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Speaker 1: Live from the Bloomberg Interactive Berger Studios. This is Bloomberg

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Speaker 1: Daybreak for Wednesday, October twelve two. Coming up this shower,

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Speaker 1: President Biden says a slight recession is possible in the US.

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Speaker 1: We're tough talk from the FED on fighting inflation. We

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Speaker 1: speak with Cleveland Fed President Lorettamester. The Bank of England

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Speaker 1: confirms it will end emergency bond buying on Friday, and

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Speaker 1: Intel plans thousands of job cuts. New Jersey says New

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Speaker 1: York City's congestion pricing charts threatens sport authority revenue plus

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Speaker 1: NASA successfully moves and Asteroid off its over. I'm Michael

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Speaker 1: barn More ahead, I'm John Stashower. Sports game one of

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Speaker 1: the Yankees day beat Cleveland at the Stadium of the

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Speaker 1: Rangers one. There sees an open art. That's all s

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Speaker 1: tradyhead on Bloomberg Daybreak on Bloomberg eleven three on New York,

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Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nine team

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Speaker 1: and around the world Old on Bloomberg Radio dot Com

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Speaker 1: and via the Bloomberg Business App. Good morning. I'm Karen Moscow,

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Speaker 1: I'm Nathan Hagar. Bloomberg Daybreak is brought to you by

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Speaker 1: b n y Melon's Pershing Learned why the world's most

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Speaker 1: sophisticated wealth management and institutional firms rely on Pershing to

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Speaker 1: help them improve profitability, create efficiency, attract talent, and manage

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Speaker 1: risk at Pershing dot Com. And Futures this morning are

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Speaker 1: on the rise six o one on Wall Street, and

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Speaker 1: we check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg SNP, Future is up twenty nine points down.

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Speaker 1: Future is up a hundred ninety four. Nasday features up

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Speaker 1: one eight ten year Treasury up one thirty second deal

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Speaker 1: three point nine four percent, and they yield on the

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Speaker 1: two year at four point to nine percent. NIMEX screwed

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Speaker 1: oil up three tenths of a percent. Nathan, Karen, We'll

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Speaker 1: have more on markets in a minute, but first, President

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Speaker 1: Biden's weighing in on the economy. As investors, c e

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Speaker 1: o s and economists talk about a possible recession, so

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Speaker 1: is the President. I don't think there will be your recession.

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Speaker 1: If it is the be a very slight recession, that

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Speaker 1: is will move down slightly. Well, look, think about what's happened.

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Speaker 1: We have done more with in a better position than

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Speaker 1: any other major country in the world. In an interview

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Speaker 1: with CNN s Jake Tapp for the President also voiced

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Speaker 1: anger with Saudi Arabia and oil production cuts from OPEC.

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Speaker 1: Plus he accuses the Kingdom of allying itself with Russia

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Speaker 1: and vows to engage with lawmakers to punish riyadd there's

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Speaker 1: gonna be some consequences for what they've done with Russia.

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Speaker 1: What kind of consequences, Venenda says, suspend all arms sales?

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Speaker 1: Is that something you'd consider. I'm not going to get

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Speaker 1: into what i'd considering what I'm having mind, but there

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Speaker 1: will be There will be consequences the President. Biden suggests

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Speaker 1: those consequences likely will not come until after next month's

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Speaker 1: midterm elections. Well top talking the inflation continues from the

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Speaker 1: Fed and Nathan. The latest waying in is Cleveland FED

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Speaker 1: President Loretta Master. She tells us a central bank is

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Speaker 1: definitely not done raising rates. The real issue is we

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Speaker 1: need to do more. We have not seen inflation move

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Speaker 1: down um and we need to see that because leaving

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Speaker 1: inflation where it is, if it continues, there's a higher

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Speaker 1: chance that it does become embedded in the economy. Cleveland Fed,

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Speaker 1: President of the Redemester, made the comments in an interview

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Speaker 1: with The Bloomberg's Kathleen Hayes. Well, the Fed still has

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Speaker 1: its critics out there. Karen, including Muhammad Larrian, the Alliance

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Speaker 1: chief economic advisor and Bloomberg opinion columnists, says aggressive tightening

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Speaker 1: by the Central Bank will not only damage the US economy,

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Speaker 1: it will also affect the rest of the world. This

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Speaker 1: is going to be a reminder a little bit of

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Speaker 1: October without in and eight, when people gather in Washington

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Speaker 1: and realize we have a global problem and it needs

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Speaker 1: global global solution. Muhammed Alarian made the comments to Jonathan

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Speaker 1: Faroe on Bloomberg Surveillance Catch of program weekdays at seven am,

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Speaker 1: All Street Time on Bloomberg Radio and Television. Well, coming

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Speaker 1: up today, Nathan, we get the first is several key

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Speaker 1: economic readings this week, and we get the details from

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Speaker 1: Bloomberg Economics, corresponded Michael McKee. The world is watching the

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Speaker 1: US Federal Reserve raising rates to fight inflation has an

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Speaker 1: impact on markets everywhere. So this week's inflation reports are

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Speaker 1: key for markets. Wednesday, the u S reports on producer prices.

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Speaker 1: The bad news economists forecast factory gate prices rose last month.

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Speaker 1: Also Wednesday, the Fed releases the minutes of its September

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Speaker 1: twenty one meeting. Investors will parse those for clues to

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Speaker 1: how fast the Central Bank thinks inflation will come down,

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Speaker 1: which may influence how high rates will go and for

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Speaker 1: how long. Michael McKee, Bloomberg Daybreak, Mike thanks Soaring inflation

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Speaker 1: and higher interest rates have seeing yields rise, and stocks

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Speaker 1: are trading at their lowest levels in almost two years. Still,

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Speaker 1: Morgan Stanley Chief US equity strategist Mike Wilson says it

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Speaker 1: could be too early to call a bottom. I think

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Speaker 1: the bomb market is probably there. Uh and but unfortunately,

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Speaker 1: kind of like stocks, the bomb market used to be

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Speaker 1: told by the Fed that they're done right, And that's

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Speaker 1: just the dance we're in right now. It's the hardest

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Speaker 1: part of the cycle to trade. We think we know

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Speaker 1: we're going in equities, we think deals are probably flows

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Speaker 1: to topping, but we got to go through the earnings

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Speaker 1: revision still, which is why you can't say that that

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Speaker 1: stocks at Bob's Morgan Stanley ch US sequity strategist Mike

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Speaker 1: Wilson says inventory, labor costs and other latent expenses are

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Speaker 1: wreaking havoc on company cash flow well in Europe. This morning,

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Speaker 1: Nathan questions continue to shroll over whether the Bank of

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Speaker 1: England will end its emergency bond buying program on Friday,

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Speaker 1: and we go to London and get the latest with

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Speaker 1: Bloomberg's hun pasts. Good morning you, Good morning Karen and Nathan.

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Speaker 1: It has been a rocky few hours of watches of

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Speaker 1: UK assets this morning. The Bank of England now confirm

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Speaker 1: it will end its emergency bond buying program this Friday.

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Speaker 1: That was after an earlier Financial Time report that the

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Speaker 1: bank had told lenders in private there could be an extension.

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Speaker 1: UK GDP. Meanwhile, and expectedly shrinking in August for the

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Speaker 1: second time in three months, the north point three percent

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Speaker 1: drop in output driven by a sharp decline in manufacturing,

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Speaker 1: raising the possibility of the country is now in a recession.

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Speaker 1: In London, I'm you and part spin Boo day Break

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Speaker 1: all arguing thanks back hearing in the U s A,

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Speaker 1: big companies looking at a major reduction in head count.

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Speaker 1: Looks like Intel could be slashing jobs in an effort

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Speaker 1: to cut costs. More from Bloomberg's Doug Chris, we're told

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Speaker 1: the job cuts will likely number in the thousands and

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Speaker 1: will be announced as early as next month. Some divisions,

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Speaker 1: including sales and marketing, could seek cuts, affecting about twenty

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Speaker 1: percent of staff. As of July, Intel had a hundred

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Speaker 1: thirteen thousand, seven hundred employees. The company is facing a

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Speaker 1: steep decline in demand for PC processors. Its main businesses

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Speaker 1: struggled to win back market share lost to rivals like

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Speaker 1: Advanced micro Devices. In July, Intel said two sales would

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Speaker 1: be about eleven billion dollars lower than previously forecast. In

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Speaker 1: New York Time, Doug Prisoner Bloomberg Daybreak, All right, don,

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Speaker 1: thank you and euro up. This morning, Shares our credit

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Speaker 1: Suite are lower. They're down about three and a half percent.

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Speaker 1: Sources say that Justice Department is investigating whether the Swiss

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Speaker 1: lander continued to help US clients hide assets from authorities.

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Speaker 1: To bank paid up multibillion dollar fee over a similar

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Speaker 1: issue eight years ago, and had pledged to tackle the issue.

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Speaker 1: We are watching earnings cross the Bloomberg This morning. PepsiCo

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Speaker 1: reporting a third quarter core profit that beat analysts, s

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Speaker 1: tomates and it sees its fiscally your organic revenue also

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Speaker 1: meeting analysts estimates. Futures this morning are on the rise.

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Speaker 1: S and P future is up about thirty points down,

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Speaker 1: futures up a hundred ninety two, and Nastas futures up

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Speaker 1: one hundred twelve. Straight ahead your latest local headlines, plus

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Speaker 1: a check of sports, and this is Bloomberg. Thank you Caring.

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Speaker 1: It is six oh seven on Wall Street. We are

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Speaker 1: at fifty eight degrees in Central Park. I got a

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Speaker 1: new crash northbound of Jersey Turnpike, trucklings and exit thirteen.

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Speaker 1: More coming up in traffic first Michael Barr with more

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Speaker 1: on what's going on in New York and around the world. Michael,

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Speaker 1: thank you very much. Nathan. New Jersey Governor Phil Murphy

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Speaker 1: has put up another potential block to Manhattan's contraffic congestion pricing,

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Speaker 1: with an inquiry into the potential revenue hit to the

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Speaker 1: Port Authority of New York and New Jersey. Murphy says

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Speaker 1: the plan would cut bridge and tunnel toll collections. Murphy

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Speaker 1: wrote to Port Authority Executive Director Richard Cotton in October eleventh,

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Speaker 1: letter obtained by Bloomberg News, any reduction in the Port

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Speaker 1: Authority capital plan because of congestion pricing should not come

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Speaker 1: at the expense of any New Jersey projects. On the

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Speaker 1: campaign trails, Senate Minority Leader Mitch McConnell says the party

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Speaker 1: will stick with Herschel Walker as their GOP candidate for

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Speaker 1: Senate in Georgia. Walker told ABC he denies a woman's

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Speaker 1: claim at the former NFL star once urged her to

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Speaker 1: have an abortion. I know nothing about an abortion, and

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Speaker 1: I knew us a lie, and I said it was

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Speaker 1: a lie, and I just move on. Walker's campaign is

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Speaker 1: rocked by allegations that he reimbursed an ex girlfriend for

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Speaker 1: an abortion. In two thousand nine, New York City Mayor

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Speaker 1: Eric Adams signed legislation barring concealed guns, both legal and illegal,

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Speaker 1: from Times Square. Mayor Adams says it's essential for the

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Speaker 1: city to safeguard the rights of the tourists and visitors.

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Speaker 1: We are projected to receive fifties six million tourists in

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Speaker 1: this city. Many of them come through Times Square has

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Speaker 1: become a signature of this city, and we want to

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Speaker 1: make sure that this safe. The decision comes following the

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Speaker 1: summer's Supreme Court decision to overturn the state's law requiring

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Speaker 1: a license to carry concealed weapons in public places. NASA

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Speaker 1: says the Dart spacecraft that crashed into a small, harmless

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Speaker 1: asteroid two weeks ago has succeeded in shifting the space

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Speaker 1: rocks orbit. NASA Administrator Bill Nelson now the team is

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Speaker 1: confirmed that the spacecraft's impact altered demorphous orbit around Didimos

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Speaker 1: by thirty two minutes. NASA's Bill Nelson says the refrigerators

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Speaker 1: sized spacecraft originally struck the asteroid seven million miles away.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quick Takes, powered by more than journalists analysts

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Speaker 1: more than a hundred twenty countries. Michael Barr and this

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Speaker 1: is Bloomberg, Nathan, it's pretty good, Aim. Thanks Michael six

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Speaker 1: o nine on Wall Street. Time for the Bloomberg Sports

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Speaker 1: South DA. Here's John Stetshem. All right, Nathan, the Yankee

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Speaker 1: signed Garrett Cole to win big games in October. It

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Speaker 1: didn't happened last year. We got roughed up in that

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Speaker 1: one game playoff in Boston. A Cole pitched like an ace.

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Speaker 1: Last night at the State even six and the third

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Speaker 1: allowed just one run, struck out eight. The bullpen a

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Speaker 1: question mark head into the postseason, but it did its job,

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Speaker 1: getting the last eight ounces of the Yankees to Game

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Speaker 1: one from Cleveland four to one. Home run for Harrison

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Speaker 1: Bader that's his first ever in Finch trights and an

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Speaker 1: Anthony rizzle along two on shot. Game two schedule for

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Speaker 1: tomorrow night, although rain is in the forecast. High drama

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Speaker 1: on the other American League series opener. Seattle was coming

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Speaker 1: off a win in Toronto where the Mariners came back

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Speaker 1: from an eight to one defensive. This time they had

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Speaker 1: the lead. They got the Justin Verlander. In Houston, they

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Speaker 1: led four nothing later seven to three. Seattle was one

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Speaker 1: out from victory over food is k b ami they

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Speaker 1: call Houston seven. Dodgers beat the Padres in l A five,

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Speaker 1: the three the Phillies in a surprise to Game one

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Speaker 1: in Atlanta seven to six. Openy night for the Rangers.

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Speaker 1: Little payback on Tampa Bay, who ousted them four months

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Speaker 1: ago in the Stanley Cup playoffs at the Garden because

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Speaker 1: a band of jad scored shorthanded. Then on the power

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Speaker 1: play of the the Blue Shirts one three to one. The

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Speaker 1: Giants are back from London, but their punter is not.

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Speaker 1: Jamie Gallan is a native of Scotland, came to live

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Speaker 1: in the US well in high school. He is stuck

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Speaker 1: in England with a visa issue. The Giants expect him

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Speaker 1: back in time to punt on Sunday against Baltimore. John

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Speaker 1: Stash Bloomberg Sports. Nathan all Right, John, thank you. This

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Speaker 1: headline just crossing the Bloomberg terminal. UK thirty year guilt

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Speaker 1: yields rise to five per cent for the first time

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Speaker 1: since the Bank of England intervention. Right now, SMP futures

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Speaker 1: are up twenty nine point, staff futures up a hundred

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Speaker 1: ninety nastack futures up a hundred six points, which sucked

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Speaker 1: the inflation outlook. Next with Neil Richardson of a DP.

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Speaker 1: This is Bloomberg. Bloomberg eleven three oh weather morning, sun today,

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Speaker 1: afternoon clouds near seventy degrees. Those cruds will bring us

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Speaker 1: rain tomorrow in the high Your seventy back in the

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Speaker 1: sunshine Friday, right now fifty eight in Central Park Markets,

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Speaker 1: He's a Bloomberg Business Flash and I'm Karen Moscow, and

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Speaker 1: we are watching shares of Pepsi this morning. They're up

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Speaker 1: the pounds being whipsawed as traders struggled to make sense

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Speaker 1: of UK policy. US knock index futures and European shares

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Speaker 1: are rising ahead of tomorrow's inflation report. And we checked

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Speaker 1: the markets every fifty minutes throughout the trading day. On Bloomberg.

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Speaker 1: SNP futures have twenty nine points this morning, down features

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Speaker 1: of a hundred eighty five NASDACK futures have one hundred

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Speaker 1: seven The decks in Germany's up four tenths of upper

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Speaker 1: cent ten your treasury little change, you'll three point nine

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Speaker 1: four percent. They yield on the two year four point

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Speaker 1: to nine percent. Nine X Screwed oil is up three

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Speaker 1: tens of upper cent or twenty seven cents at eighty

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Speaker 1: nine dollars sixty two cents of barrel call makes gold

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Speaker 1: down half percent or eight dollars fifty cents at sixteen

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Speaker 1: seventy seven sixty announced, the euro is at point nine

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Speaker 1: at nineteen thousand, one hundred seventy dollars. That's a Bloomberg

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Speaker 1: business flash. Now here's Michael bar with Moore on what's

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Speaker 1: going on around the world. Michael Karen, thank you very much.

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Speaker 1: President Joe Biden voiced a siri yesterday with Saudi Arabia

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Speaker 1: over OPEC oil production cuts, accusing the kingdom of allying

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Speaker 1: itself with Russia. Biden, speaking to CNN, says there's going

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Speaker 1: to be some consequences for what they've done with Russia.

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Speaker 1: The Supreme Court will not consider restricting abortion further after

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Speaker 1: its June ruling that overturned Roe v. Wade, at least

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Speaker 1: for now. The conservative leaning court declined yesterday to hear

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Speaker 1: a case that would have granted constitutional rights to embryos

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Speaker 1: and fetuses. In baseball, the Yankees one game one in

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Speaker 1: their a ld S against the Guardians for one. In hockey,

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Speaker 1: the Rangers won their season opener against the Lightning three

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Speaker 1: one Global News twenty four hours a day on air

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Speaker 1: and on Bloomberg Quicktake, powered by more than journalists and

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Speaker 1: analysts more than a hundred twenty countries. Michael Barr and

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Speaker 1: this is Bloomberg. Nathan all right, Michael, thank you, At

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Speaker 1: six nineteen on Wall Street line from the Bloomberg Interactive

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Speaker 1: Broker's studios. This is Bloomberg Daybreak. We're getting ready for

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Speaker 1: quite a bit of economic data here, including the final

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Speaker 1: reads on inflation before the FED holds its next meeting

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Speaker 1: in just a couple of weeks. Let's get insights now.

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Speaker 1: We're joined by Neila Richardson, chief economist at a DP. Neila,

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Speaker 1: it's great to speak with you this morning while we

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Speaker 1: await the first of the two inflation readings. Of course,

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Speaker 1: this morning we get the Producer Price Index. Are you

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Speaker 1: looking for signs of moderation in the p p I?

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Speaker 1: Good morning, Nathan, um. I'm actually looking for some sen

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Speaker 1: stability and consistency in the service component. We might see

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Speaker 1: some moderation and the goods components. Energy prices have fallen,

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Speaker 1: but for services that is the common thread. But let's

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Speaker 1: go through line to the CPI report and I really

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Speaker 1: think that that's where you're seeing the pressures rise right

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Speaker 1: now is in services as consumers continue to shift their

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Speaker 1: post pandemic spending from goods back into service sectors. If

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Speaker 1: we do see more of that pressure on the services side,

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Speaker 1: what does that imply. Are you thinking that we could

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Speaker 1: see more pressure when it comes to wages? Well, actually,

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Speaker 1: there was some good news in the ADP report that

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Speaker 1: we released a last week. We saw that pressure in

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Speaker 1: wages that you mentioned. For people who stayed in their

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Speaker 1: jobs for more than a year, that actually accelerated a

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Speaker 1: little bit to seven point eight percent from last month.

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Speaker 1: But for people switching their jobs, and that's the big

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Speaker 1: dynamic right now, is these people who are leaving one

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Speaker 1: job and moving to the next. We actually saw our

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Speaker 1: index decelerate for the first time since the pandemic um

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Speaker 1: They're still making double digit gains, but the gains aren't

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Speaker 1: as strong as they were just before, so we might

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Speaker 1: that might be an indication that the wage pressures are

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Speaker 1: softening in the index. I think there's overall UH tendency

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Speaker 1: right now for companies to increase prices to keep up,

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Speaker 1: yes with past labor class, but also in in a

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Speaker 1: world of uncertainty to make sure that their revenues stay

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Speaker 1: afloat as well, and that, as you mentioned, does flow

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Speaker 1: into the consumer price index. A lot of the economists

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Speaker 1: that we've been serving here at Bloomberg are saying that

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Speaker 1: we could see a little bit of softening even in

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Speaker 1: core CPI. What's your call there when it comes to

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Speaker 1: consumer prices? Yeah, I think there could be some softening,

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Speaker 1: But there's always this the data money economist, whether we

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Speaker 1: reached the peak or not, or whether things are trending

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Speaker 1: down or not. And I would just caution that nothing

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Speaker 1: happens in the straight line anymore. There's too much uncertainty

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Speaker 1: in the world. So we might see a little bump

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Speaker 1: up and down in that core read as well as

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Speaker 1: the fact that it could stay at the levels of

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Speaker 1: that that it could plateau for a while. So I'm

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Speaker 1: not expecting major changes this week. If we don't see

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Speaker 1: things in a straight line. What does that mean for

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Speaker 1: the Fed? NILA Again, it means that the set is

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Speaker 1: going to have to stay hawkish. They're going to have

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Speaker 1: to stay focused on bringing inflation down. My read on

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Speaker 1: the economy is that the fet is on it in

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Speaker 1: a race against time. They have to bring down inflation

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Speaker 1: even as their actions work with a lag before the

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Speaker 1: economy softened so much that it dips into respression. So

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Speaker 1: to me, that means that the FED stays aggressive and

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Speaker 1: stay focused on bringing inflation down before their options are

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Speaker 1: are harder, even harder than they are now. Are you

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Speaker 1: expecting Are you expecting that the Fed is going to

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Speaker 1: align with that when we get the f O MC

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Speaker 1: minutes later on this afternoon. We've got about a minute

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Speaker 1: left here. Sure, I think you're going to see a

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Speaker 1: variety of opinions, and the opinions are going to get

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Speaker 1: more widespread as we move along the cycle. There are

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Speaker 1: those on the fm F l m C which will

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Speaker 1: like to be more cautious and their rate increases, and

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Speaker 1: there are those who are going to be more aggressive.

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Speaker 1: So for market participants, that means more uncertainty that we're

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Speaker 1: not going to account on a three fourth percentage increase

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Speaker 1: every month. It could be point side, that could be

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Speaker 1: a quarter percentage because there's going to be a wider

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Speaker 1: range of opinions on the side. Ultimately, it's Chapaw who

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Speaker 1: makes that decision, and he's been consistent about pain for

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Speaker 1: the last two months. So I assume a more a

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Speaker 1: continuation and aggressive hikes at least for the next meeting. Yeah,

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Speaker 1: it certainly has been a message that's been hammered time

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Speaker 1: and time again, not just by Chairman Pal, but plenty

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Speaker 1: of other FED speakers as well. Thanks for this, Neil,

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Speaker 1: a great having you on with us this morning as

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Speaker 1: we await all that data UH coming out this afternoon

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Speaker 1: and into the rest of this week. Neila Richardson, its

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Speaker 1: chief economist at a DP. Of course, we get the

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Speaker 1: producer price in next this morning a thirty Wall Street time,

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Speaker 1: and then the Fed minutes come out at two pm.

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Speaker 1: And of course we are waiting for consumer prices tomorrow

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Speaker 1: and retail sales on Friday. Lots for economists and the

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Speaker 1: FED to digest before that next meeting coming up in

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Speaker 1: just a couple of weeks, first week of November. Looking

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Speaker 1: ahead to the market open this morning, futures are moving higher,

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Speaker 1: SMP futures up twenty two points, STAFF futures up at

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Speaker 1: one and NASTAC futures are higher by eighty eight points ten.

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Speaker 1: Your treasuries now down one thirty second have a yield

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Speaker 1: of three point nine five on the benchmark ten year

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Speaker 1: Treasury note you're listening to Bloomberg Daybreak Bloomberg eleven three

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Speaker 1: oh weather morning sun will have increasing clouds this afternoon

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Speaker 1: with the high year seventy degrees, rainy, breezy. Tomorrow be

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Speaker 1: high year seventy again, upper sixties, mostly sunny for Friday

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Speaker 1: fifty eight. Currently in Central Park, broadcasting live from the

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Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Living

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Speaker 1: free on to Washington, d C. Bloomberg to Boston, Bloomberg

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Speaker 1: one O six one, to San Francisco, Bloomberg N sixty

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Speaker 1: to the Country Sirius XM Cho one nineteen and around

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Speaker 1: the globe to Bloomberg Business app and Bloomberg Radio dot com.

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Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good morning,

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Speaker 1: I'm Nathan Hagar, but I'm Kared Moscow. Were just about

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Speaker 1: three hours away from the open of US trading time

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Speaker 1: for the five things that you need to know to

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Speaker 1: start your day, BRONTI you buy Interacted Brokers. Interacted Brokers

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Speaker 1: Learn more at ib k R dot com. Slash compare

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Speaker 1: up first in an interview as CNN, President Biden face

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Speaker 1: questions about a possible contraction in growth. I don't think

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Speaker 1: there will be a recession. If it is, it will

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Speaker 1: be a very slight recession, that is, will move down slightly.

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Speaker 1: President Biden said the U. S economy is resilient enough

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Speaker 1: to write out any economic turbulence. He also says the

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Speaker 1: American people do not need to prepare for a recession. Well,

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Speaker 1: tough talk on inflation continues from the Fed. Karen Cleveland

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Speaker 1: FED President Laretta Mester says the Central Bank is not

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Speaker 1: done raising rates and she sees no reason to alter

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Speaker 1: the central banks balance sheet runoff plan. I think we

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Speaker 1: want to stick to that plan because the markets have

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Speaker 1: understood the plan. They see it, they understand it. We

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Speaker 1: did very well. I think broadcast what we were planning

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Speaker 1: to do and implemented it. Cleveland FED President LAURRETTA. Mester

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Speaker 1: made the comments in an interview with Bloomberg's Kathleen Hayes

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Speaker 1: catch a full conversation on the Bloomberg Terminal and at

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Speaker 1: bloomberg dot com. But if it still has its critics Nathan,

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Speaker 1: including Muhammad Larry and the Alliance Chief Economic Advisor, and

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Speaker 1: Bloomberg opinion columnists said the FEDS aggressive tightening could lead

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Speaker 1: to a global slowdown. Central banks and governments have to

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Speaker 1: be very aware that we are getting close to the

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Speaker 1: situation with financial and stability. Is the tail that wags

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Speaker 1: the talk of the economy and muhammedahlary And made the

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Speaker 1: comments on Bloomberg Surveillance Herd weekdays at seven am Eastern

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Speaker 1: on Bloomberg Radio and Television. This morning, caring the latest

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Speaker 1: Producer Price Index comes out eight thirty Wall Street time,

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Speaker 1: we get minutes from the Fed at to stick with

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Speaker 1: Bloomberg Radio and Television for complete coverage. Meantime, Nathan Niels

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Speaker 1: are rising in stocks are trading at their lowest levels

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Speaker 1: in almost two years. Still, Morgan Stanley Chief US equity

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Speaker 1: strategist Mike Wilson says it's too early to call the bottom.

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Speaker 1: I don't want to get two bolish here because really

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Speaker 1: won't construe my words and say, hey, you know here,

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Speaker 1: it's time to go, and that's not what we're saying.

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Speaker 1: We're saying there's still you know, last couple endings of

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Speaker 1: this bear market could be quite painful, but you've got

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Speaker 1: to be ready for when that price just to an

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Speaker 1: attractive level. And Morgan Stanley chief US equity strategist Mike

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Speaker 1: Wilson says inventory, labor costs and other latent expenses are

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Speaker 1: raking havoc on company cash flow. That's the five things

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00:23:11,760 --> 00:23:13,680
Speaker 1: that you need to notice start your day, brought to

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Speaker 1: you by Interactive Brokers. And futures this morning are on

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Speaker 1: the rise. SMP futures up nineteen points down, futures have

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Speaker 1: a hundred eighteen NAS day futures up eighty one. Ten

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Speaker 1: year treasury down three thirty seconds, you know, three point

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Speaker 1: nine to six percent. Straight ahead, your latest local headlines

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Speaker 1: plus the check of sports, and this is Bloomberg. Thank you, Karen.

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Speaker 1: Six thirty three on Wall Street, fifty seven degrees now

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Speaker 1: in Central Park. Got a new crash northbound New Jersey

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Speaker 1: Turnpike druck lanes, this time at exit nine. Details coming

431
00:23:47,240 --> 00:23:49,600
Speaker 1: up in traffic. Michael Bars here first with more on

432
00:23:49,680 --> 00:23:51,400
Speaker 1: what's going on in New York and around the world.

433
00:23:51,440 --> 00:23:54,600
Speaker 1: Good morning, Michael, Good morning. Nathan, New Jersey says traffic

434
00:23:54,760 --> 00:23:59,000
Speaker 1: ingestion pricing in Manhattan threatened support authority revenue. New Jersey

435
00:23:59,080 --> 00:24:01,880
Speaker 1: Governor Phil Murphy's as any reduction in the Board Authority

436
00:24:01,960 --> 00:24:06,199
Speaker 1: capital plan because of congestion, pricing should not come at

437
00:24:06,240 --> 00:24:10,040
Speaker 1: the expense of any new Jersey projects. Murphy's comments came

438
00:24:10,080 --> 00:24:13,520
Speaker 1: and in October eleventh, letter to Port Authority Executive Director

439
00:24:13,640 --> 00:24:18,200
Speaker 1: Richard Cotton, obtained by Bloomberg News top Biden administration officials

440
00:24:18,240 --> 00:24:22,280
Speaker 1: of voicing their fury with Saudi Arabia over OPEC production costs.

441
00:24:22,640 --> 00:24:26,000
Speaker 1: Bloomberg's had Backstor reports. The administration says there will be

442
00:24:26,240 --> 00:24:29,879
Speaker 1: severe consequences. They are saying the administration is undertaking a

443
00:24:30,119 --> 00:24:36,040
Speaker 1: sweeping evaluation of its relationship, including modifying agreements. State Department

444
00:24:36,119 --> 00:24:38,679
Speaker 1: spokesman that price, saying that cuts of benefit of Russia,

445
00:24:38,840 --> 00:24:42,320
Speaker 1: but it certainly serves the shorter term interests of countries

446
00:24:42,440 --> 00:24:47,600
Speaker 1: like Russia, a country that stands to game, at least

447
00:24:47,640 --> 00:24:51,360
Speaker 1: in the near term from elevated oil prices. The administration

448
00:24:51,400 --> 00:24:55,000
Speaker 1: says it may ask Congress to get involved. In San Francisco.

449
00:24:55,080 --> 00:24:58,280
Speaker 1: I'm at Baxter Bloomberg Daybreak. New York Mayor Eric Adams

450
00:24:58,320 --> 00:25:01,000
Speaker 1: signed into law a new concealed to carry measure. It

451
00:25:01,080 --> 00:25:04,119
Speaker 1: means Times Square officially becomes a gun free zone, and

452
00:25:04,200 --> 00:25:06,960
Speaker 1: we're going to make sure we create an environment, with

453
00:25:07,160 --> 00:25:10,639
Speaker 1: those who visit the city such as Times Square won't

454
00:25:10,680 --> 00:25:13,480
Speaker 1: have to be paralyzed with the fear of knowing that

455
00:25:13,640 --> 00:25:16,800
Speaker 1: someone is carrying in a gun in this area. The

456
00:25:16,920 --> 00:25:19,560
Speaker 1: legislation is based on the New York state law that

457
00:25:19,760 --> 00:25:23,760
Speaker 1: is being challenged in court. NASA says the dark spacecraft

458
00:25:23,840 --> 00:25:27,240
Speaker 1: that crashed into a small harmless asteroid two weeks has

459
00:25:28,000 --> 00:25:32,640
Speaker 1: has succeeded in shifting the space rocks orbit. NASA Administrator

460
00:25:32,720 --> 00:25:40,359
Speaker 1: Bill Nelson NASA successfully crashed a refrigerator size spacecraft into

461
00:25:40,480 --> 00:25:48,080
Speaker 1: the asteroid di MorphOS, seven million miles from Earth. NASA's

462
00:25:48,119 --> 00:25:51,840
Speaker 1: Bill Nelson. Tributes continue to come in for Angela Lansbury,

463
00:25:51,920 --> 00:25:56,120
Speaker 1: who died Tuesday. Lansbury appeared in movies like The Manchurian Candidate,

464
00:25:56,280 --> 00:25:59,400
Speaker 1: on Broadway and on TV in the long running series Murder.

465
00:25:59,520 --> 00:26:04,600
Speaker 1: She wrote, Angela Lansbury was global news twenty four hours

466
00:26:04,640 --> 00:26:07,840
Speaker 1: a day on air and on Bloomberg Quick Take, powered

467
00:26:07,880 --> 00:26:10,560
Speaker 1: by more than twenty seven under journalist and analysts, and

468
00:26:10,600 --> 00:26:13,159
Speaker 1: more than a hundred twenty countries. Michael Barr and this

469
00:26:13,480 --> 00:26:20,719
Speaker 1: is Bloomberg, Nick, all right, thanks for that, Michael, Almost

470
00:26:20,760 --> 00:26:23,080
Speaker 1: six thirty six on Wall Street, John Stash are has

471
00:26:23,119 --> 00:26:26,280
Speaker 1: the Bloomberg Sports Updates makes nath in October Baseball in

472
00:26:26,440 --> 00:26:29,800
Speaker 1: the Bronze. Garrett Coles first four Yankee postseason start braw

473
00:26:29,920 --> 00:26:32,040
Speaker 1: on the road at the Stadium. He got a big

474
00:26:32,119 --> 00:26:34,560
Speaker 1: ovation when he came out seventh inning, one out, one

475
00:26:34,600 --> 00:26:37,399
Speaker 1: on in the Yankees leaving Cleveland four to one. The

476
00:26:37,640 --> 00:26:40,520
Speaker 1: most comfortable time to acknowledge the crowd, but he certainly

477
00:26:40,680 --> 00:26:44,320
Speaker 1: felt it, um and appreciated it, and um, I thought

478
00:26:44,359 --> 00:26:49,480
Speaker 1: they were in every pitch tonight, and um, what a

479
00:26:49,640 --> 00:26:52,560
Speaker 1: wonderful experience to have him behind us Yanks one four

480
00:26:52,640 --> 00:26:55,240
Speaker 1: to one home run for Harrison Bata and Anthony Rizzo.

481
00:26:55,359 --> 00:26:57,639
Speaker 1: Key moment came in the third inning after a Stephen

482
00:26:57,720 --> 00:27:00,840
Speaker 1: Kuan homer off of Cole Guardians the bases loaded one

483
00:27:00,880 --> 00:27:02,840
Speaker 1: app Cole got out of the Yanks also got back

484
00:27:02,880 --> 00:27:05,399
Speaker 1: to back defensive gems and inning later first in as

485
00:27:05,440 --> 00:27:08,040
Speaker 1: Waldo Cabrera catch in left field and men on a

486
00:27:08,080 --> 00:27:11,320
Speaker 1: hot smash to third baseman Josh Donaldson. Game two scheduled

487
00:27:11,359 --> 00:27:14,680
Speaker 1: for Tomorrow night, weather permittee. Houston down seven three eighth

488
00:27:14,720 --> 00:27:17,840
Speaker 1: inn came back stunned Seattle eight seven on a walk

489
00:27:17,880 --> 00:27:20,000
Speaker 1: off three run homer with two outs bottom of night

490
00:27:20,280 --> 00:27:22,600
Speaker 1: by Jorda and Albert As the Dodgers beat San Diego

491
00:27:22,680 --> 00:27:24,600
Speaker 1: five to three. The Phillies hung on to win in

492
00:27:24,640 --> 00:27:27,800
Speaker 1: Atlanta seven six. The Fills nearly blew a seven one

493
00:27:27,880 --> 00:27:29,879
Speaker 1: league maker's advantage. JAD was a big part of the

494
00:27:30,000 --> 00:27:33,200
Speaker 1: Rangers playoff run last season, or run that was ended

495
00:27:33,280 --> 00:27:35,800
Speaker 1: by Tampa Bay in the conference final. Pretty night at

496
00:27:35,800 --> 00:27:39,119
Speaker 1: the Garden's advantage. AD scored shorthanded second period on the

497
00:27:39,200 --> 00:27:41,159
Speaker 1: power play in the third. The Rangers beat the light

498
00:27:41,200 --> 00:27:44,120
Speaker 1: and three to one. Nixon Nets both a preseason games

499
00:27:44,160 --> 00:27:47,640
Speaker 1: on the road tonight. The NFL says it will consider changes,

500
00:27:47,720 --> 00:27:50,320
Speaker 1: so they're roughing the fanster penalty, but not until after

501
00:27:50,440 --> 00:27:54,040
Speaker 1: the season. There were two very questionable calls in the five.

502
00:27:54,160 --> 00:27:57,760
Speaker 1: John Shall, Bloomberg sportsco all right, John, thank you, six

503
00:27:57,840 --> 00:27:59,600
Speaker 1: thirty seven on Wall Street. Time now to take a

504
00:27:59,640 --> 00:28:01,200
Speaker 1: look at talk to some of the names moving in

505
00:28:01,240 --> 00:28:04,399
Speaker 1: the pre market, and Bloomberg Radio and TV markets correspondent

506
00:28:04,440 --> 00:28:06,600
Speaker 1: Pretty Gupta is here with the latest proof that even

507
00:28:06,720 --> 00:28:11,240
Speaker 1: in a time of high inflation, people gotta eat. That's

508
00:28:11,240 --> 00:28:13,000
Speaker 1: absolutely true, and you know it's coming from a company

509
00:28:13,080 --> 00:28:16,960
Speaker 1: that has my favorite ratio. It's a snack to drink ratio.

510
00:28:17,000 --> 00:28:19,480
Speaker 1: Of course we're talking about Pepsi here, p EPs R

511
00:28:19,480 --> 00:28:21,560
Speaker 1: taker shares are upbout one and a half percent. They

512
00:28:21,600 --> 00:28:24,639
Speaker 1: did come out with an earnings change here, PepsiCo raising

513
00:28:24,680 --> 00:28:27,879
Speaker 1: their guidance again as higher prices lift those sales. Now,

514
00:28:27,960 --> 00:28:30,520
Speaker 1: this is enormous because, of course, we know to your point,

515
00:28:30,680 --> 00:28:32,760
Speaker 1: a lot of people are talking about pulling back on

516
00:28:32,880 --> 00:28:35,600
Speaker 1: some of their spending. That does include things like snacking

517
00:28:35,680 --> 00:28:37,520
Speaker 1: on the go and of course those raised prices that

518
00:28:37,600 --> 00:28:39,520
Speaker 1: you have on like picking up a soda for example,

519
00:28:39,800 --> 00:28:42,840
Speaker 1: on the way to work for example. The company nevertheless

520
00:28:42,920 --> 00:28:45,360
Speaker 1: raising its forecast for the full year, saying that consumers

521
00:28:45,400 --> 00:28:47,600
Speaker 1: are continuing to purchase more of a staff foods and

522
00:28:47,720 --> 00:28:51,000
Speaker 1: soft drinks despite those rising costs. So to me, Nathan,

523
00:28:51,120 --> 00:28:52,960
Speaker 1: this is a very good sign when we're talking about

524
00:28:53,000 --> 00:28:56,040
Speaker 1: is the consumer in America UM kind of falling behind?

525
00:28:56,200 --> 00:28:59,120
Speaker 1: And right now PepsiCo earnings saying not so much. Yeah,

526
00:28:59,680 --> 00:29:02,680
Speaker 1: very interesting earnings called there. And I'm see you're watching

527
00:29:02,840 --> 00:29:07,400
Speaker 1: Uber still after that announced rule change that could affect

528
00:29:07,440 --> 00:29:10,680
Speaker 1: the company pretty negatively. Here, what's the stock doing this morning? Well, so,

529
00:29:10,880 --> 00:29:14,640
Speaker 1: basically this rule change in California was going to potentially

530
00:29:14,680 --> 00:29:18,640
Speaker 1: make some of their contract drivers UM independent contractors, and

531
00:29:18,680 --> 00:29:19,840
Speaker 1: what that would mean is that Uber would have to

532
00:29:19,880 --> 00:29:23,560
Speaker 1: pay a whole lot more to actually UM use their

533
00:29:23,600 --> 00:29:26,480
Speaker 1: services and have them part of the business. That news,

534
00:29:26,560 --> 00:29:30,000
Speaker 1: the idea that this might actually UM work against Uber's

535
00:29:30,040 --> 00:29:33,480
Speaker 1: favor work kind of saint stock yesterday about eight percent

536
00:29:33,560 --> 00:29:35,640
Speaker 1: to clients in Uber seven percent to clients and left

537
00:29:36,040 --> 00:29:38,880
Speaker 1: complete turnaround story this morning, although I will say it's

538
00:29:38,920 --> 00:29:42,200
Speaker 1: not a complete gain of those eight or seven percent

539
00:29:42,320 --> 00:29:44,680
Speaker 1: loss damage has been done here, Nathan you be ers,

540
00:29:44,680 --> 00:29:47,640
Speaker 1: your taker up seven tenths of one percent was coming

541
00:29:47,680 --> 00:29:50,760
Speaker 1: after analysts noted there was limited near term risk from

542
00:29:50,800 --> 00:29:54,360
Speaker 1: the Biden administration proposal on that workers employment status, and

543
00:29:54,440 --> 00:29:56,560
Speaker 1: this is something that Man Deep Sing of Bloomberg Intelligence

544
00:29:56,560 --> 00:29:58,760
Speaker 1: said as well, Yes it's a risk, do actually think

545
00:29:58,760 --> 00:30:01,680
Speaker 1: it's going to be implemented? And for that reason you

546
00:30:01,720 --> 00:30:03,600
Speaker 1: are starting to see shares rebound just a little bit

547
00:30:03,640 --> 00:30:06,000
Speaker 1: this morning. How our chip stocks doing this morning. We've

548
00:30:06,040 --> 00:30:08,760
Speaker 1: got that report just this morning that Intel is looking

549
00:30:08,760 --> 00:30:10,960
Speaker 1: at a bunch of job cuts. They really are. And

550
00:30:11,240 --> 00:30:13,239
Speaker 1: this is a key point to make because we've been

551
00:30:13,240 --> 00:30:15,360
Speaker 1: seeing this pain and a lot of the tech sector

552
00:30:15,360 --> 00:30:17,160
Speaker 1: it's something that a lot of people are expecting to

553
00:30:17,240 --> 00:30:19,280
Speaker 1: kind of spread throughout the rest of the sector. Nevertheless,

554
00:30:19,360 --> 00:30:22,440
Speaker 1: Intel shows are actually up, I NTC up one two percent,

555
00:30:22,800 --> 00:30:25,000
Speaker 1: and it's not alone. All the chip stocks are and

556
00:30:25,160 --> 00:30:27,600
Speaker 1: Video n v d A up one point one percent,

557
00:30:27,720 --> 00:30:30,640
Speaker 1: Advanced micro Devices A m D up one percent as well,

558
00:30:30,640 --> 00:30:33,280
Speaker 1: and of course Micron Mu up one point four percent.

559
00:30:33,760 --> 00:30:35,560
Speaker 1: This is interesting because for the past two days you've

560
00:30:35,560 --> 00:30:37,840
Speaker 1: had extreme pain in the chip sector. So I wouldn't

561
00:30:37,840 --> 00:30:40,120
Speaker 1: necessarily say this is a sector to us being driven

562
00:30:40,160 --> 00:30:42,560
Speaker 1: by the fundamentals, Nathan, this is a rebound story. It's

563
00:30:42,560 --> 00:30:46,000
Speaker 1: a technical rebound story, especially given that hiring news. Traditionally

564
00:30:46,040 --> 00:30:48,680
Speaker 1: that would take the stock. It's not right now, um,

565
00:30:48,920 --> 00:30:50,800
Speaker 1: that may change in the coming days, though. Yeah, it

566
00:30:50,920 --> 00:30:52,920
Speaker 1: is a good point. And chips have been hammered over

567
00:30:52,960 --> 00:30:55,480
Speaker 1: the last few days and you've been following it. Forest Spoomberg,

568
00:30:55,560 --> 00:30:59,520
Speaker 1: Radio and TV Markets correspondent Crety Gupta looking at stocks

569
00:30:59,600 --> 00:31:01,880
Speaker 1: as a hole this morning. A little bit of a

570
00:31:01,920 --> 00:31:04,560
Speaker 1: bounce back in futures. Contracts s and P futures are

571
00:31:04,600 --> 00:31:07,080
Speaker 1: up one points down. Futures up a hundred thirty three,

572
00:31:07,440 --> 00:31:10,080
Speaker 1: NASAC futures are hired by eighty eight points. The tenure

573
00:31:10,080 --> 00:31:12,640
Speaker 1: Treasury is down down three thirty seconds for yield close

574
00:31:12,720 --> 00:31:15,840
Speaker 1: to three point nine six per cent. You're listening to

575
00:31:16,000 --> 00:31:23,600
Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh weather morning. Sun will

576
00:31:23,640 --> 00:31:26,000
Speaker 1: give way to increasing clouds this afternoon in a high

577
00:31:26,000 --> 00:31:30,120
Speaker 1: near seventy degrees, rainy, breezy. Tomorrow high near seventy once

578
00:31:30,120 --> 00:31:34,520
Speaker 1: again upper sixties, mostly sunny by Friday fifty seven. Currently

579
00:31:37,320 --> 00:31:40,680
Speaker 1: markets headlines and breaking news twenty four hours a day

580
00:31:40,840 --> 00:31:43,800
Speaker 1: at Bloomberg dot Com, the Bloomberg Business at and at

581
00:31:43,840 --> 00:31:53,960
Speaker 1: Bloomberg Quicktape. He's a Bloomberg Business Flash and I'm fair

582
00:31:54,000 --> 00:31:56,400
Speaker 1: at Moscow. Future is on the rise. This morning, we

583
00:31:56,480 --> 00:31:58,560
Speaker 1: get to the first word breaking news dash for today's

584
00:31:58,600 --> 00:32:01,680
Speaker 1: morning call, and here's Bill mull ony Bill, good morning, Hey,

585
00:32:01,840 --> 00:32:04,280
Speaker 1: Good morning, Karen. That's right. US futures with a bid

586
00:32:04,440 --> 00:32:06,640
Speaker 1: right now, with death futures up a hundred and sixteen points,

587
00:32:06,680 --> 00:32:10,600
Speaker 1: subs game nineteen and NASA futures rise by aiding the

588
00:32:10,760 --> 00:32:13,680
Speaker 1: US ten years at three point nine six percent, Gold

589
00:32:13,800 --> 00:32:16,080
Speaker 1: is hired by three, Oil is a little changed, and

590
00:32:16,200 --> 00:32:19,560
Speaker 1: Bitcoin is training higher by point six percent. Shanghai rose

591
00:32:19,600 --> 00:32:21,560
Speaker 1: one and a half percent overnight, while your PA markets

592
00:32:21,600 --> 00:32:24,080
Speaker 1: are trading mixed this morning. And back in the US

593
00:32:24,160 --> 00:32:27,920
Speaker 1: on the economic Frinday thirty, the Producer Price Index regarding

594
00:32:27,960 --> 00:32:31,120
Speaker 1: earnings PEPSI beat estimates. And in other news, people familiar

595
00:32:31,160 --> 00:32:34,840
Speaker 1: so that Intel plans thousands of job cuts later this month,

596
00:32:35,160 --> 00:32:37,960
Speaker 1: and the ft report that Twitter is reviewing its policies

597
00:32:38,000 --> 00:32:41,720
Speaker 1: around permanently banning users wrapping things up. A G was

598
00:32:41,800 --> 00:32:44,360
Speaker 1: raised to buy over at Jeffreys Stanley. Blackendecker was cut

599
00:32:44,400 --> 00:32:47,920
Speaker 1: to eco weight over at Morgan Stanley Live from a

600
00:32:47,960 --> 00:32:50,600
Speaker 1: first breaking news descom Bill Maloney Careen, all right, Bill,

601
00:32:50,640 --> 00:32:53,000
Speaker 1: thank you to hear live breaking news over here. Bloomberg Times,

602
00:32:53,040 --> 00:32:55,360
Speaker 1: squawk on your terminal scue you a w u K

603
00:32:55,520 --> 00:32:57,840
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr

604
00:32:57,960 --> 00:33:01,040
Speaker 1: with more on what's going on around the world. Karen,

605
00:33:01,080 --> 00:33:04,400
Speaker 1: thank you very much. Ukraine's Southern Operational Command says its

606
00:33:04,480 --> 00:33:08,480
Speaker 1: forces have recaptured five settlements in the Kirson region. The

607
00:33:08,560 --> 00:33:12,480
Speaker 1: settlements are in one of the four regions recently illegally

608
00:33:12,520 --> 00:33:16,840
Speaker 1: annexed by Russia. Meanwhile, Russia says it's detained five Russians

609
00:33:16,880 --> 00:33:20,440
Speaker 1: and three citizens of Ukraine and Armenia over last week's

610
00:33:20,480 --> 00:33:25,600
Speaker 1: crimea bridge explosion. Anti government protests continuing cities and towns

611
00:33:25,680 --> 00:33:28,920
Speaker 1: in Iran for a fourth week. Meanwhile, tens of thousands

612
00:33:28,960 --> 00:33:32,320
Speaker 1: of Iranians living abroad have marched on the streets of

613
00:33:32,400 --> 00:33:34,880
Speaker 1: Europe over the death of a woman who was arrested

614
00:33:34,880 --> 00:33:37,719
Speaker 1: by the so called morality police, accused of wearing her

615
00:33:37,800 --> 00:33:41,600
Speaker 1: her job incorrectly. In baseball, the Yankees one game one

616
00:33:41,640 --> 00:33:45,479
Speaker 1: of their a lds against the Guardians for one. In hockey,

617
00:33:45,520 --> 00:33:48,680
Speaker 1: the Rangers won their season opener against the Lightning three one.

618
00:33:49,080 --> 00:33:51,920
Speaker 1: Global News twenty four hours a day on air and

619
00:33:52,200 --> 00:33:55,840
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

620
00:33:55,920 --> 00:33:58,720
Speaker 1: journalists and analysts more than a hundred twenty countries. I'm

621
00:33:58,800 --> 00:34:02,040
Speaker 1: Michael Barr, and this is Bloomberg. Karen all right, Michael

622
00:34:02,040 --> 00:34:04,240
Speaker 1: bar thank you at six forty nine on Wall Street,

623
00:34:04,280 --> 00:34:06,440
Speaker 1: and we turned to news and science and Technology now

624
00:34:06,520 --> 00:34:09,440
Speaker 1: with a Bloomberg n j I T Stam report. It

625
00:34:09,520 --> 00:34:12,080
Speaker 1: is brought to Uvayne, New Jersey, Institute of Technology and

626
00:34:12,200 --> 00:34:14,640
Speaker 1: j I T makes industry ready engineers and more than

627
00:34:14,719 --> 00:34:17,400
Speaker 1: twenty fields. If it's engineering is at n j I

628
00:34:17,520 --> 00:34:19,400
Speaker 1: T what will you make at n j I T

629
00:34:19,640 --> 00:34:21,719
Speaker 1: learn more at nj I T dot A d U

630
00:34:22,280 --> 00:34:25,640
Speaker 1: and here's just making news and science, technology, engineering, and math.

631
00:34:26,080 --> 00:34:28,879
Speaker 1: China is doubling down in its defense of a controversial

632
00:34:29,040 --> 00:34:32,000
Speaker 1: COVID zero policy. For the third day this week, the

633
00:34:32,080 --> 00:34:35,880
Speaker 1: influential People's Daily newspaper, regarded as the mouthpiece of the party,

634
00:34:36,200 --> 00:34:39,440
Speaker 1: mounted a strident defense of the country's zero tolerance approach

635
00:34:39,480 --> 00:34:43,200
Speaker 1: to the virus, which deploys lockdowns, border curbs, and frequent

636
00:34:43,280 --> 00:34:47,239
Speaker 1: testing to suppress the virus and stop transmission. Until is

637
00:34:47,280 --> 00:34:50,440
Speaker 1: planning a major reduction in headcounts. Sources say it will

638
00:34:50,520 --> 00:34:52,799
Speaker 1: likely number in the thousands, and an effort to cut

639
00:34:52,840 --> 00:34:56,080
Speaker 1: costs and cope with a sputtering personal computer market. The

640
00:34:56,160 --> 00:34:59,160
Speaker 1: layoffs may be announced as early as this month and now,

641
00:34:59,280 --> 00:35:02,760
Speaker 1: so says A spacecraft that plowed into a small, harmless

642
00:35:02,920 --> 00:35:06,680
Speaker 1: asteroid millions of miles away succeeded in shifting its orbit.

643
00:35:06,920 --> 00:35:09,400
Speaker 1: The Space Agency attempted to test two weeks ago to

644
00:35:09,520 --> 00:35:11,759
Speaker 1: see if in the future a killer row could be

645
00:35:11,880 --> 00:35:15,480
Speaker 1: nudged out of Earth's way Before the impact, the moonlett

646
00:35:15,719 --> 00:35:18,480
Speaker 1: took eleven hours and fifty five minutes to circle its

647
00:35:18,560 --> 00:35:22,239
Speaker 1: parent asteroid scientists had anticipated shaving off ten minutes, but

648
00:35:22,360 --> 00:35:24,839
Speaker 1: now say the impact short in the asteroids orbit by

649
00:35:24,920 --> 00:35:27,360
Speaker 1: thirty two minutes. And that's a Bloomberg n g I

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Speaker 1: t STEM report. Nathan. Wow, All right, Karen, thank you.

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Speaker 1: We are live from the Bloomberg Interactive Brokers studios, where

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00:35:33,239 --> 00:35:35,760
Speaker 1: it's coming up to six fifty one on Wall Street.

653
00:35:36,040 --> 00:35:37,719
Speaker 1: Time out to check what's going on in d C.

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Speaker 1: Some of the top stories in our nation's capital include

655
00:35:40,600 --> 00:35:44,160
Speaker 1: President Biden discussing the economy, Russia's Saudi Arabia and his

656
00:35:44,280 --> 00:35:48,000
Speaker 1: son Hunter in an interview with CNN, Republicans rallying for

657
00:35:48,080 --> 00:35:51,360
Speaker 1: herschel Walker and his ailing Senate bid in Georgia, and

658
00:35:51,440 --> 00:35:54,200
Speaker 1: the Justice Department urging the Supreme Court to stay out

659
00:35:54,360 --> 00:35:58,160
Speaker 1: of the maral Lago records fight joining us now. Bloomberg

660
00:35:58,200 --> 00:36:01,719
Speaker 1: government reporter Emily Wilkins quite a ride ranging interview the

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00:36:01,760 --> 00:36:05,200
Speaker 1: President gave to CNN last night. Emily in some interesting

662
00:36:05,320 --> 00:36:10,520
Speaker 1: words about this difficult economy with just about four weeks

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Speaker 1: left to the mid term. Yeah, Biden was asked again

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Speaker 1: about a potential for recession, Nathan, which you know, we're

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00:36:17,160 --> 00:36:21,600
Speaker 1: seeing more and more organizations, including Bloomberg's own analytics predict

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00:36:21,719 --> 00:36:25,040
Speaker 1: that that as a higher potential of happening, but Biden

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00:36:25,120 --> 00:36:27,719
Speaker 1: said the American people should not be preparing for a

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00:36:27,800 --> 00:36:30,359
Speaker 1: recession at this point. He said that he didn't think

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Speaker 1: there would be one, and if there was one, it

670
00:36:32,440 --> 00:36:35,759
Speaker 1: would be very slight. Of course, this comes as the

671
00:36:35,880 --> 00:36:39,200
Speaker 1: economy has really been the central focus for the mid

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00:36:39,400 --> 00:36:42,080
Speaker 1: term elections, and you're going to be seen that Fed

673
00:36:42,239 --> 00:36:45,640
Speaker 1: boys to deliver a fourth straight seventy five point bass

674
00:36:45,719 --> 00:36:49,320
Speaker 1: hike early next month, right before the elections. This is

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00:36:49,400 --> 00:36:52,680
Speaker 1: something folks and Biden's own party have raised concerns about him.

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00:36:52,719 --> 00:36:55,640
Speaker 1: Thinking about a Senator Elizabeth Moren who has talked about

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00:36:55,680 --> 00:36:59,239
Speaker 1: the potential for a recession here um the bald Biden

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00:36:59,239 --> 00:37:03,279
Speaker 1: administration and says that there could see higher unemployment and

679
00:37:03,400 --> 00:37:06,040
Speaker 1: more job loss with the slowing down of the economy.

680
00:37:06,640 --> 00:37:09,759
Speaker 1: They really haven't started bringing any potential alarm bells yet

681
00:37:10,000 --> 00:37:13,680
Speaker 1: or really messaging to the American people about the possibility

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00:37:13,719 --> 00:37:16,520
Speaker 1: of this occurring. And of course, the President raised some

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00:37:16,600 --> 00:37:19,600
Speaker 1: alarm bells in recent days about Russia and the threat

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Speaker 1: of what he called nuclear armageddon. It sounded a little

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00:37:22,680 --> 00:37:25,160
Speaker 1: bit like he was trying to at least clarify what

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00:37:25,520 --> 00:37:27,120
Speaker 1: he was trying to say when it comes to Russia

687
00:37:27,160 --> 00:37:31,080
Speaker 1: and Ukraine. Yeah, Biden did try to clarify his remarks

688
00:37:31,160 --> 00:37:33,839
Speaker 1: when that interview with Sattam last night. He said those

689
00:37:33,880 --> 00:37:37,680
Speaker 1: comments were directed towards Putin himself and that he doesn't

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00:37:37,719 --> 00:37:41,280
Speaker 1: think Russia will ultimately go through with deploying nuclear weapons.

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00:37:41,440 --> 00:37:44,160
Speaker 1: But Biden said that if that does happen, that the

692
00:37:44,320 --> 00:37:47,520
Speaker 1: US has already gamed out potential responses, that the Pentagon

693
00:37:47,719 --> 00:37:50,879
Speaker 1: does have a plan. But then again, Nathan again, he'd

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00:37:50,880 --> 00:37:53,880
Speaker 1: be downplayed the idea that that that would actually happen.

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Speaker 1: Um Otherwise, the US is continuing to try and support Ukraine.

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Speaker 1: They're convening a meeting of the Crane Defense Contract Group

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00:38:01,600 --> 00:38:04,759
Speaker 1: in Brussels today where Ukraine is expected to push for

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00:38:04,880 --> 00:38:08,719
Speaker 1: more advanced weaponry. Biden also talked about the potential for

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00:38:08,840 --> 00:38:12,279
Speaker 1: him to hypothetically meet with Vladimir Putin. There's no meeting

700
00:38:12,400 --> 00:38:15,279
Speaker 1: on the books, but they're both expected to attend the

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00:38:15,360 --> 00:38:18,560
Speaker 1: Group of twenty summit in Bali next month, and Biden

702
00:38:18,640 --> 00:38:20,520
Speaker 1: said that if Putin came up to talk with him

703
00:38:20,560 --> 00:38:24,520
Speaker 1: about saying detains US basketball star Britney Griner that he

704
00:38:24,560 --> 00:38:27,520
Speaker 1: would be open to a potential conversation about that, but

705
00:38:27,719 --> 00:38:30,200
Speaker 1: he wouldn't want to talk about the war in Ukraine

706
00:38:30,520 --> 00:38:34,320
Speaker 1: without Kiev's involvement. They've also been conversations, of course, in

707
00:38:34,400 --> 00:38:39,919
Speaker 1: Washington about rethinking the US relationship with Saudi Arabia after

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00:38:40,040 --> 00:38:43,680
Speaker 1: the OPEC plus production cut announcement. What the President have

709
00:38:43,800 --> 00:38:46,719
Speaker 1: to say about that? Oh Biden said there would be

710
00:38:46,800 --> 00:38:50,839
Speaker 1: consequences for Saudi Arabia. He didn't really get into details there,

711
00:38:51,200 --> 00:38:53,719
Speaker 1: but Nathan, anything that we're going to be seen, we're

712
00:38:53,760 --> 00:38:55,920
Speaker 1: probably not going to see it until after the bid

713
00:38:56,040 --> 00:38:58,440
Speaker 1: term elections. And that's because to a certain extent, you

714
00:38:58,520 --> 00:39:01,080
Speaker 1: will need Congress to act, and there is the will

715
00:39:01,320 --> 00:39:05,000
Speaker 1: both with parties. Democrats and Republicans are very frustrated with

716
00:39:05,120 --> 00:39:08,960
Speaker 1: Saudi Arabia after OPEC plus announced plans to slash their

717
00:39:09,000 --> 00:39:11,959
Speaker 1: output by two million barrels a day, and so there's

718
00:39:12,000 --> 00:39:14,839
Speaker 1: some ideas about what they could potentially do a set

719
00:39:14,920 --> 00:39:18,560
Speaker 1: it for relations share. Robert Menendez Uh, he's urged all

720
00:39:18,760 --> 00:39:22,720
Speaker 1: freezing of all corporations with Saudi Arabia al right, freezing

721
00:39:22,800 --> 00:39:27,560
Speaker 1: all cooperation with Saudia, Saudi Arabia, including arms sales. There's

722
00:39:27,600 --> 00:39:31,040
Speaker 1: also been discussion of potentially allowing the US to sue

723
00:39:31,120 --> 00:39:34,719
Speaker 1: OPEC plus companies. So we expect more information on this,

724
00:39:35,000 --> 00:39:38,400
Speaker 1: but they don't expect anything until Congress gets back after

725
00:39:38,560 --> 00:39:43,040
Speaker 1: the election. And the comments about President Biden's son Hunter,

726
00:39:43,239 --> 00:39:44,600
Speaker 1: what did you have to say about that? And is

727
00:39:44,640 --> 00:39:46,799
Speaker 1: that going to be an issue for the president going

728
00:39:46,880 --> 00:39:51,040
Speaker 1: forward potentially? So Biden's really downplayed the report at this

729
00:39:51,200 --> 00:39:53,879
Speaker 1: point that there's enough evidence to charge his son Hunter

730
00:39:54,080 --> 00:39:57,080
Speaker 1: with tax and gun crimes. Biden says that he has

731
00:39:57,160 --> 00:40:01,080
Speaker 1: confidence in his son Hunter, but at this point is

732
00:40:01,160 --> 00:40:03,680
Speaker 1: really kind of trying to keep a bit of distance

733
00:40:03,760 --> 00:40:08,360
Speaker 1: between himself and uh, the judicial that's really investigating the

734
00:40:08,440 --> 00:40:11,400
Speaker 1: Hunter at this time. Uh, Biden is really trying to

735
00:40:11,480 --> 00:40:14,080
Speaker 1: kind of make a break with his predecessor in not

736
00:40:14,200 --> 00:40:17,759
Speaker 1: getting involved with matters of the judiciary. And it's kind

737
00:40:17,760 --> 00:40:21,040
Speaker 1: of been his approach throughout this entire process, saying that,

738
00:40:21,200 --> 00:40:23,879
Speaker 1: you know, the legal process has to play out, He's

739
00:40:23,920 --> 00:40:26,080
Speaker 1: not going to stand in the way, and he remains

740
00:40:26,200 --> 00:40:29,600
Speaker 1: confident in his son. So this is really Biden continuing

741
00:40:29,680 --> 00:40:32,560
Speaker 1: to be consistent with that message. And I think, of course,

742
00:40:32,600 --> 00:40:34,919
Speaker 1: the next big question is are we going to wide dip,

743
00:40:34,960 --> 00:40:38,680
Speaker 1: seeing charges being brought and in a big midterm race

744
00:40:38,760 --> 00:40:42,560
Speaker 1: to watch, it's been really interesting to see Republicans sort

745
00:40:42,600 --> 00:40:46,799
Speaker 1: of rally around Herschel Walker in Georgia, even after all

746
00:40:46,920 --> 00:40:50,879
Speaker 1: the heat that's been on him around the abortion issue. Yeah,

747
00:40:51,040 --> 00:40:53,799
Speaker 1: the secret kids popping up left and right didn't seem

748
00:40:53,840 --> 00:40:56,560
Speaker 1: to go interest with him. And now the uh yeah,

749
00:40:56,640 --> 00:41:00,600
Speaker 1: the the very credible reporting that he did pay for

750
00:41:01,160 --> 00:41:04,520
Speaker 1: an abortion also Stephen hasn't seemed to damp an interest.

751
00:41:04,800 --> 00:41:08,239
Speaker 1: You saw Senator Rick Scott, Senator Tom Cotton campaigning with

752
00:41:08,360 --> 00:41:12,200
Speaker 1: Harshall Walker yesterday. You've seen the Trump super Path also

753
00:41:12,320 --> 00:41:15,600
Speaker 1: been funding ads in Georgia for him. I think, Nathan,

754
00:41:15,719 --> 00:41:18,800
Speaker 1: really the big takeaway is it shows how important Georgia

755
00:41:19,000 --> 00:41:22,920
Speaker 1: is for Republicans gaining control of the Senate. Obviously, right

756
00:41:22,960 --> 00:41:26,520
Speaker 1: now the seat is held by Democrat Ffil Warnock, who's

757
00:41:26,560 --> 00:41:29,560
Speaker 1: had very good Holy numbers at this point. Um, and

758
00:41:29,640 --> 00:41:32,560
Speaker 1: I think Republicans just want to continue that pressure for

759
00:41:32,719 --> 00:41:35,040
Speaker 1: for them, I mean, it's a vote of votes a vote,

760
00:41:35,080 --> 00:41:37,680
Speaker 1: and they don't want to abandon their candidate if that

761
00:41:37,840 --> 00:41:39,759
Speaker 1: means that they're not going to get control of the

762
00:41:39,840 --> 00:41:43,120
Speaker 1: Chamber next year. All right, Emily. As always, thanks for

763
00:41:43,160 --> 00:41:45,800
Speaker 1: the update on all that's happening in the nation's capital.

764
00:41:45,840 --> 00:41:49,480
Speaker 1: Bloomberg Government reporter Emily Wilkins with us this morning. You

765
00:41:49,520 --> 00:41:52,200
Speaker 1: can read more about these stories on Bloomberg dot com

766
00:41:52,400 --> 00:41:54,680
Speaker 1: or on the Bloomberg terminal. Follow all the latest on

767
00:41:54,719 --> 00:41:59,480
Speaker 1: Bloomberg Radio in Washington, Bloomberg and one oh five point

768
00:41:59,560 --> 00:42:03,120
Speaker 1: seven fam h D two. Right now, SMP futures are

769
00:42:03,160 --> 00:42:06,200
Speaker 1: moving higher by twenty points, Staff futures up a hundred

770
00:42:06,320 --> 00:42:09,600
Speaker 1: nineteen and NAZAC futures are higher by eighty four points.

771
00:42:09,680 --> 00:42:13,120
Speaker 1: Tenure treasuries down to thirty seconds. The yield at three

772
00:42:13,160 --> 00:42:15,879
Speaker 1: point nine five percent. Yield on the two year four

773
00:42:16,000 --> 00:42:19,480
Speaker 1: point to nine Nimex crude is touch higher, up two

774
00:42:19,560 --> 00:42:23,160
Speaker 1: tenths percent or sixteen cents eighty nine dollars fifty four

775
00:42:23,320 --> 00:42:27,280
Speaker 1: cents of baryl Comix Gold is down six tenths percent

776
00:42:27,480 --> 00:42:31,279
Speaker 1: at sixteen seventy six forty announced. The euro right now

777
00:42:31,400 --> 00:42:34,360
Speaker 1: trading at point nine seven one four against the dollar,

778
00:42:34,680 --> 00:42:37,040
Speaker 1: British pound one point one zero six eight. The n

779
00:42:37,120 --> 00:42:40,320
Speaker 1: is at one forty six point five three. Bloomberg Surveillance

780
00:42:40,440 --> 00:42:43,640
Speaker 1: is next with Tom King, Jonathan Faroh and Lisa Abramowitz

781
00:42:43,719 --> 00:42:48,279
Speaker 1: for Karen Moscow. I'm Nathan Hagar. This is Bloomberg