Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan
Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: Karen, we begin with the latest on Hurricane Milton, which
Speaker 2: plowed into Florida's west coast overnight. Is a Category three storm.
Speaker 2: Let's get the very latest track now with Bloomberg meteorologist
Speaker 2: Rob Carolyn.
Speaker 3: Good morning, Rob, Good morning Nathan. The good news is
Speaker 3: hurricane and Milton is moving off shorts now located about
Speaker 3: ten miles northeast of Cape Canaveral, moving off towards the
Speaker 3: northeast at about eighteen miles an hour. It's now category
Speaker 3: one hurricane. Winds are eighty five miles an hour. Recently,
Speaker 3: Marine land on the east coast of Florida reported sustained
Speaker 3: winds of seventy five miles an hour, gusting to eighty
Speaker 3: three miles an hour. All of the warnings on the
Speaker 3: west coast of Florida for tropical storms have been discontinued,
Speaker 3: as has the hurricane warning in West Florida. South Florida.
Speaker 3: We've seen all the warnings discontinued. Big problem now this
Speaker 3: morning is going to be wins on the East Coast
Speaker 3: from Vua Beach to the Georgia Porter and a storm
Speaker 3: search of three to six feet.
Speaker 2: So now that it is moving off shore, Rob, should
Speaker 2: we expect relatively quick improvement to the weather in Florida.
Speaker 3: Especially across the West Florida This morning, Nathan, the winds
Speaker 3: there have diminished quite a bit. The big problem now
Speaker 3: is many areas had over ten inches of rainfall from
Speaker 3: Milton overnight, so we've got residual freshwater flooding issues this
Speaker 3: morning in western central Florida.
Speaker 4: Okay, Rob, thank you.
Speaker 2: We're going to be checking back with Bloomberg Media religist
Speaker 2: Rob Carolyn on Milton throughout the morning.
Speaker 5: Well, Nathan, mis storm has knocked out power to more
Speaker 5: than three million homes and businesses in Florida. It also
Speaker 5: shredded the roof of Tropicana Field in Saint Petersburg, the
Speaker 5: home of Major League Baseball team Tampa Bay Rays. Florida
Speaker 5: Governor Ronda Santis is urging residents to be cautious.
Speaker 6: Stay inside and stay off the roads. Floodwaters and rushing
Speaker 6: storm surge are very dangerous, and I would say that's
Speaker 6: even more so in spite of everything the state did
Speaker 6: to help these local communities hit by Helene remove a
Speaker 6: lot of debris.
Speaker 5: And Florida Governor and DeSantis was speaking last night before
Speaker 5: the storm made a landfall. Andankey Research estimated Milton could
Speaker 5: cause damages and losses and arrange from sixty billion to
Speaker 5: seventy five billion dollars.
Speaker 2: And Karen, former President Donald Trump had the storm victims
Speaker 2: in mind as he returned to the campaign trail last
Speaker 2: night in Pennsylvania.
Speaker 4: We just pray for everybody.
Speaker 7: We want them all to be good, and we're going
Speaker 7: to be there, hopefully soon, and we're going to help
Speaker 7: them rebuild and get it all back together.
Speaker 4: And we hope that God will.
Speaker 8: Keep them safe.
Speaker 2: And the former president has overseas Americans in mind. And
Speaker 2: his latest tax proposal, Trump says he wants to eliminate
Speaker 2: income taxes on Americans who live abroad. The move could
Speaker 2: cut irs paperwork in potentially tax bills for roughly nine
Speaker 2: million Americans who live in other countries. Those who earn
Speaker 2: up to one hundred and twenty six five hundred dollars
Speaker 2: don't have to pay US taxes, so the move could
Speaker 2: allow wealthy Americans to move to low tax countries and
Speaker 2: avoid many obligations well.
Speaker 5: Nathan Donald, Trump's opponent. Vice President Kamala Harris also spoke
Speaker 5: about the hurricane, joining a briefing at the White House yesterday,
Speaker 5: saying people should listen to local officials.
Speaker 9: Many of you, I know are tough, and you've ridden
Speaker 9: out these hurricanes before. This one's going to be different,
Speaker 9: and so we ask you that by every measure, understand
Speaker 9: it's going to be more dangerous, more deadly, and more catastrophic.
Speaker 5: Vice President Harris added that the Biden administration is sending
Speaker 5: thousands of federal officials to Florida to help in any
Speaker 5: way they.
Speaker 2: Can, and Karen before Hurricane Milton Madland fall. Vice President
Speaker 2: Harris joined President Biden on his first call in weeks
Speaker 2: with Israeli Prime Minister Benjamin Netanyahu. They're trying to temper
Speaker 2: Israel's response to last week's missile attack from Iran. Bloomberg's
Speaker 2: Dan Williams has more from Jerusalem.
Speaker 10: Israel is intent on retaliating for Iran's ballistic missile attack
Speaker 10: on it last week. The Americans have openly said that
Speaker 10: they would be in support of some kind of retaliation,
Speaker 10: although they've expressed misgivings about certain types of retaliation. Specifically,
Speaker 10: we hear retaliation aainst Iran's nuclear facilities or oil sector.
Speaker 2: Bloomberg's Dan Williams reports the White House is urging Israel
Speaker 2: to limit its retaliation to military targets and impose new
Speaker 2: economic sanctions on Iran rather than going after sites that
Speaker 2: could disrupt the global economy.
Speaker 5: Well. Turning to the markets now, Nathan and futures are
Speaker 5: lower this morning, a day after the S and P
Speaker 5: five hundred notched its forty fourth record of the year,
Speaker 5: and ahead of this morning's key report on inflation. The
Speaker 5: consumer price index is forecast to rise at tenth of
Speaker 5: upper sent with the core up two tenths begin more
Speaker 5: with Bloomberg's Michael McKee.
Speaker 11: Economists and investors expect no surprises from the latest report
Speaker 11: on consumer prices. Headline and core inflation once again rising
Speaker 11: a tenth of a percentage point more slowly than the
Speaker 11: prior month. While that brings the annual headline rate down
Speaker 11: even closer to the Fed's two percent target, core inflation
Speaker 11: will remain above three percent. The Fed is getting there,
Speaker 11: but very slowly. Think of the report as something of
Speaker 11: a permission slip as long as inflation keeps falling. The
Speaker 11: FED has permission to move interest rates based on employment data.
Speaker 11: Michael McKee Bloomberg Radio.
Speaker 2: Okay, Mike, thank you, and as we await that report.
Speaker 2: A former FED official is speaking out about the economy
Speaker 2: and the future of monetary policy. Former Kansas City Fed
Speaker 2: President Esther George says the central Bank faces a delicate
Speaker 2: balancing act.
Speaker 12: I've always been among those that believe this last mile
Speaker 12: can be the most difficult, because now you're trying to
Speaker 12: get from something in the neighborhood of three percent inflation
Speaker 12: to two and over what period of time can you
Speaker 12: do that and still ensure that the public believes you
Speaker 12: will get back there, that those inflation expectations stay anchored.
Speaker 12: So I remain pretty focused on where we are with
Speaker 12: the current inflation dynamics.
Speaker 2: Former Kansas City Fed President Esther George spoke with Bloomberg yesterday.
Speaker 2: The minutes from the FED September meeting show Chair j
Speaker 2: Powell is unlikely to get support for another big interest
Speaker 2: rate cut as long as the labor market holds up well.
Speaker 5: Nathan in company news this morning, Eli Lilly is ramping
Speaker 5: up its legal campaign against companies that were temporarily allowed
Speaker 5: to make and sell copycat versions of its blockbuster weight
Speaker 5: loss drugs. The drug maker is sending hundreds of cease
Speaker 5: and assist letters to telehealth companies, pharmacies, and medical spas,
Speaker 5: demanding that they stop making, selling, and promoting products that
Speaker 5: mimic Lilies, Munjaro and zep Bound. The FDA had deemed
Speaker 5: Lily's drugs in short supply about two years ago, allowing
Speaker 5: compounding pharmacies to mass produce copies often sold through telehealth
Speaker 5: firms and weight loss spas. When the FDA removed the
Speaker 5: shortage designation earlier this month, compounders lost that permission in Europe.
Speaker 2: This morning, Karen's shares of GSK are hire by five
Speaker 2: and a half percent. The UK pharma company has agreed
Speaker 2: to pay as much as two point two billion dollars
Speaker 2: to resolve about eighty thousand US court cases alleging that
Speaker 2: its old reflex medication, Zantac, was contaminated with a suspected carcinogen.
Speaker 2: GSK says settling the cases is not an admission of flybles.
Speaker 5: When it's time now, we're look at some of the
Speaker 5: other stories making news in New York and around the world,
Speaker 5: and for that we're joined by Bloomberg's Michael Barr.
Speaker 13: Michael, good morning, Good morning Karen. It is a positive
Speaker 13: for Ukraine in its war against Russia. Ukrainian President Vladimir
Speaker 13: Zelensky has signed an agreement with Croatia for desperately needed
Speaker 13: humanitarian aid. It happened at the Ukraine Southeast Europe summit,
Speaker 13: where Zelenski warned leaders of the Balkans about what Russia
Speaker 13: could do after its invasion of Ukraine.
Speaker 8: Russia must accept that Europe has orders, independent nations and
Speaker 8: each nation had the right to choose its future.
Speaker 13: Zelenski says he intends to present his victory plan to
Speaker 13: Western leaders this week, but a weekend meeting with President
Speaker 13: Biden has been postponed because of Hurricane Milton. Meanwhile, Russia
Speaker 13: is recruiting young African women to work at a factory
Speaker 13: producing drones for use in Ukraine amid a labor shortage.
Speaker 13: The Africans say they were duped lure it to Russia
Speaker 13: by a massive social media campaign that promised them free
Speaker 13: airfare and a work study program. And airline pilot is
Speaker 13: dead after he went unconscious in flight. The plane made
Speaker 13: in emergency landing in New York. Turkish Airlines Flight two
Speaker 13: oh four was flying from Seattle to Istanbul when the
Speaker 13: captain had what the FAA is calling a medical emergency,
Speaker 13: went unconscious and died.
Speaker 6: Air Traffic control Juliki, I just want to verify that
Speaker 6: the aircraft being single pilot right now. Is there any
Speaker 6: other assistants in the continent.
Speaker 10: Initially we have three pilots, but we lost one of
Speaker 10: our jobpen.
Speaker 13: The audio from liveatc dot net. The captain died before
Speaker 13: the plane made an emergency landing in New York. A
Speaker 13: new startling study sheds light on sexual violence against children.
Speaker 13: Unic afrew's Caveani Johnson says that the study shows three
Speaker 13: hundred and seventy million girls have been raped or sexually
Speaker 13: assaulted before the age of eighteen.
Speaker 14: It's not just something happening in a faraway place. It's
Speaker 14: something happening in every part of the world and every community.
Speaker 14: You know, almost in every neighborhood. If we really think
Speaker 14: about what these figures mean.
Speaker 13: Unic afrew's Cavenanni Johnson says, Tomorrow, October eleventh, is Day
Speaker 13: of the Girl. There's a recall for almost ten million
Speaker 13: meat and poultry products that may have listeria. The US
Speaker 13: Department of Agriculture announced the recalls, saying the Bruce Pack
Speaker 13: products out of Oklahoma included ready to eat items including dice,
Speaker 13: chicken breasts and top chicken white meat. They were produced
Speaker 13: from June nineteenth through October eighth. Global News twenty four
Speaker 13: hours a day and whenever you want it with the
Speaker 13: Bloomberg News. Now Michael Barr, and this is Bloomberg.
Speaker 4: Karen.
Speaker 5: All right, Michael Barr, thank you time now for the
Speaker 5: Bloomberg Sports Update, brought to you by try and stank Oudi.
Speaker 5: Here's John Stashour, John, good morning.
Speaker 7: Good morning, Karen. Here the world be a Subway series
Speaker 7: playoff wins for the Mets and Yankees. Mets are in
Speaker 7: the league Championship Series. Yanks are one win away. Both
Speaker 7: Rode clutch home runs for the Mets at Game sixth
Speaker 7: and in at City Field, they trailed the Phillies one
Speaker 7: to nothing.
Speaker 13: Two and one to Lindor.
Speaker 4: Now the Picks swinging the drive towards the Capitol like
Speaker 4: seta hunts pretty deep.
Speaker 15: It's back near the wall. It's gone, it's gone. Francisco indoor.
Speaker 15: He may have just out dead himself. He has hit
Speaker 15: a ground slam. End of the Phillies bullpettan right center field.
Speaker 15: The Mets are leading by a score of four to one.
Speaker 7: You ate j just cut It's how he rose. He's
Speaker 7: had quite a past week and a half calling all
Speaker 7: these dramatic home runs. Mets one four to one, won
Speaker 7: the series three to one. In the NLCS, they'll play
Speaker 7: the Dodgers or Padres La. Without a healthy starting pitcher,
Speaker 7: used eight relievers in an eight nothing went at San
Speaker 7: Diego to force the decisive game five back in La tomorrow.
Speaker 7: Yankees Game three at Kansas City tied two too Ethany.
Speaker 4: Here's the three to one to Jean Carlo swing.
Speaker 2: On a high fly to low, Ba goes Melenda's on
Speaker 2: the track, He's at.
Speaker 4: The wall and sheeez god, I see hey Stantonian home run.
Speaker 13: He drove a high fly deep left.
Speaker 4: Into the Yankee bullpen to give the Yankees a three
Speaker 4: to two.
Speaker 7: League on WFAN three to two the final. Stanton had
Speaker 7: quite a night. The homer came after a single, a
Speaker 7: run scoring double, and most surprisingly, a stolen base. Yanks
Speaker 7: up to to one in for tonight in KC. The
Speaker 7: Detroit Cleveland series has started with three shutouts that hadn't
Speaker 7: happened in any series since nineteen oh five. Tigers have
Speaker 7: won the last two, both by three nothing scores. They're
Speaker 7: up two games to ones, making a shutout squad a
Speaker 7: season opener for the Rangers, a six to nothing rump
Speaker 7: in Pittsburgh. John Stashaw were Bloomberg Sports Kennedy.
Speaker 4: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 4: and around the world on Bloomberg dot Com and the
Speaker 4: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm
Speaker 4: Nathan Hager. As we continue to track Hurricane Milton barreling
Speaker 4: across central Florida, snapping trees, power lines, construction cranes, bringing
Speaker 4: deadly storm search to much.
Speaker 2: Of the state's Gulf Coast. President Biden is assuring Floridians
Speaker 2: he's got their back.
Speaker 4: Once the storm hits. We're going to work with state
Speaker 4: officials to clear debris, restore power, and as to it
Speaker 4: as fast as.
Speaker 2: Possible, President Biden in the hours ahead of landfall this morning,
Speaker 2: we are joined by Bloomberg News Executive Editor for Energy
Speaker 2: and Commodities, Will Kennedy. He's part of our team providing
Speaker 2: minute by minute updates on Milton on our top live
Speaker 2: blog tliv go on the Bloomberg Terminal. Appreciate the time
Speaker 2: this morning, will what is the latest track on Milton
Speaker 2: and do we have a sense of the extent of
Speaker 2: the damage.
Speaker 8: The storm is now passed over Florida. It's headed out
Speaker 8: into the Atlantic, so it has wrought its destruction on Florida,
Speaker 8: but it's still dark. It won't get light in Florida
Speaker 8: for a couple of hours, so it's a little hard
Speaker 8: to its us exactly how bad the damage was. It
Speaker 8: was clearly severe. Some of the things that we do
Speaker 8: know is that when it hit, it was a Category
Speaker 8: three caracane, which was a little less than had been feared.
Speaker 8: And the extent of the storm, the flooding, the storm
Speaker 8: surge was perhaps lower than had been feared earlier on.
Speaker 8: So there's some hope that it may not be quite
Speaker 8: as destructive as people had feared, but it's still going
Speaker 8: to be bad. Right now. We know more than three
Speaker 8: million people in Florida are without power. We know that
Speaker 8: the baseball stadium in Tampa had its roof blown off.
Speaker 8: There were widespread pictures of flooding throughout the state, and
Speaker 8: rainfall has been really very heavy indeed across that belt
Speaker 8: the storm tract across central Florida. So we won't know
Speaker 8: until it gets light and we really see, but it
Speaker 8: is going to be a storm with real, really bad impacts.
Speaker 2: Well, given what we do know so far, will in
Speaker 2: terms of the storm surge and the continuing flooding, the
Speaker 2: risk of continued flooding even after the storm passes. What
Speaker 2: could this mean in terms of the economic impact.
Speaker 8: The economic impact of these storms will be are always big.
Speaker 8: You know, it closes down economic activity for some time.
Speaker 8: Three million people out power for a start is a
Speaker 8: huge economic impact, and then there's a huge amount to
Speaker 8: be spent cleaning up that's time consuming, roads a blocked
Speaker 8: people can't get to work, and that all takes time
Speaker 8: to sort out. And then they are very very big
Speaker 8: insurance claims. Will this be one hundred billion dollars storm?
Speaker 8: I don't think we know that yet, but clearly the
Speaker 8: economic impact and the economic losses will run into tens
Speaker 8: of billions of dollars. And this of course just comes
Speaker 8: after a couple of weeks after Hurricane Helene hit another
Speaker 8: part of Florida and then did enormous damage through its rainfall,
Speaker 8: across swaves of the southeastern United States.
Speaker 2: I'm glad you brought that up because it raises the
Speaker 2: question that's been brought up a and time again about
Speaker 2: whether there is enough resources to handle the recovery from
Speaker 2: a one to two punch in Florida. Do we have
Speaker 2: a sense of whether there are the resources coming from
Speaker 2: the federal or state governments to recover from this storm.
Speaker 8: Well, the trouble is this has become a real political
Speaker 8: football during the election campaign, as you know, and people
Speaker 8: arguing about whether the federal response is adequate, so it's
Speaker 8: very hard to get a It's often very hard to
Speaker 8: get a clear picture. I mean clearly, we heard from
Speaker 8: the President earlier in this segment that they will use
Speaker 8: full resources of FEMA to help those impacted by the
Speaker 8: hurricane in Florida, and the Governor of Florida has said
Speaker 8: similar things. So the resources will be there. Whether FEMA
Speaker 8: has the resources to deal with two such big hurricanes
Speaker 8: hot on the heels of each other is an important
Speaker 8: question that we'll know in the days ahead.
Speaker 5: This is Bloombergy Daybreak, your morning podcast on the stories
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Speaker 1: I'm Karen Moscow.
Speaker 2: And I'm Nathan Hager. Join us again tomorrow morning for
Speaker 2: all the news you need to start your day right
Speaker 2: here on Bloomberg Daybreak