Speaker 1: Live from the Bloomberg in directive Burger Studios. Is Bloomberg
Speaker 1: day Break for Thursday, August two. Coming up this hour,
Speaker 1: the highly anticipated Jackson Whole Symposium kicks off today. We
Speaker 1: are there with the latest. China takes steps to stimulate
Speaker 1: its economation. Shipmaker and video gives it disappointing sales forecasts.
Speaker 1: I mean the latest reaction to President Biden's planned to
Speaker 1: forgive a portion of student loans held by millions. The
Speaker 1: NYPD has ordered no unnecessary talking among police officers were
Speaker 1: allowing in the streets. Plus the Uvaldi, Texas school police
Speaker 1: chief has been fired. I'm Michael bar Or a hand
Speaker 1: I'm John stash Shower in sports, a long time giant
Speaker 1: back at practice the Mets, but get a homestand against Colorado.
Speaker 1: The Yankees start a road trip in Oakland. That's all
Speaker 1: training ahead on Bloomberg Daybreak on Bloomberg eleven, Free on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x
Speaker 1: M one nine Team and around the world Old on
Speaker 1: Bloomberg Radio dot Com and by the Bloomberg Business app
Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow and
Speaker 1: US stock index futures are higher this morning. We're coming
Speaker 1: up to five o one on Wall Street, and we
Speaker 1: checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On bloomberg SMP futures up thirty six points this morning,
Speaker 1: DAL futures have two hundred eight and Nazzack futures have
Speaker 1: one hundred thirty. Ten year treasury up five thirty seconds,
Speaker 1: yield three point oh eight percent and a yield on
Speaker 1: the two year three point three five percent. Nathan, Karen,
Speaker 1: it is the event Wall Street has been waiting for
Speaker 1: all week. The Federal Reserves Annual Jackson Hole Economic Symposium
Speaker 1: kicks off today. Bloomberg's Tom Keane is in Jackson Hole
Speaker 1: covering it for us. Nathan and Karen hugely anticipated Jackson Hole.
Speaker 1: Some of them have been really pretty quiet. But we
Speaker 1: look out today and into the chairman speech Friday, and
Speaker 1: we can say this time is different. We've got markets
Speaker 1: on the move, we've got foreign exchange in the move,
Speaker 1: but far more we got this huge transatlantic divide, the
Speaker 1: difference in the economies of Europe and a beleaguer United
Speaker 1: Kingdom and a relatively strong United States. All right, Tom,
Speaker 1: thank you. Please stick with Tom Keene and the rest
Speaker 1: of the Bloomberg team for complete live coverage of the
Speaker 1: Jackson Hole Symposium. Tom, along with Lisa Ramowitz and Jonathan Farroll,
Speaker 1: will have a special edition of Bloomberg Surveillance beginning at
Speaker 1: seven am on both Bloomberg Radio and television. Well, Nathan,
Speaker 1: has Tom mentioned The key event at Jackson Hole takes
Speaker 1: place tomorrow when Fed Jeerman J. Powell delivers a highly
Speaker 1: anticipated speech. Charles Schwam, Chief investment strategist Liza Anne Saunders
Speaker 1: does not think the FED will change course and pivot
Speaker 1: to cutting rates. In my mind, the only condition under
Speaker 1: which the FED would so quickly move to a rate
Speaker 1: cutting mode would not just be a retreat and inflation.
Speaker 1: I think that would damage their credibility if they went
Speaker 1: to rate cutting simply because inflation has started to come down,
Speaker 1: that would only, I think, be preceded by a much
Speaker 1: more significant worse in the economy than what we already
Speaker 1: have here, and or a much more significant ortioning in
Speaker 1: the label market. And Charles Schwab, Chief investment strategist LUs
Speaker 1: Anne Saunders says she could see the FED pivoting to slower,
Speaker 1: slow rate hikes rather than rate cuts. As you mentioned, Karen,
Speaker 1: US futures are higher ahead of Jackson Hole. In Asia,
Speaker 1: stocks rose for the first time in six sessions as
Speaker 1: investors welcome to NEXTRA hundred forty six billion dollars worth
Speaker 1: of pledge stimulus from Chinese authorities. Let's get the recap
Speaker 1: from Bloomberg's Juliette Sally in Singapore. Good morning, Juliette, Good morning,
Speaker 1: Karen and Nathan. The m CI Asia Pacific Index jumped
Speaker 1: the most in two weeks, driven by games across the region,
Speaker 1: including in Japan, China, Hong Kong, and South Korea. Trade
Speaker 1: in Hong Kong was shotted in the morning session due
Speaker 1: to a storm morning, but equities jumped the most in
Speaker 1: two weeks in the afternoon session on the back of
Speaker 1: the China stimulus announcement. The Alsie also roses trade has
Speaker 1: met the stimulus would boost demand for commodities in Singapore.
Speaker 1: Juliette Sally Bloomberg daybreak right. Juliette thanked you a couple
Speaker 1: of stocks you're in the US on the move, and
Speaker 1: the pre market shares of end Video down three first cent.
Speaker 1: The chipmaker gave a disappointing forecast for the current quarter.
Speaker 1: We get the details from Bloomberg's Doug Christner. Just two
Speaker 1: weeks ago, in Video warned sales for its recent quarter
Speaker 1: would come in well below original expectations. A drop in
Speaker 1: demand for PC gaming chips got the blame, along with
Speaker 1: challenging market conditions. Well now, guidance for the current quarters
Speaker 1: suggest the slump is going to last. For Q three,
Speaker 1: revenue will be about five point nine billion dollars, roughly
Speaker 1: a billion below the average analyst estimate, and Video is
Speaker 1: contending with a rapid shift from supply shortages to ballooning
Speaker 1: stockpiles of unsold products in New York. On Doug Christner
Speaker 1: Bloomberg Daybreak, All right, Doug, thanks down the flip side.
Speaker 1: Shares of Snowflake are surging. They're up almost eighteen per cent.
Speaker 1: Let's get the reason live from Bloomberg's or Needy Young.
Speaker 1: Good morning, Grenita, Good morning Nathan. The company which helps
Speaker 1: businesses organized data in the cloud, projected quarterly products sales
Speaker 1: that will top estimates. Snowflake charges customers based on how
Speaker 1: much they use its data storage and analytics products rather
Speaker 1: and charging a flat rate subscription. Now, you may recall
Speaker 1: Snowflake rose to prominence in September with one of the
Speaker 1: biggest U s I p o s for a software company,
Speaker 1: but ever since reaching a record share price of almost
Speaker 1: four and two dollars in November, the stock has tumbled
Speaker 1: six Live in Washington, I'm reading a young Bloomberg Daybreak,
Speaker 1: reny to thank you well. Shares a test slap two
Speaker 1: percent in early trading, and we get the reason why
Speaker 1: from bloombergs Jeff Bellinger. Three for one split of Tesla
Speaker 1: stock went into effect after the markets closed yesterday. The
Speaker 1: split adjusted shares begin trading today. Tesla said when it
Speaker 1: proposed the split that it wanted to be able to
Speaker 1: offer equity options to every employee, but stock in the
Speaker 1: electric vehicle maker will also be more affordable for retail
Speaker 1: investors looking to buy individual shares. Employees who are invested
Speaker 1: in the company stand to benefit if new investors pushed
Speaker 1: the stock higher. Jeff Bellinger, Bloomberg Daybreak, All right, Jeff, thanks,
Speaker 1: let's start to Washington now. Our President Biden's made his
Speaker 1: long awaited announcement on student loan forgiveness. He's canceling ten
Speaker 1: thousand dollars in college debt for Americans who were in
Speaker 1: less than a hundred twenty five thousand, twenty thousand if
Speaker 1: they received a pell grand and he's extending the pause
Speaker 1: on repayments through the end of the year, capping those
Speaker 1: payments at five percent of monthly income. All this meets
Speaker 1: people can start finally crawl off from under that mountain
Speaker 1: of debt again, on top of the rent and the
Speaker 1: utilities by President Biden's movies already adding to concerns about inflation.
Speaker 1: Rick Davis, as a contributor for Bloomberg Politics, it just
Speaker 1: took a year for Biden to pass the Inflation Reduction Act,
Speaker 1: which which reduced the national debt by just under three
Speaker 1: hundred billion dollars. He just added five hundred billion dollars,
Speaker 1: including the extension, maybe even more UH to replace that.
Speaker 1: Bloomberg Politics contributor Rick Davis spoke with our Washington correspondent
Speaker 1: Joe Matthew on Bloomberg Sound On. You can catch the
Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio. And again,
Speaker 1: futures are higher this morning. S and P futures are
Speaker 1: up thirty five points down futures up a hundred nine
Speaker 1: nine and nastagg futures have nine that's up about one percent.
Speaker 1: The decks in Germany is up sixtensive up percent, and
Speaker 1: the tenure treasuries up six thirty seconds three point eight percent.
Speaker 1: They yield on the two year three point three five percent.
Speaker 1: Traight ahead. Relate us to local headlines plus the check
Speaker 1: of sports. And this is Bloomberg I, Karen, thank you.
Speaker 1: It's five oh seven on Wall Street, worth seventy four
Speaker 1: degrees in Central Park. Utson delays getting to the upper
Speaker 1: level of George Washington Bridge from the crossbox in late construction.
Speaker 1: We'll get to the details in traffic first. Michael Barr
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. Good morning, Michael, Good morning Nathan. The
Speaker 1: MTA will hold a meeting today about congestion pricing. The
Speaker 1: public will get a chance to speak about the controversial plan.
Speaker 1: Some drivers could see up to twenty three dollars every
Speaker 1: time they drive into certain parts of Manhattan. The NYPD
Speaker 1: ordered officers to stop unnecessary chatting while on the job.
Speaker 1: The New York Post reports the orders came from a
Speaker 1: department wide memo. Several weeks ago, Mayor Eric Adams was
Speaker 1: recorded criticizing officers were standing around talking while working. Adam
Speaker 1: said they should spread out for better coverage. The school
Speaker 1: district police chief in Evaldi, Texas was fired last night.
Speaker 1: The school board voted unanimously to release police Chief p
Speaker 1: DA Redondo. The motion was introduced by Trustee Laura Perez
Speaker 1: and received unanimous support. Finally, I moved to authorize the
Speaker 1: superintendent to issue written notice to Mr. Rodondo of this
Speaker 1: board action, including filing any needed reports required by the termination.
Speaker 1: Trustee Laura Perez and community members slammed Eredondo for what
Speaker 1: they said was this slow response and all the children
Speaker 1: who died as a result of the mass shooting. The
Speaker 1: widow of the late Kobe Bryant has been awarded sixteen
Speaker 1: million dollars in a lawsuit against Los Angeles County. Vanessa
Speaker 1: Bryant had sued the county after pictures taken by a
Speaker 1: sheriff's deputy and firefighter at the Kobe Bryant helicopter crash
Speaker 1: site was shared with a number of people. The Biden
Speaker 1: administration has one in Idaho judges order ensuring women abortions
Speaker 1: in medical emergencies. More from Bloomberg's and Baxter. The Idaho
Speaker 1: law had to find the right to abortion to a
Speaker 1: woman whose life was in danger. The judge ruled it
Speaker 1: too narrow and then ruled that there would be no
Speaker 1: prosecution of doctors who perform abortions in an emergency. Now,
Speaker 1: just yesterday, a Texas judge ruled the other way. The
Speaker 1: conflicting ruling show the patchwork of abortion laws on the books,
Speaker 1: but it does give the bind administration some precedent to
Speaker 1: continue to pursue cases in San Francisco. I'm at Baxter,
Speaker 1: Bloomberg Gay Break Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Take, powered by more
Speaker 1: than twenty seven hundred journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael Barr and this is Bloomberg, Nathan.
Speaker 1: Thank you, Michael five O nine on Wall Street Time
Speaker 1: for the Bloomberg Sports I've taken ring Johnson Horney Nathan
Speaker 1: Well earned days off for the Mets and the Yankees
Speaker 1: back tonight. Metal of Jacob de Graham on the Mount
Speaker 1: at City Phil against Colorado. Start of a ten game
Speaker 1: Rome stand with the Dodgers in Washington to follow the
Speaker 1: Atlanta Braves one again fourteen to two in Pittsburgh. The
Speaker 1: Braves were only a game and a half behind the Mets.
Speaker 1: Yankees are tonight in Oakland. That's a team that is
Speaker 1: twenty and forty one at home. Yankes have won three
Speaker 1: in a row. While was the same score of four
Speaker 1: to two. The Giants just lost a wide receiver and
Speaker 1: got one back. Colin Johnson look good in the two
Speaker 1: preseason games. He had eleven catchers, but he just tore
Speaker 1: his achilles in practice, just as Sterling Shepherd, entering his
Speaker 1: seventh season with the Giants, made his first appearance at
Speaker 1: practice back from his achilles injury suffered late last season.
Speaker 1: Giants and Jets had their annual preseason games Sunday afternoon,
Speaker 1: had MetLife. NFL Hall of Famer Lynn Dawson has died
Speaker 1: at eight seven, quarterback Kansas City to an upset winning
Speaker 1: Super Bowl four. PGA Tour. Responding to players leaving for
Speaker 1: the new Live Tour with new policies and initiative, more
Speaker 1: bigger events to commit and from top players to play
Speaker 1: in them, and more prize money at those events, the
Speaker 1: commissioners Jay Monahan, this is a remarkable time for the Tour.
Speaker 1: We have and always will be the ultimate platform for
Speaker 1: a player who wants to compete for the trophies and
Speaker 1: the titles that matter most. To now have our top
Speaker 1: players rally around this organization and commit to a portfolio
Speaker 1: of tournaments like never before. No lack of prize money
Speaker 1: on the line this weekend. At the Seasoning Torch Championship
Speaker 1: that teas opt today in Atlanta, the winner wins eighteen
Speaker 1: million dollars. John Staward Bloomberg Sports Nathan, thank you John
Speaker 1: SMP futures are moving on up up thirty three points
Speaker 1: right now. Death Future is up a hundred eighty four
Speaker 1: Nasdack futures on the rise by a hundred twenty points ten.
Speaker 1: Your treasury is up six thirty seconds. The yield close
Speaker 1: to three point zero eight percent. Yield on the two
Speaker 1: year three point three five percent. Some big moves in
Speaker 1: stocks and treasuries ahead of the Jackson Whole Symposium kicking
Speaker 1: off later this morning. We get a preview next with Jennifer,
Speaker 1: the senior economists at BEMO Capital Markets. This is Bloomberg
Speaker 1: flo three oh weather, sunny near ninety today, opper eighties
Speaker 1: tomorrow with a chance for a light day shower, a thunderstorm, sunshine,
Speaker 1: opper eighties for Saturday will be in the mid eighties
Speaker 1: by Sunday. Right now seventy four degrees in Central Park markets.
Speaker 1: Headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business apt and at Bloomberg
Speaker 1: Quick Take. This is a Bloomberg Business lash and I'm Karen.
Speaker 1: Moscow songs are rising as China's massive stimulus and better
Speaker 1: than expected economic data from Germany steady. Some nerves in
Speaker 1: the anxious way for a key speech by Federal Reserve
Speaker 1: Chair your own Powell. Treasury yields in the dollar gage
Speaker 1: or dipping. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day. On Bloomberg, SNP futures up twenty nine
Speaker 1: points down futures have a hundred fifty eight and nasday
Speaker 1: futures have one the decks in Germany's up four tenths
Speaker 1: of upper cent, the ten year treasury up seven thirty seconds.
Speaker 1: He'll three point oh seven percent, yield on the two
Speaker 1: year three point three four percent. Nine max screwed oil
Speaker 1: is up a quarter per cent or twenty six cents,
Speaker 1: and nine fifteen cents of barrel comex called up nine
Speaker 1: tenths per cent or fifteen dollars fifty cents is seventeen
Speaker 1: seventy seven. Announced the euro one point zero zero zero
Speaker 1: nine against the dollar, British pound one five four and
Speaker 1: the yen one thirty six point four two and bitcoin
Speaker 1: this morning lower down a tenth of a percent at
Speaker 1: twenty one thousand, six hundred sixty dollars. That's a Bloomberg
Speaker 1: business flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Muchel, Good morning, Good morning, Karen.
Speaker 1: Reaction to President Biden's announcement of ten thousand dollars in
Speaker 1: student loan forgiveness. Some expected more debt cancelation. Others called
Speaker 1: it another handout adding to the country's deficit woes. Sent
Speaker 1: it to Mitch McConnell called it a slap of the
Speaker 1: face to every family who sacrifice to save for college,
Speaker 1: every graduate who paid their debt. Russian this will strike
Speaker 1: in Ukraine killed at least twenty two people on the
Speaker 1: day that the nation was celebrating thirty one years of
Speaker 1: independence from the old Soviet Union. In baseball, the Red
Speaker 1: Sox and Orioles lost the Nationals, one, the A's beat
Speaker 1: the Marlins in ten innings, three to the Giants lost.
Speaker 1: Global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barrn, This is Bloomberg. Nathan alright, Michael, thank you.
Speaker 1: It is five nineteen on Wall Street Life from the
Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak on Thursday, August,
Speaker 1: day one of the Jackson Whole Economic Symposium. It is
Speaker 1: finally upon us. It's got a preview now. Jennifer Lee
Speaker 1: joins as senior economist at BMO Capital Markets. Jen it's
Speaker 1: great to speak with you this morning. We've been sort
Speaker 1: of counting down the days until the kickoff of this
Speaker 1: Federal Reserve event. I'm trying to think back to whether
Speaker 1: there's been this much anticipation for a Jackson Hole. Has there?
Speaker 1: I think there is always uh, this this event is
Speaker 1: always highly anticipated to you know that something will happen
Speaker 1: um this year. You know, I think I might be wrong.
Speaker 1: You know I've happened before, but you know, I don't
Speaker 1: know how he can change his tone too much from
Speaker 1: what he has already been saying. Um. You know in
Speaker 1: the past few months. You know, I think there's so
Speaker 1: so much debate right now about how devinsh she could
Speaker 1: possibly be, and at the same time it's also to
Speaker 1: be about how Hawk and she could be. So you know,
Speaker 1: it's it's basically playing both sides right now. I think
Speaker 1: he's going to say, um, say on the Hawk is track.
Speaker 1: I don't know why he would change his tone so quickly. Yes,
Speaker 1: we've had some weaker you know, economic um data, especially
Speaker 1: on the housing front. We finally saw some pullback on
Speaker 1: the headline inflation. But you know it's going to be far,
Speaker 1: far too soon to ring the Dovish spell. Well, what
Speaker 1: do you think the FED needs to see to ring
Speaker 1: that dovish Belgian? I think it has to be a
Speaker 1: few months, at least a few months, you know, like
Speaker 1: the one of the quotes that there is that officials
Speaker 1: have been saying, you know, it's um need more compelling evidence. Um.
Speaker 1: Someone said last week it's way too soon to ring
Speaker 1: the victory bell or to do a victory dance. You know,
Speaker 1: you need to see at least a few months of
Speaker 1: cooler economic or cooler inflation readings for sure, not just
Speaker 1: on the headline, but on and but on the core
Speaker 1: reading as well. You know the fact that energy prices
Speaker 1: have pulled back, you know, um, maybe not this morning,
Speaker 1: but you know we're now we're funning back below a
Speaker 1: hundred dollars. I think it is important that as all
Speaker 1: as they stay down there, that will certainly help. But
Speaker 1: again you're gonna have to see um at least a
Speaker 1: few months at least of cooler cool inflation readings UM
Speaker 1: before and of course, you know, more pulled back on
Speaker 1: the consumer spending front before they can you know, UM
Speaker 1: following breathe a little bit easier and when I say,
Speaker 1: becoming a little bit you know, UM less pulling back,
Speaker 1: you know, instead of doing seventy five basis point rate heights,
Speaker 1: you know, seeing more um UM smaller numbers, like smaller
Speaker 1: increases like fifties. So we're looking for two more rate
Speaker 1: hikes this year, UM sorry, at the next two meetings,
Speaker 1: fifty basis points each and then capping it off with
Speaker 1: a point in December. Since you brought up energy prices,
Speaker 1: that's one of those factors that the FED doesn't have
Speaker 1: a whole lot of control over when it comes to
Speaker 1: raining in inflation. Do you expect any kind of commentary
Speaker 1: on what the FED can do as far as getting
Speaker 1: a handle on inflation outside the core they he's going
Speaker 1: to say that, you know that. You know that volunteer
Speaker 1: policy can only affect the demand side by in terms
Speaker 1: of the energy front, especially given you know what the
Speaker 1: the ongoing um, the battle in you know, in Russia
Speaker 1: and Ukraine. There's not much, as these point out, that
Speaker 1: he can do. But when it does fall, um, it
Speaker 1: does have um reverberating effects I guess on other areas.
Speaker 1: You know, gasoline prices will feel the positive impact from that,
Speaker 1: and that will ultimately help consumer spending as well, So
Speaker 1: that helps saften the blow. So at least, you know,
Speaker 1: we can't have it both ways. We can't say that
Speaker 1: they're going to be pulling back and becoming a little
Speaker 1: bit more dublish. But at the same time worried, worry
Speaker 1: about recession. I mean, he has to um, you know,
Speaker 1: we the fact that energe prices are coming down will
Speaker 1: help again, you know, consumers, consumer pockets, consumers spending, and
Speaker 1: that will helps off of the blow for the economy itself.
Speaker 1: So we won't see that big hard recession that summer
Speaker 1: calling for ahead of the symposium getting under way here,
Speaker 1: we've seen some pretty big moves in the stock and
Speaker 1: particularly the bond markets. How could that potentially affect what
Speaker 1: we here this week? Um, you know this is going
Speaker 1: this is the ongoing of all atility that we continue
Speaker 1: to see when you know, when we see uh, you know,
Speaker 1: weaker weaker data for example from the housing front, stronger
Speaker 1: data from from generable goods orders for example yesterday. So
Speaker 1: I think he's going to sort of look past all
Speaker 1: these wiggles you know, with uh, with with with with
Speaker 1: with both stocks and bonds and continue to focus on
Speaker 1: the funtlemental data and again continue to look for weaker
Speaker 1: or weaker demand and subsequently softer inflation readings. In our
Speaker 1: last thirty seconds here, Jen, just to put you on
Speaker 1: the spot a little bit, how long do you think
Speaker 1: it's gonna take for the FED to get down to
Speaker 1: the two percent inflation target? Oh? That is going to take.
Speaker 1: I think it's going to take some time. Um, you know,
Speaker 1: we still have we're still you know, we we've actually
Speaker 1: been trimming our inflation forecast a little bit over the
Speaker 1: past couple of weeks. It was something we haven't done
Speaker 1: in quite a while, but we're looking for, you know,
Speaker 1: around three ish UM inflation by the end of three
Speaker 1: so probably you know, story before we start seeing um,
Speaker 1: something that's closer to target on the inflation front. Thanks
Speaker 1: for this, Jen, great having you on with us this morning.
Speaker 1: Jennifer Lee, senior economists at BMO Capital Markets. Ahead of
Speaker 1: the Jackson Whole Symposium kicking off later on this morning,
Speaker 1: and of course FED Chairman Pale speech tomorrow at ten
Speaker 1: am Wall Street Time. We're gonna have full coverage of
Speaker 1: Jackson all for you, starting with Bloomberg Surveillance, a special
Speaker 1: edition from Jackson Hole Wyoming with Tom Keene, Jonathan Faroll,
Speaker 1: and Lisa rom Woods, kicking off right here on Bloomberg
Speaker 1: Radio and on Bloomberg Television just after this show at
Speaker 1: seven am Wall Street Time. SFP futures ahead of all
Speaker 1: that up twenty seven point, Staff futures up a hundred
Speaker 1: fifty NASTAC futures are higher by nineties seven points. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Sunny in your
Speaker 1: ninety today, probably mostly sunny tomorrow, with a chance for
Speaker 1: late day shower thunderstorm highs in the upper eighties will
Speaker 1: be in the mid eighties to around ninety all weekend long.
Speaker 1: Right now sevent in Central Park, broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg E Loving
Speaker 1: Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one
Speaker 1: oh six one to San Francisco, Bloomberg nine sixty to
Speaker 1: the Country, Sirius XM to A one nine, and around
Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Daybreak. It's five thirty on Wall Street.
Speaker 1: Good morning, I'm Nathan Hager and I'm Karen Moscow. We
Speaker 1: are just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the
Speaker 1: news you need to know at this shower. It's the
Speaker 1: event Wall Street has been waiting for the Federal Reserves
Speaker 1: Annual Jackson Hole Economic Symposium, kicking off today. Bloomberg's Lisa
Speaker 1: Abramowitz is covering it for us in Jackson Hole. Join
Speaker 1: us at a monumental Jackson Hole Symposium hosted by the
Speaker 1: Kansas City Federal Reserve. This is going to be one
Speaker 1: of the most consequential meetings of FED officials as they
Speaker 1: digest some of the changes facing the economy, facing inflation,
Speaker 1: facing monetary policy as we know it. Some of the
Speaker 1: big questions j Powell will be addressing include where is
Speaker 1: the terminal rate? Where should rates end up in an
Speaker 1: economy beset by inflation? And what should we expect an
Speaker 1: employment market that still is strong it is showing signs
Speaker 1: of weakening. And Lisa Abramowitz Bloomberg Day Break at lesa
Speaker 1: thank you. I'll please stick with Bloomberg for complete live
Speaker 1: coverage of the Jackson Hole Symposium. Lisa, along with Tom
Speaker 1: Keene and Jonathan Farrell, will have a special edition of
Speaker 1: Bloomberg Surveillance beginning at seven am on both Bloomberg Radio
Speaker 1: and television, and of course, the key event, Karin is
Speaker 1: FED Chair j Powell's highly innticipated speech tomorrow morning. Morgan
Speaker 1: Stanley Chief investment Officer Mike Wilson tells Bloomberg he's not
Speaker 1: too concerned if Powell signals a rate hike pivot. The
Speaker 1: big change this time versus a prior periods when markets
Speaker 1: got excited about a FED pivot is this time they're
Speaker 1: not going to. So most investors I think are realistic
Speaker 1: about the FED and inflation, but they're not realistic about
Speaker 1: is They're not accounting for the negative operating leverage that
Speaker 1: we're about to experience. Morgan Stanley, c i OH Mike
Speaker 1: Wilson says he is bearish on equity markets because of
Speaker 1: quantitative tightening. Bumall Street Nathan shares of in Video down
Speaker 1: amost four percent in early trading after the shipmaker relation.
Speaker 1: A week quarterly forecast, Bloomberg Ray to Young joins US
Speaker 1: Live with the details. Good morning, ready to Good morning Karen.
Speaker 1: It was just a couple of weeks ago that in
Speaker 1: Video warned sales would come in well below expectations, and
Speaker 1: yesterday it gave a disappointing forecast for the current period,
Speaker 1: adding to signs of weakness in the semiconductor industry. Fiscal
Speaker 1: third quarter revenue will be about five point nine billion dollars.
Speaker 1: That's compare it with an average analyst estimate of six
Speaker 1: point nine two billion dollars. In Video blame's declining demand
Speaker 1: for chips used in gaming computers, citing challenging market conditions.
Speaker 1: Live in Washington, I'm really need a Young Bloomberg Daybreak
Speaker 1: all right, we need to thank you and shares A
Speaker 1: Tesla could be on the move today. The company's three
Speaker 1: for one split adjusted shares begin trading today and futures
Speaker 1: this morning or higher. SNP futures up about twenty five
Speaker 1: points and DOWN futures up a hundred thirty one and
Speaker 1: nasday futures up eighty four straight To had your latest
Speaker 1: local headlines plus to check of sports him This is Bloomberg,
Speaker 1: Thank you, Caring three on Mall Street, seventy four degrees
Speaker 1: in Central Park delays improving getting to the upper level
Speaker 1: g w B. We'll tell you more in traffic. First,
Speaker 1: Michael Barr with what else is going on in New
Speaker 1: York and around the world. Michael, thank you very much. Nathan.
Speaker 1: The NYPD ordered officers to stop unnecessary conversation while on
Speaker 1: the job. The New York Post reports the orders came
Speaker 1: from a department wide memo. Several weeks ago. Mayor Eric
Speaker 1: Adams was recorded criticizing officers for standing around talking while working.
Speaker 1: Adams said they should spread out for better coverage. Last night,
Speaker 1: Mayor Adams also held a community conversation about public safety.
Speaker 1: This city was a mess. Don't catch yourselves it wasn't you.
Speaker 1: It was a city of just complete dysfunctionality. You couldn't
Speaker 1: even get a inspection done in time. And the Department
Speaker 1: of Buildings you you thought that every time someone walked
Speaker 1: beside your small business from an agency, they came with
Speaker 1: a fine book instead of saying how do I keep
Speaker 1: your doors open? Mayor Adams held a meeting on Staten Island.
Speaker 1: You've all the school district Police chief Pete Arandondo has
Speaker 1: been fired following an investigation after the May mass shooting
Speaker 1: at the town's rob Elementary School. The decision was announced
Speaker 1: last night by the school board, following months of calls
Speaker 1: for such a move. Sent A. Salazar's granddaughter, Leila, died
Speaker 1: that day. The termin nations with lant common. I think
Speaker 1: it should have been done immediately, but it wasn't. Took
Speaker 1: us three months to get this done. Sante Salazar was
Speaker 1: one of many community members who spoke before the vote
Speaker 1: to fire at Redondo. The MTA will hold a meeting
Speaker 1: today about congestion pricing. The public will get a chance
Speaker 1: to speak about the controversial plan. Some drivers could see
Speaker 1: up to twenty three dollars every time they drive into
Speaker 1: certain parts of Manhattan more bus loads of migrants are
Speaker 1: expected to arrive today in New York City from Texas. Earlier,
Speaker 1: migrants were seen wearing would appear to be bracelets from Texas.
Speaker 1: New York officials cut the bracelets off when they arrived.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalists and analysts and more than one hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg. Nathan, thanks Michael on
Speaker 1: Wall Street time for the Bloomberg Sports Update with John
Speaker 1: Stashawn saith In. A welcome sight of Giants practice. Veteran
Speaker 1: white not sterling. Shepard on the field back from achilles
Speaker 1: injury suffering late last season, but it comes on the
Speaker 1: same day that another whine out, Colin Johnson heard his achilles,
Speaker 1: So his season's over before it begins. And Johnson had
Speaker 1: looked good and the two Giants preseason wins. Giants looked
Speaker 1: at Cafe three and oh preseason, and they faced the
Speaker 1: Jets Sunday afternoon and MetLife Hall of Famer Lynn Dawson
Speaker 1: died at eighties seven. Grew up in Ohio, one of
Speaker 1: eleven kids six straight seasons the nineteen sixties in the
Speaker 1: NFL's highest completion percentage led the Chiefs to two Super Bowls.
Speaker 1: They'll lost to Green Bay in the first one, the
Speaker 1: upset win on Super Bowl four. Yankees are in Oakland
Speaker 1: to night first and four with the A's. It's a
Speaker 1: ten game road trip that will also see them face
Speaker 1: the Angels and Rays. Aaron Boone's team seemingly snapped out
Speaker 1: of its slump with three straight win It's been a
Speaker 1: tough stretch. We're grinding. I think, I think these wins
Speaker 1: can go a long way and and kind of helping
Speaker 1: you build a little bit of confidence and and get
Speaker 1: that swagger back a little bit. Hopefully he's gonna return
Speaker 1: home until September five. Mets off of four and its
Speaker 1: road trip that saw their l least lead over Atlanta
Speaker 1: shrink to a game and a half. Now home for
Speaker 1: ten straight, beginning tonight against Colorado Jacob to Graham on
Speaker 1: the Mound, Mats will try to avoid what would be
Speaker 1: only their third three game losing sprink of the season.
Speaker 1: MLB at with the three schedule, it has fewer division games,
Speaker 1: more inter league games. The Yankees actually will start the
Speaker 1: season against the San Francisco Giants season ending George Ambership Golf.
Speaker 1: He's off today in Atlanta. Top twenty nine players vuying
Speaker 1: for prize money that has the winner collecting eighteen million dollars.
Speaker 1: This is the PGA is increasing prize money next year
Speaker 1: in effort to keep players from leaving for the live tour.
Speaker 1: John stashtoward Bloombergs Toys. Thanks John. It's five thirty seven
Speaker 1: on Wall Street time for the Tri State Business Report
Speaker 1: with Bloomberg's one d gilt billions in federal dollars is
Speaker 1: still heading to small businesses as part of the American
Speaker 1: Rescue Plan Act of one. It's a total of ten
Speaker 1: billion dollars to help small businesses access capital. The goal
Speaker 1: is to leverage the money into one hundred billion dollars
Speaker 1: in total investments. In Connecticut, one hundred nineteen million dollars
Speaker 1: will be used to operate a future Fund and a
Speaker 1: Tech Fund to support clean energy and environment safe manufacturing companies.
Speaker 1: A new report from Rutgers shows New Jersey's childcare workforce
Speaker 1: is struggling to bounce back after the pandemic at the
Speaker 1: same pace as other private industries. In the third quarter
Speaker 1: of last year, the workforce was at pent of pre
Speaker 1: pandemic levels, compared to ninety percent for overall private employment.
Speaker 1: Salem County was even lower, just six of pre pandemic levels.
Speaker 1: And the New York State Fair had a big opening day.
Speaker 1: Fifty thou people attending yesterday. That's over eleven thousand, seven
Speaker 1: hundred more than last year. That's the Bloomberg Tri State
Speaker 1: Business Report. I'm Wendy to Let. Thanks Wendy. It's on
Speaker 1: Wall Street. Bloomberg Radio is on the air from San
Speaker 1: Francisco to New York, London to Hong Kong. Let's check
Speaker 1: in with our global news team for some of the
Speaker 1: top stories heard on our three hundred of filiate radio
Speaker 1: stations around the world. I'm Joan Doniger telling w h
Speaker 1: S listeners in Louisville. Amazon is shutting down it's primary
Speaker 1: care and telehealth service. I'm Steve Podascan on ten ten
Speaker 1: Wins in New York. We're talking about Oscar Meyer and
Speaker 1: pop bars hot dog flavored dice pop. I'm wanting to
Speaker 1: lead on w w J and Detroy too. I'm reporting
Speaker 1: on money available to small businesses. I'm Stephen Carol and
Speaker 1: Bloomberg DAB Digital Radio and London were reporting on the
Speaker 1: growing calls for immediate action on energy prices to shield
Speaker 1: consumers and businesses. In the UK, I'm Gina Servetti and
Speaker 1: for w c CEO in Minneapolis, I'm reporting that the U. S.
Speaker 1: Supreme Court is being asked to review Minnesota and Nebraska's
Speaker 1: tax sale laws. Those are some of the stories our
Speaker 1: Bloomberg journalists and analysts you're working on this morning around
Speaker 1: the world. It's five thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. With this week's long
Speaker 1: away to the announcement of limited student debt forgiveness, President
Speaker 1: Joe Biden hopes to give Democrats of boost in this
Speaker 1: fall's mid term elections. But whatever the short term political gains,
Speaker 1: the decision is a costly mistake. The policy, which will
Speaker 1: offer up to twenty thousand dollars in debt cancelation to
Speaker 1: pell grant recipients and up to ten thousand dollars to others,
Speaker 1: could white clean the slate for twenty million borrowers. Yet
Speaker 1: student loan forgiveness is regressive, benefiting those who attended college
Speaker 1: at the expense of those who didn't. In one stroke,
Speaker 1: Biden has undermined his commitment to fiscal discipline and created
Speaker 1: a significant moral hazard. Canceling these debts may well please
Speaker 1: parts of Biden's base, but others will be stuck footing
Speaker 1: the bill. This editorial was written by the Bloomberg Editorial Board.
Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com,
Speaker 1: slash opinion or ope I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion to send for Bloomberg opinion
Speaker 1: editorials every weekday. At this time, terminal customers can read
Speaker 1: more at O p I end go ahead of Jackson
Speaker 1: Hall futures moving higher, SMP futures up twenty two points,
Speaker 1: staff futures up, NASTACK futures are higher by seventy eight
Speaker 1: points of the tenure Treasury yield three point zero seven percent.
Speaker 1: This is Bloomberg Bloomberg eleven three oh Weather sunny, near
Speaker 1: ninety today, partly the mostly sunny, with a late day
Speaker 1: shower storm possible tomorrow, upper eighties, mostly sunny, opper eighties
Speaker 1: for Saturday, a mid eighties by Sunday. Right now four
Speaker 1: in central Park, markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business
Speaker 1: at and at Bloomberg Quicktake. This is a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow. And stocks are on the rise.
Speaker 1: So are u S Dunk Index futures. As China's massive
Speaker 1: stimulus and er than expected economic data from Germany steady
Speaker 1: some nerves in the anxious wait for a key speech
Speaker 1: from Federal Reserve chaired your own Powell. We check the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: and p Future is up twenty one points this morning.
Speaker 1: Down futures have a hundred three Nasdack Future is up
Speaker 1: seventy two The decks in Germany is it'll change. Ten
Speaker 1: year Treasury up seven thirty seconds. He'll three point oh
Speaker 1: seven percent yield on the two year three point three
Speaker 1: five percent. NIMEX screwed oil is it'll change. Is at
Speaker 1: ninety four dollars eighty one cents. A barrel comes called
Speaker 1: up one per cent or sixteen dollars eighty cents. Is
Speaker 1: seventeen seventy eight thirty announced. The euro is at one
Speaker 1: against the dollar. British found one point one eight four
Speaker 1: one and the yen one thirty six point four to
Speaker 1: I'm looking at a big coin. It is down a
Speaker 1: tenth of a percent at twenty one thousand, six hundred
Speaker 1: seventy dollars. That's a Bloomberg business flash. Now here's Michael
Speaker 1: bar with more on what's going on around the world. Michael,
Speaker 1: thank you very much. Karen Uvaldi, Texas School District police
Speaker 1: chief Pete E. Redondo has been fired following allegations that
Speaker 1: he made several critical mistakes during a mass shooting that
Speaker 1: left nineteen students and two teachers dead. A flash flood
Speaker 1: warning is an effect for much of Mississippi after torrential
Speaker 1: rains caused evacuations, washed out roads, and led to water rescues.
Speaker 1: Air regulators in California are expected to announce today there
Speaker 1: will be a statewide ban on the sale of new
Speaker 1: gasoline vehicles by five. In baseball, the Red Sox and
Speaker 1: Orioles lost the Nationals one. The A's beat the Marlins
Speaker 1: in ten innings three two. The Giants lost. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: quick Take powered by more than twenty seven hundred journalists
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr
Speaker 1: and this is Bloomberg. Nathan Okay, Michael, thank you are
Speaker 1: coming up to five forty nine on Wall Street Live
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak
Speaker 1: on a very important day once again for markets. We
Speaker 1: are joined by Ivy jack this morning, head of equity
Speaker 1: research at north Star Asset Management. Ivy, It's good to
Speaker 1: speak with this morning. There's been plenty of volatility ahead
Speaker 1: of the Jackson Whole Economic Symposium. It kicks off this morning.
Speaker 1: What are you looking for? Is we actually get to
Speaker 1: the event? Thank you first of all, thank you for
Speaker 1: having me. What are we looking for? UM? I would
Speaker 1: say right now, I don't know that we're looking for
Speaker 1: anything in particular, but I can tell you what we're expecting.
Speaker 1: We are continue Uh. We believe the FED has the
Speaker 1: mandate to continue fighting inflation, and we believe that, UM,
Speaker 1: they're going to continue to be probably pretty aggressive, maybe
Speaker 1: more aggressive I think than many are anticipating right now. UM.
Speaker 1: And so what we are expecting is continued volatility and
Speaker 1: a lot of uncertainty going into the back half of
Speaker 1: the year. Do you think that means that we could
Speaker 1: test the June low for the market that we saw then, Oh,
Speaker 1: most definitely. UM. In fact, I've been a little bit
Speaker 1: surprised that, UM, you know, that the market has been
Speaker 1: as positive as it is and is as up as
Speaker 1: much as it is right now, So I definitely think so. Look,
Speaker 1: we're already seeing a slow down UM, several industries coming
Speaker 1: out of earnings. On top of seeing a slowdown, there's
Speaker 1: several other things that you just don't know going into
Speaker 1: the back half of the year, including you know, COVID.
Speaker 1: Covid is still with us UM to the extent that
Speaker 1: it continues to pop up, it could present more disruption UM.
Speaker 1: And the supply chain we're still dealing with as well, UH,
Speaker 1: supply chain disruption issues that still haven't been really resolved.
Speaker 1: On top of that, UM, you know, we've also been
Speaker 1: watching kind of the movements also in the labor force
Speaker 1: as well. The labor force continues to be tight UM,
Speaker 1: and companies are still trying to figure out how to
Speaker 1: navigate UM, you know, this hybrid remote situation. So, UM,
Speaker 1: there's several actors we're looking at. But going into the
Speaker 1: fall and going into the winner, we're paying close attention
Speaker 1: to the impacts of COVID and also higher energy crisis.
Speaker 1: So what does that mean in terms of positioning, How
Speaker 1: are you looking at different sectors or different factors in
Speaker 1: this type of environment. We're continuing to maintain a defensive posture,
Speaker 1: so you know, we are looking, um, you know, there
Speaker 1: are certain sectors that are are now historically as being
Speaker 1: kind of defensive, so I think you know, we're looking
Speaker 1: at that. But in general, we are staying close to
Speaker 1: our investment criteria in terms of you know, we only
Speaker 1: invest in companies that are profitable. We invest in companies
Speaker 1: that have demonstrated their ability to generate strong and sustainable
Speaker 1: free cash flows. And I think importantly, given that we
Speaker 1: are socially responsible investors, we're very focused on companies that
Speaker 1: make products that are beneficial to life, things that are
Speaker 1: not necessary and needed, as opposed to facts that are trendy.
Speaker 1: So I would say for us, during times with uncertainty,
Speaker 1: you leave even closer to what we our investment criteria
Speaker 1: and what we look for. There's been some discussion that
Speaker 1: the US may be a little bit better positioned economically
Speaker 1: than other parts of the world, particularly Europe with the
Speaker 1: energy crisis that they're facing. Do US stocks look more
Speaker 1: attractive to you than than stocks outside the US at
Speaker 1: this point in time. Yes, Um, because of all the
Speaker 1: factors that you name, so that that is something that
Speaker 1: we're watching really closely. Um. We're watching, um, you know,
Speaker 1: this fall, what happens with covid. Um. We're also watching
Speaker 1: what UH Europe does in terms of interest rates as well. UM.
Speaker 1: I think it's a little bit tricky for them in
Speaker 1: the sense that you have several different countries and so
Speaker 1: in terms of monetary policy, it's not quite as um
Speaker 1: easy of a process as it is here in the US. So, yes,
Speaker 1: we're definitely watching what's happening in Europe. But I would
Speaker 1: say you certainly believe that the US is you know,
Speaker 1: we're in a better in a better position to whether
Speaker 1: multiple storms that are coming the last thirty seconds here.
Speaker 1: I V what kind of market reaction do you expect
Speaker 1: from what Chairman Powell has to say tomorrow. Um. You know,
Speaker 1: I don't know what kind of reaction to expect, um,
Speaker 1: but I can't say this. I think that there are
Speaker 1: parts of the market that are continuing to underestimate how
Speaker 1: much work to fit might have to do in order
Speaker 1: to bring inflation in line. And so um my, my,
Speaker 1: my hope is that we get to a place where
Speaker 1: we are a little bit more realistic as opposed to optimistic.
Speaker 1: Um and you know we'll see that reflected in the market.
Speaker 1: Thanks Ivy, good having you with us this morning. Ivy
Speaker 1: jack Had of equity Research at north Star Asset Management.
Speaker 1: Karen Nathan, thank you. It is fifty four on Wall Street.
Speaker 1: Time for the Bloomberg Law Report. Let's get the legal
Speaker 1: stories we're watching this morning from Bloomberg Jeff Bellinger. The
Speaker 1: California Supreme Court declined to review in a pellate court
Speaker 1: ruling that Uber is not liable for assaults by criminals
Speaker 1: who got victims into their cars by pretending to be
Speaker 1: Uber drivers. A federal lawsuit accuses American Express of firing
Speaker 1: hundreds of white employees so the firm could hire more
Speaker 1: black workers, and a Texas based farm produced distributor will
Speaker 1: pay more than eighteen thousand dollars to settle Justice Department
Speaker 1: charges that it on lawfully hired foreign visa holders over
Speaker 1: two US citizens. Bloomberg Law everything you need, all on
Speaker 1: one legal research platform, including guidance analysis, and Bloomberg Market Intelligence.
Speaker 1: Find out more at Bloomberg law dot com. All right, Jeff,
Speaker 1: thank you. Now another legal story we're watching. Florida Governor
Speaker 1: Rhonda Santis last week trumpeted the arrest of twenty people
Speaker 1: who allegedly committed voter fraud by casting ballots even though
Speaker 1: they were convicted felons. But many of those people say
Speaker 1: they thought they were entitled to vote. For More on
Speaker 1: this and the impact of voting rights restoration, Bloomberg's Greg's
Speaker 1: Store and Kimberly Robinson spoke with Neil Vohle's deputy director
Speaker 1: of the Florida Rights Restoration Coalition. This all stems from
Speaker 1: a balled initiative that your group sponsored. Tell us what
Speaker 1: that balled initiative did. Yeah. Well, in two thousand eighteen,
Speaker 1: the voters of Florida past Amendment four, which restored the
Speaker 1: voting eligibility for nearly one point four million people with
Speaker 1: past belony convictions, Folks like myself and others in our
Speaker 1: movement who had passed felony convictions and who up until
Speaker 1: that point had to deal with a lifetime voting ban
Speaker 1: in the state of Florida. So this was there a
Speaker 1: little bit of history here, because this is kind of
Speaker 1: at Dickens novel, right, the best of times the worst
Speaker 1: of times. On one hand, we saw the largest expansion
Speaker 1: of democracy in our country in a generation, but we
Speaker 1: also saw the implementation of that amendment end up requiring
Speaker 1: people to pay certain financial obligations before they are in
Speaker 1: fact eligible to vote, which means that there are hundreds
Speaker 1: of thousands of peak with past convictions who are still
Speaker 1: not yet able to vote in the state of Florida.
Speaker 1: That's right, Yeah, that was one of the questions that
Speaker 1: I had was, you know, there is this requirement that
Speaker 1: felons have to pay off all fines and fees before
Speaker 1: being able to vote. What effect does that have with
Speaker 1: restoring voting rights? Is there any kind of evidence that
Speaker 1: most people have been able to get their voting rights
Speaker 1: back or is this being a really block for that
Speaker 1: Well one, as far as our organization and this movement,
Speaker 1: I mean, we just give up every day. You have
Speaker 1: kind of put our work boots on and just keep
Speaker 1: moving forward. And I know according to the voter file
Speaker 1: last months voter file UM, there but two hundred sixteen
Speaker 1: thousand people with past convictions who are currently registered in
Speaker 1: the state of Florida. And that's a lot of people,
Speaker 1: a lot of families, a lot of voices being heard.
Speaker 1: But we know there's still a long way to go,
Speaker 1: especially when you consider that there are hundreds of thousands
Speaker 1: of people who have continue to not be eligible because
Speaker 1: they owe financial obligations. And that's Neil Voles, deputy director
Speaker 1: of the Florida Rights Restoration Coalitions, speaking with The Bloomberg's
Speaker 1: Kimberly Robinson and Greg Store. Catch more of that interview,
Speaker 1: plus analysis of the latest legal news BLU subscribing to
Speaker 1: the Bloomberg Law podcast are downloading the show at Bloomberg
Speaker 1: dot com slash podcasts. Attorneys can find exceptional legal research
Speaker 1: and business development tools at Bloomberg Law dot com and
Speaker 1: on the Bloomberg terminal at b Law. Go and again,
Speaker 1: future is higher this morning, still ahead on Bloomberg Daybreak
Speaker 1: and check on the business headlines and all the news
Speaker 1: you need to start your day. And this is Bloomberg