WEBVTT - Hurricane Milton Hits Florida; Biden on Israel's Looming Retaliation

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

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<v Speaker 1>Hager 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 latest on Hurricane Milton, which

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<v Speaker 2>plowed into Florida's west coast overnight. Is a Category three storm.

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<v Speaker 2>Let's get the very latest track now with Bloomberg meteorologist

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<v Speaker 2>Rob Carolyn.

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<v Speaker 3>Good morning, Rob, Good morning Nathan. The good news is

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<v Speaker 3>hurricane and Milton is moving off shorts now located about

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<v Speaker 3>ten miles northeast of Cape Canaveral, moving off towards the

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<v Speaker 3>northeast at about eighteen miles an hour. It's now category

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<v Speaker 3>one hurricane. Winds are eighty five miles an hour. Recently,

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<v Speaker 3>Marine land on the east coast of Florida reported sustained

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<v Speaker 3>winds of seventy five miles an hour, gusting to eighty

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<v Speaker 3>three miles an hour. All of the warnings on the

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<v Speaker 3>west coast of Florida for tropical storms have been discontinued,

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<v Speaker 3>as has the hurricane warning in West Florida. South Florida.

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<v Speaker 3>We've seen all the warnings discontinued. Big problem now this

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<v Speaker 3>morning is going to be wins on the East Coast

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<v Speaker 3>from Vua Beach to the Georgia Porter and a storm

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<v Speaker 3>search of three to six feet.

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<v Speaker 2>So now that it is moving off shore, Rob, should

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<v Speaker 2>we expect relatively quick improvement to the weather in Florida.

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<v Speaker 3>Especially across the West Florida This morning, Nathan, the winds

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<v Speaker 3>there have diminished quite a bit. The big problem now

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<v Speaker 3>is many areas had over ten inches of rainfall from

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<v Speaker 3>Milton overnight, so we've got residual freshwater flooding issues this

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<v Speaker 3>morning in western central Florida.

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<v Speaker 4>Okay, Rob, thank you.

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<v Speaker 2>We're going to be checking back with Bloomberg Media religist

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<v Speaker 2>Rob Carolyn on Milton throughout the morning.

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<v Speaker 5>Well, Nathan, mis storm has knocked out power to more

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<v Speaker 5>than three million homes and businesses in Florida. It also

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<v Speaker 5>shredded the roof of Tropicana Field in Saint Petersburg, the

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<v Speaker 5>home of Major League Baseball team Tampa Bay Rays. Florida

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<v Speaker 5>Governor Ronda Santis is urging residents to be cautious.

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<v Speaker 6>Stay inside and stay off the roads. Floodwaters and rushing

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<v Speaker 6>storm surge are very dangerous, and I would say that's

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<v Speaker 6>even more so in spite of everything the state did

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<v Speaker 6>to help these local communities hit by Helene remove a

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<v Speaker 6>lot of debris.

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<v Speaker 5>And Florida Governor and DeSantis was speaking last night before

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<v Speaker 5>the storm made a landfall. Andankey Research estimated Milton could

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<v Speaker 5>cause damages and losses and arrange from sixty billion to

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<v Speaker 5>seventy five billion dollars.

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<v Speaker 2>And Karen, former President Donald Trump had the storm victims

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<v Speaker 2>in mind as he returned to the campaign trail last

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<v Speaker 2>night in Pennsylvania.

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<v Speaker 4>We just pray for everybody.

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<v Speaker 7>We want them all to be good, and we're going

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<v Speaker 7>to be there, hopefully soon, and we're going to help

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<v Speaker 7>them rebuild and get it all back together.

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<v Speaker 4>And we hope that God will.

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<v Speaker 8>Keep them safe.

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<v Speaker 2>And the former president has overseas Americans in mind. And

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<v Speaker 2>his latest tax proposal, Trump says he wants to eliminate

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<v Speaker 2>income taxes on Americans who live abroad. The move could

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<v Speaker 2>cut irs paperwork in potentially tax bills for roughly nine

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<v Speaker 2>million Americans who live in other countries. Those who earn

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<v Speaker 2>up to one hundred and twenty six five hundred dollars

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<v Speaker 2>don't have to pay US taxes, so the move could

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<v Speaker 2>allow wealthy Americans to move to low tax countries and

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<v Speaker 2>avoid many obligations well.

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<v Speaker 5>Nathan Donald, Trump's opponent. Vice President Kamala Harris also spoke

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<v Speaker 5>about the hurricane, joining a briefing at the White House yesterday,

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<v Speaker 5>saying people should listen to local officials.

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<v Speaker 9>Many of you, I know are tough, and you've ridden

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<v Speaker 9>out these hurricanes before. This one's going to be different,

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<v Speaker 9>and so we ask you that by every measure, understand

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<v Speaker 9>it's going to be more dangerous, more deadly, and more catastrophic.

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<v Speaker 5>Vice President Harris added that the Biden administration is sending

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<v Speaker 5>thousands of federal officials to Florida to help in any

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<v Speaker 5>way they.

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<v Speaker 2>Can, and Karen before Hurricane Milton Madland fall. Vice President

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<v Speaker 2>Harris joined President Biden on his first call in weeks

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<v Speaker 2>with Israeli Prime Minister Benjamin Netanyahu. They're trying to temper

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<v Speaker 2>Israel's response to last week's missile attack from Iran. Bloomberg's

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<v Speaker 2>Dan Williams has more from Jerusalem.

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<v Speaker 10>Israel is intent on retaliating for Iran's ballistic missile attack

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<v Speaker 10>on it last week. The Americans have openly said that

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<v Speaker 10>they would be in support of some kind of retaliation,

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<v Speaker 10>although they've expressed misgivings about certain types of retaliation. Specifically,

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<v Speaker 10>we hear retaliation aainst Iran's nuclear facilities or oil sector.

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<v Speaker 2>Bloomberg's Dan Williams reports the White House is urging Israel

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<v Speaker 2>to limit its retaliation to military targets and impose new

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<v Speaker 2>economic sanctions on Iran rather than going after sites that

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<v Speaker 2>could disrupt the global economy.

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<v Speaker 5>Well. Turning to the markets now, Nathan and futures are

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<v Speaker 5>lower this morning, a day after the S and P

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<v Speaker 5>five hundred notched its forty fourth record of the year,

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<v Speaker 5>and ahead of this morning's key report on inflation. The

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<v Speaker 5>consumer price index is forecast to rise at tenth of

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<v Speaker 5>upper sent with the core up two tenths begin more

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<v Speaker 5>with Bloomberg's Michael McKee.

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<v Speaker 11>Economists and investors expect no surprises from the latest report

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<v Speaker 11>on consumer prices. Headline and core inflation once again rising

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<v Speaker 11>a tenth of a percentage point more slowly than the

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<v Speaker 11>prior month. While that brings the annual headline rate down

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<v Speaker 11>even closer to the Fed's two percent target, core inflation

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<v Speaker 11>will remain above three percent. The Fed is getting there,

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<v Speaker 11>but very slowly. Think of the report as something of

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<v Speaker 11>a permission slip as long as inflation keeps falling. The

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<v Speaker 11>FED has permission to move interest rates based on employment data.

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<v Speaker 11>Michael McKee Bloomberg Radio.

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<v Speaker 2>Okay, Mike, thank you, and as we await that report.

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<v Speaker 2>A former FED official is speaking out about the economy

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<v Speaker 2>and the future of monetary policy. Former Kansas City Fed

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<v Speaker 2>President Esther George says the central Bank faces a delicate

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<v Speaker 2>balancing act.

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<v Speaker 12>I've always been among those that believe this last mile

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<v Speaker 12>can be the most difficult, because now you're trying to

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<v Speaker 12>get from something in the neighborhood of three percent inflation

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<v Speaker 12>to two and over what period of time can you

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<v Speaker 12>do that and still ensure that the public believes you

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<v Speaker 12>will get back there, that those inflation expectations stay anchored.

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<v Speaker 12>So I remain pretty focused on where we are with

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<v Speaker 12>the current inflation dynamics.

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<v Speaker 2>Former Kansas City Fed President Esther George spoke with Bloomberg yesterday.

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<v Speaker 2>The minutes from the FED September meeting show Chair j

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<v Speaker 2>Powell is unlikely to get support for another big interest

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<v Speaker 2>rate cut as long as the labor market holds up well.

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<v Speaker 5>Nathan in company news this morning, Eli Lilly is ramping

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<v Speaker 5>up its legal campaign against companies that were temporarily allowed

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<v Speaker 5>to make and sell copycat versions of its blockbuster weight

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<v Speaker 5>loss drugs. The drug maker is sending hundreds of cease

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<v Speaker 5>and assist letters to telehealth companies, pharmacies, and medical spas,

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<v Speaker 5>demanding that they stop making, selling, and promoting products that

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<v Speaker 5>mimic Lilies, Munjaro and zep Bound. The FDA had deemed

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<v Speaker 5>Lily's drugs in short supply about two years ago, allowing

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<v Speaker 5>compounding pharmacies to mass produce copies often sold through telehealth

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<v Speaker 5>firms and weight loss spas. When the FDA removed the

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<v Speaker 5>shortage designation earlier this month, compounders lost that permission in Europe.

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<v Speaker 2>This morning, Karen's shares of GSK are hire by five

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<v Speaker 2>and a half percent. The UK pharma company has agreed

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<v Speaker 2>to pay as much as two point two billion dollars

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<v Speaker 2>to resolve about eighty thousand US court cases alleging that

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<v Speaker 2>its old reflex medication, Zantac, was contaminated with a suspected carcinogen.

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<v Speaker 2>GSK says settling the cases is not an admission of flybles.

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<v Speaker 5>When it's time now, we're look at some of the

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<v Speaker 5>other stories making news in New York and around the world,

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<v Speaker 5>and for that we're joined by Bloomberg's Michael Barr.

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<v Speaker 13>Michael, good morning, Good morning Karen. It is a positive

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<v Speaker 13>for Ukraine in its war against Russia. Ukrainian President Vladimir

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<v Speaker 13>Zelensky has signed an agreement with Croatia for desperately needed

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<v Speaker 13>humanitarian aid. It happened at the Ukraine Southeast Europe summit,

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<v Speaker 13>where Zelenski warned leaders of the Balkans about what Russia

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<v Speaker 13>could do after its invasion of Ukraine.

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<v Speaker 8>Russia must accept that Europe has orders, independent nations and

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<v Speaker 8>each nation had the right to choose its future.

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<v Speaker 13>Zelenski says he intends to present his victory plan to

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<v Speaker 13>Western leaders this week, but a weekend meeting with President

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<v Speaker 13>Biden has been postponed because of Hurricane Milton. Meanwhile, Russia

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<v Speaker 13>is recruiting young African women to work at a factory

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<v Speaker 13>producing drones for use in Ukraine amid a labor shortage.

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<v Speaker 13>The Africans say they were duped lure it to Russia

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<v Speaker 13>by a massive social media campaign that promised them free

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<v Speaker 13>airfare and a work study program. And airline pilot is

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<v Speaker 13>dead after he went unconscious in flight. The plane made

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<v Speaker 13>in emergency landing in New York. Turkish Airlines Flight two

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<v Speaker 13>oh four was flying from Seattle to Istanbul when the

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<v Speaker 13>captain had what the FAA is calling a medical emergency,

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<v Speaker 13>went unconscious and died.

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<v Speaker 6>Air Traffic control Juliki, I just want to verify that

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<v Speaker 6>the aircraft being single pilot right now. Is there any

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<v Speaker 6>other assistants in the continent.

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<v Speaker 10>Initially we have three pilots, but we lost one of

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<v Speaker 10>our jobpen.

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<v Speaker 13>The audio from liveatc dot net. The captain died before

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<v Speaker 13>the plane made an emergency landing in New York. A

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<v Speaker 13>new startling study sheds light on sexual violence against children.

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<v Speaker 13>Unic afrew's Caveani Johnson says that the study shows three

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<v Speaker 13>hundred and seventy million girls have been raped or sexually

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<v Speaker 13>assaulted before the age of eighteen.

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<v Speaker 14>It's not just something happening in a faraway place. It's

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<v Speaker 14>something happening in every part of the world and every community.

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<v Speaker 14>You know, almost in every neighborhood. If we really think

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<v Speaker 14>about what these figures mean.

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<v Speaker 13>Unic afrew's Cavenanni Johnson says, Tomorrow, October eleventh, is Day

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<v Speaker 13>of the Girl. There's a recall for almost ten million

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<v Speaker 13>meat and poultry products that may have listeria. The US

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<v Speaker 13>Department of Agriculture announced the recalls, saying the Bruce Pack

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<v Speaker 13>products out of Oklahoma included ready to eat items including dice,

0:09:33.559 --> 0:09:37.559
<v Speaker 13>chicken breasts and top chicken white meat. They were produced

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<v Speaker 13>from June nineteenth through October eighth. Global News twenty four

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<v Speaker 13>hours a day and whenever you want it with the

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<v Speaker 13>Bloomberg News. Now Michael Barr, and this is Bloomberg.

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<v Speaker 4>Karen.

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<v Speaker 5>All right, Michael Barr, thank you time now for the

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<v Speaker 5>Bloomberg Sports Update, brought to you by try and stank Oudi.

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<v Speaker 5>Here's John Stashour, John, good morning.

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<v Speaker 7>Good morning, Karen. Here the world be a Subway series

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<v Speaker 7>playoff wins for the Mets and Yankees. Mets are in

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<v Speaker 7>the league Championship Series. Yanks are one win away. Both

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<v Speaker 7>Rode clutch home runs for the Mets at Game sixth

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<v Speaker 7>and in at City Field, they trailed the Phillies one

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<v Speaker 7>to nothing.

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<v Speaker 13>Two and one to Lindor.

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<v Speaker 4>Now the Picks swinging the drive towards the Capitol like

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<v Speaker 4>seta hunts pretty deep.

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<v Speaker 15>It's back near the wall. It's gone, it's gone. Francisco indoor.

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<v Speaker 15>He may have just out dead himself. He has hit

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<v Speaker 15>a ground slam. End of the Phillies bullpettan right center field.

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<v Speaker 15>The Mets are leading by a score of four to one.

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<v Speaker 7>You ate j just cut It's how he rose. He's

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<v Speaker 7>had quite a past week and a half calling all

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<v Speaker 7>these dramatic home runs. Mets one four to one, won

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<v Speaker 7>the series three to one. In the NLCS, they'll play

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<v Speaker 7>the Dodgers or Padres La. Without a healthy starting pitcher,

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<v Speaker 7>used eight relievers in an eight nothing went at San

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<v Speaker 7>Diego to force the decisive game five back in La tomorrow.

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<v Speaker 7>Yankees Game three at Kansas City tied two too Ethany.

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<v Speaker 4>Here's the three to one to Jean Carlo swing.

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<v Speaker 2>On a high fly to low, Ba goes Melenda's on

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<v Speaker 2>the track, He's at.

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<v Speaker 4>The wall and sheeez god, I see hey Stantonian home run.

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<v Speaker 13>He drove a high fly deep left.

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<v Speaker 4>Into the Yankee bullpen to give the Yankees a three

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<v Speaker 4>to two.

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<v Speaker 7>League on WFAN three to two the final. Stanton had

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<v Speaker 7>quite a night. The homer came after a single, a

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<v Speaker 7>run scoring double, and most surprisingly, a stolen base. Yanks

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<v Speaker 7>up to to one in for tonight in KC. The

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<v Speaker 7>Detroit Cleveland series has started with three shutouts that hadn't

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<v Speaker 7>happened in any series since nineteen oh five. Tigers have

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<v Speaker 7>won the last two, both by three nothing scores. They're

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<v Speaker 7>up two games to ones, making a shutout squad a

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<v Speaker 7>season opener for the Rangers, a six to nothing rump

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<v Speaker 7>in Pittsburgh. John Stashaw were Bloomberg Sports Kennedy.

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<v Speaker 4>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 4>and around the world on Bloomberg dot Com and the

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<v Speaker 4>Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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<v Speaker 4>Nathan Hager. As we continue to track Hurricane Milton barreling

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<v Speaker 4>across central Florida, snapping trees, power lines, construction cranes, bringing

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<v Speaker 4>deadly storm search to much.

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<v Speaker 2>Of the state's Gulf Coast. President Biden is assuring Floridians

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<v Speaker 2>he's got their back.

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<v Speaker 4>Once the storm hits. We're going to work with state

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<v Speaker 4>officials to clear debris, restore power, and as to it

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<v Speaker 4>as fast as.

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<v Speaker 2>Possible, President Biden in the hours ahead of landfall this morning,

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<v Speaker 2>we are joined by Bloomberg News Executive Editor for Energy

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<v Speaker 2>and Commodities, Will Kennedy. He's part of our team providing

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<v Speaker 2>minute by minute updates on Milton on our top live

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<v Speaker 2>blog tliv go on the Bloomberg Terminal. Appreciate the time

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<v Speaker 2>this morning, will what is the latest track on Milton

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<v Speaker 2>and do we have a sense of the extent of

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<v Speaker 2>the damage.

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<v Speaker 8>The storm is now passed over Florida. It's headed out

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<v Speaker 8>into the Atlantic, so it has wrought its destruction on Florida,

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<v Speaker 8>but it's still dark. It won't get light in Florida

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<v Speaker 8>for a couple of hours, so it's a little hard

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<v Speaker 8>to its us exactly how bad the damage was. It

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<v Speaker 8>was clearly severe. Some of the things that we do

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<v Speaker 8>know is that when it hit, it was a Category

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<v Speaker 8>three caracane, which was a little less than had been feared.

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<v Speaker 8>And the extent of the storm, the flooding, the storm

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<v Speaker 8>surge was perhaps lower than had been feared earlier on.

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<v Speaker 8>So there's some hope that it may not be quite

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<v Speaker 8>as destructive as people had feared, but it's still going

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<v Speaker 8>to be bad. Right now. We know more than three

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<v Speaker 8>million people in Florida are without power. We know that

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<v Speaker 8>the baseball stadium in Tampa had its roof blown off.

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<v Speaker 8>There were widespread pictures of flooding throughout the state, and

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<v Speaker 8>rainfall has been really very heavy indeed across that belt

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<v Speaker 8>the storm tract across central Florida. So we won't know

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<v Speaker 8>until it gets light and we really see, but it

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<v Speaker 8>is going to be a storm with real, really bad impacts.

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<v Speaker 2>Well, given what we do know so far, will in

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<v Speaker 2>terms of the storm surge and the continuing flooding, the

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<v Speaker 2>risk of continued flooding even after the storm passes. What

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<v Speaker 2>could this mean in terms of the economic impact.

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<v Speaker 8>The economic impact of these storms will be are always big.

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<v Speaker 8>You know, it closes down economic activity for some time.

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<v Speaker 8>Three million people out power for a start is a

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<v Speaker 8>huge economic impact, and then there's a huge amount to

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<v Speaker 8>be spent cleaning up that's time consuming, roads a blocked

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<v Speaker 8>people can't get to work, and that all takes time

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<v Speaker 8>to sort out. And then they are very very big

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<v Speaker 8>insurance claims. Will this be one hundred billion dollars storm?

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<v Speaker 8>I don't think we know that yet, but clearly the

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<v Speaker 8>economic impact and the economic losses will run into tens

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<v Speaker 8>of billions of dollars. And this of course just comes

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<v Speaker 8>after a couple of weeks after Hurricane Helene hit another

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<v Speaker 8>part of Florida and then did enormous damage through its rainfall,

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<v Speaker 8>across swaves of the southeastern United States.

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<v Speaker 2>I'm glad you brought that up because it raises the

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<v Speaker 2>question that's been brought up a and time again about

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<v Speaker 2>whether there is enough resources to handle the recovery from

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<v Speaker 2>a one to two punch in Florida. Do we have

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<v Speaker 2>a sense of whether there are the resources coming from

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<v Speaker 2>the federal or state governments to recover from this storm.

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<v Speaker 8>Well, the trouble is this has become a real political

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<v Speaker 8>football during the election campaign, as you know, and people

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<v Speaker 8>arguing about whether the federal response is adequate, so it's

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<v Speaker 8>very hard to get a It's often very hard to

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<v Speaker 8>get a clear picture. I mean clearly, we heard from

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<v Speaker 8>the President earlier in this segment that they will use

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<v Speaker 8>full resources of FEMA to help those impacted by the

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<v Speaker 8>hurricane in Florida, and the Governor of Florida has said

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<v Speaker 8>similar things. So the resources will be there. Whether FEMA

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<v Speaker 8>has the resources to deal with two such big hurricanes

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<v Speaker 8>hot on the heels of each other is an important

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<v Speaker 8>question that we'll know in the days ahead.

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<v Speaker 5>This is Bloombergy Daybreak, your morning podcast on the stories

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<v Speaker 1>I'm Karen Moscow.

0:16:39.160 --> 0:16:41.680
<v Speaker 2>And I'm Nathan Hager. Join us again tomorrow morning for

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<v Speaker 2>all the news you need to start your day right

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<v Speaker 2>here on Bloomberg Daybreak