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

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Speaker 1: day Break for a Thursday, March seventeen two. Coming up

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Speaker 1: this hour, the House years legislation to remove Russia's most

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Speaker 1: favorite nation trade status. The bond and stock markets react

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Speaker 1: differently to the fits interest rate liftoff. The Bank of

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Speaker 1: England set to raise rates this morning, and stocks in

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Speaker 1: Asia search for a second straight day. New York expands

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Speaker 1: workplace erassment protection for all public employees. Plus preparations continue

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Speaker 1: for today's St. Patrick's Day Parade in Manhattan. I'm Michael

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Speaker 1: bar More Ahead, I'm John stas Shower and sports easy

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Speaker 1: wins for the nixt Nets loss at the Buzzer, Rutgers

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Speaker 1: in the n C double As lost in double overtime.

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Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg

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Speaker 1: Elementary on New York, Bloomberg one, Washington, d C, Bloomberg

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Speaker 1: one oh six one, Boston, Bloomberg nine sixties, San Francisco,

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Speaker 1: Sirius x M one nineteen and around the world. Old

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Speaker 1: on Bloomberg Radio dot Com and via The Bloomberg Business

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Speaker 1: And Good Morning. I'm Nathan Hager and I'm Karen Moscow,

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Speaker 1: and futures are little change this morning. We are coming

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Speaker 1: up to five go one on Wall Street, and we

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

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Speaker 1: On Bloomberg right now SNB futures again little change, down

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Speaker 1: three points down. Future is also that will change and

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Speaker 1: now has that future is down about fifteen. The ten

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Speaker 1: year treasury is a fifteen thirty seconds cel two point

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Speaker 1: one three percent, and a yield on the two year

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Speaker 1: at one point nine two percent, and the euro one

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Speaker 1: point one zero five one against the dollar. Nathan, right, Karen,

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Speaker 1: We begin this morning with the latest developments on the war.

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Speaker 1: Group of seven FIGM ministers meet virtually today to discuss

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Speaker 1: the crisis, while Ukrainian President Vladimir z Leinski addresses the

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Speaker 1: lower house of the German Parliament. This comes as Russian

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Speaker 1: strikes continue on infrastructure sites in Ukraine. The Ukrainian military

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Speaker 1: says a Russian plane bomba theater where hundreds were sheltering.

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Speaker 1: Bloomberg's said Baxter has this story this adding to the

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Speaker 1: concern about Russia purposely bombing civilians. The max Are satellite

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Speaker 1: firm collected images showing the word children in writing in

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Speaker 1: white letters in front of and behind the theater. Meanwhile,

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Speaker 1: President Joe Biden has promised new munitions to Ukraine. We

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Speaker 1: have identified and are helping Ukraine acquire additional longer range

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Speaker 1: anti aircraft systems, along with shoulder rockets, Stinger and javelin launchers,

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Speaker 1: twenty million rounds of AMMO, and one hundred diving switchblade

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Speaker 1: drones in San Francisco, I'm at Baxter, Bloomberg Daybreak, All right,

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Speaker 1: and thank you. In all, President Biden has offered eight

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Speaker 1: hundred million dollars worth of new weaponry to Ukraine. He

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Speaker 1: also branded Russian President Vladimir Putin a war criminal. Later today,

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Speaker 1: House land makers are set to revoke normal trained relations

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Speaker 1: with Russia. Amy Morris as the latest from our Bloomberg

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Speaker 1: newsroom in Washington. Removing Russia's most Favored Nation trade status

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Speaker 1: allows the US to impose higher tariffs on goods, sources

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Speaker 1: tell Bloomberg News. It also expands the Magnetsky Act, opening

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Speaker 1: up the possibility of more sanctions on Russian officials for

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Speaker 1: human rights violations. It would take Congress and the President

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Speaker 1: together to re establish any trade relationship with Russia. House

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Speaker 1: majority leader Stanny Hoyer says the vote will come later today,

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Speaker 1: putting Russia in the same category as Cuba and North

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Speaker 1: Korea in Washington. I'm any more as Bloomberg Daybreak, okam,

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Speaker 1: thank you meantime. In a chilling thread, Vladimir Putin is

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Speaker 1: warning he will cleanse Russia of traitors, but any people,

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Speaker 1: and even more so, the Russian people will always be

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Speaker 1: able to distinguish true patriots from scum and traders and

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Speaker 1: simply spit them out like a fly that accidentally flew

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Speaker 1: into the mouth, spit them out. I am convinced that

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Speaker 1: such a natural and necessary cleansing of society will only

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Speaker 1: strengthen our country. Putin is accusing the West of wanting

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Speaker 1: to destroy Russia. The finance ministry in Moscow says a

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Speaker 1: ten million dollar interest payment that's due on two dollar

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Speaker 1: bonds has been made to City Bank in London. It

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Speaker 1: comes amid mounting speculation that Rush has headed for a default. Well, Nathan.

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Speaker 1: Another major story we're watching this morning is the continued

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Speaker 1: reaction to the feds liftoff of interest rates, and Bloomberg's

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Speaker 1: John Tucker joins US Live with the latest. John, Good Morning, Karen,

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Speaker 1: Stock and bond investors had completely different reactions to the

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Speaker 1: feds quarter point rate increase. Stocks rallied bonds sold off.

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Speaker 1: The five tenure treasury yield curve inverted for the first

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Speaker 1: time since early That's a recessionary signal. At Googgenheim Partners

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Speaker 1: chief investment Officers, Scott Minored isn't all that impressed with

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Speaker 1: how the FED is doing its job trying to tackle inflation.

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Speaker 1: I think that the FED has largely abandoned monetary orthodoxy.

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Speaker 1: It's trying to be too cute in how it's it's

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Speaker 1: managing this. Guggenheim Scott Minor says they're in an inflation panic.

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Speaker 1: The Central Bank also published forecasts from the authority's various officials,

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Speaker 1: the so called dark plot that indicated a steeper hiking

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Speaker 1: path than before. Live in New York. I'm John Tucker,

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Speaker 1: Bloomberg Debris All right, John, thank you. Interest rates are

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Speaker 1: also in focus in Europe. Let's get the very latest

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Speaker 1: done that Live with Bloomberg's You and Parts. Good Morning,

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Speaker 1: you went, Good morning, Nathan and Karen. The Bank of

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Speaker 1: England was the first major central bank to titan policy

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Speaker 1: after the pandemic, and today you committee members look all

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Speaker 1: but certain to high rates for a third successive time.

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Speaker 1: If they do, that would take the UK benchmark back

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Speaker 1: to its pre COVID level as the bank battles soaring inflation.

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Speaker 1: That decision at eight m Eastern Time, Live in London,

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Speaker 1: I'm you and parts been both daybreak and thank you.

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Speaker 1: Turning to the market started in Asia jumped once again

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Speaker 1: on a certain Chinese technology shares. We get the recount

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Speaker 1: from Bloomberg's Julietts Sally and Singapore Good morning, Juliet, Good

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Speaker 1: morning Nathan and Karen. China's effort to stabilize market saw

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Speaker 1: the Hang Saying Index post it's best two day gains

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Speaker 1: since the Hang Saying Tech Index added to Wednesday's dizzy

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Speaker 1: and twenty two percent gain. However, the Indo exist still

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Speaker 1: down more than fifty pc from its February one peak,

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Speaker 1: owing to a year long crackdown on the sectum. The

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Speaker 1: lift in Hong Kong and Chinese equities or the m

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Speaker 1: c I Asia Pacific Index rise over three pc and

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Speaker 1: the yan Hovadna six CLO boost nick to to five

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Speaker 1: by three and a half percent. That was its best

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Speaker 1: to day games since April twenty. In Singapore, Juliette Sally,

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Speaker 1: Bloomberg day break. All right, Juliet, thank you know. Despite

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Speaker 1: the recent pullback, one Wall Street firm says oil prices

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Speaker 1: are heading a lot higher. Let's get more on that

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Speaker 1: live from Bloomberg's Rnita Young. Good morning, Na, Good morning, Nathan.

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Speaker 1: Morgan Stanley is raising its Brent oil price forecast for

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Speaker 1: the third quarter from one hundred dollars to one twenty

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Speaker 1: dollars a barrel. Analysts they're are citing tighter supply demand

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Speaker 1: balances worldwide. Morgan Stanley says the US import ban and

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Speaker 1: self sanctioning in Europe that would mean Russian crewe production

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Speaker 1: will drop by one million barrels a day, which would

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Speaker 1: be visible from April onwards. Analysts are raising their estimate

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Speaker 1: for three from ninety five dollar is two hundred dollars

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Speaker 1: of barrel. Live in New York. I'm gonna need a

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Speaker 1: young Bloomberg papery. Okay rened to thanks in checking oil now.

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Speaker 1: West Texas Intermediate's at ninety eight dollars fifty nine cents

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Speaker 1: of barrel. That's a gain of three and three quarters

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Speaker 1: per cent on the session. Brent is at a hundred

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Speaker 1: one dollars fifty nine cents. Straight ahead. Your latest local

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Speaker 1: headlines in the check of sports. This is Bloomberg South,

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Speaker 1: five oh seven on Wall Street. Take some time this morning,

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Speaker 1: foggy out, forty five degrees in Central Park and Michael

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Speaker 1: Barr is here with more on what's going on in

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Speaker 1: New York and around the world on this St. Patrick's Day.

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Speaker 1: Top of the Morning, Michael, Top of the morning to you.

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Speaker 1: Nathan St. Patrick's Day. Celebrations in New York City and

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Speaker 1: across the country are back after a two year hiatus.

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Speaker 1: New York's Parade, the nation's largest and oldest. We'll go

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Speaker 1: up Fifth Avenue starting around eleven am. New York Mayor

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Speaker 1: Eric Adams says today you can call him oh. Adams

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Speaker 1: resents it in the spirit of the Irish Americans who

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Speaker 1: played the mayor jerow in this city, built in a

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Speaker 1: Brooklyn Bridge, our mt A system law enforcement. You look

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Speaker 1: at the success of New York, you see the Irish

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Speaker 1: contribution to it, and you should be proud to be

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Speaker 1: Irish today and proud to be New Yorker is and

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Speaker 1: proud to be America's Mayor, Adam says. In twenty twenty,

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Speaker 1: the parade was canceled as the virus hit the U. S.

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Speaker 1: White House Medical adviser Dr Anthony Fauci says Americans need

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Speaker 1: to be ready to respond to another potential COVID surge

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Speaker 1: if one occurs. Dr Fauci says older individuals may need

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Speaker 1: another vaccine booster. I don't think there's any doubt that

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Speaker 1: sooner or later, particularly among the elderly, who have less

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Speaker 1: of a robust immune response than a normal younger population,

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Speaker 1: that sooner or later they will need a boost of

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Speaker 1: a fourth shot. Dr Fauci says as more than a

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Speaker 1: thousand people a day are still dying of COVID in

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Speaker 1: the un US, it looks like the pandemic has led

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Speaker 1: to the closing of the nine eleven Tribute Museum in

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Speaker 1: Lower Manhattan, according to The Ball Street Journal, Museum officials

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Speaker 1: say will likely close permanently after running up too much debt.

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Speaker 1: The Tribute Museum, with the staff of about ten, was

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Speaker 1: designed to serve the survivor community, while the nearby, better

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Speaker 1: known National September eleventh Memorial Museum honors those lost in

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Speaker 1: the attack. New York has expanded workplace harassment protection for

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Speaker 1: all public employees and has banned the release of anyone's

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Speaker 1: employment records in retaliation for speaking up about alleged abuse.

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Speaker 1: New York Governor Kathy Hokel signed the new laws yesterday.

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Speaker 1: Actor Jesse small Lett has been released from jail in

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Speaker 1: Chicago after an appeals court agreed with his lawyers that

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Speaker 1: he should be free, penning the appeal of his conviction

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Speaker 1: for lying to police about racist and homophobic attack. Global

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

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Speaker 1: Bloomberg quick Take, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts more than a d twenty countries. Michael Barr,

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Speaker 1: this is Bloomberg, Nathan, Thank you, Michael. Almost five town

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Speaker 1: Wall Street. Time for the Bloomberg Sports Uptake Morning, John

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Speaker 1: Stanshown right in morning, Nathan. The n C Double A

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Speaker 1: Tournament begins in Earnest today sixteen game sixteen more tomorrow.

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Speaker 1: By late last night and Dayton, Ohio. Notre Dame could

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Speaker 1: Mike Gray suggested that will not be a game an

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Speaker 1: attorney better than the one his team had just won.

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Speaker 1: In the first four Notre Dame eighty nine Rutgers eighty

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Speaker 1: seven double overtime, both teams shot over fift Paul Atkinson

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Speaker 1: wanted with a putback with one second left. It came

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Speaker 1: just after midnight, so technically the Irish won the game

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Speaker 1: on St. Patrick's Day. I ownA lost its first round

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Speaker 1: n I T game in Florida, seventy four easy one

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Speaker 1: for the next at the Guard over a Portland team

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Speaker 1: that started three guys who weren't even drafted. R J.

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Speaker 1: Barrett scored thirty one nets and MAV's in Brooklyn. Dallas

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Speaker 1: had the ball trailing by one's on that left side

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Speaker 1: as it crosses the front court with five up to

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Speaker 1: the top with three. Dontch with two gives it up

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Speaker 1: to Dinwoody for three of the winnity ferries it. He

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Speaker 1: former Net comes back and Spencer den Witty on a

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Speaker 1: game winning three. The Mavericks have defeated the Nets one

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Speaker 1: thirteen to one eleven. He has been out the call.

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Speaker 1: Lukea dons its thirty one point for Dallas. Devils lost

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Speaker 1: at Calgary six to three. The Rangers swung the trade

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Speaker 1: with Florida, the team with the best record in the East.

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Speaker 1: They send a draft pick to the Panthers for Frank Vetronto.

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Speaker 1: He gets traded the day after he scored the time

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Speaker 1: and winning goals for the Panthers. Freddie Freeman was a

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Speaker 1: fixture at first base for the Atlanta Braves, big part

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Speaker 1: of winning the World Series last fall, but now he's

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Speaker 1: a Dodger, signed for six years. A hundred and sixty

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Speaker 1: two million of the Dodgers now have four m vps

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Speaker 1: on their roster, with Freeman joining Clayton Kershaw, Coody Billinger

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Speaker 1: and Lukey Betts. John Staff Award Bloomberg Sports Okay, John,

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Speaker 1: Thanks Right now. SIMP futures are moving lower down almost

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Speaker 1: state point. Staff futures down thirty seven. Nastact futures are

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Speaker 1: lower by thirty four points. The ten your treasury is

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Speaker 1: up sixteen thirty seconds. The yield on the tenure note

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Speaker 1: two point one two. You're listening to Bloomberg Daybreak Bloomberg

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Speaker 1: eleven three. Weather Fogg This morning, showers likely this afternoon,

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Speaker 1: with a high near seventy Tomorrow, occasional rain low sixties

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Speaker 1: for Saturday. Right now forty five in Central Park markets.

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Speaker 1: Headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot com. The Bloomberg Business at Land at Bloomberg

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Speaker 1: Quicktape is a Bloomberg Business Clash and I'm kerin Moscow.

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Speaker 1: sei C dot com, slash i m s US dot

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Speaker 1: Index futures are now lower. In European shares are little

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Speaker 1: changed as traders digest the federal reserves. Of you that

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Speaker 1: a robust US economy can weather the campaign against high inflation.

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

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Speaker 1: On Bloomberg, U, S and P futures down about six

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Speaker 1: more than one percent at forty eight hundred thirty dollars.

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Speaker 1: And today we are watching for the weekly report on

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Speaker 1: initial jobless claims at at eight thirty Wall Street Time,

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Speaker 1: along with housing starts and building permits, industrial productions at

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Speaker 1: report earnings today. That's a Bloomberg business flash. Now here's

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Speaker 1: Michael Barr with more on what's going on around the world.

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Speaker 1: My good morning, Good morning. Care In a Russian artillery

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Speaker 1: destroyed a school and a community center in a city,

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Speaker 1: New York arkieve today. That's according to a Ukrainian official.

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Speaker 1: It comes a day after an air strike ripped a

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Speaker 1: part of theater where hundreds of people have been taking

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Speaker 1: shelter in the besieged city of Mariupol. New data released

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Speaker 1: by the Census Bureau shows the US grew wealthier, better educated,

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Speaker 1: and poverty declined during the second half of the last decade.

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Speaker 1: Get ready for a lot of lost productivity at work,

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Speaker 1: with St Patrick's day and to day start of the

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Speaker 1: nc Double A college basketball tournament. In the playing games yesterday,

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Speaker 1: Right State earned its first men's tournament victory, and Notre

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Speaker 1: Dame needed double overtime to beat Rutgers to advance. And

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Speaker 1: in the NBA the next one, the Nets and Wizards lost,

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Speaker 1: Celtics beat the Warriors. In the NHL, the Devil's and

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Speaker 1: Bruins lost. Global news twenty four hours a day on

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Speaker 1: air and on Bloomberg Quick Take, powered by more than

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Speaker 1: twenty seven hundred journalists and analysts in more than a

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Speaker 1: hundred twenty gun threes. I'm Michael Barr. This is Bloomberg Nier.

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Speaker 1: What a convergence. Okay, Michael, thank you. It is now

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Speaker 1: five twenty on Wall Street Live from the Bloomberg Interactive

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Speaker 1: Brokers studios. This is Bloomberg Daybreak as we continue monitoring

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Speaker 1: developments both militarily and diplomatically in the war in Ukraine.

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Speaker 1: Were joined from our Bloomberg ninety one studios in Washington,

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Speaker 1: d C. By our Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack,

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Speaker 1: good morning, thanks for being with us. We've been monitoring

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Speaker 1: President Zelinski of Ukraine as he address as the lower

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Speaker 1: house of Germany's parliament this morning. Of course, he spoke

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Speaker 1: virtually to the US Congress yesterday. Given the reaction from

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Speaker 1: lawmakers and the president, uh, is it safe to say

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Speaker 1: that the Ukrainian president's words left an impression with lawmakers

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Speaker 1: in the nation's capital. Yes, definitely, he is admired on

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Speaker 1: a bipartisan basis. The speech was well received. He on

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Speaker 1: a I guess a more substantive, concrete note. He's not

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Speaker 1: gonna get everything he asked for. He really was shooting

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Speaker 1: for the moon on some of his requests. Obviously, the

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Speaker 1: request for a no fly zone over Ukraine was not

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Speaker 1: received particularly well. There was a lot of polite, uh

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Speaker 1: not not vociferous pushback, but you heard from members in

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Speaker 1: both parties that that really is not an option that's

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Speaker 1: being considered. Uh. And the request for fighter jets also

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Speaker 1: is not something that the administration currently is going for.

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Speaker 1: What the President announced yesterday in terms of military aid

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Speaker 1: to Ukraine is much more, uh, sort of lightweight handheld

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Speaker 1: a hundred smaller drones, javelins, UH, Stinger anti aircraft uh

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Speaker 1: and and and helmets and body armor and that kind

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Speaker 1: of thing. So it's very well received, but nothing really

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Speaker 1: changed that much in terms of where Congress in the

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Speaker 1: White House draws a line in terms of what they're

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Speaker 1: willing to provide to Ukraine. Well, let's talk a little

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Speaker 1: bit jack about what the President is off here. Eight

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Speaker 1: hundred million dollars in new military aid for Ukraine. What

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Speaker 1: kind of impact could that have on the battles going forward?

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Speaker 1: And is there a possibility that the President could be

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Speaker 1: leaving open here for further aid down the road. Yes,

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Speaker 1: uh one, it is significant eight hundred million dollars. By

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Speaker 1: comparison recently, in a more normal year, the US might

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Speaker 1: give something like five hundred million or six hundred million

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Speaker 1: to Ukraine and military aid. Uh. So this, this one

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Speaker 1: batch is a very significant amount of money for a

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Speaker 1: country that it is a defense budget that has peaked

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Speaker 1: around six billion dollars in recent years. So these are

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Speaker 1: again anti aircraft weapons, uh, tank anti tank weapons, a

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Speaker 1: hundred drones that are a bit more short range weapons.

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Speaker 1: Not exactly patrolling the skies, but it is supposed to

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Speaker 1: be effective for groups that are pinned down by enemy

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Speaker 1: fire grenade launchers five thousand rifles, uh, that kind of thing.

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Speaker 1: But there is a lot of talk in Congress about

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Speaker 1: the likelihood that another spending bill will be needed. They're

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Speaker 1: waiting to see exactly what the defense needs are, but

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Speaker 1: there are already some humanitarian needs the World World Food

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Speaker 1: Program at the u n H and actually the Justice

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Speaker 1: Department measure targeting Russian oligarchs. According to Lindsay Graham, who

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Speaker 1: is a key member on the subcommittee fund funding these

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Speaker 1: kinds of things that they already need more money. So

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Speaker 1: there's already a conversation about providing more to Ukraine over

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Speaker 1: the next few weeks. They think lawmakers are waiting to

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Speaker 1: see exactly what is needed, but it seems that more

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Speaker 1: eventually will be coming. And in our last minute here, Jack,

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Speaker 1: we're also expecting today that the House is going to

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Speaker 1: vote to revoke Russia's normal trade status. Is this something

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Speaker 1: we're expecting to get by partisan support? Yes, Actually, the

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Speaker 1: way this is set up by House leadership UH is

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Speaker 1: sort of a speedy process that allows them to skip

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Speaker 1: procedural steps if they can get at least two thirds

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Speaker 1: of a vote in the House, and that's how they've

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Speaker 1: set it up. So clearly House Democrat leaders are expecting

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Speaker 1: very significant bipartisans support, the kind that would help this

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Speaker 1: probably sail through the House and Senate, where this has

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Speaker 1: been talked about in a bipartisan way, uh for for

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Speaker 1: a little while now, So the expectation is there's going

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Speaker 1: to be a lot of bipartisan support, and that's the

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Speaker 1: kind of thing that could become law, all right, And

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Speaker 1: we're gonna be monitoring that vote as it comes down

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Speaker 1: later on today, Bloomberg Government Congressional Reporter Jack Fitzpatrick, thanks

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Speaker 1: for being with us from our ninety nine one studios

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Speaker 1: in the nation's capital. Will be checking back with you again,

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Speaker 1: uh later in this program, as Bloomberg Daybreak continues, Looking

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Speaker 1: ahead to the market open, uh slight losses for futures contracts.

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Speaker 1: We're watching the SMP futures go down by about six

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Speaker 1: points now down futures are lower by twenty nine points,

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Speaker 1: sore Nasdaq Future is actually lower by twenty nine and

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Speaker 1: the tenure Treasury is up sixteen thirty seconds with a

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Speaker 1: yield two point one two per cent. Just ahead, divergent

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Speaker 1: market reaction to the FEDS decision and why oil prices

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Speaker 1: could go higher from here. Your top stories of the morning.

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Speaker 1: Just ahead on Bloomberg Daybreak, Bloomberg eleven three oh weather

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Speaker 1: areas of fog this morning, showers likely this afternoon with

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Speaker 1: highs in the mid fifties. Will be probably the mostly

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Speaker 1: sunny with a high yr seventy Tomorrow, loose sixties. Occasional

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Speaker 1: rain on Saturday. Right now forty five and fog. Broadcasting

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Speaker 1: live from the Bloomberg Interactive Broker Studio in New York.

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Speaker 1: Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston,

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Speaker 1: Bloomberg What all six one does? San Francisco, Bloomberg nine

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Speaker 1: sixteen to the country, Sirius XM Chado one nineteen and

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Speaker 1: around the globe, the Bloomberg Business and Bloomberg Radio dot Com.

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Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.

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Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen. Moscow are

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Speaker 1: just about four hours away from the open of US trading.

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Speaker 1: Let's get you have to date in the news you

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Speaker 1: need to know at the shower. Ukrainian officials are demanding

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Speaker 1: a cease fire as Russian strikes on cities and infrastructure continue.

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Speaker 1: Ukrainian President vladimir's Lenski speaks to Germany's Bundesto today after

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Speaker 1: addressing US lawmakers yesterday. Afterwards, President Joe Biden announced the

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Speaker 1: US is offering eight hundred million dollars worth of new

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Speaker 1: weaponry the Ukraine, including armed drones. The American people will

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Speaker 1: be steadfast in our support of the people in Ukraine

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Speaker 1: in the face of Putin's immorl on ethical attacks on

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Speaker 1: civilian populations. Where are united in our abhorrence of pudens

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Speaker 1: depraved onslaught, and We're going to continue to have their

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Speaker 1: backs as they fight for their freedom, their democracy, their

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Speaker 1: very survival. President Biden called Russian President Vladimir Putin a

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Speaker 1: war criminal in his remarks on Capitol Hill. The House

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Speaker 1: is voting today to revoke Russia's Most Favored Nation trade status.

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Speaker 1: Well meantime, Karen Russia announced it made a hundred seventeen

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Speaker 1: million dollar interest payment due on two dollar bonds to

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Speaker 1: City Bank in London, but didn't comment on if it

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Speaker 1: was credited. If Russia fails to on her coupons on

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Speaker 1: the two notes, it could reneg on its obligations to

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Speaker 1: foreign creditors for the first time since al Turning to markets,

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Speaker 1: Nathan Stock and bond investors are having very different reaction

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Speaker 1: to yesterday's quarter point right high from the Fed, and Bloomberg.

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Speaker 1: John Tucker joins US Live with the details. John Karen Walls,

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Speaker 1: stocks rallied bonds sold off. Five year treasury yields surged

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Speaker 1: above ten ure yields. That's an inversion that could signal

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Speaker 1: recession ahead. The Fed officials forecast, the so called dot

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Speaker 1: plot indicated a steeper path of interest rate than before,

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Speaker 1: leading some to suggest the central bank is in an

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Speaker 1: inflation panic. Swaps markets now betting seven or eight hikes

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Speaker 1: for this year, including the one just announced in New York.

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Speaker 1: I'm John Tucker, Bloomberg Radio. All Right, John, Thanks, and

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Speaker 1: despite the recent pullback, one Wall Street firm says oil

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Speaker 1: prices are heading higher. With the latest Live here's Bloomberg's

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Speaker 1: renned A Young, Good morning or good morning. Nathan. Morgan

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Speaker 1: Stanley is raising its print oil price forecast for the

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Speaker 1: third quarter from a hundred dollars to a hundred twenty

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Speaker 1: dollars of barrel. Analyst there's the tighter supply demand balances worldwide.

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Speaker 1: Morgan Stanley says the US import band and self sanctioning

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Speaker 1: in Europe mean Russian crewe production would drop by a

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Speaker 1: million barrels a day, which will be visible from April onwards.

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Speaker 1: Analysts raised their three estimate from ninety five dollars to

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Speaker 1: a hundred dollars of barrel live in New York. I'm

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Speaker 1: Gornita Young Bloomberg day Break. All right, Granita, thank you.

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Speaker 1: And futures this morning are lower. SNP Future is down

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Speaker 1: six points to own Future is down thirty two. So

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Speaker 1: are Nasdack Futures and straight Ahead your latest local headlines

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Speaker 1: plus a check of sports. And this is Bloomberg. Thanks turn.

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Speaker 1: It's five thirty three on Wall Street, forty five degrees

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Speaker 1: in Central Park and very figgin the river crossings this morning.

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Speaker 1: Michael Barr has more on what's going on in New

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Speaker 1: York and around the world. Michael, thank you very much. Nathan,

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Speaker 1: New York. St. Patrick's Day Parade is back in Manhattan.

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Speaker 1: He was canceled in twenty because of the pandemic. Last

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Speaker 1: year was a scaled down version, but this year Fifth

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Speaker 1: Avenue will be packed with marches. New York Mayor Eric

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Speaker 1: Adams it means so much to all of us to

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Speaker 1: see this pit parade a return. When it's paused, we

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Speaker 1: knew we will be back. Mayor Adams says the parade

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Speaker 1: will begin. At eleven am, New York Governor Kathy Hocal

428
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Speaker 1: signed legislation expanding the state's anti retaliation protections for people

429
00:24:19,200 --> 00:24:24,280
Speaker 1: filing discrimination and sexual harassment claims. The law effective immediately

430
00:24:24,400 --> 00:24:28,240
Speaker 1: makes the public release of an employee's personnel records grounds

431
00:24:28,240 --> 00:24:32,119
Speaker 1: for retaliation claim. There are new details about that horrific

432
00:24:32,200 --> 00:24:36,000
Speaker 1: head On Highway crash in West Texas. Nine people were killed,

433
00:24:36,000 --> 00:24:39,680
Speaker 1: including six New Mexico College students and their golf coach

434
00:24:39,760 --> 00:24:42,760
Speaker 1: returning from a tournament to other students around the hospital.

435
00:24:42,920 --> 00:24:45,600
Speaker 1: The driver of the other vehicle and a thirteen year

436
00:24:45,600 --> 00:24:49,320
Speaker 1: old passenger were also killed. Eric Weiss with the NTSB

437
00:24:49,480 --> 00:24:53,359
Speaker 1: says the crash was a quote high energy event. It

438
00:24:53,520 --> 00:24:57,000
Speaker 1: was a seventy five mile in our speed limit. Um,

439
00:24:57,080 --> 00:24:59,320
Speaker 1: so that's the information we have on speed. We don't

440
00:24:59,320 --> 00:25:02,160
Speaker 1: have the exact speed of the vehicles of their investigators

441
00:25:02,160 --> 00:25:05,240
Speaker 1: will try to term that. Eric Weiss with the NTSB.

442
00:25:05,640 --> 00:25:08,600
Speaker 1: It's believed the pickups swerved into the van carrying the

443
00:25:08,600 --> 00:25:11,960
Speaker 1: golf team. Two British citizens who had been jailed in

444
00:25:12,000 --> 00:25:14,520
Speaker 1: Iran for more than five years have returned to Britain

445
00:25:14,760 --> 00:25:18,040
Speaker 1: after the UK settled a decade's old debt to a run.

446
00:25:18,480 --> 00:25:21,200
Speaker 1: A third detainee was furloughed as part of the same deal.

447
00:25:21,480 --> 00:25:24,600
Speaker 1: The breakthrough was reached as world leaders trying to negotiate

448
00:25:24,640 --> 00:25:27,720
Speaker 1: the return of both Iran and the US to an

449
00:25:27,800 --> 00:25:32,760
Speaker 1: international agreement designed to limit Tehran's nuclear enrichment program. Actor

450
00:25:32,840 --> 00:25:35,560
Speaker 1: Jesse small Let was released from a Chicago jail, and

451
00:25:35,600 --> 00:25:38,440
Speaker 1: appeals court says he can be free while he appeals

452
00:25:38,440 --> 00:25:40,960
Speaker 1: this conviction for lying about being the victim of a

453
00:25:41,040 --> 00:25:45,159
Speaker 1: racist and homophobic attack. Global News twenty four hours a

454
00:25:45,240 --> 00:25:48,520
Speaker 1: day on air and on Bloomberg Quicktake, powered by more

455
00:25:48,600 --> 00:25:51,159
Speaker 1: than twenty seven under journalist and analyst or more than

456
00:25:51,200 --> 00:25:54,399
Speaker 1: a hundred twenty countries. I'm Michael bar This is Bloomberg Nathan.

457
00:25:54,480 --> 00:26:01,359
Speaker 1: Thanks Michael. Thirty five on Wall Street Time for the

458
00:26:01,359 --> 00:26:04,560
Speaker 1: Bloomberg Sports Update with John Stark. Nathan knicks back from

459
00:26:04,600 --> 00:26:06,600
Speaker 1: a seven game road trip where they did better than

460
00:26:06,640 --> 00:26:08,280
Speaker 1: expect you with three wins. They had no trouble at

461
00:26:08,280 --> 00:26:11,800
Speaker 1: the Garden with Portland on to r J. Barrett scored

462
00:26:11,840 --> 00:26:14,280
Speaker 1: thirty one. Much closer at the Barkley Center where Spencer

463
00:26:14,320 --> 00:26:17,240
Speaker 1: Dinwin he used to play his career, flourished with the

464
00:26:17,320 --> 00:26:19,800
Speaker 1: nets and he came back hit a game winning three

465
00:26:19,880 --> 00:26:22,080
Speaker 1: at the buzzer to give Dallas a one thirteen, one

466
00:26:22,080 --> 00:26:25,320
Speaker 1: eleven victory. Devil's lost at Calgary six to three. Rangers

467
00:26:25,320 --> 00:26:27,600
Speaker 1: made a trade, with the deadline approaching, center draft pick

468
00:26:27,640 --> 00:26:30,960
Speaker 1: to Florida for veteran forward Frank to Toronto NC double

469
00:26:31,000 --> 00:26:33,359
Speaker 1: A tournament. What a game at the first four in Dayton,

470
00:26:33,359 --> 00:26:37,760
Speaker 1: Ohio went double overtime. Paul Atkinson transferred from Yale, put

471
00:26:37,800 --> 00:26:40,160
Speaker 1: back with one second left, giving Notre Dame in eight

472
00:26:41,000 --> 00:26:43,960
Speaker 1: seven win over Rutgers. Atkinson scored twenty six points. One

473
00:26:43,960 --> 00:26:46,479
Speaker 1: harperd Jr. Had tied the game for the Scarlet Knight

474
00:26:46,560 --> 00:26:49,040
Speaker 1: for the DP three Ionna season ended with an n

475
00:26:49,080 --> 00:26:52,720
Speaker 1: I T loss a Florida. NFL free agency coinciding with

476
00:26:52,800 --> 00:26:55,120
Speaker 1: the recent end of the baseball lockouts, so signings in

477
00:26:55,119 --> 00:26:58,719
Speaker 1: both sports. Von Miller to the Buffalo Bills, Freddie Freeman

478
00:26:58,800 --> 00:27:02,000
Speaker 1: to the Dodgers, Chris Ryant to the Colorado Rockies. Yankees

479
00:27:02,359 --> 00:27:05,000
Speaker 1: made the trade with the Twins resigned Anthony Rizzo. They

480
00:27:05,040 --> 00:27:07,639
Speaker 1: steered clear of the really high price guys, but own

481
00:27:07,640 --> 00:27:10,480
Speaker 1: our house. Steinbrenner have high hopes for the upcoming seas.

482
00:27:10,560 --> 00:27:13,240
Speaker 1: This is the Championship teliber team. Um, you know, I

483
00:27:13,240 --> 00:27:15,120
Speaker 1: think the trade the test made was it was it

484
00:27:15,160 --> 00:27:17,960
Speaker 1: was a great trade. Um. You know, we're gonna we're

485
00:27:17,960 --> 00:27:20,919
Speaker 1: gonna miss the guys that that moved on. But um,

486
00:27:21,280 --> 00:27:24,359
Speaker 1: I think we we addressed one or two of the

487
00:27:24,440 --> 00:27:27,240
Speaker 1: needs that we had. Um. But look, this team's got

488
00:27:27,280 --> 00:27:29,560
Speaker 1: a lot of experience. It's a Vetbrian team. They've got

489
00:27:29,600 --> 00:27:31,880
Speaker 1: a lot of heart and uh, I think we're gonna

490
00:27:31,880 --> 00:27:33,680
Speaker 1: see great things. It's just Stein Banner said. They will

491
00:27:33,720 --> 00:27:35,680
Speaker 1: soon get to work in a new contract for a

492
00:27:36,280 --> 00:27:39,000
Speaker 1: john S bloom Group sports tea. Thank you, John. It's

493
00:27:39,000 --> 00:27:40,879
Speaker 1: five thirty seven on Wall Street. Time for the Tri

494
00:27:41,080 --> 00:27:44,560
Speaker 1: State Business to report with Bloomberg Scott Car. IBM says

495
00:27:44,560 --> 00:27:47,120
Speaker 1: it will consolidate its New York City offices into one

496
00:27:47,200 --> 00:27:50,520
Speaker 1: space at one Madison Avenue. New York Business Journal reports

497
00:27:50,560 --> 00:27:52,639
Speaker 1: the tech giants signed a sixteen year least for three

498
00:27:53,000 --> 00:27:55,760
Speaker 1: d eight thousand square feet at the tower. IBM is

499
00:27:55,800 --> 00:27:58,600
Speaker 1: headquartered north of the city in our Monk nine. IBM

500
00:27:58,640 --> 00:28:01,920
Speaker 1: offices will be merged in two The Planet Commission in

501
00:28:01,960 --> 00:28:04,800
Speaker 1: the small Hartford suburb of Toland, Connecticut, has given the

502
00:28:04,840 --> 00:28:07,840
Speaker 1: go ahead for retail cannabis establishments and most of that

503
00:28:07,920 --> 00:28:11,480
Speaker 1: town's commercial zones, with some restrictions. Under new rules, Hartford

504
00:28:11,480 --> 00:28:14,920
Speaker 1: Business reports, a cannabis retailer or a medical marijuana dispensary

505
00:28:14,960 --> 00:28:17,440
Speaker 1: would be allowed to nearly every commercial zone except one

506
00:28:17,480 --> 00:28:21,000
Speaker 1: small area near route. The New Jersey Transit Board of

507
00:28:21,040 --> 00:28:23,480
Speaker 1: Directors has taken another step in the transition to a

508
00:28:23,600 --> 00:28:26,160
Speaker 1: zero emissions bus fleet with the awarding of a four

509
00:28:26,200 --> 00:28:29,200
Speaker 1: million dollar contract to a coom to design the infrastructure

510
00:28:29,240 --> 00:28:32,520
Speaker 1: required for a limited deployment of electric buses and conduct

511
00:28:32,560 --> 00:28:35,280
Speaker 1: a survey of current conditions at all sixteen and JAY

512
00:28:35,359 --> 00:28:39,520
Speaker 1: Transit bus garages statewide. That's the Bloomberg christ State Business Report.

513
00:28:39,640 --> 00:28:42,120
Speaker 1: I'm Scott Carr. Thank you, Scott. It's five thirty eight

514
00:28:42,120 --> 00:28:44,120
Speaker 1: on Wall Street. Bloomberg Radio is on the air from

515
00:28:44,120 --> 00:28:46,960
Speaker 1: San Francisco to New York, London to Hong Kong. Let's

516
00:28:47,040 --> 00:28:49,080
Speaker 1: check in with our global news team for some of

517
00:28:49,080 --> 00:28:51,640
Speaker 1: the top stories heard on our three hundred affiliate radio

518
00:28:51,680 --> 00:28:57,440
Speaker 1: stations around the world. I'm Steve Kotas. Get on ten

519
00:28:57,520 --> 00:29:00,280
Speaker 1: ten Wins in New York. We're talking about fact Fifth

520
00:29:00,360 --> 00:29:03,760
Speaker 1: Avenue and Coals possibly one day being under the same

521
00:29:03,800 --> 00:29:08,479
Speaker 1: ownership Umbrella. I'm Cornetah on wh S and Louisville, searching

522
00:29:08,640 --> 00:29:12,320
Speaker 1: use car prices are encouraging owners to chase profits. F'm

523
00:29:12,400 --> 00:29:15,520
Speaker 1: Ginas Servetti and for w w BBM in Chicago, I'm

524
00:29:15,520 --> 00:29:18,560
Speaker 1: reporting that burn flu is becoming a problem again in

525
00:29:18,600 --> 00:29:21,640
Speaker 1: the US, pushing up egg prices just ahead of Easter.

526
00:29:22,120 --> 00:29:24,440
Speaker 1: Caroline he had killed BlueBag Daby Digital medium and on

527
00:29:24,560 --> 00:29:26,960
Speaker 1: the wecording on the bank thing Goodwin decision as the

528
00:29:26,960 --> 00:29:30,920
Speaker 1: boy in Ukraine gives energy prices another jokes upwards. I'm

529
00:29:30,960 --> 00:29:33,880
Speaker 1: Scott car on w d c H in Washington. I'm

530
00:29:33,920 --> 00:29:37,880
Speaker 1: reporting on supply chain services loosening up in Virginia. And

531
00:29:37,920 --> 00:29:40,880
Speaker 1: those are some of the stories are Bloomberg journalists and

532
00:29:40,880 --> 00:29:43,520
Speaker 1: analysts are working on this morning around the world. It's

533
00:29:43,560 --> 00:29:46,160
Speaker 1: five thirty nine on Wall Street. The following is an

534
00:29:46,280 --> 00:29:50,120
Speaker 1: editorial from Bloomberg Opinion. What can be done to mitigate

535
00:29:50,200 --> 00:29:53,719
Speaker 1: the short term inflationary pressure for mounting energy costs. The

536
00:29:53,800 --> 00:29:56,640
Speaker 1: challenge is to moderate the upward pressure on short term

537
00:29:56,680 --> 00:30:01,240
Speaker 1: prices without making fossil fuels more attractive in the law term. Ideally,

538
00:30:01,360 --> 00:30:05,240
Speaker 1: planned supplies would be delivered sooner, not persistently raised. The

539
00:30:05,280 --> 00:30:08,720
Speaker 1: strategic petroleum reserve can help. On March one, the US

540
00:30:08,760 --> 00:30:11,880
Speaker 1: announced it would release thirty million barrels of crude from

541
00:30:11,920 --> 00:30:15,400
Speaker 1: its stock of five and eighty million. Releasing stocks into

542
00:30:15,440 --> 00:30:19,160
Speaker 1: the economy. Alleviates the short term disruption, but this can

543
00:30:19,200 --> 00:30:22,800
Speaker 1: and should be combined with so called exchange agreements advanced

544
00:30:22,800 --> 00:30:25,960
Speaker 1: commitments to restock later, which would take supplies off the

545
00:30:26,000 --> 00:30:29,680
Speaker 1: market and reassure producers that until the reserves are replenished,

546
00:30:29,760 --> 00:30:33,520
Speaker 1: they'll be sufficient demand to justify a temporary increase in output.

547
00:30:34,040 --> 00:30:38,360
Speaker 1: Such arrangements helped to stabilize both prices and production. The

548
00:30:38,400 --> 00:30:41,120
Speaker 1: stress is caused by the Russia sanctions will likely be

549
00:30:41,280 --> 00:30:44,560
Speaker 1: long lasting and tough to manage. This more ambitious use

550
00:30:44,600 --> 00:30:48,160
Speaker 1: of the petroleum reserve could make a difference. This editorial

551
00:30:48,160 --> 00:30:51,480
Speaker 1: was written by the Bloomberg Opinion Editorial Board. I'm David Shipley.

552
00:30:51,600 --> 00:30:54,160
Speaker 1: For more Bloomberg Opinion, please go to Bloomberg dot com,

553
00:30:54,240 --> 00:30:57,840
Speaker 1: slash Opinion or OPA and go on the Bloomberg terminal.

554
00:30:58,080 --> 00:31:01,959
Speaker 1: This has been Bloomberg Opinion. Listen for Bloomberg Opinion editorials

555
00:31:02,000 --> 00:31:04,960
Speaker 1: every weekday at this time. Terminal customers can read more

556
00:31:05,200 --> 00:31:08,160
Speaker 1: at O P I N GO futures moving lower, with

557
00:31:08,320 --> 00:31:11,280
Speaker 1: SMP futures now down ten points down, futures down fifty

558
00:31:11,280 --> 00:31:13,440
Speaker 1: five danced A futures lower by forty points of the

559
00:31:13,480 --> 00:31:16,480
Speaker 1: tenure treasury old two point one two per cent. You're

560
00:31:16,520 --> 00:31:23,840
Speaker 1: listening to Bloomberg Daybreak Bloomberg eleven three oh Weather some

561
00:31:23,880 --> 00:31:26,720
Speaker 1: fog this morning, showers likely this afternoon, mid fifties for

562
00:31:26,800 --> 00:31:28,840
Speaker 1: high It's probably the mostly sunny tomorrow with a high

563
00:31:28,880 --> 00:31:32,280
Speaker 1: year seventy most sixties. Occasional rain for Saturday. Right now,

564
00:31:32,360 --> 00:31:38,480
Speaker 1: fog and forty five degrees in Central Park. Markets, headlines

565
00:31:38,520 --> 00:31:41,480
Speaker 1: and breaking news twenty four hours a day at Bloomberg

566
00:31:41,560 --> 00:31:44,880
Speaker 1: dot com, the Bloomberg Business Out and at Bloomberg Quick Take,

567
00:31:45,480 --> 00:31:54,640
Speaker 1: He's a Bloomberg business clash and I'm fair at Moscow

568
00:31:54,720 --> 00:31:58,880
Speaker 1: and stocks in Europe have been fluctuating their higher again.

569
00:31:58,960 --> 00:32:02,040
Speaker 1: You mus stock index futures are lower. Traders are digesting

570
00:32:02,080 --> 00:32:04,560
Speaker 1: the federal reserves of you that are a bust us

571
00:32:04,640 --> 00:32:08,000
Speaker 1: economy can weather the campaign against high inflation. We checked

572
00:32:08,000 --> 00:32:11,080
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.

573
00:32:11,200 --> 00:32:14,080
Speaker 1: SMP futures down twelve points this morning. Down, futures down

574
00:32:14,120 --> 00:32:17,400
Speaker 1: seventy one nasdack futures down forty five. The decks in

575
00:32:17,480 --> 00:32:19,680
Speaker 1: Germany is down a third of U per cent ten.

576
00:32:19,760 --> 00:32:22,480
Speaker 1: Your treasury up eighteen thirty seconds, yield two point one

577
00:32:22,480 --> 00:32:25,240
Speaker 1: one percent, yield on the two year one point one

578
00:32:25,280 --> 00:32:28,040
Speaker 1: one percent. Ninemex scrat oil is up four and a

579
00:32:28,120 --> 00:32:30,560
Speaker 1: third percent of four dollars thirteen cents and ninety nine

580
00:32:30,560 --> 00:32:33,360
Speaker 1: dollars twenty cents of barrel comic schooled up one point

581
00:32:33,440 --> 00:32:36,040
Speaker 1: eight percent of thirty three dollars ninety cents at nineteen

582
00:32:36,120 --> 00:32:39,160
Speaker 1: forty three forty announced, the euro one point one zero

583
00:32:39,280 --> 00:32:41,479
Speaker 1: five one against the dollar, British bound one point three

584
00:32:41,560 --> 00:32:43,800
Speaker 1: one eight one and the ends at one eighteen point

585
00:32:43,880 --> 00:32:47,240
Speaker 1: six two. And Bitcoin this morning lower down one point

586
00:32:47,320 --> 00:32:50,360
Speaker 1: one percent at forty thousand, eight hundred dollars. And that's

587
00:32:50,360 --> 00:32:52,880
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

588
00:32:52,920 --> 00:32:55,680
Speaker 1: on what's going on around the world. Michael Karen, thank

589
00:32:55,680 --> 00:32:59,560
Speaker 1: you very much. Ukrainian President Voladimir z Olenski addressed German

590
00:32:59,640 --> 00:33:02,520
Speaker 1: lall may here's a day after an impassioned address to

591
00:33:02,760 --> 00:33:07,120
Speaker 1: US Congress about Russia's invasion in Ukraine. Meanwhile, China's foreign

592
00:33:07,200 --> 00:33:11,720
Speaker 1: Ministry endorsed supportive remarks by its envoy of Ukraine in

593
00:33:11,760 --> 00:33:15,040
Speaker 1: which Beijing delivered some of his most supportive comments yet

594
00:33:15,520 --> 00:33:18,400
Speaker 1: toward the war torn country. Today is the start in

595
00:33:18,520 --> 00:33:21,520
Speaker 1: earnest of the n c Double A college basketball tournament.

596
00:33:21,880 --> 00:33:24,920
Speaker 1: In the playing games yesterday, Right State has earned its

597
00:33:25,000 --> 00:33:29,280
Speaker 1: first men's tournament victory, and Notre Dame needed double overtime

598
00:33:29,280 --> 00:33:32,640
Speaker 1: against Rutgers to advance. In the NBA the nixt one,

599
00:33:32,720 --> 00:33:35,360
Speaker 1: the Nets and Wizards lost. The Celtics beat the Warriors.

600
00:33:35,600 --> 00:33:38,920
Speaker 1: In the NHL, the Devil's and Bruins lost. Global news

601
00:33:39,000 --> 00:33:42,320
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

602
00:33:42,600 --> 00:33:45,600
Speaker 1: powered by more than twenty seven journalists and analysts, are

603
00:33:45,600 --> 00:33:48,160
Speaker 1: more than a hundred twenty countries. I'm Michael Barren. This

604
00:33:48,440 --> 00:33:51,000
Speaker 1: is Bloomberg. Nathan all right, Michael. Thanks, It's five forty

605
00:33:51,080 --> 00:33:53,440
Speaker 1: nine on Wall Street Now live from the Bloomberg Interactive

606
00:33:53,480 --> 00:33:57,080
Speaker 1: Broker Studios. This is Bloomberg Daybreak. And Drew Madis is

607
00:33:57,160 --> 00:34:01,240
Speaker 1: with us now, chief market strategist at MetLife Investment Management.

608
00:34:01,400 --> 00:34:04,200
Speaker 1: As we try to get some more reaction now to

609
00:34:04,320 --> 00:34:09,200
Speaker 1: a federal reserve now really in inflation fighting mode. Drew,

610
00:34:09,400 --> 00:34:11,520
Speaker 1: good to have you with us this morning. So the

611
00:34:11,600 --> 00:34:14,400
Speaker 1: market got the quarter percent move that it was expecting,

612
00:34:14,680 --> 00:34:17,919
Speaker 1: and it looks like just about every meeting is live

613
00:34:18,080 --> 00:34:20,120
Speaker 1: from here on out for the rest of the year.

614
00:34:20,560 --> 00:34:22,160
Speaker 1: What do you make of the hawky is turn from

615
00:34:22,200 --> 00:34:25,239
Speaker 1: the Potential Bank? Well, you know, I think we have

616
00:34:25,360 --> 00:34:27,759
Speaker 1: to put it in perspective, which is, you know, they're

617
00:34:27,760 --> 00:34:29,359
Speaker 1: saying they're going to do this, but if you look

618
00:34:29,400 --> 00:34:32,400
Speaker 1: at history in the dot plot, they often don't actually

619
00:34:32,520 --> 00:34:35,120
Speaker 1: follow through and what they say they're they're hoping to achieve.

620
00:34:35,280 --> 00:34:37,560
Speaker 1: And I think this might be a case where they're

621
00:34:37,600 --> 00:34:40,279
Speaker 1: using the dot plot as a policy tool rather than

622
00:34:40,320 --> 00:34:42,919
Speaker 1: actually expecting to go through and do six rate hikes

623
00:34:43,000 --> 00:34:45,560
Speaker 1: this year. So then what do you think the FED

624
00:34:46,000 --> 00:34:48,920
Speaker 1: is going to do, Drew, Well, I I I you know,

625
00:34:48,920 --> 00:34:51,680
Speaker 1: I think they're gonna do fewer. Um, you know, I

626
00:34:51,920 --> 00:34:54,440
Speaker 1: think they're gonna do Q two earlier, which I think

627
00:34:54,480 --> 00:34:57,959
Speaker 1: they already hinted at in the meeting yesterday. He basically said,

628
00:34:58,200 --> 00:35:00,640
Speaker 1: you know, it's it's about time to be reducing the

629
00:35:00,719 --> 00:35:03,560
Speaker 1: balance sheet. So he's putting that on par with rate hikes,

630
00:35:03,600 --> 00:35:06,320
Speaker 1: and I think that's probably appropriate. Um. I think the

631
00:35:06,400 --> 00:35:09,040
Speaker 1: main game here, though, is to convince the world that

632
00:35:09,239 --> 00:35:12,200
Speaker 1: we're serious about fighting inflation, when actually the inflation you're

633
00:35:12,200 --> 00:35:14,279
Speaker 1: trying to fight is not one that's gonna be solved

634
00:35:14,320 --> 00:35:17,640
Speaker 1: by rate hikes. So how do you think the FED

635
00:35:18,160 --> 00:35:21,560
Speaker 1: is going to be able to tackle this kind of inflation?

636
00:35:21,680 --> 00:35:24,960
Speaker 1: What do you think the driving force is going to be?

637
00:35:26,000 --> 00:35:27,440
Speaker 1: Is the FED going to be able to pull off

638
00:35:27,480 --> 00:35:30,680
Speaker 1: a soft landing? Well, we'll see. I mean if they

639
00:35:30,760 --> 00:35:32,520
Speaker 1: if they fall through six rate hikes, I think it's

640
00:35:32,560 --> 00:35:35,680
Speaker 1: gonna be a bumpier and rockier road. Um. I don't

641
00:35:35,760 --> 00:35:38,520
Speaker 1: see how they do that with the unemployment rate forecast

642
00:35:38,600 --> 00:35:41,399
Speaker 1: that they're projecting. Um. And you know, I think their

643
00:35:41,400 --> 00:35:44,879
Speaker 1: growth forecast looks a little robust if they're actually follow

644
00:35:44,920 --> 00:35:47,440
Speaker 1: through with what they're saying. Um. You know. At the

645
00:35:47,480 --> 00:35:50,279
Speaker 1: same time, I think the inflation forecast, you know, uh,

646
00:35:51,360 --> 00:35:53,960
Speaker 1: you know, that looks more reasonable to me. Um. But

647
00:35:54,080 --> 00:35:57,120
Speaker 1: it's probably going to happen if supply chains begin to

648
00:35:57,200 --> 00:36:01,600
Speaker 1: improve and we see some you know, as we've already seen, right,

649
00:36:01,719 --> 00:36:03,920
Speaker 1: energy prices they're not moving the way they were. So

650
00:36:04,440 --> 00:36:07,000
Speaker 1: you know, these things are done in advance, and even

651
00:36:07,480 --> 00:36:11,480
Speaker 1: even from the time they completed the SCP projections to

652
00:36:11,800 --> 00:36:13,839
Speaker 1: to the time they actually put them out and told

653
00:36:13,920 --> 00:36:16,920
Speaker 1: us what they all were. Energy prices pretty much did

654
00:36:16,920 --> 00:36:19,799
Speaker 1: a U turn. So then do you think the dot

655
00:36:19,880 --> 00:36:24,040
Speaker 1: plot is sort of managing market expectations? Then what do

656
00:36:24,080 --> 00:36:25,640
Speaker 1: you think is going to move the FED when it

657
00:36:25,719 --> 00:36:29,120
Speaker 1: turns when it comes to actual rate hikes for the

658
00:36:29,160 --> 00:36:31,759
Speaker 1: rest of this year. Well, I guess i'd flip the

659
00:36:31,920 --> 00:36:35,200
Speaker 1: every meeting is live idea. Right, If every meeting is live,

660
00:36:35,280 --> 00:36:38,120
Speaker 1: that means every meeting may not be imply um. And

661
00:36:39,160 --> 00:36:41,440
Speaker 1: you know, I think for now though, you know, the

662
00:36:41,560 --> 00:36:44,600
Speaker 1: main message that FED was trying to get across was

663
00:36:45,200 --> 00:36:49,080
Speaker 1: we're gonna take and we're gonna take rates into restrictive territory,

664
00:36:49,200 --> 00:36:52,759
Speaker 1: which they've penciled in for three um, in order to

665
00:36:52,800 --> 00:36:56,240
Speaker 1: get inflation under control. All right, Um, they don't really

666
00:36:56,680 --> 00:36:59,719
Speaker 1: care why inflation comes down. They just wanted to come down.

667
00:37:00,000 --> 00:37:03,200
Speaker 1: And I think, uh, they and most other economists on

668
00:37:03,200 --> 00:37:05,840
Speaker 1: Wall Street and myself are all looking for inflation to

669
00:37:05,920 --> 00:37:09,000
Speaker 1: moderate a bit in the second half of this year, Uh,

670
00:37:09,239 --> 00:37:12,520
Speaker 1: simply because of the way inflation behaved last year. Um.

671
00:37:13,000 --> 00:37:15,399
Speaker 1: And I think that's what they're counting on in order

672
00:37:15,480 --> 00:37:17,400
Speaker 1: to kind of signal to the market said hey, you

673
00:37:17,440 --> 00:37:20,200
Speaker 1: know what, maybe all these rate hikes aren't necessary. Um.

674
00:37:20,360 --> 00:37:22,040
Speaker 1: They pencil them in at the beginning of the year

675
00:37:22,120 --> 00:37:24,439
Speaker 1: when everyone was worried about inflation. When people become less

676
00:37:24,440 --> 00:37:27,440
Speaker 1: worried about inflation, they can always pull some back. What

677
00:37:27,520 --> 00:37:29,799
Speaker 1: do you make of the divergent market reaction we saw

678
00:37:30,040 --> 00:37:35,120
Speaker 1: after the news conference, the stock rally, the bond sell off.

679
00:37:36,000 --> 00:37:40,200
Speaker 1: Who do you think is getting it right in the market? Uh, well,

680
00:37:40,320 --> 00:37:43,080
Speaker 1: I mean it could be that the market kind of

681
00:37:43,880 --> 00:37:46,640
Speaker 1: sees it my way, which is, you know, maybe they'll

682
00:37:46,680 --> 00:37:48,440
Speaker 1: go ahead and do this. If they go ahead and

683
00:37:48,480 --> 00:37:50,120
Speaker 1: do this, the bond market is telling you that could

684
00:37:50,160 --> 00:37:53,239
Speaker 1: be a problem. Uh, and the equity markets saying, well,

685
00:37:53,400 --> 00:37:55,600
Speaker 1: you know what, by the time it actually becomes a problem,

686
00:37:55,680 --> 00:37:58,239
Speaker 1: will stop. Um. And and so you kind of get

687
00:37:58,280 --> 00:38:01,440
Speaker 1: the best of both worlds. You keep the bond market.

688
00:38:01,800 --> 00:38:04,040
Speaker 1: I mean, look, they're they're they're they're hiking rates because

689
00:38:04,040 --> 00:38:05,919
Speaker 1: they don't want the tenure. You're moving up by even

690
00:38:06,000 --> 00:38:08,520
Speaker 1: more than it would um, you know if inflation is

691
00:38:08,560 --> 00:38:12,840
Speaker 1: going to be there, right, um. And so yeah, you

692
00:38:12,880 --> 00:38:15,480
Speaker 1: know they're they're also keeping an eye on that inversion,

693
00:38:15,719 --> 00:38:18,560
Speaker 1: right And there's no way in my opinion that you know,

694
00:38:18,840 --> 00:38:21,640
Speaker 1: if if you're the FED and you're looking at things, uh,

695
00:38:21,719 --> 00:38:24,000
Speaker 1: and you're having to decide between hiking rates and not

696
00:38:24,160 --> 00:38:27,320
Speaker 1: hiking rates, and if you high rates the curve inverts that,

697
00:38:27,480 --> 00:38:29,680
Speaker 1: that you go ahead and do that, I'm not really

698
00:38:29,760 --> 00:38:32,120
Speaker 1: sure you know what what what you'd be hoping to

699
00:38:32,200 --> 00:38:35,759
Speaker 1: achieve policy wise by by forcing that issue? Um And

700
00:38:35,880 --> 00:38:37,960
Speaker 1: I think if they do force that issue, you're going

701
00:38:38,000 --> 00:38:41,040
Speaker 1: to see this the equi market behave very differently. Thanks

702
00:38:41,080 --> 00:38:42,879
Speaker 1: for this, True good having you on with us. True

703
00:38:42,880 --> 00:38:46,959
Speaker 1: mattis chief market strategist at MetLife Investment Management. Karen Well Nathan,

704
00:38:47,000 --> 00:38:49,360
Speaker 1: it is coming up to five fifty four on Wall Street.

705
00:38:49,440 --> 00:38:51,839
Speaker 1: Time for a legal story. We're watching this morning, brought

706
00:38:51,880 --> 00:38:55,560
Speaker 1: to you by American Arbitration Association. Business disputes are inevitable,

707
00:38:55,840 --> 00:38:59,640
Speaker 1: resolve faster, but the American Arbitration Association the global leader

708
00:39:00,000 --> 00:39:03,239
Speaker 1: alternative dispute resolution for over ninety years. More at a

709
00:39:03,400 --> 00:39:07,480
Speaker 1: d R dot org. Well. Since Russia invaded Ukraine, more

710
00:39:07,560 --> 00:39:10,920
Speaker 1: than three million people have fled Ukraine to neighboring countries

711
00:39:11,000 --> 00:39:14,760
Speaker 1: like Poland, Hungary, Romania and Slovakia. The EU is allowing

712
00:39:14,880 --> 00:39:18,560
Speaker 1: Ukrainian nationals to travel visa free in Europe and they

713
00:39:18,600 --> 00:39:20,799
Speaker 1: can choose the EU country they would like to stay

714
00:39:20,880 --> 00:39:23,840
Speaker 1: in and apply for temporary protection there. But the United

715
00:39:23,880 --> 00:39:27,320
Speaker 1: States has only admitted a few hundred Ukrainian refugees, and

716
00:39:27,440 --> 00:39:29,640
Speaker 1: it is so difficult to get into the US that

717
00:39:29,800 --> 00:39:32,440
Speaker 1: some Ukrainians are showing up at the Mexico border to

718
00:39:32,560 --> 00:39:35,360
Speaker 1: try to get asylum for more. Bloomberg student ground So

719
00:39:35,440 --> 00:39:37,799
Speaker 1: speaks to Leon Fresco, a partner at Holland and Night

720
00:39:37,840 --> 00:39:41,799
Speaker 1: and a former immigration official in the Obama administration. Leon

721
00:39:41,960 --> 00:39:44,719
Speaker 1: tell us about the calls you've been getting trying to

722
00:39:44,920 --> 00:39:48,360
Speaker 1: arrange for Ukrainians to come to the US. Plenty of

723
00:39:48,440 --> 00:39:51,239
Speaker 1: people are thinking to come here on student visas now,

724
00:39:51,880 --> 00:39:57,080
Speaker 1: on visitor visa, huanitarian parole applications, and it's just going

725
00:39:57,120 --> 00:40:00,360
Speaker 1: to come down to whether the Biden administration provid items

726
00:40:00,719 --> 00:40:04,600
Speaker 1: saying that that's okay to let people come here and

727
00:40:05,040 --> 00:40:08,960
Speaker 1: say during the duration of the crisis, essentially knowing that

728
00:40:09,560 --> 00:40:13,399
Speaker 1: hopefully some large segment of those individuals would go back

729
00:40:13,760 --> 00:40:16,880
Speaker 1: if the war word is subsided, or are they going

730
00:40:16,920 --> 00:40:21,520
Speaker 1: to take a more doctrinal, dogmatic approach and say, look,

731
00:40:21,600 --> 00:40:24,200
Speaker 1: you can't come on a visitor visa if you're from

732
00:40:24,320 --> 00:40:26,680
Speaker 1: Ukraine because we have no evidence you're gonna come back.

733
00:40:27,160 --> 00:40:29,840
Speaker 1: We can't give you a student visa you're from Ukraine

734
00:40:30,000 --> 00:40:32,480
Speaker 1: because we have no evidence you're gonna come back, etcetera.

735
00:40:32,960 --> 00:40:35,880
Speaker 1: The more of those pathways that they cut off, the

736
00:40:36,000 --> 00:40:39,319
Speaker 1: harder it's gonna be. And what you'll see, and you're

737
00:40:39,360 --> 00:40:43,160
Speaker 1: starting to see some matterings of this is actually Ukrainians

738
00:40:43,200 --> 00:40:46,560
Speaker 1: appearing on the southern border and just applying for asylum

739
00:40:46,640 --> 00:40:49,719
Speaker 1: on the southern border. And if that's the only way

740
00:40:49,760 --> 00:40:53,440
Speaker 1: you're gonna let Ukrainians in, that's the way that Ukrainians

741
00:40:53,480 --> 00:40:57,240
Speaker 1: are gonna use if they have an American family member

742
00:40:57,360 --> 00:41:00,080
Speaker 1: that's arranging this for them. Let's say someone calls you

743
00:41:00,239 --> 00:41:03,799
Speaker 1: up and says, my family's in Ukraine now or went

744
00:41:03,840 --> 00:41:06,040
Speaker 1: from Ukraine to Poland. I want to get them into

745
00:41:06,120 --> 00:41:10,960
Speaker 1: this country besides flying to Mexico. What else can you do? Well?

746
00:41:11,120 --> 00:41:15,480
Speaker 1: The groth compelling legal options in terms of what you

747
00:41:15,560 --> 00:41:20,279
Speaker 1: would do doctrinally is something called the humanitarian parole, and

748
00:41:20,800 --> 00:41:23,520
Speaker 1: you would ask them to put together a pocket that

749
00:41:23,600 --> 00:41:27,479
Speaker 1: you would assist in baking with their information and why

750
00:41:27,640 --> 00:41:30,680
Speaker 1: they can't say where they are and why as a

751
00:41:30,800 --> 00:41:33,560
Speaker 1: humanitarian nature, the United States to give them a one

752
00:41:33,640 --> 00:41:37,480
Speaker 1: year parole to sort of weather the storm here and

753
00:41:37,560 --> 00:41:40,600
Speaker 1: then after that one year they can leave, and showing

754
00:41:40,719 --> 00:41:43,200
Speaker 1: that they have sufficient family ties here, that they have

755
00:41:43,280 --> 00:41:46,319
Speaker 1: an economic sponsor here who can take care of them

756
00:41:46,400 --> 00:41:49,400
Speaker 1: while they're here, which would usually be some very close

757
00:41:49,480 --> 00:41:52,839
Speaker 1: family member with a pretty decent income, and you would

758
00:41:52,960 --> 00:41:55,239
Speaker 1: let the chips fall where they may. We're at the

759
00:41:55,360 --> 00:41:58,520
Speaker 1: beginning stages of this process. U s c I S

760
00:41:58,719 --> 00:42:03,279
Speaker 1: endeavors to give decisions in ninety days of these parole applications,

761
00:42:03,600 --> 00:42:05,920
Speaker 1: so we'll know in a few weeks whether U s

762
00:42:05,960 --> 00:42:09,200
Speaker 1: c I S is treating these claims compassionately or not.

763
00:42:09,960 --> 00:42:13,400
Speaker 1: And quite frankly, the state of affairs may be completely

764
00:42:13,480 --> 00:42:16,239
Speaker 1: different in the next few weeks sanative right now, so

765
00:42:17,080 --> 00:42:19,360
Speaker 1: we don't know a lot of this is going to

766
00:42:19,440 --> 00:42:23,080
Speaker 1: be wait and see and as Leon Fresco, a partner

767
00:42:23,160 --> 00:42:25,840
Speaker 1: at Holland and Nights, speaking at the Bloomberg Student Grosso.

768
00:42:25,920 --> 00:42:28,240
Speaker 1: Catch more of that interview, plus analysis of the latest

769
00:42:28,320 --> 00:42:30,880
Speaker 1: legal news by listening to the Bloomberg Law Show at

770
00:42:30,960 --> 00:42:34,200
Speaker 1: ten pm Eastern Time, or subscribing to the Bloomberg Law podcast,

771
00:42:34,560 --> 00:42:37,840
Speaker 1: and attorneys can find exceptional legal research and business development

772
00:42:37,880 --> 00:42:41,759
Speaker 1: tools at Bloomberg law dot com and Bloomberg Jay Break

773
00:42:41,840 --> 00:42:44,800
Speaker 1: continues on a day when futures are trading lower, and

774
00:42:45,000 --> 00:42:46,160
Speaker 1: this is Bloomberg