1 00:00:00,960 --> 00:00:04,200 Speaker 1: Live from the Bloomberg in directive Burger Studios. Is Bloomberg 2 00:00:04,280 --> 00:00:08,039 Speaker 1: day Break for Thursday, August two. Coming up this hour, 3 00:00:08,320 --> 00:00:12,240 Speaker 1: the highly anticipated Jackson Whole Symposium kicks off today. We 4 00:00:12,280 --> 00:00:15,240 Speaker 1: are there with the latest. China takes steps to stimulate 5 00:00:15,280 --> 00:00:19,080 Speaker 1: its economation. Shipmaker and video gives it disappointing sales forecasts. 6 00:00:19,160 --> 00:00:21,759 Speaker 1: I mean the latest reaction to President Biden's planned to 7 00:00:21,800 --> 00:00:25,240 Speaker 1: forgive a portion of student loans held by millions. The 8 00:00:25,360 --> 00:00:29,480 Speaker 1: NYPD has ordered no unnecessary talking among police officers were 9 00:00:29,520 --> 00:00:32,320 Speaker 1: allowing in the streets. Plus the Uvaldi, Texas school police 10 00:00:32,360 --> 00:00:34,919 Speaker 1: chief has been fired. I'm Michael bar Or a hand 11 00:00:34,960 --> 00:00:37,320 Speaker 1: I'm John stash Shower in sports, a long time giant 12 00:00:37,320 --> 00:00:40,360 Speaker 1: back at practice the Mets, but get a homestand against Colorado. 13 00:00:40,440 --> 00:00:44,919 Speaker 1: The Yankees start a road trip in Oakland. That's all 14 00:00:45,040 --> 00:00:48,800 Speaker 1: training ahead on Bloomberg Daybreak on Bloomberg eleven, Free on 15 00:00:48,880 --> 00:00:53,320 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh 16 00:00:53,360 --> 00:00:57,960 Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x 17 00:00:58,080 --> 00:01:00,280 Speaker 1: M one nine Team and around the world Old on 18 00:01:00,400 --> 00:01:03,720 Speaker 1: Bloomberg Radio dot Com and by the Bloomberg Business app 19 00:01:07,600 --> 00:01:10,440 Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow and 20 00:01:10,560 --> 00:01:13,479 Speaker 1: US stock index futures are higher this morning. We're coming 21 00:01:13,560 --> 00:01:15,039 Speaker 1: up to five o one on Wall Street, and we 22 00:01:15,120 --> 00:01:17,680 Speaker 1: checked the markets every fifteen minutes throughout the trading day. 23 00:01:17,760 --> 00:01:20,880 Speaker 1: On bloomberg SMP futures up thirty six points this morning, 24 00:01:20,920 --> 00:01:23,760 Speaker 1: DAL futures have two hundred eight and Nazzack futures have 25 00:01:23,920 --> 00:01:27,000 Speaker 1: one hundred thirty. Ten year treasury up five thirty seconds, 26 00:01:27,040 --> 00:01:29,720 Speaker 1: yield three point oh eight percent and a yield on 27 00:01:29,760 --> 00:01:33,160 Speaker 1: the two year three point three five percent. Nathan, Karen, 28 00:01:33,240 --> 00:01:35,319 Speaker 1: it is the event Wall Street has been waiting for 29 00:01:35,360 --> 00:01:39,320 Speaker 1: all week. The Federal Reserves Annual Jackson Hole Economic Symposium 30 00:01:39,400 --> 00:01:42,720 Speaker 1: kicks off today. Bloomberg's Tom Keane is in Jackson Hole 31 00:01:42,800 --> 00:01:46,880 Speaker 1: covering it for us. Nathan and Karen hugely anticipated Jackson Hole. 32 00:01:46,959 --> 00:01:49,520 Speaker 1: Some of them have been really pretty quiet. But we 33 00:01:49,560 --> 00:01:53,200 Speaker 1: look out today and into the chairman speech Friday, and 34 00:01:53,280 --> 00:01:56,080 Speaker 1: we can say this time is different. We've got markets 35 00:01:56,120 --> 00:01:58,360 Speaker 1: on the move, we've got foreign exchange in the move, 36 00:01:58,760 --> 00:02:02,960 Speaker 1: but far more we got this huge transatlantic divide, the 37 00:02:03,000 --> 00:02:07,080 Speaker 1: difference in the economies of Europe and a beleaguer United 38 00:02:07,200 --> 00:02:11,400 Speaker 1: Kingdom and a relatively strong United States. All right, Tom, 39 00:02:11,400 --> 00:02:13,200 Speaker 1: thank you. Please stick with Tom Keene and the rest 40 00:02:13,280 --> 00:02:15,720 Speaker 1: of the Bloomberg team for complete live coverage of the 41 00:02:15,800 --> 00:02:19,720 Speaker 1: Jackson Hole Symposium. Tom, along with Lisa Ramowitz and Jonathan Farroll, 42 00:02:19,840 --> 00:02:23,000 Speaker 1: will have a special edition of Bloomberg Surveillance beginning at 43 00:02:23,040 --> 00:02:26,600 Speaker 1: seven am on both Bloomberg Radio and television. Well, Nathan, 44 00:02:26,600 --> 00:02:29,160 Speaker 1: has Tom mentioned The key event at Jackson Hole takes 45 00:02:29,160 --> 00:02:32,200 Speaker 1: place tomorrow when Fed Jeerman J. Powell delivers a highly 46 00:02:32,240 --> 00:02:36,560 Speaker 1: anticipated speech. Charles Schwam, Chief investment strategist Liza Anne Saunders 47 00:02:36,800 --> 00:02:39,400 Speaker 1: does not think the FED will change course and pivot 48 00:02:39,440 --> 00:02:43,280 Speaker 1: to cutting rates. In my mind, the only condition under 49 00:02:43,320 --> 00:02:45,799 Speaker 1: which the FED would so quickly move to a rate 50 00:02:45,840 --> 00:02:48,800 Speaker 1: cutting mode would not just be a retreat and inflation. 51 00:02:49,160 --> 00:02:51,400 Speaker 1: I think that would damage their credibility if they went 52 00:02:51,440 --> 00:02:54,440 Speaker 1: to rate cutting simply because inflation has started to come down, 53 00:02:55,080 --> 00:02:58,680 Speaker 1: that would only, I think, be preceded by a much 54 00:02:58,960 --> 00:03:01,840 Speaker 1: more significant worse in the economy than what we already 55 00:03:01,880 --> 00:03:05,360 Speaker 1: have here, and or a much more significant ortioning in 56 00:03:05,440 --> 00:03:08,720 Speaker 1: the label market. And Charles Schwab, Chief investment strategist LUs 57 00:03:08,760 --> 00:03:12,160 Speaker 1: Anne Saunders says she could see the FED pivoting to slower, 58 00:03:12,400 --> 00:03:15,760 Speaker 1: slow rate hikes rather than rate cuts. As you mentioned, Karen, 59 00:03:15,840 --> 00:03:18,640 Speaker 1: US futures are higher ahead of Jackson Hole. In Asia, 60 00:03:18,760 --> 00:03:21,239 Speaker 1: stocks rose for the first time in six sessions as 61 00:03:21,240 --> 00:03:24,320 Speaker 1: investors welcome to NEXTRA hundred forty six billion dollars worth 62 00:03:24,360 --> 00:03:27,640 Speaker 1: of pledge stimulus from Chinese authorities. Let's get the recap 63 00:03:27,680 --> 00:03:31,160 Speaker 1: from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning, 64 00:03:31,200 --> 00:03:33,880 Speaker 1: Karen and Nathan. The m CI Asia Pacific Index jumped 65 00:03:33,880 --> 00:03:36,560 Speaker 1: the most in two weeks, driven by games across the region, 66 00:03:36,600 --> 00:03:39,800 Speaker 1: including in Japan, China, Hong Kong, and South Korea. Trade 67 00:03:39,800 --> 00:03:41,920 Speaker 1: in Hong Kong was shotted in the morning session due 68 00:03:41,960 --> 00:03:44,240 Speaker 1: to a storm morning, but equities jumped the most in 69 00:03:44,320 --> 00:03:46,600 Speaker 1: two weeks in the afternoon session on the back of 70 00:03:46,640 --> 00:03:49,840 Speaker 1: the China stimulus announcement. The Alsie also roses trade has 71 00:03:49,880 --> 00:03:52,960 Speaker 1: met the stimulus would boost demand for commodities in Singapore. 72 00:03:53,040 --> 00:03:56,200 Speaker 1: Juliette Sally Bloomberg daybreak right. Juliette thanked you a couple 73 00:03:56,240 --> 00:03:58,000 Speaker 1: of stocks you're in the US on the move, and 74 00:03:58,040 --> 00:04:00,640 Speaker 1: the pre market shares of end Video down three first cent. 75 00:04:00,640 --> 00:04:03,680 Speaker 1: The chipmaker gave a disappointing forecast for the current quarter. 76 00:04:03,800 --> 00:04:06,680 Speaker 1: We get the details from Bloomberg's Doug Christner. Just two 77 00:04:06,720 --> 00:04:09,760 Speaker 1: weeks ago, in Video warned sales for its recent quarter 78 00:04:09,800 --> 00:04:12,880 Speaker 1: would come in well below original expectations. A drop in 79 00:04:12,960 --> 00:04:15,880 Speaker 1: demand for PC gaming chips got the blame, along with 80 00:04:16,279 --> 00:04:19,799 Speaker 1: challenging market conditions. Well now, guidance for the current quarters 81 00:04:19,839 --> 00:04:22,680 Speaker 1: suggest the slump is going to last. For Q three, 82 00:04:22,720 --> 00:04:25,960 Speaker 1: revenue will be about five point nine billion dollars, roughly 83 00:04:26,000 --> 00:04:29,000 Speaker 1: a billion below the average analyst estimate, and Video is 84 00:04:29,040 --> 00:04:33,279 Speaker 1: contending with a rapid shift from supply shortages to ballooning 85 00:04:33,320 --> 00:04:36,680 Speaker 1: stockpiles of unsold products in New York. On Doug Christner 86 00:04:36,680 --> 00:04:39,200 Speaker 1: Bloomberg Daybreak, All right, Doug, thanks down the flip side. 87 00:04:39,200 --> 00:04:43,159 Speaker 1: Shares of Snowflake are surging. They're up almost eighteen per cent. 88 00:04:43,400 --> 00:04:46,000 Speaker 1: Let's get the reason live from Bloomberg's or Needy Young. 89 00:04:46,000 --> 00:04:48,799 Speaker 1: Good morning, Grenita, Good morning Nathan. The company which helps 90 00:04:48,839 --> 00:04:52,760 Speaker 1: businesses organized data in the cloud, projected quarterly products sales 91 00:04:52,800 --> 00:04:56,440 Speaker 1: that will top estimates. Snowflake charges customers based on how 92 00:04:56,520 --> 00:04:59,800 Speaker 1: much they use its data storage and analytics products rather 93 00:05:00,000 --> 00:05:02,920 Speaker 1: and charging a flat rate subscription. Now, you may recall 94 00:05:03,040 --> 00:05:06,800 Speaker 1: Snowflake rose to prominence in September with one of the 95 00:05:06,800 --> 00:05:09,840 Speaker 1: biggest U s I p o s for a software company, 96 00:05:10,160 --> 00:05:12,840 Speaker 1: but ever since reaching a record share price of almost 97 00:05:12,839 --> 00:05:16,320 Speaker 1: four and two dollars in November, the stock has tumbled 98 00:05:16,360 --> 00:05:20,760 Speaker 1: six Live in Washington, I'm reading a young Bloomberg Daybreak, 99 00:05:21,120 --> 00:05:23,039 Speaker 1: reny to thank you well. Shares a test slap two 100 00:05:23,040 --> 00:05:25,000 Speaker 1: percent in early trading, and we get the reason why 101 00:05:25,080 --> 00:05:28,760 Speaker 1: from bloombergs Jeff Bellinger. Three for one split of Tesla 102 00:05:28,839 --> 00:05:32,039 Speaker 1: stock went into effect after the markets closed yesterday. The 103 00:05:32,080 --> 00:05:36,080 Speaker 1: split adjusted shares begin trading today. Tesla said when it 104 00:05:36,160 --> 00:05:38,400 Speaker 1: proposed the split that it wanted to be able to 105 00:05:38,480 --> 00:05:41,960 Speaker 1: offer equity options to every employee, but stock in the 106 00:05:42,000 --> 00:05:45,279 Speaker 1: electric vehicle maker will also be more affordable for retail 107 00:05:45,360 --> 00:05:49,440 Speaker 1: investors looking to buy individual shares. Employees who are invested 108 00:05:49,480 --> 00:05:52,359 Speaker 1: in the company stand to benefit if new investors pushed 109 00:05:52,400 --> 00:05:56,320 Speaker 1: the stock higher. Jeff Bellinger, Bloomberg Daybreak, All right, Jeff, thanks, 110 00:05:56,360 --> 00:05:58,560 Speaker 1: let's start to Washington now. Our President Biden's made his 111 00:05:58,640 --> 00:06:01,760 Speaker 1: long awaited announcement on student loan forgiveness. He's canceling ten 112 00:06:01,800 --> 00:06:03,920 Speaker 1: thousand dollars in college debt for Americans who were in 113 00:06:03,960 --> 00:06:06,599 Speaker 1: less than a hundred twenty five thousand, twenty thousand if 114 00:06:06,640 --> 00:06:08,799 Speaker 1: they received a pell grand and he's extending the pause 115 00:06:08,880 --> 00:06:11,279 Speaker 1: on repayments through the end of the year, capping those 116 00:06:11,320 --> 00:06:14,480 Speaker 1: payments at five percent of monthly income. All this meets 117 00:06:14,560 --> 00:06:17,760 Speaker 1: people can start finally crawl off from under that mountain 118 00:06:17,760 --> 00:06:20,440 Speaker 1: of debt again, on top of the rent and the 119 00:06:20,600 --> 00:06:25,040 Speaker 1: utilities by President Biden's movies already adding to concerns about inflation. 120 00:06:25,160 --> 00:06:28,120 Speaker 1: Rick Davis, as a contributor for Bloomberg Politics, it just 121 00:06:28,160 --> 00:06:31,120 Speaker 1: took a year for Biden to pass the Inflation Reduction Act, 122 00:06:31,160 --> 00:06:34,080 Speaker 1: which which reduced the national debt by just under three 123 00:06:34,120 --> 00:06:37,920 Speaker 1: hundred billion dollars. He just added five hundred billion dollars, 124 00:06:37,960 --> 00:06:42,680 Speaker 1: including the extension, maybe even more UH to replace that. 125 00:06:42,880 --> 00:06:46,440 Speaker 1: Bloomberg Politics contributor Rick Davis spoke with our Washington correspondent 126 00:06:46,520 --> 00:06:48,760 Speaker 1: Joe Matthew on Bloomberg Sound On. You can catch the 127 00:06:48,800 --> 00:06:52,480 Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio. And again, 128 00:06:52,560 --> 00:06:55,560 Speaker 1: futures are higher this morning. S and P futures are 129 00:06:55,640 --> 00:06:58,160 Speaker 1: up thirty five points down futures up a hundred nine 130 00:06:58,360 --> 00:07:02,360 Speaker 1: nine and nastagg futures have nine that's up about one percent. 131 00:07:02,680 --> 00:07:05,440 Speaker 1: The decks in Germany is up sixtensive up percent, and 132 00:07:05,480 --> 00:07:09,480 Speaker 1: the tenure treasuries up six thirty seconds three point eight percent. 133 00:07:09,560 --> 00:07:12,400 Speaker 1: They yield on the two year three point three five percent. 134 00:07:12,720 --> 00:07:15,160 Speaker 1: Traight ahead. Relate us to local headlines plus the check 135 00:07:15,200 --> 00:07:23,600 Speaker 1: of sports. And this is Bloomberg I, Karen, thank you. 136 00:07:23,600 --> 00:07:25,680 Speaker 1: It's five oh seven on Wall Street, worth seventy four 137 00:07:25,720 --> 00:07:28,200 Speaker 1: degrees in Central Park. Utson delays getting to the upper 138 00:07:28,280 --> 00:07:31,600 Speaker 1: level of George Washington Bridge from the crossbox in late construction. 139 00:07:31,920 --> 00:07:34,560 Speaker 1: We'll get to the details in traffic first. Michael Barr 140 00:07:34,680 --> 00:07:36,320 Speaker 1: with what else is going on in New York and 141 00:07:36,440 --> 00:07:38,760 Speaker 1: around the world. Good morning, Michael, Good morning Nathan. The 142 00:07:38,880 --> 00:07:42,720 Speaker 1: MTA will hold a meeting today about congestion pricing. The 143 00:07:42,760 --> 00:07:45,680 Speaker 1: public will get a chance to speak about the controversial plan. 144 00:07:46,040 --> 00:07:49,160 Speaker 1: Some drivers could see up to twenty three dollars every 145 00:07:49,160 --> 00:07:52,400 Speaker 1: time they drive into certain parts of Manhattan. The NYPD 146 00:07:52,720 --> 00:07:55,960 Speaker 1: ordered officers to stop unnecessary chatting while on the job. 147 00:07:56,480 --> 00:07:58,720 Speaker 1: The New York Post reports the orders came from a 148 00:07:58,720 --> 00:08:02,840 Speaker 1: department wide memo. Several weeks ago, Mayor Eric Adams was 149 00:08:02,920 --> 00:08:07,480 Speaker 1: recorded criticizing officers were standing around talking while working. Adam 150 00:08:07,560 --> 00:08:10,640 Speaker 1: said they should spread out for better coverage. The school 151 00:08:10,640 --> 00:08:13,800 Speaker 1: district police chief in Evaldi, Texas was fired last night. 152 00:08:14,120 --> 00:08:17,320 Speaker 1: The school board voted unanimously to release police Chief p 153 00:08:17,440 --> 00:08:21,280 Speaker 1: DA Redondo. The motion was introduced by Trustee Laura Perez 154 00:08:21,400 --> 00:08:25,200 Speaker 1: and received unanimous support. Finally, I moved to authorize the 155 00:08:25,280 --> 00:08:30,000 Speaker 1: superintendent to issue written notice to Mr. Rodondo of this 156 00:08:30,120 --> 00:08:36,319 Speaker 1: board action, including filing any needed reports required by the termination. 157 00:08:36,920 --> 00:08:41,040 Speaker 1: Trustee Laura Perez and community members slammed Eredondo for what 158 00:08:41,120 --> 00:08:44,199 Speaker 1: they said was this slow response and all the children 159 00:08:44,240 --> 00:08:47,040 Speaker 1: who died as a result of the mass shooting. The 160 00:08:47,080 --> 00:08:50,400 Speaker 1: widow of the late Kobe Bryant has been awarded sixteen 161 00:08:50,400 --> 00:08:53,640 Speaker 1: million dollars in a lawsuit against Los Angeles County. Vanessa 162 00:08:53,679 --> 00:08:56,360 Speaker 1: Bryant had sued the county after pictures taken by a 163 00:08:56,440 --> 00:09:00,960 Speaker 1: sheriff's deputy and firefighter at the Kobe Bryant helicopter crash 164 00:09:01,040 --> 00:09:04,040 Speaker 1: site was shared with a number of people. The Biden 165 00:09:04,080 --> 00:09:08,199 Speaker 1: administration has one in Idaho judges order ensuring women abortions 166 00:09:08,200 --> 00:09:12,080 Speaker 1: in medical emergencies. More from Bloomberg's and Baxter. The Idaho 167 00:09:12,160 --> 00:09:14,040 Speaker 1: law had to find the right to abortion to a 168 00:09:14,080 --> 00:09:17,160 Speaker 1: woman whose life was in danger. The judge ruled it 169 00:09:17,200 --> 00:09:19,920 Speaker 1: too narrow and then ruled that there would be no 170 00:09:20,000 --> 00:09:24,960 Speaker 1: prosecution of doctors who perform abortions in an emergency. Now, 171 00:09:25,040 --> 00:09:28,480 Speaker 1: just yesterday, a Texas judge ruled the other way. The 172 00:09:28,559 --> 00:09:32,679 Speaker 1: conflicting ruling show the patchwork of abortion laws on the books, 173 00:09:32,679 --> 00:09:35,640 Speaker 1: but it does give the bind administration some precedent to 174 00:09:35,720 --> 00:09:39,920 Speaker 1: continue to pursue cases in San Francisco. I'm at Baxter, 175 00:09:40,000 --> 00:09:42,880 Speaker 1: Bloomberg Gay Break Global News twenty four hours a day 176 00:09:43,000 --> 00:09:45,559 Speaker 1: on air and on Bloomberg Quick Take, powered by more 177 00:09:45,640 --> 00:09:48,120 Speaker 1: than twenty seven hundred journalists and analysts more than a 178 00:09:48,160 --> 00:09:51,880 Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, Nathan. 179 00:09:51,960 --> 00:09:58,640 Speaker 1: Thank you, Michael five O nine on Wall Street Time 180 00:09:58,640 --> 00:10:01,600 Speaker 1: for the Bloomberg Sports I've taken ring Johnson Horney Nathan 181 00:10:01,679 --> 00:10:03,640 Speaker 1: Well earned days off for the Mets and the Yankees 182 00:10:03,679 --> 00:10:06,000 Speaker 1: back tonight. Metal of Jacob de Graham on the Mount 183 00:10:06,040 --> 00:10:08,720 Speaker 1: at City Phil against Colorado. Start of a ten game 184 00:10:08,760 --> 00:10:11,240 Speaker 1: Rome stand with the Dodgers in Washington to follow the 185 00:10:11,320 --> 00:10:14,959 Speaker 1: Atlanta Braves one again fourteen to two in Pittsburgh. The 186 00:10:15,000 --> 00:10:17,040 Speaker 1: Braves were only a game and a half behind the Mets. 187 00:10:17,160 --> 00:10:19,600 Speaker 1: Yankees are tonight in Oakland. That's a team that is 188 00:10:19,640 --> 00:10:21,920 Speaker 1: twenty and forty one at home. Yankes have won three 189 00:10:21,920 --> 00:10:23,959 Speaker 1: in a row. While was the same score of four 190 00:10:24,040 --> 00:10:26,679 Speaker 1: to two. The Giants just lost a wide receiver and 191 00:10:26,800 --> 00:10:29,560 Speaker 1: got one back. Colin Johnson look good in the two 192 00:10:29,640 --> 00:10:31,839 Speaker 1: preseason games. He had eleven catchers, but he just tore 193 00:10:31,880 --> 00:10:35,640 Speaker 1: his achilles in practice, just as Sterling Shepherd, entering his 194 00:10:35,760 --> 00:10:38,440 Speaker 1: seventh season with the Giants, made his first appearance at 195 00:10:38,480 --> 00:10:42,000 Speaker 1: practice back from his achilles injury suffered late last season. 196 00:10:42,040 --> 00:10:45,319 Speaker 1: Giants and Jets had their annual preseason games Sunday afternoon, 197 00:10:45,720 --> 00:10:48,480 Speaker 1: had MetLife. NFL Hall of Famer Lynn Dawson has died 198 00:10:48,520 --> 00:10:51,680 Speaker 1: at eight seven, quarterback Kansas City to an upset winning 199 00:10:51,760 --> 00:10:55,640 Speaker 1: Super Bowl four. PGA Tour. Responding to players leaving for 200 00:10:55,679 --> 00:10:58,560 Speaker 1: the new Live Tour with new policies and initiative, more 201 00:10:58,679 --> 00:11:01,440 Speaker 1: bigger events to commit and from top players to play 202 00:11:01,480 --> 00:11:04,199 Speaker 1: in them, and more prize money at those events, the 203 00:11:04,240 --> 00:11:07,360 Speaker 1: commissioners Jay Monahan, this is a remarkable time for the Tour. 204 00:11:08,200 --> 00:11:11,960 Speaker 1: We have and always will be the ultimate platform for 205 00:11:12,000 --> 00:11:15,000 Speaker 1: a player who wants to compete for the trophies and 206 00:11:15,040 --> 00:11:18,600 Speaker 1: the titles that matter most. To now have our top 207 00:11:18,640 --> 00:11:22,600 Speaker 1: players rally around this organization and commit to a portfolio 208 00:11:22,640 --> 00:11:25,440 Speaker 1: of tournaments like never before. No lack of prize money 209 00:11:25,480 --> 00:11:27,880 Speaker 1: on the line this weekend. At the Seasoning Torch Championship 210 00:11:27,920 --> 00:11:30,360 Speaker 1: that teas opt today in Atlanta, the winner wins eighteen 211 00:11:30,440 --> 00:11:34,320 Speaker 1: million dollars. John Staward Bloomberg Sports Nathan, thank you John 212 00:11:34,400 --> 00:11:37,640 Speaker 1: SMP futures are moving on up up thirty three points 213 00:11:37,720 --> 00:11:39,640 Speaker 1: right now. Death Future is up a hundred eighty four 214 00:11:39,720 --> 00:11:42,839 Speaker 1: Nasdack futures on the rise by a hundred twenty points ten. 215 00:11:42,920 --> 00:11:45,920 Speaker 1: Your treasury is up six thirty seconds. The yield close 216 00:11:46,000 --> 00:11:48,560 Speaker 1: to three point zero eight percent. Yield on the two 217 00:11:48,640 --> 00:11:51,920 Speaker 1: year three point three five percent. Some big moves in 218 00:11:52,120 --> 00:11:56,080 Speaker 1: stocks and treasuries ahead of the Jackson Whole Symposium kicking 219 00:11:56,080 --> 00:11:59,840 Speaker 1: off later this morning. We get a preview next with Jennifer, 220 00:12:00,040 --> 00:12:04,560 Speaker 1: the senior economists at BEMO Capital Markets. This is Bloomberg 221 00:12:07,360 --> 00:12:10,360 Speaker 1: flo three oh weather, sunny near ninety today, opper eighties 222 00:12:10,400 --> 00:12:13,520 Speaker 1: tomorrow with a chance for a light day shower, a thunderstorm, sunshine, 223 00:12:13,520 --> 00:12:15,800 Speaker 1: opper eighties for Saturday will be in the mid eighties 224 00:12:15,840 --> 00:12:22,600 Speaker 1: by Sunday. Right now seventy four degrees in Central Park markets. 225 00:12:22,720 --> 00:12:25,760 Speaker 1: Headlines and breaking news twenty four hours a day at 226 00:12:25,800 --> 00:12:29,199 Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg 227 00:12:29,280 --> 00:12:38,400 Speaker 1: Quick Take. This is a Bloomberg Business lash and I'm Karen. 228 00:12:38,480 --> 00:12:42,080 Speaker 1: Moscow songs are rising as China's massive stimulus and better 229 00:12:42,120 --> 00:12:45,440 Speaker 1: than expected economic data from Germany steady. Some nerves in 230 00:12:45,440 --> 00:12:48,040 Speaker 1: the anxious way for a key speech by Federal Reserve 231 00:12:48,120 --> 00:12:50,960 Speaker 1: Chair your own Powell. Treasury yields in the dollar gage 232 00:12:51,040 --> 00:12:53,400 Speaker 1: or dipping. We checked the markets every fifteen minutes throughout 233 00:12:53,400 --> 00:12:56,679 Speaker 1: the trading day. On Bloomberg, SNP futures up twenty nine 234 00:12:56,720 --> 00:12:59,400 Speaker 1: points down futures have a hundred fifty eight and nasday 235 00:12:59,480 --> 00:13:02,760 Speaker 1: futures have one the decks in Germany's up four tenths 236 00:13:02,760 --> 00:13:05,320 Speaker 1: of upper cent, the ten year treasury up seven thirty seconds. 237 00:13:05,320 --> 00:13:07,800 Speaker 1: He'll three point oh seven percent, yield on the two 238 00:13:07,880 --> 00:13:11,120 Speaker 1: year three point three four percent. Nine max screwed oil 239 00:13:11,240 --> 00:13:12,920 Speaker 1: is up a quarter per cent or twenty six cents, 240 00:13:12,920 --> 00:13:16,160 Speaker 1: and nine fifteen cents of barrel comex called up nine 241 00:13:16,160 --> 00:13:18,679 Speaker 1: tenths per cent or fifteen dollars fifty cents is seventeen 242 00:13:18,760 --> 00:13:22,400 Speaker 1: seventy seven. Announced the euro one point zero zero zero 243 00:13:22,600 --> 00:13:25,480 Speaker 1: nine against the dollar, British pound one five four and 244 00:13:25,520 --> 00:13:28,400 Speaker 1: the yen one thirty six point four two and bitcoin 245 00:13:28,520 --> 00:13:30,640 Speaker 1: this morning lower down a tenth of a percent at 246 00:13:30,640 --> 00:13:33,920 Speaker 1: twenty one thousand, six hundred sixty dollars. That's a Bloomberg 247 00:13:33,920 --> 00:13:36,400 Speaker 1: business flash. Now here's Michael Barr with more on what's 248 00:13:36,400 --> 00:13:39,200 Speaker 1: going on around the world. Muchel, Good morning, Good morning, Karen. 249 00:13:39,320 --> 00:13:42,840 Speaker 1: Reaction to President Biden's announcement of ten thousand dollars in 250 00:13:42,880 --> 00:13:47,360 Speaker 1: student loan forgiveness. Some expected more debt cancelation. Others called 251 00:13:47,400 --> 00:13:51,200 Speaker 1: it another handout adding to the country's deficit woes. Sent 252 00:13:51,320 --> 00:13:53,400 Speaker 1: it to Mitch McConnell called it a slap of the 253 00:13:53,440 --> 00:13:57,080 Speaker 1: face to every family who sacrifice to save for college, 254 00:13:57,080 --> 00:14:00,600 Speaker 1: every graduate who paid their debt. Russian this will strike 255 00:14:00,679 --> 00:14:03,320 Speaker 1: in Ukraine killed at least twenty two people on the 256 00:14:03,440 --> 00:14:06,240 Speaker 1: day that the nation was celebrating thirty one years of 257 00:14:06,280 --> 00:14:09,680 Speaker 1: independence from the old Soviet Union. In baseball, the Red 258 00:14:09,720 --> 00:14:13,680 Speaker 1: Sox and Orioles lost the Nationals, one, the A's beat 259 00:14:13,720 --> 00:14:16,960 Speaker 1: the Marlins in ten innings, three to the Giants lost. 260 00:14:17,240 --> 00:14:20,000 Speaker 1: Global news twenty four hours a day on air and 261 00:14:20,200 --> 00:14:23,200 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 262 00:14:23,280 --> 00:14:25,960 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 263 00:14:26,240 --> 00:14:29,640 Speaker 1: Michael Barrn, This is Bloomberg. Nathan alright, Michael, thank you. 264 00:14:29,680 --> 00:14:31,840 Speaker 1: It is five nineteen on Wall Street Life from the 265 00:14:31,880 --> 00:14:36,960 Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on Thursday, August, 266 00:14:37,640 --> 00:14:41,000 Speaker 1: day one of the Jackson Whole Economic Symposium. It is 267 00:14:41,040 --> 00:14:43,560 Speaker 1: finally upon us. It's got a preview now. Jennifer Lee 268 00:14:43,640 --> 00:14:47,240 Speaker 1: joins as senior economist at BMO Capital Markets. Jen it's 269 00:14:47,280 --> 00:14:49,240 Speaker 1: great to speak with you this morning. We've been sort 270 00:14:49,280 --> 00:14:53,120 Speaker 1: of counting down the days until the kickoff of this 271 00:14:53,320 --> 00:14:56,000 Speaker 1: Federal Reserve event. I'm trying to think back to whether 272 00:14:56,040 --> 00:14:59,360 Speaker 1: there's been this much anticipation for a Jackson Hole. Has there? 273 00:15:00,240 --> 00:15:03,480 Speaker 1: I think there is always uh, this this event is 274 00:15:03,600 --> 00:15:06,520 Speaker 1: always highly anticipated to you know that something will happen 275 00:15:07,160 --> 00:15:10,400 Speaker 1: um this year. You know, I think I might be wrong. 276 00:15:10,440 --> 00:15:12,960 Speaker 1: You know I've happened before, but you know, I don't 277 00:15:13,080 --> 00:15:15,720 Speaker 1: know how he can change his tone too much from 278 00:15:15,720 --> 00:15:18,640 Speaker 1: what he has already been saying. Um. You know in 279 00:15:18,880 --> 00:15:20,880 Speaker 1: the past few months. You know, I think there's so 280 00:15:20,960 --> 00:15:23,160 Speaker 1: so much debate right now about how devinsh she could 281 00:15:23,160 --> 00:15:25,040 Speaker 1: possibly be, and at the same time it's also to 282 00:15:25,040 --> 00:15:26,760 Speaker 1: be about how Hawk and she could be. So you know, 283 00:15:26,800 --> 00:15:29,560 Speaker 1: it's it's basically playing both sides right now. I think 284 00:15:29,600 --> 00:15:33,720 Speaker 1: he's going to say, um, say on the Hawk is track. 285 00:15:33,880 --> 00:15:37,160 Speaker 1: I don't know why he would change his tone so quickly. Yes, 286 00:15:37,200 --> 00:15:41,080 Speaker 1: we've had some weaker you know, economic um data, especially 287 00:15:41,160 --> 00:15:44,000 Speaker 1: on the housing front. We finally saw some pullback on 288 00:15:44,080 --> 00:15:46,440 Speaker 1: the headline inflation. But you know it's going to be far, 289 00:15:46,520 --> 00:15:49,840 Speaker 1: far too soon to ring the Dovish spell. Well, what 290 00:15:50,040 --> 00:15:52,600 Speaker 1: do you think the FED needs to see to ring 291 00:15:52,640 --> 00:15:55,560 Speaker 1: that dovish Belgian? I think it has to be a 292 00:15:55,600 --> 00:15:57,640 Speaker 1: few months, at least a few months, you know, like 293 00:15:57,680 --> 00:16:00,520 Speaker 1: the one of the quotes that there is that officials 294 00:16:00,520 --> 00:16:03,960 Speaker 1: have been saying, you know, it's um need more compelling evidence. Um. 295 00:16:04,040 --> 00:16:07,000 Speaker 1: Someone said last week it's way too soon to ring 296 00:16:07,080 --> 00:16:09,440 Speaker 1: the victory bell or to do a victory dance. You know, 297 00:16:09,480 --> 00:16:11,840 Speaker 1: you need to see at least a few months of 298 00:16:11,920 --> 00:16:15,560 Speaker 1: cooler economic or cooler inflation readings for sure, not just 299 00:16:15,600 --> 00:16:17,800 Speaker 1: on the headline, but on and but on the core 300 00:16:17,840 --> 00:16:20,520 Speaker 1: reading as well. You know the fact that energy prices 301 00:16:20,560 --> 00:16:23,840 Speaker 1: have pulled back, you know, um, maybe not this morning, 302 00:16:23,880 --> 00:16:25,400 Speaker 1: but you know we're now we're funning back below a 303 00:16:25,440 --> 00:16:28,120 Speaker 1: hundred dollars. I think it is important that as all 304 00:16:28,120 --> 00:16:30,640 Speaker 1: as they stay down there, that will certainly help. But 305 00:16:30,760 --> 00:16:33,360 Speaker 1: again you're gonna have to see um at least a 306 00:16:33,360 --> 00:16:37,560 Speaker 1: few months at least of cooler cool inflation readings UM 307 00:16:37,680 --> 00:16:39,360 Speaker 1: before and of course, you know, more pulled back on 308 00:16:39,400 --> 00:16:42,200 Speaker 1: the consumer spending front before they can you know, UM 309 00:16:42,280 --> 00:16:44,480 Speaker 1: following breathe a little bit easier and when I say, 310 00:16:44,560 --> 00:16:47,760 Speaker 1: becoming a little bit you know, UM less pulling back, 311 00:16:47,840 --> 00:16:50,080 Speaker 1: you know, instead of doing seventy five basis point rate heights, 312 00:16:50,360 --> 00:16:53,360 Speaker 1: you know, seeing more um UM smaller numbers, like smaller 313 00:16:53,360 --> 00:16:55,920 Speaker 1: increases like fifties. So we're looking for two more rate 314 00:16:56,000 --> 00:16:58,800 Speaker 1: hikes this year, UM sorry, at the next two meetings, 315 00:16:58,840 --> 00:17:01,520 Speaker 1: fifty basis points each and then capping it off with 316 00:17:01,520 --> 00:17:05,840 Speaker 1: a point in December. Since you brought up energy prices, 317 00:17:05,880 --> 00:17:08,119 Speaker 1: that's one of those factors that the FED doesn't have 318 00:17:08,160 --> 00:17:09,960 Speaker 1: a whole lot of control over when it comes to 319 00:17:10,040 --> 00:17:12,920 Speaker 1: raining in inflation. Do you expect any kind of commentary 320 00:17:13,200 --> 00:17:16,679 Speaker 1: on what the FED can do as far as getting 321 00:17:16,680 --> 00:17:21,960 Speaker 1: a handle on inflation outside the core they he's going 322 00:17:22,000 --> 00:17:23,880 Speaker 1: to say that, you know that. You know that volunteer 323 00:17:23,880 --> 00:17:26,520 Speaker 1: policy can only affect the demand side by in terms 324 00:17:26,560 --> 00:17:29,520 Speaker 1: of the energy front, especially given you know what the 325 00:17:29,680 --> 00:17:33,520 Speaker 1: the ongoing um, the battle in you know, in Russia 326 00:17:33,560 --> 00:17:35,600 Speaker 1: and Ukraine. There's not much, as these point out, that 327 00:17:35,680 --> 00:17:39,040 Speaker 1: he can do. But when it does fall, um, it 328 00:17:39,119 --> 00:17:42,959 Speaker 1: does have um reverberating effects I guess on other areas. 329 00:17:43,080 --> 00:17:46,719 Speaker 1: You know, gasoline prices will feel the positive impact from that, 330 00:17:46,760 --> 00:17:49,439 Speaker 1: and that will ultimately help consumer spending as well, So 331 00:17:49,480 --> 00:17:51,480 Speaker 1: that helps saften the blow. So at least, you know, 332 00:17:51,520 --> 00:17:53,280 Speaker 1: we can't have it both ways. We can't say that 333 00:17:53,359 --> 00:17:55,080 Speaker 1: they're going to be pulling back and becoming a little 334 00:17:55,080 --> 00:17:57,480 Speaker 1: bit more dublish. But at the same time worried, worry 335 00:17:57,520 --> 00:18:00,760 Speaker 1: about recession. I mean, he has to um, you know, 336 00:18:00,800 --> 00:18:03,560 Speaker 1: we the fact that energe prices are coming down will 337 00:18:03,600 --> 00:18:07,320 Speaker 1: help again, you know, consumers, consumer pockets, consumers spending, and 338 00:18:07,359 --> 00:18:09,760 Speaker 1: that will helps off of the blow for the economy itself. 339 00:18:09,760 --> 00:18:12,800 Speaker 1: So we won't see that big hard recession that summer 340 00:18:12,840 --> 00:18:16,399 Speaker 1: calling for ahead of the symposium getting under way here, 341 00:18:16,440 --> 00:18:18,600 Speaker 1: we've seen some pretty big moves in the stock and 342 00:18:18,680 --> 00:18:21,840 Speaker 1: particularly the bond markets. How could that potentially affect what 343 00:18:21,920 --> 00:18:25,120 Speaker 1: we here this week? Um, you know this is going 344 00:18:25,400 --> 00:18:27,280 Speaker 1: this is the ongoing of all atility that we continue 345 00:18:27,280 --> 00:18:29,480 Speaker 1: to see when you know, when we see uh, you know, 346 00:18:29,560 --> 00:18:32,240 Speaker 1: weaker weaker data for example from the housing front, stronger 347 00:18:32,320 --> 00:18:35,320 Speaker 1: data from from generable goods orders for example yesterday. So 348 00:18:35,359 --> 00:18:37,000 Speaker 1: I think he's going to sort of look past all 349 00:18:37,000 --> 00:18:40,080 Speaker 1: these wiggles you know, with uh, with with with with 350 00:18:40,080 --> 00:18:42,760 Speaker 1: with both stocks and bonds and continue to focus on 351 00:18:43,160 --> 00:18:46,480 Speaker 1: the funtlemental data and again continue to look for weaker 352 00:18:46,960 --> 00:18:51,359 Speaker 1: or weaker demand and subsequently softer inflation readings. In our 353 00:18:51,440 --> 00:18:53,520 Speaker 1: last thirty seconds here, Jen, just to put you on 354 00:18:53,560 --> 00:18:55,080 Speaker 1: the spot a little bit, how long do you think 355 00:18:55,080 --> 00:18:57,760 Speaker 1: it's gonna take for the FED to get down to 356 00:18:57,840 --> 00:19:02,080 Speaker 1: the two percent inflation target? Oh? That is going to take. 357 00:19:02,119 --> 00:19:04,240 Speaker 1: I think it's going to take some time. Um, you know, 358 00:19:04,280 --> 00:19:06,639 Speaker 1: we still have we're still you know, we we've actually 359 00:19:06,720 --> 00:19:09,480 Speaker 1: been trimming our inflation forecast a little bit over the 360 00:19:09,480 --> 00:19:11,120 Speaker 1: past couple of weeks. It was something we haven't done 361 00:19:11,280 --> 00:19:13,199 Speaker 1: in quite a while, but we're looking for, you know, 362 00:19:13,240 --> 00:19:18,240 Speaker 1: around three ish UM inflation by the end of three 363 00:19:18,560 --> 00:19:21,680 Speaker 1: so probably you know, story before we start seeing um, 364 00:19:21,840 --> 00:19:24,919 Speaker 1: something that's closer to target on the inflation front. Thanks 365 00:19:24,920 --> 00:19:26,880 Speaker 1: for this, Jen, great having you on with us this morning. 366 00:19:26,960 --> 00:19:30,600 Speaker 1: Jennifer Lee, senior economists at BMO Capital Markets. Ahead of 367 00:19:30,640 --> 00:19:33,919 Speaker 1: the Jackson Whole Symposium kicking off later on this morning, 368 00:19:34,000 --> 00:19:36,439 Speaker 1: and of course FED Chairman Pale speech tomorrow at ten 369 00:19:36,520 --> 00:19:38,800 Speaker 1: am Wall Street Time. We're gonna have full coverage of 370 00:19:38,880 --> 00:19:42,439 Speaker 1: Jackson all for you, starting with Bloomberg Surveillance, a special 371 00:19:42,600 --> 00:19:46,639 Speaker 1: edition from Jackson Hole Wyoming with Tom Keene, Jonathan Faroll, 372 00:19:46,680 --> 00:19:49,160 Speaker 1: and Lisa rom Woods, kicking off right here on Bloomberg 373 00:19:49,240 --> 00:19:52,600 Speaker 1: Radio and on Bloomberg Television just after this show at 374 00:19:52,640 --> 00:19:55,920 Speaker 1: seven am Wall Street Time. SFP futures ahead of all 375 00:19:55,960 --> 00:19:58,439 Speaker 1: that up twenty seven point, Staff futures up a hundred 376 00:19:58,440 --> 00:20:02,280 Speaker 1: fifty NASTAC futures are higher by nineties seven points. This 377 00:20:02,960 --> 00:20:09,040 Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Sunny in your 378 00:20:09,119 --> 00:20:11,720 Speaker 1: ninety today, probably mostly sunny tomorrow, with a chance for 379 00:20:11,800 --> 00:20:14,560 Speaker 1: late day shower thunderstorm highs in the upper eighties will 380 00:20:14,560 --> 00:20:16,760 Speaker 1: be in the mid eighties to around ninety all weekend long. 381 00:20:16,960 --> 00:20:23,639 Speaker 1: Right now sevent in Central Park, broadcasting live from the 382 00:20:23,760 --> 00:20:27,720 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving 383 00:20:27,800 --> 00:20:32,360 Speaker 1: Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one 384 00:20:32,400 --> 00:20:35,600 Speaker 1: oh six one to San Francisco, Bloomberg nine sixty to 385 00:20:35,640 --> 00:20:38,719 Speaker 1: the Country, Sirius XM to A one nine, and around 386 00:20:38,760 --> 00:20:42,719 Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot Com. 387 00:20:42,720 --> 00:20:51,720 Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street. 388 00:20:51,720 --> 00:20:54,480 Speaker 1: Good morning, I'm Nathan Hager and I'm Karen Moscow. We 389 00:20:54,560 --> 00:20:56,720 Speaker 1: are just about four hours away from the open of 390 00:20:56,800 --> 00:20:58,480 Speaker 1: US trading. Let's get you up to date on the 391 00:20:58,480 --> 00:21:00,359 Speaker 1: news you need to know at this shower. It's the 392 00:21:00,400 --> 00:21:03,440 Speaker 1: event Wall Street has been waiting for the Federal Reserves 393 00:21:03,480 --> 00:21:08,280 Speaker 1: Annual Jackson Hole Economic Symposium, kicking off today. Bloomberg's Lisa 394 00:21:08,280 --> 00:21:11,600 Speaker 1: Abramowitz is covering it for us in Jackson Hole. Join 395 00:21:11,760 --> 00:21:14,960 Speaker 1: us at a monumental Jackson Hole Symposium hosted by the 396 00:21:15,000 --> 00:21:17,440 Speaker 1: Kansas City Federal Reserve. This is going to be one 397 00:21:17,440 --> 00:21:20,760 Speaker 1: of the most consequential meetings of FED officials as they 398 00:21:20,760 --> 00:21:24,480 Speaker 1: digest some of the changes facing the economy, facing inflation, 399 00:21:24,640 --> 00:21:27,439 Speaker 1: facing monetary policy as we know it. Some of the 400 00:21:27,440 --> 00:21:30,840 Speaker 1: big questions j Powell will be addressing include where is 401 00:21:30,880 --> 00:21:33,920 Speaker 1: the terminal rate? Where should rates end up in an 402 00:21:33,920 --> 00:21:37,520 Speaker 1: economy beset by inflation? And what should we expect an 403 00:21:37,560 --> 00:21:40,840 Speaker 1: employment market that still is strong it is showing signs 404 00:21:41,000 --> 00:21:44,720 Speaker 1: of weakening. And Lisa Abramowitz Bloomberg Day Break at lesa 405 00:21:44,720 --> 00:21:47,080 Speaker 1: thank you. I'll please stick with Bloomberg for complete live 406 00:21:47,200 --> 00:21:50,120 Speaker 1: coverage of the Jackson Hole Symposium. Lisa, along with Tom 407 00:21:50,200 --> 00:21:52,480 Speaker 1: Keene and Jonathan Farrell, will have a special edition of 408 00:21:52,560 --> 00:21:56,320 Speaker 1: Bloomberg Surveillance beginning at seven am on both Bloomberg Radio 409 00:21:56,359 --> 00:21:58,600 Speaker 1: and television, and of course, the key event, Karin is 410 00:21:58,600 --> 00:22:01,800 Speaker 1: FED Chair j Powell's highly innticipated speech tomorrow morning. Morgan 411 00:22:01,880 --> 00:22:05,000 Speaker 1: Stanley Chief investment Officer Mike Wilson tells Bloomberg he's not 412 00:22:05,040 --> 00:22:07,920 Speaker 1: too concerned if Powell signals a rate hike pivot. The 413 00:22:08,040 --> 00:22:11,960 Speaker 1: big change this time versus a prior periods when markets 414 00:22:12,000 --> 00:22:14,720 Speaker 1: got excited about a FED pivot is this time they're 415 00:22:14,720 --> 00:22:17,400 Speaker 1: not going to. So most investors I think are realistic 416 00:22:17,400 --> 00:22:20,200 Speaker 1: about the FED and inflation, but they're not realistic about 417 00:22:20,720 --> 00:22:24,359 Speaker 1: is They're not accounting for the negative operating leverage that 418 00:22:24,400 --> 00:22:27,400 Speaker 1: we're about to experience. Morgan Stanley, c i OH Mike 419 00:22:27,440 --> 00:22:29,960 Speaker 1: Wilson says he is bearish on equity markets because of 420 00:22:30,040 --> 00:22:33,840 Speaker 1: quantitative tightening. Bumall Street Nathan shares of in Video down 421 00:22:33,840 --> 00:22:36,800 Speaker 1: amost four percent in early trading after the shipmaker relation. 422 00:22:36,840 --> 00:22:39,719 Speaker 1: A week quarterly forecast, Bloomberg Ray to Young joins US 423 00:22:39,800 --> 00:22:42,399 Speaker 1: Live with the details. Good morning, ready to Good morning Karen. 424 00:22:42,440 --> 00:22:44,399 Speaker 1: It was just a couple of weeks ago that in 425 00:22:44,520 --> 00:22:48,159 Speaker 1: Video warned sales would come in well below expectations, and 426 00:22:48,320 --> 00:22:51,720 Speaker 1: yesterday it gave a disappointing forecast for the current period, 427 00:22:52,119 --> 00:22:55,680 Speaker 1: adding to signs of weakness in the semiconductor industry. Fiscal 428 00:22:55,720 --> 00:22:59,160 Speaker 1: third quarter revenue will be about five point nine billion dollars. 429 00:22:59,240 --> 00:23:02,760 Speaker 1: That's compare it with an average analyst estimate of six 430 00:23:02,800 --> 00:23:06,679 Speaker 1: point nine two billion dollars. In Video blame's declining demand 431 00:23:06,760 --> 00:23:11,360 Speaker 1: for chips used in gaming computers, citing challenging market conditions. 432 00:23:11,760 --> 00:23:14,720 Speaker 1: Live in Washington, I'm really need a Young Bloomberg Daybreak 433 00:23:14,760 --> 00:23:16,119 Speaker 1: all right, we need to thank you and shares A 434 00:23:16,200 --> 00:23:18,400 Speaker 1: Tesla could be on the move today. The company's three 435 00:23:18,440 --> 00:23:22,360 Speaker 1: for one split adjusted shares begin trading today and futures 436 00:23:22,400 --> 00:23:25,400 Speaker 1: this morning or higher. SNP futures up about twenty five 437 00:23:25,400 --> 00:23:27,440 Speaker 1: points and DOWN futures up a hundred thirty one and 438 00:23:27,520 --> 00:23:30,200 Speaker 1: nasday futures up eighty four straight To had your latest 439 00:23:30,240 --> 00:23:34,280 Speaker 1: local headlines plus to check of sports him This is Bloomberg, 440 00:23:38,080 --> 00:23:40,520 Speaker 1: Thank you, Caring three on Mall Street, seventy four degrees 441 00:23:40,520 --> 00:23:42,960 Speaker 1: in Central Park delays improving getting to the upper level 442 00:23:43,000 --> 00:23:45,080 Speaker 1: g w B. We'll tell you more in traffic. First, 443 00:23:45,160 --> 00:23:46,960 Speaker 1: Michael Barr with what else is going on in New 444 00:23:47,000 --> 00:23:49,399 Speaker 1: York and around the world. Michael, thank you very much. Nathan. 445 00:23:49,440 --> 00:23:54,280 Speaker 1: The NYPD ordered officers to stop unnecessary conversation while on 446 00:23:54,400 --> 00:23:57,320 Speaker 1: the job. The New York Post reports the orders came 447 00:23:57,400 --> 00:24:00,640 Speaker 1: from a department wide memo. Several weeks ago. Mayor Eric 448 00:24:00,680 --> 00:24:05,920 Speaker 1: Adams was recorded criticizing officers for standing around talking while working. 449 00:24:06,000 --> 00:24:09,440 Speaker 1: Adams said they should spread out for better coverage. Last night, 450 00:24:09,520 --> 00:24:13,640 Speaker 1: Mayor Adams also held a community conversation about public safety. 451 00:24:14,040 --> 00:24:18,600 Speaker 1: This city was a mess. Don't catch yourselves it wasn't you. 452 00:24:19,359 --> 00:24:24,240 Speaker 1: It was a city of just complete dysfunctionality. You couldn't 453 00:24:24,280 --> 00:24:28,240 Speaker 1: even get a inspection done in time. And the Department 454 00:24:28,240 --> 00:24:31,399 Speaker 1: of Buildings you you thought that every time someone walked 455 00:24:31,400 --> 00:24:34,399 Speaker 1: beside your small business from an agency, they came with 456 00:24:34,480 --> 00:24:37,000 Speaker 1: a fine book instead of saying how do I keep 457 00:24:37,040 --> 00:24:40,679 Speaker 1: your doors open? Mayor Adams held a meeting on Staten Island. 458 00:24:41,000 --> 00:24:44,080 Speaker 1: You've all the school district Police chief Pete Arandondo has 459 00:24:44,119 --> 00:24:48,400 Speaker 1: been fired following an investigation after the May mass shooting 460 00:24:48,440 --> 00:24:52,040 Speaker 1: at the town's rob Elementary School. The decision was announced 461 00:24:52,119 --> 00:24:54,679 Speaker 1: last night by the school board, following months of calls 462 00:24:54,760 --> 00:24:58,720 Speaker 1: for such a move. Sent A. Salazar's granddaughter, Leila, died 463 00:24:58,800 --> 00:25:02,680 Speaker 1: that day. The termin nations with lant common. I think 464 00:25:02,680 --> 00:25:06,360 Speaker 1: it should have been done immediately, but it wasn't. Took 465 00:25:06,440 --> 00:25:09,320 Speaker 1: us three months to get this done. Sante Salazar was 466 00:25:09,359 --> 00:25:12,160 Speaker 1: one of many community members who spoke before the vote 467 00:25:12,160 --> 00:25:15,560 Speaker 1: to fire at Redondo. The MTA will hold a meeting 468 00:25:15,560 --> 00:25:18,960 Speaker 1: today about congestion pricing. The public will get a chance 469 00:25:19,000 --> 00:25:22,200 Speaker 1: to speak about the controversial plan. Some drivers could see 470 00:25:22,280 --> 00:25:24,720 Speaker 1: up to twenty three dollars every time they drive into 471 00:25:24,760 --> 00:25:28,280 Speaker 1: certain parts of Manhattan more bus loads of migrants are 472 00:25:28,280 --> 00:25:31,840 Speaker 1: expected to arrive today in New York City from Texas. Earlier, 473 00:25:31,880 --> 00:25:35,120 Speaker 1: migrants were seen wearing would appear to be bracelets from Texas. 474 00:25:35,280 --> 00:25:38,480 Speaker 1: New York officials cut the bracelets off when they arrived. 475 00:25:38,880 --> 00:25:41,480 Speaker 1: Global News twenty four hours a day on air and 476 00:25:41,600 --> 00:25:44,800 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 477 00:25:44,840 --> 00:25:47,760 Speaker 1: journalists and analysts and more than one hundred twenty countries. 478 00:25:47,960 --> 00:25:56,520 Speaker 1: Michael Barr and this is Bloomberg. Nathan, thanks Michael on 479 00:25:56,520 --> 00:25:58,560 Speaker 1: Wall Street time for the Bloomberg Sports Update with John 480 00:25:58,600 --> 00:26:02,560 Speaker 1: Stashawn saith In. A welcome sight of Giants practice. Veteran 481 00:26:02,560 --> 00:26:05,400 Speaker 1: white not sterling. Shepard on the field back from achilles 482 00:26:05,440 --> 00:26:07,320 Speaker 1: injury suffering late last season, but it comes on the 483 00:26:07,359 --> 00:26:11,360 Speaker 1: same day that another whine out, Colin Johnson heard his achilles, 484 00:26:11,400 --> 00:26:14,560 Speaker 1: So his season's over before it begins. And Johnson had 485 00:26:14,640 --> 00:26:16,920 Speaker 1: looked good and the two Giants preseason wins. Giants looked 486 00:26:16,920 --> 00:26:19,520 Speaker 1: at Cafe three and oh preseason, and they faced the 487 00:26:19,600 --> 00:26:22,359 Speaker 1: Jets Sunday afternoon and MetLife Hall of Famer Lynn Dawson 488 00:26:22,440 --> 00:26:24,440 Speaker 1: died at eighties seven. Grew up in Ohio, one of 489 00:26:24,480 --> 00:26:28,199 Speaker 1: eleven kids six straight seasons the nineteen sixties in the 490 00:26:28,240 --> 00:26:31,960 Speaker 1: NFL's highest completion percentage led the Chiefs to two Super Bowls. 491 00:26:32,000 --> 00:26:33,440 Speaker 1: They'll lost to Green Bay in the first one, the 492 00:26:33,520 --> 00:26:36,439 Speaker 1: upset win on Super Bowl four. Yankees are in Oakland 493 00:26:36,480 --> 00:26:38,080 Speaker 1: to night first and four with the A's. It's a 494 00:26:38,160 --> 00:26:40,120 Speaker 1: ten game road trip that will also see them face 495 00:26:40,160 --> 00:26:43,800 Speaker 1: the Angels and Rays. Aaron Boone's team seemingly snapped out 496 00:26:43,800 --> 00:26:45,919 Speaker 1: of its slump with three straight win It's been a 497 00:26:45,960 --> 00:26:49,720 Speaker 1: tough stretch. We're grinding. I think, I think these wins 498 00:26:49,800 --> 00:26:52,159 Speaker 1: can go a long way and and kind of helping 499 00:26:52,200 --> 00:26:54,880 Speaker 1: you build a little bit of confidence and and get 500 00:26:54,920 --> 00:26:57,560 Speaker 1: that swagger back a little bit. Hopefully he's gonna return 501 00:26:57,600 --> 00:27:00,160 Speaker 1: home until September five. Mets off of four and its 502 00:27:00,240 --> 00:27:02,640 Speaker 1: road trip that saw their l least lead over Atlanta 503 00:27:02,680 --> 00:27:04,320 Speaker 1: shrink to a game and a half. Now home for 504 00:27:04,400 --> 00:27:07,760 Speaker 1: ten straight, beginning tonight against Colorado Jacob to Graham on 505 00:27:07,800 --> 00:27:10,359 Speaker 1: the Mound, Mats will try to avoid what would be 506 00:27:10,400 --> 00:27:12,600 Speaker 1: only their third three game losing sprink of the season. 507 00:27:12,680 --> 00:27:16,119 Speaker 1: MLB at with the three schedule, it has fewer division games, 508 00:27:16,160 --> 00:27:18,520 Speaker 1: more inter league games. The Yankees actually will start the 509 00:27:18,520 --> 00:27:22,880 Speaker 1: season against the San Francisco Giants season ending George Ambership Golf. 510 00:27:23,000 --> 00:27:25,879 Speaker 1: He's off today in Atlanta. Top twenty nine players vuying 511 00:27:25,960 --> 00:27:29,880 Speaker 1: for prize money that has the winner collecting eighteen million dollars. 512 00:27:29,880 --> 00:27:32,560 Speaker 1: This is the PGA is increasing prize money next year 513 00:27:32,560 --> 00:27:35,560 Speaker 1: in effort to keep players from leaving for the live tour. 514 00:27:35,720 --> 00:27:39,400 Speaker 1: John stashtoward Bloombergs Toys. Thanks John. It's five thirty seven 515 00:27:39,440 --> 00:27:41,879 Speaker 1: on Wall Street time for the Tri State Business Report 516 00:27:41,960 --> 00:27:45,359 Speaker 1: with Bloomberg's one d gilt billions in federal dollars is 517 00:27:45,400 --> 00:27:48,080 Speaker 1: still heading to small businesses as part of the American 518 00:27:48,119 --> 00:27:51,360 Speaker 1: Rescue Plan Act of one. It's a total of ten 519 00:27:51,440 --> 00:27:55,240 Speaker 1: billion dollars to help small businesses access capital. The goal 520 00:27:55,359 --> 00:27:57,879 Speaker 1: is to leverage the money into one hundred billion dollars 521 00:27:57,960 --> 00:28:01,440 Speaker 1: in total investments. In Connecticut, one hundred nineteen million dollars 522 00:28:01,520 --> 00:28:03,680 Speaker 1: will be used to operate a future Fund and a 523 00:28:03,760 --> 00:28:08,280 Speaker 1: Tech Fund to support clean energy and environment safe manufacturing companies. 524 00:28:08,440 --> 00:28:11,840 Speaker 1: A new report from Rutgers shows New Jersey's childcare workforce 525 00:28:11,960 --> 00:28:14,680 Speaker 1: is struggling to bounce back after the pandemic at the 526 00:28:14,760 --> 00:28:17,800 Speaker 1: same pace as other private industries. In the third quarter 527 00:28:17,880 --> 00:28:20,600 Speaker 1: of last year, the workforce was at pent of pre 528 00:28:20,720 --> 00:28:24,560 Speaker 1: pandemic levels, compared to ninety percent for overall private employment. 529 00:28:24,760 --> 00:28:28,639 Speaker 1: Salem County was even lower, just six of pre pandemic levels. 530 00:28:29,040 --> 00:28:31,400 Speaker 1: And the New York State Fair had a big opening day. 531 00:28:31,520 --> 00:28:35,360 Speaker 1: Fifty thou people attending yesterday. That's over eleven thousand, seven 532 00:28:35,440 --> 00:28:38,160 Speaker 1: hundred more than last year. That's the Bloomberg Tri State 533 00:28:38,200 --> 00:28:41,160 Speaker 1: Business Report. I'm Wendy to Let. Thanks Wendy. It's on 534 00:28:41,200 --> 00:28:43,440 Speaker 1: Wall Street. Bloomberg Radio is on the air from San 535 00:28:43,480 --> 00:28:46,200 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 536 00:28:46,240 --> 00:28:47,920 Speaker 1: in with our global news team for some of the 537 00:28:48,000 --> 00:28:50,560 Speaker 1: top stories heard on our three hundred of filiate radio 538 00:28:50,640 --> 00:28:56,400 Speaker 1: stations around the world. I'm Joan Doniger telling w h 539 00:28:56,720 --> 00:29:00,520 Speaker 1: S listeners in Louisville. Amazon is shutting down it's primary 540 00:29:00,640 --> 00:29:04,760 Speaker 1: care and telehealth service. I'm Steve Podascan on ten ten 541 00:29:04,880 --> 00:29:07,720 Speaker 1: Wins in New York. We're talking about Oscar Meyer and 542 00:29:07,880 --> 00:29:11,720 Speaker 1: pop bars hot dog flavored dice pop. I'm wanting to 543 00:29:11,800 --> 00:29:14,400 Speaker 1: lead on w w J and Detroy too. I'm reporting 544 00:29:14,440 --> 00:29:18,160 Speaker 1: on money available to small businesses. I'm Stephen Carol and 545 00:29:18,200 --> 00:29:21,320 Speaker 1: Bloomberg DAB Digital Radio and London were reporting on the 546 00:29:21,400 --> 00:29:24,880 Speaker 1: growing calls for immediate action on energy prices to shield 547 00:29:24,960 --> 00:29:28,840 Speaker 1: consumers and businesses. In the UK, I'm Gina Servetti and 548 00:29:28,960 --> 00:29:32,080 Speaker 1: for w c CEO in Minneapolis, I'm reporting that the U. S. 549 00:29:32,120 --> 00:29:35,600 Speaker 1: Supreme Court is being asked to review Minnesota and Nebraska's 550 00:29:35,640 --> 00:29:38,600 Speaker 1: tax sale laws. Those are some of the stories our 551 00:29:39,520 --> 00:29:42,360 Speaker 1: Bloomberg journalists and analysts you're working on this morning around 552 00:29:42,400 --> 00:29:45,120 Speaker 1: the world. It's five thirty nine on Wall Street. The 553 00:29:45,240 --> 00:29:49,560 Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was 554 00:29:49,640 --> 00:29:53,640 Speaker 1: written by the Bloomberg Editorial Board. With this week's long 555 00:29:53,720 --> 00:29:57,760 Speaker 1: away to the announcement of limited student debt forgiveness, President 556 00:29:57,880 --> 00:30:00,760 Speaker 1: Joe Biden hopes to give Democrats of boost in this 557 00:30:01,040 --> 00:30:05,960 Speaker 1: fall's mid term elections. But whatever the short term political gains, 558 00:30:06,360 --> 00:30:10,800 Speaker 1: the decision is a costly mistake. The policy, which will 559 00:30:10,840 --> 00:30:14,560 Speaker 1: offer up to twenty thousand dollars in debt cancelation to 560 00:30:14,880 --> 00:30:18,520 Speaker 1: pell grant recipients and up to ten thousand dollars to others, 561 00:30:18,880 --> 00:30:23,080 Speaker 1: could white clean the slate for twenty million borrowers. Yet 562 00:30:23,200 --> 00:30:28,360 Speaker 1: student loan forgiveness is regressive, benefiting those who attended college 563 00:30:28,640 --> 00:30:32,320 Speaker 1: at the expense of those who didn't. In one stroke, 564 00:30:32,560 --> 00:30:37,120 Speaker 1: Biden has undermined his commitment to fiscal discipline and created 565 00:30:37,200 --> 00:30:41,600 Speaker 1: a significant moral hazard. Canceling these debts may well please 566 00:30:41,760 --> 00:30:45,760 Speaker 1: parts of Biden's base, but others will be stuck footing 567 00:30:46,000 --> 00:30:50,240 Speaker 1: the bill. This editorial was written by the Bloomberg Editorial Board. 568 00:30:50,520 --> 00:30:53,400 Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com, 569 00:30:53,560 --> 00:30:57,520 Speaker 1: slash opinion or ope I n go on the Bloomberg terminal. 570 00:30:57,800 --> 00:31:01,360 Speaker 1: This has been Bloomberg Opinion to send for Bloomberg opinion 571 00:31:01,480 --> 00:31:04,560 Speaker 1: editorials every weekday. At this time, terminal customers can read 572 00:31:04,640 --> 00:31:07,880 Speaker 1: more at O p I end go ahead of Jackson 573 00:31:07,960 --> 00:31:11,120 Speaker 1: Hall futures moving higher, SMP futures up twenty two points, 574 00:31:11,120 --> 00:31:14,880 Speaker 1: staff futures up, NASTACK futures are higher by seventy eight 575 00:31:14,960 --> 00:31:18,120 Speaker 1: points of the tenure Treasury yield three point zero seven percent. 576 00:31:18,360 --> 00:31:24,160 Speaker 1: This is Bloomberg Bloomberg eleven three oh Weather sunny, near 577 00:31:24,280 --> 00:31:26,400 Speaker 1: ninety today, partly the mostly sunny, with a late day 578 00:31:26,440 --> 00:31:29,840 Speaker 1: shower storm possible tomorrow, upper eighties, mostly sunny, opper eighties 579 00:31:29,880 --> 00:31:33,280 Speaker 1: for Saturday, a mid eighties by Sunday. Right now four 580 00:31:33,480 --> 00:31:40,080 Speaker 1: in central Park, markets, headlines and breaking news twenty four 581 00:31:40,120 --> 00:31:43,120 Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business 582 00:31:43,200 --> 00:31:46,800 Speaker 1: at and at Bloomberg Quicktake. This is a Bloomberg Business 583 00:31:46,840 --> 00:31:56,320 Speaker 1: Flash and I'm Karen Moscow. And stocks are on the rise. 584 00:31:56,440 --> 00:31:59,160 Speaker 1: So are u S Dunk Index futures. As China's massive 585 00:31:59,200 --> 00:32:02,320 Speaker 1: stimulus and er than expected economic data from Germany steady 586 00:32:02,440 --> 00:32:05,080 Speaker 1: some nerves in the anxious wait for a key speech 587 00:32:05,080 --> 00:32:07,520 Speaker 1: from Federal Reserve chaired your own Powell. We check the 588 00:32:07,520 --> 00:32:10,320 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 589 00:32:10,560 --> 00:32:12,400 Speaker 1: and p Future is up twenty one points this morning. 590 00:32:12,480 --> 00:32:15,360 Speaker 1: Down futures have a hundred three Nasdack Future is up 591 00:32:15,400 --> 00:32:18,480 Speaker 1: seventy two The decks in Germany is it'll change. Ten 592 00:32:18,560 --> 00:32:21,280 Speaker 1: year Treasury up seven thirty seconds. He'll three point oh 593 00:32:21,360 --> 00:32:24,160 Speaker 1: seven percent yield on the two year three point three 594 00:32:24,240 --> 00:32:27,719 Speaker 1: five percent. NIMEX screwed oil is it'll change. Is at 595 00:32:27,760 --> 00:32:30,600 Speaker 1: ninety four dollars eighty one cents. A barrel comes called 596 00:32:30,680 --> 00:32:33,040 Speaker 1: up one per cent or sixteen dollars eighty cents. Is 597 00:32:33,080 --> 00:32:36,640 Speaker 1: seventeen seventy eight thirty announced. The euro is at one 598 00:32:36,800 --> 00:32:39,320 Speaker 1: against the dollar. British found one point one eight four 599 00:32:39,440 --> 00:32:41,560 Speaker 1: one and the yen one thirty six point four to 600 00:32:42,200 --> 00:32:43,680 Speaker 1: I'm looking at a big coin. It is down a 601 00:32:43,760 --> 00:32:46,000 Speaker 1: tenth of a percent at twenty one thousand, six hundred 602 00:32:46,080 --> 00:32:49,120 Speaker 1: seventy dollars. That's a Bloomberg business flash. Now here's Michael 603 00:32:49,160 --> 00:32:51,920 Speaker 1: bar with more on what's going on around the world. Michael, 604 00:32:52,080 --> 00:32:55,080 Speaker 1: thank you very much. Karen Uvaldi, Texas School District police 605 00:32:55,160 --> 00:32:59,120 Speaker 1: chief Pete E. Redondo has been fired following allegations that 606 00:32:59,240 --> 00:33:02,240 Speaker 1: he made several critical mistakes during a mass shooting that 607 00:33:02,360 --> 00:33:06,200 Speaker 1: left nineteen students and two teachers dead. A flash flood 608 00:33:06,280 --> 00:33:08,880 Speaker 1: warning is an effect for much of Mississippi after torrential 609 00:33:09,080 --> 00:33:14,120 Speaker 1: rains caused evacuations, washed out roads, and led to water rescues. 610 00:33:14,640 --> 00:33:18,160 Speaker 1: Air regulators in California are expected to announce today there 611 00:33:18,200 --> 00:33:21,400 Speaker 1: will be a statewide ban on the sale of new 612 00:33:21,560 --> 00:33:25,960 Speaker 1: gasoline vehicles by five. In baseball, the Red Sox and 613 00:33:26,040 --> 00:33:29,400 Speaker 1: Orioles lost the Nationals one. The A's beat the Marlins 614 00:33:29,440 --> 00:33:32,520 Speaker 1: in ten innings three two. The Giants lost. Global News 615 00:33:32,600 --> 00:33:35,240 Speaker 1: twenty four hours a day on air and on Bloomberg 616 00:33:35,320 --> 00:33:38,560 Speaker 1: quick Take powered by more than twenty seven hundred journalists 617 00:33:38,560 --> 00:33:41,480 Speaker 1: and analysts more than a hundred twenty countries. Michael Barr 618 00:33:41,520 --> 00:33:44,360 Speaker 1: and this is Bloomberg. Nathan Okay, Michael, thank you are 619 00:33:44,360 --> 00:33:46,560 Speaker 1: coming up to five forty nine on Wall Street Live 620 00:33:46,640 --> 00:33:50,840 Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak 621 00:33:50,880 --> 00:33:53,080 Speaker 1: on a very important day once again for markets. We 622 00:33:53,160 --> 00:33:55,760 Speaker 1: are joined by Ivy jack this morning, head of equity 623 00:33:55,840 --> 00:33:59,520 Speaker 1: research at north Star Asset Management. Ivy, It's good to 624 00:33:59,520 --> 00:34:02,360 Speaker 1: speak with this morning. There's been plenty of volatility ahead 625 00:34:02,400 --> 00:34:06,200 Speaker 1: of the Jackson Whole Economic Symposium. It kicks off this morning. 626 00:34:06,840 --> 00:34:09,160 Speaker 1: What are you looking for? Is we actually get to 627 00:34:09,239 --> 00:34:14,800 Speaker 1: the event? Thank you first of all, thank you for 628 00:34:14,920 --> 00:34:19,479 Speaker 1: having me. What are we looking for? UM? I would 629 00:34:19,480 --> 00:34:21,719 Speaker 1: say right now, I don't know that we're looking for 630 00:34:22,080 --> 00:34:25,160 Speaker 1: anything in particular, but I can tell you what we're expecting. 631 00:34:25,440 --> 00:34:29,480 Speaker 1: We are continue Uh. We believe the FED has the 632 00:34:29,640 --> 00:34:34,640 Speaker 1: mandate to continue fighting inflation, and we believe that, UM, 633 00:34:35,160 --> 00:34:38,080 Speaker 1: they're going to continue to be probably pretty aggressive, maybe 634 00:34:38,280 --> 00:34:42,920 Speaker 1: more aggressive I think than many are anticipating right now. UM. 635 00:34:44,239 --> 00:34:47,840 Speaker 1: And so what we are expecting is continued volatility and 636 00:34:47,920 --> 00:34:50,600 Speaker 1: a lot of uncertainty going into the back half of 637 00:34:50,680 --> 00:34:53,200 Speaker 1: the year. Do you think that means that we could 638 00:34:53,239 --> 00:34:57,759 Speaker 1: test the June low for the market that we saw then, Oh, 639 00:34:58,040 --> 00:35:01,120 Speaker 1: most definitely. UM. In fact, I've been a little bit 640 00:35:01,200 --> 00:35:05,080 Speaker 1: surprised that, UM, you know, that the market has been 641 00:35:05,160 --> 00:35:08,279 Speaker 1: as positive as it is and is as up as 642 00:35:08,360 --> 00:35:11,520 Speaker 1: much as it is right now, So I definitely think so. Look, 643 00:35:11,600 --> 00:35:15,440 Speaker 1: we're already seeing a slow down UM, several industries coming 644 00:35:15,480 --> 00:35:18,720 Speaker 1: out of earnings. On top of seeing a slowdown, there's 645 00:35:18,800 --> 00:35:21,759 Speaker 1: several other things that you just don't know going into 646 00:35:21,800 --> 00:35:24,960 Speaker 1: the back half of the year, including you know, COVID. 647 00:35:25,120 --> 00:35:27,880 Speaker 1: Covid is still with us UM to the extent that 648 00:35:28,080 --> 00:35:32,400 Speaker 1: it continues to pop up, it could present more disruption UM. 649 00:35:32,480 --> 00:35:36,680 Speaker 1: And the supply chain we're still dealing with as well, UH, 650 00:35:36,880 --> 00:35:40,440 Speaker 1: supply chain disruption issues that still haven't been really resolved. 651 00:35:41,280 --> 00:35:44,080 Speaker 1: On top of that, UM, you know, we've also been 652 00:35:44,160 --> 00:35:46,359 Speaker 1: watching kind of the movements also in the labor force 653 00:35:46,440 --> 00:35:50,160 Speaker 1: as well. The labor force continues to be tight UM, 654 00:35:50,440 --> 00:35:53,160 Speaker 1: and companies are still trying to figure out how to 655 00:35:53,320 --> 00:35:58,920 Speaker 1: navigate UM, you know, this hybrid remote situation. So, UM, 656 00:35:59,160 --> 00:36:01,880 Speaker 1: there's several actors we're looking at. But going into the 657 00:36:01,960 --> 00:36:04,760 Speaker 1: fall and going into the winner, we're paying close attention 658 00:36:04,880 --> 00:36:08,920 Speaker 1: to the impacts of COVID and also higher energy crisis. 659 00:36:09,960 --> 00:36:13,120 Speaker 1: So what does that mean in terms of positioning, How 660 00:36:13,200 --> 00:36:18,040 Speaker 1: are you looking at different sectors or different factors in 661 00:36:18,160 --> 00:36:24,240 Speaker 1: this type of environment. We're continuing to maintain a defensive posture, 662 00:36:24,880 --> 00:36:28,120 Speaker 1: so you know, we are looking, um, you know, there 663 00:36:28,160 --> 00:36:31,279 Speaker 1: are certain sectors that are are now historically as being 664 00:36:31,719 --> 00:36:33,879 Speaker 1: kind of defensive, so I think you know, we're looking 665 00:36:33,960 --> 00:36:37,000 Speaker 1: at that. But in general, we are staying close to 666 00:36:37,239 --> 00:36:40,200 Speaker 1: our investment criteria in terms of you know, we only 667 00:36:40,280 --> 00:36:43,760 Speaker 1: invest in companies that are profitable. We invest in companies 668 00:36:43,840 --> 00:36:47,680 Speaker 1: that have demonstrated their ability to generate strong and sustainable 669 00:36:47,880 --> 00:36:51,560 Speaker 1: free cash flows. And I think importantly, given that we 670 00:36:51,719 --> 00:36:56,239 Speaker 1: are socially responsible investors, we're very focused on companies that 671 00:36:56,880 --> 00:36:59,719 Speaker 1: make products that are beneficial to life, things that are 672 00:36:59,840 --> 00:37:03,840 Speaker 1: not necessary and needed, as opposed to facts that are trendy. 673 00:37:04,040 --> 00:37:07,160 Speaker 1: So I would say for us, during times with uncertainty, 674 00:37:07,280 --> 00:37:11,040 Speaker 1: you leave even closer to what we our investment criteria 675 00:37:11,080 --> 00:37:14,040 Speaker 1: and what we look for. There's been some discussion that 676 00:37:14,280 --> 00:37:17,880 Speaker 1: the US may be a little bit better positioned economically 677 00:37:18,160 --> 00:37:21,040 Speaker 1: than other parts of the world, particularly Europe with the 678 00:37:21,200 --> 00:37:25,920 Speaker 1: energy crisis that they're facing. Do US stocks look more 679 00:37:25,960 --> 00:37:31,319 Speaker 1: attractive to you than than stocks outside the US at 680 00:37:31,360 --> 00:37:34,360 Speaker 1: this point in time. Yes, Um, because of all the 681 00:37:34,480 --> 00:37:36,880 Speaker 1: factors that you name, so that that is something that 682 00:37:37,000 --> 00:37:42,440 Speaker 1: we're watching really closely. Um. We're watching, um, you know, 683 00:37:42,560 --> 00:37:47,120 Speaker 1: this fall, what happens with covid. Um. We're also watching 684 00:37:47,760 --> 00:37:53,480 Speaker 1: what UH Europe does in terms of interest rates as well. UM. 685 00:37:53,600 --> 00:37:56,080 Speaker 1: I think it's a little bit tricky for them in 686 00:37:56,120 --> 00:37:59,640 Speaker 1: the sense that you have several different countries and so 687 00:38:00,360 --> 00:38:04,920 Speaker 1: in terms of monetary policy, it's not quite as um 688 00:38:06,080 --> 00:38:09,520 Speaker 1: easy of a process as it is here in the US. So, yes, 689 00:38:09,600 --> 00:38:12,719 Speaker 1: we're definitely watching what's happening in Europe. But I would 690 00:38:12,760 --> 00:38:15,880 Speaker 1: say you certainly believe that the US is you know, 691 00:38:15,920 --> 00:38:18,400 Speaker 1: we're in a better in a better position to whether 692 00:38:18,719 --> 00:38:22,080 Speaker 1: multiple storms that are coming the last thirty seconds here. 693 00:38:22,120 --> 00:38:24,560 Speaker 1: I V what kind of market reaction do you expect 694 00:38:24,760 --> 00:38:31,480 Speaker 1: from what Chairman Powell has to say tomorrow. Um. You know, 695 00:38:31,640 --> 00:38:35,239 Speaker 1: I don't know what kind of reaction to expect, um, 696 00:38:35,440 --> 00:38:38,440 Speaker 1: but I can't say this. I think that there are 697 00:38:38,520 --> 00:38:42,839 Speaker 1: parts of the market that are continuing to underestimate how 698 00:38:42,960 --> 00:38:45,319 Speaker 1: much work to fit might have to do in order 699 00:38:45,440 --> 00:38:51,560 Speaker 1: to bring inflation in line. And so um my, my, 700 00:38:51,800 --> 00:38:54,400 Speaker 1: my hope is that we get to a place where 701 00:38:54,719 --> 00:38:57,600 Speaker 1: we are a little bit more realistic as opposed to optimistic. 702 00:38:58,320 --> 00:39:01,680 Speaker 1: Um and you know we'll see that reflected in the market. 703 00:39:02,480 --> 00:39:04,560 Speaker 1: Thanks Ivy, good having you with us this morning. Ivy 704 00:39:04,640 --> 00:39:07,360 Speaker 1: jack Had of equity Research at north Star Asset Management. 705 00:39:07,520 --> 00:39:10,960 Speaker 1: Karen Nathan, thank you. It is fifty four on Wall Street. 706 00:39:11,000 --> 00:39:13,239 Speaker 1: Time for the Bloomberg Law Report. Let's get the legal 707 00:39:13,360 --> 00:39:19,759 Speaker 1: stories we're watching this morning from Bloomberg Jeff Bellinger. The 708 00:39:19,920 --> 00:39:23,040 Speaker 1: California Supreme Court declined to review in a pellate court 709 00:39:23,160 --> 00:39:26,560 Speaker 1: ruling that Uber is not liable for assaults by criminals 710 00:39:26,600 --> 00:39:29,480 Speaker 1: who got victims into their cars by pretending to be 711 00:39:29,719 --> 00:39:33,760 Speaker 1: Uber drivers. A federal lawsuit accuses American Express of firing 712 00:39:33,840 --> 00:39:36,480 Speaker 1: hundreds of white employees so the firm could hire more 713 00:39:36,560 --> 00:39:40,080 Speaker 1: black workers, and a Texas based farm produced distributor will 714 00:39:40,080 --> 00:39:43,280 Speaker 1: pay more than eighteen thousand dollars to settle Justice Department 715 00:39:43,400 --> 00:39:46,960 Speaker 1: charges that it on lawfully hired foreign visa holders over 716 00:39:47,080 --> 00:39:51,440 Speaker 1: two US citizens. Bloomberg Law everything you need, all on 717 00:39:51,640 --> 00:39:56,799 Speaker 1: one legal research platform, including guidance analysis, and Bloomberg Market Intelligence. 718 00:39:57,000 --> 00:40:02,520 Speaker 1: Find out more at Bloomberg law dot com. All right, Jeff, 719 00:40:02,560 --> 00:40:05,440 Speaker 1: thank you. Now another legal story we're watching. Florida Governor 720 00:40:05,560 --> 00:40:09,040 Speaker 1: Rhonda Santis last week trumpeted the arrest of twenty people 721 00:40:09,120 --> 00:40:12,520 Speaker 1: who allegedly committed voter fraud by casting ballots even though 722 00:40:12,560 --> 00:40:15,359 Speaker 1: they were convicted felons. But many of those people say 723 00:40:15,560 --> 00:40:18,080 Speaker 1: they thought they were entitled to vote. For More on 724 00:40:18,239 --> 00:40:22,040 Speaker 1: this and the impact of voting rights restoration, Bloomberg's Greg's 725 00:40:22,080 --> 00:40:25,880 Speaker 1: Store and Kimberly Robinson spoke with Neil Vohle's deputy director 726 00:40:26,000 --> 00:40:29,920 Speaker 1: of the Florida Rights Restoration Coalition. This all stems from 727 00:40:30,040 --> 00:40:34,239 Speaker 1: a balled initiative that your group sponsored. Tell us what 728 00:40:34,360 --> 00:40:38,160 Speaker 1: that balled initiative did. Yeah. Well, in two thousand eighteen, 729 00:40:38,600 --> 00:40:42,360 Speaker 1: the voters of Florida past Amendment four, which restored the 730 00:40:42,440 --> 00:40:45,480 Speaker 1: voting eligibility for nearly one point four million people with 731 00:40:45,600 --> 00:40:49,080 Speaker 1: past belony convictions, Folks like myself and others in our 732 00:40:49,160 --> 00:40:53,040 Speaker 1: movement who had passed felony convictions and who up until 733 00:40:53,080 --> 00:40:55,359 Speaker 1: that point had to deal with a lifetime voting ban 734 00:40:55,440 --> 00:40:57,920 Speaker 1: in the state of Florida. So this was there a 735 00:40:57,960 --> 00:40:59,920 Speaker 1: little bit of history here, because this is kind of 736 00:41:00,000 --> 00:41:02,160 Speaker 1: at Dickens novel, right, the best of times the worst 737 00:41:02,200 --> 00:41:04,440 Speaker 1: of times. On one hand, we saw the largest expansion 738 00:41:04,480 --> 00:41:08,440 Speaker 1: of democracy in our country in a generation, but we 739 00:41:08,560 --> 00:41:12,680 Speaker 1: also saw the implementation of that amendment end up requiring 740 00:41:12,760 --> 00:41:16,320 Speaker 1: people to pay certain financial obligations before they are in 741 00:41:16,400 --> 00:41:18,800 Speaker 1: fact eligible to vote, which means that there are hundreds 742 00:41:18,840 --> 00:41:21,640 Speaker 1: of thousands of peak with past convictions who are still 743 00:41:22,120 --> 00:41:24,040 Speaker 1: not yet able to vote in the state of Florida. 744 00:41:24,520 --> 00:41:26,040 Speaker 1: That's right, Yeah, that was one of the questions that 745 00:41:26,120 --> 00:41:28,520 Speaker 1: I had was, you know, there is this requirement that 746 00:41:28,600 --> 00:41:31,000 Speaker 1: felons have to pay off all fines and fees before 747 00:41:31,080 --> 00:41:33,480 Speaker 1: being able to vote. What effect does that have with 748 00:41:33,600 --> 00:41:36,759 Speaker 1: restoring voting rights? Is there any kind of evidence that 749 00:41:36,880 --> 00:41:39,520 Speaker 1: most people have been able to get their voting rights 750 00:41:39,560 --> 00:41:41,920 Speaker 1: back or is this being a really block for that 751 00:41:42,600 --> 00:41:45,680 Speaker 1: Well one, as far as our organization and this movement, 752 00:41:45,800 --> 00:41:47,360 Speaker 1: I mean, we just give up every day. You have 753 00:41:47,480 --> 00:41:49,319 Speaker 1: kind of put our work boots on and just keep 754 00:41:49,360 --> 00:41:51,600 Speaker 1: moving forward. And I know according to the voter file 755 00:41:51,719 --> 00:41:54,760 Speaker 1: last months voter file UM, there but two hundred sixteen 756 00:41:54,840 --> 00:41:58,160 Speaker 1: thousand people with past convictions who are currently registered in 757 00:41:58,280 --> 00:42:00,399 Speaker 1: the state of Florida. And that's a lot of people, 758 00:42:00,520 --> 00:42:02,560 Speaker 1: a lot of families, a lot of voices being heard. 759 00:42:03,040 --> 00:42:04,480 Speaker 1: But we know there's still a long way to go, 760 00:42:05,080 --> 00:42:08,240 Speaker 1: especially when you consider that there are hundreds of thousands 761 00:42:08,280 --> 00:42:11,040 Speaker 1: of people who have continue to not be eligible because 762 00:42:11,080 --> 00:42:14,960 Speaker 1: they owe financial obligations. And that's Neil Voles, deputy director 763 00:42:15,040 --> 00:42:18,560 Speaker 1: of the Florida Rights Restoration Coalitions, speaking with The Bloomberg's 764 00:42:18,640 --> 00:42:22,120 Speaker 1: Kimberly Robinson and Greg Store. Catch more of that interview, 765 00:42:22,400 --> 00:42:25,040 Speaker 1: plus analysis of the latest legal news BLU subscribing to 766 00:42:25,080 --> 00:42:28,400 Speaker 1: the Bloomberg Law podcast are downloading the show at Bloomberg 767 00:42:28,480 --> 00:42:32,280 Speaker 1: dot com slash podcasts. Attorneys can find exceptional legal research 768 00:42:32,320 --> 00:42:35,160 Speaker 1: and business development tools at Bloomberg Law dot com and 769 00:42:35,239 --> 00:42:38,879 Speaker 1: on the Bloomberg terminal at b Law. Go and again, 770 00:42:38,960 --> 00:42:41,800 Speaker 1: future is higher this morning, still ahead on Bloomberg Daybreak 771 00:42:41,840 --> 00:42:43,799 Speaker 1: and check on the business headlines and all the news 772 00:42:44,040 --> 00:42:47,320 Speaker 1: you need to start your day. And this is Bloomberg