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

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Speaker 1: day Break for Friday, August nine two. Coming up this hour,

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Speaker 1: Beneficials sent mixed signals on September rate heights. A new

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Speaker 1: survey finds companies across the country are preparing for layoffs

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Speaker 1: at Amazon reportedly scrapping its COVID leave policy. And we

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Speaker 1: get more earnings today with John Deere set to record.

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Speaker 1: New York City cracks down on the band in outdoor

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Speaker 1: dining sheds. Plus the UN calls any military action at

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Speaker 1: a Ukrainian nuclear power plants suicide. I'm Michael Blogger. More ahead,

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Speaker 1: I'm John stad Shower and sports. The Yankees suffer at

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Speaker 1: a one sided loss to the Blue Jays. The Braves

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Speaker 1: beat Jacob de gramin the Mets. That's all s training

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Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven three on

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

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Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Syrius x

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Speaker 1: M one nineteen and around the world on Bloomberg Radio

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Speaker 1: dot Com and via the Bloomberg Business App. Good morning,

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Speaker 1: I'm John Tucker and I'm Karen Moscow and US DOT

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Speaker 1: Index futures are lower this morning. We're coming up to

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Speaker 1: five oh one on Wall Street, and we check the

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

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Speaker 1: right now, SNP futures are down thirty two points, in

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Speaker 1: DOWN futures down a hundred ninety four and NASDACK futures

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Speaker 1: down one twenty seven. The decks same. Germany is down

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Speaker 1: eight tenth seven percent, ten year treasury down eleven thirty seconds,

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Speaker 1: YE two point nine and two percent, and they yield

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Speaker 1: on the two year three point to four per cent,

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Speaker 1: and Nimex Screwed oil is down one three percent, down

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Speaker 1: a dollar twenty two at eighty nine dollars twenty eight

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Speaker 1: cents of barrel. John and Karen markets this morning. Reacting

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Speaker 1: to mix signals from Fed officials. St. Louis FED Governor

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Speaker 1: Jim Bullard is leaning hawk ish, urging a seventy bases

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Speaker 1: point move in September, while the Kansas City's Esther George

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Speaker 1: is sounding more cautious. San Francisco's Mary Daily is open

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Speaker 1: to fifty or have any five basis points and many

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Speaker 1: Appolis chief Neil Cush Kari says the Central Bank remains

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Speaker 1: laser focused on combating inflation. Good question right now is

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Speaker 1: can we bring inflation down without triggering a recession? And

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Speaker 1: my answer that question is I don't know. Neil cash

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Speaker 1: carry making the comments a day after the release of

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Speaker 1: July's Fed Minutes, where showed officials wing exactly when to

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Speaker 1: slow the pace of rate hikes, lowering inflation and avoiding

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Speaker 1: a recession as the best case scenario for the Federal Reserve.

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Speaker 1: John with prices already read hot, Former FED Governor Randy

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Speaker 1: Krosner said the Central Bank will be lucky to meet

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Speaker 1: their inflation target. It's very difficult to know exactly where

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Speaker 1: you are because, as I said, the data always coming

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Speaker 1: with a lag, and there could be a lot of

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Speaker 1: shocks that come in. So I'm sure they're not going

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Speaker 1: to get it exactly right. I think if they're going

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Speaker 1: to make a mistake, it's going to be on tightening

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Speaker 1: a little bit too much. And former Fed Governor Randy

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Speaker 1: Krosner made the comments on Bloomberry's Balance of Power. Catch

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Speaker 1: the program Weak It is at noon Eastern on Bloomberg

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Speaker 1: Radio and Television. Let's look at the action overseas stocks

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Speaker 1: in the Asia fell over nine to post a weekly decline.

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Speaker 1: China growth concerns continued to weigh on sediment Bloomberge Juliet

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Speaker 1: Sally joins us from Singapore with the latest Good morning, Juliet,

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Speaker 1: Good morning John and Karena. Jump in Chinese textures and

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Speaker 1: energy stocks helped cap deeper losses on the regional benchmark index.

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Speaker 1: Nickel stocks in the region rose after Indonesia, the world's

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Speaker 1: biggest producer of the commodity, told Bloomberg it plans to

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Speaker 1: impose attacks on exports this year. Investors now look ahead

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Speaker 1: to the Jackson Wholesomposium and close at a Home are

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Speaker 1: likely cut by Chinese lenders to the loan prime rate

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Speaker 1: concerns about China's slowing economy sending the MSCI Asia Pacific

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Speaker 1: Index down for the week. In Singapore, Juliet Sale Bloomberg daybreak.

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Speaker 1: All right, Juliet, thank you. Now taking a look at

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Speaker 1: oil prices are slumping this morning. Nix screwed oil is

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Speaker 1: down one in a third percent on a dollar twenty

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Speaker 1: two with at eighty nine dollars twenty eight cents of

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Speaker 1: barrel oil is on track for a weekly loss with

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Speaker 1: lingering concerns over an economic slowdown. Crewed has now given

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Speaker 1: up all gains that followed Russia's invasion of Ukraine. Most

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Speaker 1: actively traded in the pre market this morning, shares of

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Speaker 1: bed Bathroom Beyond down forty one cent. This move comes

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Speaker 1: after activist investor Ryan Cohen, extended excited, exited his entire

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Speaker 1: stake in the company. Cohen pocket at sixty eight million

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Speaker 1: dollars in profits after holding Bad Bathroom Beyond shares for

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Speaker 1: seven months. It's setting up a repeat of other meme

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Speaker 1: stock moments, with the price drop for retail investors who

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Speaker 1: relate to the trade being just as dramatic as its ascent.

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Speaker 1: But we take a look at the labor market now,

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Speaker 1: John A new survey from p w C is painting

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Speaker 1: a bleak picture. It says layoffs are in the works

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Speaker 1: at half of US companies, and Bloomberg Charlie Pellett has

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Speaker 1: that story. Last month, PwC pulled more than seven d

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Speaker 1: US executives and board members across a range of industries.

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Speaker 1: Half of respondents said they are reducing headcount or plan too,

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Speaker 1: and fifty two percent of implemented hiring freeze is more

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Speaker 1: than four in ten are rescinding job offers, and a

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Speaker 1: similar amount are reducing or eliminating the sign on bonuses

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Speaker 1: that have become common to attract talent in a tight

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Speaker 1: job market in New York. Charlie Pea Bloomberg Daybreak, Charlie,

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Speaker 1: thanks turning to the pandemic. Now we're seeing more signs

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Speaker 1: that corporate America is turning away from prior policies. Days

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Speaker 1: after the CDC shifted its COVID quarantine guidance, Amazon reportedly

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Speaker 1: scrapping its COVID leaf policy. Bloomberus Rinida Young joins US

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Speaker 1: Live with that story. Good morning Rnita, Good morning John.

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Speaker 1: The two weeks of paid lead for COVID nineteen cases

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Speaker 1: that Amazon offered employees is now gone. Amazon is returning

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Speaker 1: to standard sick leaf policies beginning today, and an internal

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Speaker 1: memo published by Business Insider shows the company is also

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Speaker 1: scrapping contact tracing across much of its network of warehouses.

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Speaker 1: Now this could affect hundreds of thousands of employees at Amazon.

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Speaker 1: It applies to all US employees except for those living

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Speaker 1: in California, New York, Colorado, and Philadelphia. Live in New York.

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Speaker 1: I'm really need a young Bloomberg, daybreak. I re need

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Speaker 1: to thank you all. Earning season is winding down, but

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Speaker 1: we get one more report of note this morning. Firming

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Speaker 1: machinery maker deer Or publishes results shortly. Bloomberg Intelligence says

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Speaker 1: higher production and supply chain easing should support accelerated growth

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Speaker 1: the company. And finally, let's talk politics. The legal troubles

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Speaker 1: circling former President Trump now. The judge of the Mara

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Speaker 1: Longo FBI search warrant hearing is indicating he'd like to

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Speaker 1: unseal at least parts of the search warrant at the

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Speaker 1: heart of the search. Bloomberg's ad Baxter has details. The

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Speaker 1: judges ordered the dj back to court next week with

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Speaker 1: suggested redactions. One of the attorneys for media group seeking

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Speaker 1: the release of the document, Diana Shulman, says she feels

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Speaker 1: good about the hearing. He understands that the public is

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Speaker 1: going to likely be entitled to some parts of this

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Speaker 1: warrants application and its affidavit. So the next hearing is

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Speaker 1: next Thursday, and it seems most likely scenario oh is

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Speaker 1: that something will be released in very heavily redacted form

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Speaker 1: in San Francisco. I'm at Baxter Bloomberg day Break, All right,

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Speaker 1: thanks ahead of the cash showupen on Wall Street. Down

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Speaker 1: futures one points, lower HANDSMP Evening futures down thirty two

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Speaker 1: and the Nasdack futures down one hundred twenty six points.

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Speaker 1: This is Bloomberg Day break That for insis to five

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Speaker 1: oh seven on Wall Street. Time to bring in Michael

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Speaker 1: Barr with more on what else is going on to

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Speaker 1: New York and around the world. John, thank you very much, sir.

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Speaker 1: New York City Mayor Eric Adams says, while outdoor dining

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Speaker 1: is here to stay in the city, will remove abandoned

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Speaker 1: dining sheds. Adams says that abandoned or dangerous outdoor dining

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Speaker 1: structures must be torn down quickly. When a dining shed

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Speaker 1: is no longer in use, and if it's abandoned, it's

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Speaker 1: a safety has it, we have to turn it tear

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Speaker 1: it down. It can't be a safe haven for rats,

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Speaker 1: it can't be a safe haven for illegal behavior. It

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Speaker 1: has to be a place to allow people to enjoy dyning,

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Speaker 1: Mayor Anams. The United Nations is urging Russia to stand

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Speaker 1: down and not proceed with its mission to carry out

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Speaker 1: military action at a nuclear power plant in Ukraine. Secretary

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Speaker 1: General Antonio Guterres adjusted any action there would be, in

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Speaker 1: his words, suicide policess must be any actions that Mican

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Speaker 1: they had safety, r S, unity and Lucian plants, and

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Speaker 1: must not be used the spot of any need fed inferation.

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Speaker 1: UN Secretary General Guterres repeatedly urged for the plan to

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Speaker 1: be demilitarized. A former top executive of the Trump organization

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Speaker 1: has pleaded guilty to tax evasion. Alan Weislberg's guilty plea

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Speaker 1: as part of a larger deal to testify against former

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Speaker 1: President Trump's real estate company. Weislberg will served five months

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Speaker 1: in jail and pay nearly two million dollars and taxes,

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Speaker 1: penalties and interest. The number of migrants apprehended entering the U.

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Speaker 1: S Coad hit a record two million this year, and

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Speaker 1: the air release to await processing as Texas government of

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Speaker 1: Greg Abbott sending bus loads of them to Washington, d C.

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Speaker 1: And New York City. The bus load of migrants is

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Speaker 1: expected soon in New York City. Climate change is being

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Speaker 1: considered a factor in the recent return of a brain

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Speaker 1: eating amba, often found in freshwater sources, that's being linked

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Speaker 1: to the death of the child in eastern Nebraska. It

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Speaker 1: is the second such probable death in the Midwest this summer,

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Speaker 1: with another incident suspected in Missouri last month. In Nebraska,

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Speaker 1: Douglas County Health Director Dr Lindsay Hughes and just being

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Speaker 1: mindful of your exposure and freshwater sources. We are urging

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Speaker 1: the public to simply be aware and to take precautions

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Speaker 1: when they are being exposed to any warm freshwater sources

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Speaker 1: out in public so lakes, streams, ponds. Dr Hugh says,

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Speaker 1: though the illness is rare. Global News twenty four hours

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Speaker 1: a day on air and on Bloomberg Quicktake power by

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Speaker 1: more than seven hundred journalists analysts more than a hundred

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Speaker 1: twenty countries. I'm like of bar this is Bloomberg. John

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Speaker 1: all right, Michael, thank you, and it brings us to

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Speaker 1: five on Wall Street Time down for the Bloomberg Sports

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Speaker 1: up tape and good morning John Staff. All right, Good

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Speaker 1: morning John. The Medicine Braise just played nine games in

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Speaker 1: fifteen days. The Mets one four or five in New York.

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Speaker 1: The Braves won three or four in Atlanta. They beat

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Speaker 1: Jacob mc graham storing in the seventh in Name for

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Speaker 1: a three two victory that gets them back to three

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Speaker 1: and a half games behind the Mets in the n

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Speaker 1: L as the Yankee lead a l east to helping

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Speaker 1: nine games, but at the stadium the night after that

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Speaker 1: dramatic en and he went over to Tampa Bay. Toronto

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Speaker 1: got the new Yanks starter Frankie Montess with a five

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Speaker 1: runs second in name and include a three run homber

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Speaker 1: by Vladimir Guerrero Junior. Blue Jays went on to win

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Speaker 1: nine to two. George Bringer had four hits with the

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Speaker 1: Jays Montes and three starts with the Yanks. Has pitched

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Speaker 1: fourteen innings and has allowed fourteen runs. The guy he

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Speaker 1: replaced in the Yankee rotation, Jordan Montgomery, now of St. Louis,

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Speaker 1: has made three starts with the Cardinals and in seventeen

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Speaker 1: meanings he's given up one run. Speaking of the Cardinals,

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Speaker 1: they beat Colorado thirteen and nothing. That Finch had grand

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Speaker 1: slam for forty two year old Albert Poohle's career home

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Speaker 1: run number six ninety. If big NFL story resolution and

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Speaker 1: how long does Shawn Watson's suspension will be, NFL wanted

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Speaker 1: it longer than the six games originally ruled by an

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Speaker 1: arbitrat of the two sides settled on eleven games, a

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Speaker 1: record fine of five million. Watson apologized but did not

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Speaker 1: admit to committing any sexual in this conduct. I'm moving

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Speaker 1: over my cer in my life and I'll continue to

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Speaker 1: stand on my innocence. Just because you know, settlements and

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Speaker 1: things like that happened, doesn't mean that a person is

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Speaker 1: is guency for anything. I feel like person has an

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Speaker 1: opportunity to stand on his innocence and proved that, and

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Speaker 1: we proved that on the legal side, and we're just

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Speaker 1: gonna continue to push forward as an individual as a person.

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Speaker 1: Watson's first game with this new team Cleveland will be

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Speaker 1: Week thirteen against his old team Houston. John Stash Edward

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Speaker 1: Blue Work Sports John, all right, thanks John, ahead of

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Speaker 1: the cat show up. All of Walstreet futures in the

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Speaker 1: red right now down futures down two hundred eight points,

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Speaker 1: the sub me eat many futures thirty four points slower,

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Speaker 1: and the NASTAC futures are down one hundred deep points

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Speaker 1: almost one percent. You're listening to Bloomberg day Break, and

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Speaker 1: just ahead we'll get you set up for the trading day.

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Speaker 1: We'll be joined by Kitchuks, the chief fex strategist at

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Speaker 1: Society General. You're listening to Bloomberg Markets headlines and breaking

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Speaker 1: news twenty four hours a day at Bloomberg dot Com,

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Speaker 1: to Bloomberg Business at and at Bloomberg Quicktake, this is

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Speaker 1: a Bloomberg Business lash and I'm Karen Moscow. US Knock

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Speaker 1: Index futures are falling this morning along with treasuries after

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Speaker 1: a chorus of Federal Reserve officials reiterated they're resolved to

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Speaker 1: continue rate hikes. We checked the markets every fifteen minutes

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Speaker 1: throughout the trading day on Bloomberg s and P futures

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Speaker 1: down thirty points this morning. Down features down a hundred

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Speaker 1: seventy eight NASDACK futures down a hundred sixteen. The decks

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Speaker 1: in Germany's down seven tenths of upper set ten. Your

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Speaker 1: treasury down eleven thirty seconds, held two point nine two percent.

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Speaker 1: They yield on the two year three point to four

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Speaker 1: per cent. N Max Screwed oil is down one per

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Speaker 1: cent or ninety one cents at eighty nine dollars, fifty

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Speaker 1: nine cents of Arrol Comic School down a quarter per

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Speaker 1: cent or four dollars is seventeen sixty seven twenty announced

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Speaker 1: the euro one point zero zero eight five against the dollar,

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Speaker 1: British found one point eight one and again one thirty

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Speaker 1: six point five too. And Bitcoin this morning down more

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Speaker 1: than seven percent at twenty one thousand, seven hundred dollars.

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Speaker 1: And today we get earnings from during company. And that's

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Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more

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Speaker 1: and what's going on around the world. Munchacle, Good morning,

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Speaker 1: Good morning, Karen. A federal judge has ordered the Justice

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Speaker 1: Department to put forward proposed redactions as he committed to

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Speaker 1: making public at least part of the affidavit supporting the

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Speaker 1: search warrant for former President Trump's estate in Florida. The

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Speaker 1: judge gave prosecutors a week to submit a copy of

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Speaker 1: the affidavit. After being accused by more than two dozen

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Speaker 1: women of sexual misconduct, Evelon Brown's quarterback to Shaun Wants

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Speaker 1: it will now serve in eleven games suspension and pay

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Speaker 1: a five million dollar fine. In baseball, the Yankees and

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Speaker 1: Mets lost the Red Sox, Orioles and Giants also lost

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Speaker 1: the Nationals. One Global News twenty four hours a day

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Speaker 1: on air and on Bloomberg Quicktake, powered by more than journalists,

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Speaker 1: analysts more than a hundred twenty countries. Michael barn this

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Speaker 1: is Bloomberg, John Michael, thank you, five twenty on Well Street.

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Speaker 1: We are live for the Bloomberg Interact and Brokers Studios.

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Speaker 1: This is Bloomberg Daybreak. Well you heard Karen Federal Reserve

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Speaker 1: of his was reiterating the resolve to continue rate hikes.

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Speaker 1: Traders raising tightening wagers for other major central banks around

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Speaker 1: the world. Let's try to get you set up for

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Speaker 1: the trading day head. We're joined now by Kitchos, chief

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Speaker 1: FIC strategist at sock Chen. Um. I gotta start on

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Speaker 1: your home turf kit and uh, I'm waiting for a

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Speaker 1: plague locust to hit there in the UK. What's the

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Speaker 1: path forward for the Bank of England? And uh, fighting inflation?

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Speaker 1: Does it? What cost to the UK economy? I think

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Speaker 1: the cost is the cost is likely to be severe

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Speaker 1: and the danger of the way that we that we

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Speaker 1: pay for our energy bills and so for our electricity,

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Speaker 1: which is seaxed on on a rolling basis, means that

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Speaker 1: we're going to get a cap on energy bills that

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Speaker 1: goes up every few months. And the peak is looking

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Speaker 1: higher and higher and so so we probably haven't seen

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Speaker 1: peak inflation yet by some distance. And that's that's the

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Speaker 1: source of massive concern um to everybody in the UK

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Speaker 1: economy because obviously has less money for anything else. Um

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Speaker 1: For the Bank of England. I think that they're caught

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Speaker 1: really because there's a perfectly good argument that you should

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Speaker 1: say that if the economy is heading to a recession,

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Speaker 1: why bother they going on raising rates? You know that

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Speaker 1: will look after the inflation numbers for you in the

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Speaker 1: next twelve months and rate rises now affect the economy

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Speaker 1: and twelve to eighteen months time by then it will

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Speaker 1: be different. But but that that you know, any backing

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Speaker 1: down from the red hikes that are priced in, and

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Speaker 1: we've got we've got plenty of radar expressing in the

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Speaker 1: coming m and we we look as if we're going

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Speaker 1: to get to four before the Federal Reserve does just

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Speaker 1: weakens the currency, and small open economy or medium sized

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Speaker 1: open economy, the week of the currency, the more important

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Speaker 1: inflation there is in random around we go in the circle.

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Speaker 1: So we are we are left for a central bank

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Speaker 1: with Hobson's choice tighten more than they should too late

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Speaker 1: in the cycle, because they have to be seen to

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Speaker 1: fight inflation really hard, to maintain their credibility, both in

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Speaker 1: the foreign exchange market and frankly in front of the press.

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Speaker 1: We all saw yesterday in markets how the Central Bank

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Speaker 1: of Turkey cut rates in the face of eight percent inflation,

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Speaker 1: and the markets treated their currency accordingly. So it's yeah,

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Speaker 1: it's not good. I hope we don't get well that

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Speaker 1: that's a I would argue, that's a central bank that's

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Speaker 1: not anywhere near independent. Back to the UK though, raising rates,

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Speaker 1: the sterling is falling, how much farther can it fall? Um? Look,

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Speaker 1: I think anything, I don't. I mean, I don't think

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Speaker 1: we'll get down to one tan you know, I don't

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Speaker 1: think we're going to go back to the to to

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Speaker 1: to the worst kind of of those kinds of levels,

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Speaker 1: but um levels of my use. But the but I

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Speaker 1: think we'll get you somewhere like one fifteen. Is it's

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Speaker 1: quite possible you have to overshoot in this process, you know.

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Speaker 1: So so it's whatever I thought before, plus a temporary

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Speaker 1: overshoot from which you come back. And one fifteen sounds

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Speaker 1: like it sounds like a reasonal level. It will make

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Speaker 1: London so cheap for you people, Uh yeah, well, King dollar,

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Speaker 1: is that going to get dethroned anytime soon? Doesn't look

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Speaker 1: like it does it. It's hard, you know, I mean, firstly,

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Speaker 1: because the second most important currency in the world is

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Speaker 1: still you know, fighting, it's fight against against natural gas

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Speaker 1: prices as a result of what's going on in Ukraine.

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Speaker 1: And you know, even even if we get all the

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Speaker 1: storage up to sevent full in time for winter in Germany,

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Speaker 1: that's still two and a half maybe three months of

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Speaker 1: storage if things get worse and Russian gas stops flowing.

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Speaker 1: And in the meantime, we've pushed up the global price

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Speaker 1: of liquid natural gas really dramatically, So we're getting enough

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Speaker 1: gas into get three months of extra extra supplies at

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Speaker 1: a big economic cost. And that's that's going to you know,

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Speaker 1: either either governments take that on as a huge fiscal

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Speaker 1: hit or they parted onto consumers as a massive inflation hit.

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Speaker 1: So Europe is Europe is still hurt. Let's pivot to

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Speaker 1: the US. Is a string of seemingly weak economic data

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Speaker 1: can to encourage anything close to a dovish pit pivot

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Speaker 1: from the FED. I think the FED suffers the same

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Speaker 1: kind of problem as as you know, it's just a

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Speaker 1: lesser degree of this credibility problem. If monetary policy works

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Speaker 1: with an eighteen months lead, then frankly, Um, they should

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Speaker 1: probably pivot more dovishly. But I don't think they can

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Speaker 1: do that until all the measures of core underlying inflay

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Speaker 1: sans start to behave and the most important one of

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Speaker 1: those this wage growth. They need wage growths to top

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Speaker 1: out in a more clear fashion than it is before

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Speaker 1: they'll have it. My sense is as soon as the

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Speaker 1: market talks about the Fed pivoting Davish Lee, Fed officials

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Speaker 1: come out to reinforce their credibility. That's a recipe for

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Speaker 1: a smaller version of what we have here, where policy

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Speaker 1: ends up being tighter than the economy needs it. The

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Speaker 1: hasing marketself is more, the economic slowdown is a little

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Speaker 1: deeper than it would be Um, and and then we

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Speaker 1: go through that cycle. You know, that's the price for

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Speaker 1: but for maintaining central bank credibility these days, Okay, Kit,

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Speaker 1: You's always a pleasure a chief Fax strategist as society

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Speaker 1: general this morning Sterling one eighteen right now down about

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Speaker 1: half a percent. Kit also mentioned the year on bets

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Speaker 1: almost a parody. It is down right now, just slightly

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Speaker 1: against the U. S. Dollar. You are listening to Bloomberg

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Speaker 1: Daybreak and Bloomberg Weather for met round just Robb Carolin,

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Speaker 1: mostly sully warmed the hind temperature ninety degrees, partly cloudy

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Speaker 1: to light lows in the mid seventies. Tomorrow partly sunny,

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Speaker 1: maybe a late day shower by eighty five to ninety degrees.

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Speaker 1: Broadcasting live from the Bloomberg Interactive Brokery Studio in New York,

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Speaker 1: Bloomberg E Living free on to Washington, d C. Bloomberg

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Speaker 1: to Boston, Bloomberg one O six one to San Francisco,

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Speaker 1: Bloomberg nine six to the country, Sirius XM Chado one

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Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg

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Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's five thirty

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Speaker 1: on Wall Street. Good morning. I'm John Tucker and I'm

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Speaker 1: Karen Moscow. We are just about four hours away from

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Speaker 1: the open of US trading. We get you up to

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Speaker 1: date on the news you need to know at this

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Speaker 1: shower and you. Futures are lower this morning as traders

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Speaker 1: react to mixed signals from the Fed. It's unclear exactly

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Speaker 1: how big the Central banks next move will be on

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Speaker 1: interest rates. St. Louis Fed Governor James Bullard once as

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Speaker 1: seventy five basis point move in September. Kansas City's Enter

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Speaker 1: George is more conscious. San Francisco's Mary Daily is open

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Speaker 1: to fifty or seventy five basis points, and Minneapolis Fed

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Speaker 1: Chief Neil cash Curry warrants a recession could be on

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Speaker 1: the horizon as we continue to raise rates, as we

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Speaker 1: continue to raise costs, sort of speak of borrowing across

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Speaker 1: the economy. It should be putting tapping the brakes on

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Speaker 1: the US economy, and that makes it more likely that

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Speaker 1: we would end up in a recession. Neil cash Curry

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Speaker 1: made the comments a day after the release of July's

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Speaker 1: FED minutes, which showed officials weighing exactly when to show

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Speaker 1: the pace of too slow rather the pace of rate hikes.

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Speaker 1: And looking at the labor market, a new p WC

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Speaker 1: survey paints a bleak picture on the future of the

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Speaker 1: US labor market. The results showed layoffs or in the

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Speaker 1: works at about half of US companies despite a tight

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Speaker 1: labor market. The more than seven US executives and board

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Speaker 1: members polled said they're reducing headcount or planned to and

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Speaker 1: over half implemented hiring freezes. I'll taking a look at

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Speaker 1: a major market mover. This morning shares a bad bath

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Speaker 1: and Beyond down forty one percent. It follows news that

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Speaker 1: activist investor Ryan Cohen exited his entire stake in the company.

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Speaker 1: He pocketed sixty eight million dollars in profits from the sale,

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Speaker 1: and days after the CDC shifted as COVID quarantine guidance,

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Speaker 1: Amazon is reportedly removing it's COVID leave policy. Let's get

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Speaker 1: more from Bloomberg's Rinita Young, who joins us Live this morning.

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Speaker 1: Good morning, Rinita, Good morning John. Two weeks of paid

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Speaker 1: lead for Amazon's COVID nineteen cases that Amazon offered employees

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Speaker 1: now gone. Amazon is returning to standard sick leaf policies

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Speaker 1: beginning today. An internal memo published by Business Insider shows

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Speaker 1: the companies also scrapping contact tracing across much of its

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Speaker 1: network of warehouses. This affects all you Amazon employees, except

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Speaker 1: for those living in California, New York, Colorado, and Philadelphia.

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Speaker 1: Live in New York, I'm gonna need to Young Bloomberg

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Speaker 1: day break. All right, thanks for Rena, and today we're

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Speaker 1: also going to get earnings from Deer and Company and

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Speaker 1: ahead of the cash open on Wall Street. Down futures

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Speaker 1: right now one nine point slower. That's down six tenths

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Speaker 1: of a percent. Smp E Mini futures they're down thirty two,

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Speaker 1: down three quarters of a percent, and the Nanzac futures

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Speaker 1: right now one one point slower. That's down nine tenths

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Speaker 1: of a percent. You're listening to Bloomberg daybreak and that

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Speaker 1: brings us to five thirty three on Wall Street, and

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Speaker 1: that is time to bring in Michael Barr with more

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Speaker 1: on what else is going on to New York hend

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Speaker 1: around the world. John, Thank you very much, sir. New

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Speaker 1: York City Mayor Eric Adams says a new multi agency

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Speaker 1: enforcement initiative will focus on removing a band and outdoor

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Speaker 1: dining sheds. Adam says, though outdoor dining is here to

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Speaker 1: stay and New York is love dining out, and we

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Speaker 1: need to do it in the right way to make

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Speaker 1: sure that is safe, clean, and respectable to our neighbors

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Speaker 1: and those who live in the communities where we have

431
00:24:14,560 --> 00:24:17,760
Speaker 1: these structures. Mayor Adams made the announcement in front of

432
00:24:17,800 --> 00:24:21,840
Speaker 1: an unused shed in Midtown before taking a sledge hammer

433
00:24:21,920 --> 00:24:25,840
Speaker 1: to help bring the structure down. European intelligence officials say

434
00:24:25,920 --> 00:24:30,359
Speaker 1: Russia is likely using the Zamparezza nuclear power plant in

435
00:24:30,480 --> 00:24:34,520
Speaker 1: southern Ukraine to shield its troops and equipment, undermining the

436
00:24:34,560 --> 00:24:38,679
Speaker 1: safety of the plant's operations. U N Secretary General Antonio

437
00:24:38,760 --> 00:24:43,920
Speaker 1: Guterres repeatedly urged for the plan to be demilitarized. Potential

438
00:24:45,800 --> 00:24:50,240
Speaker 1: suicide gu terrists spoke in Lviv. The former chief financial

439
00:24:50,240 --> 00:24:53,160
Speaker 1: officer of the Trump organization pleaded guilty to not paying

440
00:24:53,200 --> 00:24:57,000
Speaker 1: taxes on almost two million dollars in compensation in the Manhattan,

441
00:24:57,000 --> 00:25:00,000
Speaker 1: New York Court. Alan Weisselberg could be called to town

442
00:25:00,080 --> 00:25:02,760
Speaker 1: to find against the organization as early as this fall.

443
00:25:03,280 --> 00:25:06,639
Speaker 1: Weiselberg will spend five months at Riker's prison in exchange

444
00:25:06,680 --> 00:25:10,119
Speaker 1: for the plea deal. Monkeypox cases continued to climb in

445
00:25:10,160 --> 00:25:14,080
Speaker 1: the US, now topping fourteen thousand. The White House monkey

446
00:25:14,080 --> 00:25:17,399
Speaker 1: pox Response Team announced an additional one point eight million

447
00:25:17,480 --> 00:25:20,960
Speaker 1: vaccine doses will be available starting early next week. The

448
00:25:21,119 --> 00:25:24,440
Speaker 1: head of the World Health Organization's monkey pox response Dr.

449
00:25:24,560 --> 00:25:27,640
Speaker 1: Rosamund Lewis, said it is not clear why the US

450
00:25:27,720 --> 00:25:29,960
Speaker 1: has so many cases. There are other countries in the

451
00:25:29,960 --> 00:25:33,359
Speaker 1: Americas that are also seeing it steep increases in the

452
00:25:33,440 --> 00:25:36,359
Speaker 1: number of cases. Part of that maybe, of course the

453
00:25:36,359 --> 00:25:39,720
Speaker 1: spread of the virus, so another component maybe, of course

454
00:25:39,960 --> 00:25:43,240
Speaker 1: increasing access to testing. The w h S. Dr Lewis

455
00:25:43,280 --> 00:25:45,320
Speaker 1: says the US accounts were about a third of all

456
00:25:45,400 --> 00:25:49,040
Speaker 1: cases worldwide. Global News twenty four hours a day on

457
00:25:49,200 --> 00:25:52,560
Speaker 1: airand on Bloomberg Quick Take, powered by more than twenty

458
00:25:52,640 --> 00:25:55,440
Speaker 1: seven hundred journalists analysts more than a hundred twenty countries.

459
00:25:55,720 --> 00:26:02,040
Speaker 1: Michael bar this is Bloomberg, John Michael, thank you, and

460
00:26:02,280 --> 00:26:04,600
Speaker 1: it's now five thirty six on Wall Street. That's time

461
00:26:04,640 --> 00:26:07,440
Speaker 1: for the Bluebird Sports Update. Good morning John Stashowerd and

462
00:26:07,480 --> 00:26:09,800
Speaker 1: Morning John. Mets lost those first two games in Atlanta,

463
00:26:09,840 --> 00:26:11,720
Speaker 1: but then had the one to punch on the Mount

464
00:26:11,800 --> 00:26:14,760
Speaker 1: Maxers there one hit start, but a rare Jacob Degram

465
00:26:14,920 --> 00:26:17,199
Speaker 1: lost the Braves, a couple of early runs driven in

466
00:26:17,240 --> 00:26:20,240
Speaker 1: by Dan's by Swanson and Austin Riley, Mark Canna a

467
00:26:20,359 --> 00:26:22,920
Speaker 1: game time to run over fifth any but Atlanta Sporting

468
00:26:22,920 --> 00:26:25,400
Speaker 1: in the seventh off to Gram and one three two

469
00:26:25,720 --> 00:26:29,520
Speaker 1: comes down to two pitches um the one uh Dansby

470
00:26:29,720 --> 00:26:32,560
Speaker 1: just a bad slider over over the middle, and then

471
00:26:33,000 --> 00:26:36,639
Speaker 1: the wonder Riley, So um, you know that's those are

472
00:26:36,640 --> 00:26:39,359
Speaker 1: two mistakes I wish I had back, but you know

473
00:26:39,760 --> 00:26:43,080
Speaker 1: they had the life on it, and uh, you know

474
00:26:43,080 --> 00:26:45,399
Speaker 1: it's frustrating, but that is what it is. Leave the

475
00:26:45,400 --> 00:26:47,240
Speaker 1: Braves mat by three and a half. That start a

476
00:26:47,280 --> 00:26:50,159
Speaker 1: four game weekend series tonight in Philadelphia. Then it's the

477
00:26:50,200 --> 00:26:53,080
Speaker 1: Subway series in the Bronx and Surser and de Gram

478
00:26:53,160 --> 00:26:55,080
Speaker 1: will be the Mets starters. And the Yankees even won

479
00:26:55,119 --> 00:26:57,920
Speaker 1: two games in a row since July at the Stadium,

480
00:26:57,960 --> 00:27:00,639
Speaker 1: all Blue Jays nine to two or five run second

481
00:27:00,640 --> 00:27:03,560
Speaker 1: in hey Off. Frankie Mantas's first home start with the

482
00:27:03,640 --> 00:27:05,840
Speaker 1: Yanks did not go well. The lone Yankee bright spot

483
00:27:05,880 --> 00:27:08,720
Speaker 1: the first two major league hits the rookie as Waldo Cabrera.

484
00:27:08,800 --> 00:27:11,320
Speaker 1: Yanks falled three and a half games behind Houston for

485
00:27:11,440 --> 00:27:13,399
Speaker 1: best records in America. Lady Yastro was just one in

486
00:27:13,480 --> 00:27:17,320
Speaker 1: Chicago to five. Week to the NFL preseason has home

487
00:27:17,359 --> 00:27:20,240
Speaker 1: games for the Giants Sunday again Cincinnati and the Jets

488
00:27:20,560 --> 00:27:23,760
Speaker 1: Monday night versus Atlanta. Tom Brady was not with Tampa

489
00:27:23,800 --> 00:27:25,720
Speaker 1: Bay all week and it's not known when he's going

490
00:27:25,760 --> 00:27:28,960
Speaker 1: to return. Bucks coach Todd Bowle said, we'll see. It's

491
00:27:29,000 --> 00:27:31,440
Speaker 1: not known why Brady left the team, but bol said

492
00:27:31,720 --> 00:27:34,760
Speaker 1: he's not concerned. We do now know when Deshaun Watson

493
00:27:34,760 --> 00:27:37,400
Speaker 1: will started pointing for Cleveland week thirteen against his old

494
00:27:37,400 --> 00:27:41,679
Speaker 1: team Houston. Watson's suspension for sexual misconduct was raised from

495
00:27:41,680 --> 00:27:44,640
Speaker 1: the original six games to a mutually agreed to eleven

496
00:27:44,720 --> 00:27:47,880
Speaker 1: book John stash ellis louverg st John. Alright, thanks, Shaan,

497
00:27:48,119 --> 00:27:50,639
Speaker 1: head of the cast Showpen on Wall Street. We have

498
00:27:50,880 --> 00:27:55,480
Speaker 1: right now the Dell futures downed one hundred eighty three points,

499
00:27:56,200 --> 00:27:59,840
Speaker 1: and right now it is five thirty seven. The odd

500
00:28:00,080 --> 00:28:02,800
Speaker 1: spree Bloomberg radios on the air from San Francisco to

501
00:28:02,880 --> 00:28:06,720
Speaker 1: New York, London to Hong Kong. And let's do our

502
00:28:06,800 --> 00:28:09,800
Speaker 1: tri state business reports, and so that here's Ed Quarry.

503
00:28:10,200 --> 00:28:13,720
Speaker 1: Madison Square Garden Entertainment is thinking about a spinoff of

504
00:28:13,760 --> 00:28:17,639
Speaker 1: its arena and theaters along with its cable networks. The

505
00:28:17,720 --> 00:28:21,480
Speaker 1: businesses include Madison Square Garden, Radio, City Music Hall, The

506
00:28:21,520 --> 00:28:25,320
Speaker 1: Beacon in Chicago theaters. It also includes the MSG and

507
00:28:25,480 --> 00:28:29,320
Speaker 1: MSG plus cable networks. Gateway, a series of tunnel and

508
00:28:29,320 --> 00:28:32,239
Speaker 1: bridge projects to improve connections between New York and New

509
00:28:32,320 --> 00:28:35,560
Speaker 1: Jersey is ramping up hiring in order to gain access

510
00:28:35,600 --> 00:28:38,760
Speaker 1: to billions in funding over the next year. It's required

511
00:28:38,800 --> 00:28:41,680
Speaker 1: to show it has sufficient technical staff and controls in

512
00:28:41,760 --> 00:28:44,680
Speaker 1: place in order to be eligible for its next round

513
00:28:44,680 --> 00:28:48,000
Speaker 1: of federal grants. A person close to the project says

514
00:28:48,040 --> 00:28:51,880
Speaker 1: the hiring could run into the dozens. Suffolk County, New York,

515
00:28:51,920 --> 00:28:55,480
Speaker 1: on Long Island had its General Obligation bond rating raised

516
00:28:55,600 --> 00:28:58,360
Speaker 1: two levels by S and P Global. The move comes

517
00:28:58,360 --> 00:29:02,600
Speaker 1: as federal stimulus cash and higher sales tax collections boost

518
00:29:02,600 --> 00:29:06,280
Speaker 1: its finances. That your Bloomberg Try State Business Report. I'm

519
00:29:06,400 --> 00:29:08,880
Speaker 1: Ed Corey. All right, thanks said. It is now five

520
00:29:08,960 --> 00:29:11,040
Speaker 1: thirty eight on Wall Street. Let's check in now with

521
00:29:11,080 --> 00:29:13,640
Speaker 1: our global news Tune for some of the top stories

522
00:29:13,680 --> 00:29:17,320
Speaker 1: heard on our three hundred affiliate radio stations around the world.

523
00:29:20,160 --> 00:29:23,400
Speaker 1: I'm John Donneger telling ten ten Wins listeners. There's talk

524
00:29:23,440 --> 00:29:26,760
Speaker 1: of spinning off the rockets. I'm Gina Servetti and for

525
00:29:27,000 --> 00:29:29,840
Speaker 1: w b b M in Chicago, I'm reporting that Ribbyan

526
00:29:30,120 --> 00:29:33,560
Speaker 1: plans to stop selling it's less expensive version of its

527
00:29:33,560 --> 00:29:37,280
Speaker 1: electric pickup truck. I'm Jeff Golinger and on wtv N

528
00:29:37,320 --> 00:29:41,360
Speaker 1: in Columbus. I'm reporting that Columbus based Express is expanding

529
00:29:41,400 --> 00:29:44,920
Speaker 1: its spinoff chain of Edit clothing shops. I'm klin Heca

530
00:29:45,000 --> 00:29:48,000
Speaker 1: on BlueBag dab Dish Radio in London. We are reporting

531
00:29:48,040 --> 00:29:52,320
Speaker 1: on record low consumer confidence in Britain and retail sales

532
00:29:52,400 --> 00:29:55,640
Speaker 1: that see shoppers pay more to buy less. I'm ed

533
00:29:55,720 --> 00:29:59,320
Speaker 1: Corey on w w J and Detroit Time reporting GM

534
00:29:59,360 --> 00:30:02,040
Speaker 1: and Ford want to deploy a limited number of self

535
00:30:02,120 --> 00:30:07,120
Speaker 1: driving vehicles without steering wheels or brake pedals. It is

536
00:30:07,200 --> 00:30:10,239
Speaker 1: by thirty Died on Wall Street. The following is an

537
00:30:10,400 --> 00:30:14,560
Speaker 1: editorial from Bloomberg Opinion. This sedatorial was written by the

538
00:30:14,560 --> 00:30:19,440
Speaker 1: Bloomberg Editorial Board. Around the world, delays in visa processing

539
00:30:19,480 --> 00:30:23,400
Speaker 1: are preventing countless foreigners from coming to the US. While

540
00:30:23,480 --> 00:30:28,080
Speaker 1: processing times vary greatly from consulate to consulate, the average

541
00:30:28,080 --> 00:30:31,280
Speaker 1: wait for an appointment to obtain a US visitor visa

542
00:30:31,640 --> 00:30:36,520
Speaker 1: is nearly eight months. These delays hurt the US economy,

543
00:30:36,800 --> 00:30:41,920
Speaker 1: sap investment, and undermine America's image. But unlike more politically

544
00:30:41,960 --> 00:30:46,720
Speaker 1: fraught immigration issues, this problem is eminently fixable. The Biden

545
00:30:46,760 --> 00:30:50,920
Speaker 1: administration should intensify its efforts to speed up the visa

546
00:30:51,000 --> 00:30:56,240
Speaker 1: Processing System. The global competition for investment, talent, and influence

547
00:30:56,600 --> 00:31:00,400
Speaker 1: is only going to grow fiercer in coming years. The

548
00:31:00,520 --> 00:31:03,760
Speaker 1: U S should embrace any measures that help it stay

549
00:31:03,800 --> 00:31:07,000
Speaker 1: in the game. This editorial was written by the Bloomberg

550
00:31:07,120 --> 00:31:10,480
Speaker 1: Editorial Board. For more Bloomberg opinion, please go to Bloomberg

551
00:31:10,520 --> 00:31:13,760
Speaker 1: dot com Slash Opinion or O P I N go

552
00:31:14,080 --> 00:31:18,360
Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. This

553
00:31:18,760 --> 00:31:23,400
Speaker 1: is Bloomberg Day Break. A Futures this morning point to

554
00:31:23,440 --> 00:31:25,640
Speaker 1: a lower open on Wall Street down, Futures down one

555
00:31:26,000 --> 00:31:28,760
Speaker 1: seventy points. That's down, the camp of percent SMP even

556
00:31:28,840 --> 00:31:31,880
Speaker 1: in futures down twenty nine points, and the NAZAC futures

557
00:31:32,280 --> 00:31:39,360
Speaker 1: one hundred seven points. Lower. Markets headlines and breaking news

558
00:31:39,440 --> 00:31:42,080
Speaker 1: twenty four hours a day at Bloomberg dot Com, the

559
00:31:42,120 --> 00:31:45,640
Speaker 1: Bloomberg Business Atland. At Bloomberg Quick Tape, This is a

560
00:31:45,680 --> 00:31:54,560
Speaker 1: Bloomberg Business Flash and I'm Cameron Moscow, and you want

561
00:31:54,560 --> 00:31:57,480
Speaker 1: to stock index futures following this morning along with treasuries.

562
00:31:57,520 --> 00:32:00,800
Speaker 1: After a chorus of Federal Reserve officials readit reiterated their

563
00:32:00,800 --> 00:32:03,600
Speaker 1: resolved to continue rate hikes. We checked the markets every

564
00:32:03,600 --> 00:32:07,200
Speaker 1: fifteen minutes. Throughout the trading day on Bloomberg SMP futures

565
00:32:07,240 --> 00:32:09,600
Speaker 1: are down twenty eight points down, futures down a hundred

566
00:32:09,680 --> 00:32:12,560
Speaker 1: fifty seven and AS day futures down one hundred nine.

567
00:32:12,640 --> 00:32:15,160
Speaker 1: The decks in Germany's down four tenths of upper cent,

568
00:32:15,480 --> 00:32:18,040
Speaker 1: and your treasury down twelve thirty seconds, held two point

569
00:32:18,120 --> 00:32:20,560
Speaker 1: nine two percent. They yield on the two year three

570
00:32:20,600 --> 00:32:23,800
Speaker 1: point two four percent. Nine max Screwed oil is down

571
00:32:23,800 --> 00:32:25,959
Speaker 1: one point four percent on a dollar twenty three at

572
00:32:25,960 --> 00:32:29,440
Speaker 1: eighty nine twenty five cents of barrel comic school, there's

573
00:32:29,440 --> 00:32:31,520
Speaker 1: down a quarter percent or four dollars ten cents a

574
00:32:31,600 --> 00:32:34,960
Speaker 1: seventeen sixty seven ten an ounce, the euro one point

575
00:32:35,080 --> 00:32:37,680
Speaker 1: zero zero seven six against the dollar, British bound one

576
00:32:37,720 --> 00:32:40,520
Speaker 1: point one eight seven four the end one thirty six

577
00:32:40,600 --> 00:32:43,959
Speaker 1: point five nine, and bitcoins down more than seven percent.

578
00:32:44,080 --> 00:32:46,800
Speaker 1: It's a twenty one thousand, seven hundred dollars. That's a

579
00:32:46,800 --> 00:32:49,520
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on

580
00:32:49,640 --> 00:32:52,200
Speaker 1: what's going on around the world. Michael Karen, thank you

581
00:32:52,320 --> 00:32:55,160
Speaker 1: very much. A federal magistrate judge is giving the Justice

582
00:32:55,200 --> 00:32:58,920
Speaker 1: Department one week to propose redactions to the half of David,

583
00:32:59,200 --> 00:33:02,120
Speaker 1: which led to the FBI search of President Trump's home

584
00:33:02,200 --> 00:33:06,200
Speaker 1: in maur Longo. The NFL and the Players Association handed

585
00:33:06,240 --> 00:33:09,240
Speaker 1: down in eleven games is spension to Cleveland Brown's quarterback

586
00:33:09,280 --> 00:33:12,520
Speaker 1: to Shaun Watson, he was accused by more than two

587
00:33:12,600 --> 00:33:16,280
Speaker 1: dozen women of sexual misconduct. In baseball, the Yankees and

588
00:33:16,560 --> 00:33:20,680
Speaker 1: Mets lost the Red Sox, Orioles A's and Giants also

589
00:33:20,800 --> 00:33:23,760
Speaker 1: lost the Nationals one and just not a good measure.

590
00:33:23,840 --> 00:33:25,840
Speaker 1: The Astros put at what four and y whipping on

591
00:33:25,880 --> 00:33:30,480
Speaker 1: the White Sox one. Global news twenty four hours a

592
00:33:30,560 --> 00:33:33,200
Speaker 1: day on air and on Bloomberg Quicktake Power by more

593
00:33:33,480 --> 00:33:36,000
Speaker 1: than twenty seven hundred journalists and analysts more than a

594
00:33:36,080 --> 00:33:39,040
Speaker 1: hundred twenty countries. I'm Michael Barr, and this is Bloomberg,

595
00:33:39,160 --> 00:33:41,920
Speaker 1: John Hose Baseball, nut football and they did play football,

596
00:33:42,000 --> 00:33:45,440
Speaker 1: isn't it? Oh? Okay? It is five forty night on

597
00:33:45,560 --> 00:33:49,440
Speaker 1: Wall Street. We are live in the Bloomberg Interactive Broker studios.

598
00:33:49,920 --> 00:33:52,240
Speaker 1: As time now to take a look at some of

599
00:33:52,280 --> 00:33:55,720
Speaker 1: the latest headlines at a d C. Longtime Trump CFO

600
00:33:56,480 --> 00:34:00,480
Speaker 1: Weislberg pleading guilty to tax fraud and the Trump search

601
00:34:00,600 --> 00:34:03,600
Speaker 1: affidavit could be partly unsealed. At least that's according to

602
00:34:03,680 --> 00:34:06,960
Speaker 1: a federal judge. Let's stick a deeper diving into these stories.

603
00:34:07,040 --> 00:34:11,120
Speaker 1: This morning, we're joined by Bloomberg Washington reporter Jack Fitzpatrick.

604
00:34:11,520 --> 00:34:14,799
Speaker 1: Jack factual me with us this morning. What's the next

605
00:34:14,880 --> 00:34:19,320
Speaker 1: step in uh, this trial in New York where the

606
00:34:20,600 --> 00:34:23,759
Speaker 1: CFO for the Trump organization has pleaded guilty and now

607
00:34:24,160 --> 00:34:28,200
Speaker 1: is headed to Rikers Island. Presumably yes, Uh, he is

608
00:34:28,280 --> 00:34:32,920
Speaker 1: headed to Rikers Island. He took the deal that gives

609
00:34:33,080 --> 00:34:37,600
Speaker 1: him a maximum or I guess the standard of five months,

610
00:34:37,719 --> 00:34:42,279
Speaker 1: but with good behavior that could be a hundred days. Uh.

611
00:34:42,480 --> 00:34:45,520
Speaker 1: That's opposed to he faced as much as fifteen years

612
00:34:45,640 --> 00:34:49,600
Speaker 1: for these The next step is part of this plea

613
00:34:49,719 --> 00:34:54,600
Speaker 1: deal is him testifying against the Trump organization. Uh. That

614
00:34:54,920 --> 00:34:57,480
Speaker 1: that that is part of the agreement. Now that is

615
00:34:57,560 --> 00:35:01,520
Speaker 1: not testifying against the former as it in himself. Um.

616
00:35:01,840 --> 00:35:05,759
Speaker 1: But there clearly is another shoe to drop as it

617
00:35:05,840 --> 00:35:08,520
Speaker 1: pertains to these tax broad charges because he took this

618
00:35:08,719 --> 00:35:12,759
Speaker 1: deal uh pleading guilty. Uh to you know, the the

619
00:35:12,920 --> 00:35:16,439
Speaker 1: the issue is essentially a system of unreported payments giving

620
00:35:16,480 --> 00:35:18,760
Speaker 1: people houses and cars and that kind of thing instead

621
00:35:18,800 --> 00:35:21,920
Speaker 1: of reporting their uh, their taxes there the payments that

622
00:35:21,920 --> 00:35:24,880
Speaker 1: they're supposed to pay taxes on. Uh. So there this

623
00:35:25,040 --> 00:35:29,600
Speaker 1: will become a bit more broad as he potentially implicates

624
00:35:29,640 --> 00:35:33,040
Speaker 1: others in the Trump organization as part of that plea deal,

625
00:35:33,440 --> 00:35:38,400
Speaker 1: the Trump organization, the business potentially could be dissolved at

626
00:35:38,480 --> 00:35:42,120
Speaker 1: some point because of all this. Is that correct? Uh?

627
00:35:42,320 --> 00:35:45,640
Speaker 1: That that is I think not out of uh not

628
00:35:45,840 --> 00:35:49,879
Speaker 1: out of the question. Um hard to say exactly how

629
00:35:50,000 --> 00:35:53,960
Speaker 1: this will affect the organization. I mean, you know, the

630
00:35:54,200 --> 00:35:57,840
Speaker 1: the CFO, the long time CFO is not a small

631
00:35:58,000 --> 00:36:01,880
Speaker 1: bit player. Uh and if he is going to testify

632
00:36:02,400 --> 00:36:06,720
Speaker 1: against uh, the organization more broadly in these tax schemes,

633
00:36:07,080 --> 00:36:10,080
Speaker 1: then it's it's hard to even really place a limit

634
00:36:10,160 --> 00:36:14,120
Speaker 1: on the effect on the organization itself. I think the

635
00:36:14,480 --> 00:36:17,520
Speaker 1: the questions we can't answer right now are who else

636
00:36:17,680 --> 00:36:21,400
Speaker 1: specifically does this lead to? But as it pertains to

637
00:36:21,440 --> 00:36:25,080
Speaker 1: the Trump organization on the whole, it's it's very bad

638
00:36:25,200 --> 00:36:28,399
Speaker 1: news for the CFO to take this deal into plan

639
00:36:28,600 --> 00:36:32,440
Speaker 1: to uh cooperate and provide more information about the extent

640
00:36:32,840 --> 00:36:36,600
Speaker 1: of the the tax fraud charges. Yeah, I've lost count

641
00:36:36,640 --> 00:36:38,839
Speaker 1: the number of people in the orbit of Donald Trump

642
00:36:38,920 --> 00:36:41,560
Speaker 1: who who have gone to jail. At this point, let's

643
00:36:41,600 --> 00:36:45,760
Speaker 1: move on to the the search warrant. There's the warrant itself,

644
00:36:45,960 --> 00:36:49,160
Speaker 1: which we know about, and then the affid David surrounding

645
00:36:49,360 --> 00:36:53,640
Speaker 1: two separate things. But what's happening on that front. Yeah,

646
00:36:53,800 --> 00:36:57,600
Speaker 1: so it looks like at least part of the affidavit

647
00:36:57,680 --> 00:37:02,200
Speaker 1: will end up UH coming to the federal judge in

648
00:37:02,280 --> 00:37:07,080
Speaker 1: this case said he is not inclined to to keep

649
00:37:07,120 --> 00:37:12,000
Speaker 1: that affidavit fully sealed. This would be the justification behind

650
00:37:12,239 --> 00:37:16,960
Speaker 1: getting the search warrant to search marl Lago last week. UH.

651
00:37:17,239 --> 00:37:19,560
Speaker 1: This this is in response to a push by several

652
00:37:19,640 --> 00:37:22,720
Speaker 1: media organizations that want to see it. It is typically

653
00:37:22,960 --> 00:37:27,040
Speaker 1: very unusual for this kind of affidavit to be made public,

654
00:37:27,520 --> 00:37:30,800
Speaker 1: but obviously this is these are unusual circumstances. It's extremely

655
00:37:30,880 --> 00:37:35,279
Speaker 1: high profile, it regards a former president. So the the

656
00:37:35,600 --> 00:37:40,759
Speaker 1: judges said that, you know, a partial revealing of the

657
00:37:40,840 --> 00:37:44,799
Speaker 1: information in this affidavit UH is possible. The question then

658
00:37:44,960 --> 00:37:48,279
Speaker 1: is how much does d o J seek to UH

659
00:37:48,520 --> 00:37:52,440
Speaker 1: to keep secret. And if they try to keep essentially

660
00:37:52,520 --> 00:37:55,000
Speaker 1: the whole thing secret, it may be taken out of

661
00:37:55,040 --> 00:37:57,320
Speaker 1: their hands. The judge could make the final decision on

662
00:37:57,440 --> 00:37:59,759
Speaker 1: how much is released, but for now it's up to

663
00:37:59,840 --> 00:38:02,440
Speaker 1: d o J to make a proposal on how much

664
00:38:02,480 --> 00:38:06,120
Speaker 1: of this they want to redact before presumably at least

665
00:38:06,239 --> 00:38:08,440
Speaker 1: some of this would be made public. I expect we're

666
00:38:08,440 --> 00:38:11,920
Speaker 1: going to hear the phrase heavily redacted the association with this.

667
00:38:12,560 --> 00:38:14,640
Speaker 1: Jack a pleasure. Thanks for being with us this morning,

668
00:38:14,640 --> 00:38:18,879
Speaker 1: Bloomberg's Jack Fitzpatrick, Karen Ry John. Thanks. It's fifty three

669
00:38:18,920 --> 00:38:21,400
Speaker 1: on Wall Street Time. Now for the Bloomberg Law Report,

670
00:38:21,480 --> 00:38:23,800
Speaker 1: we get to the legal stories we're watching this morning.

671
00:38:23,840 --> 00:38:30,680
Speaker 1: From Bloomberg's Jeff Bellinger. The California Supreme Court refused to

672
00:38:30,800 --> 00:38:34,320
Speaker 1: toss a lawsuit against Sony Music over the authenticity of

673
00:38:34,440 --> 00:38:37,520
Speaker 1: songs on a Michael Jackson album that was released after

674
00:38:37,640 --> 00:38:41,319
Speaker 1: the singer's death. John Hancock Insurance will pay twenty six

675
00:38:41,400 --> 00:38:44,200
Speaker 1: million dollars to resolve New York's claims that the company

676
00:38:44,360 --> 00:38:49,160
Speaker 1: terminated long term care policies before policy holders exhausted benefits.

677
00:38:49,640 --> 00:38:53,600
Speaker 1: Miami Marlin's general counsel Ashwin Krishnan is leaving the team

678
00:38:53,680 --> 00:38:56,160
Speaker 1: to become the head of legal at the sports betting

679
00:38:56,239 --> 00:39:00,600
Speaker 1: start up Better Bloomberg Law. Everything you need, all on

680
00:39:00,800 --> 00:39:06,279
Speaker 1: one legal research platform. Including guidance analysis and Bloomberg market intelligence.

681
00:39:06,480 --> 00:39:11,160
Speaker 1: Find out more at Bloomberg Lawn dot com. All right, Jess,

682
00:39:11,200 --> 00:39:13,880
Speaker 1: thank you. Now let's get more on the legal implications

683
00:39:13,920 --> 00:39:18,000
Speaker 1: of Allen Weiselberg's guilt deeply. The Trump Organization's longtime chief

684
00:39:18,040 --> 00:39:21,120
Speaker 1: financial officer pleaded guilty to evading taxes on a free

685
00:39:21,160 --> 00:39:24,360
Speaker 1: apartment and other perks, striking a deal with prosecutors that

686
00:39:24,400 --> 00:39:26,640
Speaker 1: can make him a star witness against the company at

687
00:39:26,680 --> 00:39:29,080
Speaker 1: a trial this fall. But it's part of his agreement.

688
00:39:29,120 --> 00:39:31,800
Speaker 1: The seventy five year old will spend five months behind bars,

689
00:39:31,880 --> 00:39:34,560
Speaker 1: followed by five years of probation, and will pay nearly

690
00:39:34,680 --> 00:39:38,239
Speaker 1: two million dollars in back taxes, penalties and interest. For

691
00:39:38,360 --> 00:39:40,880
Speaker 1: more in the development, June Grosso speaks to Greg Farrell,

692
00:39:40,960 --> 00:39:44,920
Speaker 1: a Bloomberg investigative reporter for our legal enforcement team. Is

693
00:39:45,040 --> 00:39:49,680
Speaker 1: this plea deal Weislberg flipping on Trump? No, not in

694
00:39:49,760 --> 00:39:53,440
Speaker 1: the sense that we understand flipping as being Let's say

695
00:39:53,480 --> 00:39:56,480
Speaker 1: Michael Cohen several years ago, where this Cohen describes he

696
00:39:56,600 --> 00:40:00,279
Speaker 1: decided to plead guilty, and he testified the best of

697
00:40:00,320 --> 00:40:03,160
Speaker 1: his knowledge, including against Trump in the Stormy Daniel's case

698
00:40:03,239 --> 00:40:06,719
Speaker 1: and related cases and eventually has really been aggressive in

699
00:40:06,880 --> 00:40:10,800
Speaker 1: promoting that. Whitelberg's trying to walk a fine line he

700
00:40:10,920 --> 00:40:15,000
Speaker 1: wants to and succeeded in reducing exposure to like five

701
00:40:15,080 --> 00:40:18,040
Speaker 1: months maximum. He's the guys seventy five that matters. I mean,

702
00:40:18,040 --> 00:40:20,279
Speaker 1: he might get, you know, less than that. And he's

703
00:40:20,280 --> 00:40:24,480
Speaker 1: putting guilty to fifteen charges and he'll be required, if called,

704
00:40:24,560 --> 00:40:27,040
Speaker 1: to testify in the rest of the trial against the

705
00:40:27,040 --> 00:40:30,839
Speaker 1: Trump organization to testify about what he did. So it's

706
00:40:30,880 --> 00:40:34,120
Speaker 1: not like ratting out Donald Trump personally saying I was

707
00:40:34,160 --> 00:40:36,000
Speaker 1: in the room with him and did this, but just

708
00:40:36,160 --> 00:40:39,040
Speaker 1: providing testimony that as an official, the guy who actually

709
00:40:39,080 --> 00:40:42,400
Speaker 1: controlled the finances and the payments, etcetera of the company,

710
00:40:42,640 --> 00:40:45,120
Speaker 1: it's going to be very damaging to the organization and

711
00:40:45,200 --> 00:40:50,280
Speaker 1: implicitly to Trump himself. He didn't implicate Trump or his family,

712
00:40:50,920 --> 00:40:53,920
Speaker 1: and he's not going to testify about Trump and his family,

713
00:40:54,400 --> 00:40:59,120
Speaker 1: and he hasn't cooperated with prosecutors in their broader investigation

714
00:40:59,200 --> 00:41:02,839
Speaker 1: into Trump, So why give him a deal? I think

715
00:41:02,880 --> 00:41:05,600
Speaker 1: the prosecutors a must have realized that despite the fact

716
00:41:05,600 --> 00:41:08,200
Speaker 1: that he's facing fifteen years a guy his age on

717
00:41:08,400 --> 00:41:10,000
Speaker 1: something like this where there's not a lot of case

718
00:41:10,080 --> 00:41:12,799
Speaker 1: history is probably not get anywhere near that, and then

719
00:41:12,880 --> 00:41:16,800
Speaker 1: the effort and manpower going into prosecuting him versus the

720
00:41:16,880 --> 00:41:19,400
Speaker 1: value he would have to testify in court about his

721
00:41:19,600 --> 00:41:22,680
Speaker 1: role there, Like public relations wise, it's already a victory,

722
00:41:23,000 --> 00:41:25,400
Speaker 1: you know, because everybody's giving up on Alvin Bragg when

723
00:41:25,440 --> 00:41:27,839
Speaker 1: the investigation of Trump were dead, you know, when those

724
00:41:27,880 --> 00:41:32,360
Speaker 1: two star appointees of Saivance left, and now this is

725
00:41:32,480 --> 00:41:35,240
Speaker 1: very much back in the game. So it's a momentum

726
00:41:35,320 --> 00:41:37,640
Speaker 1: for the d A's office if they want to continue

727
00:41:37,840 --> 00:41:41,799
Speaker 1: pursuing Trump himself. It cuts out a very toilsome part

728
00:41:41,840 --> 00:41:44,320
Speaker 1: of the trial against an individual, and it's much stuffer

729
00:41:44,360 --> 00:41:47,160
Speaker 1: to get a criminal conviction of a guy who's seventy

730
00:41:47,200 --> 00:41:49,719
Speaker 1: five years old, and you've generated some sympathy for him

731
00:41:49,719 --> 00:41:52,480
Speaker 1: that it isn't an organization. People just don't care about

732
00:41:52,719 --> 00:41:55,839
Speaker 1: finding an organization guilty. The organization is not going to jail.

733
00:41:55,920 --> 00:41:58,600
Speaker 1: So there were several upsides, you know, embedded in this

734
00:41:58,760 --> 00:42:02,560
Speaker 1: for the prosecution. And that's Greg Ferrell, the Bloomberg investigative

735
00:42:02,600 --> 00:42:05,880
Speaker 1: reporter for our Legal Enforcement team, speaking with June Grosso.

736
00:42:06,000 --> 00:42:08,480
Speaker 1: Catch more of that interview plus analysis of the latest

737
00:42:08,560 --> 00:42:11,600
Speaker 1: legal news by subscribing to the Bloomberg Law podcast or

738
00:42:11,640 --> 00:42:15,520
Speaker 1: downloading the show at Bloomberg dot com slash podcasts. Attorneys

739
00:42:15,560 --> 00:42:18,359
Speaker 1: can find exceptional legal research and business development tools at

740
00:42:18,400 --> 00:42:21,359
Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at

741
00:42:21,440 --> 00:42:25,000
Speaker 1: b law. Go and futures this morning, they're lower. S

742
00:42:25,080 --> 00:42:28,040
Speaker 1: and P futures down about thirty two points down. Futures

743
00:42:28,080 --> 00:42:31,960
Speaker 1: are down one eighty four and NASDAG futures down one

744
00:42:32,040 --> 00:42:35,120
Speaker 1: hundred and nineteen. The ten year Treasury down eleven thirty seconds,

745
00:42:35,160 --> 00:42:39,759
Speaker 1: held two point nine percent. Still ahead. On Bloomberg Dave Break,

746
00:42:39,840 --> 00:42:41,799
Speaker 1: we have a check up, the business headlines and all

747
00:42:41,840 --> 00:42:44,759
Speaker 1: the news you need to start your day, and this

748
00:42:45,440 --> 00:42:46,120
Speaker 1: is Bloomberg