WEBVTT - Bloomberg Daybreak: June 14, 2022 - Hour 1 (Radio) 0:00:01.840 --> 0:00:05.240 Markets, headlines and breaking news twenty four hours a day 0:00:05.360 --> 0:00:08.360 at Bloomberg dot com, The Bloomberg Business At and at 0:00:08.360 --> 0:00:18.400 Bloomberg Quick Takes a Bloomberg Business Flash. I'm Nathan Hagar. 0:00:18.480 --> 0:00:21.079 Stocks are poised for some relief this morning after the 0:00:21.160 --> 0:00:24.239 SMP five hundred race one point three trillion dollars in 0:00:24.280 --> 0:00:28.280 market capitalization yesterday closing in a bear market over worries 0:00:28.320 --> 0:00:31.360 the Federal Reserve will hurl the economy into recession. The 0:00:31.360 --> 0:00:35.080 FEDS Open Market Committee kicks off a two day interest 0:00:35.159 --> 0:00:38.120 rate setting meeting this morning. We check the markets every 0:00:38.159 --> 0:00:40.760 fifteen minutes during the trading day on Bloomberg. Right now, 0:00:40.840 --> 0:00:43.199 SMP futures are up twenty one point, staff futures up 0:00:43.200 --> 0:00:45.760 a hundred thirty four, Nastack futures are higher by ninety 0:00:45.840 --> 0:00:48.800 three points. The tenure Treasury is up nine thirty seconds. 0:00:48.800 --> 0:00:50.800 The yield three point three two percent. Yield on the 0:00:50.840 --> 0:00:54.040 two year is three point three zero percent. Nim X 0:00:54.080 --> 0:00:56.440 screwed up six tenths per cent, up seventy one cents 0:00:56.440 --> 0:00:58.720 at a hundred twenty one dollar sixty four cents a barrel. 0:00:58.960 --> 0:01:01.160 Comex gold is down four tenths per center, or six 0:01:01.160 --> 0:01:05.920 dollars fifty cents eight for announce of gold. The euro 0:01:06.120 --> 0:01:08.280 is at one point zero four four five against the dollar, 0:01:08.319 --> 0:01:10.680 British pound one point two one to six, and the 0:01:10.760 --> 0:01:13.440 yen is at one four point to six. Head of 0:01:13.440 --> 0:01:16.039 the FEDS meeting, we get one final read on inflation. 0:01:16.120 --> 0:01:18.800 This morning eight thirty am Wall Street Time the release 0:01:18.840 --> 0:01:22.200 of the May Producer Price Index. That is a Bloomberg 0:01:22.200 --> 0:01:25.200 business flash. Here's Michael Barnew with more on what's going 0:01:25.240 --> 0:01:27.960 on around the world. Michael, thank you very much, Nathan. 0:01:28.040 --> 0:01:31.080 Ukrainian President Vladimir z Lensky says the battle over the 0:01:31.120 --> 0:01:33.360 Donbas region will be one of the most brutal in 0:01:33.440 --> 0:01:37.759 European history. Ukrainian military officials say their troops have been 0:01:37.800 --> 0:01:40.119 pushed out of a key city in the East and 0:01:40.160 --> 0:01:44.319 are in desperate need of additional military aid. China has 0:01:44.360 --> 0:01:48.480 released a long detained Bloomberg News employee, Hayes Fan, has 0:01:48.520 --> 0:01:51.280 been released on bail after more than a year in detention. 0:01:51.640 --> 0:01:54.960 She was held on suspicion of national security law violations. 0:01:55.280 --> 0:01:58.280 The case remains under investigation while Fan is on bail 0:01:58.360 --> 0:02:01.560 pending trial. In Game five of the NBA Finals, and 0:02:01.600 --> 0:02:04.600 Celtics are on the brink of elimination. Boston lost to 0:02:04.640 --> 0:02:07.360 the Warriors one oh four ninety four in baseball. The 0:02:07.440 --> 0:02:11.080 Nationals in Oioles lost the Giants. One Global News twenty 0:02:11.120 --> 0:02:14.160 four hours a day on air and on Bloomberg Quick Take, 0:02:14.440 --> 0:02:17.280 powered by more than twenty seven hundred journalists and analysts 0:02:17.360 --> 0:02:21.480 more than a hundred twenty countries. Michael Barn This is Bloomberg, John, Michael, 0:02:21.480 --> 0:02:23.679 thank you, five forty nine on Wall Street. We are 0:02:23.840 --> 0:02:27.000 live from the Bloomberg Interact and Broker's studios. As you 0:02:27.080 --> 0:02:30.960 heard Nathan say, Monday's plunged, plunged, erased one point three 0:02:31.000 --> 0:02:34.760 trillion dollars in market capitalization. Uh, seeing some signs of 0:02:34.880 --> 0:02:38.760 relief this morning. Maybe We're joined now live by Bloomberg's 0:02:38.840 --> 0:02:42.840 Johanna Austin Gird Bloomberg News Cross Asset reporter. What do 0:02:42.880 --> 0:02:48.480 we need to see for signs of a capitulation in markets? Joanna? What? 0:02:48.480 --> 0:02:54.640 What are market participants telling you? Yeah? Well, John, you 0:02:54.680 --> 0:02:58.720 always look for something like elevated volatility and just a 0:02:58.800 --> 0:03:03.000 real d up where it looks like everybody's given up right, 0:03:03.120 --> 0:03:04.919 And so some people are saying, we need to say 0:03:05.040 --> 0:03:07.600 physics of a forty, for instance, and it's in the 0:03:07.639 --> 0:03:10.880 low thirties right now. But it's also true that, you know, 0:03:10.919 --> 0:03:14.520 there can be market dynamics that don't really make that happen, 0:03:14.600 --> 0:03:18.400 and you can have not quite a capitulation, but things 0:03:18.400 --> 0:03:20.760 still go up from there for a long time. So 0:03:20.760 --> 0:03:23.280 so we'll see. But at this point, a lot of 0:03:23.280 --> 0:03:26.160 people are saying it doesn't really look like everyone's given 0:03:26.280 --> 0:03:29.320 up quite yet. The p p I this morning, could 0:03:29.320 --> 0:03:32.960 that be even more important than the consumer price index 0:03:33.040 --> 0:03:35.520 for stocks and where we're gonna get a taste of 0:03:35.560 --> 0:03:41.960 margins for companies right, Yeah, definitely. And the main thing 0:03:42.120 --> 0:03:44.560 is it's kind of on top of the CPI, right 0:03:44.720 --> 0:03:48.200 that if you if you just had one thing in isolation, 0:03:48.600 --> 0:03:50.680 one might be more important to some people than another. 0:03:50.720 --> 0:03:54.200 But coming after everyone is so nervous now about what 0:03:54.400 --> 0:03:56.920 happened with the c p I, it looks like that 0:03:56.960 --> 0:03:59.800 could be really important. Becuse if everybody is already nervous that, 0:04:00.400 --> 0:04:02.920 you know, it'll just add to that if we see 0:04:03.040 --> 0:04:06.240 signs that inflation is really staying hot. All right, so 0:04:06.320 --> 0:04:11.160 what is the FED betting right now for tomorrow's meeting? Well, 0:04:11.160 --> 0:04:14.600 at the meeting starts today, but tomorrow's decision and the 0:04:14.680 --> 0:04:20.760 meeting's coming up. Mhmm. Yeah, it's pretty incredible that we're 0:04:20.839 --> 0:04:24.600 at basis points basically, with some people talking about a 0:04:24.680 --> 0:04:28.719 hundred I mean a full point the hike, So you know, 0:04:29.360 --> 0:04:32.200 there's a lot of uncertainty about it. But as people 0:04:32.240 --> 0:04:34.359 look at what the Fed had to do in the 0:04:34.480 --> 0:04:38.040 past to get inflation under control, and of course at 0:04:38.080 --> 0:04:40.919 that point, you're looking decades in the past, right, so 0:04:41.440 --> 0:04:44.360 things would have been a lot different in many ways. 0:04:44.400 --> 0:04:48.120 But we're looking at a pretty big hike at least 0:04:48.120 --> 0:04:50.359 in what markets sur pricing at this point. Yeah, we 0:04:50.440 --> 0:04:55.040 have a headstocks and bonds moving in tandem lower. So 0:04:55.320 --> 0:04:59.120 that kind of begs the question, what's the alternative for investors? 0:04:59.440 --> 0:05:04.440 Is it just cash at this point? Yeah, well, cash 0:05:04.720 --> 0:05:07.599 or if you try to get into kind of safe 0:05:07.640 --> 0:05:11.680 for stocks. Energy stocks have done pretty well this year, 0:05:12.000 --> 0:05:14.520 but it is hard to find a place to hide. 0:05:14.600 --> 0:05:19.800 Even hedges can be somewhat expensive. So yeah, investors have 0:05:19.880 --> 0:05:22.480 had a pretty rough time of it in the past 0:05:22.520 --> 0:05:25.880 little while here. Yeah, and with the rates in play 0:05:25.920 --> 0:05:29.039 and the rate differentials across the world, you see the 0:05:29.080 --> 0:05:32.240 dollar increasing and I as a cross asset reporter I 0:05:32.279 --> 0:05:36.000 gotta ask you, what does that do to dollar flows 0:05:36.080 --> 0:05:40.080 for foreign investments into the US that could, as they 0:05:40.120 --> 0:05:45.960 have in the past, prop up markets. Yeah, well, it 0:05:46.400 --> 0:05:50.400 definitely isn't great for a lot of nations, you know, 0:05:50.760 --> 0:05:53.640 like some of the Asian countries for instance. Um, but 0:05:54.200 --> 0:05:57.840 you know what I mean this this happened during the pandemic, 0:05:58.000 --> 0:06:00.800 the height of the pandemic as well. You get the nervousness, 0:06:00.839 --> 0:06:03.599 you get the dollar higher, and you know, some other 0:06:03.640 --> 0:06:09.720 currencies suffer. That affects the imports and exports. But overall, 0:06:09.760 --> 0:06:13.320 I mean, people are kind of figuring that there will 0:06:13.320 --> 0:06:16.279 be the the dollar will be stronger just because of 0:06:16.279 --> 0:06:19.320 what the Fed is doing, the yen weakening because go 0:06:19.400 --> 0:06:23.480 o j is kind of staying where it is. So yeah, um, 0:06:24.200 --> 0:06:28.640 it's not exactly easy, but that's somewhat anticipated. All Right, Joanna, 0:06:28.720 --> 0:06:32.120 always a pleasure appreciated from Singapore. That will explain the 0:06:32.160 --> 0:06:35.880 delay this morning. Joanna Hassager, Bloomberg News cross Asset reporter 0:06:36.200 --> 0:06:38.440 Nathan all Right, good to know, John. Thank you, five 0:06:38.520 --> 0:06:41.320 fifty three on Wall Street Time now for our Bloomberg 0:06:41.400 --> 0:06:43.760 Law Report. Let's get to the legal stories we're watching 0:06:43.800 --> 0:06:50.320 this morning. Here's Bloomberg's Jeff Balinger. The Government Accountability Office 0:06:50.360 --> 0:06:54.280 identified five new priority recommendations for the i r S, 0:06:54.480 --> 0:06:58.080 including a suggestion that the agency be more transparent about 0:06:58.080 --> 0:07:01.840 its backlog of unprocessed pack documents. A former a MC 0:07:01.960 --> 0:07:05.200 employee is proposing a class action against the theater chain 0:07:05.400 --> 0:07:07.760 because it pays workers in New York State on a 0:07:07.839 --> 0:07:11.280 bi weekly instead of a weekly basis. Former employees of 0:07:11.320 --> 0:07:15.160 the Wingstop chain or suing NCR in Illinois charging the 0:07:15.200 --> 0:07:19.440 cash registers that collect their fingerprints violated state privacy law. 0:07:19.560 --> 0:07:24.400 Bloomberg Law everything you need, all on one legal research platform, 0:07:24.560 --> 0:07:29.200 including guidance analysis and Bloomberg Market Intelligence. Find out more 0:07:29.240 --> 0:07:32.320 at Bloomberg Law dot com. All right, Jeff, thanks, Now, 0:07:32.360 --> 0:07:35.560 another legal story we're watching. Former President Jimmy Carter has 0:07:35.600 --> 0:07:39.600 stepped into an environmental dispute in Alaska. A three judge 0:07:39.600 --> 0:07:43.000 panel of the Ninth Circuit upheld a Trump era land 0:07:43.040 --> 0:07:45.760 swap that would allow an isolated town to build a 0:07:45.840 --> 0:07:48.880 road through a national wildlife refuge. It's part of the 0:07:48.960 --> 0:07:53.480 National park Lands established when Carter signed his landmark conservation Act, 0:07:53.720 --> 0:07:57.960 the Alaska National Interest Lands Conservation Act. Former President has 0:07:58.000 --> 0:08:01.320 filed a brief supporting conservations who want the full Ninth 0:08:01.320 --> 0:08:04.920 Circuit to rehear the case and for more. Bloomberg's June 0:08:04.920 --> 0:08:08.520 Grosso speaks with Pat Parentell, environmental law professor at the 0:08:08.600 --> 0:08:11.360 Vermont Law School, that it's not often that a former 0:08:11.400 --> 0:08:14.320 president puts himself in the middle of a legal battle. 0:08:14.560 --> 0:08:17.000 This road was part of the deal called a Nilka 0:08:17.200 --> 0:08:21.040 the Alaska Lands Bill, which Jimmy Carter famously signed, saving 0:08:21.280 --> 0:08:24.720 over a hundred million acres of pristine wilderness in Alaska. 0:08:25.200 --> 0:08:27.720 So the deal and a Nilka was you were going 0:08:27.760 --> 0:08:31.280 to put this road through the Tongas National Forest part 0:08:31.320 --> 0:08:34.720 of the Grand Compromise on the Alaska Lands Bill. And 0:08:34.800 --> 0:08:36.960 that's why Carter weighed in and say, wait a minute, 0:08:37.000 --> 0:08:39.800 you're renegging on the agreement that we reached. Do you 0:08:39.840 --> 0:08:42.720 agree with the argument that if this ruling is allowed 0:08:42.760 --> 0:08:48.720 to stand, then future secretaries of the Interior, future administrations 0:08:49.120 --> 0:08:51.800 could use this as a president to start carving up 0:08:51.800 --> 0:08:55.040 the land. You know, it creates a loophole, and you 0:08:55.120 --> 0:08:57.760 have to look at every instance of can you use 0:08:57.840 --> 0:09:02.199 the loophole to do something that isn't anticipated by the agreement? 0:09:02.520 --> 0:09:05.320 You know, in each case is different, but Yeah, I mean, 0:09:05.360 --> 0:09:09.400 any time you go back and revisit what I think 0:09:09.400 --> 0:09:12.480 it's fair to say that there was an agreement at 0:09:12.520 --> 0:09:16.400 that time that the Tongus was going to be left intact. 0:09:16.720 --> 0:09:19.880 It's the largest, by the way, the largest carbon forest 0:09:20.040 --> 0:09:24.120 in North America. It's that kind of really unique resource. 0:09:24.679 --> 0:09:28.440 So yeah, anytime you know, you can revisit a deal 0:09:28.960 --> 0:09:32.360 and open it up for further discussion, that raises the 0:09:32.440 --> 0:09:35.440 question of whether any deal is ever sacristans. It seems 0:09:35.440 --> 0:09:37.920 like it would be something the Ninth Circuit would take 0:09:37.960 --> 0:09:41.160 on bank since it was a two to one decision. Yeah, 0:09:41.200 --> 0:09:45.679 and it was kind of out there from the academic analysis, 0:09:46.120 --> 0:09:49.720 you know, the people that study that particular road project 0:09:49.840 --> 0:09:54.000 and its history have written that the Ninth Circuit should. 0:09:54.120 --> 0:09:56.520 In fact, there's a whole group of law professors on 0:09:56.600 --> 0:10:00.040 warm them signed an amicust brief saying you really to 0:10:00.160 --> 0:10:02.840 take another look at this because it goes against the 0:10:02.880 --> 0:10:05.600 deal that was cut back in the seventies. Tell us 0:10:05.640 --> 0:10:07.960 a little bit more about why you think the ruling 0:10:07.960 --> 0:10:12.280 of the three judge panel was not correct. They didn't 0:10:12.280 --> 0:10:17.559 give it really any deference to the original agreement that 0:10:17.800 --> 0:10:20.160 this forest was not going to be opened up. I mean, 0:10:20.200 --> 0:10:23.600 anytime you put a major road into a forest, you 0:10:23.679 --> 0:10:26.600 change it forever. I mean you get all kinds of 0:10:26.600 --> 0:10:29.680 traffic and all the activities that are associated with that. 0:10:30.280 --> 0:10:33.240 You know, roads introduced invasive species. There's all kinds of 0:10:33.280 --> 0:10:37.400 things that happened. You know, you access remote areas where 0:10:37.400 --> 0:10:40.560 they're grizzly bears and wolves, and then there's poaching, and 0:10:40.600 --> 0:10:44.280 so there's all kinds of negative consequences from roads. It 0:10:44.320 --> 0:10:47.640 isn't just the road itself. It's what the road brings 0:10:47.720 --> 0:10:51.760 into the forest. That's Pat Parente, environmental law professor at 0:10:51.800 --> 0:10:54.400 the Vermont Law School, speaking with Bloomberg's June Grass. How 0:10:54.720 --> 0:10:56.880 You can catch more of that interview, plus analysis of 0:10:56.960 --> 0:10:59.520 the latest legal news by subscribing to the Bloomberg Law 0:10:59.559 --> 0:11:03.280 Podcast or downloading the show at Bloomberg dot com slash podcast. 0:11:03.480 --> 0:11:06.600 Attorneys can find exceptional legal research and business development tools 0:11:06.600 --> 0:11:08.840 at Bloomberg Law dot com and on the Bloomberg terminal 0:11:08.920 --> 0:11:20.679 at blog Go. Bloomberg Daybreak continues. This is Bloomberg broadcasting 0:11:20.720 --> 0:11:24.480 live from the Bloomberg Interactive Broker Studio in New York. 0:11:24.559 --> 0:11:29.240 Bloomberg in Freedom to Washington, d C. Bloomberg to Boston, 0:11:29.360 --> 0:11:32.719 Bloomberg one oh six one to San Francisco, Bloomberg nine 0:11:32.840 --> 0:11:35.920 six to the country, Sirius XM to the one nine team, 0:11:36.040 --> 0:11:39.199 and around the globe, the Bloomberg Business app and Bloomberg 0:11:39.280 --> 0:11:48.560 Radio dot Com. This is Bloomberg Daybreak's five three on 0:11:48.600 --> 0:11:51.320 Wall Street. Good morning, I'm John Tucker and I'm Nathan Heger. 0:11:51.360 --> 0:11:53.680 We're about four hours away from the open of US training. 0:11:53.920 --> 0:11:55.240 Let's get you up to date on the news you 0:11:55.240 --> 0:11:57.840 need to know at this hour. The SMP five finished 0:11:57.880 --> 0:12:01.520 yesterday's trading more than twenty low, its last record close, 0:12:01.679 --> 0:12:05.480 entering a bear market. Currently, SMP futures are bouncing back. 0:12:05.559 --> 0:12:09.200 They're up eighteen points even with the sell off. Defiant 0:12:09.240 --> 0:12:12.560 c t F Chief investment Officer Sylvia Jablonsky tells us 0:12:12.559 --> 0:12:15.240 there is reason for optimism. We're in the first half 0:12:15.280 --> 0:12:16.920 of the year. It's not even over yet, although it 0:12:16.960 --> 0:12:19.880 feels like a decade, and earnings are still looking strong. 0:12:19.920 --> 0:12:22.200 Consumers strong, Carbor balance sheet are strong. I know there's 0:12:22.200 --> 0:12:24.760 a lot of debate about that, but the numbers and 0:12:24.800 --> 0:12:27.640 the big large you know, the larger macroeconomic factors are 0:12:27.679 --> 0:12:31.560 still fairly positive. Sylvia Jablonski, with Chief Definance c ETF, 0:12:31.640 --> 0:12:34.640 says investors could see higher returns this year if inflation 0:12:34.720 --> 0:12:38.079 and supply chain bottlenext ease still forward traders, It's all 0:12:38.080 --> 0:12:40.559 about the FED right now. The Central Bank begins it's 0:12:40.559 --> 0:12:44.120 today policy meeting. Today, reports indicate the Fed could raise 0:12:44.280 --> 0:12:47.280 rates by seventy five basis points. That would be the 0:12:47.320 --> 0:12:50.480 highest high since n Well ahead of that decision, John 0:12:50.520 --> 0:12:53.200 Big Us banks are signaling more concerned for the economy. 0:12:53.240 --> 0:12:56.120 Investor fears of stagflation at the highest since the two 0:12:56.120 --> 0:12:58.800 thousand and eight financial crisis, according to Bank of America's 0:12:58.840 --> 0:13:02.480 monthly fund manager Serve Morgan. Stanley CEO James Gorman says 0:13:02.480 --> 0:13:04.240 he sees the risk of a US OR session at 0:13:04.280 --> 0:13:08.120 about fifty attorney to oil. Crude is holding steady around 0:13:08.120 --> 0:13:10.839 one d twenty two dollars a barrel. Now we're learning 0:13:10.840 --> 0:13:13.199 the White House plans for President Biden to visit Saudi 0:13:13.240 --> 0:13:16.800 Arabia next month. SMP Global Vice chair Dan Jurgen says, 0:13:16.880 --> 0:13:19.840 even if the Kingdom increases production, it may not have 0:13:19.960 --> 0:13:23.440 much of an impact on prices. The markets are very tight, 0:13:23.520 --> 0:13:26.240 and so even though he would expect that with what's 0:13:26.280 --> 0:13:28.319 happened to the overall it seems to be happening to 0:13:28.320 --> 0:13:30.679 the overall economy is slowing, it's not showing up, and 0:13:30.760 --> 0:13:34.040 yet in demand for oil. SMP vice cheer Dan Jurgen 0:13:34.120 --> 0:13:36.840 speaking with David West on Bloomberg's Balance of Power. Catch 0:13:36.920 --> 0:13:39.800 the program weekdays at noon Eastern on Bloomberg Radio and TV. 0:13:40.000 --> 0:13:42.480 All right, let's turn to corporate news, John and to Twitter. Now. 0:13:42.720 --> 0:13:45.400 Elon Musk is set to address staff at the company 0:13:45.440 --> 0:13:48.839 directly this week. Bloomberg's Grenida Young joins US Live with Morgan. 0:13:49.240 --> 0:13:52.080 Good morning, Grenia, Good morning, Nathan Bloomberg. Sources say this 0:13:52.120 --> 0:13:55.319 will be the first time Elon Musk addresses Twitter employees 0:13:55.360 --> 0:13:58.520 since agreeing to buy the company for forty four billion dollars, 0:13:58.880 --> 0:14:02.080 and Musk will take quests at the Thursday morning virtual meeting. 0:14:02.360 --> 0:14:04.800 The company has been in a chaotic state since the 0:14:04.840 --> 0:14:08.079 deal was announced in April. Musk has been critical of 0:14:08.160 --> 0:14:11.480 the company, had questions the amount of spam accounts. Meantime, 0:14:11.520 --> 0:14:15.120 Twitter CEO has announced a series of cost cutting measures 0:14:15.120 --> 0:14:18.000 since the deal came together. Live in New York. I'm 0:14:18.000 --> 0:14:19.880 gonna need a young bloom birth day break. All right, 0:14:19.920 --> 0:14:22.120 thanks for data and ahead of the can show up 0:14:22.160 --> 0:14:24.000 on the Wall Street down the issues right now of 0:14:24.160 --> 0:14:27.440 one eight points, SMP futures of eighteen, that hast In 0:14:27.560 --> 0:14:34.800 futures of eighty five points, and that brings is three 0:14:34.840 --> 0:14:36.960 on Wall Street. Time to bring in Michael Barr with 0:14:37.040 --> 0:14:38.920 more on what else is going out of New York 0:14:38.960 --> 0:14:41.680 and around the world. John, Thank you very much, Sarah. 0:14:41.720 --> 0:14:45.040 New York has expanded legal protections for people seeking and 0:14:45.080 --> 0:14:48.920 providing abortions in the state. Governor Kathy Holcal signed legislation 0:14:49.040 --> 0:14:52.720 anticipation of the U Supreme Court potentially over ruling its 0:14:53.720 --> 0:14:57.520 three Roe v. Wade's decision, which established a constitutional right 0:14:57.600 --> 0:15:02.240 to abortion. This is to the right to control our 0:15:02.240 --> 0:15:05.600 own bodies was supposed to be well settled president by now, 0:15:06.480 --> 0:15:09.680 or so we thought. Governor Houkel says the new laws 0:15:09.680 --> 0:15:12.680 planned to give abortion providers thirty five million dollars to 0:15:12.760 --> 0:15:17.000 expand services and boost security and anticipation of an influx 0:15:17.000 --> 0:15:19.520 of out of state people seeking abortions in New York, 0:15:19.840 --> 0:15:23.800 Attorney General Merritt Garland confirmed he watched the committee's hearings 0:15:23.800 --> 0:15:27.400 closely on the January sixth Capitol riot, even as he 0:15:27.440 --> 0:15:31.280 faced his increased pressure to investigate former President Donald Trump. 0:15:31.640 --> 0:15:34.640 Garland didn't comment on the current status of a possible 0:15:34.680 --> 0:15:38.760 investigation against Trump, but at this point this investigation is proceeding, 0:15:38.800 --> 0:15:42.200 acquiring effects and the law a g Garland as Trump's 0:15:42.240 --> 0:15:45.440 top government officials and even his family were dismantling a 0:15:45.480 --> 0:15:49.440 false claim of twenty election fraud ahead of the January 0:15:49.480 --> 0:15:53.280 sixth attack on the Capitol. The four GOP candidates running 0:15:53.320 --> 0:15:56.360 for New York governor debated topics last night from crime, 0:15:56.440 --> 0:16:00.240 the economy, and former President Trump. During the debate aired 0:16:00.280 --> 0:16:03.360 on CBS two, Andrew Giuliani, the son of the former 0:16:03.360 --> 0:16:05.920 New York mayor, was asked about the hearings. You know, 0:16:06.000 --> 0:16:08.800 the media has been fixated on January six for the 0:16:08.840 --> 0:16:10.760 better part of a year and a half now, and 0:16:10.840 --> 0:16:13.080 I would like to see a Congressional hearing on the 0:16:13.080 --> 0:16:16.360 two hundred and seventy four riots that happened between May 0:16:16.440 --> 0:16:22.040 of and June of January five one, rather than just 0:16:22.800 --> 0:16:26.640 a one day where the video is completely focused on. 0:16:26.920 --> 0:16:30.040 Giuliani is a former advisor to Trump. Other candidates at 0:16:30.080 --> 0:16:34.320 the debates US Representative Lee Zelden, businessman Harry Wilson, and 0:16:34.440 --> 0:16:38.760 former Westchester County Executive Rob Astorino Global News twenty four 0:16:38.800 --> 0:16:42.120 hours a day on air and on Bloomberg Quicktake, powered 0:16:42.120 --> 0:16:45.000 by more than twenty seven hundred journalists and analysts more 0:16:45.000 --> 0:16:48.920 than a hundred twenty countries. Michael Barr and this is Bloomberg, John, Michael, 0:16:48.960 --> 0:16:55.000 thank you. It's now five thirty five on Wall Street 0:16:55.040 --> 0:16:57.600 and that's time to the Bloomberg Sports Update US John 0:16:57.640 --> 0:17:00.200 Stash all right, Johnny. Golden State Warriors, of course, led 0:17:00.200 --> 0:17:02.560 by Steph Curry. That was obvious in Game four in 0:17:02.640 --> 0:17:05.280 Boston when Curry scored forty three points, but last night, 0:17:05.280 --> 0:17:07.880 Curry did not make a single three pointer shot. Oh 0:17:07.880 --> 0:17:10.560 for night ends the streak of two hundred and thirty 0:17:10.600 --> 0:17:12.480 three games in a row with at least one dating 0:17:12.520 --> 0:17:15.560 back to November of two thousand eighteen, and the Warriors 0:17:15.560 --> 0:17:18.000 still won. They got twenty six points from Andrew Wiggins. 0:17:18.200 --> 0:17:20.280 They began the fourth quarter with a tend nothing run. 0:17:20.480 --> 0:17:23.040 They beat the Celtics one oh four ninety four first 0:17:23.080 --> 0:17:24.840 time in the playoffs. The Celtics have lost two in 0:17:24.840 --> 0:17:26.920 a row. Warriors lead in the NBA Finals three to 0:17:27.480 --> 0:17:30.160 Game six is Thursday in Boston. Golden State a chance 0:17:30.200 --> 0:17:32.840 to win a fourth championship in the last eight years. 0:17:32.840 --> 0:17:35.480 We'll see if NBA Commissioner Adam Silver can hand out 0:17:35.480 --> 0:17:39.159 the trophy. He missed last night's game COVID Protocols. Yankees 0:17:39.200 --> 0:17:41.840 and Mets both home tonight. Red hot Yanks host Tampa Bay. 0:17:42.160 --> 0:17:44.399 Since losing a couple of games to the Raise, The 0:17:44.480 --> 0:17:46.920 Yanks a going eleven and one Mets take on Milwaukee 0:17:47.040 --> 0:17:50.040 the Braves one again. They hit five home runs. They 0:17:50.080 --> 0:17:53.040 won nine five in Washington, although they lost Ozzie Albis 0:17:53.040 --> 0:17:55.879 to a broken foot Atlanta twelve and oh in June, 0:17:55.880 --> 0:17:58.879 and they have five games behind the Mets. Phil Mickelson 0:17:59.000 --> 0:18:00.879 met the media and ball as he gets ready to 0:18:00.880 --> 0:18:04.200 play the US Open that starts Thursday. Asked repeatedly about 0:18:04.240 --> 0:18:07.480 his decision to play the new Live tour. Field did 0:18:07.560 --> 0:18:12.760 mention the money, incredible financial commitment. But more than that, uh, 0:18:13.080 --> 0:18:16.040 for for all the players involved and everyone involved. But 0:18:16.080 --> 0:18:22.320 more than that, there are other factors that with fewer tournaments, 0:18:23.480 --> 0:18:25.200 it allows me to have more balance in my life. 0:18:25.200 --> 0:18:27.520 It allows me to do things that are off the 0:18:27.560 --> 0:18:31.640 golf course I've always wanted to do. He understands the criticism, 0:18:31.640 --> 0:18:35.160 including that from fellow players, are sticking the PA John 0:18:35.200 --> 0:18:38.560 stactually Bloomberg sports John, all right, thanks John, five thirty seven. 0:18:38.600 --> 0:18:41.200 Old Wall Street tied down for the Tri State Business Report. 0:18:41.600 --> 0:18:46.000 For that, we're joined by Bloomberg's query. Subway Restaurants is 0:18:46.040 --> 0:18:50.119 considering moving to Fairfield County, Connecticut, where its operations began, 0:18:50.480 --> 0:18:54.440 and leaving its current Milford headquarters. The sandwich chain says 0:18:54.520 --> 0:18:58.280 it's exploring options in northeastern Fairfield County to create a 0:18:58.280 --> 0:19:02.400 world class work environment for its employees. The International Brotherhood 0:19:02.400 --> 0:19:05.439 of Electrical Workers opposes a bill awaiting the signature of 0:19:05.480 --> 0:19:08.560 New York Governor Kathy Hoco. According to New York Focus, 0:19:08.800 --> 0:19:11.720 the measure would place a two year moratorium on new 0:19:11.760 --> 0:19:14.600 fossil fuel power plants that would be used by the 0:19:14.640 --> 0:19:18.120 crypto industry. The state of New Jersey is fighting over 0:19:18.160 --> 0:19:21.960 how to spend about eleven billion dollars in surprise tax revenue. 0:19:22.000 --> 0:19:24.840 Governor Phil Murphy says he wants to issue nine hundred 0:19:24.880 --> 0:19:28.240 million dollars in taxpayer relief checks, apply at least one 0:19:28.280 --> 0:19:32.280 point three billion dollars toward debt reduction, and save money 0:19:32.400 --> 0:19:35.639 for an emergency. Others disagree with his plan, though they 0:19:35.680 --> 0:19:39.280 say a financial crisis is approaching. That's your Bloomberg Try 0:19:39.359 --> 0:19:42.560 State Business Report. I'm Ed Corey. All right, thanks Aid 0:19:43.320 --> 0:19:45.800 on Wall Street. Bloomberg Radios on the year from San 0:19:45.840 --> 0:19:49.479 Francisco to New York, London to Hong Kong. Let's second 0:19:49.520 --> 0:19:51.240 now with our global news team for some of the 0:19:51.240 --> 0:19:54.960 top stories heard on our three hundred Affiligate radio stations 0:19:55.000 --> 0:20:01.159 around the world. I'm Steve Potas Ted Ted Winds in 0:20:01.200 --> 0:20:04.040 New York. We're talking about how the Bloomberg fed indecks 0:20:04.119 --> 0:20:07.240 finds bankers are not rushing back to the office amid 0:20:07.240 --> 0:20:10.000 a recent COVID surge. M Corneys on a Hoe on 0:20:10.200 --> 0:20:12.920 w h F and Looisville. The maker of Jack Daniels 0:20:13.000 --> 0:20:15.960 is planning to sell freemix. Jack and Cooke can podcast 0:20:16.280 --> 0:20:19.880 time Genus Servetti. And for w BBM in Chicago, I'm 0:20:19.960 --> 0:20:24.119 reporting that cash register maker NCR faces a potential class 0:20:24.160 --> 0:20:29.480 action in Illinois for allegedly collecting restaurant workers fingerprints without permission. 0:20:29.880 --> 0:20:33.080 Hi make Cory on w w J in Detroit. I'm 0:20:33.119 --> 0:20:37.439 reporting eleven Co America brankers in Michigan are closing. And 0:20:37.560 --> 0:20:40.760 those are some of the stories are Bloomberg journalists and 0:20:40.760 --> 0:20:44.040 analysts are working on this morning around the world is 0:20:44.080 --> 0:20:47.560 now five thirty nine on Wall Street. The following is 0:20:47.560 --> 0:20:51.600 an editorial from Bloomberg Opinion. For too long, a common 0:20:51.640 --> 0:20:54.600 sense agreement to fix America's gun laws has seemed out 0:20:54.600 --> 0:20:58.160 of reach. A new effort in Congress offers reason for optimism. 0:20:58.280 --> 0:21:02.199 This week, ten Senate Democrats and ten Republicans compromised on 0:21:02.280 --> 0:21:05.080 a framework for what will likely be the most significant 0:21:05.200 --> 0:21:08.360 gun control legislation the US has scene in years. Their 0:21:08.400 --> 0:21:14.000 plan won't please everyone, but there's no question it represents progress. Importantly, 0:21:14.240 --> 0:21:17.520 it will encourage states to enact red flag laws, which 0:21:17.560 --> 0:21:22.160 allow courts to temporarily remove firearms from individuals in crisis. 0:21:22.400 --> 0:21:25.440 It would also ensure that domestic violence records are more 0:21:25.480 --> 0:21:29.840 widely included in background checks and boost penalties for gun trafficking. 0:21:30.040 --> 0:21:32.359 The framework is modest, no doubt, and ought to be 0:21:32.400 --> 0:21:35.840 a starting point for wider change. But after a decade 0:21:35.840 --> 0:21:39.879 of Congressional inaction on gun safety, every step forward, big 0:21:40.040 --> 0:21:43.080 or small, should be welcomed. This editorial was written by 0:21:43.119 --> 0:21:46.440 the Bloomberg Opinion Editorial Board. I'm David Shipley. For more 0:21:46.440 --> 0:21:49.440 Bloomberg Opinion, please go to Bloomberg dot com. Slash opinion 0:21:49.720 --> 0:21:52.720 or OPA and go on the Bloomberg terminal. This has 0:21:52.760 --> 0:21:57.199 been Bloomberg Opinion. Bloomberg Opinion editorials can be heard every 0:21:57.280 --> 0:22:00.920 week day at this time, tribal customers can rebore at O, P, 0:22:01.119 --> 0:22:03.880 I N go now as a futures right now, after 0:22:03.960 --> 0:22:07.879 yesterday's massive sell off, they are up nineties six points 0:22:08.200 --> 0:22:11.960 SMP futures of two and at our futures right now 0:22:12.240 --> 0:22:16.440 one thirty five points higher. This is Bloomberg and the 0:22:16.480 --> 0:22:20.159 Bloomberg weather for it today from meteorologist Rob Caroline. Morning 0:22:20.240 --> 0:22:22.919 cloud's in the city with a chance of a stray 0:22:23.040 --> 0:22:26.320 sprinkle or maybe an isolated shower. Otherwise it's going to 0:22:26.400 --> 0:22:32.560 turn partly Sunday today. High temperature in the mid eighties. Markets, 0:22:32.640 --> 0:22:35.719 headlines and breaking news twenty four hours a day at 0:22:35.760 --> 0:22:39.159 Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 0:22:39.240 --> 0:22:48.399 Quick Tape. He's a Bloomberg Business Lash. I'm Nathan Hagar. 0:22:48.440 --> 0:22:51.280 Futures are bouncing back. Treasuries has sent a four day 0:22:51.359 --> 0:22:55.080 sell off, a market route driven by expectations of sharper 0:22:55.119 --> 0:22:59.040 Federal reserve interest rate hikes to fight inflation. Looks like 0:22:59.080 --> 0:23:01.480 it could be ending at least at the moment. We 0:23:01.560 --> 0:23:03.359 check the markets for you every fifteen minutes during the 0:23:03.359 --> 0:23:05.760 trading day on Bloomberg. Right now, it's a p futures 0:23:05.760 --> 0:23:08.560 are up sixteen points, Staff futures up ninety Nasty futures 0:23:08.560 --> 0:23:11.160