Speaker 1: Live from the Bloomberg Interacted Burger Studios. This is Bloomberg
Speaker 1: day Break for Thursday, August two. Coming up this hour,
Speaker 1: the highly anticipated Jackson Whole Symposium kicks off today. We
Speaker 1: are there with the latest. China takes steps to stimulate
Speaker 1: its economy. Shipmaker and video gives it disappointing sales forecast.
Speaker 1: I mean, the latest reaction to President Biden's planned to
Speaker 1: forgive a portion of student loans held by millions. The
Speaker 1: NYPD has ordered no unnecessary talking among police officers were
Speaker 1: lowing in the streets lust. The Uvaldi, Texas school police
Speaker 1: chief has been fired. I'm Michael bar More Ahead, I'm
Speaker 1: John Stashower and sports a long time giant back at
Speaker 1: practice the Mets, but get a homestand against Colorado. The
Speaker 1: Yankees start a road trip in Oakland. That's all trended
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg eleven three on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixty, San Francisco, Syrius XM one nine team
Speaker 1: and around the world. Old on Bloomberg Radio dot Com
Speaker 1: and via the Bloomberg Business app. Good morning. I'm Nathan
Speaker 1: Hagar and I'm Karen Moscow. US DOT Index futures on
Speaker 1: the rise this morning. We are coming up to six
Speaker 1: oh one on Wall Street. We take the markets every
Speaker 1: fifteen minutes throughout the trading day on bloomberg S and
Speaker 1: P futures up about nineteen points this morning, down futures
Speaker 1: of eighty one and nasday futures of sixty nine. The
Speaker 1: decks in Germany is little changed. Ten your treasury of
Speaker 1: five thirty seconds, you know, three point oh eight per cent,
Speaker 1: and they yield on the two year three point three
Speaker 1: six percent. Nine max screwed oil that'll change at cents
Speaker 1: of barrel, Nathan, Karen. It is the event Wall Street's
Speaker 1: been waiting for all week. The Federal Reserves Annual Jackson
Speaker 1: Whole Economic Symposium kicks off today and Bloomberg's Tom Keen
Speaker 1: is in Jackson Hole covering it for us. Nathan and
Speaker 1: Karen hugely anticipated Jackson Hole. Some of them have been
Speaker 1: really pretty quiet. But we look out today and into
Speaker 1: the chairman speech Friday, and we can say this time
Speaker 1: is different. We've got markets on the move, we've got
Speaker 1: foreign exchange in the move, but far more We've got
Speaker 1: this huge Transatlantic divide, the difference in the economies of
Speaker 1: Europe and a beleaguer United Kingdom and a relatively strong
Speaker 1: United States. All right, Tom, Thanks? Please stick with Tom
Speaker 1: Keene and the rest of the Bloomberg team for complete
Speaker 1: live coverage of the Jackson Hole Symposium. Tom, along with
Speaker 1: Lisa Abramowitz and Jonathan Farrell, will have a special edition
Speaker 1: of Bloomberg Surveillance beginning next hour seven am on both
Speaker 1: Bloomberg Radio and television. Well, Nathan, As Tom mentioned that
Speaker 1: key event at Jackson Hole takes place tomorrow and Fed
Speaker 1: Sherman J. Powell delivers a highly anticipated speech. Charles Schwab,
Speaker 1: chief investment strategist Liz Anne Saunders does not think the
Speaker 1: FED will change course and pivot to cutting rates. In
Speaker 1: my mind, the only condition under which the FED would
Speaker 1: so quickly move to a rate cutting mode would not
Speaker 1: just be a retreat and inflation. I think that would
Speaker 1: damage their credibility if they went to rate cutting simply
Speaker 1: because inflation has started to come down. That would only,
Speaker 1: I think, be preceded by a much more significant wortioning
Speaker 1: in the economy than what we already have here, and
Speaker 1: or a much more significant wortioning in the labor market.
Speaker 1: Charles Schwaba, chief investment strategist Liz and Saunders says she
Speaker 1: could see the FED pivoting to slower rate hikes rather
Speaker 1: than rate cuts. As you mentioned, Karen, us futures are
Speaker 1: higher ahead of Jackson Hole. In Asia, stock shows for
Speaker 1: the first time in six sessions as investors welcomed an
Speaker 1: extra hundred forty six billion dollars in pledge stimulus from
Speaker 1: Chinese authorities. Let's get the recap from Bloomberg's Juliette Sally
Speaker 1: in Singapore Morning. Juliette, Good morning, Karen and Nathan. The
Speaker 1: m s CI Asia Pacific Index jumped the most in
Speaker 1: two weeks, driven by gains across the region, including in Japan, China,
Speaker 1: Hong Kong, and South Korea. Trade in Hong Kong was
Speaker 1: shotted in the morning session due to a storm morning,
Speaker 1: but equities jumped the most in two weeks in the
Speaker 1: afternoon session on the back of the China stimulus announcement.
Speaker 1: The Aussie also Rosa's trade has met. The stimulus would
Speaker 1: boost demand for commodities in Singapore. Juliette Sally Bloomberg Daybreak
Speaker 1: right Juliet, thank you. A couple of stocks here in
Speaker 1: the US on the move in the pre market, shares
Speaker 1: of in Video down four percent and early trading. The
Speaker 1: chip maker gave a disappointing forecast for the current quarter,
Speaker 1: and we get the details from Bloomberg's Doug Kristner. Just
Speaker 1: two weeks ago, in Video warned sales for its recent
Speaker 1: quarter would come in well below original expectations. A drop
Speaker 1: in demand for PC gaming chips got to blame, along
Speaker 1: with challenging market conditions. Well now, guidance for the current
Speaker 1: quarter suggest the slump is going to last. For Q three,
Speaker 1: revenue will be about five point nine billion dollars, roughly
Speaker 1: a billion below the average analyist testament, and Video is
Speaker 1: contending with a rapid shift from supply shortages to ballooning
Speaker 1: stockpiles of unsold products. In New York on Doug Christner
Speaker 1: Bloomberg Daybreak. All right, Doug. Thanks On the flip side,
Speaker 1: shares of Snowflake are surging more than seventeen percent. Let's
Speaker 1: get more on that life from Bloomberg's or Needy Young.
Speaker 1: Good morning, Granita, Good morning Nathan. The company which helps
Speaker 1: businesses organized data in the cloud projected quarterly products sales
Speaker 1: that will top estimates. Snowflake charges customers based on how
Speaker 1: much they use its data storage and analytics products, rather
Speaker 1: than charging a flat rate subscription. Now you may recall,
Speaker 1: Snowflake rose to prominence in September of twenty with one
Speaker 1: of the biggest U s I p o s for
Speaker 1: a software company, but ever since reaching a record share
Speaker 1: price of almost four two dollars in the November, the
Speaker 1: stock has tumbled. Live in Washington, I'm really need a
Speaker 1: young Bloomberg daybreak, all right, Ray to thank you well.
Speaker 1: Shares of Tesla are up one and a half percent
Speaker 1: in early trading. We get the reason why from Bloomberg's
Speaker 1: Jeff Bellinger. A three for one split of Tesla stock
Speaker 1: went into effect after the markets closed yesterday. The split
Speaker 1: adjusted shares begin trading today. Tesla said when it proposed
Speaker 1: the split that it wanted to be able to offer
Speaker 1: equity options to every employee, but stock in the electric
Speaker 1: vehicle maker will also be more affordable for retail investors
Speaker 1: looking to buy individual shares. Employees who are invested it
Speaker 1: in the company stand to benefit if you investors pushed
Speaker 1: the stock higher. Jeff Budinger Bloomberg Day Break. All right, Jeff, Thanks,
Speaker 1: let's starting to Washington, where President Biden's made his long
Speaker 1: awaited announcement on student loan forgiveness. He's canceling ten thousand
Speaker 1: dollars in college debt for Americans who are in less
Speaker 1: than a hundred twenty five thousand, twenty thousand if they
Speaker 1: received a pell grant. And he's also extending the pause
Speaker 1: on repayments through the end of the year, capping them
Speaker 1: at five percent of monthly income. All this means people
Speaker 1: can start finally crawl out from under that mountain of
Speaker 1: debt again on top of the rent and the utilities.
Speaker 1: But the move by President Biden's adding to concerns about inflation.
Speaker 1: Rick Davis is a contributor for Bloomberg Politics. It just
Speaker 1: took a year for Biden the past the Inflation Reduction Act,
Speaker 1: which which reduced the national debt by just under three
Speaker 1: hundred billion dollars. He just added five hundred billion dollars
Speaker 1: including the extension maybe even more uh to replace that.
Speaker 1: Bloomberg Politics contributor Rick Davis spoke with our Washington correspondent
Speaker 1: Joe Matthew on Bloomberg Sound on Catch the Program weekdays
Speaker 1: at five pm Eastern on Bloomberg Radio. Well, Nathan, futures
Speaker 1: are higher this morning. S and P futures have nineteen
Speaker 1: points down, futures have eighty four and hasdeck futures up
Speaker 1: seventy two. Ten year treasury of four thirty seconds held
Speaker 1: three eight percent straight. I had your latest local headlines
Speaker 1: plus a check of sports, and this is Bloomberg King.
Speaker 1: Thank you. Six oh seven on Wall Street, seventy four
Speaker 1: degrees in Central Park. Got an accident in the outbound
Speaker 1: Holland Tunnel. It will tell you that in traffic in
Speaker 1: just a few minutes. First Michael Barr with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. The MTA will hold
Speaker 1: a meeting today about congestion pricing. The public will get
Speaker 1: a chance to speak about the controversial plan. Some drivers
Speaker 1: could see up to twenty three dollars every time they
Speaker 1: drive into certain parts of Manhattan. The NYPD ordered officers
Speaker 1: to stop unnecessary chatting while on the job. The New
Speaker 1: York Post reports the orders came from a department wide memo.
Speaker 1: Several weeks ago. Mayor Eric Adams was courted criticizing officers
Speaker 1: were standing around talking while working. Adam said they should
Speaker 1: spread out for better coverage. The school district police chief
Speaker 1: in Yvaldi, Texas was fired last night. The school board
Speaker 1: voted unanimously to release police Chief pet Eredondo. The motion
Speaker 1: was introduced by Trustee Laura Perez and received unanimous support. Finally,
Speaker 1: I moved to authorize the superintendent to issue written notice
Speaker 1: to Mr. Rodondo of this board action, including filing any
Speaker 1: needed reports required by the termination. Trustee Laura Perez and
Speaker 1: community members slammed Eredondo for what they said was his
Speaker 1: slow response and all of the children who died as
Speaker 1: a result of that mass shooting. The widow of the
Speaker 1: late Kobe Bryant has been awarded sixteen million dollars in
Speaker 1: a lawsuit against Los Angeles County. Vanessa Bryant had sue
Speaker 1: the county after pictures taken by a sheriff's deputy and
Speaker 1: firefighter at the Kobe Bryant helicopter crash site were shared
Speaker 1: with a number of people. She called that an invasion
Speaker 1: of privacy, which led to emotional distrust. The Biden administration
Speaker 1: has one in Idaho judges order ensuring women abortions in
Speaker 1: medical emergencies. More from Bloomberg's head Baxter, the Idaho law
Speaker 1: had to find the right to abortion to a woman
Speaker 1: whose life was in danger. The judge ruled it too
Speaker 1: narrow and then ruled that there would be no prosecution
Speaker 1: of doctors who perform abortions in an emergency. Now, just yesterday,
Speaker 1: a Texas judge ruled the other way. The conflicting ruling
Speaker 1: show the patchwork of abortion laws on the books, but
Speaker 1: it does give the Biden administration some precedent to continue
Speaker 1: to pursue cases in San Francisco. I'm at Baxter, Bloomberg
Speaker 1: day Break, Global News twenty four hours a day on air,
Speaker 1: end on Bloomberg Quick to empowered by more than journalists
Speaker 1: and analysts more than twenty countries. Michael bar this is Bloomberg, Nathan,
Speaker 1: Thank you, Michael six o nine on Wall Street. Time
Speaker 1: for the Bloomberg Sports Update. Here's John Stish Alright, Nathan
Speaker 1: Well earned days off for the Mets and the Yankees
Speaker 1: back tonight. Metsal left, Jacob M. Graham on the mounta
Speaker 1: At City Field against Colorado, started a ten game homestand
Speaker 1: the Dodgers in Washington will follow in the Atlanta Braves
Speaker 1: one again, fourteen to two in Pittsburgh, and the Braves
Speaker 1: are only a game and a half behind the Mets.
Speaker 1: Yankees are tonight in Oakland. That's a team that is
Speaker 1: twenty and forty one at home. The Yanks have won
Speaker 1: three in a row, all by the same score, a
Speaker 1: four to two. The Giants lost the wide receiver and
Speaker 1: got one back. Colin Johnson looked good in the two
Speaker 1: preseason wins. He had eleven catches, but he just tore
Speaker 1: his achilles in practice, just as Sterling Shepherd, entering his
Speaker 1: seventh season with the Giants, made his first appearance at
Speaker 1: practice back from his achilles injury suffered late last season.
Speaker 1: Giants and Jets have their annual preseason games Sunday afternoon
Speaker 1: at Medlife. NFL Hall of Famer Lynn Dawson has died
Speaker 1: at eighties seven quarterback Kansas City to an upset win
Speaker 1: a Super Bowl four. The PGA Tour responded the players
Speaker 1: leaving for the new Live Tour with new policies and initiatives,
Speaker 1: more bigger events, a commitment from top players to play
Speaker 1: in them, more prize money at those events. For the commissioners,
Speaker 1: Jim Monahan, this is a remarkable time for the Tour.
Speaker 1: We have and always will be the ultimate platform for
Speaker 1: player who wants to compete for the trophies and the
Speaker 1: titles that matter most. To now have our top players
Speaker 1: rally around this organization and commit to a portfolio of
Speaker 1: tournaments like never before. Ronahan worked with the likes of
Speaker 1: Tiger Woods and Rory McIlroy on these new policies. No
Speaker 1: lack of prize money on the line this weekend season.
Speaker 1: Any Tour championship teas off today in Atlanta in the
Speaker 1: winner wins eighteen million dollars. John stash were Bloomberg Sports,
Speaker 1: Thanks John SMP futures up eighteen points, Staff futures up
Speaker 1: eighty NAZAC futures up seventy one p ten. Your treasury
Speaker 1: is up three thirty seconds. Deal three point zero nine
Speaker 1: percent yield on the two year three point three seven
Speaker 1: All this ahead of the kick off the the Jackson
Speaker 1: Whole Economic Symposium. Talk more about what Chairman Powell might
Speaker 1: have to say tomorrow morning. Ira Jersey, Chief US Right
Speaker 1: Strategy for Bloomberg Intelligence joins us. Next, this is Bloomberg,
Speaker 1: Bloomberg eleven three o other sunny in your ninety today
Speaker 1: Maybe a late day shower storm Tomorrow opper eighties, mostly
Speaker 1: sunny oper eighties for Saturday, mid eighties, partly the mostly
Speaker 1: sunny by Sunday right now seventy four degrees in Central
Speaker 1: Park markets. Headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business at and
Speaker 1: at Bloomberg Quicktape. He's a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow. US stock index futures are on the rise
Speaker 1: as China's massive stimulus steady, some nerves in the anxious
Speaker 1: wait for a key speech by Federal Reserve Chair Jerome Powell.
Speaker 1: Treasury yields and the dollar gauge are dipping. We checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg SNP futures of nineteen points now futures of eighty three,
Speaker 1: NAS day futures of seventy four. The decks in Germany's
Speaker 1: up a tenth of uppercent ten year treasury of four
Speaker 1: thirty seconds he three eight percent. They yield on the
Speaker 1: two year three point three six per cent. Nimex crude
Speaker 1: oil is up a tenth of upper cent or ten
Speaker 1: cents at ninety four dollars ninety nine cents of barrel
Speaker 1: COLLBX schooled up eight ten percent or fourteen dollars seventy
Speaker 1: cents is seventeen seventy six ten announced the euro is
Speaker 1: at poe against the dollar. British found one to eight
Speaker 1: and the end one thirty six point five four And
Speaker 1: look at a big coin. It's little change at six
Speaker 1: ninety dollars. That's a Bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Reaction to President Biden's
Speaker 1: announcement of ten thousand dollars in student loan forgiveness, some
Speaker 1: expected more debt cancelation. Others called it another handout, adding
Speaker 1: to the country's deficit woes. Senator Mitch McConnell called it
Speaker 1: a slap in the face to every family who sacrificed,
Speaker 1: say for college, every graduate who paid their debt. Russian
Speaker 1: missile strike in Ukraine killed at least twenty two people
Speaker 1: on the day that the nation was celebrating thirty one
Speaker 1: years of independence from the Old Sylvia Union. In baseball,
Speaker 1: the Red Sox and Orioles lost the Nationals one the
Speaker 1: A's beat the Marlins in ten innings three to the
Speaker 1: Giants Lost. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analyist more than a hundred twenty countries.
Speaker 1: Michael Laren, this is Bloomberg Nathan Alright, Michael, thank you
Speaker 1: to six nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak as we get
Speaker 1: set for the kickoff of the Jackson Whole Economic Symposium
Speaker 1: and mere hours now. We're joined by Ira Jersey, chief
Speaker 1: US rates strategist at Bloomberg Intelligence. Ira, good morning. We've
Speaker 1: seen a lot of movement in the rates market in
Speaker 1: the lead up to this con fab. What do you
Speaker 1: see treasury traders pricing in ahead of Pal's comments tomorrow? Yeah,
Speaker 1: so still pricing in additional interest rate hikes and and
Speaker 1: one hike at least in three which is a bit
Speaker 1: different than what we saw after the last Federal Reserve
Speaker 1: meeting when J. Powell's UM, I guess his his press
Speaker 1: conference was taken a somewhat dovish um. So it'll be
Speaker 1: interesting to see what he says in terms of, you know,
Speaker 1: how what their propensity to really fight inflation is, how
Speaker 1: worried they are about some areas of the economy starting
Speaker 1: at the slow and UM, and just how serious they
Speaker 1: are in terms of um UH, in terms of getting
Speaker 1: inflation and inflation expectations back down because um, you know,
Speaker 1: one of the risks that they have at this point
Speaker 1: is that UM inflation and wages continue to grow pretty
Speaker 1: significantly and you get a wage price spiral similar to
Speaker 1: what you had in the nineteen seventies. Are you expecting
Speaker 1: any clarity from the Chairman tomorrow? Well, I am, and
Speaker 1: I suspect that he will end up saying that, UM,
Speaker 1: that the FED is very serious about fighting inflation, that
Speaker 1: we're going to keep on hiking into three because I
Speaker 1: think with the market kind of missed in UH in
Speaker 1: their their pricing of expectations for the FED over the
Speaker 1: next couple of years. UM since the last FED meeting
Speaker 1: is that when when j said they're going to slow
Speaker 1: the pace of purchases, yes, they're going to not be
Speaker 1: hiking at seventy five basis points every meeting. We you know,
Speaker 1: we had never expected them to continue to do that.
Speaker 1: But what the market. I think is getting is missing
Speaker 1: is that they may go much further for longer. So
Speaker 1: in other words, they might only hike at base when
Speaker 1: increments come this fall, but they might go into the
Speaker 1: middle of next year and and and hike interest rates
Speaker 1: well above four percent, which is not being priced in
Speaker 1: the market right now. And I think that j. Powell
Speaker 1: is going to hint that that's the path that the
Speaker 1: Fed ultimately is going to take. You put out a
Speaker 1: note on Bloomberg Intelligence this week that the treasury curve
Speaker 1: inversion could resume after the Jackson Whole address. It sounds
Speaker 1: like it's kind of what you're alluding to in terms
Speaker 1: of the chairman getting more clarity. But you know, I'm
Speaker 1: I'm just a simple guy. We've been in treasury curve
Speaker 1: and version for quite some time, haven't we. Well, it's
Speaker 1: it's been a couple of months, which isn't that long
Speaker 1: in the grand scheme of things. And I think the
Speaker 1: magnitude of inversion matters at some level. Two and and
Speaker 1: will highlight um that how aggressive ultimately the Federal Reserve
Speaker 1: is going to be, so shorter term interest rates like
Speaker 1: two year notes, for example, might wind up moving up
Speaker 1: toward towards three point eight three point nine percent, so
Speaker 1: another you know, thirty forty basis points higher in terms
Speaker 1: of yield. And I think longer term yields like the
Speaker 1: tenure yield might only move back up towards the call
Speaker 1: it three and a quarter percent um and UM, and
Speaker 1: on the expectation that at some point in the Federal
Speaker 1: Reserve is gonna cut interest rates quite a lot and
Speaker 1: wind up going back towards two and a half percent
Speaker 1: or so in terms of the Fed Fund rate after
Speaker 1: getting up to four and a half. So so the
Speaker 1: the curve is going to have to um. You know,
Speaker 1: I think price pretty aggressively a you know, a much
Speaker 1: deeper inversion of the curve. And and that's that that
Speaker 1: wouldn't be a big surprise that that would be unusual
Speaker 1: for the last twenty years. But it's not that unusual
Speaker 1: in the whole history of the of the market, especially
Speaker 1: when inflation dynamics are much different than they have been
Speaker 1: um over the recent paths. You go back to the
Speaker 1: nineteen eighties and in the early nineties, and in versions
Speaker 1: of of fifty sixty basis points are not that unusual.
Speaker 1: So our last minute here, Ira, you don't see a
Speaker 1: whole lot of wiggle room then for the Fed, given
Speaker 1: the weakness in some of the economic data we've seen
Speaker 1: of light. Well, so what's what's interesting is we've seen
Speaker 1: some sector some weakness. You know, housing market is is
Speaker 1: certainly a big one. But when you when when you
Speaker 1: look at the wage data and you think about how
Speaker 1: wage price vils tend to develop, um, there still is
Speaker 1: a significant amount of inflation at the core level that
Speaker 1: seems to be accelerating. So you still have faster inflation
Speaker 1: at the core level. That means that, uh, it can
Speaker 1: be inflation in general can be much stickier, you know,
Speaker 1: not at eight percent, but you can wind up being
Speaker 1: stickier at three and a half or four percent, which
Speaker 1: is still way above where the Federal Reserve wants inflation
Speaker 1: to be, which is one of the reasons I think
Speaker 1: ultimately they'll have to hike a little bit further than
Speaker 1: what the markets currently priced. Interesting to see whether we're
Speaker 1: going to get that kind of clarity from Sherman Powell
Speaker 1: tomorrow right around ten am Wall Street time when he
Speaker 1: makes that speech. Ira Jersey, chief US interest rate strategist
Speaker 1: at Bloomberg Intelligence, thanks for being with us this morning.
Speaker 1: As we get ready for the kickoff of the Jackson
Speaker 1: Whole Economic Symposium this morning. We're gonna have full coverage
Speaker 1: beginning with Bloomberg surveillance in Jackson Hole. That starts just
Speaker 1: about a half hour from now. Is seven am. Wall
Speaker 1: Street time. Right here on Bloomberg Radio and on Bloomberg Television,
Speaker 1: SMP Future is up twenty one point, staff futures up
Speaker 1: nine danced futures up eighty five points ten. Your treasury
Speaker 1: yield right now three points zero eight per cent. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather sunny, going to
Speaker 1: near ninety today. We'll have a late day shower, thunderstorm tomorrow.
Speaker 1: Otherwise sunshine opper eighties, mostly Sunday, oper eighties, Saturday a
Speaker 1: mid eighties, and sunshine on Sunday. Right now seventy two degrees.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Loving Freedom to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg Home
Speaker 1: sixty to the country. Sirius xm H had a one
Speaker 1: nineteen and around the globe. The Bloomberg business app in
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak six thirty
Speaker 1: on Wall Street. Good morning, I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow. He are just about three hours away from
Speaker 1: the open of US trading. It's time for the five
Speaker 1: things that you need to notice start your a brought
Speaker 1: to you by Interactive Brokers. Interactive Brokers Global Analysts helps
Speaker 1: you find new global investment opportunities to diversify your portfolio
Speaker 1: and discover undervalued companies they may have greater growth potential.
Speaker 1: Try ibk our Global Analysts today at ibk R dot
Speaker 1: com slash g a up. First, the event Wall Street's
Speaker 1: been waiting for, The Federal Reserves Annual Jackson Hole Economic
Speaker 1: Symposium kicks off today. Bloomberg's Lisa Abramowitz is covering it
Speaker 1: for us in Jackson Hole. Join us at a monumental
Speaker 1: Jackson Hole Symposium hosted by the Kansas City Federal Reserve.
Speaker 1: This is going to be one of the most consequential
Speaker 1: meetings of Fed officials as they digest some of the
Speaker 1: changes facing the economy, facing inflation, facing monetary policy as
Speaker 1: we know it. Some of the big questions J Powe
Speaker 1: will be addressing include where is the terminal rate? Where
Speaker 1: should rates end up in an economy beset by inflation?
Speaker 1: And what should we expect an employment market that still
Speaker 1: is strong it is showing signs of weakening and Lisa
Speaker 1: A Brama, It's Bloomberg day Break Current. Lisa, thanks, so
Speaker 1: please stick with Bloomberg for complete live coverage of the
Speaker 1: Jackson Holes and Polsium. Lisa, along with Tom Keen and
Speaker 1: Dunathan Pharaoh, will have a special edition of Bloomberg Surveillance
Speaker 1: beginning at seven am on bloo both Bloomberg Radio on television.
Speaker 1: Of course, the key event, Karen has Fed shared j
Speaker 1: Pali's highly anticipated speech tomorrow morning. Morgan Stanley Chief investment
Speaker 1: Officer Mike Wilson tells Bloomberg he's not too concerned if
Speaker 1: Pal signals a rate hike pivot. The big change this
Speaker 1: time versus a prior periods when markets got excited about
Speaker 1: a FED pivot is this time they're not going to
Speaker 1: So most investors, I think are realistic about the FED
Speaker 1: and inflation, but they're not realistic about is they're not
Speaker 1: accounting for the negative operating leverage that we're about to experience.
Speaker 1: Morgan Stanley c I O Mike Wilson says he is
Speaker 1: bearish on equity markets because of quantitative Tighteningmall Street shares
Speaker 1: of in Video down three points six percent after the
Speaker 1: shipmaker released a week quarterly forecast. Bloomberg Jondy Young joins
Speaker 1: US Live with the details. Good morning Randa, Good morning Karen.
Speaker 1: In Video recently warned seals would come in well below expectations,
Speaker 1: and yesterday it gave a disappointing forecast for the current period,
Speaker 1: adding to signs of weakness in the semiconductor industry. Fiscal
Speaker 1: third quarter revenue will be about five point nine billion,
Speaker 1: compared with average analysts estimates of six point nine two billion.
Speaker 1: The video claims declining blames declining demand for chips used
Speaker 1: in gaming computers. Live in Washington, I'm gonna need a
Speaker 1: young Bloomberg daybreak ivery need to thank you. That's the
Speaker 1: five things so you need to notice start your day.
Speaker 1: Brought to you by Interactive Brokers, straight ahead, your latest
Speaker 1: local headlines, and this is Bloomberg. Thanks. Karen sixty three
Speaker 1: on Wall Street, seventy three degrees in Central Park. Got
Speaker 1: a crash in Farmingdale westbound Hempstead Turnpike a room one
Speaker 1: O nine. Details coming up in traffic. First Michael Barr
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. The
Speaker 1: NYPD ordered officers to stop unnecessary conversation while on the job.
Speaker 1: The New York Post reports the ortists came from a
Speaker 1: department wide memo. Several weeks ago. Mayor Eric Adams was
Speaker 1: recorded criticizing officers for standing around talking while working. Adams
Speaker 1: said they should spread out for better coverage. Last night,
Speaker 1: Mayor Adams also held a community conversation about public safety.
Speaker 1: This city was a mess. Don't catch yourselves. It wasn't you.
Speaker 1: It was a city of just complete dysfunctionality. You couldn't
Speaker 1: even get a inspection done in time, and the Department
Speaker 1: of buildinges you. You thought that every time someone walked
Speaker 1: aside a small business from an agency, they came with
Speaker 1: a fine book instead of saying, how do I keep
Speaker 1: your doors open? Mayor Adams held a meeting on Staten Island.
Speaker 1: You've all these school District Police Chief Pete Aredondo has
Speaker 1: been fired by the school board after the Many twenty
Speaker 1: four mass shooting at the town's rob elementary school. The
Speaker 1: sent a Salazar granddaughter, Leila, died that day determination coming.
Speaker 1: I think I should have been done in immediately, but
Speaker 1: it wasn't. Took us three months to get this done.
Speaker 1: Presidente Salazar was one of many community members who spoke
Speaker 1: before the vote to fire at Redondo. The MTA will
Speaker 1: hold a meeting today about congestion pricing. The public will
Speaker 1: get a chance to speak about the controversial plan. Some
Speaker 1: drivers could see up to twenty three dollars every time
Speaker 1: they drive into certain parts of Manhattan. More bus loads
Speaker 1: of migrants are expected to arrive today in New York
Speaker 1: City from Texas. Earlier, migrants were seen wearing would appear
Speaker 1: to be tracking bracelets from Texas. President Joe Biden is
Speaker 1: moving to a raise ten thousand dollars in federal student
Speaker 1: loan debt for those when then it comes below a
Speaker 1: hundred twenty five thousand dollars a year or households that
Speaker 1: are in less than two hundred fifty thousand dollars. Republicans
Speaker 1: say the president is trying to bribe voters ahead of
Speaker 1: the mid terms and will only make inflation worse, but
Speaker 1: Biden said the cost of going to college has settled
Speaker 1: a generation of Americans with high debt. The burden is
Speaker 1: so heavy that if you graduate, you may not have
Speaker 1: access to mid class life at the college degree once provided.
Speaker 1: Many people. Many people can't qualify for mortgage to buy
Speaker 1: a home because of the debt they continue to carry.
Speaker 1: President Biden is also canceling an additional ten thousand dollars
Speaker 1: for those who receive federal pell grants. 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 analysts more
Speaker 1: than a hundred twenty countries. I'm Michael bar This is Bloomberg, Nathan,
Speaker 1: Thank you, Michael. Just about six thirty six on Wall Street,
Speaker 1: John stash Our has the Bloomberg Sports Update. All right,
Speaker 1: Nathan will welcome sight that Giants practice veteran white out
Speaker 1: Sterling Shepherd back on the field, back from the achilles
Speaker 1: injury stuff for late last season. But it comes on
Speaker 1: the same day that another wide out, Colin Johnson, heard
Speaker 1: his achilles, so his season is over before it begins.
Speaker 1: And Johnson had looked good in the two Giants preseason
Speaker 1: who wins. Giants looked at cap A three and oh
Speaker 1: preseason when they faced the Jets Sunday afternoon and met
Speaker 1: Life Hall of Famer Len Dawson has died at eighties seven.
Speaker 1: Grew up in Ohio, one of eleven kids. Six straight
Speaker 1: seasons the nineteen sixties, he had the AFL's highest completion percentage,
Speaker 1: lead the Chiefs to two Super Bowls, the lost to
Speaker 1: Green Bay in the first one and then the upset
Speaker 1: win in Super Bowl four. Yankees are in Oakland to
Speaker 1: night first and four with the A's. It's a ten
Speaker 1: game road trip that'll see them also face the Angels
Speaker 1: and raised Iron. Brune's team seemingly snapped out of it
Speaker 1: slumped with three straight wins in a tough stretch. We're grinding.
Speaker 1: I think, I think these wins can go a long
Speaker 1: way and and kind of helping you build a little
Speaker 1: bit of confidence and and get that swagger back a
Speaker 1: little bit. Hopefully he's gonna return home until September five.
Speaker 1: The Mets off a four and six road trip and
Speaker 1: souther NL East lead over Atlanta shrinked or a game
Speaker 1: and a half. Now home pretend straight againning tonight against Colorado.
Speaker 1: With Jacob Degram on the Mountain, Mets to try to
Speaker 1: avoid what would be only their third three game losing
Speaker 1: speak of the season. MLB at withe schedule, fewer division games,
Speaker 1: more inter league games. Yankees actually will start the season
Speaker 1: against the San Francisco Giants. Season any Torch Championship golf
Speaker 1: teas off today in Atlanta. Top twenty nine players buying
Speaker 1: for prize money, but we'll see the winner collect eighteen
Speaker 1: million dollars. This is the PGA is increasing prize money
Speaker 1: next year in an Africa, key players from leaving for
Speaker 1: the lib cool John Stashya where Bloomberg Sports? All right, John,
Speaker 1: thank you, six thirty seven on Wall Street. Time to
Speaker 1: take a look at stock, some of the names moving
Speaker 1: in the pre market. A busy morning for Bloomberg Radio
Speaker 1: TV Markets correspondent Create gooped. Given all the earnings news
Speaker 1: we've gotten this morning, createy and some new concerns or
Speaker 1: maybe adding to the concerns about a slump in the
Speaker 1: chip sector this morning. You know, Nathan, it feels kind
Speaker 1: of silly to talk our earnings as we all really
Speaker 1: gear it for Jackson Hole. Nevertheless, it is a big story,
Speaker 1: especially for one of the major heavyweights in the S
Speaker 1: and P five hundred. Of course, I am talking about
Speaker 1: in video n v d A is your ticker dat
Speaker 1: about three and a half percent in pre market trading.
Speaker 1: We should also know that this is in an environment
Speaker 1: where the market is actually higher going in to today's session.
Speaker 1: So in video coming out and they say not only
Speaker 1: that they weren't worn earlier this month, that its sales
Speaker 1: would slip. On top of that, they gave up pretty
Speaker 1: diasappointing forecast. And of course this comes, as you pointed
Speaker 1: out justly, that this is coming with a broader kind
Speaker 1: of background of chips demands slumping broadly. And the reason
Speaker 1: this is so important on a economic perspective is simply
Speaker 1: that chips and similar to the way that oil demand
Speaker 1: for example, in a way it kind of serves the
Speaker 1: proxy for the broader economy and where they expect the
Speaker 1: consumer spending picture, not just here in the United States,
Speaker 1: but globally is going to go. And really that becomes
Speaker 1: the concerning part of Nvidia's numbers. They said their fiscal
Speaker 1: third quarter revenue will be about five point nine billion dollars.
Speaker 1: The average analyst estimate was much much higher, to shy
Speaker 1: about seven billion. So once again you do see a
Speaker 1: major myths there. The gross margin in the meantime, the
Speaker 1: percentage of sales that basically comes after you pull out
Speaker 1: the cost of production. It's only sixty five percent. That
Speaker 1: is not a margin that you want in this chip sector.
Speaker 1: So once again, not great numbers coming out of Nvidia,
Speaker 1: and on top of that, likely to weigh on the
Speaker 1: market session today. But it's also in line, I would say,
Speaker 1: with what you're seeing in some of the other tech names. Salesforce,
Speaker 1: for example, also missing their revenue projection. CRM is your
Speaker 1: taker down six point four percent in the pre market.
Speaker 1: But to kind of turn things around on the tech space, Nathan,
Speaker 1: you also have likes of Snowflake snow the software company
Speaker 1: surging up about seventeen and a half, or Saints and
Speaker 1: well they actually see a strong sales forecast and new
Speaker 1: customers on top of that. Now, I know in our
Speaker 1: last few seconds here, Crety, you're gonna be watching Tesla
Speaker 1: pretty closely after the stock split. You know, the stock
Speaker 1: split was announced a while back, so we knew that
Speaker 1: this was kind of coming, but this looks like the
Speaker 1: effect is finally taking shape. T s l A is
Speaker 1: your taker up one point seven percent. This of course
Speaker 1: follows at three for one stock split. The idea here
Speaker 1: being the Tesla shares are now actually affordable. They're training
Speaker 1: at about three three oh two right now, once again
Speaker 1: making it far more easier for the retail based access.
Speaker 1: All right, Boom Brigradi on TV. Markets correspondent Pretty Gupta
Speaker 1: with us this morning. As as you mentioned, yeah, we're
Speaker 1: all getting ready for the Jackson Whole symposium to kick off.
Speaker 1: But a lot of individual names to keep an eye
Speaker 1: on this morning. Looking ahead to the market, open futures
Speaker 1: are higher, SMP futures up twenty one points, down futures
Speaker 1: up nine two. NAZAC futures leading the games this morning
Speaker 1: up eighty seven points. The tenure treasury is up four
Speaker 1: thirty seconds. Heal now three point zero eight percent on
Speaker 1: the benchmark ten year treasury note. This is Bloomberg Bloomberg
Speaker 1: eleven three O. Weather sunny, near nineties today, could see
Speaker 1: a late day shower storm tomorrow. Otherwise sunshine and hides
Speaker 1: in the oper eight is mostly sunny oper eighties Saturday,
Speaker 1: mid eighties sunshine Sunday right now seventy two degrees. Markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot com. The Bloomberg Business at Hand at Bloomberg Quicktake.
Speaker 1: This is a Bloomberg business flash and I'm Cameron Moscow
Speaker 1: futures are on the rise this morning. We go to
Speaker 1: the First Word Breaking news desk for today's morning call.
Speaker 1: Here's Fill Maloney Bill, Good morning, Hey, good morning, Karen.
Speaker 1: That's right. US futures trading in the green right now.
Speaker 1: Debt futures up a hundred and six point SIPs game
Speaker 1: twenty four, wild nastic futures rise by nine seven, the
Speaker 1: US ten year old at three point o nine percent,
Speaker 1: Bold is up eleven, Oil is little changed, and bitcoin
Speaker 1: is also trading little change. Hong Kong jump three point
Speaker 1: six percent overnight as trying to add it a hundred
Speaker 1: supporting six billion of more stimulus, and Europa markets are
Speaker 1: quiet right now. Back in the US on the economic
Speaker 1: front of the thirty initial jobs claims in g d
Speaker 1: P and after the bells night in video gave eight
Speaker 1: disappointing forecast salesforce revenue projections missed estimates, but Snowflake gave
Speaker 1: a strong sales forecast regarding airings this morning, Dollar general
Speaker 1: EPs beat s and that's end wrapping things up. Lazy
Speaker 1: Boy was got to market perform over at Raymond James
Speaker 1: Live from the first Breaking News descom Bill Maloney, Karen,
Speaker 1: all right, Bil, thank you to hear live breaking news
Speaker 1: on your Bloomberg. Time to squawk on your terminal. That's
Speaker 1: s qu a w K and that's a Bloomberg business flash.
Speaker 1: Here's Michael Barr with more on what's going on around
Speaker 1: the world. My thought, Karen, thank you very much. Valdi.
Speaker 1: Texas School District police chief Peter Rodondo has been fired
Speaker 1: following allegations that he made several critical mistakes during a
Speaker 1: mass shooting that left nineteen students and two teachers dead.
Speaker 1: A flash flood warning is in effect for much of
Speaker 1: Mississippi after torrential rains cost evacuations, washed out roads, and
Speaker 1: lent water rescues. Air regulators in California are expected to
Speaker 1: announce today that there will be a state wide ban
Speaker 1: on the sale of new gasoline vehicles by five. In baseball,
Speaker 1: the Red Sox and Orioles lost the Nationals one. The
Speaker 1: A's beat the Marlins in ten innings three two. The
Speaker 1: Giants lost. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists, analyists more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg, Karen, Sorry, Michael Barr,
Speaker 1: thank you at A sixty nine on Wall Street, and
Speaker 1: we turned to news and science and technology Now at
Speaker 1: the Bloomberg. N j I T STEM report at BRONTI
Speaker 1: U buy New Jersey Institute of Technology. N j i
Speaker 1: T makes industry ready engineers and more than twenty fields.
Speaker 1: If it's engineering, it's at n j I T. Learn
Speaker 1: more at nj I T dot E d U. And
Speaker 1: here's just making news and science, technology, engineering and math.
Speaker 1: Years late and billions over budget. Announces new Moon rocket
Speaker 1: makes its debut next week in a high stakes test
Speaker 1: flight before astronauts get on top. The three two foot
Speaker 1: rocket will attempt to send an empty crew capsule into
Speaker 1: a far flung the lunar orbit, fifty years after NASA's
Speaker 1: famed Apollo moon shots. If all goes well, astronauts good
Speaker 1: strap in as soon as four for a lap around
Speaker 1: the Moon, but NASA aiming to land two people on
Speaker 1: the lunar surface by the end of Liftoff is set
Speaker 1: for Monday morning from NASA's Kennedy Space Center, the price
Speaker 1: tag for this single mission more than four billion dollars more,
Speaker 1: size of weakness in the semiconductor industry and video giving
Speaker 1: a disappointing forecast for the are in period and that
Speaker 1: comes two weeks after the company we're in that sales
Speaker 1: for the latest quarter would come in well below original expectations.
Speaker 1: And in the UK, two research groups said the government
Speaker 1: will have to draw a previously unthinkable measures on the
Speaker 1: energy crisis. The Resolution Foundation and the British Chambers of
Speaker 1: Congress are calling for COVID style emergency support to deal
Speaker 1: with soaring costs. Natural gas prices are now ten times
Speaker 1: higher than the last decades average. And as a Bloomberg
Speaker 1: and J. A. T. Stem report, Nathan, thank you, Karen.
Speaker 1: We are live from the Bloomberg Interactive Broker Studios where
Speaker 1: it's almost sixty one on Wall Street time now to
Speaker 1: check what's going on in d C. Some of the
Speaker 1: top stories in our nation's capital include President Biden's student
Speaker 1: loan relief adding a new wrinkle to the inflation debate,
Speaker 1: the Biden administration winning an emergency abortion access ruling in Idaho,
Speaker 1: the Twitter whistleblower to be a star witness in Congress,
Speaker 1: and Homeland Security scrapping a this information board that Republicans
Speaker 1: had blasted joining us Bloomberg Government Congressional reporter Jack Fitzpatrick,
Speaker 1: Jack and Morning. Of course, the big story of the
Speaker 1: moment is President Biden's long awaited announcement on student loan relief.
Speaker 1: I just saw a headline cross the Bloomberg terminal that
Speaker 1: student loan sites have crashed after the announcement. So certainly
Speaker 1: the beneficiaries potentially you're taking notice of this. But what's
Speaker 1: the reaction in Washington on Capitol Hill. It's fairly positive
Speaker 1: among Democrats. Obviously, Republicans are opposed to this was something
Speaker 1: they were never on board with. There was a question
Speaker 1: as to how Biden would thread the needle between the
Speaker 1: progressives calling for much more than this. A Progressive members
Speaker 1: were calling for up to fifty thousand dollars forgiveness. And
Speaker 1: then there are some other Democrats who actually don't like this.
Speaker 1: Michael Bennett, the Senator from Colorado who's got a potentially
Speaker 1: tough re election campaign, UH said this should have been
Speaker 1: targeted further. You see that hundred twenty five thousand dollar
Speaker 1: income limit potentially could have been lower. The White House
Speaker 1: has said the vast majority of this, about ninety of
Speaker 1: the benefits would go to people making no more than
Speaker 1: seventy five thousand dollars. But it has provoked that debate
Speaker 1: on how much, uh that top line amount of debt
Speaker 1: forgiveness they should have gone with, and how who that
Speaker 1: should apply to, and how they target that to people
Speaker 1: who are are not just the top earners. Overall, not
Speaker 1: a ton of pushback from Democrats though, and it it
Speaker 1: was a key campaign promise from Biden that could be popular.
Speaker 1: You know, you look at someone like Senator Raphael Warnock,
Speaker 1: who's got a tough reelection campaign in Georgia and campaigned
Speaker 1: on this. So a number of Democrats are at least
Speaker 1: happy about it, and it is a sort of raising
Speaker 1: questions as well about the debate on inflation. We had
Speaker 1: just heard from Bloomberg Politics contributor Rick Davis on sound
Speaker 1: on last night saying that, you know, the Inflation Reduction
Speaker 1: ACTUH cut three hundred billion dollars from the deficit. This
Speaker 1: could potentially add even more than that to the deficit. Yes, uh,
Speaker 1: four hundred to six hundred billion dollars is the range
Speaker 1: put out initially by the Committee for a Responsible Federal budget,
Speaker 1: which fiscally conservative advocacy group that tends to be good
Speaker 1: on those kinds of uh numbers. Uh. It maybe even
Speaker 1: more inflationary in its effects than the disinflationary effects of
Speaker 1: the so called Inflation Reduction Act. You know, reducing the
Speaker 1: deficit is one thing that has a disinflationary impact. But this,
Speaker 1: this is a policy that would seemingly go toward affecting consumption.
Speaker 1: It's something that gives people money, uh fairly directly, so
Speaker 1: it may be more inflationary than you know, an increase
Speaker 1: in the corporate minimum tax rate would be disinflationary. And overall,
Speaker 1: if you were to pair these two actions together, it
Speaker 1: is something that over the next ten years would slightly
Speaker 1: increase the deficit. Both of those fairly minimal effects on inflation.
Speaker 1: The numbers that have come out from economists on this
Speaker 1: say it could drive inflation up by about point one
Speaker 1: to point three percentage points. But yeah, this is a
Speaker 1: policy that would be more inflationary rather than disinflationary, and
Speaker 1: that does cut against what the President has tried to
Speaker 1: emphasize in terms of him taking action to reduce inflation. Well,
Speaker 1: outside Washington, Jack, the Biden administration's gotten a legal win
Speaker 1: in its ongoing effort to secure abortion access. Yes, in
Speaker 1: Idaho UH a judge sided with the Biden administration, arguing
Speaker 1: that the Idaho Idaho has a pretty strict abortion ban
Speaker 1: that went into place after the Dob's ruling that makes
Speaker 1: an exception for cases in which the life of the
Speaker 1: woman could be endangered, but there are federal requirements for
Speaker 1: UH medicare providers in any case to give sufficient emergency
Speaker 1: aid UH And in this ruling, the judge said that
Speaker 1: waiting until it appears to threaten the life of the
Speaker 1: woman rather than just addressing potentially severe health effects is
Speaker 1: too strict. Now that there was actually a similar issue
Speaker 1: in Texas where a judge held the opposite ruling. But
Speaker 1: this is one good news for the Biden administration as
Speaker 1: they try to push back on restrictions to access abortion
Speaker 1: UH and it kind of a way to highlight that
Speaker 1: the Biden administration and their lawyers are looking for any
Speaker 1: laws that might even be seemingly unrelated to abortion access
Speaker 1: that could have effects to chip away at some of
Speaker 1: these state laws. You know, last minute or so here, Jack,
Speaker 1: let's talk about the Twitter whistle blower. Obviously, it's getting
Speaker 1: a lot of attention when it comes to Elon Musk's
Speaker 1: been to walk out of the Twitter buy out, but
Speaker 1: now his complaints have sparked a congressional hearing. Yes, so
Speaker 1: the Senate Judic Sherry Committee is going to hold a hearing,
Speaker 1: and uh we will include testimony from the Twitter whistleblower.
Speaker 1: It's gonna be September thirte Uh. There is bipartisan interest
Speaker 1: in this. Dick Durban and Chuck grass Lee, to the
Speaker 1: two top members Democrat and Republican on that Senate committee,
Speaker 1: have both said that the allegations of security failures on
Speaker 1: potential foreign state interference at Twitter or are serious concerns
Speaker 1: for them. Uh. So that it's one potentially an explosive
Speaker 1: UH Senate Committee hearing and also an issue that clearly
Speaker 1: has bipartisan concern. And then one more thing to watch
Speaker 1: coming out of the August recess, which has been anything
Speaker 1: but slow for Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack,
Speaker 1: thanks for being with us this morning. Read more about
Speaker 1: all these stories on Bloomberg dot com or on the
Speaker 1: Bloomberg terminal, and of course you can follow all the
Speaker 1: latest on Bloomberg Radio in Washington Bloomberg one and Oh
Speaker 1: five point seven fm h D two. The focus turns
Speaker 1: now to Jackson Hole and the kickoff of the economic symposium. There.
Speaker 1: Tom Keene, Jonathan Farrell, and Lisa Abramowitz are getting set
Speaker 1: for a full coverage on a special edition of Bloomberg
Speaker 1: Surveillance that begins in just minutes here on Bloomberg Radio.
Speaker 1: Ahead of that, futures are moving higher. We have SMP
Speaker 1: futures up twenty three point, Staff futures up one three.
Speaker 1: Nasdaq futures are higher by ninety eight points. The tenure
Speaker 1: Treasury is up three thirty seconds. The yield now three
Speaker 1: point zero nine percent, and the yield on the two
Speaker 1: year three point three seven percent. For Karen Moscow, I'm
Speaker 1: Nathan Hagar. You have been listening to Bloomberg Daybreak. Good morning,