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

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Speaker 1: day Break for Tuesday, March twenty First coming up today,

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Speaker 1: the US looks for ways to guarantee all bank deposits.

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Speaker 1: We'll tell you which losers are emerging from the UBS

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Speaker 1: takeover of Credit Suez. The banking turmoil is in focus

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Speaker 1: as the FED begins its two day policy meeting, and

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Speaker 1: criminal charges could come for former President Donald Trump as

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Speaker 1: soon as today. New York City is beefing up security

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Speaker 1: ahead of possible Trump protests. Plus a car jumps a

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Speaker 1: curb in Brooklyn, killing two pedestrians. I'm Michael barn Or Ahead,

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Speaker 1: I'm John stash Award Sports, Julius Randall's fifty seven points

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Speaker 1: not enough, Nick's Loston, Minnesota. Rick Patino named the new

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Speaker 1: coach at Saint John. That's all straight ahead on Bloomberg

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Speaker 1: day Break, The business news you need, disturn your day,

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Speaker 1: and just one fifteen minute podcast each pointing on Apples, Spotify,

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Speaker 1: the Bloomberg Business app and everywhere you get your podcasts.

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Speaker 1: Good morning, I'm Nathan Hager and I'm Cameron Moscow. Here

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Speaker 1: are the stories we're following today. We begin this morning

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Speaker 1: with the latest fallout from the global banking turmoil. The

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Speaker 1: US is now studying ways to guarantee all bank deposits

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Speaker 1: if this crisis gets worse, and we get the latest

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Speaker 1: live from Bloomberg's John Tucker. Good Morning, John, and Nathan.

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Speaker 1: The Treasury Department reviewing whether federal regulators have emergency authority

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Speaker 1: to temporarily ensured deposits greater than the current two hundred

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Speaker 1: and fifty thousand dollars cap on most accounts of sources

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Speaker 1: to say, the Department wants to know if it can

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Speaker 1: make the move without approval from Congress. One legal framework

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Speaker 1: under discussion would use the Exchange Stabilization Fund. It's the

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Speaker 1: only money under the full authority. The Treasury Secretary. A

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Speaker 1: coalition of banks worry if another regional lender fails, more

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Speaker 1: depositors will move their money to larger institutions. Live in

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Speaker 1: New York. I'm John Tucker, Bloomberg Daybreak, Harry John, Thanks Well.

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Speaker 1: Shares a first Republic are rebounding from an all time below.

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Speaker 1: The regional bank fell another forty seven percent yesterday. SNP

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Speaker 1: Global lowered its credit rating for the second time in

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Speaker 1: a week. Executives from major banks are currently discussing new

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Speaker 1: ways to stabilize First Republic, and this morning IT shares

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Speaker 1: are up more than twenty five percent in the pre market. Well, Karen,

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Speaker 1: we're starting to find out who some of the biggest

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Speaker 1: losers are from the takeover of Credit suite. Pimco and

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Speaker 1: Invesco are among the largest holders of the lenders eighty

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Speaker 1: one bonds, which are going to zero as part of

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Speaker 1: the takeover deal. Pimco held more than eight hundred million

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Speaker 1: dollars of that debt in desk Investco held around three

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Speaker 1: hundred and seventy million. Black Rock's exposure was around one

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Speaker 1: hundred ten million dollars. Well, Nathan, we're also seeing fall

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Speaker 1: out of a different sort from the Credit Suitee takeover.

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Speaker 1: Recruiters around the world. They're getting flooded with calls from

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Speaker 1: bankers seeking new jobs, and we get the details live

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Speaker 1: with the Bloomberg Steve Rappaport's Steve Goodmorday, Good morning, Karen

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Speaker 1: and Nathan. Many Credit Suiee employees are looking to jump

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Speaker 1: ship before they get forced overboard once UBS takes over.

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Speaker 1: Principal Partners director Will Tan tells Bloomberg he's taken hundreds

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Speaker 1: of calls to be. I don't think there's enough jobs

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Speaker 1: out there to, you know, accommodate all the job seekers

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Speaker 1: can believes the best employees at Credit Sweet saw the

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Speaker 1: writing on the wall a while ago and probably already left.

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Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thanks,

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Speaker 1: We'll soon find out how the banking turmoil effects interest rates.

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Speaker 1: The Federal Reserve begins. It's two day policy meeting today

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Speaker 1: with a decision coming tomorrow. We get more from Bloomberg

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Speaker 1: Senior economic reporter Michelle jam Risco. It almost matters more

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Speaker 1: what Powell says than what he does on Wednesday. I mean,

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Speaker 1: he's going to have to reassure everyone that he's got

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Speaker 1: a number of balances in play. A price stability versus

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Speaker 1: financial stability, yes, but hard data versus sentiment, Wall Street

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Speaker 1: versus Main Street. He's got to reassure investors. He's got

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Speaker 1: to resure the public that the Fed has things under control,

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Speaker 1: that they have the tools in place in case the

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Speaker 1: crisis worsens or in case there is a crisis. Bloomberg's

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Speaker 1: Michelle jam Risco says investors are banking on a quarter

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Speaker 1: percentage point rate hike tomorrow. While turning to politics now, Nathan,

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Speaker 1: it could be a consequential day in GOP presidential politics.

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Speaker 1: This is a day that former President Donald Trump claims

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Speaker 1: he'll be arrested and taken into custody. Amy Morris says

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Speaker 1: more on what we can expect from our Bloomberg ninety

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Speaker 1: nine one newsroom in Washington. While the former president says

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Speaker 1: he expects to be charged, don't look for him to

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Speaker 1: be led away in handcuffs. In fact, it might not

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Speaker 1: even be public at first. If the Manhattan gran Jury

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Speaker 1: votes to indict Trump for making hush money payments to

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Speaker 1: a porn actress, the indictment would remain under seal until

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Speaker 1: it's formally presented to the court. Manhattan District Attorney Alvin

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Speaker 1: Bragg could announce it only if he gets permission from

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Speaker 1: the court. There will be a mug shot and fingerprints,

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Speaker 1: but Trump will not be placed in a holding cell,

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Speaker 1: sources tell Bloomberg News. He will likely remain in the

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Speaker 1: custody of secret Service agents in Washington. I'm Amy Morris,

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Speaker 1: Bloomberg Daybreak, All right, Amy, thank you. Meantime at the

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Speaker 1: White House, President Biden has issued the first veto of

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Speaker 1: his term, rejecting a bill that with thwart a rule

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Speaker 1: that allows retirement portfolio managers to weigh environmental and governance

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Speaker 1: issues in their investment decisions. We got reaction from Bill Heising,

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Speaker 1: a Republican chairman of Oversight and Investigations on the House

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Speaker 1: Financial Services Committee, the President's got it one hundred and

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Speaker 1: eighty percent backwards. People's investment is more at risk when

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Speaker 1: you do this because it ignores materiality. Materiality, materiality, materiality

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Speaker 1: ought to be the watchword, and it's not with this administration.

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Speaker 1: It's actually their goal and objective in this is to

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Speaker 1: push a social agenda. Michigan Republican Bill Heising has spoke

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Speaker 1: with Joe Matthew on Bloomberg Sound On. You can catch

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Speaker 1: the program at one pm Eastern right here on Bloomberg

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Speaker 1: Radio or listen on demand wherever you get your podcasts.

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Speaker 1: In geopolitics today, Nathan the US is watching a summit

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Speaker 1: between presidents Hijin Ping and Vladimir Putin with skepticism and concern,

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Speaker 1: and Bloomberg said, Baxter has that story. China's president Jijianping

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Speaker 1: says China wants to play a constructive role in finding

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Speaker 1: peace for Ukraine. Russian President Vladimir Putin now says he's

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Speaker 1: willing to look at the peace proposal. Secretary of State

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Speaker 1: Anthony Blincoln says there have to be red lines the

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Speaker 1: fundamental element of any plan for any war in Ukraine

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Speaker 1: and producing a justin durable piece must be upholding the

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Speaker 1: sovereignty in charge will integrity of Ukraine. There's also no

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Speaker 1: word on whether the talk about lethal weapons has or

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Speaker 1: will take place. Three day summit in San Francisco. I'm

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Speaker 1: at Baxter Bloomberg Daybreak. It is forty degrees in New York.

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Speaker 1: It'll be sunny and mild today with a hind year sixty.

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Speaker 1: We'll get down to the low forties tonight under a party,

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Speaker 1: cloudy sky. Time Now to look at some of the

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Speaker 1: other stories making news in New York and around the world,

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Speaker 1: with Bloomberg's Michael barn Good morning, Michael, Good morning, Nathan.

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Speaker 1: Officials in New York City are preparing for the possibility

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Speaker 1: of protests after Donald Trump said he would be arrested

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Speaker 1: today in the Manhattan's DA case against the former president.

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Speaker 1: New York Mayor Eric Adams. We're monitoring comments on social

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Speaker 1: media and the nypds doing their normal role of making

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Speaker 1: sure that there's no inappropriate actions in the city, and

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Speaker 1: we're confident we're going to be able to do that,

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Speaker 1: Adam says. The NYPD set up security barricades outside Manhattan

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Speaker 1: Criminal Court and DA Alvin Bragg's office. Meanwhile, Trump supporters

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Speaker 1: gathered in Lower Manhattan, near the courthouse where the former

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Speaker 1: president's arraignments would occur. It really seems like it's a

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Speaker 1: political hatchet job, it does. It just seems like it's

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Speaker 1: a real gotcha moment to try to thwart him from

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Speaker 1: a twenty twenty four run. According to a tweet from

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Speaker 1: the New York Young Republican Club, the actions against the

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Speaker 1: former president are unjust from quote corrupt Manhattan da Alvin Bragg.

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Speaker 1: A tragedy in Brooklyn after a car crashed and jumped

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Speaker 1: a curb onto a side of walk. Two people were

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Speaker 1: killed and five were injured. It happened at eighteenth Avenue

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Speaker 1: in sixty fourth Street yesterday. The NYPD says the driver

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Speaker 1: of the whites Dan that jumped the curb ran a

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Speaker 1: red light at a high rate of speed, hit a

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Speaker 1: black ass you and took down a pole before hitting pedestrians.

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Speaker 1: The driver of the Sitan is in police custody. We're

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Speaker 1: learning more about a crash that happened over the weekend

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Speaker 1: which left five children dead on the Hutchinson River Parkway.

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Speaker 1: The victims ranged in age from eight years to seventeen,

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Speaker 1: and we're all from the same family. Westchester County Executive

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Speaker 1: George Latimer says the preluminary investigation appears to show distracted

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Speaker 1: driving or falling asleep at the wheel. There were no

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Speaker 1: tire marks from the vehicle on the roadway or any

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Speaker 1: furrowing in the grass, which would indicate that the vehicle

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Speaker 1: did not use any breaking or evasive steering. County Executive Ladimer.

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Speaker 1: Global News twenty four hours a day, powered by more

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Speaker 1: than twenty seven journalist analyist and over one hundred twenty countries.

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Speaker 1: Michael bar this is Bloomberg, Nathan. Thank you, Michael, time

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Speaker 1: for the Bloomberg Sports update, brought to you by Trice State.

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Speaker 1: Out of Here's John stash Hour. All right, Nathan, wild

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Speaker 1: game at the Garden, Minnesota Timberwolves without their two best players,

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Speaker 1: and yet they seemingly could miss shot. They made their

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Speaker 1: first ten. They had seventy five points at halftime, in Torreon,

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Speaker 1: Prince I really couldn't miss. He shot twelve of thirteen,

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Speaker 1: nearly set an NBA record. He was eight for eight

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Speaker 1: on three pointers. The record is nine. Timberwolves blew as

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Speaker 1: seventeen point later and then they came from five points

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Speaker 1: down in the fourth. They beat the nixt one forty

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Speaker 1: to one thirty four on a night where Julius Randall

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Speaker 1: pored in fifty seven points. His previous career high was

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Speaker 1: forty sixty set a NICK record of scoring twenty six

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Speaker 1: in the third quarter alone. Only Carmelo Anthony and Bernard

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Speaker 1: King had scored more points as a Nick. The legends

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Speaker 1: in this game and pioneers who specifically for this organization,

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Speaker 1: you know later the groundwork and you know led the

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Speaker 1: way for players like myself to come behind them and

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Speaker 1: be able to play the game on Lives Way tomorrow

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Speaker 1: in Miami Rangers at the Garden tonight playing Carolina. Rangers

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Speaker 1: won twice over the weekend by combining thirteen to nothing

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Speaker 1: NCAA Women's during a Yukon one and reaching a sweet

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Speaker 1: sixteenth to the twenty nine year in her own Miami

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Speaker 1: upset Indiana so Elect the men's journey two top seeds

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Speaker 1: already out as expected. Rick Pettino leaving Iona to become

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Speaker 1: the new coach at Saint John's. He's the seventh since

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Speaker 1: the retirement of the Hall of Famer Louis kind of Second.

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Speaker 1: None of the previous six have gotten the Red Storm

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Speaker 1: to the levels they used to be. At high Drama

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Speaker 1: World Baseball Classic Japan, two of the ninth for a

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Speaker 1: walk off six five went over Mexico. So it's the

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Speaker 1: US and Japan Championship game tonight. Sixty six year old

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Speaker 1: Tennis Ledge of Martinafertoloban nows she is cancer free after

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Speaker 1: a four month battle. John Stashellen Bloomberg Sport live from

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Speaker 1: coast to coast, from New York to San Francisco, Boston

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Speaker 1: to Washington, d C. Nationwide on Sirius XAM, the Bloomberg

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Speaker 1: Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 1: Good morning, I'm Nathan Hager, and some calm has finally

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Speaker 1: settled into bank stocks this morning after about two weeks

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Speaker 1: of panic. Bloomberg News has learned the US Treasury Department

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Speaker 1: is looking at ways to attemporarily expand deposit insures for everyone,

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Speaker 1: even above the two hundred and fifty thousand dollars CAP

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Speaker 1: without having to go to Congress for a formal sign off.

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Speaker 1: Let's bring in Jeff Black for more on this and

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Speaker 1: other assurances we're hearing from banking regulators. Jeff is a

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Speaker 1: finance editor for Bloomberg News. Thanks for being with us

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Speaker 1: this morning. So what are the options on the table

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Speaker 1: from the US Treasury Jeff, Good morning. Yeah, So this

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Speaker 1: is would be a pretty significant message to the public

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Speaker 1: and to business owners that no matter how much money

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Speaker 1: you have got sitting in a bank account, whether that's

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Speaker 1: at a big Wall Street bank or a smaller community

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Speaker 1: or regional bank, that your deposits will be fine. Now,

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Speaker 1: if that goes through, then that really does help to

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Speaker 1: put a floor under what has been pretty significant outflows

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Speaker 1: from those smaller banks in the US. And of course,

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Speaker 1: this is not really something that's directed at households because

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Speaker 1: the CAP has already two hundred and fifty thousand dollars.

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Speaker 1: That's a large amount of money. So you're really talking

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Speaker 1: about small businesses, corporates, startups, tech firms that have been

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Speaker 1: at the center of the storm in the US. It

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Speaker 1: would be if it went through, quite a powerful message. Yeah,

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Speaker 1: It's a big if that it goes through, though, isn't it?

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Speaker 1: I mean, what is it clear that the Treasury has

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Speaker 1: the authority to make an emergency move like this. So

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Speaker 1: my understanding is that, and our colleagues have been reporting

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Speaker 1: on that, is that the Treasury and the FDIC have

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Speaker 1: a limited room for maneuver. They do have a part

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Speaker 1: of money that is solely under Treasury discretion that is

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Speaker 1: usually being directed for currency stabilization and lending abroad, but

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Speaker 1: it could be an option for them to use it

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Speaker 1: in this circumstance, so the without it having to go

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Speaker 1: to Congress. If it goes to Congress, then obviously that's

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Speaker 1: a whole different ball game. And with the divisions that

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Speaker 1: everybody knows about it, it's not sure that that would

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Speaker 1: get through. The opposition to this would say, hang on,

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Speaker 1: if you put such a big guarantee under the deposits

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Speaker 1: of all the banks in America, that is an enormous

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Speaker 1: moral hazard. That means that you're essentially telling the banking

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Speaker 1: sector that the risks are being taken care of by

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Speaker 1: the federal level. And that's a debate that would get

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Speaker 1: going there. Yeah, and it raises the question as well

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Speaker 1: about whether the banks really need a guarantee like this. Obviously,

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Speaker 1: it's something that the Midsize Bank Coalition we've been talking

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Speaker 1: about for several days, have been pushing for from the

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Speaker 1: Treasury Department. But what do midsize bank balance sheets look

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Speaker 1: like right now? Obviously Silicon Valley Bank had a heavy

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Speaker 1: amount of uninsured deposits, But is there a real need

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Speaker 1: for something like this more broadly among midsize banks. Well,

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Speaker 1: the banking system already has access to liquidity from the

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Speaker 1: Federal Reserve, so you know, in theory it can handle

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Speaker 1: a certain amount of outflows from deposits as long as

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Speaker 1: that doesn't go on permanent. But that's a technical measure

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Speaker 1: that maybe in a situation where people are really feeling

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Speaker 1: fear and they're feeling pressure, that they're not really going

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Speaker 1: to take account of that, and so putting a guarantee

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Speaker 1: is a more powerful psychological measure to tell people business

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Speaker 1: owners that you're the deposits are safe, you do not

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Speaker 1: need to go and move them elsewhere. Yeah, we saw

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Speaker 1: the Federal Reserve put some of those emergency lending facilities

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Speaker 1: into place in recent days. Are you looking for the

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Speaker 1: possibility of the Fed to do more to shore up

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Speaker 1: bank security here, particularly with the decision coming up to

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Speaker 1: our own. Yeah, so obviously, you know, central bank authorities

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Speaker 1: have always got to balance financial stability with their inflation mandate.

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Speaker 1: That's something that's obviously key in the minds of FED

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Speaker 1: policy makers. That's also something that we're seeing here in Europe.

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Speaker 1: It's going to be part of the discussion do we

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Speaker 1: need to pause, do we need to slow down. I

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Speaker 1: can't offer you much on what they're actually thinking inside

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Speaker 1: their minds, but that's definitely part of the consideration. Yeah,

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Speaker 1: certainly something we're going to be watching for ahead of

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Speaker 1: the final decision tomorrow. So in our last thirty seconds here, Jeff,

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Speaker 1: what more you looking for when it comes to providing

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Speaker 1: even further assurances stability after the last couple of weeks

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Speaker 1: above people here. So, I think in the US and

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Speaker 1: in Europe that businesses and households need to know that

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Speaker 1: there's some sort of regulatory certainty, that the authorities are

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Speaker 1: on the side of the public and business owners, and

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Speaker 1: that there is a certain stability so doing what they

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Speaker 1: say they're going to do, and that might also extend

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Speaker 1: to the inflation debate as well. This is Bloomberg Daybreak Today,

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