WEBVTT - Pressure Grows on Biden to Drop Out; Key Inflation Reading

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Amy

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<v Speaker 1>Morris and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin with the race for the White House

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<v Speaker 2>and the growing pressure on President Biden to step away

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<v Speaker 2>from the campaign. Axios reports Senate Majority Leader Chuck Schumer

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<v Speaker 2>is privately signaling his concerns to donors, indicating that he

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<v Speaker 2>may be open to replacing Biden as the Democrats nominee.

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<v Speaker 2>Senator Peter Welch of Vermont is the first Democratic senator

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<v Speaker 2>to call for Biden to exit the race. Welch wrote

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<v Speaker 2>in a Washington Post op ed that while he has

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<v Speaker 2>great respect for President Biden, it's time for him to

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<v Speaker 2>step out of the race for the good of the country.

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<v Speaker 2>This after former House Speaker Nancy Pelosi told MSNBC that

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<v Speaker 2>only Biden could make that decision, but that the clock

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<v Speaker 2>is ticking.

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<v Speaker 3>We're all encouraging him to make that decision because time

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<v Speaker 3>is running short.

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<v Speaker 2>Top officials from the campaign are set to meet Senate

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<v Speaker 2>Party members today, and now I made it a peerce.

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<v Speaker 1>Hollywood has turned on Biden heavy hitters, including Netflix chairman

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<v Speaker 1>Reed Hastings, superagent Ari Emmanuel Airis, Abigail Disney, and author

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<v Speaker 1>Stephen king Of joined the chorus calling on Biden to

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<v Speaker 1>drop his reelection bid. Actor and lifelong Democrat George Clooney

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<v Speaker 1>weighed in with an opinion piece in The New York Times, saying, quote,

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<v Speaker 1>the damn has broken after he helped raise thirty million

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<v Speaker 1>dollars for Biden's re election campaign. Last month. Actor and

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<v Speaker 1>director Rob Reiner chimed in on X saying that democracy

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<v Speaker 1>faces an existential threat and Democrats need someone younger on

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<v Speaker 1>the ticket to find back. We get inside from Henrietta Trace,

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<v Speaker 1>a managing partner at Veda Partners.

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<v Speaker 4>The rank and file Democrats across the country, Independence moderates

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<v Speaker 4>and particularly female voters have said repeatedly all year long

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<v Speaker 4>they do not want another term.

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<v Speaker 1>For Joe Biden.

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<v Speaker 4>They do not believe that he is up to the task.

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<v Speaker 4>And it's been the elites who have said, you know what,

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<v Speaker 4>We're going to stick with this guy. The senators are

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<v Speaker 4>behind in the House, members behind him, and now both

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<v Speaker 4>tides are shifting, and I'm really just watching which senators,

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<v Speaker 4>you know, from an office or a chamber where Biden

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<v Speaker 4>operated for thirty six years, is going to make the

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<v Speaker 4>decision to say, hey, you know what, thank you so

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<v Speaker 4>much for your service, It's time to move on.

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<v Speaker 1>Henrietta Trece at Veda Partners thinks a final decision will

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<v Speaker 1>be made on Biden in the next week.

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<v Speaker 2>As for the presumptive Republican presidential nominee, Donald Trump is

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<v Speaker 2>scheduled to speak at a bitcoin conference later this month.

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<v Speaker 2>Event organizer BTC Media says Trump will deliver the speech

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<v Speaker 2>on July twenty seventh on the main stage of the

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<v Speaker 2>Bitcoin twenty twenty four event in Nashville. The former president

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<v Speaker 2>has increasingly highlighted Bitcoin on his campaign trail well.

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<v Speaker 1>Amy The NATO summit wraps up in Washington today. Last night,

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<v Speaker 1>leaders use their strongest ever language to criticize China's military

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<v Speaker 1>support for Russia in the Ukraine War. They called Beijing

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<v Speaker 1>a decisive enabler that poses systemic challenges to euro Atlantic security.

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<v Speaker 1>Again more from Bloomberg Managing editor Ben Sills.

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<v Speaker 5>This is pretty much in line with what we heard

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<v Speaker 5>from the G seven in Italy last month. I think

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<v Speaker 5>it reflects the fact that the intelligence that the Western

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<v Speaker 5>allies are getting now and exactly the way Chinese suppliers

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<v Speaker 5>are helping to equip the Russian war machine. I think

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<v Speaker 5>that intelligence has become a lot clearer, a lot firmer,

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<v Speaker 5>and as a result, the allies are becoming much more

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<v Speaker 5>direct in their criticism of Beijing.

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<v Speaker 1>Bloomberg's Ben Sills or porest that a Chinese embassy spokesperson

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<v Speaker 1>said China does not provide weapons to the parties in

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<v Speaker 1>the conflict.

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<v Speaker 2>Let's turn now to the markets. Another day, another record

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<v Speaker 2>for stocks. In fact, the world's biggest tech companies fueled

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<v Speaker 2>the S and P five hundred and above fifty six

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<v Speaker 2>hundred for the first time ever. Amy Wu Silverman is

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<v Speaker 2>head of Derivative Strategy at RBC Capital Markets.

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<v Speaker 6>Historically, if you had said to investor, look where all

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<v Speaker 6>time highs, this one secular theme is driving everything, and

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<v Speaker 6>your cost of protection is at historical lows, that would

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<v Speaker 6>certainly be compelling reasons to hedge. But what we're also

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<v Speaker 6>not seeing is a lot of hedging, you know. So

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<v Speaker 6>investors not only are not diversified in what they have

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<v Speaker 6>in the market, they're also not using protection either.

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<v Speaker 2>Capital MARKETSA Amy Wu Silverman notes the S and B

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<v Speaker 2>five hundred rows for a seventh straight data not thirty

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<v Speaker 2>seventh record this year well.

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<v Speaker 1>I mean, the big event for markets comes later this morning,

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<v Speaker 1>the release of a key inflation rapport. Economists are forecasting

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<v Speaker 1>the core CPI to rise two tenths of a percent

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<v Speaker 1>in June for a second month. Now would mark the

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<v Speaker 1>smallest back to back gain since August. Feder Reserve Governor

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<v Speaker 1>Lisa Cooke predictions inflation will cool with little damage to

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<v Speaker 1>the labor market.

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<v Speaker 7>My baseline forecast, and that of many outside observers is

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<v Speaker 7>that inflation will continue to move toward target over time

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<v Speaker 7>without much further rise and unemployment.

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<v Speaker 1>Reserve Governor Lisa Cook made the comments. In Australia this morning.

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<v Speaker 1>Swamps are pricing in two FED cuts this year, with

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<v Speaker 1>a strong chance of the first coming in September.

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<v Speaker 2>The economy is also in focus overseas. In fact, the

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<v Speaker 2>UK economy grew at double the pace expected in the

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<v Speaker 2>month of May. GDP expanded by four tenths of a

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<v Speaker 2>percent for the month. The economy was boosted by stronger

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<v Speaker 2>than expected performance in construction and services.

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<v Speaker 1>On other news this morning, Amy Arcangos Capital Management founder

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<v Speaker 1>Bill Huang has been found guilty of fraud and market manipulation.

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<v Speaker 1>We get the details from Bloomberg Law host June Grosso.

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<v Speaker 3>A jury found Arcago's Capital Management founder Bill Huang guilty

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<v Speaker 3>of ten criminal counts stepping from his firm's twenty twenty

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<v Speaker 3>one collapse. Concluding a two month trial that captivated Wall Street,

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<v Speaker 3>Huang was convicted of securities and market manipulation fraud in

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<v Speaker 3>a scheme that prosecutors say cost global investment banks billions

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<v Speaker 3>of dollars. He'll be sentenced on October twenty eighth. In

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<v Speaker 3>New York, June Grosso, Bloomberg Radio.

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<v Speaker 2>Thank You June and in Company News City Group gets fined.

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<v Speaker 2>The bank will pay one hundred and thirty six million

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<v Speaker 2>dollars to US bank regulators over issues related to data

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<v Speaker 2>quality management and risk controls. The Federal Reserve says the

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<v Speaker 2>fines stem from back to back regulatory actions in October

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<v Speaker 2>of twenty twenty.

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<v Speaker 1>Well Amy, Apple's biggest new product in years, is not

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<v Speaker 1>expected to shake off its slow sales start into the

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<v Speaker 1>release of a cheaper model next year. According to market

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<v Speaker 1>tracker IDC, the thirty five hundred dollars Vision Pro mixed

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<v Speaker 1>reality headset has yet to sell ten one hundred thousand

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<v Speaker 1>units in a quarter since its launch in the US

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<v Speaker 1>and February. The IDC also says Apple faces US seventy

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<v Speaker 1>five percent drop in domestic sales him the current quarter.

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<v Speaker 1>And we are getting this headline crossing the Bloomberg on Apple,

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<v Speaker 1>It's settled its EU antitrust probe over tap and pay technology.

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<v Speaker 1>How we have a time now for a look at

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<v Speaker 1>some of the other stories making news in New York

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<v Speaker 1>and around the world. For that, we're joined by Bloomberg's

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<v Speaker 1>Michael Barr Michael, good morning, Good.

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<v Speaker 8>Morning, Karen. Democratic Representative Alexandria Ocassio Cortes has filed separate

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<v Speaker 8>articles of impeachment against Supreme Court Justices Clarence Thomas and

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<v Speaker 8>Samuel Alito. The separate articles refer to conflicts of interest.

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<v Speaker 8>Ocassio Cortes says Thomas and Alito should have disclosed gifts

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<v Speaker 8>from individuals with business before the Court, and she says

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<v Speaker 8>they have failed to recuse themselves from cases where they

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<v Speaker 8>or family members have ties which quote would be worthy

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<v Speaker 8>of standard removal in any lower court.

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<v Speaker 9>The Constitution rightfully and explicitly holds justices to even higher

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<v Speaker 9>standards than members of Congress or even the President.

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<v Speaker 8>The articles are not expected to advance in the Republican

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<v Speaker 8>controlled House. Closing arguments will extend into a fourth day

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<v Speaker 8>in the corruption trial of Senator Bob Menendez. Yesterday, a

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<v Speaker 8>lawyer for the New Jersey Democrat told a federal jury

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<v Speaker 8>in Manhattan that it would be a win for this

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<v Speaker 8>country if it rejects the government's bribery case against his client.

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<v Speaker 8>Attorney Adam Fee told the jury, this case it dies

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<v Speaker 8>here today. Prosecutor say Menendez and his wife used his

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<v Speaker 8>political influence to benefit foreign governments and assisted three New

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<v Speaker 8>Jersey businessmen in return four bribes. Testimony resumed today in

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<v Speaker 8>Alec Baldwin's involuntary manslaughter trial. Baldwin is charged in the

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<v Speaker 8>death of cinematographer Helena Hutchins, who was killed during a

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<v Speaker 8>rehearsal on the set of Rust when prosecutors say Baldwin

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<v Speaker 8>fired a prop gun loaded with live ammunition. Prosecutor Alinda

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<v Speaker 8>Johnson questioned crime scene technician Marissa Poppel, who was part

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<v Speaker 8>of the investigation into the shooting and found live bullets

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<v Speaker 8>at the movie set.

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<v Speaker 1>How many rounds altogether did you discover that you thought

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<v Speaker 1>were suspected live rounds on the set?

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<v Speaker 10>Abreast five and the spent casing so.

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<v Speaker 5>Six in total.

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<v Speaker 8>Prosecutors argued Baldwin behaved recklessly, Baldwin's lawyer calling the deadly

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<v Speaker 8>shooting a tragic accident, but arguing that Baldwin did not

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<v Speaker 8>commit a crime, saying the actor never pulled the trigger.

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<v Speaker 8>The current stretch of historic heat is doing more than

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<v Speaker 8>just smashing records in the US. It is resulting in

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<v Speaker 8>more Americans getting infected with dengay fever. States as far

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<v Speaker 8>north as New York announcing cases of the tropical disease.

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<v Speaker 8>Nearly two hundred infections now confirmed in New York and

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<v Speaker 8>New Jersey alone, usually spread by infected mosquitoes. Global News

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<v Speaker 8>twenty four hours a day and whenever you want it

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<v Speaker 8>with Bloomberg News Now, Michael Barn, This is Bloomberg Karen.

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<v Speaker 1>All right, Michael Barr, thank you time now for the

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<v Speaker 1>Bloomberg Sports Update with John Stashauer.

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<v Speaker 11>Jan Good morning, Give morning, Karen. Is the All Star

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<v Speaker 11>break approaches, the Mets find themselves over five hundreds, very

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<v Speaker 11>much in the race for a wildcard playoff spots. Since

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<v Speaker 11>June second, the Mets are twenty two and ten. Beat

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<v Speaker 11>the Nationals at City Field sixty two one up with

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<v Speaker 11>a four runs, six didn't. That included the Jose I

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<v Speaker 11>Glaciers two run single the Mets rookie manager Carlos Mendoza.

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<v Speaker 12>We know where we at, you know, but still July,

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<v Speaker 12>and I think the mindset here is, you know, okay,

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<v Speaker 12>take care one day at a time, you know, take

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<v Speaker 12>care of business today, take care business winning series, and

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<v Speaker 12>let the team play out, you know, Let's continue to prepare,

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<v Speaker 12>Let's continue to go out there and compete, Let's continue

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<v Speaker 12>to have fun.

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<v Speaker 6>And that's what they're doing.

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<v Speaker 11>I mean, well, the Yankees a two to one win

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<v Speaker 11>at Tampa Bay thanks to the bullpen. Four relievers Tim Hill,

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<v Speaker 11>Luke Weaver, Tommy Cainley Clay Holmes combined for four and

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<v Speaker 11>two thirds innings of scoreless relief with not only one hit.

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<v Speaker 11>Just the Yanks seventh win in their last twenty four games.

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<v Speaker 11>And now we'll see they can win two in a row,

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<v Speaker 11>asn't happened since a four game wins streak ended On

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<v Speaker 11>June twelve, Oakland cooled off the Red Size five to

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<v Speaker 11>two of the Orioles were shut out by the Cubs

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<v Speaker 11>four nothing, sixtieth win for the Phillies four to three

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<v Speaker 11>over the Dodgers, and Wimbledon. No Americans remains. Taylor Fritz

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<v Speaker 11>was hoping to get to his first Grand stam semifinal.

0:11:10.480 --> 0:11:13.400
<v Speaker 11>He had upset Alex Zaverevin. Now Fritz was the favorite,

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<v Speaker 11>but he lost in five sets to the Italian Lorenzo Mussetti.

0:11:16.760 --> 0:11:19.440
<v Speaker 11>He'll now play Novak Djokovic or the Semis. Djokovic is

0:11:19.720 --> 0:11:22.400
<v Speaker 11>fifteen years older and he'll be well rested. Didn't have

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<v Speaker 11>to play his quarterfinal match. Alex de Minir had to

0:11:25.160 --> 0:11:26.880
<v Speaker 11>pull out with a hip injury. They'll play the women's

0:11:26.920 --> 0:11:29.920
<v Speaker 11>semifinals today in Las Vegas. First look at the US

0:11:29.960 --> 0:11:32.600
<v Speaker 11>Olympic basketball team in eighty six to seventy two tune

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<v Speaker 11>up win over Canada. The now off to Abu Dhabi

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<v Speaker 11>for two more exhibition games. A change on the US

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<v Speaker 11>roster Kawhi Leonard no longer on the squad, replaced by

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<v Speaker 11>Derek White, joining his Celtic teammates Jason Tatum.

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<v Speaker 8>And Drew Holliday.

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<v Speaker 11>There's news with the new NBA media deal. Reportedly it

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<v Speaker 11>will last eleven years. It'll bring in seventy six billion dollars.

0:11:50.760 --> 0:11:54.760
<v Speaker 11>Copa America semifinals and Charlotte Columbia top Uruguay one nil

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<v Speaker 11>will play Argentina in the final. John Stashedwar Bloomberg Sports Kennedy.

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<v Speaker 8>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 8>and around the world on Bloomberg dot Com and the

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<v Speaker 8>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 2>Good morning, I'm Amy Morris. President Biden continues to face

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<v Speaker 2>mounting opposition within his own party as a Senate Democrat

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<v Speaker 2>has now joined a growing number of House lawmakers in

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<v Speaker 2>calling on Biden to step aside from the campaign. And

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<v Speaker 2>that's not all. We're joined now by the founder of

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<v Speaker 2>Panjie Apology, Terry Haynes. Terry, good morning to you. Thanks

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<v Speaker 2>for joining us. We know Vermont Senator Peter Welch has

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<v Speaker 2>called for Biden to exit the race. He did that

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<v Speaker 2>in an op ed, But now we're hearing Axios is

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<v Speaker 2>reporting that Senator Schumer, the Senate majority leader, may also

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<v Speaker 2>be having some doubts.

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<v Speaker 10>Good morning, Amy. You know, I'm gonna take issue a

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<v Speaker 10>little bit with the with the premise. You know, there's

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<v Speaker 10>Biden certainly under some pressure from the party, But is

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<v Speaker 10>he feeling a lot of pressure today? I doubt it.

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<v Speaker 10>I mean, I'm sure they're all one, full alert and

0:13:04.440 --> 0:13:06.320
<v Speaker 10>all that. But I doubt he's feeling a lot of

0:13:06.320 --> 0:13:11.800
<v Speaker 10>pressure from one Senator and a handful of House members

0:13:11.800 --> 0:13:16.480
<v Speaker 10>saying that he should go the and and a lot

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<v Speaker 10>of the swirling around that's happening. I mean, you got

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<v Speaker 10>to say, a gentleman here who's the President of the

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<v Speaker 10>United States and the presumptive nominee of his party and

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<v Speaker 10>has said a week ago he's not going anywhere. So

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<v Speaker 10>this is not an easy task. It's not a quick task,

0:13:30.400 --> 0:13:33.840
<v Speaker 10>it's not a clean task for Democrats, and they're doing this, frankly,

0:13:33.880 --> 0:13:35.800
<v Speaker 10>at the worst possible time, and in a way that

0:13:35.880 --> 0:13:39.000
<v Speaker 10>calls into their own credibility as a party.

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<v Speaker 2>But the pressure is also coming from Hollywood, George Clooney,

0:13:42.559 --> 0:13:45.280
<v Speaker 2>Rob Reiner and others. When you lose Hollywood, especially if

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<v Speaker 2>you're a Democrat, that's not good.

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<v Speaker 10>Well, they've got some problems with fundraisers. But you know,

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<v Speaker 10>I think I want you to look at the how

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<v Speaker 10>the White House might push back on that. Essentially, I'm

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<v Speaker 10>the leader of the free world, and a bunch of

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<v Speaker 10>guys who thought I was great two weeks ago now

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<v Speaker 10>want me to go. Well, you know, you know, they'll

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<v Speaker 10>get over this and I'll ride it out. And Biden's

0:14:10.480 --> 0:14:12.400
<v Speaker 10>given every indication he is going to ride it out

0:14:12.480 --> 0:14:13.719
<v Speaker 10>for a while, for good or ill.

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<v Speaker 2>What are you looking for from the Democratic National Convention

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<v Speaker 2>next month?

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<v Speaker 10>Well, you know, it's interesting. My view most recently expressed

0:14:22.160 --> 0:14:24.920
<v Speaker 10>to clients last night was that they did they'd be

0:14:24.920 --> 0:14:28.880
<v Speaker 10>better off not worrying about so much about this kind

0:14:28.880 --> 0:14:32.280
<v Speaker 10>of dog chasing the fire truck stuff that's going on

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<v Speaker 10>with the National Democrats right now. And look at what's

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<v Speaker 10>likely to happen in the convention in two ways. One,

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<v Speaker 10>this virtual convention that originally was supposed to be held

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<v Speaker 10>for later this month to pre nominate Biden and Harris.

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<v Speaker 10>If delegates aided and abetted by by the National Party

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<v Speaker 10>want to stop that, they can do it. And there

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<v Speaker 10>are certainly lots of ways to stop Biden from being

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<v Speaker 10>nominated at the real convention in August. And I'd be

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<v Speaker 10>looking at both of those, because if Democrats are serious

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<v Speaker 10>about stopping Biden, that's where they go, and that's probably

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<v Speaker 10>where they can apply the greatest amount of pressure on Biden.

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<v Speaker 2>Got about a minute left here, Terry Natal leaders in DC,

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<v Speaker 2>how is this all bound to impact them?

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<v Speaker 10>Well, you know, we're at a point where we're already

0:15:20.800 --> 0:15:23.600
<v Speaker 10>at the highest geopolitical risk in over fifty years, and

0:15:23.680 --> 0:15:27.960
<v Speaker 10>there was already bound to be increased US political risk. It's,

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<v Speaker 10>you know, in the middle of the NATO seventy fifth

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<v Speaker 10>anniversary celebration and at a time where they're ramping up

0:15:34.520 --> 0:15:38.680
<v Speaker 10>security inside and outside the region. It's a bad look

0:15:38.720 --> 0:15:43.600
<v Speaker 10>for the United States. It undermines Biden, it undermines the presidency,

0:15:43.640 --> 0:15:47.840
<v Speaker 10>it undermines the United States seriousness in the world, and

0:15:47.960 --> 0:15:50.840
<v Speaker 10>leaves NATO allies scratching their heads a little bit.

0:15:50.840 --> 0:15:54.760
<v Speaker 2>Frankly, you're listening to Bloomberg Daybreak today, your morning brief

0:15:54.800 --> 0:15:58.000
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<v Speaker 2>dot Com. I'm Amy Morris.

0:16:41.360 --> 0:16:44.520
<v Speaker 1>And I'm Karen Moscow. Join us again tomorrow morning for

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<v Speaker 1>all the news you need to start your day right

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<v Speaker 1>here on Bloomberg Daybreak