1 00:00:02,600 --> 00:00:05,920 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is is Bloomberg 2 00:00:05,960 --> 00:00:09,880 Speaker 1: Daybreak for Friday, September six two. Coming up this hour, 3 00:00:10,240 --> 00:00:13,760 Speaker 1: stock slide yields rise as we close out a tumultuous 4 00:00:13,800 --> 00:00:17,000 Speaker 1: week for the markets. Investors get another key economic report 5 00:00:17,079 --> 00:00:20,520 Speaker 1: before next week's FED decision. Fed X does not deliver 6 00:00:20,680 --> 00:00:23,759 Speaker 1: for investors as shares plunge, and a key ruling in 7 00:00:23,800 --> 00:00:27,160 Speaker 1: the classified documents probe of Donald Trump. New York City 8 00:00:27,200 --> 00:00:30,480 Speaker 1: is nearing its breaking point by migrants sent from Texas. 9 00:00:30,480 --> 00:00:34,080 Speaker 1: Plus preparations continue for Queen Elizabeth's funeral on Monday. I'm 10 00:00:34,080 --> 00:00:37,280 Speaker 1: Michael bar More Ahead, I'm Don Stashard Sports. The Mets 11 00:00:37,280 --> 00:00:40,680 Speaker 1: beat the Pirates, The Yankees visit Milwaukee tonight Thursday Night Football, 12 00:00:40,680 --> 00:00:44,040 Speaker 1: That Jeeves beat the Charger. That's all straight ahead on 13 00:00:44,200 --> 00:00:49,960 Speaker 1: Bloomberg Daybreak on Bloomberg Elimen Frio, New York, Bloomberg Washington, 14 00:00:50,040 --> 00:00:54,080 Speaker 1: d C, Bloomberg one six one, Boston, Bloomberg nine sixty, 15 00:00:54,160 --> 00:00:58,160 Speaker 1: San Francisco, Sirius x M one nineteen and around the 16 00:00:58,200 --> 00:01:01,560 Speaker 1: world on Bloomberg Radio Dot Come and via the Bloomberg 17 00:01:01,600 --> 00:01:10,120 Speaker 1: Business Add Good morning. I'm Nathan Hager, and I'm Karen 18 00:01:10,200 --> 00:01:13,640 Speaker 1: Moscow and US DOT Index futures are lower this morning. 19 00:01:13,680 --> 00:01:15,640 Speaker 1: We are coming up to five oh one on Wall Street, 20 00:01:15,680 --> 00:01:17,840 Speaker 1: and we checked the markets every fifteen minutes throughout the 21 00:01:17,880 --> 00:01:20,479 Speaker 1: trading day. On Bloomberg, U S and P futures down 22 00:01:20,520 --> 00:01:23,840 Speaker 1: thirty seven points down, futures down two fifty four and 23 00:01:23,920 --> 00:01:27,480 Speaker 1: Astack futures down one dty eight. The decks in Germany's 24 00:01:27,520 --> 00:01:30,319 Speaker 1: down one point eight percent, ten year treasury down four 25 00:01:30,360 --> 00:01:33,400 Speaker 1: thirty seconds. You're three point four six percent yield on 26 00:01:33,480 --> 00:01:36,479 Speaker 1: the two year three point eight nine percent, Nathan hearing. 27 00:01:36,520 --> 00:01:39,160 Speaker 1: This stock slide is deepening as we close out a 28 00:01:39,160 --> 00:01:41,679 Speaker 1: trading week on track to be the worst since June. 29 00:01:41,760 --> 00:01:44,320 Speaker 1: European equities are down for a fourth straight day as 30 00:01:44,360 --> 00:01:47,400 Speaker 1: our stocks in Asia. Two year treasury yields are climbing 31 00:01:47,440 --> 00:01:50,639 Speaker 1: to their highest level in fifteen years, deepening the curve 32 00:01:50,640 --> 00:01:53,760 Speaker 1: in version that's seen as a recession signal. But Brent Shooty, 33 00:01:53,920 --> 00:01:57,240 Speaker 1: chief investment strategist with Northwestern Mutual, thinks we may be 34 00:01:57,360 --> 00:02:00,720 Speaker 1: seeing a bottom. Sentiment is already awful. People have sold 35 00:02:00,760 --> 00:02:03,280 Speaker 1: already thrown at fifty percent, retracing of blows that we had, 36 00:02:03,320 --> 00:02:04,960 Speaker 1: and I think you have the basis to the market 37 00:02:05,000 --> 00:02:06,760 Speaker 1: having put in the bottom. That doesn't mean it won't 38 00:02:06,800 --> 00:02:08,520 Speaker 1: be a grinding, back and forth advance, but I don't 39 00:02:08,560 --> 00:02:11,080 Speaker 1: think we're going to go below those tune blows. Prince 40 00:02:11,160 --> 00:02:14,000 Speaker 1: Duty with Northwestern Mutual says stocks usually hit a bottom 41 00:02:14,040 --> 00:02:17,600 Speaker 1: when inflation peaks. We'll make an investors get another key 42 00:02:17,639 --> 00:02:20,880 Speaker 1: economic report to digest before we head into the weekend. 43 00:02:20,960 --> 00:02:23,840 Speaker 1: At ten am Wall Street time, we get September sentiment 44 00:02:23,919 --> 00:02:26,600 Speaker 1: numbers from the University of Michigan and Bloomberg, so Michael 45 00:02:26,639 --> 00:02:30,359 Speaker 1: McKee has more The sustained slide in gasoline prices should 46 00:02:30,360 --> 00:02:33,400 Speaker 1: lift the headline sentiment index as well as consumers view 47 00:02:33,440 --> 00:02:36,440 Speaker 1: of current economic conditions. The numbers that matter most, however, 48 00:02:36,480 --> 00:02:39,560 Speaker 1: it will be the expected inflation gauges. The FED wants 49 00:02:39,600 --> 00:02:43,560 Speaker 1: to ensure expectations stay anchored so a wage price spiral 50 00:02:43,600 --> 00:02:47,600 Speaker 1: doesn't develop. Expected yearhead inflation should continue to drop along 51 00:02:47,639 --> 00:02:50,480 Speaker 1: with gasoline prices. The rate was four point eight percent 52 00:02:50,520 --> 00:02:53,440 Speaker 1: in July. That was down from five point two percent 53 00:02:53,560 --> 00:02:56,639 Speaker 1: in June to the lowest in eight months. Michael McKee 54 00:02:56,680 --> 00:02:59,720 Speaker 1: Bloomberg Daybreak. All right, Mike, thanks The sentiment report caps 55 00:02:59,760 --> 00:03:02,440 Speaker 1: off of busy week of data, highlighted by Tuesday's hotter 56 00:03:02,440 --> 00:03:05,720 Speaker 1: than expected inflation report. Traders now during their attention to 57 00:03:05,800 --> 00:03:08,600 Speaker 1: next week's FED meeting, the debate is whether the Central 58 00:03:08,639 --> 00:03:11,320 Speaker 1: Bank raises rates by seventy five basis points or a 59 00:03:11,400 --> 00:03:14,720 Speaker 1: full one per cent. Liz and Saunders is chief investment 60 00:03:14,800 --> 00:03:18,120 Speaker 1: strategist at Charles Schwab. To me, the likelihood is more 61 00:03:18,120 --> 00:03:20,119 Speaker 1: on the seventy five end, just because I'm not sure 62 00:03:20,160 --> 00:03:22,560 Speaker 1: at the stage in the game Powell wants to be 63 00:03:22,720 --> 00:03:25,560 Speaker 1: seen as putting forth shock and aw kind of policy. 64 00:03:25,680 --> 00:03:30,359 Speaker 1: I think more likely is keeping both November and December 65 00:03:30,360 --> 00:03:32,840 Speaker 1: firmly on the table and really pushing back on this 66 00:03:32,880 --> 00:03:36,360 Speaker 1: notion that even existed a month ago that after a 67 00:03:36,440 --> 00:03:39,360 Speaker 1: September hike, the Fed might have the green light to pause. 68 00:03:39,600 --> 00:03:41,960 Speaker 1: Now when it comes to market volatility, liz An Saunders 69 00:03:42,040 --> 00:03:44,520 Speaker 1: or Charles Schaub says, high speed traders maybe driving some 70 00:03:44,560 --> 00:03:46,960 Speaker 1: of the wild swings we've seen this week. Well, and 71 00:03:47,000 --> 00:03:50,080 Speaker 1: this Maurin's equity action. Nathan Shares a FedEx or down 72 00:03:50,120 --> 00:03:53,960 Speaker 1: nine cent in early trading. The company said preliminary results 73 00:03:53,960 --> 00:03:56,560 Speaker 1: for the quarter fell short of expectations. Let me get 74 00:03:56,560 --> 00:03:59,960 Speaker 1: this story from Bloomberg's Charlie Pellett The Courier said adjusted 75 00:04:00,040 --> 00:04:03,280 Speaker 1: earnings for the fiscal first quarter were three forty four share, 76 00:04:03,680 --> 00:04:06,440 Speaker 1: well short of the five ten average est about of analyst. 77 00:04:06,720 --> 00:04:11,160 Speaker 1: CEO Raj Supermannian said in the statement, global volumes declined 78 00:04:11,400 --> 00:04:15,280 Speaker 1: as macro economic trends significantly worsened later in the quarter, 79 00:04:15,360 --> 00:04:19,320 Speaker 1: both internationally and in the US. In addition to withdrawing 80 00:04:19,360 --> 00:04:23,880 Speaker 1: its fiscal three earnings outlook provided in June, FedEx also 81 00:04:24,000 --> 00:04:28,120 Speaker 1: said it expects conditions to worsen in its fiscal second quarter. 82 00:04:28,640 --> 00:04:32,320 Speaker 1: In New York, Charlie Pellett Bloomberg Daybreak. Okay, Charlie, thank you. 83 00:04:32,360 --> 00:04:35,200 Speaker 1: Another stock falling this morning is General Electric. Those shares 84 00:04:35,240 --> 00:04:38,080 Speaker 1: you down four percent in early trading. Gees finance chief 85 00:04:38,120 --> 00:04:40,719 Speaker 1: is warning supply chain challenges will weigh on its third 86 00:04:40,760 --> 00:04:43,880 Speaker 1: quarter performance. Well, Nathan, the rails are still on the 87 00:04:43,920 --> 00:04:47,240 Speaker 1: move this morning. A tentative labor agreement is in place 88 00:04:47,279 --> 00:04:50,520 Speaker 1: between freight rail companies and unions, and that aversus strike. 89 00:04:50,800 --> 00:04:54,679 Speaker 1: President Biden reportedly told both sides failure was not an option. 90 00:04:54,920 --> 00:04:58,360 Speaker 1: Bloomberg political contributor Rick Davis says the president deserves the 91 00:04:58,440 --> 00:05:01,040 Speaker 1: victory lab and we had a big run up to this. 92 00:05:01,200 --> 00:05:04,040 Speaker 1: Everybody was looking a lot of concerns about the impact 93 00:05:04,080 --> 00:05:07,039 Speaker 1: on the economy, and the team and the president came 94 00:05:07,080 --> 00:05:09,480 Speaker 1: through and and this is what you wanted to have happened, 95 00:05:09,520 --> 00:05:12,760 Speaker 1: and they deserve a right to celebrate. Rig Davis spoke 96 00:05:12,800 --> 00:05:15,839 Speaker 1: at our Washington correspondent Joe Matthew on Bloomberg's sound on. 97 00:05:16,000 --> 00:05:18,159 Speaker 1: Stay tuned for more on the tentative deal when we 98 00:05:18,200 --> 00:05:21,120 Speaker 1: speak with the Labor Secretary Marty Walsh. That's coming up 99 00:05:21,120 --> 00:05:23,919 Speaker 1: on Bloomberg's Balance of Power Live at noon Eastern on 100 00:05:23,920 --> 00:05:27,520 Speaker 1: Bloomberg Radio and Television. Staying with Politics Caring, there's news 101 00:05:27,520 --> 00:05:30,760 Speaker 1: on the Justice Department's legal battle with former President Trump. 102 00:05:30,800 --> 00:05:33,960 Speaker 1: A special Master has been named to review documentsies from 103 00:05:33,960 --> 00:05:36,359 Speaker 1: our lago while denying a request from the d o 104 00:05:36,440 --> 00:05:39,760 Speaker 1: J to keep using the documents in their probe. Bloomberg's 105 00:05:39,760 --> 00:05:44,160 Speaker 1: Amy Morris has details from our newsroom in Washington. Both 106 00:05:44,160 --> 00:05:47,080 Speaker 1: the Justice Department and the Trump legal team agreed retired 107 00:05:47,120 --> 00:05:50,040 Speaker 1: federal Court judge Raymond Deary would be a suitable candidate 108 00:05:50,040 --> 00:05:53,080 Speaker 1: for Special Master, but the government won't be allowed to 109 00:05:53,160 --> 00:05:56,920 Speaker 1: keep using about one hundred documents listed as classified until 110 00:05:57,040 --> 00:06:00,960 Speaker 1: after the Special Master reviews all eleven thous and documents 111 00:06:01,000 --> 00:06:03,400 Speaker 1: to determine if any should be withheld because of attorney 112 00:06:03,400 --> 00:06:06,560 Speaker 1: client or executive privilege. D o J also asked for 113 00:06:06,640 --> 00:06:09,800 Speaker 1: a deadline of October seventeenth, but the court gave Deery 114 00:06:09,880 --> 00:06:13,480 Speaker 1: until November thirty to complete his review, and the court 115 00:06:13,600 --> 00:06:17,000 Speaker 1: ordered Trump to cover those costs. In Washington, I'm anymore 116 00:06:17,040 --> 00:06:19,680 Speaker 1: as Bloomberg daybreak a right amy thank you Meantime in 117 00:06:19,720 --> 00:06:22,560 Speaker 1: the Middle East, it's a meeting of two and battled leaders. 118 00:06:22,600 --> 00:06:26,000 Speaker 1: Russian President Vladimir Putin told Chinese leader she Jan Ping 119 00:06:26,360 --> 00:06:30,760 Speaker 1: he understands Beijing's questions and concerns about his invasion of Ukraine. 120 00:06:31,040 --> 00:06:34,160 Speaker 1: Begin More from Bloomberg Stephen Angle in Hong Kong, this 121 00:06:34,240 --> 00:06:38,680 Speaker 1: relationship is not as rosy and positive as it seems 122 00:06:38,800 --> 00:06:42,400 Speaker 1: on the surface. The war does not necessarily play to 123 00:06:42,800 --> 00:06:46,600 Speaker 1: China's needs, and any hope for a quick invasion and 124 00:06:46,720 --> 00:06:50,400 Speaker 1: quick resolution of the Ukraine war is long. In the 125 00:06:50,520 --> 00:06:52,640 Speaker 1: review of Mirror right now, it's been going for more 126 00:06:52,680 --> 00:06:55,520 Speaker 1: than six months, and Bloomberg Stephen Angle says it was 127 00:06:55,560 --> 00:06:58,440 Speaker 1: the first in person talks between President's Putin and she 128 00:06:58,839 --> 00:07:01,440 Speaker 1: since the start of the war were in Ukraine. S 129 00:07:01,480 --> 00:07:04,280 Speaker 1: ANDP future is now down thirty four points down, futures 130 00:07:04,320 --> 00:07:06,880 Speaker 1: down two thirty three, Nastack futures are lower by a 131 00:07:06,960 --> 00:07:09,480 Speaker 1: hundred thirty points the ten. Your treasury is down three 132 00:07:09,480 --> 00:07:12,000 Speaker 1: thirty seconds. You'ld three point four or six percent. You'ld 133 00:07:12,040 --> 00:07:15,080 Speaker 1: on the two year three point eight nine percent. Straight 134 00:07:15,080 --> 00:07:18,080 Speaker 1: ahead your latest local headlines into check of sports. This 135 00:07:18,480 --> 00:07:25,480 Speaker 1: is Bloomberg five oh seven on Wall Street. We're dealing 136 00:07:25,480 --> 00:07:27,960 Speaker 1: with a truck fire this morning, south found of Jersey 137 00:07:27,960 --> 00:07:30,720 Speaker 1: Turnpike Nearics and twelve. Details coming up in traffic. First 138 00:07:30,800 --> 00:07:32,720 Speaker 1: Michael Byer with what else is going on in New 139 00:07:32,800 --> 00:07:35,360 Speaker 1: York and around the world. Good morning, Michael, Good morning Nathan. 140 00:07:35,400 --> 00:07:38,880 Speaker 1: New York is reassessing the city's right to shelter practice 141 00:07:39,280 --> 00:07:42,320 Speaker 1: following an influx of more than eleven thousand asylum seekers 142 00:07:42,320 --> 00:07:45,239 Speaker 1: who have been busted from Texas. That's according to Mayor 143 00:07:45,400 --> 00:07:48,960 Speaker 1: Eric Adams, chief Council, who says the city is nearing 144 00:07:49,000 --> 00:07:52,800 Speaker 1: a breaking point with asylum seekers and the homeless. Council 145 00:07:53,000 --> 00:07:57,440 Speaker 1: Brendan McGuire has said, though the law itself is staying put, obviously, 146 00:07:57,600 --> 00:08:01,840 Speaker 1: none of those practices developed with anyone contemplating that they 147 00:08:01,880 --> 00:08:04,480 Speaker 1: were going to be over ten thousand individuals bust into 148 00:08:04,480 --> 00:08:08,400 Speaker 1: New York with no connection to New York from from overseas. 149 00:08:08,920 --> 00:08:11,760 Speaker 1: Mayor Adams says the city will not be like those 150 00:08:11,840 --> 00:08:15,840 Speaker 1: municipalities and states that fly people to Massachusetts or put 151 00:08:15,840 --> 00:08:19,000 Speaker 1: people on buses. Are Adams spoke while touring an asylum 152 00:08:19,120 --> 00:08:22,480 Speaker 1: seeker resourced navigation center, it doesn't matter if you came 153 00:08:22,520 --> 00:08:26,280 Speaker 1: here on a Mayflower or on a bus. At the 154 00:08:26,320 --> 00:08:30,000 Speaker 1: port authority, you deserve the dignity and respect that this 155 00:08:30,080 --> 00:08:34,160 Speaker 1: city continues to show. Texas Governor Greg Abbott has been 156 00:08:34,200 --> 00:08:37,679 Speaker 1: sending migrants from his state to New York City. Ukrainian 157 00:08:37,720 --> 00:08:41,040 Speaker 1: authorities have found a mass burial site near a recaptured 158 00:08:41,160 --> 00:08:45,800 Speaker 1: northeastern city previously occupied by Russian forces. President of Voladimir 159 00:08:45,880 --> 00:08:48,520 Speaker 1: z Lensky announced the discovery in his nightly addressed to 160 00:08:48,559 --> 00:08:52,480 Speaker 1: the nation. In the UK, preparations are ongoing for the 161 00:08:52,520 --> 00:08:55,800 Speaker 1: funeral of Queen Elizabeth the Second next week. Rehearsals are 162 00:08:55,840 --> 00:08:59,800 Speaker 1: underway as hundreds of soldiers and bagpipers are practicing for 163 00:09:00,000 --> 00:09:02,440 Speaker 1: what is expected to be the biggest international event the 164 00:09:02,520 --> 00:09:06,720 Speaker 1: UK has hosted in decades. In Westminster Hall. Meanwhile, thousands 165 00:09:06,800 --> 00:09:10,160 Speaker 1: continue to wait hours in long lines to pay their 166 00:09:10,200 --> 00:09:13,120 Speaker 1: respects to the Queen as she lies in state, including 167 00:09:13,120 --> 00:09:16,040 Speaker 1: this woman. We were talking before we came, so we 168 00:09:16,160 --> 00:09:19,199 Speaker 1: can't see, do we fow? But when we s stood there, 169 00:09:19,360 --> 00:09:22,360 Speaker 1: she didn't know what to do to one another, and 170 00:09:22,360 --> 00:09:25,600 Speaker 1: we both just about and then it's just that really 171 00:09:25,640 --> 00:09:30,880 Speaker 1: overwhelming feeling. That Special coverage of Monday's funeral can be 172 00:09:30,920 --> 00:09:33,680 Speaker 1: heard live on Bloomberg Radio starting at six am Wall 173 00:09:33,720 --> 00:09:36,720 Speaker 1: Street Time. The U S National Hurricane Center is keeping 174 00:09:36,760 --> 00:09:39,760 Speaker 1: a close eye on the newly formed tropical storm Piona 175 00:09:39,840 --> 00:09:42,720 Speaker 1: in the Caribbean. Forecasters say if the storm stays on 176 00:09:42,760 --> 00:09:45,199 Speaker 1: its current track, it will move through the Leland Islands 177 00:09:45,200 --> 00:09:48,760 Speaker 1: today as it heads toward the Virgin Islands and Puerto Rico. 178 00:09:49,240 --> 00:09:51,840 Speaker 1: Global News twenty four hours a day on air and 179 00:09:51,960 --> 00:09:56,080 Speaker 1: on Bloomberg Quicktake, powered by more than journalists and analysts 180 00:09:56,080 --> 00:09:58,760 Speaker 1: and more than a hundred twenty countries. Michael Barn This 181 00:09:58,880 --> 00:10:05,920 Speaker 1: is Bloomberg Natham. Thank you, Michael. Almost five ten on 182 00:10:06,000 --> 00:10:08,480 Speaker 1: Wall Street Time for the Bloomberg Sports Update. Good Morning, 183 00:10:08,559 --> 00:10:11,120 Speaker 1: John Stann Show, Morning Nathan, All Around Baseball. It was 184 00:10:11,240 --> 00:10:14,200 Speaker 1: Roberto Clemente day and nearly fifty years after his death 185 00:10:14,200 --> 00:10:16,440 Speaker 1: in a plane crash. The ceremony took place in New York. 186 00:10:16,440 --> 00:10:19,839 Speaker 1: The Tampa Bay Rays started ten Latin players, first time 187 00:10:19,920 --> 00:10:22,520 Speaker 1: that's happened in City field. The Mets all war Clement's 188 00:10:22,559 --> 00:10:25,360 Speaker 1: number twenty one the eighth the Pirates Clemente's team six 189 00:10:25,400 --> 00:10:27,160 Speaker 1: to one to snap a three game loving three. Daniel 190 00:10:27,200 --> 00:10:30,319 Speaker 1: vogelback with the Mets acquired from Pittsburgh, had two h 191 00:10:30,480 --> 00:10:32,920 Speaker 1: three RB I s fifteen twin for Carlos Carrasco. The 192 00:10:33,000 --> 00:10:35,559 Speaker 1: Mets now lead Atlanta by one. Dame Yankees a left 193 00:10:35,559 --> 00:10:38,600 Speaker 1: Frankie Montas on the mount tonight in Milwaukee. He's made 194 00:10:38,600 --> 00:10:41,640 Speaker 1: seven starts with the Yankees, only one once Thursday Night 195 00:10:41,640 --> 00:10:44,240 Speaker 1: Football to kick off Wake two. Chargers lead in Kansas 196 00:10:44,280 --> 00:10:47,079 Speaker 1: City by ten. The Chiefs scored the next twenty and 197 00:10:47,160 --> 00:10:50,560 Speaker 1: included that ninety nine yard interception returned by Jalen Watson 198 00:10:50,600 --> 00:10:52,079 Speaker 1: with ten and a half minutes to go. That's not 199 00:10:52,280 --> 00:10:55,800 Speaker 1: the tie case won seven twenty four cost the injury 200 00:10:55,800 --> 00:10:58,120 Speaker 1: for Sea at all their stars safety Jamal Adams. The 201 00:10:58,160 --> 00:11:01,200 Speaker 1: ex Jet done for the year. Wren Quad w NBA 202 00:11:01,240 --> 00:11:05,480 Speaker 1: Finals the Connecticut Sons stayed alive, outscored Las Vegas to seven. 203 00:11:06,000 --> 00:11:08,160 Speaker 1: In the fourth quarter, they went by twenty nine. The 204 00:11:08,200 --> 00:11:10,520 Speaker 1: Aces still lead the best of five series to to one. 205 00:11:10,920 --> 00:11:13,680 Speaker 1: Roger Federer third on the list of most brand slams 206 00:11:13,720 --> 00:11:16,800 Speaker 1: one with twenty. He was passed by both Rapiano dal 207 00:11:16,840 --> 00:11:19,680 Speaker 1: and Novak Djokovit, but Federer obviously had a brilliant career, 208 00:11:19,760 --> 00:11:23,560 Speaker 1: ranked number one for two hundred and thirty seven consecutive weeks. 209 00:11:23,559 --> 00:11:26,600 Speaker 1: He's retiring at age forty one. When my love of 210 00:11:26,640 --> 00:11:29,560 Speaker 1: tennis started, I was a bull kid in my hometown 211 00:11:29,559 --> 00:11:32,160 Speaker 1: of Bozel. I used to watch the players with a 212 00:11:32,200 --> 00:11:35,000 Speaker 1: sense of wonder. They were like giants to me, and 213 00:11:35,000 --> 00:11:38,320 Speaker 1: I began to dream. My dreams led me to work harder, 214 00:11:38,679 --> 00:11:41,199 Speaker 1: and I started to believe in myself. Federal play one 215 00:11:41,200 --> 00:11:43,960 Speaker 1: more event, the Labor Cup in London next week. John 216 00:11:44,000 --> 00:11:48,440 Speaker 1: Stashward Bloomberg Sports Nathan Thanks John, SFP Futures now down 217 00:11:48,440 --> 00:11:51,560 Speaker 1: thirty five points down, Futures down tundred forty two. Nastack 218 00:11:51,640 --> 00:11:55,199 Speaker 1: Futures leading the declines this morning, down one hundred thirty 219 00:11:55,240 --> 00:11:58,440 Speaker 1: four points. Seeing dollar strength this morning with the euro 220 00:11:58,559 --> 00:12:02,400 Speaker 1: below parody at point nine. Will check in on this 221 00:12:02,440 --> 00:12:08,439 Speaker 1: market next with Michael Houston of CMC Bloomberg eleven three 222 00:12:08,440 --> 00:12:12,040 Speaker 1: oh weather mostly sunny today with the upper seventies sunshine 223 00:12:12,080 --> 00:12:14,480 Speaker 1: to start the weekend with a high near eighty Tomorrow 224 00:12:14,960 --> 00:12:18,680 Speaker 1: might hit ninety by Sunday. Right now fifty eight in 225 00:12:18,720 --> 00:12:25,160 Speaker 1: Central Park Markets, headlines and breaking news twenty four hours 226 00:12:25,160 --> 00:12:28,160 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Out 227 00:12:28,280 --> 00:12:37,199 Speaker 1: and at Bloomberg Quick Tape, He's a Bloomberg Business Flash 228 00:12:37,800 --> 00:12:40,640 Speaker 1: and I'm Karen Moscow. And equities are extending to clins, 229 00:12:40,679 --> 00:12:42,880 Speaker 1: with an index of global stocks on track for the 230 00:12:42,960 --> 00:12:45,840 Speaker 1: worst week since June, while engage of the dollar sourced 231 00:12:45,840 --> 00:12:48,840 Speaker 1: to a fresh record reflecting vets for outside Federal Reserve 232 00:12:48,920 --> 00:12:53,000 Speaker 1: interest rate hikes. US stuck index futures are dropping, suggesting 233 00:12:53,040 --> 00:12:55,199 Speaker 1: the cell off that drove the SNP five hundred to 234 00:12:55,280 --> 00:12:58,679 Speaker 1: its lowest clothes in about two months yesterday isn't over yet. 235 00:12:58,760 --> 00:13:00,959 Speaker 1: We checked the markets every fifteen minutes throughout the trading 236 00:13:01,040 --> 00:13:03,319 Speaker 1: day on Bloomberg. Right now, US in P futures are 237 00:13:03,360 --> 00:13:06,120 Speaker 1: done about thirty seven points down, futures down two hundred 238 00:13:06,200 --> 00:13:09,600 Speaker 1: fifty four, and NASTAC futures down one hundred thirty seven. 239 00:13:09,840 --> 00:13:12,600 Speaker 1: The decks in Germany's down one point seven percent, the 240 00:13:12,640 --> 00:13:15,240 Speaker 1: ten year treasury down to thirty seconds you three point 241 00:13:15,240 --> 00:13:17,679 Speaker 1: four or five percent they yield on the two year 242 00:13:17,800 --> 00:13:21,160 Speaker 1: three point eight nine percent. Nim X screwde oil is 243 00:13:21,240 --> 00:13:23,920 Speaker 1: little change at eighty five dollar seventeen cents of barrel 244 00:13:24,120 --> 00:13:26,600 Speaker 1: comexs golled down four tenths per cent or seven dollars 245 00:13:26,600 --> 00:13:30,200 Speaker 1: thirty cents at seventeen sixty announce or make that sixteen 246 00:13:30,280 --> 00:13:34,280 Speaker 1: seventy announced Rather the euro point zero against the dollar 247 00:13:34,320 --> 00:13:36,599 Speaker 1: British found one point one three seven seven and the 248 00:13:36,640 --> 00:13:39,280 Speaker 1: yen one forty three point to five. And look at 249 00:13:39,280 --> 00:13:42,200 Speaker 1: a big coin this morning, down half percent at nineteen thousand, 250 00:13:42,240 --> 00:13:45,440 Speaker 1: seven hundred fifty dollars as of Bloomberg Business Flash. Now. 251 00:13:45,480 --> 00:13:47,880 Speaker 1: Here's Michael Barr with more on what's going on around 252 00:13:47,880 --> 00:13:50,600 Speaker 1: the world. Munchael, Good morning, Good morning Karen. In the UK, 253 00:13:50,800 --> 00:13:54,319 Speaker 1: preparations are ongoing for the funeral of Queen Elizabeth the 254 00:13:54,400 --> 00:13:57,599 Speaker 1: second next week me while thousands continue to wait for 255 00:13:57,720 --> 00:13:59,839 Speaker 1: hours to pay their respects to the Queen is she 256 00:14:00,160 --> 00:14:03,720 Speaker 1: lies in state in Westminster Home. Coverage of Monday's funeral 257 00:14:03,760 --> 00:14:06,200 Speaker 1: can be heard live on Bloomberg Radio starting at six 258 00:14:06,240 --> 00:14:09,400 Speaker 1: am Wall Street Time, a federal judge as a pointed 259 00:14:09,520 --> 00:14:12,640 Speaker 1: veteran New York jurist Raymond Derry to serve as a 260 00:14:12,679 --> 00:14:15,960 Speaker 1: special Master in the criminal investigation into the presence of 261 00:14:15,960 --> 00:14:19,760 Speaker 1: classified documents at Donald Trump's Florida home. In baseball, the 262 00:14:19,800 --> 00:14:23,120 Speaker 1: Mets beat the Pirates seven one, The A's Lost Farrisday 263 00:14:23,240 --> 00:14:27,280 Speaker 1: Night Football, the Chiefs beat the Chargers. Four. Global News 264 00:14:27,280 --> 00:14:30,480 Speaker 1: twenty four hours a day on are and on Bloomberg Quicktake, 265 00:14:30,720 --> 00:14:33,560 Speaker 1: powered by more than twenty seven under journalist and analysts 266 00:14:33,640 --> 00:14:36,240 Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This 267 00:14:36,440 --> 00:14:38,720 Speaker 1: is Bloomberg. Nathan all right, Michael, thank you. It is 268 00:14:38,800 --> 00:14:41,920 Speaker 1: five nineteen on Wall Street Live from the Bloomberg Interactive 269 00:14:41,920 --> 00:14:45,080 Speaker 1: Broker Studios. This is Bloomberg Daybreak. Want to go right 270 00:14:45,120 --> 00:14:48,440 Speaker 1: now to Michael Howson joining his live chief market Analyst 271 00:14:48,520 --> 00:14:53,280 Speaker 1: at CMC Markets. Michael, it is rough out there this morning. 272 00:14:53,440 --> 00:14:59,240 Speaker 1: Does the gloom match what we're seeing in this economy? Yeah? 273 00:14:59,280 --> 00:15:02,720 Speaker 1: I think think that's really the question that an awful 274 00:15:02,760 --> 00:15:05,680 Speaker 1: lot of investors will be wrestling with as we look 275 00:15:05,760 --> 00:15:09,480 Speaker 1: towards today's US open. I think if we look back 276 00:15:09,520 --> 00:15:13,040 Speaker 1: at what FedEx said at the end of its last 277 00:15:13,080 --> 00:15:18,560 Speaker 1: fiscal year, they were actually quite optimistic that despite rising costs, 278 00:15:18,640 --> 00:15:22,360 Speaker 1: operating margins would improve because they upgraded their four year 279 00:15:22,360 --> 00:15:26,400 Speaker 1: profit guidance of three. Here we are three months later 280 00:15:27,080 --> 00:15:30,200 Speaker 1: and they pulled it completely. Now that suggests to me 281 00:15:30,280 --> 00:15:33,480 Speaker 1: that something drastic has happened in the last three months. 282 00:15:33,480 --> 00:15:36,040 Speaker 1: And certainly, I think if you look at the statement 283 00:15:36,040 --> 00:15:39,880 Speaker 1: that they released last night, they've been caught out quite significantly. 284 00:15:40,320 --> 00:15:43,640 Speaker 1: But really should we be surprised by this when we 285 00:15:43,680 --> 00:15:46,120 Speaker 1: look at what energy prices have been doing in Europe, 286 00:15:46,120 --> 00:15:50,040 Speaker 1: what's been happening in China. Um, it seems to me 287 00:15:50,120 --> 00:15:56,000 Speaker 1: that obviously FedEx overstated their optimism in June and now 288 00:15:56,000 --> 00:15:58,680 Speaker 1: are really cutting back quite significantly, and that really, I 289 00:15:58,720 --> 00:16:01,800 Speaker 1: think should be worrying for an awful lot of investors. 290 00:16:02,360 --> 00:16:04,720 Speaker 1: And I think as we head towards the end of 291 00:16:04,800 --> 00:16:07,880 Speaker 1: the quarter and we looked towards October and the upcoming 292 00:16:07,920 --> 00:16:10,920 Speaker 1: earning season, I think we could see quite a few 293 00:16:10,920 --> 00:16:13,600 Speaker 1: more downgrades, and I think that's what we're seeing being 294 00:16:13,600 --> 00:16:16,160 Speaker 1: reflected in the price action. How significant do you think 295 00:16:16,160 --> 00:16:22,200 Speaker 1: those downgrades could be, Michael ah Well, as significant as 296 00:16:22,200 --> 00:16:24,600 Speaker 1: probably the FedEx one that we've seen today. I mean, 297 00:16:25,240 --> 00:16:26,800 Speaker 1: we're going to have to wait two or three weeks, 298 00:16:26,840 --> 00:16:28,400 Speaker 1: but I don't think the market is going to wait 299 00:16:28,440 --> 00:16:31,240 Speaker 1: for that. Um. I think the fact that Apple didn't 300 00:16:31,240 --> 00:16:33,840 Speaker 1: increase its prices was telling. I think they feel that 301 00:16:34,000 --> 00:16:37,640 Speaker 1: perhaps they won't be able to pass on those price increases. 302 00:16:37,680 --> 00:16:39,640 Speaker 1: Having said that, I mean, Apple is a cash machine. 303 00:16:39,640 --> 00:16:43,080 Speaker 1: They will still make plenty of profit. The bigger question 304 00:16:43,120 --> 00:16:45,600 Speaker 1: will be will it be as much as people think? 305 00:16:45,680 --> 00:16:48,240 Speaker 1: I mean, not for nothing. Is Apple not given any 306 00:16:48,240 --> 00:16:50,800 Speaker 1: guidance for the past two or three years. So I 307 00:16:50,800 --> 00:16:54,720 Speaker 1: think whatever the markets pricing market, Apple will comfortably beat. 308 00:16:54,720 --> 00:16:56,560 Speaker 1: But I think it's going to be a very difficult 309 00:16:56,600 --> 00:17:02,240 Speaker 1: six months UM for um con, humors and probably investors 310 00:17:02,280 --> 00:17:05,240 Speaker 1: as well. Does this kind of market reaction we're seeing 311 00:17:05,680 --> 00:17:07,760 Speaker 1: to the commentary that we're getting from some of these 312 00:17:07,800 --> 00:17:11,120 Speaker 1: major companies have any effect on the Federal Reserve? Does 313 00:17:11,160 --> 00:17:16,000 Speaker 1: it steers central bankers away from going for a jumbo? 314 00:17:16,080 --> 00:17:19,400 Speaker 1: Says red hikes something bigger than seventy five basis points 315 00:17:19,400 --> 00:17:23,560 Speaker 1: to try to achieve that soft landing that investors are 316 00:17:23,560 --> 00:17:25,959 Speaker 1: looking for. Yeah, I don't think we're going to get 317 00:17:25,960 --> 00:17:28,399 Speaker 1: a soft landing. I think it became much less likely. 318 00:17:28,760 --> 00:17:30,680 Speaker 1: I don't think the Federal Reserve will do a hundred 319 00:17:30,720 --> 00:17:33,959 Speaker 1: basis points next week. My base case has always been 320 00:17:34,000 --> 00:17:35,920 Speaker 1: seventy five. I think when I spoke to you guys 321 00:17:36,000 --> 00:17:39,240 Speaker 1: earlier this month, my base case was seventy five. That 322 00:17:39,280 --> 00:17:42,639 Speaker 1: hasn't changed. What might change is what comes after that. 323 00:17:42,840 --> 00:17:48,000 Speaker 1: So we could get fifty basis points perhaps in November, 324 00:17:48,600 --> 00:17:52,359 Speaker 1: and potentially another fifty basis points in December. Ultimately, I 325 00:17:52,359 --> 00:17:55,480 Speaker 1: think the Federal Reserve has it within its purview to 326 00:17:55,960 --> 00:17:59,240 Speaker 1: manage its message so that it so that it doesn't 327 00:17:59,280 --> 00:18:02,280 Speaker 1: unduly free the markets out. But I think seventy five 328 00:18:02,320 --> 00:18:05,440 Speaker 1: basis points is a done deal. I don't think and 329 00:18:05,560 --> 00:18:07,720 Speaker 1: these this this prediction could come back and hold me. 330 00:18:07,760 --> 00:18:11,639 Speaker 1: I don't think I'll do our last minute here, Michael. 331 00:18:11,760 --> 00:18:15,919 Speaker 1: The FED has said that it's gonna keep rates elevated 332 00:18:15,960 --> 00:18:18,080 Speaker 1: for quite some time. What do you think it's gonna 333 00:18:18,160 --> 00:18:22,760 Speaker 1: take for the Fed to pivot toward pulling back on 334 00:18:22,880 --> 00:18:25,120 Speaker 1: rate hikes? Do you think it's I mean, how long 335 00:18:25,160 --> 00:18:28,200 Speaker 1: do you think A while is going to be? I 336 00:18:28,200 --> 00:18:30,920 Speaker 1: think they'll stop hiking the end of this year, and 337 00:18:30,960 --> 00:18:33,119 Speaker 1: then we're going to have to get used to probably 338 00:18:33,160 --> 00:18:36,720 Speaker 1: elevated rates for the next twelve to eighteen months before 339 00:18:37,000 --> 00:18:40,080 Speaker 1: fed even considers a pivot. I think we could get 340 00:18:40,080 --> 00:18:43,359 Speaker 1: a right cut if we get a recession that turns 341 00:18:43,400 --> 00:18:48,840 Speaker 1: into a depression. Hopefully we won't get to that now. Indeed, 342 00:18:49,080 --> 00:18:51,119 Speaker 1: thanks for this, Michael, I was always good to get 343 00:18:51,160 --> 00:18:55,040 Speaker 1: your thoughts UH this morning. Michael Houston is the chief 344 00:18:55,119 --> 00:18:59,800 Speaker 1: market analyst at CMC Markets. As we look at the market, 345 00:19:00,040 --> 00:19:03,840 Speaker 1: it's UH pretty much read across the board around the world. 346 00:19:04,800 --> 00:19:07,920 Speaker 1: Just thinking about what FedEx had to say about its outlook, 347 00:19:07,960 --> 00:19:11,160 Speaker 1: pulling its outlook after raising it just three months ago. 348 00:19:11,160 --> 00:19:13,480 Speaker 1: As Michael mentioned, it seems to be pervading into the 349 00:19:13,520 --> 00:19:17,320 Speaker 1: market this morning. SMP futures are down thirty five points 350 00:19:17,359 --> 00:19:20,680 Speaker 1: right now, DAL futures down two thirty nine and NASDAC 351 00:19:20,720 --> 00:19:23,920 Speaker 1: futures leading the declines in a US futures contracts down 352 00:19:23,920 --> 00:19:26,000 Speaker 1: a hundred thirty two points, a drop of one point 353 00:19:26,040 --> 00:19:29,159 Speaker 1: one percent. Germany's DAX is down one point six percent, 354 00:19:29,200 --> 00:19:33,160 Speaker 1: the CACK in Paris is lower by one point four percent. 355 00:19:33,240 --> 00:19:36,760 Speaker 1: The tenure treasuries down three thirty seconds, yield three point 356 00:19:36,800 --> 00:19:39,680 Speaker 1: four six percent. The yield on the two year three 357 00:19:39,720 --> 00:19:43,640 Speaker 1: point eight nine uh dimex scrude little changed up about 358 00:19:43,640 --> 00:19:46,159 Speaker 1: a tenth percent at eighty five dollars nineteen cents. The 359 00:19:46,160 --> 00:19:48,920 Speaker 1: Beryl comex gold is down a third percent or five 360 00:19:48,960 --> 00:19:53,760 Speaker 1: dollar sixty cents sixteen seventy seventy ounce Euro just below 361 00:19:53,800 --> 00:19:56,520 Speaker 1: parody against the dollar at point nine nine seven two, 362 00:19:57,040 --> 00:20:01,080 Speaker 1: and Bitcoin below twenty thousand at nineteen thousand, seven hundred 363 00:20:01,160 --> 00:20:08,360 Speaker 1: fifty dollars. You're listening to Bloomberg Daybreak Bloomberg eleven three 364 00:20:08,359 --> 00:20:12,040 Speaker 1: oh weather mostly sunny, upper seventies today, partly the mostly 365 00:20:12,080 --> 00:20:14,720 Speaker 1: sunny with a high near eighty Tomorrow sun shines of 366 00:20:14,760 --> 00:20:17,040 Speaker 1: afternoon cloud Sunday with highs in the upper eighties to 367 00:20:17,119 --> 00:20:25,520 Speaker 1: around ninety. Right now prodcasting live from the Bloomberg Interactive 368 00:20:25,520 --> 00:20:29,400 Speaker 1: Broker Studio in New York, Bloomberg E Living Freedom to Washington, 369 00:20:29,480 --> 00:20:33,600 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 370 00:20:33,680 --> 00:20:37,160 Speaker 1: to San Francisco, Bloomberg N sixteen to the Country, Sirius 371 00:20:37,280 --> 00:20:39,879 Speaker 1: XM chant A one nineteen and around the globe, the 372 00:20:39,920 --> 00:20:43,800 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 373 00:20:43,840 --> 00:20:52,320 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning, 374 00:20:52,320 --> 00:20:55,399 Speaker 1: I'm Nathan Hagar and I'm kerin Moscow. We're just about 375 00:20:55,440 --> 00:20:57,920 Speaker 1: four hours away from the open of US trading. Let's 376 00:20:57,920 --> 00:20:59,440 Speaker 1: catch you up to date on the news. You need 377 00:20:59,480 --> 00:21:02,440 Speaker 1: to know what the sour. The stock slide is deepening 378 00:21:02,480 --> 00:21:04,560 Speaker 1: as we close out one of the worst trading weeks 379 00:21:04,560 --> 00:21:07,720 Speaker 1: since June. S and P futures are down about thirty 380 00:21:07,800 --> 00:21:10,760 Speaker 1: seven points this morning, and Lisa Erickson had a public 381 00:21:10,800 --> 00:21:13,880 Speaker 1: markets with US Bank Wealth Management says that shoppy nous 382 00:21:14,320 --> 00:21:17,080 Speaker 1: is likely to continue. We've got the stock market and 383 00:21:17,160 --> 00:21:19,560 Speaker 1: what I would call no man's land, and it's really 384 00:21:19,640 --> 00:21:22,359 Speaker 1: because we are in a horse race to see how 385 00:21:22,480 --> 00:21:26,160 Speaker 1: quickly inflation can come down and to what level. Lisa 386 00:21:26,280 --> 00:21:28,760 Speaker 1: Ericson with US Bank says she expects the FED to 387 00:21:28,840 --> 00:21:32,320 Speaker 1: keep tightening until inflation slows the meantime. Karen we get 388 00:21:32,359 --> 00:21:35,920 Speaker 1: September sentiment numbers from the University of Michigan today, capping 389 00:21:36,000 --> 00:21:38,600 Speaker 1: a busy week of data highlighted by a hotter than 390 00:21:38,600 --> 00:21:42,800 Speaker 1: expected inflation report. Iniquity markets this morning, FedEx is the 391 00:21:42,920 --> 00:21:46,399 Speaker 1: name on the move. Shares are down more than ninetent 392 00:21:46,520 --> 00:21:49,639 Speaker 1: this morning after the company announced preliminary results for the 393 00:21:49,720 --> 00:21:54,360 Speaker 1: quarter that missed expectations. Bloomberg's Ed Ludlow says macro economic 394 00:21:54,400 --> 00:21:57,480 Speaker 1: weakness is weighing on FedEx. This is a company that's 395 00:21:57,520 --> 00:22:00,680 Speaker 1: involved on cost production measures, right, and what they're saying 396 00:22:00,800 --> 00:22:04,600 Speaker 1: is that the global slowdown in volume is outpacing, that 397 00:22:04,800 --> 00:22:07,280 Speaker 1: they're monitoring closely fuel prices. But what they're saying is 398 00:22:07,320 --> 00:22:10,760 Speaker 1: we can't keep up, Bloomberg said. Ludlow says FedEx expects 399 00:22:10,760 --> 00:22:14,399 Speaker 1: financial pressures to continue in the short term, if not longer, 400 00:22:14,680 --> 00:22:16,600 Speaker 1: and another stock falling in the pre market Care and 401 00:22:16,720 --> 00:22:19,400 Speaker 1: is General Electric. We get the details on why from 402 00:22:19,400 --> 00:22:24,520 Speaker 1: Bloomberg's Doug Prisner, g CFO Carolina died Back help sited 403 00:22:24,520 --> 00:22:28,440 Speaker 1: persistent constraints and obtaining parts from suppliers. Happa also said 404 00:22:28,480 --> 00:22:31,840 Speaker 1: those snags are pushing plan shipments further out on GES 405 00:22:31,920 --> 00:22:35,480 Speaker 1: delivery timeline. The supply chain strain is also putting pressure 406 00:22:35,520 --> 00:22:38,360 Speaker 1: on free cash flow. Happa said the company now expects 407 00:22:38,359 --> 00:22:40,840 Speaker 1: it to be in line with or slightly better than 408 00:22:40,920 --> 00:22:43,680 Speaker 1: the roughly one D sixty two million dollars g E 409 00:22:43,880 --> 00:22:46,800 Speaker 1: generated in Q two in New York. I'm Doug Krisner, 410 00:22:46,880 --> 00:22:49,280 Speaker 1: Bloomberg Daybreak. Okay, Doug thank you in this morning. Shoes 411 00:22:49,320 --> 00:22:52,720 Speaker 1: of ge are down four percent. Well, the rails are 412 00:22:52,800 --> 00:22:55,400 Speaker 1: still on the move this morning, Nathan with a tentative 413 00:22:55,480 --> 00:22:59,080 Speaker 1: labor agreement in place between freight rail companies and unions 414 00:22:59,160 --> 00:23:02,399 Speaker 1: that a versus strap. Stick with us for full coverage today, 415 00:23:02,440 --> 00:23:05,440 Speaker 1: We're speaking with Labor Secretary Marty Walsh live at newn 416 00:23:05,480 --> 00:23:08,960 Speaker 1: Eastern on Bloomberg Radio and Television. And the geopolitical note 417 00:23:08,960 --> 00:23:11,719 Speaker 1: today brings us to that meeting between Russian President Jijin 418 00:23:11,800 --> 00:23:15,080 Speaker 1: Ping and I'm sorry, but Russian President Vladimir Putin In 419 00:23:15,160 --> 00:23:18,639 Speaker 1: Chinese leader hi Jinping. Putin told she he understands Beijing's 420 00:23:18,680 --> 00:23:21,800 Speaker 1: questions and concerns about his invasion of Ukraine. The two 421 00:23:21,800 --> 00:23:24,760 Speaker 1: met in their first in person meeting since Russia's invasion. 422 00:23:25,400 --> 00:23:27,760 Speaker 1: SMP Future is right now down thirty eight points, Style 423 00:23:27,840 --> 00:23:31,000 Speaker 1: Futures down two dred sixty three, straight ahead, your latest 424 00:23:31,040 --> 00:23:34,440 Speaker 1: local headlines and a check of sports. This is Bloomberg 425 00:23:39,040 --> 00:23:41,080 Speaker 1: and Wall Street fifty eight degrees in Central Park. Still 426 00:23:41,080 --> 00:23:42,680 Speaker 1: dealing with that truck fire in the South. Founder of 427 00:23:42,800 --> 00:23:45,280 Speaker 1: Jersey Turnpike truck Lanes. Michael Barr has more on what's 428 00:23:45,280 --> 00:23:47,359 Speaker 1: going on in New York and around the world. Michael, 429 00:23:47,400 --> 00:23:49,720 Speaker 1: thank you very much, Nathan. New York Mayor Eric Adam 430 00:23:49,800 --> 00:23:52,560 Speaker 1: says he does not make a difference whether you came 431 00:23:52,600 --> 00:23:56,040 Speaker 1: here on the Mayflower or on a bus. You deserve 432 00:23:56,080 --> 00:23:59,920 Speaker 1: the dignity and respect this city continues to show. Mayor 433 00:24:00,000 --> 00:24:03,520 Speaker 1: Adams spoke on touring an asylum seeker resource Navigation center 434 00:24:03,920 --> 00:24:08,400 Speaker 1: and we are not going to be like those municipalities 435 00:24:08,720 --> 00:24:12,720 Speaker 1: and state where we fly people to market's venue, where 436 00:24:12,720 --> 00:24:17,399 Speaker 1: we put people on buses and have them failed to 437 00:24:17,440 --> 00:24:21,520 Speaker 1: get the basic items they need. This is the crisis. Meanwhile, 438 00:24:21,600 --> 00:24:25,080 Speaker 1: New York is reassessing the city's right to shelter practice 439 00:24:25,160 --> 00:24:28,800 Speaker 1: following an influx more than eleven thousand asylum seekers who 440 00:24:28,840 --> 00:24:32,000 Speaker 1: have been bussed from Texas. That's according to Mayor Adams 441 00:24:32,119 --> 00:24:35,080 Speaker 1: Chief Council, who says the city is nearing a breaking 442 00:24:35,119 --> 00:24:38,320 Speaker 1: point with asylum seekers and the homeless. In the UK, 443 00:24:38,480 --> 00:24:40,720 Speaker 1: thousands are waiting in line to pay their respects to 444 00:24:40,800 --> 00:24:44,199 Speaker 1: the country's longest serving monarch. Let's go to London and 445 00:24:44,240 --> 00:24:47,240 Speaker 1: get the latest with Bloomberg's human potts. The line to 446 00:24:47,280 --> 00:24:50,879 Speaker 1: walk past the Queen's Coffee now stretches to five miles 447 00:24:50,920 --> 00:24:54,080 Speaker 1: along the river Thames. Many thousands have already had the 448 00:24:54,160 --> 00:24:56,919 Speaker 1: chance to pay their respects as Queen Elizabeth lies in 449 00:24:57,040 --> 00:25:00,600 Speaker 1: state at the Palace of Westminster ahead of Monday his funeral, 450 00:25:00,960 --> 00:25:03,560 Speaker 1: but today a warning from the authorities that the queue 451 00:25:03,760 --> 00:25:06,560 Speaker 1: may need to be closed or at least paused, if 452 00:25:06,560 --> 00:25:10,400 Speaker 1: it reaches capacity. The current wait time is already estimated 453 00:25:10,560 --> 00:25:14,320 Speaker 1: at fourteen hours. In London immu and part Sploomberg day Break, 454 00:25:14,600 --> 00:25:17,719 Speaker 1: you can hear live coverage of the Queen's funeral on Monday, 455 00:25:17,760 --> 00:25:20,600 Speaker 1: starting at six am Wall Street Time right here on 456 00:25:20,600 --> 00:25:23,639 Speaker 1: Bloomberg Radio. President Biden is set to meet today with 457 00:25:23,680 --> 00:25:26,800 Speaker 1: the families of w NBA star Brittney Grinder and US 458 00:25:26,880 --> 00:25:30,920 Speaker 1: Marine veteran Paul Wheeland, both of whom are imprisoned in Russia. 459 00:25:31,400 --> 00:25:34,600 Speaker 1: Biden spoke by phone in July with Grinder's wife and 460 00:25:34,840 --> 00:25:39,000 Speaker 1: with Wheeland's sister, but both families have since requested in 461 00:25:39,119 --> 00:25:42,280 Speaker 1: person meetings. Global News twenty four hours a day on 462 00:25:42,480 --> 00:25:45,960 Speaker 1: air and on Bloomberg Quicktake, powered by more than seven 463 00:25:46,040 --> 00:25:48,680 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 464 00:25:49,040 --> 00:25:57,119 Speaker 1: Michael Barr, this is Bloomberg, Nathan. Thanks Michael five on 465 00:25:57,200 --> 00:26:00,160 Speaker 1: Wall Street Time the Bloomberg Sports Update with John stash Hour. 466 00:26:00,240 --> 00:26:02,120 Speaker 1: Thanks Nathan. Much needed to win for the Mets after 467 00:26:02,240 --> 00:26:05,240 Speaker 1: seven losses in eleven games. Swept by the Cubs, Mets 468 00:26:05,280 --> 00:26:07,000 Speaker 1: took it out on the Pirates at City Field. Up 469 00:26:07,040 --> 00:26:09,439 Speaker 1: six one fourth inning, they won seven to one. Daniel 470 00:26:09,520 --> 00:26:12,000 Speaker 1: Vogel back the ex Pirate had two HS, three rb 471 00:26:12,119 --> 00:26:14,800 Speaker 1: i s, two run homer for Francisco Thendoor fifteenth win 472 00:26:14,880 --> 00:26:17,640 Speaker 1: for Carlos Carrasco, and the Mets now lead Atlanta by 473 00:26:17,720 --> 00:26:20,719 Speaker 1: one game. Meanwhile, Sandy Alderson announced he's stepping down as 474 00:26:20,760 --> 00:26:23,399 Speaker 1: the Mets team president. Alders in his seventy four a 475 00:26:23,520 --> 00:26:26,520 Speaker 1: cancer survivor. He left the team once before, but was 476 00:26:26,560 --> 00:26:28,639 Speaker 1: brought back by Steve Cohen when he bought the Mets. 477 00:26:28,640 --> 00:26:32,360 Speaker 1: Alderson will remain as an advisor. Yankees play tonight in Milwaukee. 478 00:26:32,520 --> 00:26:35,679 Speaker 1: Tampa Baby Toronto eleven to nothing. The Raised on Roberto 479 00:26:35,760 --> 00:26:39,960 Speaker 1: Clemente Day had an unprecedented all Latin lineup. They trailed 480 00:26:39,960 --> 00:26:42,600 Speaker 1: the Yanks by seven games. The Blue Jays trail by 481 00:26:42,640 --> 00:26:44,600 Speaker 1: six and a half NFL for the first time ever 482 00:26:44,680 --> 00:26:46,399 Speaker 1: on Amazon and a good one in the a f 483 00:26:46,520 --> 00:26:48,640 Speaker 1: C West in Kansas City. The Chiefs came from ten 484 00:26:48,680 --> 00:26:51,439 Speaker 1: points down to the fourth quarter beat the Chargers twenty 485 00:26:51,520 --> 00:26:54,600 Speaker 1: seven twenty four. They snapped the tie with a ninety 486 00:26:54,640 --> 00:26:56,960 Speaker 1: nine yard pick six. The Giants, hoping to have rookie 487 00:26:57,000 --> 00:27:00,280 Speaker 1: linebacker Cavon Thibodeau Sunday against Carolina, missed the o whenever 488 00:27:00,320 --> 00:27:02,880 Speaker 1: the knee injury. The Giants took Pivota with the fifth 489 00:27:02,880 --> 00:27:05,639 Speaker 1: pick of the draft. Roger Federer will play for Team 490 00:27:05,680 --> 00:27:07,960 Speaker 1: Europe and the Labor Cup next week in London, and 491 00:27:08,000 --> 00:27:10,920 Speaker 1: then retire from tennis at the age of what he wants. 492 00:27:10,920 --> 00:27:12,840 Speaker 1: This is a bit of street decision because I will 493 00:27:12,880 --> 00:27:15,359 Speaker 1: miss everything the tour has given me. But at the 494 00:27:15,400 --> 00:27:19,080 Speaker 1: same time, there's so much to celebrate. I consider myself 495 00:27:19,160 --> 00:27:21,399 Speaker 1: one of the most fortunate people on Earth. I was 496 00:27:21,440 --> 00:27:24,120 Speaker 1: given a special talent to play tennis, and I did 497 00:27:24,119 --> 00:27:26,280 Speaker 1: it at a level that I never imagined for much 498 00:27:26,320 --> 00:27:30,120 Speaker 1: longer than I ever thought possible, better or always enormously popular. 499 00:27:30,160 --> 00:27:32,960 Speaker 1: One twenty Grand Slams, just behind Rafa, Nadal and Novak 500 00:27:33,040 --> 00:27:36,080 Speaker 1: joke Off. It's still certainly in the conversation for Greeds 501 00:27:36,119 --> 00:27:39,520 Speaker 1: played it ever John Sash Bloomberg Sports Nathan all right, John, 502 00:27:39,560 --> 00:27:41,680 Speaker 1: thank you it is five thirty seven on Wall Street 503 00:27:41,680 --> 00:27:44,840 Speaker 1: time for the Tri State Business Report. Here's Bloomberg Scott Car. 504 00:27:45,359 --> 00:27:48,760 Speaker 1: Nearly all of New York City's retail sectors have rebounded 505 00:27:48,800 --> 00:27:52,160 Speaker 1: back to pre pandemic levels of ownership and activity. That's 506 00:27:52,160 --> 00:27:55,679 Speaker 1: according to executive managing director at Cushman and Wakefield Stephen 507 00:27:55,720 --> 00:27:59,159 Speaker 1: souten Dyke, who estimates they've handled about sixty retail deals 508 00:27:59,200 --> 00:28:01,960 Speaker 1: this year, mostly what he calls the driving force of 509 00:28:02,040 --> 00:28:06,520 Speaker 1: food and beverage deals. LPGA Commissioner Molly Marcos Salmon will 510 00:28:06,520 --> 00:28:09,040 Speaker 1: give a ted style presentation on the last day of 511 00:28:09,040 --> 00:28:12,119 Speaker 1: the New Jersey Women Business Leaders Forum later this month. 512 00:28:12,400 --> 00:28:15,200 Speaker 1: This year's forums being held at Caesar's in Atlantic City. 513 00:28:15,440 --> 00:28:19,280 Speaker 1: A prominent Waterbury, Connecticut based family business recently paid four 514 00:28:19,320 --> 00:28:22,760 Speaker 1: point eight million for the sixteen acre Colonial Plaza on 515 00:28:22,840 --> 00:28:25,960 Speaker 1: Thomaston Avenue in the city, with promises to rehabilitate it 516 00:28:26,000 --> 00:28:29,959 Speaker 1: into a thriving retail and commercial center. Officials with Cornerstone 517 00:28:30,040 --> 00:28:32,399 Speaker 1: real detail of the Hartford Business Journal. The family was 518 00:28:32,480 --> 00:28:35,280 Speaker 1: inspired to buy the long struggling property given its prime 519 00:28:35,359 --> 00:28:39,000 Speaker 1: location and recent investment in development by the city. That's 520 00:28:39,040 --> 00:28:43,200 Speaker 1: the Bloomberg Christ State Business Report. I'm Scott Carr. Thanks Scott. 521 00:28:43,440 --> 00:28:45,520 Speaker 1: On Wall Street. Bloomberg Radio is on the air from 522 00:28:45,560 --> 00:28:48,320 Speaker 1: San Francisco to New York, London to Hong Kong. Let's 523 00:28:48,400 --> 00:28:50,160 Speaker 1: check in with our global news team for some of 524 00:28:50,200 --> 00:28:52,880 Speaker 1: the top stories heard on our three hundred affiliate radio 525 00:28:52,880 --> 00:28:59,160 Speaker 1: stations around the world. I'm Steve Potaskan K and X 526 00:28:59,200 --> 00:29:01,959 Speaker 1: in Los Angeles. Lists We're talking about the plunge of 527 00:29:02,080 --> 00:29:05,920 Speaker 1: imports moving through the giant porte of l A. I'm 528 00:29:05,960 --> 00:29:09,400 Speaker 1: Cornitanaho on kat r H in Houston. Popular a d 529 00:29:09,560 --> 00:29:13,120 Speaker 1: H D drug adderall was experiencing shortages across the US. 530 00:29:13,480 --> 00:29:16,600 Speaker 1: I'm Gina Servetti and for w b B, I'm in Chicago. 531 00:29:16,800 --> 00:29:19,800 Speaker 1: I'm talking about the finger pointing between the f A 532 00:29:19,800 --> 00:29:22,720 Speaker 1: A and the airlines when it comes to who's responsible 533 00:29:22,880 --> 00:29:25,800 Speaker 1: for all of the airline delays this year. I'm Stephen 534 00:29:25,880 --> 00:29:28,520 Speaker 1: Carroll on Bloomberg d A B Digital Radio in London. 535 00:29:28,560 --> 00:29:31,080 Speaker 1: We've been reporting on the pans slumping to its lowest 536 00:29:31,160 --> 00:29:36,560 Speaker 1: level since after retail sales figures for August disappointed. I'm 537 00:29:36,600 --> 00:29:39,560 Speaker 1: Scott Carr on w d c H in Washington. I'm 538 00:29:39,600 --> 00:29:42,080 Speaker 1: reporting the owners of Natz Park will have to beat 539 00:29:42,120 --> 00:29:45,480 Speaker 1: a Zony deadline to keep operating the park, and those 540 00:29:45,480 --> 00:29:48,280 Speaker 1: are some of the stories are twenty hundred Bloomberg journalists 541 00:29:48,280 --> 00:29:50,320 Speaker 1: and analysts are working on this morning around the world. 542 00:29:50,360 --> 00:29:53,080 Speaker 1: It's five thirty nine on Wall Street. The following is 543 00:29:53,120 --> 00:29:57,160 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 544 00:29:57,200 --> 00:30:01,520 Speaker 1: the Bloomberg Editorial Board. Since Sha launched its invasion of 545 00:30:01,640 --> 00:30:06,760 Speaker 1: Ukraine in February, China has consistently refused to criticize President 546 00:30:06,800 --> 00:30:12,520 Speaker 1: Vladimir Putin. Instead, it has amplified Russian misinformation and bought 547 00:30:12,600 --> 00:30:15,520 Speaker 1: huge quantities of Russian oil and gas on the cheap. 548 00:30:15,960 --> 00:30:20,080 Speaker 1: The West should ensure Chinese President jij and Ping understands 549 00:30:20,120 --> 00:30:24,000 Speaker 1: the price of allying too closely with Putin. If the 550 00:30:24,080 --> 00:30:27,600 Speaker 1: US and Chinese leaders meet as expected at the G 551 00:30:27,720 --> 00:30:32,160 Speaker 1: twenty summit in November, Biden should stress the growing Chinese 552 00:30:32,200 --> 00:30:36,400 Speaker 1: investments in Russia could spur new penalties. The U s 553 00:30:36,400 --> 00:30:40,320 Speaker 1: should also strengthen ties with countries threatened by a Sino 554 00:30:40,520 --> 00:30:45,440 Speaker 1: Russian alliance, including India and Vietnam. Such moves won't end 555 00:30:45,680 --> 00:30:50,200 Speaker 1: China and Russia's partnership, but with commitment, patience, and unity 556 00:30:50,200 --> 00:30:53,560 Speaker 1: of purpose, the US and its allies can limit both 557 00:30:53,600 --> 00:30:58,160 Speaker 1: countries ability to threaten the global order. This editorial was 558 00:30:58,240 --> 00:31:01,840 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion, 559 00:31:01,880 --> 00:31:05,200 Speaker 1: please go to Bloomberg dot com, slash Opinion or opie 560 00:31:05,320 --> 00:31:08,600 Speaker 1: I n go on the Bloomberg terminal. This has been 561 00:31:08,640 --> 00:31:12,920 Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at 562 00:31:12,960 --> 00:31:16,200 Speaker 1: this time. Terminal customers can read more at O P 563 00:31:16,440 --> 00:31:23,080 Speaker 1: I n go. This is Bloomberg Bloomberg eleven three oh other. 564 00:31:23,160 --> 00:31:25,240 Speaker 1: Sunshine to when the week highs in the upper seventies 565 00:31:25,240 --> 00:31:27,120 Speaker 1: will get to near eighty tomorrow under a party to 566 00:31:27,160 --> 00:31:31,120 Speaker 1: mostly sunny sky sunshine for Sunday's afternoon clouds warmer with 567 00:31:31,200 --> 00:31:37,800 Speaker 1: highs near ninety Right now fifty eight in Central Park markets. 568 00:31:37,880 --> 00:31:40,959 Speaker 1: Headlines and breaking news twenty four hours a day at 569 00:31:41,000 --> 00:31:44,400 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 570 00:31:44,480 --> 00:31:54,200 Speaker 1: Quick Tape. He's a Bloomberg Business Flash and I'm Karen Moscow. 571 00:31:54,240 --> 00:31:56,720 Speaker 1: Equity is extending to clients with an index of global 572 00:31:56,760 --> 00:31:59,000 Speaker 1: stocks on track for the worst week since June, while 573 00:31:59,000 --> 00:32:01,200 Speaker 1: I gat to the dollars wars to a fresh record, 574 00:32:01,240 --> 00:32:04,600 Speaker 1: reflecting vets for outsize Federal Reserve interest rate hikes. We 575 00:32:04,680 --> 00:32:07,280 Speaker 1: checked the markets every fifteen minutes throughout the trading day 576 00:32:07,600 --> 00:32:09,960 Speaker 1: on Bloomberg Guess and p future is down thirty nine 577 00:32:09,960 --> 00:32:12,480 Speaker 1: points this morning. Down futures down two hundred seventy four 578 00:32:12,480 --> 00:32:16,360 Speaker 1: and nastack futures down. On the decks in Germany's down 579 00:32:16,360 --> 00:32:19,720 Speaker 1: one point nine percent. Ten your treasury down four thirty seconds, 580 00:32:19,760 --> 00:32:21,920 Speaker 1: You're three point four six percent. They yield on the 581 00:32:21,960 --> 00:32:24,960 Speaker 1: two year three point eight nine percent. NI make screwed 582 00:32:24,960 --> 00:32:27,360 Speaker 1: oil little change at eighty five dollars four cents of 583 00:32:27,400 --> 00:32:29,960 Speaker 1: barrel co makes goal down half percent or eight dollars 584 00:32:30,000 --> 00:32:33,400 Speaker 1: sixty cents is sixteen sixty eight ninety announced the euro 585 00:32:33,520 --> 00:32:36,400 Speaker 1: point seven five against the dollar, British found one point 586 00:32:36,480 --> 00:32:38,640 Speaker 1: one three h two and the n one forty three 587 00:32:38,640 --> 00:32:42,080 Speaker 1: point three two. And Bitcoin this morning is down half 588 00:32:42,120 --> 00:32:45,360 Speaker 1: percent in nineteen thousand, seven hundred fifty dollars as a 589 00:32:45,400 --> 00:32:48,280 Speaker 1: Bloomberg Business flash. Now here's Michael Barr with more on 590 00:32:48,360 --> 00:32:51,440 Speaker 1: what's going on around the world. Michael, thank you very much. Karen. 591 00:32:51,520 --> 00:32:54,600 Speaker 1: In the UK, preparations are ongoing for the funeral of 592 00:32:54,680 --> 00:32:58,560 Speaker 1: Queen Elizabeth the second next week. Meanwhile, thousands continue to 593 00:32:58,640 --> 00:33:01,960 Speaker 1: wait hours in long lines at Webminster Hall to pay 594 00:33:02,000 --> 00:33:04,959 Speaker 1: their respects to the Queen as she lies in state. 595 00:33:05,200 --> 00:33:08,560 Speaker 1: The government said it was temporarily stopping people from joining 596 00:33:08,560 --> 00:33:11,920 Speaker 1: the line because it has reached capacity. You can hear 597 00:33:12,000 --> 00:33:15,880 Speaker 1: the Queen's funeral on Monday live on Bloomberg Radio starting 598 00:33:15,920 --> 00:33:18,480 Speaker 1: at six a on Wall Street Time. A third party 599 00:33:18,560 --> 00:33:21,160 Speaker 1: arbiter has been named by a federal judge to the 600 00:33:21,200 --> 00:33:25,800 Speaker 1: FBI Trump document seizure case. Semi retired Judge Raymond Deerry 601 00:33:25,920 --> 00:33:29,080 Speaker 1: has a deadline of November to finish his review of 602 00:33:29,120 --> 00:33:31,800 Speaker 1: the documents. In baseball, the Mets beat the Pirate A 603 00:33:31,880 --> 00:33:35,400 Speaker 1: seven one. The A's lost. Thursday Night Football, the Chiefs 604 00:33:35,440 --> 00:33:39,040 Speaker 1: beat the Chargers. Twenty seven twenty four Global News twenty 605 00:33:39,040 --> 00:33:41,920 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 606 00:33:42,200 --> 00:33:45,080 Speaker 1: powered by more than twenty seven under journalist and analysts 607 00:33:45,120 --> 00:33:48,560 Speaker 1: more than a hundred twenty countries. Michael barn This is Bloomberg. 608 00:33:48,640 --> 00:33:52,280 Speaker 1: Nathan Okay, Michael. Thanks, It's nine on Wall Street Live 609 00:33:52,360 --> 00:33:56,080 Speaker 1: from the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. 610 00:33:56,080 --> 00:33:59,200 Speaker 1: As we continue to assess this rough market this morning, 611 00:33:59,200 --> 00:34:02,320 Speaker 1: we are joined by Audia level, senior US equity strategist 612 00:34:02,320 --> 00:34:04,960 Speaker 1: at UBS. Nadia. It's great to speak with you again. 613 00:34:05,080 --> 00:34:07,560 Speaker 1: It's interesting earlier this week when we got the hotter 614 00:34:07,600 --> 00:34:10,399 Speaker 1: than expected inflation, we saw a big sell off. Now 615 00:34:10,400 --> 00:34:12,640 Speaker 1: we're hearing gloomy warnings from the likes of FedEx in 616 00:34:12,680 --> 00:34:16,960 Speaker 1: general Electric and seeing stocks sell off once again. I 617 00:34:16,960 --> 00:34:20,040 Speaker 1: wonder what you make of this market reaction. Is it warranted? 618 00:34:21,360 --> 00:34:23,359 Speaker 1: It is warranted. I mean, this is a market that 619 00:34:23,520 --> 00:34:26,400 Speaker 1: is going to remain chopping under pressure. It's a market 620 00:34:26,440 --> 00:34:30,040 Speaker 1: that is disgusting and more restrictive monetary policy. And so 621 00:34:30,440 --> 00:34:32,680 Speaker 1: this is sort of the monetary policy that we haven't 622 00:34:32,680 --> 00:34:36,120 Speaker 1: seen in decades, and so the market will continue to 623 00:34:36,239 --> 00:34:40,000 Speaker 1: be going through this painful process as the economy UM 624 00:34:40,239 --> 00:34:43,560 Speaker 1: digestive more restrictive monetary policy. You know, of course there's 625 00:34:43,560 --> 00:34:45,480 Speaker 1: a lot, but as you notice, we're starting to see 626 00:34:45,480 --> 00:34:47,479 Speaker 1: some of those crociform companies you know, on the house 627 00:34:47,480 --> 00:34:50,560 Speaker 1: and side. We have this negative pre announcement and guidance full. 628 00:34:50,840 --> 00:34:53,080 Speaker 1: So we suck that slowdown to broaden out and come 629 00:34:53,120 --> 00:34:55,719 Speaker 1: and quarters and really put downward pressure on earn. His 630 00:34:55,920 --> 00:34:58,520 Speaker 1: estimate UM will still need to come down back to 631 00:34:58,560 --> 00:35:00,799 Speaker 1: Earth and even below. So we're looking for a more 632 00:35:00,880 --> 00:35:03,600 Speaker 1: range bound market, no roll upside, But I would say 633 00:35:03,680 --> 00:35:05,719 Speaker 1: that doesn't necessarily mean that there aren't things to do 634 00:35:05,800 --> 00:35:08,799 Speaker 1: the position in such a market. Now from a relative standpoint, 635 00:35:09,160 --> 00:35:12,760 Speaker 1: we continue like the defensive sectors like healthcare and consumer staples, 636 00:35:13,120 --> 00:35:15,880 Speaker 1: and we continue to see opportunities within energy as we 637 00:35:15,920 --> 00:35:19,480 Speaker 1: think that all prices will move higher. Yet, so if 638 00:35:19,480 --> 00:35:22,759 Speaker 1: the market remains range bound, you're not thinking that we 639 00:35:22,920 --> 00:35:26,879 Speaker 1: see uh, further testing perhaps of the June low. I mean, 640 00:35:27,040 --> 00:35:28,880 Speaker 1: the SNP has got a way to go before it 641 00:35:28,880 --> 00:35:32,279 Speaker 1: gets there. Yeah, it's possible that we could see a 642 00:35:32,400 --> 00:35:36,120 Speaker 1: retest of the June low. And just given the fact 643 00:35:36,120 --> 00:35:38,439 Speaker 1: that we do think that the earnest estimates still need 644 00:35:38,520 --> 00:35:41,000 Speaker 1: to come down. And you know, if we see you 645 00:35:41,120 --> 00:35:43,239 Speaker 1: next week while we're here from the FED, we are 646 00:35:43,280 --> 00:35:45,719 Speaker 1: in the seventi five basis points camp, but we can't 647 00:35:45,800 --> 00:35:49,200 Speaker 1: roll out a hundred basis points either. And we'll get 648 00:35:49,239 --> 00:35:53,360 Speaker 1: the dot plus as well as a summary of economic 649 00:35:53,360 --> 00:35:55,600 Speaker 1: productions next weekend, so that will give us some clues 650 00:35:55,719 --> 00:35:58,239 Speaker 1: on the path, the hiking pathfor and forward and with 651 00:35:58,360 --> 00:36:01,640 Speaker 1: the termalment will event really end up. And so there 652 00:36:01,760 --> 00:36:04,880 Speaker 1: is risks to the soundside from the to the market, 653 00:36:04,920 --> 00:36:07,720 Speaker 1: depending on where the feed ends up and what impact 654 00:36:07,960 --> 00:36:10,600 Speaker 1: it ultimately has on the ecomomy. What are you looking 655 00:36:10,640 --> 00:36:12,600 Speaker 1: at that could help you determine whether we do see 656 00:36:12,640 --> 00:36:15,000 Speaker 1: seventy five or a hundred from the Fed next week? 657 00:36:15,040 --> 00:36:17,960 Speaker 1: What data points are you looking at? Were? Of course, 658 00:36:18,000 --> 00:36:20,279 Speaker 1: you know, we got the hot CPI this past week, 659 00:36:20,320 --> 00:36:23,800 Speaker 1: and so um that puts upward risk um to a 660 00:36:23,880 --> 00:36:25,840 Speaker 1: hundred basis points, you know, but I would say we 661 00:36:25,880 --> 00:36:29,120 Speaker 1: also watched in long term inflation expectations. You know, that's 662 00:36:29,120 --> 00:36:31,400 Speaker 1: what caused the FAT to pivot back in June. You know, 663 00:36:31,480 --> 00:36:34,160 Speaker 1: more recently we saw from the New York and Atlanta 664 00:36:34,200 --> 00:36:38,120 Speaker 1: and Michigan survey all showing a downtake in expectations. But 665 00:36:38,160 --> 00:36:41,200 Speaker 1: we'll get another Michigan survey later this morning, so you know, 666 00:36:41,280 --> 00:36:43,880 Speaker 1: we can't completely rule out a hundred basis points. I mean, 667 00:36:43,880 --> 00:36:47,040 Speaker 1: Powell kind of left the door open for that um 668 00:36:47,080 --> 00:36:51,879 Speaker 1: as well. What's the impact of these rising short term 669 00:36:51,960 --> 00:36:55,280 Speaker 1: yields that we're seeing this deep inversion in the yield 670 00:36:55,320 --> 00:36:59,440 Speaker 1: curve on stocks? You know, I think that you know, 671 00:36:59,480 --> 00:37:03,560 Speaker 1: when norm really when the curve inverts two tens or 672 00:37:03,719 --> 00:37:05,960 Speaker 1: you know, it's the three month ten year which hasn't 673 00:37:06,000 --> 00:37:10,839 Speaker 1: inverted yet. Um, there's concerns about procession, and so if 674 00:37:10,880 --> 00:37:13,120 Speaker 1: we do end up in our recession, that likely means 675 00:37:13,200 --> 00:37:16,400 Speaker 1: that the earnest turns negative. Um, you know, recession, and 676 00:37:16,560 --> 00:37:20,040 Speaker 1: the question remains like how much negative do they get? 677 00:37:20,200 --> 00:37:22,360 Speaker 1: Right now, we're in that camp of thinking that we 678 00:37:22,440 --> 00:37:25,040 Speaker 1: get a selfish landing, and so we're looking for a 679 00:37:25,120 --> 00:37:27,960 Speaker 1: low sign digits earnest growth for next year. But again 680 00:37:28,000 --> 00:37:32,480 Speaker 1: that you know, as monetary policy moves growther into restrictive territory, 681 00:37:32,560 --> 00:37:35,279 Speaker 1: the risk of recession does increase and that will likely 682 00:37:35,400 --> 00:37:38,520 Speaker 1: need that you could see potentially negative earners in twenty 683 00:37:38,880 --> 00:37:41,320 Speaker 1: three if we end up in a recession. I'm looking 684 00:37:41,360 --> 00:37:45,160 Speaker 1: a head certainly to that FED decision coming up in 685 00:37:45,200 --> 00:37:47,759 Speaker 1: just a few days on Wednesday. Thanks for this, Naughty again, 686 00:37:47,800 --> 00:37:50,959 Speaker 1: great speaking with you this morning. Naughtia level senior US 687 00:37:51,000 --> 00:37:55,440 Speaker 1: equity strategist at UB Yes, Karen Heavin, thank you. It 688 00:37:55,600 --> 00:37:58,520 Speaker 1: is five fifty three on Wall Street at this time. 689 00:37:58,520 --> 00:38:01,480 Speaker 1: Now for the Bloomberg a Lot report. It has brought 690 00:38:01,480 --> 00:38:05,200 Speaker 1: to you buy American Arbitration Association business disputes are inevitable. 691 00:38:05,280 --> 00:38:09,160 Speaker 1: Brazil faster with the American Arbitration Association, the global leader 692 00:38:09,160 --> 00:38:12,640 Speaker 1: in alternative dispute resolution for over ninety years. More at 693 00:38:12,680 --> 00:38:15,400 Speaker 1: a dr dot org. Let's say to the legal stories 694 00:38:15,440 --> 00:38:21,560 Speaker 1: we're watching this morning. From Bloomberg's Jeff Bellinger, the Federal 695 00:38:21,600 --> 00:38:25,120 Speaker 1: Trade Commission is looking into so called dark patterns, digital 696 00:38:25,200 --> 00:38:30,040 Speaker 1: design practices that businesses can deploy to manipulate consumer behavior 697 00:38:30,320 --> 00:38:34,720 Speaker 1: and possibly compromise privacy. Problems facing gig workers are also 698 00:38:34,800 --> 00:38:37,960 Speaker 1: on the FTC's radar. The Commission will crack down on 699 00:38:38,080 --> 00:38:42,719 Speaker 1: pay and our deception, unfair contract terms, and anti competitive 700 00:38:42,800 --> 00:38:46,160 Speaker 1: wage fixing. The Ohio Supreme Court ruled that police can 701 00:38:46,280 --> 00:38:49,480 Speaker 1: keep a thirty one dollar pickup truck seized from a 702 00:38:49,520 --> 00:38:53,880 Speaker 1: man who was arrested for drunk driving. Bloomberg Law everything 703 00:38:53,920 --> 00:38:58,040 Speaker 1: you need, all on one legal research platform, including guidance 704 00:38:58,080 --> 00:39:02,360 Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg 705 00:39:02,440 --> 00:39:06,160 Speaker 1: Law dot com. All right, Jeff Banks. Now another legal 706 00:39:06,200 --> 00:39:09,000 Speaker 1: story we're watching. In a new book, the top federal 707 00:39:09,040 --> 00:39:12,480 Speaker 1: prosecutor in Manhattan for half of Donald Trump's presidency says 708 00:39:12,800 --> 00:39:16,040 Speaker 1: he was repeatedly pressured by Justice Department officials he used 709 00:39:16,040 --> 00:39:19,560 Speaker 1: his office to help them politically demanding that Trump's critics 710 00:39:19,680 --> 00:39:23,080 Speaker 1: be prosecuted, and the Chairman of the Senate Judiciary Committee, 711 00:39:23,080 --> 00:39:25,839 Speaker 1: Dick Durbin says, we'll investigate the allegations. In the book 712 00:39:25,840 --> 00:39:28,360 Speaker 1: by Jeffrey Burman, the former U S Attorney for the 713 00:39:28,440 --> 00:39:31,640 Speaker 1: Southern District of New York whose outstair raised questions about 714 00:39:31,640 --> 00:39:35,520 Speaker 1: political interference from her Bloomberg, jun Grosso speaks to William Banks, 715 00:39:35,520 --> 00:39:39,720 Speaker 1: the professor at Syracuse University College of Law. Burman writes, 716 00:39:39,719 --> 00:39:42,800 Speaker 1: in this book, throughout my tenure as U S attorney, 717 00:39:42,840 --> 00:39:45,920 Speaker 1: Trump's Justice Department kept demanding that I used my office 718 00:39:45,920 --> 00:39:49,760 Speaker 1: to aid them politically, and I kept declining in ways 719 00:39:49,920 --> 00:39:53,160 Speaker 1: just tactful enough to keep me from being fired. I 720 00:39:53,280 --> 00:39:55,800 Speaker 1: walked this tight rope for two and a half years. 721 00:39:56,239 --> 00:39:58,600 Speaker 1: Should he have been walking this tight rope or should 722 00:39:58,640 --> 00:40:02,480 Speaker 1: he have exposed this or quit? Well? I think you 723 00:40:02,520 --> 00:40:05,880 Speaker 1: know it was highly inappropriate the pressure that was brought 724 00:40:05,960 --> 00:40:09,440 Speaker 1: to bear on Berman by the what he calls main 725 00:40:09,600 --> 00:40:13,799 Speaker 1: Justice in Washington and by the White House. But it 726 00:40:13,880 --> 00:40:18,279 Speaker 1: was not unlawful. The norms Involveteer that we respect the 727 00:40:18,320 --> 00:40:21,960 Speaker 1: independence of prosecutors, of course, and of U S attorneys 728 00:40:22,520 --> 00:40:26,239 Speaker 1: in the federal system. But Berman, of course, as a Republican, 729 00:40:26,480 --> 00:40:30,440 Speaker 1: he was appointed by President Trump. He thought that it 730 00:40:30,480 --> 00:40:33,719 Speaker 1: would be a traditional appointment where he'd be allowed to 731 00:40:33,760 --> 00:40:38,400 Speaker 1: do the cases and to arrive at just prosecutions using 732 00:40:38,560 --> 00:40:41,319 Speaker 1: his judgment, and when that came to be less and 733 00:40:41,400 --> 00:40:44,240 Speaker 1: less often in the case, I think, as he says, 734 00:40:44,320 --> 00:40:47,640 Speaker 1: he was walking a tight rope, it's highly inappropriate. And 735 00:40:47,680 --> 00:40:51,120 Speaker 1: as we know, eventually he was fired by the president, 736 00:40:51,120 --> 00:40:53,839 Speaker 1: and the President has the legal discretion to be able 737 00:40:53,880 --> 00:40:56,760 Speaker 1: to fire a U. S. Attorney just on a whim, 738 00:40:56,800 --> 00:41:00,799 Speaker 1: as he so often did. Senator Dick Durbin of the 739 00:41:00,800 --> 00:41:05,320 Speaker 1: Senate Judiciary Committee said, if accurate, Mr Berman's claims indicate 740 00:41:05,480 --> 00:41:10,160 Speaker 1: multiple instances of political interference in the department's investigative and 741 00:41:10,239 --> 00:41:14,760 Speaker 1: prosecutorial decisions. As you say, it's not against the law, 742 00:41:15,280 --> 00:41:19,800 Speaker 1: it's just custom and a set of very important, longstanding norms. 743 00:41:20,360 --> 00:41:24,520 Speaker 1: If they cross the line into illegality if it happens 744 00:41:24,640 --> 00:41:28,279 Speaker 1: to obstruct justice in a given case. So if the 745 00:41:28,360 --> 00:41:31,960 Speaker 1: effect of interference from main Justice or from the White 746 00:41:32,000 --> 00:41:35,000 Speaker 1: House on the U. S. Attorney is to obstruct the 747 00:41:35,080 --> 00:41:39,200 Speaker 1: prosecution in a substantive way, then that's a law violation. 748 00:41:39,280 --> 00:41:43,120 Speaker 1: That's obstruction of justice, and the course we're considering obstruction 749 00:41:43,760 --> 00:41:47,240 Speaker 1: in every kind of way now involving for President Trump, 750 00:41:47,320 --> 00:41:51,640 Speaker 1: so he's no stranger to that. And as William Banks, 751 00:41:51,719 --> 00:41:55,360 Speaker 1: a professor at Syracuse University College of Law, speaking with 752 00:41:55,440 --> 00:41:59,520 Speaker 1: Bloombery student Grosso. Catch more of that interview plus analysis 753 00:41:59,560 --> 00:42:02,080 Speaker 1: of the late legal news by subscribing to the Bloomberg 754 00:42:02,160 --> 00:42:05,040 Speaker 1: Law Podcast or downloading the show at Bloomberg dot com 755 00:42:05,080 --> 00:42:08,880 Speaker 1: slash podcast. Attorneys can find exceptional legal research and business 756 00:42:08,880 --> 00:42:11,680 Speaker 1: development tools at Bloomberg Law dot com and on the 757 00:42:11,680 --> 00:42:16,520 Speaker 1: Bloomberg terminal at b law Go. Futures this morning are falling. 758 00:42:16,680 --> 00:42:19,760 Speaker 1: SMB Future is down about thirty five points down, features 759 00:42:19,760 --> 00:42:23,120 Speaker 1: down two hundred thirty eight and NASDAC features down one 760 00:42:23,560 --> 00:42:26,960 Speaker 1: twenty five. The ten year Treasury is down four thirty seconds, 761 00:42:26,960 --> 00:42:30,160 Speaker 1: the yell three point four six percent, and the yield 762 00:42:30,200 --> 00:42:33,040 Speaker 1: on the two year is at three point nine zero percent. 763 00:42:33,560 --> 00:42:35,960 Speaker 1: Nimex Screde oil is it will change at eighty five 764 00:42:36,000 --> 00:42:38,680 Speaker 1: dollar six cents of barrel, and comex gold is down 765 00:42:38,760 --> 00:42:41,719 Speaker 1: about six tenths of upper cent. Still ahead on Bloomberg 766 00:42:41,760 --> 00:42:43,920 Speaker 1: Daybreak and check on the business headlines and all the 767 00:42:43,920 --> 00:42:47,480 Speaker 1: news you need to start your day, and this is Bloomberg.