1 00:00:02,320 --> 00:00:05,160 Speaker 1: Live from the Bloomberg Intact a Burger Studios. This is 2 00:00:05,160 --> 00:00:09,680 Speaker 1: Bloomberg day Break for Thursday, June two. Coming up this hour. 3 00:00:10,000 --> 00:00:13,480 Speaker 1: It is day two of congressional testimony for FED Chair J. Powell. 4 00:00:13,880 --> 00:00:18,240 Speaker 1: Reaction pours into President Biden's proposed gas tax holiday. European 5 00:00:18,320 --> 00:00:21,799 Speaker 1: Union leaders plan to grant candidate status to Ukraine, and 6 00:00:21,840 --> 00:00:23,880 Speaker 1: the FED gets set to release the results of its 7 00:00:23,960 --> 00:00:27,120 Speaker 1: bank stress tests. The Vivaldi School police chief has been 8 00:00:27,160 --> 00:00:30,880 Speaker 1: placed on leave after last months smash shooting, plus prosecutors 9 00:00:30,880 --> 00:00:33,600 Speaker 1: say Lane Maxwell to get thirty years in prison. On 10 00:00:33,720 --> 00:00:37,080 Speaker 1: Michael blarn More, I'm John Stash and sports comeback, win 11 00:00:37,200 --> 00:00:39,519 Speaker 1: for the Yankees, loss for the Medis in Colorado, be 12 00:00:39,640 --> 00:00:44,600 Speaker 1: Tampa Bay, and overtime at this Family Cup final. That's 13 00:00:44,640 --> 00:00:48,320 Speaker 1: all's training ahead on Bloomberg day Break on Bloomberg eleven, 14 00:00:48,400 --> 00:00:52,880 Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg 15 00:00:52,880 --> 00:00:57,560 Speaker 1: one six one, Boston, Bloomberg nine sixties and Francisco syrius 16 00:00:57,720 --> 00:01:00,800 Speaker 1: XM one nine team and around the world on Bloomberg 17 00:01:00,880 --> 00:01:07,960 Speaker 1: Radio dot Com and via the Bloomberg Business App. Good morning, 18 00:01:08,000 --> 00:01:11,280 Speaker 1: I'm Nathan Hagard and I'm Karen Moscow US DOT Index 19 00:01:11,440 --> 00:01:14,280 Speaker 1: futures are higher this morning. We're coming up to six 20 00:01:14,280 --> 00:01:16,080 Speaker 1: show one on Wall Street, and we check the markets 21 00:01:16,080 --> 00:01:19,120 Speaker 1: every fifteen minutes throughout the trading day. On bloomberg S 22 00:01:19,160 --> 00:01:22,240 Speaker 1: and P futures up about eleven points down, futures up nineteen, 23 00:01:22,319 --> 00:01:25,960 Speaker 1: NASDAG futures up seventy three. The decks in Germany's down 24 00:01:26,000 --> 00:01:29,040 Speaker 1: one percent, the ten year treasury up twelve thirty seconds, 25 00:01:29,080 --> 00:01:31,480 Speaker 1: you know, three point one one per cent, and the 26 00:01:31,600 --> 00:01:34,800 Speaker 1: yield on a two year is at three percent. Nathan Karen, 27 00:01:34,840 --> 00:01:37,920 Speaker 1: we begin with day two of congressional testimony from J. Powell. 28 00:01:38,000 --> 00:01:40,520 Speaker 1: This morning, the Fed chair appears before the House Financial 29 00:01:40,560 --> 00:01:44,720 Speaker 1: Services Committee. Yesterday was Pell's most explicit acknowledgement yet that 30 00:01:44,880 --> 00:01:47,880 Speaker 1: raising interest rates could lead to a recession. It's not 31 00:01:47,920 --> 00:01:51,480 Speaker 1: our intended outcome at all, but it's certainly a possibility. 32 00:01:51,600 --> 00:01:53,919 Speaker 1: And and frankly, the events of the last few months 33 00:01:54,800 --> 00:01:58,600 Speaker 1: around the world have have have made it more difficult 34 00:01:58,640 --> 00:02:00,800 Speaker 1: for us to achieve what we one, which is two 35 00:02:00,840 --> 00:02:04,600 Speaker 1: percent inflation and still a strong labor market. Petal members 36 00:02:04,600 --> 00:02:06,840 Speaker 1: of the Senate Banking Committee that the economy is still 37 00:02:06,840 --> 00:02:09,840 Speaker 1: well positioned to handle tighter monetary policy. Former New York 38 00:02:09,880 --> 00:02:13,040 Speaker 1: Fed President and current Bloomberg opinion columnist Bill Dudley says 39 00:02:13,040 --> 00:02:15,880 Speaker 1: the recession is inevitable within the next twelve to eighteen months. 40 00:02:16,080 --> 00:02:20,639 Speaker 1: I would expect a mild recession or two thousand and one, 41 00:02:21,200 --> 00:02:24,440 Speaker 1: not the deep recession like seventies three, seventy four, or 42 00:02:24,440 --> 00:02:27,440 Speaker 1: of course the Great Financial Crisis. Former New York Fed 43 00:02:27,480 --> 00:02:30,520 Speaker 1: President Bill Dudley made the comments on Bloomberg Surveillance Catch 44 00:02:30,600 --> 00:02:33,440 Speaker 1: the program weekdays at seven am Wall Street Time on 45 00:02:33,520 --> 00:02:36,760 Speaker 1: Bloomberg Radio and television. Well Nathan Stocks gave up early 46 00:02:36,919 --> 00:02:41,280 Speaker 1: gains on Powell's recession comments. Market veteran Abbey Joseph Cohen 47 00:02:41,360 --> 00:02:44,240 Speaker 1: says the era of everything going up is now over. 48 00:02:44,760 --> 00:02:48,200 Speaker 1: I think we're now back into a period in which 49 00:02:48,240 --> 00:02:51,160 Speaker 1: it does matter where it's the fundamentals of earnings, the 50 00:02:51,160 --> 00:02:55,720 Speaker 1: fundamentals of margins, the fundamentals of inflation, interest rates, and 51 00:02:55,840 --> 00:03:00,840 Speaker 1: putting that altogether in terms of appropriate valuation models that 52 00:03:00,919 --> 00:03:04,600 Speaker 1: will make a big difference for investors going forward. Joseph Cohen, 53 00:03:04,639 --> 00:03:07,880 Speaker 1: who was a former senior investment strategistic Goldman Sachs, believes 54 00:03:07,919 --> 00:03:11,080 Speaker 1: a mild recession is being priced into markets. Well. Crude 55 00:03:11,080 --> 00:03:13,760 Speaker 1: oils taking a leg loger lower. Karen is concerned over 56 00:03:13,800 --> 00:03:17,639 Speaker 1: a global economic slowdown intensifies, checking prices down dime excrudes 57 00:03:17,680 --> 00:03:19,880 Speaker 1: down a dollar fifteen at a hundred five dollars four 58 00:03:19,919 --> 00:03:22,960 Speaker 1: cents of barrel. President Biden is continuing his push to 59 00:03:23,000 --> 00:03:25,400 Speaker 1: ease gas prices. Let's get the latest on that life 60 00:03:25,400 --> 00:03:28,360 Speaker 1: from bloombergs Grenita Young, Good morning, Granita, Nathan, good morning. 61 00:03:28,440 --> 00:03:31,280 Speaker 1: President Biden is running out of options to ease prices 62 00:03:31,320 --> 00:03:33,560 Speaker 1: at the pump, and it is the latest action. He 63 00:03:33,639 --> 00:03:37,440 Speaker 1: proposes a three month gas tax holiday. I suspending the 64 00:03:37,520 --> 00:03:40,800 Speaker 1: eighteen sent gas tax federal gas tax in the next 65 00:03:40,880 --> 00:03:43,720 Speaker 1: ninety days. We can bring down the price of gas 66 00:03:44,160 --> 00:03:47,080 Speaker 1: and give families just a little bit of relief. It's 67 00:03:47,080 --> 00:03:50,080 Speaker 1: a long shot for President Biden, as lawmakers, even his 68 00:03:50,120 --> 00:03:54,160 Speaker 1: fellow Democrats quickly signaled they have little appetite for the move. 69 00:03:54,520 --> 00:03:57,920 Speaker 1: Senate Majority Leader Chuck Schumer says Democrats and his chamber 70 00:03:58,000 --> 00:04:02,280 Speaker 1: had already attempted a gas Texas pention it Republicans blocked it. 71 00:04:02,800 --> 00:04:05,040 Speaker 1: Live in New York, I'm gonna need a Young Bloomberg 72 00:04:05,120 --> 00:04:07,080 Speaker 1: day break. We need to thank you and like you say, 73 00:04:07,080 --> 00:04:10,920 Speaker 1: a gas tax holiday is garnering little support. Bloomberg Politics 74 00:04:11,000 --> 00:04:13,960 Speaker 1: contributor Genie she han Zeno says it flies in the 75 00:04:13,960 --> 00:04:17,920 Speaker 1: face of the president's own energy policy. Many people, particularly 76 00:04:17,960 --> 00:04:21,239 Speaker 1: on the left, are asking themselves, you know, essentially, who 77 00:04:21,360 --> 00:04:24,600 Speaker 1: is Joe Biden. He could have used the challenge in 78 00:04:25,040 --> 00:04:28,760 Speaker 1: Ukraine and the challenge with prices to push for renewables. 79 00:04:29,000 --> 00:04:30,760 Speaker 1: You know, the old saying, don't let a good crisis 80 00:04:30,839 --> 00:04:34,159 Speaker 1: go to waste. Why hasn't he pushed for something that 81 00:04:34,279 --> 00:04:38,520 Speaker 1: people on the Democratic side believe in Bloomberg Politics, a contributor, 82 00:04:38,600 --> 00:04:42,200 Speaker 1: Genie shehan Zeno spoke with our Washington corresponded Joe Matthew 83 00:04:42,240 --> 00:04:44,719 Speaker 1: on Bloomberg Sound on Catch the show weekdays at five 84 00:04:44,720 --> 00:04:48,120 Speaker 1: pm Eastern on Bloomberg Radio. Another major story we're following 85 00:04:48,120 --> 00:04:50,760 Speaker 1: this morning from Washington. Karen has talked from both sides 86 00:04:50,760 --> 00:04:53,000 Speaker 1: of the aisle that a gun safety bill could soon 87 00:04:53,040 --> 00:04:57,080 Speaker 1: pass the Senate. Bloomberg said, Baxter has the story. Senate 88 00:04:57,120 --> 00:04:59,720 Speaker 1: Minority Leader Mitch McConnell seems to be on board, but 89 00:04:59,880 --> 00:05:03,919 Speaker 1: on mainly concerned about is dealing with the issues that 90 00:05:03,960 --> 00:05:06,880 Speaker 1: have been brought to the fore by these mass shootings, 91 00:05:06,920 --> 00:05:10,640 Speaker 1: which are directly related to school safety and mental Health, 92 00:05:10,880 --> 00:05:14,760 Speaker 1: and Senate Majority leader Chuck Schumer says passage should be soon. 93 00:05:15,000 --> 00:05:18,920 Speaker 1: The bill is real progress. It will save lives, and 94 00:05:19,000 --> 00:05:22,600 Speaker 1: it is my intention to make sure the Senate passes 95 00:05:22,720 --> 00:05:25,320 Speaker 1: this bill before the end of the week, and they 96 00:05:25,360 --> 00:05:28,640 Speaker 1: hope to beat their summer recess. In San Francisco, I'm 97 00:05:28,640 --> 00:05:31,760 Speaker 1: at Baxter Bloomberg, Gay Break and thank you. Turning overseas, 98 00:05:31,800 --> 00:05:35,320 Speaker 1: European Union leaders planned to grant candidate status to Ukraine. 99 00:05:35,360 --> 00:05:37,440 Speaker 1: The move will come at the EU summit that's beginning 100 00:05:37,440 --> 00:05:40,280 Speaker 1: today in Brussels. Begin more from Bloomberg's Maria today. O 101 00:05:40,839 --> 00:05:43,160 Speaker 1: Even though it is seen as a given and there's 102 00:05:43,160 --> 00:05:46,719 Speaker 1: no surprise it will happen by tomorrow, Ukraine being granted 103 00:05:46,720 --> 00:05:49,880 Speaker 1: this CARDUSI status it is pretty historic. The question is 104 00:05:49,880 --> 00:05:53,000 Speaker 1: how much will it change for the country overnight. Probably 105 00:05:53,040 --> 00:05:55,960 Speaker 1: not a lot. And we should also note that even 106 00:05:55,960 --> 00:05:58,640 Speaker 1: if you're a country and you had given this panducy status, 107 00:05:58,760 --> 00:06:01,039 Speaker 1: it doesn't mean the assess and talks are going to 108 00:06:01,120 --> 00:06:04,240 Speaker 1: happen quickly or swiftly. You know, there's many countries in 109 00:06:04,240 --> 00:06:07,080 Speaker 1: Europe that have applied for it, granted the Cavities WHO 110 00:06:07,080 --> 00:06:09,680 Speaker 1: status and then of course, get stuck in the process 111 00:06:09,760 --> 00:06:13,080 Speaker 1: for years before they get the membership and blowburgs Maria 112 00:06:13,160 --> 00:06:15,680 Speaker 1: today O in Brussels, as Ukraine will be told it 113 00:06:15,680 --> 00:06:17,839 Speaker 1: has to meet a set of conditions related to the 114 00:06:17,880 --> 00:06:20,919 Speaker 1: rule of law, adjustice and anti corruption before joining the 115 00:06:20,960 --> 00:06:22,800 Speaker 1: EU like here in the U. S care and the 116 00:06:22,800 --> 00:06:26,080 Speaker 1: FED releases results from its yearly bank stress tests this afternoon, 117 00:06:26,120 --> 00:06:28,640 Speaker 1: and we get more from Bloomberg's Tom Busby. All thirty 118 00:06:28,680 --> 00:06:31,159 Speaker 1: four banks monitored by the Federal Reserve, which I have 119 00:06:31,160 --> 00:06:33,400 Speaker 1: a hundred billion dollars in assets, are part of this 120 00:06:33,480 --> 00:06:35,680 Speaker 1: year's stress tests to see if they can withstand a 121 00:06:35,760 --> 00:06:40,120 Speaker 1: hypothetical economic downturn, a crash in the commercial real estate market, 122 00:06:40,160 --> 00:06:43,840 Speaker 1: and a surge in unemployment. That number up from twenty 123 00:06:43,839 --> 00:06:46,680 Speaker 1: three lenders last year after some larger regional banks like 124 00:06:47,000 --> 00:06:49,359 Speaker 1: Fifth Third Bank Corp. And Ally Financial got to pass. 125 00:06:49,839 --> 00:06:52,240 Speaker 1: The results will dictate how much capital those banks will 126 00:06:52,240 --> 00:06:54,280 Speaker 1: need to have on hand and how much they can 127 00:06:54,320 --> 00:06:57,480 Speaker 1: return to shareholders in the form of share buy backs 128 00:06:57,520 --> 00:07:00,560 Speaker 1: and dividends. But they'll have to wait until day to 129 00:07:00,640 --> 00:07:04,839 Speaker 1: announce any of those Tom Busby Bloomberg Daybreak. All right, Tom, 130 00:07:04,880 --> 00:07:06,720 Speaker 1: thank you, and this update is brought to you by 131 00:07:06,760 --> 00:07:09,359 Speaker 1: Informatica and the Cloud. Your data has the power to 132 00:07:09,400 --> 00:07:12,120 Speaker 1: do the extraordinary. Managed data across any location in the 133 00:07:12,160 --> 00:07:16,960 Speaker 1: cloud for accurate and actionable insights. More Informatica dot Com 134 00:07:17,000 --> 00:07:24,160 Speaker 1: and this is Bloomberg. I Think You Caring is six 135 00:07:24,240 --> 00:07:26,440 Speaker 1: o seven on Wall Street. We're sixty two degrees in 136 00:07:26,520 --> 00:07:29,120 Speaker 1: Central Park dealing with an accident on the northbound FDR 137 00:07:29,200 --> 00:07:32,480 Speaker 1: Drive at forty second. Details coming up in traffic. First 138 00:07:32,520 --> 00:07:35,000 Speaker 1: Michael Barr with details on what's happening in New York 139 00:07:35,040 --> 00:07:37,400 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan. 140 00:07:37,440 --> 00:07:40,680 Speaker 1: There have been reports of a widespread internet outage with Verizon. 141 00:07:41,000 --> 00:07:44,560 Speaker 1: According to down detect, your user reports indicate problems at 142 00:07:44,640 --> 00:07:47,600 Speaker 1: Verizon this morning. Details on the nature of the outage 143 00:07:47,600 --> 00:07:52,000 Speaker 1: are limited, but some services returning. Pete Eronando, the chief 144 00:07:52,080 --> 00:07:55,160 Speaker 1: of the School District Police Force in Uvalde, Texas, has 145 00:07:55,200 --> 00:07:57,800 Speaker 1: been placed on the administrative leave for his response to 146 00:07:57,920 --> 00:08:01,679 Speaker 1: last month smash shooting at rob Elementary School. A gunman 147 00:08:01,760 --> 00:08:04,800 Speaker 1: killed nineteen students and two teachers in the attack as 148 00:08:04,840 --> 00:08:08,120 Speaker 1: police officers stood by for more than an hour. Meanwhile, 149 00:08:08,200 --> 00:08:11,840 Speaker 1: Democratic State Senator Roland Guterres says he filed a freedom 150 00:08:11,840 --> 00:08:16,000 Speaker 1: of information request against the Texas Department of Public Safety, 151 00:08:16,280 --> 00:08:18,720 Speaker 1: but as yet to hear back from the agency. We're 152 00:08:18,760 --> 00:08:21,480 Speaker 1: frustrating because we're getting half truce and you winto a 153 00:08:21,520 --> 00:08:24,280 Speaker 1: lot of finger pointing. Uh. And that's been the case 154 00:08:24,320 --> 00:08:27,800 Speaker 1: in Stay one with DPS. Senator Guterrest spoke with k 155 00:08:28,080 --> 00:08:31,360 Speaker 1: t r K. The January six Committee holds its fifth 156 00:08:31,360 --> 00:08:33,800 Speaker 1: hearing today. The focus will be on the pressure former 157 00:08:33,840 --> 00:08:37,280 Speaker 1: President Trump exerted on the Justice Department to overturn the 158 00:08:37,960 --> 00:08:42,840 Speaker 1: presidential election results. Federal prosecutors say Gallene Maxwell, the British 159 00:08:42,840 --> 00:08:46,400 Speaker 1: socialite who was convicted in engaging in a ten years 160 00:08:46,480 --> 00:08:51,200 Speaker 1: sex trafficking scheme with former boyfriend Jeffrey Epstein, deserves to 161 00:08:51,240 --> 00:08:55,320 Speaker 1: spend thirty years in prison. Maxwell will be sentenced on June. 162 00:08:55,520 --> 00:08:58,320 Speaker 1: New Jersey Governor Phil Murphy says the state will suspend 163 00:08:58,440 --> 00:09:02,439 Speaker 1: sales tax collections for ten days on back to school purchases, 164 00:09:02,480 --> 00:09:05,880 Speaker 1: saving buyers about seventy five million dollars from pens and 165 00:09:05,960 --> 00:09:11,280 Speaker 1: pencils and notebooks to art supplies, textbooks or other study guides, 166 00:09:11,679 --> 00:09:16,000 Speaker 1: new laptop computers, among much more. Kevin and Murphy says 167 00:09:16,040 --> 00:09:19,640 Speaker 1: the discount will be in effect from August to September five, 168 00:09:20,280 --> 00:09:23,720 Speaker 1: New York City subway system writers will see something new. 169 00:09:23,800 --> 00:09:26,920 Speaker 1: Authorities planned to place cameras on subway cars in an 170 00:09:26,920 --> 00:09:30,120 Speaker 1: ever to increase safety. Train shooting in San Francisco has 171 00:09:30,200 --> 00:09:33,240 Speaker 1: left a person dead and another injured. Authorities say they're 172 00:09:33,240 --> 00:09:35,520 Speaker 1: still looking for a suspect behind the shooting near the 173 00:09:35,520 --> 00:09:39,120 Speaker 1: city's Castro neighborhood. Officer Katherine Winters is with the San 174 00:09:39,160 --> 00:09:42,520 Speaker 1: Francisco Police. We are working to gather information, which will 175 00:09:42,559 --> 00:09:45,880 Speaker 1: include surveillance footage in any other footage front of any train. 176 00:09:46,280 --> 00:09:48,920 Speaker 1: Officer Winters says that happened during the heart of Pride Week. 177 00:09:49,120 --> 00:09:51,640 Speaker 1: Global News twenty four hours a day on air and 178 00:09:51,760 --> 00:09:54,440 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 179 00:09:54,480 --> 00:09:57,000 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 180 00:09:57,320 --> 00:10:05,000 Speaker 1: Michael barn this is Bloomberg, Nathan, Thank you, Michael. Almost 181 00:10:05,000 --> 00:10:07,040 Speaker 1: six ten on Wall Street time for the Bloomberg Sports 182 00:10:07,080 --> 00:10:09,320 Speaker 1: Update with John Stead Show All right, Nathan, Yankees were 183 00:10:09,320 --> 00:10:12,600 Speaker 1: looking at a rare two game losing streak. He sacked Paradis, 184 00:10:12,600 --> 00:10:14,880 Speaker 1: who hit three home runs Tuesday hit another in the 185 00:10:14,960 --> 00:10:17,679 Speaker 1: second in Tampa Bay led four to one. Back came 186 00:10:17,760 --> 00:10:19,920 Speaker 1: the Yankees too on run for Aaron Judge now after 187 00:10:20,640 --> 00:10:24,240 Speaker 1: and Jose Trevino wi yet another huge hit, game winning 188 00:10:24,240 --> 00:10:26,280 Speaker 1: two run homer eight. Then in Yanks one five for 189 00:10:26,480 --> 00:10:29,400 Speaker 1: their home Tonight for Houston, Astros just beat the Mets 190 00:10:29,400 --> 00:10:32,680 Speaker 1: five three is your and Albarez homer twice. He's hit one. 191 00:10:32,880 --> 00:10:35,600 Speaker 1: Carlos Carrasco roughed up left for the pari injury. Only 192 00:10:35,640 --> 00:10:38,120 Speaker 1: a two game series, but the first time the Mets 193 00:10:38,120 --> 00:10:41,079 Speaker 1: have been swept over time at the Stanley Cup Finals, 194 00:10:41,120 --> 00:10:44,960 Speaker 1: quickly ahead, not to Catry inside the circle, Cadre, where's 195 00:10:45,000 --> 00:10:49,480 Speaker 1: the book? How did that not go in? It? Did 196 00:10:50,040 --> 00:10:55,120 Speaker 1: it did go in? It? Did it? Did we it? Scars? 197 00:10:55,360 --> 00:11:00,160 Speaker 1: No the cadre get cad cad I didn't set but 198 00:11:01,160 --> 00:11:03,480 Speaker 1: yes he he had to call Tampa Bay thought Colorado 199 00:11:03,480 --> 00:11:05,320 Speaker 1: should have been called for a too many men on 200 00:11:05,360 --> 00:11:07,199 Speaker 1: the ice penalty. But the Ads one three two and 201 00:11:07,280 --> 00:11:09,760 Speaker 1: leave the series three one and they can win the 202 00:11:09,840 --> 00:11:13,120 Speaker 1: Cup in Denver tomorrow night. NBA Draft takes place tonight. 203 00:11:13,160 --> 00:11:15,320 Speaker 1: The Nets host the draft, but they don't have a pick. 204 00:11:15,360 --> 00:11:17,880 Speaker 1: They could have used Philadelphia's first rounder, they elected to 205 00:11:17,920 --> 00:11:20,120 Speaker 1: stave it until next year nixt to have the eleventh pick. 206 00:11:20,160 --> 00:11:22,760 Speaker 1: There are reports they're trying to move up. Orlando has 207 00:11:22,800 --> 00:11:26,000 Speaker 1: the first pick, expected to take Auburn's Jabari Smith. There's 208 00:11:26,000 --> 00:11:28,760 Speaker 1: golf today near Hartford is the PG eight tour announcers 209 00:11:28,840 --> 00:11:31,080 Speaker 1: changes that they claim they were gonna make anyway, but 210 00:11:31,520 --> 00:11:33,320 Speaker 1: admit they may be moving them up due to the 211 00:11:33,320 --> 00:11:35,960 Speaker 1: competition they're now facing from the new Live Tour, more 212 00:11:36,000 --> 00:11:38,720 Speaker 1: prize money and several tournaments will no longer have the 213 00:11:38,760 --> 00:11:42,000 Speaker 1: field be cut good way through John stash Award, Bloombird 214 00:11:42,040 --> 00:11:45,480 Speaker 1: Sportsmath Loki John. Thank you Right now, SMP futures aren't 215 00:11:45,480 --> 00:11:48,200 Speaker 1: moving higher. Seeing some gains in the pre market up 216 00:11:48,240 --> 00:11:52,480 Speaker 1: fourteen points now, DAL futures have gone higher by forty 217 00:11:52,480 --> 00:11:55,400 Speaker 1: eight points. In NASTACT futures, you're building on their gains 218 00:11:55,480 --> 00:11:58,480 Speaker 1: up eighty five points. The tenure treasury is up ten 219 00:11:58,559 --> 00:12:01,920 Speaker 1: thirty seconds, the yield three point one one per cent. 220 00:12:02,200 --> 00:12:09,120 Speaker 1: This is Bloomberg. Bloomberg Day Break is brought to you 221 00:12:09,200 --> 00:12:12,400 Speaker 1: by Hofstra Universities Frank gz RB School of Business, top 222 00:12:12,440 --> 00:12:15,760 Speaker 1: ranked online NBA program with the Real World Foundation. Learn 223 00:12:15,800 --> 00:12:18,480 Speaker 1: more at Hofstra dot E d U slash go grad 224 00:12:22,040 --> 00:12:25,440 Speaker 1: Markets headlines, and breaking news twenty four hours a day 225 00:12:25,559 --> 00:12:28,559 Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at 226 00:12:28,559 --> 00:12:38,000 Speaker 1: Bloomberg Quick Tape. This is a Bloomberg Business Flash and 227 00:12:38,040 --> 00:12:41,280 Speaker 1: I'm Karen Moscow. Bond yales are tumbling is comments by 228 00:12:41,320 --> 00:12:44,199 Speaker 1: Federal Reserve Chair J Powell and growth data in Europe 229 00:12:44,200 --> 00:12:48,000 Speaker 1: stoke fear about a global downturn. US dot index futures 230 00:12:48,000 --> 00:12:50,880 Speaker 1: are gaining, bucking the retreat in European stocks and oil. 231 00:12:51,320 --> 00:12:54,120 Speaker 1: They yield on German tenure bonds slumping as much as 232 00:12:54,120 --> 00:12:56,600 Speaker 1: twenty one basis points points for the biggest two day 233 00:12:56,640 --> 00:12:59,719 Speaker 1: to clients since November eleven. This after the report that 234 00:12:59,760 --> 00:13:02,760 Speaker 1: show an economic activity in the euro Area. Sload sharply 235 00:13:02,840 --> 00:13:05,719 Speaker 1: in June. US tenure rates are trading near a two 236 00:13:05,800 --> 00:13:08,800 Speaker 1: week low, and looking at US dock index future is 237 00:13:08,840 --> 00:13:12,160 Speaker 1: both contracts on the SNP and Nasdaq one hundred rising 238 00:13:12,200 --> 00:13:15,480 Speaker 1: after racing earlier declines. We checked the markets every fifteen 239 00:13:15,520 --> 00:13:18,080 Speaker 1: minutes throughout the trading day on Bloomberg. Right now, US 240 00:13:18,160 --> 00:13:21,280 Speaker 1: and P futures are up thirteen points down futures have 241 00:13:21,440 --> 00:13:24,360 Speaker 1: forty and as day futures have eighty one. The docks 242 00:13:24,400 --> 00:13:27,240 Speaker 1: in Germany is down eight tenths of a percent ten 243 00:13:27,320 --> 00:13:29,840 Speaker 1: your treasury up ten thirty seconds, you have three point 244 00:13:29,960 --> 00:13:32,720 Speaker 1: one one percent. The yield on the two year is 245 00:13:32,720 --> 00:13:35,600 Speaker 1: at three percent. Ni Max screwed oil down eight ten 246 00:13:35,760 --> 00:13:38,240 Speaker 1: percent or eighty eight cents at a hundred five dollars. 247 00:13:38,280 --> 00:13:41,200 Speaker 1: Thirty one cents of barrel Comacs gold is down four 248 00:13:41,280 --> 00:13:43,959 Speaker 1: tens per cent or seven dollars forty cents at eighteen 249 00:13:43,960 --> 00:13:47,000 Speaker 1: thirty one announced the euro one point oh five one 250 00:13:47,120 --> 00:13:49,720 Speaker 1: five against the dollar, the British found one point to 251 00:13:49,720 --> 00:13:52,320 Speaker 1: to one five and the end at one thirty five 252 00:13:52,360 --> 00:13:55,440 Speaker 1: point three seven. Looking at Bitcoin this morning, up more 253 00:13:55,480 --> 00:13:59,800 Speaker 1: than four percent at twenty thousand, seven hundred twenty dollars 254 00:14:00,080 --> 00:14:02,120 Speaker 1: and of course at e thirty Wall Street time, we 255 00:14:02,160 --> 00:14:05,040 Speaker 1: do get the weekly report on initial jobless claims. That's 256 00:14:05,040 --> 00:14:07,880 Speaker 1: a bloomberg business flash. Now here's Michael Barr with more 257 00:14:07,920 --> 00:14:10,280 Speaker 1: on what's going on around the world. Michael Karen, thank 258 00:14:10,280 --> 00:14:12,839 Speaker 1: you very much. There have been reports of a widespread 259 00:14:12,880 --> 00:14:16,280 Speaker 1: Internet outage with Verizon. That's according to down detective. The 260 00:14:16,320 --> 00:14:19,680 Speaker 1: p g A tour is countering the Saudivag Live Golf Series. 261 00:14:19,720 --> 00:14:23,680 Speaker 1: Tour Commissioner Jay Monahan unveiled his plan to increase purse 262 00:14:23,760 --> 00:14:26,400 Speaker 1: sizes and revamped the schedule, and an effort to keep 263 00:14:26,400 --> 00:14:30,080 Speaker 1: players from leaving the tour. In baseball, the Yankees one, 264 00:14:30,160 --> 00:14:33,200 Speaker 1: the Mets lost, the Orio shutout, the National seven, ZIP, 265 00:14:33,480 --> 00:14:35,840 Speaker 1: the Red Sox one, the Giant and as lost and 266 00:14:36,120 --> 00:14:39,440 Speaker 1: HL action after Game four. The Avalanche are game away 267 00:14:39,480 --> 00:14:42,080 Speaker 1: from winning the Stanley Cup. Colorado beat the Lightning and 268 00:14:42,160 --> 00:14:45,200 Speaker 1: overtime three two. Global News twenty four hours a day 269 00:14:45,200 --> 00:14:47,320 Speaker 1: on air rand on Bloomberg Quick Take, powered by more 270 00:14:47,360 --> 00:14:49,840 Speaker 1: than twenty seven hundred journalists analyist in more than a 271 00:14:49,920 --> 00:14:52,560 Speaker 1: hundred twenty countries. I'm Michael Barr. This is Bloomberg, Nathan. 272 00:14:52,600 --> 00:14:54,400 Speaker 1: Thank you, Michael. We're count up to six twenty on 273 00:14:54,440 --> 00:14:57,440 Speaker 1: Wall Street Life from the Bloomberg Contractive Brokers Studios. This 274 00:14:57,520 --> 00:15:00,760 Speaker 1: is Bloomberg Daybreak and as we await day two of 275 00:15:00,840 --> 00:15:04,480 Speaker 1: testimony on Capitol Hill from Federal Reserve Chairman Jerome Powell, 276 00:15:04,560 --> 00:15:07,560 Speaker 1: we are joined this morning by Ben Laidler, global market 277 00:15:07,640 --> 00:15:10,120 Speaker 1: strategist at each HORO for look at some of the 278 00:15:10,160 --> 00:15:14,440 Speaker 1: market reaction. We certainly did see a lot of that yesterday, Ben, 279 00:15:14,600 --> 00:15:17,880 Speaker 1: with Chairman Pal kind of taking investors on a bit 280 00:15:17,880 --> 00:15:22,440 Speaker 1: of a ride with his comments about recession certainly a possibility. 281 00:15:22,520 --> 00:15:27,560 Speaker 1: What kind of volatility are you looking for today? Yeah, 282 00:15:27,560 --> 00:15:30,560 Speaker 1: I think it's a recognition of reality. Maybe not a 283 00:15:30,560 --> 00:15:33,920 Speaker 1: big surprise. Recession risks, you know, clearly rising. I think J. 284 00:15:34,080 --> 00:15:39,040 Speaker 1: Powe obviously alluded to that, um yesterday. But I think 285 00:15:39,040 --> 00:15:40,480 Speaker 1: we've been seeing, you know, a little bit of room 286 00:15:40,480 --> 00:15:42,320 Speaker 1: for relief. Right. It's been a very few it's been 287 00:15:42,320 --> 00:15:44,920 Speaker 1: a very top few weeks. The markets pricing in a 288 00:15:45,000 --> 00:15:49,000 Speaker 1: very aggressive FED evaluations are now below tenure averages, oil 289 00:15:49,040 --> 00:15:51,720 Speaker 1: prices coming off a little bit, and earning still pretty solid, right. 290 00:15:51,760 --> 00:15:54,720 Speaker 1: I mean that's the bull case, um, you know, the 291 00:15:54,720 --> 00:15:57,520 Speaker 1: bad cases that we sort of tip into recession and 292 00:15:57,800 --> 00:16:01,080 Speaker 1: the one shoe that hasn't dropped yet it begins to crack, 293 00:16:01,120 --> 00:16:04,240 Speaker 1: which is earnings. There has been evaluation driven bear markets. 294 00:16:04,320 --> 00:16:07,600 Speaker 1: So far, earnings have been very, very solid. I think 295 00:16:08,520 --> 00:16:11,360 Speaker 1: earnings will remain resilient to a slowdown, but they're not 296 00:16:11,400 --> 00:16:14,800 Speaker 1: immune to a recession. You've laid out the bullet bear 297 00:16:14,880 --> 00:16:17,320 Speaker 1: cases there. What's your base case on where markets go 298 00:16:17,400 --> 00:16:22,080 Speaker 1: from here? Ye? Gods are full? Uh, you know, I 299 00:16:22,120 --> 00:16:24,000 Speaker 1: think we're in a sort of U shaped recovery. The 300 00:16:24,080 --> 00:16:27,560 Speaker 1: key missing piece here is the sort of peak deciphed 301 00:16:27,640 --> 00:16:32,120 Speaker 1: peak for inflation. That's what it's all about, um, that 302 00:16:32,160 --> 00:16:35,360 Speaker 1: would allow central banks to loosen the vice that they 303 00:16:35,400 --> 00:16:37,480 Speaker 1: have markets sort of in right now. I don't think 304 00:16:37,520 --> 00:16:39,840 Speaker 1: we're too far away from that sort of peak of inflation. 305 00:16:40,160 --> 00:16:44,760 Speaker 1: Financial conditions have surged, mortgage rate of surge, consumer confidence 306 00:16:44,800 --> 00:16:47,040 Speaker 1: has plunged, and now I think we're getting a little 307 00:16:47,080 --> 00:16:50,440 Speaker 1: bit of us a welcome pullback in oil prices. And 308 00:16:50,960 --> 00:16:52,720 Speaker 1: as I say, it's all about inflation, I don't think 309 00:16:52,720 --> 00:16:55,280 Speaker 1: we're too far away from that peak, and that is 310 00:16:55,320 --> 00:16:57,880 Speaker 1: the catalyst the market. What do you think it's going 311 00:16:57,920 --> 00:17:01,520 Speaker 1: to take for the chairman and central banks generally to 312 00:17:01,840 --> 00:17:05,480 Speaker 1: get inflation down to target if we haven't gotten to 313 00:17:05,560 --> 00:17:11,520 Speaker 1: peak inflation yet, As you say, it's the twenty plus 314 00:17:11,560 --> 00:17:14,840 Speaker 1: trillion dollar question to the US economy. Central banks they're 315 00:17:14,840 --> 00:17:16,880 Speaker 1: going to keep their foot to the floor on the 316 00:17:16,960 --> 00:17:21,080 Speaker 1: on the interest rate accelerator until inflation does roll over. 317 00:17:21,119 --> 00:17:22,800 Speaker 1: So that's the risk here. I think you know there 318 00:17:22,800 --> 00:17:25,320 Speaker 1: are real buffers to a slow down. The consumers are 319 00:17:25,359 --> 00:17:28,240 Speaker 1: in good place, companies are in good place, but those 320 00:17:28,280 --> 00:17:33,240 Speaker 1: buffers are not insurmountable. The longer this goes on. There's 321 00:17:33,280 --> 00:17:38,280 Speaker 1: a relative good news here. Inflation expectations are very well anchored. 322 00:17:38,520 --> 00:17:42,080 Speaker 1: So inflation maybe eight percent in Europe in the US today, 323 00:17:42,119 --> 00:17:45,360 Speaker 1: but those long term inflation expectations are you know, two 324 00:17:45,440 --> 00:17:47,760 Speaker 1: to three percent um. You know, that's a really good 325 00:17:47,760 --> 00:17:50,879 Speaker 1: news story. That means they don't necessarily need to, you know, 326 00:17:50,960 --> 00:17:53,119 Speaker 1: see inflation all the way down to that sort of 327 00:17:53,119 --> 00:17:55,840 Speaker 1: two percent level before they can sort of rein back. 328 00:17:56,200 --> 00:17:58,280 Speaker 1: But we do need to see that sort of decisive peak. 329 00:17:58,359 --> 00:17:59,880 Speaker 1: We thought we had it a couple of months ago. 330 00:18:00,560 --> 00:18:02,879 Speaker 1: It was a it was a full stawn. But I 331 00:18:02,920 --> 00:18:04,480 Speaker 1: think it's I think it's coming in the next couple 332 00:18:04,480 --> 00:18:06,720 Speaker 1: of months. Oh well, well, you've see central banks trying 333 00:18:06,720 --> 00:18:08,840 Speaker 1: to play catch up on inflation. Where do you see 334 00:18:08,880 --> 00:18:14,000 Speaker 1: opportunity in terms of investments right now? So I think 335 00:18:14,000 --> 00:18:18,520 Speaker 1: the key right now is to be invested. Ball markets 336 00:18:18,520 --> 00:18:21,960 Speaker 1: are built on the shoulders of bear markets. You know, 337 00:18:21,960 --> 00:18:24,560 Speaker 1: ball markets are three times longer and three times bigger 338 00:18:24,560 --> 00:18:27,040 Speaker 1: than bear markets. I think you need to be invested 339 00:18:27,080 --> 00:18:29,879 Speaker 1: for that. If you sort of sell out now, a 340 00:18:29,880 --> 00:18:32,080 Speaker 1: lot of people won't get back in. There's always an excuse, 341 00:18:32,280 --> 00:18:35,399 Speaker 1: always a reason not to invest. So I think you 342 00:18:35,440 --> 00:18:37,520 Speaker 1: need to be invested, but I think you need to 343 00:18:37,520 --> 00:18:42,440 Speaker 1: be reasonably reasonably defensive. These sort of cheaper sectors, these 344 00:18:42,440 --> 00:18:48,080 Speaker 1: traditional defensive utilities, staples, healthcare, high dividend yields. Maybe some 345 00:18:48,160 --> 00:18:52,199 Speaker 1: of these more defensive or less are correlated overseas markets, 346 00:18:52,240 --> 00:18:55,200 Speaker 1: either UK or China. These are think other places you 347 00:18:55,240 --> 00:18:58,520 Speaker 1: want to be in for now that keep you in markets, 348 00:18:58,560 --> 00:19:01,960 Speaker 1: but a reasonably defense if for hopefully when we get 349 00:19:01,960 --> 00:19:05,520 Speaker 1: that inflation, that inflation catalyst, and you can be comfortable 350 00:19:05,520 --> 00:19:07,399 Speaker 1: to take a bit more risk. I think about thirty 351 00:19:07,400 --> 00:19:09,760 Speaker 1: seconds left here, Ben, Are you looking for any different 352 00:19:09,840 --> 00:19:12,359 Speaker 1: messaging from Chairman Power when he goes before the House 353 00:19:12,359 --> 00:19:17,239 Speaker 1: Committee today? I hope not. He's been very consistent. I 354 00:19:17,280 --> 00:19:20,040 Speaker 1: think that you know, the overwhelming focus is to bring 355 00:19:20,040 --> 00:19:22,680 Speaker 1: inflation down. They will do what it takes. As they say, 356 00:19:22,720 --> 00:19:26,200 Speaker 1: it's all about inflation. That's all about inflation. Therefore interest 357 00:19:26,280 --> 00:19:29,359 Speaker 1: rates and that's what's been crushing. So evaluations is stoking 358 00:19:29,359 --> 00:19:32,119 Speaker 1: and stoking recession fits here. So I think it's going 359 00:19:32,200 --> 00:19:34,240 Speaker 1: to stay the course. But as I say, I don't 360 00:19:34,240 --> 00:19:36,960 Speaker 1: think we're too far away from that dec inflation catalyst. 361 00:19:37,520 --> 00:19:39,520 Speaker 1: Always good to get your thoughts spent. Thanks again for 362 00:19:39,560 --> 00:19:42,680 Speaker 1: being with us this morning, Ben Laidler, Global Markets Strategists 363 00:19:42,800 --> 00:19:48,399 Speaker 1: at the TOROL futures moving higher getting a lift this morning. 364 00:19:48,480 --> 00:19:51,200 Speaker 1: Right now, at least SMP futures are up fifteen points down, 365 00:19:51,240 --> 00:19:54,440 Speaker 1: Future is up fifty five, NASAC futures are higher by 366 00:19:54,520 --> 00:19:57,480 Speaker 1: eighty five points, and the tenure treasuring now up eleven 367 00:19:57,560 --> 00:20:00,720 Speaker 1: thirty seconds. The yield three point one one per cent. 368 00:20:01,160 --> 00:20:08,800 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather 369 00:20:09,000 --> 00:20:11,879 Speaker 1: cloudy through the morning with a high in the low seventies. Today, 370 00:20:11,920 --> 00:20:13,920 Speaker 1: will be in the low eighties tomorrow under a mix 371 00:20:13,960 --> 00:20:17,679 Speaker 1: of sun and clouds. Warmer Saturday might see ninety Right 372 00:20:17,720 --> 00:20:24,879 Speaker 1: now sixty two degrees broadcasting live from the Bloomberg Interactive 373 00:20:24,920 --> 00:20:28,800 Speaker 1: Broker Studio in New York. Bloomberg E Living Freedom to Washington, 374 00:20:28,880 --> 00:20:32,919 Speaker 1: d C, Bloomberg to Boston, Bloomberg one O six one 375 00:20:33,080 --> 00:20:36,520 Speaker 1: to San Francisco, Bloomberg Knowing sixty to the Country, Sirius 376 00:20:36,680 --> 00:20:39,119 Speaker 1: XM to A one nine team, and around the globe 377 00:20:39,200 --> 00:20:42,840 Speaker 1: the Bloomberg Business apt and Bloomberg Radio dot Com. This 378 00:20:43,119 --> 00:20:51,720 Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning, 379 00:20:51,720 --> 00:20:54,560 Speaker 1: I'm Nathan Hagar and I'm Kared Moscow. We are just 380 00:20:54,640 --> 00:20:57,200 Speaker 1: about three hours away from the open of US trading 381 00:20:57,280 --> 00:20:59,399 Speaker 1: time for the five things you need to Notice start 382 00:20:59,440 --> 00:21:03,960 Speaker 1: your day to you by Interactive Brokers. Interactive Brokers Global 383 00:21:04,000 --> 00:21:07,160 Speaker 1: Analysts helps you find new global investment opportunities to diversify 384 00:21:07,200 --> 00:21:10,760 Speaker 1: your portfolio and discover undervalued companies that they have greater 385 00:21:10,800 --> 00:21:14,720 Speaker 1: growth potential. Try IBKR Global Analysts today at ibkr dot 386 00:21:14,760 --> 00:21:18,159 Speaker 1: com slash g a h first stay two of congressional 387 00:21:18,200 --> 00:21:20,959 Speaker 1: testimony from J. Powell this morning, the FED chair appears 388 00:21:20,960 --> 00:21:24,320 Speaker 1: before the House Financial Services Committee. Yesterday was his most 389 00:21:24,359 --> 00:21:27,960 Speaker 1: explicit acknowledgement yet that raising interest rates could lead to 390 00:21:28,040 --> 00:21:32,240 Speaker 1: our recession. You're seeing growth slow from the very elevated 391 00:21:32,320 --> 00:21:35,480 Speaker 1: levels of last year associated with the reopening. You're seeing 392 00:21:35,480 --> 00:21:38,840 Speaker 1: the beginnings of job growth slowing to more sustainable levels, 393 00:21:39,119 --> 00:21:41,280 Speaker 1: and you know there's risk in that. FED. J. J. 394 00:21:41,440 --> 00:21:44,680 Speaker 1: Powell told lawmakers the economy is strong and well positioned 395 00:21:44,720 --> 00:21:48,400 Speaker 1: to handle tighter monetary policy. Markets gave up early gains 396 00:21:48,560 --> 00:21:52,199 Speaker 1: on Powell's recession comments. Karen Janette Garrity, Chief Economists with 397 00:21:52,280 --> 00:21:56,000 Speaker 1: Robertson Stephen says as recession talk grows, we could see 398 00:21:56,040 --> 00:21:59,719 Speaker 1: inflation start to come down. I don't think it's firmly rooted, 399 00:21:59,840 --> 00:22:01,600 Speaker 1: and there are an awful lot of people who are 400 00:22:01,600 --> 00:22:05,359 Speaker 1: now eating to think about recession and in thinking about recession, actually, 401 00:22:05,400 --> 00:22:08,600 Speaker 1: do you believe that that will take the pressure of prices? 402 00:22:08,920 --> 00:22:11,840 Speaker 1: Jane Garty with Robertson Stephen says she believes j Pale's 403 00:22:11,880 --> 00:22:14,840 Speaker 1: credibility is no longer an issue. Well, Nathan returned to 404 00:22:14,880 --> 00:22:17,600 Speaker 1: oil now, which is lower once again as concerns over 405 00:22:17,640 --> 00:22:21,920 Speaker 1: a global economic slowdown intensify. Meantime, President Biden is continuing 406 00:22:22,000 --> 00:22:24,800 Speaker 1: his push to ease gas prices, and Bloomberg's Do Need 407 00:22:24,800 --> 00:22:26,960 Speaker 1: a Young joins us Live with more. Good Morning, Ready 408 00:22:27,040 --> 00:22:29,879 Speaker 1: Dunk Karen, Good morning. President Biden is running out of 409 00:22:29,880 --> 00:22:32,439 Speaker 1: options to ease prices at the pump, and in his 410 00:22:32,520 --> 00:22:35,760 Speaker 1: latest action, he proposes a three month gas tax holiday. 411 00:22:36,080 --> 00:22:39,040 Speaker 1: Urgent gas stations to play their part. I call on 412 00:22:39,080 --> 00:22:43,199 Speaker 1: the company's to pass this along every penny of this 413 00:22:43,320 --> 00:22:46,880 Speaker 1: eighteenth cents reduction to the consumers. This is there's no 414 00:22:47,000 --> 00:22:50,959 Speaker 1: time now for profiteering. It's alongside for President Biden as 415 00:22:51,040 --> 00:22:54,240 Speaker 1: lawmakers on both sides of the aisle quickly signal they 416 00:22:54,240 --> 00:22:57,359 Speaker 1: have little appetite for the move. Live in New York, 417 00:22:57,359 --> 00:22:59,560 Speaker 1: I'm gonna need a young Bloomberg daybreak, all right, we 418 00:22:59,600 --> 00:23:02,240 Speaker 1: need a thank you. Another major story we're watching in Washington, 419 00:23:02,320 --> 00:23:05,240 Speaker 1: a gun safety bill could soon pass the Senate Majority 420 00:23:05,320 --> 00:23:07,560 Speaker 1: leader Chuck Schumer is hoping for approval by the end 421 00:23:07,600 --> 00:23:10,879 Speaker 1: of the week. And turning overseas Nathan, European Union leaders 422 00:23:10,880 --> 00:23:13,480 Speaker 1: planned to grant candidates status to Ukraine. The move will 423 00:23:13,520 --> 00:23:16,119 Speaker 1: come at the EU summit that's beginning today in Brussels. 424 00:23:16,240 --> 00:23:18,679 Speaker 1: Ukraine will have to meet a set of conditions before 425 00:23:18,840 --> 00:23:21,640 Speaker 1: joining the EU. And that's the five things you need 426 00:23:21,680 --> 00:23:23,640 Speaker 1: to know to start here today. Brought to you by 427 00:23:23,760 --> 00:23:28,359 Speaker 1: Interactive Brokers SMP futures up about seventeen points this morning. 428 00:23:28,600 --> 00:23:32,120 Speaker 1: Straight ahead, your latest local headlines, plus a check of sports. 429 00:23:32,240 --> 00:23:40,000 Speaker 1: And this is Bloomberg. Thank you. Karen sixe on Wall Street, 430 00:23:40,080 --> 00:23:42,600 Speaker 1: sixty two degrees in Central Park. Big problems on the 431 00:23:42,600 --> 00:23:46,040 Speaker 1: westbound Cross Bronx Expressway at the Hamilton Bridge. Two tractor 432 00:23:46,080 --> 00:23:49,120 Speaker 1: trailers ran into each other. More coming up in traffic. 433 00:23:49,160 --> 00:23:51,119 Speaker 1: First Michael bar with more on what's going on in 434 00:23:51,160 --> 00:23:54,040 Speaker 1: New York and around the world. Good morning, Michael. Good morning, Nathan. 435 00:23:54,080 --> 00:23:57,680 Speaker 1: There have been reports of a widespread internet outage with Verizon. 436 00:23:58,080 --> 00:24:03,359 Speaker 1: According to down Detector, user reports indicate problems advertising this morning. 437 00:24:03,600 --> 00:24:05,639 Speaker 1: The tails on the nature of the outage are limited, 438 00:24:05,680 --> 00:24:09,920 Speaker 1: but there's words some customers are receiving service again. In Texas, 439 00:24:09,920 --> 00:24:13,320 Speaker 1: the Uvoldi School District has placed police Chief Pete Rodondo 440 00:24:13,440 --> 00:24:17,000 Speaker 1: on the administrative leave. A gunman killed nineteen students and 441 00:24:17,000 --> 00:24:19,800 Speaker 1: two teachers as police officers stood by for more than 442 00:24:19,840 --> 00:24:24,080 Speaker 1: an hour at rob Elementary School. Meanwhile, a state senator 443 00:24:24,119 --> 00:24:27,440 Speaker 1: filed a lawsuit against the Texas Department of Public Safety 444 00:24:27,720 --> 00:24:31,040 Speaker 1: to access records on the investigation into last month shooting. 445 00:24:31,280 --> 00:24:36,040 Speaker 1: Democratic State Senator Roland Guterres. This was a failure at 446 00:24:36,119 --> 00:24:43,000 Speaker 1: every level. Uh, not just the local cops, SHAREFF, the police, DPS. 447 00:24:43,400 --> 00:24:46,800 Speaker 1: We all had people in there, Texas State Senator to terrorist, 448 00:24:46,840 --> 00:24:51,080 Speaker 1: spoke to kat r k. The January six Committee will 449 00:24:51,080 --> 00:24:54,640 Speaker 1: here today from former Justice Department officials. The panel says 450 00:24:54,680 --> 00:24:58,640 Speaker 1: they faced a relentless pressure campaign from Donald Trump over 451 00:24:58,680 --> 00:25:01,480 Speaker 1: the presidential election. Reason elates the f a A is 452 00:25:01,560 --> 00:25:05,080 Speaker 1: investigating a helicopter crash in Logan County, West Virginia that 453 00:25:05,200 --> 00:25:11,520 Speaker 1: killed six people last night, Logan Mayor Serafino Noletti heart ranching, 454 00:25:11,960 --> 00:25:16,840 Speaker 1: why not we heard what happened? You know there's people, 455 00:25:16,880 --> 00:25:20,520 Speaker 1: didn't they called? Maybe one of us was on. Mayor 456 00:25:20,600 --> 00:25:23,840 Speaker 1: Noletti says the Hughey Chopper was based out of Logan 457 00:25:23,880 --> 00:25:27,840 Speaker 1: County Airport and was apparently used for tourist flints. Federal 458 00:25:27,880 --> 00:25:31,720 Speaker 1: prosecutors say Galine Maxwell, the British socialite convicted of engaging 459 00:25:31,720 --> 00:25:35,240 Speaker 1: in a ten years sex trafficking scheme with former boyfriend 460 00:25:35,440 --> 00:25:39,600 Speaker 1: Jeffrey Epstein, deserves to spend at least thirty years in prison. 461 00:25:39,880 --> 00:25:43,040 Speaker 1: The government submitted its sentence and recommendation in federal cord 462 00:25:43,080 --> 00:25:46,760 Speaker 1: in Manhattan. Maxwell, who was sixty, will be sentenced June. 463 00:25:46,880 --> 00:25:50,159 Speaker 1: Governor Phil Murphy says New Jersey will suspend sales tax 464 00:25:50,200 --> 00:25:53,520 Speaker 1: collections for about ten days on back to school purchases, 465 00:25:53,560 --> 00:25:56,840 Speaker 1: saving buyers about seventy five million dollars. This back to 466 00:25:56,880 --> 00:26:04,000 Speaker 1: school sales tax holiday will run from August until September five, 467 00:26:04,359 --> 00:26:08,040 Speaker 1: and that will encompass to the final two weekends really 468 00:26:08,080 --> 00:26:11,880 Speaker 1: before school kicks off. Conor Murphy says the discount will 469 00:26:11,880 --> 00:26:14,719 Speaker 1: apply to basic goods as well as high a price items. 470 00:26:14,760 --> 00:26:17,720 Speaker 1: Such as computers, Global News twenty four hours a day 471 00:26:17,840 --> 00:26:20,199 Speaker 1: on air and on Bloomberg Quicktake Power by more than 472 00:26:20,200 --> 00:26:23,000 Speaker 1: twenty seven hundred journalists analysts more than a hundred twenty countries. 473 00:26:23,040 --> 00:26:25,879 Speaker 1: On Michael bar This is Bloomberg, Nathan, Thank you, Michael, 474 00:26:30,520 --> 00:26:32,800 Speaker 1: six thirty six on Wall Street, and John stash Are 475 00:26:32,840 --> 00:26:35,800 Speaker 1: has a Bloomberg Sports Update. Al and Nathan more surprising 476 00:26:35,840 --> 00:26:38,560 Speaker 1: than Aaron Judge having hit twenties seven home run six 477 00:26:38,640 --> 00:26:40,959 Speaker 1: more than anyone else in Baseball's the host st Travino's 478 00:26:41,040 --> 00:26:43,760 Speaker 1: hit six only had five last season with Texas. Davino 479 00:26:44,040 --> 00:26:47,560 Speaker 1: acquired just before the season began, as far exceeded any expectations, 480 00:26:47,560 --> 00:26:49,359 Speaker 1: and he won the game for the Yankees for a 481 00:26:49,440 --> 00:26:51,080 Speaker 1: two run homer in the eighth inning. On the night 482 00:26:51,119 --> 00:26:53,680 Speaker 1: where Judge homer twice. The Yankees came from four one 483 00:26:53,760 --> 00:26:56,080 Speaker 1: down and they beat Tampa Bay five to four. The 484 00:26:56,119 --> 00:26:58,240 Speaker 1: Mets at the Houston Trail four nothing in the first inning, 485 00:26:58,280 --> 00:27:00,640 Speaker 1: they lost five to three as to start a four 486 00:27:00,640 --> 00:27:03,320 Speaker 1: game series with the Yanks tonight at the Stadium, perhaps 487 00:27:03,320 --> 00:27:06,200 Speaker 1: the playoff preview. The Yanks the East by twelve games 488 00:27:06,280 --> 00:27:08,760 Speaker 1: and the ask does leave the West by ten overtime 489 00:27:08,840 --> 00:27:11,520 Speaker 1: and controversy at the Stanley Cup Final, where Tampa Based 490 00:27:11,520 --> 00:27:14,000 Speaker 1: scored in the opening minute, never trailed Game four until 491 00:27:14,040 --> 00:27:17,760 Speaker 1: Colorado's Ziame Cadre's goal twelve minutes into overtime, and the 492 00:27:17,840 --> 00:27:20,399 Speaker 1: Lightning felt a too many men on the ice penalty 493 00:27:20,440 --> 00:27:22,720 Speaker 1: should have been called, but the as one three too has. 494 00:27:22,800 --> 00:27:24,680 Speaker 1: Cadre against the game winner at his first games was 495 00:27:24,760 --> 00:27:26,720 Speaker 1: breaking his stumb a few weeks ago, and the Avs 496 00:27:27,000 --> 00:27:29,159 Speaker 1: now lead this series three to one. They can win 497 00:27:29,280 --> 00:27:33,280 Speaker 1: the Cup at home tomorrow. NBA draft tonight in Brooklyn, Orlando, 498 00:27:33,359 --> 00:27:35,760 Speaker 1: as the first pick, the Knicks pick eleven. The Nets 499 00:27:35,800 --> 00:27:38,240 Speaker 1: do not have any picks, and the commassion to Roger 500 00:27:38,280 --> 00:27:41,760 Speaker 1: Gadell testified virtually before a congressional committee looking into workplace 501 00:27:41,880 --> 00:27:45,960 Speaker 1: violations by the Washington Commanders. Cadell insisted owner Dan Snyder 502 00:27:46,440 --> 00:27:48,840 Speaker 1: is not involved in running the team. He said he 503 00:27:48,960 --> 00:27:51,360 Speaker 1: does not have the power to remove Snyder, who has 504 00:27:51,400 --> 00:27:54,520 Speaker 1: refused to testify, but may not be subpoenaed. Tragic day 505 00:27:54,560 --> 00:27:57,119 Speaker 1: for the Baltimore Ravens the death of linebacker jail And 506 00:27:57,160 --> 00:27:59,320 Speaker 1: Ferguson at only twenty six. You've been on the team 507 00:27:59,320 --> 00:28:02,120 Speaker 1: the last three year and the passing to former defensive 508 00:28:02,160 --> 00:28:05,640 Speaker 1: lineman Tony Sara Goose. Goose was fifty five also played 509 00:28:05,680 --> 00:28:08,360 Speaker 1: for the Colts. It was a long time Fox analyst 510 00:28:08,760 --> 00:28:12,000 Speaker 1: John Dash were Bloomberg Sport. All right, John, thanks at 511 00:28:12,040 --> 00:28:14,200 Speaker 1: six thirty seven on Wall Street. Let's take a look 512 00:28:14,240 --> 00:28:16,679 Speaker 1: at some of the names moving in the pre market 513 00:28:16,760 --> 00:28:20,800 Speaker 1: this morning with Bloomberg Radio and TV Markets correspondent Creating 514 00:28:20,840 --> 00:28:22,560 Speaker 1: Goop Create. Good morning. I don't know if you saw 515 00:28:22,600 --> 00:28:25,920 Speaker 1: those headlines that just crossed moments ago on Tesla and 516 00:28:26,400 --> 00:28:29,480 Speaker 1: China production. Yeah, well we have to start what market check? 517 00:28:29,640 --> 00:28:32,359 Speaker 1: Can we not start without Tesla shares? Ts does seem 518 00:28:32,440 --> 00:28:35,320 Speaker 1: to be a trend? It is? It is scandals of 519 00:28:35,400 --> 00:28:38,800 Speaker 1: Handya is a major heavyweight in the S and P five. Nevertheless, 520 00:28:38,880 --> 00:28:40,719 Speaker 1: we are looking Tesla shares that are up about one 521 00:28:40,760 --> 00:28:43,000 Speaker 1: point six percent in the pre market. At least is 522 00:28:43,080 --> 00:28:46,640 Speaker 1: coming after Tesla said it's readying it's China factory. Forget this, 523 00:28:46,880 --> 00:28:50,960 Speaker 1: even greater volumes those production line upgrades taking place starting 524 00:28:51,120 --> 00:28:53,360 Speaker 1: from July. Now this is a massive deal. As we know. 525 00:28:53,400 --> 00:28:56,120 Speaker 1: Of course, Tesla has been dealing a lot with the lockdown, 526 00:28:56,160 --> 00:28:59,320 Speaker 1: specifically in their Shanghai factories. Now remember Shanghai also had 527 00:28:59,360 --> 00:29:03,000 Speaker 1: great march for Tesla because their factory was very close 528 00:29:03,040 --> 00:29:05,560 Speaker 1: to also where they got their raw materials and sourcing 529 00:29:05,640 --> 00:29:07,800 Speaker 1: it from right around the world. They get the raw materials, 530 00:29:07,840 --> 00:29:09,600 Speaker 1: they bring it right to the Shanghai factory and then 531 00:29:09,640 --> 00:29:11,840 Speaker 1: created out of there. Because the COVID lockdowns of course, 532 00:29:12,040 --> 00:29:13,840 Speaker 1: putting it dead in all of that, but this morning, 533 00:29:14,160 --> 00:29:17,760 Speaker 1: perhaps Tesla seeing the early early signs of a little 534 00:29:17,800 --> 00:29:19,640 Speaker 1: bit of a turnaround. We gotta talk about these oils 535 00:29:19,760 --> 00:29:22,880 Speaker 1: stories as well when you're talking about turnaround, because a 536 00:29:23,000 --> 00:29:25,720 Speaker 1: lot of the stocks moving this morning are indeed oil stocks. 537 00:29:25,760 --> 00:29:27,360 Speaker 1: Of course, we know the Brent crew To at one 538 00:29:27,440 --> 00:29:29,480 Speaker 1: eleven is down about I want to say, four tenths 539 00:29:29,520 --> 00:29:31,600 Speaker 1: of one percent. But you are once again seeing that 540 00:29:31,680 --> 00:29:34,040 Speaker 1: volatility and oil a lot of this balancing what's going 541 00:29:34,080 --> 00:29:37,200 Speaker 1: on in the war in Ukraine as well as those 542 00:29:37,240 --> 00:29:39,840 Speaker 1: recession fears. So it's really important to talk about simply 543 00:29:39,880 --> 00:29:42,120 Speaker 1: some of these movers to the downside, especially things like 544 00:29:42,760 --> 00:29:45,920 Speaker 1: um Conico, Phillips, Ceps your taker down about seven tenths 545 00:29:46,000 --> 00:29:48,520 Speaker 1: of one percent. You also have x on Us about 546 00:29:48,520 --> 00:29:50,240 Speaker 1: flat on the session now. But you are seeing that 547 00:29:50,320 --> 00:29:52,480 Speaker 1: some of the decliners, some of the laggards are of 548 00:29:52,560 --> 00:29:54,640 Speaker 1: course going to be in this oil space. Let's also 549 00:29:54,680 --> 00:29:56,480 Speaker 1: stick with that recession story and talk about one of 550 00:29:56,520 --> 00:30:00,280 Speaker 1: the other main movers remain concerns. It's more that, of 551 00:30:00,360 --> 00:30:03,800 Speaker 1: course is kb Home As we talk about the housing crisis, 552 00:30:04,000 --> 00:30:06,320 Speaker 1: is it a bubble? Well, Kaby Homes says, well maybe not. 553 00:30:06,760 --> 00:30:09,360 Speaker 1: Kb eh is your taker up four point seven percent. 554 00:30:09,640 --> 00:30:12,320 Speaker 1: This comes after they reported earnings and revenue that of 555 00:30:12,400 --> 00:30:15,160 Speaker 1: course beat estimates. Also the warning about some of those 556 00:30:15,160 --> 00:30:18,600 Speaker 1: macro economic issues. Yeah, lots going on in the macro story. 557 00:30:18,720 --> 00:30:20,920 Speaker 1: What's going on with eBay? I see that on your 558 00:30:20,920 --> 00:30:23,600 Speaker 1: list as well. Yeah, eBay's really interesting here because eBay, 559 00:30:23,960 --> 00:30:25,920 Speaker 1: of course we knows the major e commerce company, but 560 00:30:25,960 --> 00:30:28,440 Speaker 1: they didn't actually have coverage over at Morgan Stanley. That 561 00:30:28,560 --> 00:30:31,560 Speaker 1: changes today e b A wise, your taker shares our 562 00:30:31,640 --> 00:30:33,600 Speaker 1: down about two percent in the pre market. This comes 563 00:30:33,640 --> 00:30:37,000 Speaker 1: after Morgan Stanley assumed coverage of the stock with the 564 00:30:37,040 --> 00:30:41,680 Speaker 1: recommendation of underweight and price target of only thirty six dollars. Nathan, 565 00:30:41,760 --> 00:30:44,080 Speaker 1: that is the lowest on Wall Street for the e 566 00:30:44,160 --> 00:30:47,719 Speaker 1: commerce company. All right, Bloomberg Radio on TV markets correspondent 567 00:30:48,160 --> 00:30:51,200 Speaker 1: critic Kupta with us as always in the pre market, 568 00:30:51,240 --> 00:30:54,040 Speaker 1: looking at stocks as a whole. As we get set 569 00:30:54,160 --> 00:30:57,280 Speaker 1: for another trading day and another round of testimony on 570 00:30:57,400 --> 00:31:01,160 Speaker 1: Capitol Hill from FED Chairman Jerome Powell. We see futures 571 00:31:01,760 --> 00:31:04,400 Speaker 1: getting the leg higher. SMP futures up twenty points right 572 00:31:04,400 --> 00:31:06,440 Speaker 1: now down futures up a hundred one so were in anstack. 573 00:31:06,520 --> 00:31:09,480 Speaker 1: Futures up hundred one p ten. Your treasury is up 574 00:31:09,560 --> 00:31:13,560 Speaker 1: thirteen thirty seconds, the yield three point one zero percent. 575 00:31:14,440 --> 00:31:23,680 Speaker 1: You're listening to Bloomberg Daybreak, Bloomberg eleven three oh weather. 576 00:31:23,960 --> 00:31:25,600 Speaker 1: We have a mix of sun and clouds today going 577 00:31:25,680 --> 00:31:28,680 Speaker 1: up to the low seventies, upper seventies, maybe a low 578 00:31:28,760 --> 00:31:32,560 Speaker 1: eighties tomorrow, oper eighties by Saturday. Right now sixty two 579 00:31:32,680 --> 00:31:39,640 Speaker 1: degrees in Central Park markets. Headlines and breaking news twenty 580 00:31:39,680 --> 00:31:42,520 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 581 00:31:42,560 --> 00:31:46,120 Speaker 1: Business at and at Bloomberg Quick Take. He's a Bloomberg 582 00:31:46,200 --> 00:31:54,960 Speaker 1: Business Flash and I'm Karen Moscow and US dot Index 583 00:31:55,040 --> 00:31:57,600 Speaker 1: futures are on the rise this morning, and we go 584 00:31:57,680 --> 00:32:00,600 Speaker 1: to the first word Breaking newsdsh for today's morning call. 585 00:32:00,960 --> 00:32:06,440 Speaker 1: Here's Tatiana Darya. Tatiana, good morning, Good morning, Karen, futures 586 00:32:06,480 --> 00:32:09,479 Speaker 1: are higher this morning, despite the mixed session in Europe 587 00:32:09,520 --> 00:32:12,080 Speaker 1: without futures up one twenty two, s and ps up 588 00:32:12,120 --> 00:32:15,960 Speaker 1: twenty four and NAS jack cap one Cross Asset treasuries 589 00:32:15,960 --> 00:32:18,520 Speaker 1: are rallying again, with the US tenure Yale down four 590 00:32:18,600 --> 00:32:22,640 Speaker 1: basis points to three spot one percent, oils down another percent, 591 00:32:22,800 --> 00:32:27,200 Speaker 1: and Bitcoin has raised yesterday's losses, rebounding about four On 592 00:32:27,320 --> 00:32:30,400 Speaker 1: the economic front today, initial jobless claims at eight thirty, 593 00:32:30,600 --> 00:32:34,000 Speaker 1: n p m ice at ninety. In early trading, we've 594 00:32:34,000 --> 00:32:37,360 Speaker 1: seen text talks rebounding, with Tesla, Apple and Video leading 595 00:32:37,440 --> 00:32:41,440 Speaker 1: gains up about one percent, Occidental Petroleum up to after 596 00:32:41,560 --> 00:32:46,360 Speaker 1: it's the largest shareholder, Berkshire halfway both additional shares and 597 00:32:46,440 --> 00:32:50,640 Speaker 1: regarding earnings. Homebuilder kV Home up five percent after results 598 00:32:50,720 --> 00:32:53,720 Speaker 1: last night. In other news, Tesla plans to ramp up 599 00:32:53,720 --> 00:32:56,440 Speaker 1: output at its factory in China to more than double 600 00:32:56,520 --> 00:33:00,560 Speaker 1: its original planned target to one million cars are and 601 00:33:00,720 --> 00:33:03,400 Speaker 1: wrapping things up. Coin Base was cut to neutral at 602 00:33:03,440 --> 00:33:06,560 Speaker 1: the Red Burn, and eBay was initiated with an underweight 603 00:33:06,680 --> 00:33:09,760 Speaker 1: at Morgan Stanley lie from the First and Breaking News 604 00:33:09,840 --> 00:33:13,360 Speaker 1: Desk and Tatianataria Karen Right. Tatiana thank you, and to 605 00:33:13,400 --> 00:33:15,840 Speaker 1: hear lie breaking news of your Bloomberg type squawk on 606 00:33:15,920 --> 00:33:18,240 Speaker 1: your terminal SCU. You a w K and that's a 607 00:33:18,280 --> 00:33:21,000 Speaker 1: Bloomberg business flash. Now here's Michael bar with Moore on 608 00:33:21,080 --> 00:33:23,640 Speaker 1: what's going on around the world. Michael Karen, thank you 609 00:33:23,800 --> 00:33:26,440 Speaker 1: very much. There have been reports of a widespread internet 610 00:33:26,480 --> 00:33:30,480 Speaker 1: outage with Verizon. That's according to down detective. The January 611 00:33:30,600 --> 00:33:34,240 Speaker 1: sixth Committee will hear from former Justice Department officials today 612 00:33:34,680 --> 00:33:37,760 Speaker 1: the Panels as they face pressure from Donald Trump over 613 00:33:37,800 --> 00:33:41,200 Speaker 1: the presidential election results. The p g A Tour plans 614 00:33:41,280 --> 00:33:44,560 Speaker 1: to increase purse sizes and revamp the schedule in an 615 00:33:44,560 --> 00:33:47,000 Speaker 1: effort to keep players from heading to the Saudi Mac 616 00:33:47,120 --> 00:33:50,760 Speaker 1: Lib Golf Series. In baseball, the Yankees one, the Mets lost, 617 00:33:50,840 --> 00:33:53,280 Speaker 1: the Oriole shut out the Nationals, the Red Sox one, 618 00:33:53,600 --> 00:33:56,720 Speaker 1: the Giants and As lost. In the NHL, the Avalanche 619 00:33:56,920 --> 00:33:59,920 Speaker 1: a game away from winning the Stanley Cup after beating 620 00:34:00,000 --> 00:34:03,680 Speaker 1: the Lightning. The NBA Draft is tonight Global News twenty 621 00:34:03,720 --> 00:34:06,400 Speaker 1: four hours a day only or and on Bloomberg Quicktake, 622 00:34:06,640 --> 00:34:09,440 Speaker 1: powered by more than twenty seven under journalist and analyists 623 00:34:09,480 --> 00:34:12,760 Speaker 1: more than twenty countries. Michael Barr and this is Bloomberg. 624 00:34:12,840 --> 00:34:15,359 Speaker 1: Carry all right, Michael barn Thank you. SIS forty nine 625 00:34:15,440 --> 00:34:18,560 Speaker 1: on Wall Street returned to news and science and Technology Now. 626 00:34:18,880 --> 00:34:21,359 Speaker 1: But the Bloomberg n j I T STEM Report, brought 627 00:34:21,360 --> 00:34:24,200 Speaker 1: to you by New Jersey Institute of Technology, ranked a 628 00:34:24,239 --> 00:34:27,760 Speaker 1: top fifty national public university by US News and World Report, 629 00:34:27,800 --> 00:34:30,400 Speaker 1: in the top ten for best career placement among public 630 00:34:30,480 --> 00:34:33,200 Speaker 1: schools by the Princeton Review. More at n j I 631 00:34:33,280 --> 00:34:35,799 Speaker 1: T DOT E d U and here's just making news. 632 00:34:35,840 --> 00:34:39,920 Speaker 1: In science, Technology, engineering, and math, new global data shows 633 00:34:40,000 --> 00:34:43,800 Speaker 1: heat trapping carbon dioxide emissions from making cement have doubled 634 00:34:43,840 --> 00:34:46,640 Speaker 1: in the last twenty years. According to Norway Center for 635 00:34:46,880 --> 00:34:51,400 Speaker 1: International Climate Research and the Global Carbon Project, worldwide emissions 636 00:34:51,440 --> 00:34:54,680 Speaker 1: from making cement for buildings, roads, and other infrastructure hit 637 00:34:54,800 --> 00:34:58,520 Speaker 1: nearly two point nine billion tons of carbon dioxide last year. 638 00:34:58,880 --> 00:35:02,200 Speaker 1: That's more than seven percent of the global carbon emissions. 639 00:35:02,840 --> 00:35:05,680 Speaker 1: Scientists say climate change is a factor behind the erratic 640 00:35:05,760 --> 00:35:08,960 Speaker 1: and early reigns that triggered unprecedented floods in Bangladesh and 641 00:35:09,040 --> 00:35:12,360 Speaker 1: northeastern India. Although the region is no stranger to flooding, 642 00:35:12,400 --> 00:35:15,080 Speaker 1: it typically takes place later in the year when monsoon 643 00:35:15,200 --> 00:35:18,600 Speaker 1: reigns are well under way. This year's torrential rainfall lashed 644 00:35:18,640 --> 00:35:22,080 Speaker 1: the area as early as March, and smart Asset is 645 00:35:22,120 --> 00:35:24,680 Speaker 1: out with its eighth annual study on the best Cities 646 00:35:24,800 --> 00:35:28,040 Speaker 1: for Women in Tech and ranked them according to four metrics, 647 00:35:28,160 --> 00:35:31,399 Speaker 1: gender pay gap in the tech industry, income for women 648 00:35:31,480 --> 00:35:34,680 Speaker 1: in tech, after deducting housing costs, women as a percentage 649 00:35:34,680 --> 00:35:38,880 Speaker 1: of tech workers, and three year growth in tech employment. Arlington, 650 00:35:38,960 --> 00:35:41,200 Speaker 1: Virginia remained at the top of the studies rankings for 651 00:35:41,280 --> 00:35:44,520 Speaker 1: another year. Washington, d C was second, and Houston came 652 00:35:44,560 --> 00:35:46,719 Speaker 1: in third. And as a Bloomberg and j I t 653 00:35:46,840 --> 00:35:49,799 Speaker 1: Stem report, Dathan Okay, Karen, thank you. We are live 654 00:35:49,840 --> 00:35:52,680 Speaker 1: from the Bloomberg Interactive Brokers studios, where it's six fifty 655 00:35:52,760 --> 00:35:55,080 Speaker 1: one on Wall Street. Time to check what else is 656 00:35:55,160 --> 00:35:57,600 Speaker 1: going on in d C. Some of the top stories 657 00:35:57,640 --> 00:36:00,759 Speaker 1: in our nation's capital include President and offering a long 658 00:36:00,840 --> 00:36:03,960 Speaker 1: shot bid to pause gas taxes, optimism building for a 659 00:36:04,040 --> 00:36:06,480 Speaker 1: gun safety bill passing the Senate as soon as this week, 660 00:36:06,600 --> 00:36:10,400 Speaker 1: and the January six Committee getting ready to pause hearings 661 00:36:10,560 --> 00:36:14,600 Speaker 1: to weigh new evidence. Boomberg Government Congressional reporter Jack Fitzpatrick 662 00:36:14,760 --> 00:36:17,439 Speaker 1: is back with us from more on all these stories. Jack, 663 00:36:17,560 --> 00:36:21,560 Speaker 1: I wonder if it's been difficult to find anybody who's 664 00:36:21,880 --> 00:36:26,240 Speaker 1: coming out in favor of President Biden's three month gas 665 00:36:26,360 --> 00:36:30,240 Speaker 1: tax pause idea, because a lot of the reaction hasn't 666 00:36:30,280 --> 00:36:33,480 Speaker 1: exactly been glowing. Yeah, I'm sure there will be some 667 00:36:33,680 --> 00:36:35,759 Speaker 1: members who are in favor of it. I've seen a 668 00:36:35,840 --> 00:36:41,400 Speaker 1: couple of statements, especially from people maybe with tough reelection campaigns. 669 00:36:41,480 --> 00:36:44,160 Speaker 1: It's a good thing to be seen doing something. But 670 00:36:44,400 --> 00:36:49,080 Speaker 1: we've heard negative or at least skeptical comments from the 671 00:36:49,239 --> 00:36:52,480 Speaker 1: likes of Chuck Schumer, who has said he'd put his 672 00:36:52,600 --> 00:36:56,359 Speaker 1: focus on price gouging measures. Uh Stenny Hoyer, who said 673 00:36:56,520 --> 00:36:58,440 Speaker 1: he's not sure if this kind of proposal would have 674 00:36:58,520 --> 00:37:02,040 Speaker 1: the intended effect. N See Pelosi essentially put out a 675 00:37:02,080 --> 00:37:05,239 Speaker 1: statement saying, well, we'll see where the consensus is on 676 00:37:05,320 --> 00:37:08,239 Speaker 1: this kind of issue. Peter DeFazio, the chair of the 677 00:37:08,280 --> 00:37:11,680 Speaker 1: Transportation Infrastructure Committee, said that this would take funds away 678 00:37:11,719 --> 00:37:14,600 Speaker 1: from the Highway Trust Fund. Uh. So there's there's some 679 00:37:14,920 --> 00:37:18,040 Speaker 1: high level pushback from people who are allies of the president. 680 00:37:18,440 --> 00:37:21,239 Speaker 1: Uh And so clearly the outlook is not good for 681 00:37:21,360 --> 00:37:23,800 Speaker 1: this on Capitol Hill. Yeah, and there's been some commentary 682 00:37:23,920 --> 00:37:27,640 Speaker 1: as well that the president calling for more oil production, 683 00:37:27,719 --> 00:37:31,319 Speaker 1: more gas production, and efforts to get prices down kind 684 00:37:31,360 --> 00:37:35,040 Speaker 1: of runs contrary to what his policies had been before 685 00:37:35,160 --> 00:37:39,239 Speaker 1: prices got higher, aimed at curbing production. Yeah, this is 686 00:37:39,400 --> 00:37:43,400 Speaker 1: this puts the President and Democrats in a really tough position. Uh. 687 00:37:43,520 --> 00:37:46,400 Speaker 1: And you see it even with this gas tax proposal. 688 00:37:47,040 --> 00:37:50,640 Speaker 1: I mean you're almost talking about a stimulus check that 689 00:37:50,760 --> 00:37:54,200 Speaker 1: you can only use on fossil fuels. Uh. And that 690 00:37:54,480 --> 00:38:00,120 Speaker 1: that manages to get opposition simultaneously from Republicans who who 691 00:38:00,160 --> 00:38:03,560 Speaker 1: don't agree with this kind of short term approach that 692 00:38:03,680 --> 00:38:09,279 Speaker 1: would add to the deficit, and environmental groups and Democrats. 693 00:38:09,719 --> 00:38:14,200 Speaker 1: So it's it's massively inconvenient for Democrats, who came in 694 00:38:14,320 --> 00:38:18,120 Speaker 1: with a certain set of environmental policy priorities, to feel 695 00:38:18,200 --> 00:38:21,879 Speaker 1: this amount of pressure to reduce gas prices, which really 696 00:38:22,080 --> 00:38:25,160 Speaker 1: would not have been as much of a priority, not 697 00:38:25,360 --> 00:38:27,560 Speaker 1: if if not for you know what we've seen in 698 00:38:27,760 --> 00:38:31,319 Speaker 1: Ukraine and the very strange economic circumstances that we all 699 00:38:31,360 --> 00:38:33,920 Speaker 1: find ourselves in. You have to think Jack as well, 700 00:38:34,000 --> 00:38:37,120 Speaker 1: that the President is feeling political pressure to at least 701 00:38:37,680 --> 00:38:40,360 Speaker 1: show that he's trying to do something about gas prices. 702 00:38:40,440 --> 00:38:44,000 Speaker 1: What about his message that the war in Ukraine is 703 00:38:44,200 --> 00:38:45,920 Speaker 1: affecting all of this is that has that been a 704 00:38:46,000 --> 00:38:49,040 Speaker 1: difficult message for him to get across. I think that 705 00:38:49,280 --> 00:38:53,480 Speaker 1: may actually be the most popular response because there's a 706 00:38:53,640 --> 00:38:58,280 Speaker 1: lot of willingness to support Ukraine. The President was pushed 707 00:38:58,400 --> 00:39:03,120 Speaker 1: by lawmakers, including Republicans, to take a harder stance against 708 00:39:03,480 --> 00:39:08,360 Speaker 1: importing Russian oil and gas. So there's some logic to it, 709 00:39:08,480 --> 00:39:11,240 Speaker 1: and it ties it to a stance that the federal 710 00:39:11,280 --> 00:39:14,840 Speaker 1: government is taking. It's very popular in supporting Ukraine, but 711 00:39:15,000 --> 00:39:18,400 Speaker 1: that doesn't just flip a switch and make people say, Okay, 712 00:39:18,480 --> 00:39:21,200 Speaker 1: I'm fine with very high gas prices in itlation in 713 00:39:21,239 --> 00:39:23,600 Speaker 1: the state of the economy, So it's it may be 714 00:39:23,719 --> 00:39:27,960 Speaker 1: a good line, but it's almost just a tangential issue 715 00:39:28,000 --> 00:39:30,719 Speaker 1: to the broader complaints about the state of the economy. 716 00:39:31,040 --> 00:39:33,440 Speaker 1: Let's start to the other major story happening in Washington, 717 00:39:33,560 --> 00:39:36,239 Speaker 1: d C. Progress to report on a gun safety bill 718 00:39:36,440 --> 00:39:40,080 Speaker 1: moving forward in the Senate. Could we see passage this week? Jack, Yes, 719 00:39:40,600 --> 00:39:43,640 Speaker 1: They are supposed to take the cloture vote in the 720 00:39:43,760 --> 00:39:48,239 Speaker 1: Senate today, probably between eleven am and noon. That's the 721 00:39:48,360 --> 00:39:51,320 Speaker 1: key vote. If you can get sixty votes to end debate. 722 00:39:51,680 --> 00:39:54,640 Speaker 1: You have cleared the major hurdle. Technically would then take 723 00:39:54,680 --> 00:39:57,399 Speaker 1: a simple majority vote to pass it, but sometimes there's 724 00:39:57,719 --> 00:39:59,960 Speaker 1: a little back and forth in the Senate about almost 725 00:40:00,080 --> 00:40:02,640 Speaker 1: doing away with that step. Once they do the cloture 726 00:40:02,719 --> 00:40:05,719 Speaker 1: vote in the late morning today, they know they've got 727 00:40:05,880 --> 00:40:08,960 Speaker 1: the sixty votes necessary uh, and they can they can 728 00:40:09,160 --> 00:40:12,880 Speaker 1: move on they potentially you see it unanimous consent or 729 00:40:12,960 --> 00:40:15,560 Speaker 1: something along those lines. We'll see exactly how long it 730 00:40:15,719 --> 00:40:18,239 Speaker 1: takes to to do this week as they try to 731 00:40:18,360 --> 00:40:21,239 Speaker 1: get out for the weekend. But the critical vote is 732 00:40:21,400 --> 00:40:23,880 Speaker 1: coming in a late morning this morning in the Senate. 733 00:40:24,200 --> 00:40:28,320 Speaker 1: Also happening this afternoon, we have another live January sixth 734 00:40:28,440 --> 00:40:32,040 Speaker 1: Committee hearing. What are we expecting there? That one is 735 00:40:32,080 --> 00:40:35,919 Speaker 1: going to be focused more on more details, a little 736 00:40:35,920 --> 00:40:38,760 Speaker 1: bit of what we've heard in terms of the legal 737 00:40:38,840 --> 00:40:43,080 Speaker 1: advice that went to then President Trump saying that his 738 00:40:43,480 --> 00:40:47,080 Speaker 1: attempts to overturn the election, that his fraud claims were 739 00:40:47,200 --> 00:40:51,800 Speaker 1: without merit. There's gonna be live testimony from Jeffrey Rosen, 740 00:40:51,840 --> 00:40:56,600 Speaker 1: who took over as acting Attorney General after William barr Uh. 741 00:40:56,760 --> 00:41:00,480 Speaker 1: There's also testimony from two of his deputies uh so 742 00:41:01,320 --> 00:41:04,840 Speaker 1: more of the legal arguments about the lack of merit 743 00:41:05,000 --> 00:41:09,240 Speaker 1: to Trump's uh fraud arguments and the argument that Trump 744 00:41:09,400 --> 00:41:13,600 Speaker 1: must have actually known that and ignored the good advice 745 00:41:14,239 --> 00:41:17,240 Speaker 1: from lawyers and and gone on with his plan anyway. 746 00:41:17,560 --> 00:41:20,160 Speaker 1: And in our last minute here, the hearings are going 747 00:41:20,200 --> 00:41:24,600 Speaker 1: to go on a little bit longer than we'd originally expected. Yes, 748 00:41:25,000 --> 00:41:27,600 Speaker 1: you know, they even mentioned in the first hearing they're 749 00:41:27,640 --> 00:41:30,600 Speaker 1: still getting information. Uh So there's gonna be a bit 750 00:41:30,640 --> 00:41:33,839 Speaker 1: of a pause in hearings as they continue to get 751 00:41:34,200 --> 00:41:39,200 Speaker 1: more testimony, do more interviews. They're supposed to interview today 752 00:41:39,800 --> 00:41:44,560 Speaker 1: another documentary filmmaker Alex Holder, who was interviewing Trump and 753 00:41:44,719 --> 00:41:49,719 Speaker 1: others around him before and after January one. So you 754 00:41:49,840 --> 00:41:53,080 Speaker 1: can certainly expect one a bit of a pause and 755 00:41:53,120 --> 00:41:56,839 Speaker 1: then two more public hearings. And it is worth keeping 756 00:41:56,880 --> 00:42:00,839 Speaker 1: in mind that is as tightly uh organized as these 757 00:42:00,920 --> 00:42:03,839 Speaker 1: hearings have ben, there's still kind of figuring this out 758 00:42:03,880 --> 00:42:07,000 Speaker 1: and determining exactly what their narrative is because they're still 759 00:42:07,040 --> 00:42:10,920 Speaker 1: getting more and more information and still conducting interviews. Bloomberg 760 00:42:10,960 --> 00:42:13,880 Speaker 1: Government congressional reporter Jack Fitzpatrick. Keeping on top of all 761 00:42:13,960 --> 00:42:17,560 Speaker 1: that's happening in Washington, d C, including more testimony this 762 00:42:17,719 --> 00:42:20,200 Speaker 1: morning from FED Chair Jerome Powell. He'll be before the 763 00:42:20,320 --> 00:42:24,040 Speaker 1: House Financial Services Committee. That hearing is due to begin 764 00:42:24,200 --> 00:42:27,319 Speaker 1: around ten am Wall Street Time. Read more about all 765 00:42:27,360 --> 00:42:29,880 Speaker 1: these stories on Bloomberg dot com or on the Bloomberg terminal. 766 00:42:30,200 --> 00:42:33,960 Speaker 1: Listen to Bloomberg Radio in Washington Bloomberg one and one 767 00:42:34,000 --> 00:42:37,040 Speaker 1: oh five point seven f m HD two, SFP futures 768 00:42:37,040 --> 00:42:39,360 Speaker 1: moving higher now up twenty eight points, Dow futures up 769 00:42:39,400 --> 00:42:42,480 Speaker 1: a hundred forty seven, NASTAC futures up one point one percent, 770 00:42:42,600 --> 00:42:45,680 Speaker 1: again of a hundred twenty seven points. For Karen Moscow. 771 00:42:45,920 --> 00:42:48,640 Speaker 1: I'm Nathan Hagar. This is Bloomberg