WEBVTT - Bloomberg Daybreak: March 17, 2022 - Hour 1 (Radio) 0:00:03.240 --> 0:00:06.519 Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 0:00:06.600 --> 0:00:10.159 day Break for a Thursday, March seventeen two. Coming up 0:00:10.200 --> 0:00:13.840 this hour, the House years legislation to remove Russia's most 0:00:13.880 --> 0:00:17.200 favorite nation trade status. The bond and stock markets react 0:00:17.280 --> 0:00:20.119 differently to the fits interest rate liftoff. The Bank of 0:00:20.160 --> 0:00:23.000 England set to raise rates this morning, and stocks in 0:00:23.040 --> 0:00:26.320 Asia search for a second straight day. New York expands 0:00:26.360 --> 0:00:30.720 workplace erassment protection for all public employees. Plus preparations continue 0:00:30.880 --> 0:00:33.920 for today's St. Patrick's Day Parade in Manhattan. I'm Michael 0:00:33.920 --> 0:00:36.920 bar More Ahead, I'm John stas Shower and sports easy 0:00:36.960 --> 0:00:39.640 wins for the nixt Nets loss at the Buzzer, Rutgers 0:00:39.680 --> 0:00:42.080 in the n C double As lost in double overtime. 0:00:44.080 --> 0:00:47.880 That's all straight ahead on Bloomberg day Break on Bloomberg 0:00:47.960 --> 0:00:52.880 Elementary on New York, Bloomberg one, Washington, d C, Bloomberg 0:00:52.880 --> 0:00:56.640 one oh six one, Boston, Bloomberg nine sixties, San Francisco, 0:00:57.000 --> 0:01:00.200 Sirius x M one nineteen and around the world. Old 0:01:00.240 --> 0:01:03.920 on Bloomberg Radio dot Com and via The Bloomberg Business 0:01:07.280 --> 0:01:10.479 And Good Morning. I'm Nathan Hager and I'm Karen Moscow, 0:01:10.520 --> 0:01:13.520 and futures are little change this morning. We are coming 0:01:13.600 --> 0:01:15.000 up to five go one on Wall Street, and we 0:01:15.080 --> 0:01:17.600 check the markets every fifteen minutes throughout the trading day. 0:01:17.680 --> 0:01:21.240 On Bloomberg right now SNB futures again little change, down 0:01:21.280 --> 0:01:23.760 three points down. Future is also that will change and 0:01:23.800 --> 0:01:25.920 now has that future is down about fifteen. The ten 0:01:26.000 --> 0:01:29.400 year treasury is a fifteen thirty seconds cel two point 0:01:29.440 --> 0:01:31.920 one three percent, and a yield on the two year 0:01:31.959 --> 0:01:34.840 at one point nine two percent, and the euro one 0:01:34.880 --> 0:01:38.440 point one zero five one against the dollar. Nathan, right, Karen, 0:01:38.440 --> 0:01:41.000 We begin this morning with the latest developments on the war. 0:01:41.200 --> 0:01:44.440 Group of seven FIGM ministers meet virtually today to discuss 0:01:44.480 --> 0:01:47.800 the crisis, while Ukrainian President Vladimir z Leinski addresses the 0:01:47.840 --> 0:01:50.760 lower house of the German Parliament. This comes as Russian 0:01:50.800 --> 0:01:54.680 strikes continue on infrastructure sites in Ukraine. The Ukrainian military 0:01:54.720 --> 0:01:58.040 says a Russian plane bomba theater where hundreds were sheltering. 0:01:58.240 --> 0:02:01.480 Bloomberg's said Baxter has this story this adding to the 0:02:01.520 --> 0:02:05.800 concern about Russia purposely bombing civilians. The max Are satellite 0:02:05.840 --> 0:02:09.920 firm collected images showing the word children in writing in 0:02:10.120 --> 0:02:14.079 white letters in front of and behind the theater. Meanwhile, 0:02:14.120 --> 0:02:17.400 President Joe Biden has promised new munitions to Ukraine. We 0:02:17.480 --> 0:02:22.960 have identified and are helping Ukraine acquire additional longer range 0:02:22.960 --> 0:02:27.519 anti aircraft systems, along with shoulder rockets, Stinger and javelin launchers, 0:02:27.720 --> 0:02:32.000 twenty million rounds of AMMO, and one hundred diving switchblade 0:02:32.080 --> 0:02:36.440 drones in San Francisco, I'm at Baxter, Bloomberg Daybreak, All right, 0:02:36.480 --> 0:02:39.280 and thank you. In all, President Biden has offered eight 0:02:39.320 --> 0:02:42.480 hundred million dollars worth of new weaponry to Ukraine. He 0:02:42.560 --> 0:02:47.000 also branded Russian President Vladimir Putin a war criminal. Later today, 0:02:47.080 --> 0:02:49.640 House land makers are set to revoke normal trained relations 0:02:49.720 --> 0:02:52.359 with Russia. Amy Morris as the latest from our Bloomberg 0:02:53.080 --> 0:02:57.440 newsroom in Washington. Removing Russia's most Favored Nation trade status 0:02:57.480 --> 0:03:01.160 allows the US to impose higher tariffs on goods, sources 0:03:01.160 --> 0:03:04.920 tell Bloomberg News. It also expands the Magnetsky Act, opening 0:03:04.960 --> 0:03:08.080 up the possibility of more sanctions on Russian officials for 0:03:08.200 --> 0:03:11.440 human rights violations. It would take Congress and the President 0:03:11.480 --> 0:03:15.600 together to re establish any trade relationship with Russia. House 0:03:15.639 --> 0:03:18.760 majority leader Stanny Hoyer says the vote will come later today, 0:03:19.000 --> 0:03:22.200 putting Russia in the same category as Cuba and North 0:03:22.280 --> 0:03:26.120 Korea in Washington. I'm any more as Bloomberg Daybreak, okam, 0:03:26.240 --> 0:03:28.920 thank you meantime. In a chilling thread, Vladimir Putin is 0:03:28.919 --> 0:03:33.919 warning he will cleanse Russia of traitors, but any people, 0:03:34.320 --> 0:03:37.360 and even more so, the Russian people will always be 0:03:37.440 --> 0:03:41.520 able to distinguish true patriots from scum and traders and 0:03:41.600 --> 0:03:44.400 simply spit them out like a fly that accidentally flew 0:03:44.440 --> 0:03:48.160 into the mouth, spit them out. I am convinced that 0:03:48.240 --> 0:03:51.880 such a natural and necessary cleansing of society will only 0:03:51.960 --> 0:03:55.880 strengthen our country. Putin is accusing the West of wanting 0:03:55.880 --> 0:03:59.120 to destroy Russia. The finance ministry in Moscow says a 0:04:00.000 --> 0:04:02.640 ten million dollar interest payment that's due on two dollar 0:04:02.720 --> 0:04:06.120 bonds has been made to City Bank in London. It 0:04:06.280 --> 0:04:10.840 comes amid mounting speculation that Rush has headed for a default. Well, Nathan. 0:04:10.880 --> 0:04:13.680 Another major story we're watching this morning is the continued 0:04:13.680 --> 0:04:16.720 reaction to the feds liftoff of interest rates, and Bloomberg's 0:04:16.760 --> 0:04:19.680 John Tucker joins US Live with the latest. John, Good Morning, Karen, 0:04:19.760 --> 0:04:23.040 Stock and bond investors had completely different reactions to the 0:04:23.080 --> 0:04:27.480 feds quarter point rate increase. Stocks rallied bonds sold off. 0:04:27.880 --> 0:04:31.039 The five tenure treasury yield curve inverted for the first 0:04:31.040 --> 0:04:36.000 time since early That's a recessionary signal. At Googgenheim Partners 0:04:36.200 --> 0:04:39.560 chief investment Officers, Scott Minored isn't all that impressed with 0:04:39.600 --> 0:04:42.600 how the FED is doing its job trying to tackle inflation. 0:04:43.120 --> 0:04:48.080 I think that the FED has largely abandoned monetary orthodoxy. 0:04:48.200 --> 0:04:52.080 It's trying to be too cute in how it's it's 0:04:52.160 --> 0:04:56.680 managing this. Guggenheim Scott Minor says they're in an inflation panic. 0:04:56.920 --> 0:05:00.560 The Central Bank also published forecasts from the authority's various officials, 0:05:00.560 --> 0:05:03.800 the so called dark plot that indicated a steeper hiking 0:05:03.839 --> 0:05:06.640 path than before. Live in New York. I'm John Tucker, 0:05:06.680 --> 0:05:09.360 Bloomberg Debris All right, John, thank you. Interest rates are 0:05:09.360 --> 0:05:11.839 also in focus in Europe. Let's get the very latest 0:05:11.839 --> 0:05:14.120 done that Live with Bloomberg's You and Parts. Good Morning, 0:05:14.160 --> 0:05:16.359 you went, Good morning, Nathan and Karen. The Bank of 0:05:16.360 --> 0:05:19.239 England was the first major central bank to titan policy 0:05:19.279 --> 0:05:22.080 after the pandemic, and today you committee members look all 0:05:22.120 --> 0:05:25.400 but certain to high rates for a third successive time. 0:05:25.839 --> 0:05:28.000 If they do, that would take the UK benchmark back 0:05:28.040 --> 0:05:32.120 to its pre COVID level as the bank battles soaring inflation. 0:05:32.400 --> 0:05:35.640 That decision at eight m Eastern Time, Live in London, 0:05:35.760 --> 0:05:37.960 I'm you and parts been both daybreak and thank you. 0:05:38.040 --> 0:05:40.799 Turning to the market started in Asia jumped once again 0:05:40.839 --> 0:05:43.679 on a certain Chinese technology shares. We get the recount 0:05:43.680 --> 0:05:47.080 from Bloomberg's Julietts Sally and Singapore Good morning, Juliet, Good 0:05:47.120 --> 0:05:50.000 morning Nathan and Karen. China's effort to stabilize market saw 0:05:50.040 --> 0:05:52.520 the Hang Saying Index post it's best two day gains 0:05:52.520 --> 0:05:57.560 since the Hang Saying Tech Index added to Wednesday's dizzy 0:05:57.600 --> 0:06:00.600 and twenty two percent gain. However, the Indo exist still 0:06:00.640 --> 0:06:03.960 down more than fifty pc from its February one peak, 0:06:04.160 --> 0:06:06.840 owing to a year long crackdown on the sectum. The 0:06:06.960 --> 0:06:08.960 lift in Hong Kong and Chinese equities or the m 0:06:09.120 --> 0:06:12.000 c I Asia Pacific Index rise over three pc and 0:06:12.040 --> 0:06:14.880 the yan Hovadna six CLO boost nick to to five 0:06:14.920 --> 0:06:16.920 by three and a half percent. That was its best 0:06:16.960 --> 0:06:20.799 to day games since April twenty. In Singapore, Juliette Sally, 0:06:21.000 --> 0:06:23.680 Bloomberg day break. All right, Juliet, thank you know. Despite 0:06:23.680 --> 0:06:26.679 the recent pullback, one Wall Street firm says oil prices 0:06:26.680 --> 0:06:28.839 are heading a lot higher. Let's get more on that 0:06:28.920 --> 0:06:31.960 live from Bloomberg's Rnita Young. Good morning, Na, Good morning, Nathan. 0:06:32.000 --> 0:06:35.320 Morgan Stanley is raising its Brent oil price forecast for 0:06:35.360 --> 0:06:38.679 the third quarter from one hundred dollars to one twenty 0:06:38.720 --> 0:06:42.560 dollars a barrel. Analysts they're are citing tighter supply demand 0:06:42.600 --> 0:06:46.960 balances worldwide. Morgan Stanley says the US import ban and 0:06:47.120 --> 0:06:51.040 self sanctioning in Europe that would mean Russian crewe production 0:06:51.080 --> 0:06:53.920 will drop by one million barrels a day, which would 0:06:53.920 --> 0:06:57.800 be visible from April onwards. Analysts are raising their estimate 0:06:57.880 --> 0:07:01.040 for three from ninety five dollar is two hundred dollars 0:07:01.040 --> 0:07:03.400 of barrel. Live in New York. I'm gonna need a 0:07:03.440 --> 0:07:06.320 young Bloomberg papery. Okay rened to thanks in checking oil now. 0:07:06.400 --> 0:07:09.360 West Texas Intermediate's at ninety eight dollars fifty nine cents 0:07:09.360 --> 0:07:11.240 of barrel. That's a gain of three and three quarters 0:07:11.280 --> 0:07:13.760 per cent on the session. Brent is at a hundred 0:07:13.760 --> 0:07:16.840 one dollars fifty nine cents. Straight ahead. Your latest local 0:07:16.840 --> 0:07:23.600 headlines in the check of sports. This is Bloomberg South, 0:07:23.640 --> 0:07:26.720 five oh seven on Wall Street. Take some time this morning, 0:07:27.080 --> 0:07:30.920 foggy out, forty five degrees in Central Park and Michael 0:07:30.960 --> 0:07:32.720 Barr is here with more on what's going on in 0:07:32.760 --> 0:07:35.720 New York and around the world on this St. Patrick's Day. 0:07:35.760 --> 0:07:37.920 Top of the Morning, Michael, Top of the morning to you. 0:07:38.120 --> 0:07:41.400 Nathan St. Patrick's Day. Celebrations in New York City and 0:07:41.480 --> 0:07:44.960 across the country are back after a two year hiatus. 0:07:45.280 --> 0:07:48.800 New York's Parade, the nation's largest and oldest. We'll go 0:07:48.920 --> 0:07:51.960 up Fifth Avenue starting around eleven am. New York Mayor 0:07:52.080 --> 0:07:55.400 Eric Adams says today you can call him oh. Adams 0:07:55.640 --> 0:07:59.320 resents it in the spirit of the Irish Americans who 0:07:59.320 --> 0:08:03.400 played the mayor jerow in this city, built in a 0:08:03.480 --> 0:08:08.280 Brooklyn Bridge, our mt A system law enforcement. You look 0:08:08.360 --> 0:08:12.040 at the success of New York, you see the Irish 0:08:12.040 --> 0:08:14.720 contribution to it, and you should be proud to be 0:08:14.840 --> 0:08:17.760 Irish today and proud to be New Yorker is and 0:08:17.840 --> 0:08:21.480 proud to be America's Mayor, Adam says. In twenty twenty, 0:08:21.560 --> 0:08:24.200 the parade was canceled as the virus hit the U. S. 0:08:24.520 --> 0:08:27.840 White House Medical adviser Dr Anthony Fauci says Americans need 0:08:27.880 --> 0:08:31.000 to be ready to respond to another potential COVID surge 0:08:31.120 --> 0:08:34.839 if one occurs. Dr Fauci says older individuals may need 0:08:34.880 --> 0:08:39.000 another vaccine booster. I don't think there's any doubt that 0:08:39.240 --> 0:08:43.600 sooner or later, particularly among the elderly, who have less 0:08:43.640 --> 0:08:49.480 of a robust immune response than a normal younger population, 0:08:50.360 --> 0:08:52.400 that sooner or later they will need a boost of 0:08:52.400 --> 0:08:55.960 a fourth shot. Dr Fauci says as more than a 0:08:56.040 --> 0:08:59.480 thousand people a day are still dying of COVID in 0:08:59.520 --> 0:09:02.000 the un US, it looks like the pandemic has led 0:09:02.040 --> 0:09:04.360 to the closing of the nine eleven Tribute Museum in 0:09:04.400 --> 0:09:08.200 Lower Manhattan, according to The Ball Street Journal, Museum officials 0:09:08.200 --> 0:09:11.840 say will likely close permanently after running up too much debt. 0:09:12.120 --> 0:09:15.040 The Tribute Museum, with the staff of about ten, was 0:09:15.160 --> 0:09:19.120 designed to serve the survivor community, while the nearby, better 0:09:19.160 --> 0:09:23.480 known National September eleventh Memorial Museum honors those lost in 0:09:23.520 --> 0:09:28.120 the attack. New York has expanded workplace harassment protection for 0:09:28.160 --> 0:09:31.319 all public employees and has banned the release of anyone's 0:09:31.320 --> 0:09:35.400 employment records in retaliation for speaking up about alleged abuse. 0:09:35.760 --> 0:09:38.440 New York Governor Kathy Hokel signed the new laws yesterday. 0:09:38.720 --> 0:09:41.240 Actor Jesse small Lett has been released from jail in 0:09:41.320 --> 0:09:44.400 Chicago after an appeals court agreed with his lawyers that 0:09:44.480 --> 0:09:47.319 he should be free, penning the appeal of his conviction 0:09:47.440 --> 0:09:51.439 for lying to police about racist and homophobic attack. Global 0:09:51.440 --> 0:09:53.840 News twenty four hours a day on air and on 0:09:53.920 --> 0:09:57.040 Bloomberg quick Take, powered by more than twenty seven hundred 0:09:57.120 --> 0:09:59.920 journalists and analysts more than a d twenty countries. Michael Barr, 0:10:00.040 --> 0:10:07.240 this is Bloomberg, Nathan, Thank you, Michael. Almost five town 0:10:07.280 --> 0:10:09.600 Wall Street. Time for the Bloomberg Sports Uptake Morning, John 0:10:09.640 --> 0:10:11.559 Stanshown right in morning, Nathan. The n C Double A 0:10:11.600 --> 0:10:15.600 Tournament begins in Earnest today sixteen game sixteen more tomorrow. 0:10:15.640 --> 0:10:18.280 By late last night and Dayton, Ohio. Notre Dame could 0:10:18.400 --> 0:10:20.640 Mike Gray suggested that will not be a game an 0:10:20.679 --> 0:10:23.320 attorney better than the one his team had just won. 0:10:23.400 --> 0:10:26.600 In the first four Notre Dame eighty nine Rutgers eighty 0:10:26.679 --> 0:10:30.839 seven double overtime, both teams shot over fift Paul Atkinson 0:10:30.880 --> 0:10:33.120 wanted with a putback with one second left. It came 0:10:33.200 --> 0:10:37.200 just after midnight, so technically the Irish won the game 0:10:37.280 --> 0:10:39.640 on St. Patrick's Day. I ownA lost its first round 0:10:39.760 --> 0:10:43.120 n I T game in Florida, seventy four easy one 0:10:43.160 --> 0:10:46.680 for the next at the Guard over a Portland team 0:10:46.679 --> 0:10:49.160 that started three guys who weren't even drafted. R J. 0:10:49.240 --> 0:10:52.439 Barrett scored thirty one nets and MAV's in Brooklyn. Dallas 0:10:52.480 --> 0:10:56.280 had the ball trailing by one's on that left side 0:10:56.280 --> 0:10:58.800 as it crosses the front court with five up to 0:10:58.840 --> 0:11:01.640 the top with three. Dontch with two gives it up 0:11:01.679 --> 0:11:04.679 to Dinwoody for three of the winnity ferries it. He 0:11:04.960 --> 0:11:08.400 former Net comes back and Spencer den Witty on a 0:11:08.559 --> 0:11:12.760 game winning three. The Mavericks have defeated the Nets one 0:11:12.920 --> 0:11:15.040 thirteen to one eleven. He has been out the call. 0:11:15.120 --> 0:11:17.720 Lukea dons its thirty one point for Dallas. Devils lost 0:11:17.760 --> 0:11:20.120 at Calgary six to three. The Rangers swung the trade 0:11:20.120 --> 0:11:22.040 with Florida, the team with the best record in the East. 0:11:22.040 --> 0:11:25.199 They send a draft pick to the Panthers for Frank Vetronto. 0:11:25.360 --> 0:11:27.160 He gets traded the day after he scored the time 0:11:27.200 --> 0:11:29.800 and winning goals for the Panthers. Freddie Freeman was a 0:11:29.840 --> 0:11:31.920 fixture at first base for the Atlanta Braves, big part 0:11:31.920 --> 0:11:33.800 of winning the World Series last fall, but now he's 0:11:33.800 --> 0:11:36.920 a Dodger, signed for six years. A hundred and sixty 0:11:36.920 --> 0:11:39.640 two million of the Dodgers now have four m vps 0:11:39.720 --> 0:11:43.280 on their roster, with Freeman joining Clayton Kershaw, Coody Billinger 0:11:43.480 --> 0:11:47.440 and Lukey Betts. John Staff Award Bloomberg Sports Okay, John, 0:11:47.480 --> 0:11:50.240 Thanks Right now. SIMP futures are moving lower down almost 0:11:50.240 --> 0:11:53.280 state point. Staff futures down thirty seven. Nastact futures are 0:11:53.280 --> 0:11:55.719 lower by thirty four points. The ten your treasury is 0:11:55.800 --> 0:11:59.000 up sixteen thirty seconds. The yield on the tenure note 0:11:59.040 --> 0:12:07.800 two point one two. You're listening to Bloomberg Daybreak Bloomberg 0:12:07.800 --> 0:12:10.840 eleven three. Weather Fogg This morning, showers likely this afternoon, 0:12:10.880 --> 0:12:13.360 mid fifties for highs will be partly the mostly sunny 0:12:13.360 --> 0:12:17.319 with a high near seventy Tomorrow, occasional rain low sixties 0:12:17.360 --> 0:12:22.440 for Saturday. Right now forty five in Central Park markets. 0:12:22.520 --> 0:12:25.600 Headlines and breaking news twenty four hours a day at 0:12:25.640 --> 0:12:29.040 Bloomberg dot com. The Bloomberg Business at Land at Bloomberg 0:12:29.120 --> 0:12:38.840 Quicktape is a Bloomberg Business Clash and I'm kerin Moscow. 0:12:38.840 --> 0:12:42.199 This update brought to you by SEI. Today's competitive marketplace 0:12:42.240 --> 0:12:45.920 requires asset managers to become more operationally adept. See how 0:12:45.960 --> 0:12:48.960 you can transform your business with SEIS Global Platform at 0:12:49.000 --> 0:12:52.440 sei C dot com, slash i m s US dot 0:12:52.480 --> 0:12:56.439 Index futures are now lower. In European shares are little 0:12:56.520 --> 0:12:59.079 changed as traders digest the federal reserves. Of you that 0:12:59.160 --> 0:13:02.880 a robust US economy can weather the campaign against high inflation. 0:13:03.080 --> 0:13:05.760 To check the markets every fifteen minutes throughout the trading day. 0:13:05.840 --> 0:13:08.400 On Bloomberg, U, S and P futures down about six 0:13:08.440 --> 0:13:11.720 points down, futures down ten NASDAG features down thirty, the 0:13:11.760 --> 0:13:13.920 decks in Germany's down a third of upper cent. The 0:13:13.960 --> 0:13:16.880 ten year treasury of fifteen thirty seconds yield two point 0:13:16.920 --> 0:13:18.920 one two percent, The yield on the two year one 0:13:18.960 --> 0:13:22.280 point nine three percent. NIMEX screwed oil is at four 0:13:22.320 --> 0:13:24.520 point one percent of three dollars eighty four cents at 0:13:24.600 --> 0:13:27.360 ninety eight dollars eighty eight cents of barrel COLLMIC schooled 0:13:27.360 --> 0:13:29.720 that one point four percent of twenty seven dollars thirty 0:13:29.760 --> 0:13:33.079 cents at nineteen thirty seven, announced the euro one point 0:13:33.080 --> 0:13:35.520 one zero four six against the dollar, British band one 0:13:35.520 --> 0:13:37.880 point three one seven nine and the end at one 0:13:37.920 --> 0:13:41.560 eighteen point six nine Bitcoin this morning moving lower, down 0:13:41.559 --> 0:13:45.160 more than one percent at forty eight hundred thirty dollars. 0:13:45.360 --> 0:13:47.160 And today we are watching for the weekly report on 0:13:47.200 --> 0:13:49.680 initial jobless claims at at eight thirty Wall Street Time, 0:13:49.720 --> 0:13:53.319 along with housing starts and building permits, industrial productions at 0:13:53.320 --> 0:13:55.839 at nine fifteen, and FedEx is among companies scheduled to 0:13:55.880 --> 0:13:59.160 report earnings today. That's a Bloomberg business flash. Now here's 0:13:59.240 --> 0:14:01.720 Michael Barr with more on what's going on around the world. 0:14:01.760 --> 0:14:04.560 My good morning, Good morning. Care In a Russian artillery 0:14:04.600 --> 0:14:07.400 destroyed a school and a community center in a city, 0:14:07.440 --> 0:14:11.000 New York arkieve today. That's according to a Ukrainian official. 0:14:11.480 --> 0:14:13.319 It comes a day after an air strike ripped a 0:14:13.360 --> 0:14:15.680 part of theater where hundreds of people have been taking 0:14:15.679 --> 0:14:19.640 shelter in the besieged city of Mariupol. New data released 0:14:19.640 --> 0:14:23.440 by the Census Bureau shows the US grew wealthier, better educated, 0:14:23.520 --> 0:14:27.720 and poverty declined during the second half of the last decade. 0:14:28.040 --> 0:14:30.840 Get ready for a lot of lost productivity at work, 0:14:30.920 --> 0:14:33.440 with St Patrick's day and to day start of the 0:14:33.640 --> 0:14:38.280 nc Double A college basketball tournament. In the playing games yesterday, 0:14:38.360 --> 0:14:41.840 Right State earned its first men's tournament victory, and Notre 0:14:41.880 --> 0:14:45.840 Dame needed double overtime to beat Rutgers to advance. And 0:14:46.280 --> 0:14:49.400 in the NBA the next one, the Nets and Wizards lost, 0:14:49.560 --> 0:14:52.480 Celtics beat the Warriors. In the NHL, the Devil's and 0:14:52.520 --> 0:14:54.720 Bruins lost. Global news twenty four hours a day on 0:14:54.800 --> 0:14:57.280 air and on Bloomberg Quick Take, powered by more than 0:14:57.320 --> 0:14:59.640 twenty seven hundred journalists and analysts in more than a 0:14:59.720 --> 0:15:02.600 hundred twenty gun threes. I'm Michael Barr. This is Bloomberg Nier. 0:15:02.760 --> 0:15:05.200 What a convergence. Okay, Michael, thank you. It is now 0:15:05.240 --> 0:15:08.000 five twenty on Wall Street Live from the Bloomberg Interactive 0:15:08.000 --> 0:15:12.000 Brokers studios. This is Bloomberg Daybreak as we continue monitoring 0:15:12.040 --> 0:15:15.480 developments both militarily and diplomatically in the war in Ukraine. 0:15:15.480 --> 0:15:19.160 Were joined from our Bloomberg ninety one studios in Washington, 0:15:19.240 --> 0:15:24.040 d C. By our Bloomberg Government Congressional reporter Jack Fitzpatrick. Jack, 0:15:24.080 --> 0:15:26.480 good morning, thanks for being with us. We've been monitoring 0:15:26.520 --> 0:15:29.160 President Zelinski of Ukraine as he address as the lower 0:15:29.200 --> 0:15:33.200 house of Germany's parliament this morning. Of course, he spoke 0:15:33.320 --> 0:15:37.440 virtually to the US Congress yesterday. Given the reaction from 0:15:37.520 --> 0:15:40.840 lawmakers and the president, uh, is it safe to say 0:15:40.880 --> 0:15:45.560 that the Ukrainian president's words left an impression with lawmakers 0:15:45.560 --> 0:15:50.080 in the nation's capital. Yes, definitely, he is admired on 0:15:50.160 --> 0:15:54.840 a bipartisan basis. The speech was well received. He on 0:15:54.960 --> 0:15:58.680 a I guess a more substantive, concrete note. He's not 0:15:58.800 --> 0:16:03.400 gonna get everything he asked for. He really was shooting 0:16:03.480 --> 0:16:07.200 for the moon on some of his requests. Obviously, the 0:16:07.280 --> 0:16:10.800 request for a no fly zone over Ukraine was not 0:16:11.000 --> 0:16:14.440 received particularly well. There was a lot of polite, uh 0:16:14.680 --> 0:16:17.920 not not vociferous pushback, but you heard from members in 0:16:17.960 --> 0:16:20.920 both parties that that really is not an option that's 0:16:20.960 --> 0:16:25.520 being considered. Uh. And the request for fighter jets also 0:16:25.680 --> 0:16:29.440 is not something that the administration currently is going for. 0:16:29.960 --> 0:16:33.360 What the President announced yesterday in terms of military aid 0:16:33.600 --> 0:16:37.400 to Ukraine is much more, uh, sort of lightweight handheld 0:16:37.880 --> 0:16:43.440 a hundred smaller drones, javelins, UH, Stinger anti aircraft uh 0:16:43.440 --> 0:16:46.080 and and and helmets and body armor and that kind 0:16:46.120 --> 0:16:49.680 of thing. So it's very well received, but nothing really 0:16:49.760 --> 0:16:53.280 changed that much in terms of where Congress in the 0:16:53.280 --> 0:16:55.280 White House draws a line in terms of what they're 0:16:55.320 --> 0:16:57.640 willing to provide to Ukraine. Well, let's talk a little 0:16:57.640 --> 0:17:00.480 bit jack about what the President is off here. Eight 0:17:00.600 --> 0:17:04.480 hundred million dollars in new military aid for Ukraine. What 0:17:04.600 --> 0:17:08.679 kind of impact could that have on the battles going forward? 0:17:08.720 --> 0:17:10.920 And is there a possibility that the President could be 0:17:11.000 --> 0:17:14.200 leaving open here for further aid down the road. Yes, 0:17:14.359 --> 0:17:17.760 uh one, it is significant eight hundred million dollars. By 0:17:17.800 --> 0:17:22.640 comparison recently, in a more normal year, the US might 0:17:22.720 --> 0:17:25.560 give something like five hundred million or six hundred million 0:17:25.600 --> 0:17:28.960 to Ukraine and military aid. Uh. So this, this one 0:17:29.119 --> 0:17:32.760 batch is a very significant amount of money for a 0:17:32.800 --> 0:17:35.359 country that it is a defense budget that has peaked 0:17:35.400 --> 0:17:39.399 around six billion dollars in recent years. So these are 0:17:39.600 --> 0:17:45.520 again anti aircraft weapons, uh, tank anti tank weapons, a 0:17:45.640 --> 0:17:49.040 hundred drones that are a bit more short range weapons. 0:17:49.119 --> 0:17:51.720 Not exactly patrolling the skies, but it is supposed to 0:17:51.720 --> 0:17:54.760 be effective for groups that are pinned down by enemy 0:17:54.760 --> 0:17:59.200 fire grenade launchers five thousand rifles, uh, that kind of thing. 0:17:59.640 --> 0:18:02.159 But there is a lot of talk in Congress about 0:18:02.240 --> 0:18:05.720 the likelihood that another spending bill will be needed. They're 0:18:05.720 --> 0:18:08.080 waiting to see exactly what the defense needs are, but 0:18:08.119 --> 0:18:12.000 there are already some humanitarian needs the World World Food 0:18:12.040 --> 0:18:14.600 Program at the u n H and actually the Justice 0:18:14.600 --> 0:18:18.640 Department measure targeting Russian oligarchs. According to Lindsay Graham, who 0:18:18.680 --> 0:18:21.080 is a key member on the subcommittee fund funding these 0:18:21.119 --> 0:18:23.520 kinds of things that they already need more money. So 0:18:23.560 --> 0:18:27.200 there's already a conversation about providing more to Ukraine over 0:18:27.240 --> 0:18:29.439 the next few weeks. They think lawmakers are waiting to 0:18:29.480 --> 0:18:32.359 see exactly what is needed, but it seems that more 0:18:32.440 --> 0:18:35.920 eventually will be coming. And in our last minute here, Jack, 0:18:35.920 --> 0:18:38.280 we're also expecting today that the House is going to 0:18:38.359 --> 0:18:42.640 vote to revoke Russia's normal trade status. Is this something 0:18:42.680 --> 0:18:45.960 we're expecting to get by partisan support? Yes, Actually, the 0:18:46.000 --> 0:18:48.879 way this is set up by House leadership UH is 0:18:48.920 --> 0:18:51.800 sort of a speedy process that allows them to skip 0:18:51.800 --> 0:18:55.400 procedural steps if they can get at least two thirds 0:18:55.520 --> 0:18:57.720 of a vote in the House, and that's how they've 0:18:57.720 --> 0:19:01.520 set it up. So clearly House Democrat leaders are expecting 0:19:01.840 --> 0:19:06.240 very significant bipartisans support, the kind that would help this 0:19:06.359 --> 0:19:09.159 probably sail through the House and Senate, where this has 0:19:09.200 --> 0:19:11.960 been talked about in a bipartisan way, uh for for 0:19:12.000 --> 0:19:14.439 a little while now, So the expectation is there's going 0:19:14.480 --> 0:19:16.600 to be a lot of bipartisan support, and that's the 0:19:16.680 --> 0:19:18.760 kind of thing that could become law, all right, And 0:19:18.800 --> 0:19:21.200 we're gonna be monitoring that vote as it comes down 0:19:21.320 --> 0:19:25.240 later on today, Bloomberg Government Congressional Reporter Jack Fitzpatrick, thanks 0:19:25.240 --> 0:19:27.520 for being with us from our ninety nine one studios 0:19:27.520 --> 0:19:29.919 in the nation's capital. Will be checking back with you again, 0:19:30.200 --> 0:19:33.840 uh later in this program, as Bloomberg Daybreak continues, Looking 0:19:33.880 --> 0:19:38.000 ahead to the market open, uh slight losses for futures contracts. 0:19:38.040 --> 0:19:41.320 We're watching the SMP futures go down by about six 0:19:41.359 --> 0:19:43.919 points now down futures are lower by twenty nine points, 0:19:44.280 --> 0:19:46.800 sore Nasdaq Future is actually lower by twenty nine and 0:19:46.800 --> 0:19:49.800 the tenure Treasury is up sixteen thirty seconds with a 0:19:49.880 --> 0:19:54.080 yield two point one two per cent. Just ahead, divergent 0:19:54.240 --> 0:19:58.400 market reaction to the FEDS decision and why oil prices 0:19:58.480 --> 0:20:01.480 could go higher from here. Your top stories of the morning. 0:20:01.560 --> 0:20:08.760 Just ahead on Bloomberg Daybreak, Bloomberg eleven three oh weather 0:20:08.840 --> 0:20:11.600 areas of fog this morning, showers likely this afternoon with 0:20:11.680 --> 0:20:13.600 highs in the mid fifties. Will be probably the mostly 0:20:13.640 --> 0:20:16.880 sunny with a high yr seventy Tomorrow, loose sixties. Occasional 0:20:17.000 --> 0:20:22.760 rain on Saturday. Right now forty five and fog. Broadcasting 0:20:22.800 --> 0:20:26.520 live from the Bloomberg Interactive Broker Studio in New York. 0:20:26.640 --> 0:20:31.320 Bloomberg E Living Freedom to Washington, d C. Bloomberg to Boston, 0:20:31.400 --> 0:20:34.840 Bloomberg What all six one does? San Francisco, Bloomberg nine 0:20:34.880 --> 0:20:38.159 sixteen to the country, Sirius XM Chado one nineteen and 0:20:38.240 --> 0:20:42.520 around the globe, the Bloomberg Business and Bloomberg Radio dot Com. 0:20:42.560 --> 0:20:51.480 This is Bloomberg Daybreak. It's five thirty on Wall Street. 0:20:51.480 --> 0:20:54.360 Good morning. I'm Nathan Hagar and I'm Karen. Moscow are 0:20:54.440 --> 0:20:57.280 just about four hours away from the open of US trading. 0:20:57.359 --> 0:20:58.719 Let's get you have to date in the news you 0:20:58.720 --> 0:21:01.639 need to know at the shower. Ukrainian officials are demanding 0:21:01.680 --> 0:21:05.600 a cease fire as Russian strikes on cities and infrastructure continue. 0:21:06.000 --> 0:21:10.440 Ukrainian President vladimir's Lenski speaks to Germany's Bundesto today after 0:21:10.480 --> 0:21:15.119 addressing US lawmakers yesterday. Afterwards, President Joe Biden announced the 0:21:15.200 --> 0:21:17.720 US is offering eight hundred million dollars worth of new 0:21:17.720 --> 0:21:21.920 weaponry the Ukraine, including armed drones. The American people will 0:21:21.960 --> 0:21:24.360 be steadfast in our support of the people in Ukraine 0:21:24.680 --> 0:21:27.520 in the face of Putin's immorl on ethical attacks on 0:21:27.560 --> 0:21:31.800 civilian populations. Where are united in our abhorrence of pudens 0:21:31.840 --> 0:21:34.920 depraved onslaught, and We're going to continue to have their 0:21:34.960 --> 0:21:38.160 backs as they fight for their freedom, their democracy, their 0:21:38.280 --> 0:21:42.359 very survival. President Biden called Russian President Vladimir Putin a 0:21:42.440 --> 0:21:45.640 war criminal in his remarks on Capitol Hill. The House 0:21:45.680 --> 0:21:49.320 is voting today to revoke Russia's Most Favored Nation trade status. 0:21:49.400 --> 0:21:52.240 Well meantime, Karen Russia announced it made a hundred seventeen 0:21:52.280 --> 0:21:55.280 million dollar interest payment due on two dollar bonds to 0:21:55.440 --> 0:21:58.000 City Bank in London, but didn't comment on if it 0:21:58.119 --> 0:22:00.800 was credited. If Russia fails to on her coupons on 0:22:00.840 --> 0:22:03.240 the two notes, it could reneg on its obligations to 0:22:03.320 --> 0:22:07.719 foreign creditors for the first time since al Turning to markets, 0:22:07.800 --> 0:22:11.320 Nathan Stock and bond investors are having very different reaction 0:22:11.359 --> 0:22:14.640 to yesterday's quarter point right high from the Fed, and Bloomberg. 0:22:14.760 --> 0:22:17.720 John Tucker joins US Live with the details. John Karen Walls, 0:22:17.760 --> 0:22:22.280 stocks rallied bonds sold off. Five year treasury yields surged 0:22:22.320 --> 0:22:25.359 above ten ure yields. That's an inversion that could signal 0:22:25.400 --> 0:22:28.720 recession ahead. The Fed officials forecast, the so called dot 0:22:28.720 --> 0:22:31.960 plot indicated a steeper path of interest rate than before, 0:22:32.160 --> 0:22:34.679 leading some to suggest the central bank is in an 0:22:34.720 --> 0:22:39.040 inflation panic. Swaps markets now betting seven or eight hikes 0:22:39.080 --> 0:22:41.840 for this year, including the one just announced in New York. 0:22:41.840 --> 0:22:44.359 I'm John Tucker, Bloomberg Radio. All Right, John, Thanks, and 0:22:44.400 --> 0:22:47.040 despite the recent pullback, one Wall Street firm says oil 0:22:47.080 --> 0:22:50.200