:14,280 Speaker 1: that he appear is far outside the bounds of any 460 00:25:14,400 --> 00:25:18,960 Speaker 1: legitimate inquiry, violates core constitutional principles and would serve to 461 00:25:19,040 --> 00:25:23,240 Speaker 1: further a road legislative norms. Jordan is one of former 462 00:25:23,320 --> 00:25:27,600 Speaker 1: President Donald Trump's congressional allies and has publicly acknowledged talking 463 00:25:27,680 --> 00:25:31,040 Speaker 1: on the phone with Trump January six, as rioters stormed 464 00:25:31,080 --> 00:25:34,200 Speaker 1: the Capitol. Bob Sagett, the actor comedian known for his 465 00:25:34,400 --> 00:25:38,280 Speaker 1: role in Full House and host of America's Funniest Home Videos, 466 00:25:38,680 --> 00:25:41,960 Speaker 1: died while on a stand up tour. Detectives who found 467 00:25:42,000 --> 00:25:45,400 Speaker 1: Saget's body in Orlando, Florida, in a hotel room say 468 00:25:45,440 --> 00:25:47,720 Speaker 1: there were no signs of foul play or drug use. 469 00:25:48,040 --> 00:25:51,399 Speaker 1: Bob Saget was six Global News twenty four hours a 470 00:25:51,480 --> 00:25:54,280 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 471 00:25:54,359 --> 00:25:56,560 Speaker 1: than twenty seven hundred journalists and analysts more than a 472 00:25:56,640 --> 00:25:59,920 Speaker 1: hundred twenty countries. Michael Laren, this is Bloomberg, John, Michael, 473 00:26:00,000 --> 00:26:07,600 Speaker 1: thank you man. It's coming up up straight this time 474 00:26:07,640 --> 00:26:11,240 Speaker 1: for the Bluebird Sports Update. Here's John Alright. John with 475 00:26:11,359 --> 00:26:14,400 Speaker 1: season ending losses. The Jets and Giants both finished four 476 00:26:14,560 --> 00:26:17,359 Speaker 1: and thirteen, so they get high draft picks. The Jets 477 00:26:17,400 --> 00:26:20,920 Speaker 1: also owned Seattle's picking. The Giants have Chicago, so the 478 00:26:20,960 --> 00:26:23,080 Speaker 1: two New York teams together owned four of the top 479 00:26:23,160 --> 00:26:26,080 Speaker 1: ten picks. Both teams need plenty of help. The Giants 480 00:26:26,160 --> 00:26:28,080 Speaker 1: need a ton of help on offense. They lost to 481 00:26:28,160 --> 00:26:30,960 Speaker 1: Washington twenty two to seven. Antonio Gibson ran for a 482 00:26:31,080 --> 00:26:33,080 Speaker 1: hundred forty six yards, the Giants only had a hundred 483 00:26:33,080 --> 00:26:36,080 Speaker 1: and seventy seven total, only ten first downs. Jake from 484 00:26:36,200 --> 00:26:39,280 Speaker 1: did have a TV pass but also a fumble two interceptions, 485 00:26:39,320 --> 00:26:42,240 Speaker 1: one of them returned for score. Giants lost their last six, 486 00:26:42,359 --> 00:26:44,479 Speaker 1: all by double digits. Five of the six were buy 487 00:26:44,560 --> 00:26:47,600 Speaker 1: more than two touchdowns, and now general manager Dave Gettleman 488 00:26:47,760 --> 00:26:50,879 Speaker 1: certain to leave His four year record was nineteen and 489 00:26:51,000 --> 00:26:53,840 Speaker 1: forty six. It's not known if coach Joe Judge keeps 490 00:26:53,920 --> 00:26:56,680 Speaker 1: his job. Jets lost in Buffalo twenty seven to ten, 491 00:26:56,840 --> 00:26:59,520 Speaker 1: so a six and twenty seven record of the last 492 00:26:59,560 --> 00:27:02,399 Speaker 1: two seeds in The playoffs begin Saturday with Las Vegas 493 00:27:02,480 --> 00:27:05,000 Speaker 1: at Cincinnati. The Raiders beat the Chargers last night thirty 494 00:27:05,320 --> 00:27:07,640 Speaker 1: thirty two on a field goal on the last play 495 00:27:07,720 --> 00:27:10,640 Speaker 1: of overtime. A tie would have meant both teams got in. Instead, 496 00:27:11,000 --> 00:27:14,120 Speaker 1: Chargers are out, Steelers are in. They play at Kansas City, 497 00:27:14,160 --> 00:27:17,440 Speaker 1: New England will go to Buffalo. The NFC matchups are Philadelphia, 498 00:27:17,600 --> 00:27:20,600 Speaker 1: Tampa Bay, the forty Niners in Dallas, and Arizona at 499 00:27:20,680 --> 00:27:23,359 Speaker 1: the L A. Van. Alabama looks to make it seven 500 00:27:23,480 --> 00:27:26,560 Speaker 1: national championships in the last thirteen years. Gimpson Tide beat 501 00:27:26,600 --> 00:27:29,840 Speaker 1: Georgia last month in the SEC championship game. They'll play 502 00:27:29,880 --> 00:27:34,600 Speaker 1: again tonight Indianapolis. Georgia actually a slight favorite. Overtime in Brooklyn, 503 00:27:34,680 --> 00:27:38,800 Speaker 1: Nets beat the Spurs one nineteen. A judge in Australia 504 00:27:38,880 --> 00:27:43,000 Speaker 1: reinstated Novak Djokovic's visa. As of now, he's free to 505 00:27:43,040 --> 00:27:47,320 Speaker 1: play the upcoming Australian openly. John Stashwar Bloomberg Sports Jump John, 506 00:27:47,359 --> 00:27:49,800 Speaker 1: thanks very much, five thirty seven on Wall Street. Hand 507 00:27:49,920 --> 00:27:52,280 Speaker 1: that means it's time for the Tri State Business Report. 508 00:27:52,400 --> 00:27:55,680 Speaker 1: For that, we're joined by Bloomberg's Ed Quarry. The Board 509 00:27:55,720 --> 00:27:57,800 Speaker 1: of New York and New Jersey is working to clear 510 00:27:57,880 --> 00:28:01,040 Speaker 1: a small bottleneck of container ships off the coast of 511 00:28:01,119 --> 00:28:04,560 Speaker 1: Long Island. Is COVID nineteen cases among DONC workers collide 512 00:28:04,600 --> 00:28:08,160 Speaker 1: with the surgeon cargo. The average weighted anchorage for container 513 00:28:08,240 --> 00:28:11,119 Speaker 1: ships was four point eight days in the final weeks 514 00:28:11,200 --> 00:28:14,280 Speaker 1: of one compared with an average at one point six 515 00:28:14,359 --> 00:28:17,960 Speaker 1: days for all of last year. Connecticut will replace diesel 516 00:28:18,080 --> 00:28:23,080 Speaker 1: powered school busses with electric vehicles by five The Connecticut 517 00:28:23,119 --> 00:28:26,280 Speaker 1: Post reports it will be a massive undertaking, requiring not 518 00:28:26,440 --> 00:28:29,159 Speaker 1: only the replacement of the current fleet of buses, but 519 00:28:29,280 --> 00:28:33,480 Speaker 1: the construction of recharging stations to power them up. Provident 520 00:28:33,560 --> 00:28:36,760 Speaker 1: Bank has elevated Anthony laba Zetta to the title of 521 00:28:36,840 --> 00:28:41,040 Speaker 1: President and CEO. He was previously Director, President and Chief 522 00:28:41,120 --> 00:28:44,720 Speaker 1: Operating Officer of the Jersey City based bank and Provident 523 00:28:44,800 --> 00:28:49,680 Speaker 1: Financial Services, it's holding company. Andrew Bloomberg, Try State Business Report. 524 00:28:49,800 --> 00:28:54,880 Speaker 1: I'm ed Corey. Thanks on Wall Street. Bloomberg Radio is 525 00:28:55,040 --> 00:28:57,640 Speaker 1: on the era from San Francisco to New York, London 526 00:28:57,760 --> 00:29:00,520 Speaker 1: to Hong Kong. Let's check in now with Global News 527 00:29:00,600 --> 00:29:02,479 Speaker 1: team for some of the top stories heard on our 528 00:29:02,600 --> 00:29:09,400 Speaker 1: three hundred affiliate radio stations around the world. I'm Steve 529 00:29:09,520 --> 00:29:11,960 Speaker 1: Potas get on ten ten Wins in New York. We're 530 00:29:12,040 --> 00:29:14,040 Speaker 1: talking about the part of New York and New Jersey 531 00:29:14,160 --> 00:29:17,560 Speaker 1: hustling to cut into a rare bottleneck of container chips. 532 00:29:18,080 --> 00:29:22,560 Speaker 1: Um Corney Tannahoe on Cathabian Olmaha. Soaring fertilizer prices, which 533 00:29:22,600 --> 00:29:26,240 Speaker 1: have driven up food inflation have finally tumbled. I'm Caroline 534 00:29:26,280 --> 00:29:29,360 Speaker 1: Hell Bloomberg DAB Digital Radio in London. We're reporting on 535 00:29:29,400 --> 00:29:33,160 Speaker 1: the government's new solution to the cladding disaster. House builders 536 00:29:33,440 --> 00:29:36,920 Speaker 1: will have to pay into a four billion pounds plodding funds. 537 00:29:37,480 --> 00:29:40,040 Speaker 1: I made Corey on w w J in Detroit. I'm 538 00:29:40,080 --> 00:29:44,360 Speaker 1: reporting General Motors has agreed to recognize California's authority has 539 00:29:44,400 --> 00:29:49,440 Speaker 1: set its own policies on vehicle emission. Yeah, those are 540 00:29:49,600 --> 00:29:52,600 Speaker 1: some of these stories are twenty seven hundred Bloomberg journalists 541 00:29:52,640 --> 00:29:55,440 Speaker 1: and analysts are working on this morning around the world. 542 00:29:55,920 --> 00:29:59,040 Speaker 1: It's five thirty nine on Wall Street. The following is 543 00:29:59,080 --> 00:30:03,560 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 544 00:30:03,680 --> 00:30:08,000 Speaker 1: the Bloomberg Editorial Board. The new year brought an unprecedented 545 00:30:08,040 --> 00:30:11,560 Speaker 1: wave of protests to the Central Asian nation of Kazakhstan. 546 00:30:12,120 --> 00:30:15,880 Speaker 1: In response, the country's president claimed his government was under 547 00:30:15,920 --> 00:30:20,840 Speaker 1: attack by terrorist groups that had received extensive training abroad. 548 00:30:21,360 --> 00:30:24,360 Speaker 1: In fact, ordinary Kazakhs have enough reason of their own 549 00:30:24,440 --> 00:30:27,840 Speaker 1: to be angry. The government would be better off addressing 550 00:30:28,000 --> 00:30:33,080 Speaker 1: their legitimate grievances, both economic and political, instead of trying 551 00:30:33,160 --> 00:30:37,280 Speaker 1: to suppress them. Worryingly, the Kazakh president has taken a 552 00:30:37,360 --> 00:30:41,200 Speaker 1: hard line approach, calling in troops from Russia and issuing 553 00:30:41,360 --> 00:30:45,600 Speaker 1: a shoot to kill order against protesters. This move will 554 00:30:45,760 --> 00:30:50,040 Speaker 1: certainly backfire. One thing the demonstrations should have taught Kazakh 555 00:30:50,160 --> 00:30:54,000 Speaker 1: leaders is the danger of not listening to their own people. 556 00:30:54,800 --> 00:30:58,400 Speaker 1: This editorial was written by the Bloomberg Editorial Board. For 557 00:30:58,640 --> 00:31:02,360 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash 558 00:31:02,440 --> 00:31:06,680 Speaker 1: Opinion or ope I n go on the Bloomberg terminal. 559 00:31:07,040 --> 00:31:10,960 Speaker 1: This has been Bloomberg Opinion and Bloomberg Opinion editorials can 560 00:31:11,040 --> 00:31:14,320 Speaker 1: be heard every weekday at it's time terminal customers. You 561 00:31:14,360 --> 00:31:18,360 Speaker 1: can read more at opie I n go. This is 562 00:31:18,400 --> 00:31:26,320 Speaker 1: Bloomberg the forecast for meteorologist Rob Caroline Burr. Mostly selly, breezy, colder, 563 00:31:26,400 --> 00:31:29,880 Speaker 1: highs about thirty now, partly cloudy tonight, some snow showers, 564 00:31:29,960 --> 00:31:33,680 Speaker 1: possible breezy, much colder after midnight, the low temperature dipping 565 00:31:33,720 --> 00:31:40,000 Speaker 1: down the fifteen markets, headlines and breaking news twenty four 566 00:31:40,080 --> 00:31:43,080 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 567 00:31:43,160 --> 00:31:46,800 Speaker 1: apt and at Bloomberg Dictape. This is a Bloomberg Business 568 00:31:46,840 --> 00:31:56,479 Speaker 1: blash and I'm Karen Moscow and stocks in Europe are steady. 569 00:31:56,640 --> 00:32:00,040 Speaker 1: U Stock Index futures are little change. Investors bracing for 570 00:32:00,120 --> 00:32:03,240 Speaker 1: a bond market volatility and stimulus withdrawal. We checked the 571 00:32:03,240 --> 00:32:06,600 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 572 00:32:06,720 --> 00:32:09,520 Speaker 1: Right now, SMP futures again little change, so are down 573 00:32:09,600 --> 00:32:12,880 Speaker 1: futures NASDAG futures are lowered, down about two tenths of 574 00:32:12,960 --> 00:32:16,040 Speaker 1: upper cent or twenty four points. The decks in Germany's 575 00:32:16,040 --> 00:32:18,120 Speaker 1: down a tenth of upper cent. The ten year treasury 576 00:32:18,160 --> 00:32:20,520 Speaker 1: down two thirties seconds. He had one point seven seven 577 00:32:20,600 --> 00:32:23,160 Speaker 1: per cent yield on the two year point eight six 578 00:32:23,280 --> 00:32:26,000 Speaker 1: percent Ninemex screwed oils down a tenth of upper cent 579 00:32:26,160 --> 00:32:28,400 Speaker 1: or ten cents is seventy eight dollars seventy nine cents 580 00:32:28,400 --> 00:32:30,720 Speaker 1: of barrel comex schooled up a tenth of upper cent 581 00:32:30,840 --> 00:32:34,760 Speaker 1: or two dollars at seventy announce the Euro one point 582 00:32:34,880 --> 00:32:37,120 Speaker 1: one three to eight against the dollar, British pound one 583 00:32:37,120 --> 00:32:39,800 Speaker 1: point three five eight three the ends at one fifteen 584 00:32:39,840 --> 00:32:43,360 Speaker 1: point five eight, and Bitcoin this morning at forty one thousand, 585 00:32:43,440 --> 00:32:46,560 Speaker 1: nine hundred dollars. That's down about nine tenths of upper cent. 586 00:32:46,680 --> 00:32:49,120 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 587 00:32:49,240 --> 00:32:52,000 Speaker 1: more on what's going on around the world. Michael Karen, 588 00:32:52,040 --> 00:32:54,360 Speaker 1: thank you very much. At least nineteen people were killed 589 00:32:54,440 --> 00:32:56,920 Speaker 1: in New York City Sunday in the High Ryan's apartment 590 00:32:57,000 --> 00:33:00,040 Speaker 1: fire in the Bronx. Investigators say m L functionings a 591 00:33:00,160 --> 00:33:04,320 Speaker 1: seaters sparked the blaze. Chicago school leaders are canceling classes 592 00:33:04,400 --> 00:33:07,560 Speaker 1: for a fourth day. The dispute continues with the teachers 593 00:33:07,680 --> 00:33:11,200 Speaker 1: union over remote learning and COVID nineteen protocols. In the 594 00:33:11,280 --> 00:33:14,040 Speaker 1: final week of the regular NFL season, the Giants lost 595 00:33:14,080 --> 00:33:16,720 Speaker 1: to Washington. The Jets lost the forty nine are in 596 00:33:16,760 --> 00:33:19,760 Speaker 1: the playoffs after beating the Rams. The Patriots lost to 597 00:33:19,880 --> 00:33:22,720 Speaker 1: the Dolphins but still advanced. The Ravens lost to the Steelers. 598 00:33:23,040 --> 00:33:26,200 Speaker 1: Round one playoff games Raiders and Bengals, Patriots and Bills, 599 00:33:26,280 --> 00:33:29,760 Speaker 1: Eagles and Bucks, forty Niners and Cowboys, Steelers and Chiefs, 600 00:33:29,840 --> 00:33:33,280 Speaker 1: Cardinals and Rams, Packers and Titans get byes. In the NBA, 601 00:33:33,400 --> 00:33:37,120 Speaker 1: the Nets, Wizards and Warriors won, and Australian judges reinstated 602 00:33:37,200 --> 00:33:40,640 Speaker 1: tennis star Novak Djokovic's visa, which was canceled last week 603 00:33:40,680 --> 00:33:44,000 Speaker 1: because he is unvaccinated. Global news twenty four hours a 604 00:33:44,080 --> 00:33:46,600 Speaker 1: day on air and on Bloomberg Quicktake, powered by more 605 00:33:46,880 --> 00:33:49,200 Speaker 1: than twenty seven hundred journalists and analysts more than a 606 00:33:49,280 --> 00:33:52,600 Speaker 1: hundred twenty countries. I'm Michael Barr. This is Bloomberg, John, Michael, 607 00:33:52,600 --> 00:33:55,200 Speaker 1: thank you. Five nine Wall Street were live for the 608 00:33:55,240 --> 00:33:59,440 Speaker 1: Bloomberg Interactive Broker's Studios. On the virus front, the latest 609 00:33:59,520 --> 00:34:04,200 Speaker 1: numbers of worldwide cases exceeding three hundred points six million. 610 00:34:04,920 --> 00:34:09,520 Speaker 1: Deaths have surpassed five point four eight million people. Let's 611 00:34:09,520 --> 00:34:13,040 Speaker 1: get an update now from G. Gronville, professor at the 612 00:34:13,120 --> 00:34:17,960 Speaker 1: Johns Hopkins Bloomberg School Public Health joining us this morning. Professor, 613 00:34:18,120 --> 00:34:20,400 Speaker 1: Happy new year, the new year to you, Thank you 614 00:34:20,600 --> 00:34:22,680 Speaker 1: very much for being with us this morning. We have 615 00:34:22,760 --> 00:34:26,560 Speaker 1: numerous reports of hospitals across the country being understaffed as 616 00:34:26,600 --> 00:34:30,880 Speaker 1: more workers get COVID. Can you give us an update 617 00:34:31,000 --> 00:34:33,640 Speaker 1: from where you stand just how dire things are at 618 00:34:33,680 --> 00:34:38,840 Speaker 1: this point? Yes, I mean much of the serious situation 619 00:34:39,120 --> 00:34:43,640 Speaker 1: is really because we have so many unvaccinated people um 620 00:34:43,920 --> 00:34:49,280 Speaker 1: and because omicron is good at infecting people who are vaccinated, 621 00:34:49,320 --> 00:34:53,160 Speaker 1: it doesn't cause nearly as severe disease as UM as 622 00:34:53,520 --> 00:34:56,720 Speaker 1: in people who are unvaccinated, But it is taking people 623 00:34:57,200 --> 00:34:59,320 Speaker 1: out of the workforce, is making them ill, and so 624 00:34:59,480 --> 00:35:02,560 Speaker 1: it's cre eating um. It's making a bad situation worse. 625 00:35:02,719 --> 00:35:06,480 Speaker 1: Because we've been in this for nearly two years now. 626 00:35:07,000 --> 00:35:09,800 Speaker 1: You know where there are deaths in the vaccinated, it 627 00:35:09,880 --> 00:35:13,239 Speaker 1: seems the bulk of them are with non m r 628 00:35:13,360 --> 00:35:17,360 Speaker 1: and A vaccines. Is that clear to you? And is 629 00:35:17,400 --> 00:35:20,200 Speaker 1: it pretty clear at this point that the type of 630 00:35:20,320 --> 00:35:25,399 Speaker 1: vaccine really does matter. The m RNA vaccines have had 631 00:35:25,560 --> 00:35:28,960 Speaker 1: really amazing efficacy and so UM for people who have 632 00:35:29,120 --> 00:35:33,160 Speaker 1: had the Johnson Johnson one dose vaccine. It's recommended that 633 00:35:33,239 --> 00:35:36,120 Speaker 1: you get a booster and a booster with UM, we'll 634 00:35:36,120 --> 00:35:38,759 Speaker 1: get an additional dose and then maybe a booster on 635 00:35:38,880 --> 00:35:41,439 Speaker 1: top of that. Uh, you know, to get the full 636 00:35:41,680 --> 00:35:47,279 Speaker 1: m RNA vaccine update because it definitely has a higher efficacy. Yes, 637 00:35:47,719 --> 00:35:50,440 Speaker 1: we had a report this morning on Bloomberg there's a 638 00:35:50,560 --> 00:35:54,520 Speaker 1: Cypriot scientist defending his assertion that there's a new strand 639 00:35:54,560 --> 00:35:58,320 Speaker 1: of COVID nineteen existing out there. It combines the characteristics 640 00:35:58,520 --> 00:36:02,080 Speaker 1: of the delta omicron variants. Do you have any thoughts 641 00:36:02,120 --> 00:36:06,640 Speaker 1: on that? Um, there's a lot of controversy over that person. 642 00:36:06,800 --> 00:36:09,279 Speaker 1: So let's wait and see. We've got enough problems on 643 00:36:09,360 --> 00:36:12,680 Speaker 1: the table to start, you know, before and getting some 644 00:36:12,760 --> 00:36:16,160 Speaker 1: more on the table. Yeah, it's I wonder where we 645 00:36:16,280 --> 00:36:19,520 Speaker 1: go from here from from your perspective in terms of 646 00:36:20,000 --> 00:36:24,120 Speaker 1: getting people vaccinated new variants, what should we expect at 647 00:36:24,200 --> 00:36:28,600 Speaker 1: this point? Well, I mean every time the virus replicates 648 00:36:28,680 --> 00:36:32,040 Speaker 1: is an opportunity for more variants to form, and so um, 649 00:36:32,520 --> 00:36:35,439 Speaker 1: you know, you don't want to uh be all doom 650 00:36:35,480 --> 00:36:37,520 Speaker 1: and gloom, but you know, amcon may not be the 651 00:36:37,600 --> 00:36:39,560 Speaker 1: last one, and so we need to think about this 652 00:36:39,680 --> 00:36:43,120 Speaker 1: as being have a longer term strategy. People need to 653 00:36:43,160 --> 00:36:46,360 Speaker 1: get vaccinated. Children need to get vaccinated. And if I 654 00:36:46,480 --> 00:36:49,920 Speaker 1: could wave a magic wand I would, I would vaccinate 655 00:36:50,000 --> 00:36:52,840 Speaker 1: all the case and twelve children right now so that 656 00:36:52,960 --> 00:36:56,800 Speaker 1: they are better protected. UM. And also I would I 657 00:36:56,800 --> 00:36:59,359 Speaker 1: would make everyone who has not had a booster shot, 658 00:36:59,560 --> 00:37:01,880 Speaker 1: you know, make that appointment. Um. That those are some 659 00:37:02,000 --> 00:37:03,719 Speaker 1: of the best things that you can do right now 660 00:37:04,120 --> 00:37:09,200 Speaker 1: to protect yourselves. The there are codes of the being 661 00:37:09,280 --> 00:37:13,120 Speaker 1: exposed to sours covid to the virus doesn't always result 662 00:37:13,239 --> 00:37:17,600 Speaker 1: in infection. We've been keen to understand why any any 663 00:37:17,680 --> 00:37:21,359 Speaker 1: thoughts of that. Yes, this the other day I spoke 664 00:37:21,440 --> 00:37:23,840 Speaker 1: to a nine year old man who had been boosted 665 00:37:24,000 --> 00:37:26,880 Speaker 1: and who tested positive and was really annoyed with his 666 00:37:26,960 --> 00:37:29,360 Speaker 1: family who wouldn't let him go to work. So you know, 667 00:37:29,480 --> 00:37:34,520 Speaker 1: everybody's experience is a little bit different. Um. Unfortunately, some people, 668 00:37:35,080 --> 00:37:38,839 Speaker 1: even with the vaccine, have had more serious called more 669 00:37:39,000 --> 00:37:43,160 Speaker 1: cold like flu life symptoms. UM. But you know it's uh, 670 00:37:43,440 --> 00:37:47,360 Speaker 1: it's it is definitely variable. People have different immune responses 671 00:37:47,800 --> 00:37:50,280 Speaker 1: and people are expose the different amounts of the virus 672 00:37:50,320 --> 00:37:53,600 Speaker 1: as well, so there are too many variable stabilities apart. 673 00:37:54,120 --> 00:37:57,160 Speaker 1: But amicon does appear to be milder for people who 674 00:37:57,200 --> 00:38:00,520 Speaker 1: are vaccinated than not yea. And in terms of public 675 00:38:00,640 --> 00:38:03,759 Speaker 1: policy at this point, what would you like to see 676 00:38:03,840 --> 00:38:08,640 Speaker 1: from the government. Well, I think um much has been 677 00:38:08,680 --> 00:38:10,880 Speaker 1: made about the availability of testing, and we need to 678 00:38:10,960 --> 00:38:14,000 Speaker 1: have better testing and people need to get the results faster, 679 00:38:14,280 --> 00:38:18,359 Speaker 1: that's for sure. But we UM the vaccine, we need 680 00:38:18,440 --> 00:38:21,759 Speaker 1: to have more people um, you know, promoting it. UM 681 00:38:22,040 --> 00:38:25,399 Speaker 1: it's it really is life saving and it could help 682 00:38:25,440 --> 00:38:29,279 Speaker 1: our hospitals, um not be so overwhelmed. The other thing 683 00:38:29,680 --> 00:38:32,080 Speaker 1: we need to do is make sure to give the 684 00:38:32,160 --> 00:38:35,640 Speaker 1: support all we can to to hospitals. And because right 685 00:38:35,680 --> 00:38:38,239 Speaker 1: now this is uh, this is too much of a 686 00:38:38,320 --> 00:38:40,840 Speaker 1: crush on on them and and it's been going on 687 00:38:40,960 --> 00:38:44,280 Speaker 1: for too long. Usually always a pleasure, appreciate it. Usually Groundville, 688 00:38:44,320 --> 00:38:47,959 Speaker 1: professor at the Johns Hopkins Bloomberg School of Public Health, 689 00:38:48,239 --> 00:38:51,120 Speaker 1: Karen all right, John, thank you. It is five fifty 690 00:38:51,200 --> 00:38:54,480 Speaker 1: four on Wall Street time for our daily Bloomberg Law Brief, 691 00:38:54,600 --> 00:38:57,200 Speaker 1: exploring legal issues in the news, and today we're looking 692 00:38:57,239 --> 00:39:00,640 Speaker 1: at the sentencing of Elizabeth Holmes, the youngest female self 693 00:39:00,719 --> 00:39:03,800 Speaker 1: made billionaire, faces as long as twenty years behind bars 694 00:39:04,080 --> 00:39:06,600 Speaker 1: after being found guilty of fraud at paraph knows the 695 00:39:06,640 --> 00:39:09,640 Speaker 1: blood testing startups she founded, but the thirty seven year 696 00:39:09,640 --> 00:39:11,960 Speaker 1: old is likely to appeal her conviction for more in 697 00:39:12,000 --> 00:39:17,080 Speaker 1: the case, June Grasso speaks to Bloomberg legal reporter Joel Rosenblad. So, 698 00:39:17,239 --> 00:39:20,760 Speaker 1: now we assume she's going to appeal. Sitting through the trial, 699 00:39:20,920 --> 00:39:25,040 Speaker 1: did you notice any points, any obvious points of appeal? This, 700 00:39:25,239 --> 00:39:28,040 Speaker 1: to me is a very interesting question and a very 701 00:39:28,080 --> 00:39:31,560 Speaker 1: important point. The short answer is no, I think there's 702 00:39:31,640 --> 00:39:34,799 Speaker 1: nothing for her to appeal here. The judge went out 703 00:39:34,880 --> 00:39:38,480 Speaker 1: of his way to let Elizabeth Holmes and the government 704 00:39:38,960 --> 00:39:43,480 Speaker 1: hash out differences in the middle of trial. He allowed 705 00:39:43,880 --> 00:39:48,200 Speaker 1: the defense to raise every argument that they wanted to, 706 00:39:48,880 --> 00:39:52,360 Speaker 1: to the point where it got long. Yet the judge 707 00:39:52,480 --> 00:39:55,840 Speaker 1: just let it play out kind of very slowly and 708 00:39:56,120 --> 00:39:59,560 Speaker 1: very carefully. And I think that this was very specifically 709 00:39:59,600 --> 00:40:03,600 Speaker 1: designed to not allow for any issues to appeal. And 710 00:40:03,960 --> 00:40:07,440 Speaker 1: the way the verdict broke down, with her being acquitted 711 00:40:07,680 --> 00:40:12,000 Speaker 1: on some charges, found guilty on others, and a deadlocks 712 00:40:12,080 --> 00:40:15,960 Speaker 1: jury on three counts indicates that they walked through the 713 00:40:16,000 --> 00:40:19,440 Speaker 1: accounts from one by one very carefully mapped out the 714 00:40:19,560 --> 00:40:22,680 Speaker 1: verdict form what they were required to do under the rules, 715 00:40:22,960 --> 00:40:25,520 Speaker 1: and I think that time that they spent on that 716 00:40:25,680 --> 00:40:28,759 Speaker 1: to now carefully they worked through it makes for I 717 00:40:28,880 --> 00:40:32,520 Speaker 1: think zero issue on appeal. She's sing twenty years on 718 00:40:32,760 --> 00:40:35,560 Speaker 1: each count, but that's not going to happen. So what 719 00:40:35,760 --> 00:40:38,840 Speaker 1: might descendants be. Well, as you know, the TN sumble 720 00:40:38,960 --> 00:40:42,520 Speaker 1: way within the guidelines. But she is going to spend 721 00:40:42,600 --> 00:40:45,800 Speaker 1: time in prison for sure. My early assessment was that 722 00:40:45,920 --> 00:40:48,440 Speaker 1: she would spend being a first time offender and the 723 00:40:48,480 --> 00:40:52,680 Speaker 1: white collar criminal, probably between three and five years. A 724 00:40:52,760 --> 00:40:56,520 Speaker 1: closer look at that, and some conversation with experts tells 725 00:40:56,560 --> 00:41:00,040 Speaker 1: me something different. One of the counts was for a 726 00:41:00,160 --> 00:41:02,879 Speaker 1: hundred million dollars. She was fun guilty of in one 727 00:41:02,920 --> 00:41:06,480 Speaker 1: instance defrauding an investor of one hundred million dollars. The 728 00:41:06,560 --> 00:41:09,880 Speaker 1: money matters, and it bumps up by statute the amount 729 00:41:09,920 --> 00:41:13,080 Speaker 1: of time that she may end observing, and I think 730 00:41:13,160 --> 00:41:16,200 Speaker 1: she's going to spend a minimum of five years in 731 00:41:16,320 --> 00:41:19,480 Speaker 1: prison and maybe even a bit more, and most likely 732 00:41:19,560 --> 00:41:23,240 Speaker 1: will she be held in one of those pushy minim 733 00:41:23,400 --> 00:41:28,279 Speaker 1: security prison camps like the so called Camp Cupcake. That's right, 734 00:41:28,440 --> 00:41:30,360 Speaker 1: I mean, as far as prisons go, it's going to 735 00:41:30,400 --> 00:41:32,719 Speaker 1: be a comfortable setting. There's a lot of speculation that 736 00:41:32,840 --> 00:41:36,279 Speaker 1: she would have time to write a book or a screenplay. 737 00:41:36,520 --> 00:41:39,600 Speaker 1: It'll be a big change for her though. Even after 738 00:41:39,719 --> 00:41:42,520 Speaker 1: their nose, she has had a baby with Billy Evans, 739 00:41:42,600 --> 00:41:46,000 Speaker 1: who's an heir to a hotel fortune. And you can 740 00:41:46,040 --> 00:41:49,120 Speaker 1: tell just doing trial she's being picked up in a 741 00:41:49,239 --> 00:41:52,440 Speaker 1: car and driven to an estate where she's staying and 742 00:41:52,760 --> 00:41:57,080 Speaker 1: living a very extremely luxurious lifestyle that's going to be gone. 743 00:41:58,080 --> 00:42:01,840 Speaker 1: And as Bloomberg Legal reporter Joe Rosenblatt speaking with June Grasso. 744 00:42:01,960 --> 00:42:04,600 Speaker 1: Catch more of that interview plus analysis of the latest 745 00:42:04,719 --> 00:42:07,680 Speaker 1: legal news by listening to the Bloomberg Law Show at 746 00:42:07,719 --> 00:42:11,239 Speaker 1: ten pm Eastern Time or subscribing to the Bloomberg Law Podcast. 747 00:42:11,520 --> 00:42:14,640 Speaker 1: And attorneys can find exceptional legal research and business development 748 00:42:14,680 --> 00:42:19,279 Speaker 1: tools at Bloomberg Law dot com. Futures this morning, S 749 00:42:19,360 --> 00:42:22,480 Speaker 1: and P futures are little change, so are down futures 750 00:42:22,520 --> 00:42:25,480 Speaker 1: and Nasdaq futures are lower, down about forty four points. 751 00:42:25,880 --> 00:42:28,600 Speaker 1: The ten year treasury down three thirties seconds, YELD one 752 00:42:28,680 --> 00:42:30,880 Speaker 1: point seven seven per cent, and they yield on the 753 00:42:30,960 --> 00:42:34,640 Speaker 1: two year point eight six percent. NIMEX Scrude oil little 754 00:42:34,760 --> 00:42:37,319 Speaker 1: change down five cents at seventy eight dollars eighty five 755 00:42:37,440 --> 00:42:40,600 Speaker 1: cents a barrel still ahead on Bloomberg Daybreak and check 756 00:42:40,640 --> 00:42:42,719 Speaker 1: on the business headlines and all the news you need 757 00:42:42,840 --> 00:42:45,960 Speaker 1: to start your day. And this is Bloomberg.