Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Thursday May twelve two. Coming up this hour,
Speaker 1: the Wall Street sell off spreads overseas Global team coverage
Speaker 1: straight ahead. Cryptocurrency has resumed declines as Bitcoin nearest twenty
Speaker 1: five thousand investors await another reading on inflation, and Disney
Speaker 1: shares drop on the company's growth. Albook. Cover to Murphy
Speaker 1: seeks to require New Jersey insurers to cover abortion costs.
Speaker 1: Plus reaction for the US send its vote to block
Speaker 1: abortion rights. I'm Michael bar More Ahead, I'm down stage
Speaker 1: and sports. The Rangers survived. They beat the Penguins to
Speaker 1: force the Game six in Pittsburgh. The Mets lost another
Speaker 1: win for the Yankees. That's All's train ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x M one nine team and
Speaker 1: around the world. Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business app. And Good Thursday Morning. I'm
Speaker 1: Karen Moscow. I'm Nathan Hagar. Bloomberg Daybreak is brought to
Speaker 1: you by B and Y Melon's Pershing Learned Why the
Speaker 1: world's most sophisticated wealth management and institutional firms rely on
Speaker 1: Pershing to help them improve profitability, create efficiency, attract talent,
Speaker 1: and manage risk at pershing dot com. Well US futures
Speaker 1: are extending yesterday sell off at six oh one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg. SNP futures down thirty
Speaker 1: points this morning, DAL futures down two hundred and Nasdaq
Speaker 1: futures are down one hundred thirty six. That's down one
Speaker 1: point one percent. Ten year Treasury of twenty thirty seconds
Speaker 1: yield two point one percent, and the yield on the
Speaker 1: two years two point five six percent. Nathan Karen, it's
Speaker 1: inflation worries that have US stock starting this session at
Speaker 1: their lowest level since March of last year. The hotter
Speaker 1: than expected print we got from consumer prices yesterday's sparking
Speaker 1: years that the Federal Reserve may unleash further tightening and
Speaker 1: tip the economy into recession. Michael Darta is Chief Economists
Speaker 1: and macro strategist at m CAM Partners. That's still a
Speaker 1: major problem for this bond market, a major problem for
Speaker 1: this federal reserve, and as we're seeing a major problem
Speaker 1: for the valuations that support the S and P five hundred.
Speaker 1: Michael Darta and m CAM Partner says the Fed missed
Speaker 1: the boat on inflation. The tech heavy NASDAC humbled more
Speaker 1: than three percent yesterday. It has now lost more than
Speaker 1: a quarter of its value this year. Austin Graf, as
Speaker 1: a portfolio manager at Truemark Investments, you're seeing a continuation
Speaker 1: of kind of what we've seen throughout the entire year
Speaker 1: so far, where you're seeing some of the high flyers
Speaker 1: the last few years and the growth names training off
Speaker 1: the Speaking of of high flyers, Austin Graff at Truemark says,
Speaker 1: Apple is down about from its recent high. In fact,
Speaker 1: the iPhone makers now second to Saudi a Ramco as
Speaker 1: the world's most valuable company. Well, Nathan, yesterday, sell office
Speaker 1: spreading overseas and you begin our global team coverage now
Speaker 1: with the Bloomberg's You and Parts in London. Good morning You,
Speaker 1: and good morning Karen and Nathan. Plenty of red on
Speaker 1: traders bloom Bow screens this morning in Europe, investors taking
Speaker 1: fright at that stubborn US inflation. The stocks is hundred
Speaker 1: down two point one. Mining stocks the worst performing sector,
Speaker 1: down more than four percent, but real estate and carmakers
Speaker 1: also near the bottom of the table. All twenty industry
Speaker 1: groups lower this morning. As to the markets, the foots
Speaker 1: are here in London, one of the worst performing down
Speaker 1: two point three percent. Live in London. I'mun parts all
Speaker 1: right you and thanks. We saw the same selling pressure
Speaker 1: overnight in Asia. Let's continue our team coverage now. Bloomberg's
Speaker 1: Juliette Sally joins us from Singapore. Good morning, Juliet, Good morning,
Speaker 1: Nathan and Karen. The MSCI Asia Pacific Index fell to
Speaker 1: June twenty twenty. Low's is new COVID cases in Shanghai
Speaker 1: damp and prospects for reopening. Investors also appearing to be
Speaker 1: unimpressed by Premier Leese comments urging officials to use fiscal
Speaker 1: and monetary policies to stabilize employment and the economy. Hong
Speaker 1: Kong shares came under pressure as the city and defened
Speaker 1: defend its currency for the first time since twenty In Singapore,
Speaker 1: Juliette Sale bloom Bag daybreak. All right, Juliette, thank you.
Speaker 1: We're also seeing cryptocurrencies continue their sell off this morning,
Speaker 1: and we get the latest on that Live with Bloomberg's
Speaker 1: re need a Young in New York. Good morning, Renown,
Speaker 1: Good morning, Karen. The crypto market has lost more than
Speaker 1: two hundred billion dollars in wealth over the past twenty
Speaker 1: four hours. Bitcoins trading at its lowest level since twenty twenty.
Speaker 1: At one point this morning, it touched just over twenty
Speaker 1: five thousand. Right now, it's trading at close to twenty
Speaker 1: eight thousand. It's been falling in conjunction with the regular market,
Speaker 1: but the collapse of the terra usd stable coin is
Speaker 1: triggering a flight from many of the large digital tokens,
Speaker 1: and backers of the coin are trying to raise about
Speaker 1: one point five billion dollars to shore it up. Stable
Speaker 1: Coins are key elements of the crypto markets. There were
Speaker 1: traders park funds as they move in and out of
Speaker 1: other tokens. The total total value of all stable coins
Speaker 1: is beyond one hundred billion dollars. Live in New York.
Speaker 1: I'm renned a Young. Bloomberg Daybreak, All right, Rena. Thanks,
Speaker 1: Let's turn to corporate. He's on Wall Street now. We've
Speaker 1: been watching shares of Disney this morning. The down more
Speaker 1: than five percent in early trading after the company reported
Speaker 1: subscriber gains for its flagship streaming service that beat estimates,
Speaker 1: but it's also tempering its outlook for the year. We
Speaker 1: get the details from Bloomberg's Charlie Pellett. Disney said it
Speaker 1: will trim spending on movies and TV shows. On the
Speaker 1: conference call, CEO Bob Jpeck said Disney is lowering its
Speaker 1: projection for overall film and TV spending by one billion
Speaker 1: dollars to thirty two billion this year. Disney did report
Speaker 1: that on an expected growth in its flagship Disney Plus
Speaker 1: screaming service, while saying half of Disney Plus subscribers are
Speaker 1: adults without kids in New York. Charlie Pellett Bloomberg day Break.
Speaker 1: All right, Charlie, thank you all. On the economic front today,
Speaker 1: we'll get another key reading on inflation. The Producer Price
Speaker 1: Index comes out at eight thirty am Wall Street time,
Speaker 1: and we get a preview from bloomberg S Michael McKee.
Speaker 1: Inflation isn't going away soon, but it may ease a
Speaker 1: bit producer prices are forecast to have increased more slowly
Speaker 1: in April, following a stronger than expected gained the previous month.
Speaker 1: While food prices continued to accelerate, oil prices retreated in April.
Speaker 1: Supply chain snarls could worsen amid China's COVID lockdowns, suggesting
Speaker 1: wholesale inflation will be slow to recede. Coming after a
Speaker 1: firm April CPI, the p p I is unlikely to
Speaker 1: add much to market thinking about inflation or the Fed's
Speaker 1: plans for raising rates. Michael McKee, Bloomberg Daybreak, Naren Mike Thanks.
Speaker 1: As the Fed fights inflation, it's adding another new member
Speaker 1: to its ranks. The Senates added a third nominee of
Speaker 1: President Biden's to the FED Board. Lawmakers confirmed economist Philip
Speaker 1: Jefferson as FED governor yesterday Today, Senate Democrats expect to
Speaker 1: vote to confirm Jerome Powell to a second term as
Speaker 1: FED chair. And in the markets this morning, Nathan worsening
Speaker 1: the impact of the recent bonds sell off. Pimco saw
Speaker 1: clients pull more than fourteen billion dollars from its fawn's
Speaker 1: last quarter as investors fled fixed income securities amid rising
Speaker 1: interest rates well, stocks are what investors are fleeing from
Speaker 1: this morning. Karen right now is in p futures are
Speaker 1: down twenty nine points down. Futures down eighty seven. NASDAC
Speaker 1: futures are lower by a hundred thirty one points. The
Speaker 1: tenure treasury is up twenty five thirty seconds now, the
Speaker 1: yield two point eight two and the yield on the
Speaker 1: two year almost two point five seven percent. Just had
Speaker 1: your latest local headlines into check of sports. This is Bloomberg.
Speaker 1: It's six o seven on Wall Street. Now, where's sixty
Speaker 1: degrees in Central Park? On an accident on eastbound three.
Speaker 1: It's on the on ramp to the Lincoln Tunnel. Details
Speaker 1: coming up in traffic. First Michael Barr with what else
Speaker 1: is going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. New Jersey Governor Phil
Speaker 1: Murphy says he's back in legislation to protect and expand
Speaker 1: abortion access in the state. Murphy says that includes a
Speaker 1: requirement that insurers cover costs of the procedure. Abortion is healthcare,
Speaker 1: and healthcare decisions should be left up to the individual.
Speaker 1: Your body belongs to you. Governor Murphy made his comments
Speaker 1: after a Laite opinion indicated the U. S. Supreme Court
Speaker 1: will overturned the landmark Roe v. Wade decision. The High
Speaker 1: Court will meet today. The Democratic leadership in the U. S.
Speaker 1: Senate failed in its attempt to codify abortion rights into law.
Speaker 1: Bloomberg's at Boxter reports the vote to move the bill
Speaker 1: to the floor needed sixty eyes, it got forty nine.
Speaker 1: Vice President Kamala Harris immediately made it a campaign issue,
Speaker 1: and let's be clear, at the majority of the American
Speaker 1: people believe in defending a woman's right, her choice to
Speaker 1: decide what happens to her own body and send a
Speaker 1: minority leader. Mitch McConnell, though says he doesn't understand the uproar.
Speaker 1: Democrats are melting down because of Supreme Court may may
Speaker 1: uphold of Mississippi law that would limit abortion after fifteen weeks.
Speaker 1: The final Supreme Court opinion and ruling is due, most
Speaker 1: probably in June. In San Francisco, I'm at Baxter Bloomberg
Speaker 1: Gay Break Finished leaders have announced Finland must join NATO
Speaker 1: without delay given Russia's invasion in Ukraine. Neighboring Sweden is
Speaker 1: expected to decide on joining NATO in coming days. New
Speaker 1: York City Mayor Eric Adams and the n y p
Speaker 1: D want the federal government to provoke the business license
Speaker 1: of a big gun manufacturer they blame for the increase
Speaker 1: of ghost guns in the city. Adam says the company
Speaker 1: Polymer eight, sells untraceable ready to assemble gun parts online.
Speaker 1: It comes as crime is on the rise in New York.
Speaker 1: Former New York Congressman Joe Crowley says the economic impact
Speaker 1: of the pandemic is partly to blame. I think this
Speaker 1: is all related in many respects to what's happened in
Speaker 1: terms of coming out of this virus that you know,
Speaker 1: the code by TV impact that has had on the
Speaker 1: overall economy. Former Democratic Congressman Joe Crowley spoke on Bloomberg's
Speaker 1: Balance of Power with David weston South Korea. Says North
Speaker 1: Korea fire to ballistic missile off its eastern coast. The
Speaker 1: missile was launched last night towards the sea. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than hundred journalists and analysts
Speaker 1: more than a hundred twenty countries, and Michael bar this
Speaker 1: is Bloomberg Naked. Thank you Michael six O nine on
Speaker 1: Wall Street time for the Bloomberg Sports Update with John
Speaker 1: Stanshall Dathan. The Rangers, had they lost last night, would
Speaker 1: have been playing golf today. Instead, they're traveling back to
Speaker 1: Pittsburgh for Game six tomorrow. At the Guard, they trailed
Speaker 1: the Penguins to nothing late second period. They came alive
Speaker 1: the house at the right, Quart saw traps, Carter tru again,
Speaker 1: Trump back at Scars three two Rangers ESPN three Ranger
Speaker 1: goals in two minutes forty two seconds, but thirteen seconds
Speaker 1: after the Rangers took the lead, the Penguins tied it
Speaker 1: on Jake Densel's second goal the night, seventh of the series.
Speaker 1: So Game five was tied. Walst ball the puck down
Speaker 1: comes the Heatler shoot starts well of title gives the
Speaker 1: Rangers the lead with a power play goal early at
Speaker 1: Bury at three empty at the end, the Rangers won
Speaker 1: five three, but can they went in Pittsburgh where they
Speaker 1: just lost seven four and seven to Will. The Penguins
Speaker 1: have Sydney Crosby. He left last night with an injury.
Speaker 1: Florida was down three nothing. He came back to be Washington.
Speaker 1: Calgary beat Dallas. They're both up three two. NBA Milwaukee
Speaker 1: came from fourteen down on the fourth quarter to win.
Speaker 1: In Boston. Memphis beat Golden State by thirty nine. The
Speaker 1: Bucks and Warriors have the three too series leads at
Speaker 1: the stadium. Another win for the red Hot Yankees made
Speaker 1: it fifteen or last seventeen beat Toronto five to three.
Speaker 1: Labor Tours driven all five. That's at a three nothing
Speaker 1: first inning lead in Washington Peter Alonso Homer, but the
Speaker 1: Nashals with five and the bottom of the first and
Speaker 1: three more in the second. No more scoring after that,
Speaker 1: and then that's one eight to three. Tyler McGill got
Speaker 1: only four outs. He gave up eight runs on eight hits.
Speaker 1: John Stash Thatward Bloomberg Sports, Nathan all Right, John thanks
Speaker 1: SMP futures are given up twenty six points right now.
Speaker 1: DALN future is down a hundred sixty four. Nastack futures
Speaker 1: are lowered by a hundred twenty two points, leading to
Speaker 1: declines by one percent on the Nastack futures. The tenure
Speaker 1: treasury is now up twenty four thirty seconds yield two
Speaker 1: point eight to per cent more on the market. Sell
Speaker 1: off next will be making with Michael Howson of CMC Markets.
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Speaker 1: is a Bloomberg Business Flash and I'm Cameron Moscow Global
Speaker 1: stocks and you want to stock index futures are falling
Speaker 1: this morning as stubborn inflation in the world's biggest economy
Speaker 1: asked the case for more aggressive monetary timing by the FED.
Speaker 1: If you check the markets every fifteen minutes throughout the
Speaker 1: trading day on Bloomberg right now, is in Key futures
Speaker 1: down twenty nine points to Dow futures down what every
Speaker 1: nastagg futures down on the decks in Germany's down two
Speaker 1: point four percent, ten year treasury up twenty five thirty seconds,
Speaker 1: the yield at two point eight two percent. They yield
Speaker 1: on the two year two point five seven percent, Nimex
Speaker 1: screwed oil down one and a half percent, down a
Speaker 1: dollar fifty seven at a hundred four dollars, eighteen cents
Speaker 1: of Barrel Comic School down a quarter percent or four
Speaker 1: dollars ninety cents at eighteen eighty announced the euro one
Speaker 1: point oh four three six against the dollar, British round
Speaker 1: one point to two oh six, and they yet at
Speaker 1: one twenty eight point seven seven and bitcoins falling down
Speaker 1: almost three and a half percent at twenty seven thousand,
Speaker 1: four hundred dollars. That's a Bloomberg business flashdown. Here's Muchael
Speaker 1: Barre with more on what's going on around the world.
Speaker 1: Muchael Karen, thank you very much. Ukraine's military says Russian
Speaker 1: forces are continuing air strikes on the Steel plan in
Speaker 1: Merry Yupol. It comes on day seventy eight of the ward.
Speaker 1: Finland's president and prime ministers say that vary in favor
Speaker 1: of applying for NATO membership. Neighboring Sweden is expected to
Speaker 1: decide on joining NATO in the coming days. In the
Speaker 1: NHL playoffs, Rangers stay alive after beating the Penguin in
Speaker 1: Game five. The Capitols lost to the path there's the
Speaker 1: fall behind in that series three games to two NBA Playoffs,
Speaker 1: the Celtics lost to the Bucks and are now on
Speaker 1: the brink of elimination. The Warriors lost to the grizzly
Speaker 1: Golden State still leads that series three two. In baseball,
Speaker 1: Yankees one, Mets lost to the Nationals, Red Sox and
Speaker 1: Orioles lost the Giants. And A's one Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktanch,
Speaker 1: powered by more than twenty seven hundred journalists analysts more
Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan, Okay, Michael,
Speaker 1: Thanks six nineteen now on Wall Street Life from the
Speaker 1: Bloomberg Intractive Broker Studios. This is Bloomberg Daybreak. Want to
Speaker 1: go now right to Michael Houston, chief market analyst at
Speaker 1: CMC Markets. As we watched the sell off continuing equities, Michael,
Speaker 1: it seems like markets find further ways to move lower.
Speaker 1: How much further do you think this could run? Yeah?
Speaker 1: Lost last week. I think you asked me the question, um,
Speaker 1: are we in a bad market? And I saw on
Speaker 1: the fence a little bit. I said, you know, if
Speaker 1: we break four thousand, one hundred on the SMP and
Speaker 1: and around about twelve thousand, nine hundred on the Nasdack.
Speaker 1: Then yeah, absolutely, I think we would be, and I
Speaker 1: think we do have significantly further to run. I think
Speaker 1: the market reaction to those breaks that I highlighted last
Speaker 1: week suggests that we can see three thousand, eight hundred
Speaker 1: on the SMP initially on the move to three and
Speaker 1: a half thousand, and eleven thousand, seven hundred on the
Speaker 1: Nasdack on the way to potentially ten and a half
Speaker 1: thousand over the course of the next few weeks and months.
Speaker 1: Now we're not too far from either of those levels
Speaker 1: now at the SMP closing at five yesterday, do you
Speaker 1: see this market move as overdone? Is it the right
Speaker 1: reaction to what could come from the Federal Reserve? I
Speaker 1: think it is. I think if you look at it
Speaker 1: in the context of the growth outlook. We got GDP
Speaker 1: numbers out of the UK this morning. We saw a
Speaker 1: march in traction, which means the UK economy has only
Speaker 1: really expanded in January this year, with inflation repressure is
Speaker 1: expected to grow over the course of the rest of
Speaker 1: the year. You've got a cost of living crisis. Certainly,
Speaker 1: those CPI numbers yesterday that we saw from the US
Speaker 1: suggests that the U. S consumer is starting to or
Speaker 1: is going to start feeling the pressure. Certainly, the consumer
Speaker 1: credit numbers out of the US over the past two
Speaker 1: months worry me immensely. We've been We've seen massive growth there,
Speaker 1: and I would argue that the excess savings that the U. S.
Speaker 1: Consumer had over the course of the past twelve months
Speaker 1: has gone because why would you borrow on a credit
Speaker 1: card when rates are going up? Because your repayments are
Speaker 1: going to be inordinately expensive. So I think a big
Speaker 1: test next week will be US retail sales for April,
Speaker 1: but also the numbers from Walmart and Target. What will
Speaker 1: they tell us about the U. S. Conshumor, well, what
Speaker 1: kind of test do you think we could see from
Speaker 1: producer prices later this morning? Are you looking for further
Speaker 1: signs of stickiness and inflation on the producer side? I
Speaker 1: am simply because I think we saw a bigger than
Speaker 1: expected rise in the numbers for March. They went up
Speaker 1: to eleven. They went up to eleven. Now we are
Speaker 1: expecting a small moderation to ten point seven. But I
Speaker 1: don't think it's going to be as big a moderation
Speaker 1: as perhaps markets pricing in look at prices play components
Speaker 1: on the I s M. They actually spiked up in April,
Speaker 1: so why would we expect a decline or a significant decline?
Speaker 1: And producer prices and they generally tend to be fairly
Speaker 1: decent forward looking indicators. So I think there is a
Speaker 1: concern about stagflation going forward. And you can look at
Speaker 1: the US labor market and say, well, yes, there are
Speaker 1: significant amount of vacancies. I'll be interested to see how
Speaker 1: quickly those eleven million vacancies disappear as the economy continues
Speaker 1: to slow. If we can do need to see financial
Speaker 1: conditions taking like they are right now. What does that
Speaker 1: mean for the FED? I think it makes it very
Speaker 1: very difficult for them. I mean they can be at
Speaker 1: the moment they seem very very focused on getting inflation
Speaker 1: under control, and I don't think they've seen that bothered
Speaker 1: about causing a recession because potentially, I think they see
Speaker 1: the alternatives as far worse. Um So, the U s
Speaker 1: economy is in much better shapes, and say, for example,
Speaker 1: the economy here in the UK or Europe. But I
Speaker 1: think Ultimately they are going to have to force a
Speaker 1: significant slowdown in order to get inflation under control. The
Speaker 1: bigger question is whether that's the price they're willing to pay.
Speaker 1: So in our last thirty seconds here, Michael, or do
Speaker 1: you expect that the US reaches a recession this year? Uh?
Speaker 1: Putting me on the spot. Timing is always very very difficult.
Speaker 1: I think it's very very difficult. I mean, obviously we've
Speaker 1: seen a first quarter contraction. I'll be prebady surprised if
Speaker 1: we see a significant pickup in Q two, but who knows,
Speaker 1: we could well see one towards the end of the
Speaker 1: mightbe Q full beginning of Q one. Al right, well,
Speaker 1: as as always, Michael, good to get your thoughts. Thanks
Speaker 1: for this. Michael Houston is a Chief market analyst at
Speaker 1: CMC Markets. As we watch equity markets fall, SMP futures
Speaker 1: right now down twenty eight points, STAFF futures down a
Speaker 1: hundred eighty five NASDAC futures down a hundred thirty two points,
Speaker 1: a drop of one point one percent. Even more bleeding
Speaker 1: in Europe, with the decks in Germany down to in
Speaker 1: a third percent, to cat in Paris down two point
Speaker 1: seven percent. The tenure Treasury right now up twenty three
Speaker 1: thirty seconds, the yield just shy of two point three
Speaker 1: percent yield on the two year two point five eight,
Speaker 1: and the thirty year yield below three percent at two
Speaker 1: point nine six almost two point nine seven on the
Speaker 1: long term. Note just to head more on the market
Speaker 1: sell off and Disney's dim outlook. Five things you need
Speaker 1: to notice start the day next. I'm Bloomberg day Break,
Speaker 1: Bloomberg eleven three oh weather, partly sunny, low seventies today,
Speaker 1: Scattered showers possible tomorrow with a high in year seventy,
Speaker 1: and we bring the showers back possibly on Saturday as well,
Speaker 1: with highest and the low seventies currently sixty in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interacted Broker Studio in New York.
Speaker 1: Bloomberg Eloving Freo to Washington, d C, Bloomberg one to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg Nong
Speaker 1: sixteen to the country, Sirius XM to the one nine
Speaker 1: teen and around the globe the Bloomberg Business app in
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak in a
Speaker 1: six thirty on Wall Street Good morning. I'm Nathan Hagar
Speaker 1: and I'm kerin Moscow. We're just about three hours away
Speaker 1: from the open of US trading. Time to the five
Speaker 1: things you need to notice start your day. Brought to
Speaker 1: you I I b KR Investment Advisers switched to Interactive
Speaker 1: Brokers for lowest cost global trading and turnkey custody solutions
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Speaker 1: ib k R dot com slash r I A first,
Speaker 1: Yesterday's hot inflation reading is sending markets downward. Stocks begin
Speaker 1: the session at their lowest level since March of one.
Speaker 1: Former New York Fed Governor Bill Dudley says Fetchier J.
Speaker 1: Powell may have to tighten monetary policy more than he's
Speaker 1: planning to. I think he's four to five or higher. Um,
Speaker 1: you know I was three or four maybe six months ago.
Speaker 1: From four to five shocked me if I'm you know,
Speaker 1: five to six a few months from now. Former New
Speaker 1: York Fed Governor Bill Dudley said the Federal Reserve must
Speaker 1: forcefully state how it will hate its inflation target. We'll
Speaker 1: get another key reading on inflation this morning when the
Speaker 1: Preucer Price Index is released. You were watching markets in
Speaker 1: Europe and Asia fall as well. Care in European stocks
Speaker 1: are poised for their fifth straight week of declines, and
Speaker 1: crypto assets also tumbling. Here, Nathan Bloomberg's or Nita Young
Speaker 1: joins US Live with more. Good morning, Renida, Good morning Karen.
Speaker 1: The crypto market has lost more than two hundred billion
Speaker 1: dollars in wealth over the past twenty four hours. Bitcoins
Speaker 1: trading at its lowest level since twenty At one point
Speaker 1: this morning, it touched just over twenty five thousand. Now
Speaker 1: it's close to twenty eight thousand. It's falling in conjunction
Speaker 1: with the regular market, but the collapse of the terror
Speaker 1: U s D stable coin is triggering a flight from
Speaker 1: many of the large digital tokens. Backers of the coin
Speaker 1: are trying to raise about one point five billion dollars
Speaker 1: to shore up the token. And stable coins are key
Speaker 1: elements of the crypto market. It's where traders park funds
Speaker 1: as they move in and out of other tokens. Live
Speaker 1: in New York. I'm Nida Young Bloomberg. Daybreak, Okay, Renita.
Speaker 1: Thanks training to corporate earnings, Disney shares are down about
Speaker 1: five percent in early trading after a temperate its outlook.
Speaker 1: Gerber Kawasanki, CEO Ross Gerber, thanks strong subscriber growth in
Speaker 1: the streaming service reflects overall positive signs for Disney. Disney
Speaker 1: had very good results for their streaming businesses and and
Speaker 1: much better than we expected because obviously we thought they
Speaker 1: had a tough comparison to the COVID era and you know,
Speaker 1: quite frankly, all their businesses are starting to improve now.
Speaker 1: Gerbert Kawasaki, CEO Ros Gerber spoke with Emily Chang on
Speaker 1: Bloomberg Technology, which Hair's weekdays at five pm Eastern on
Speaker 1: Bloomberg Television. And in Washington, Nathan the SEC is reportedly
Speaker 1: probing whether Elon Musk broke rules when he just flows
Speaker 1: a large steak and Twitter Musk is also facing FDC
Speaker 1: inquiries over taking Twitter private. And that's the five things
Speaker 1: you need to notice start your day, brought to you
Speaker 1: by Interactive Brokers, straight Ahead, your latest local headlines, plus
Speaker 1: the check of sports. And this is Bloomberg. Thanks Karen
Speaker 1: six thirty three on Wall Street, sixty one degrees in
Speaker 1: Central Park, still watching the accident eastbound three on the
Speaker 1: off ramp to UH Route Corner, A five on ramp
Speaker 1: actually we'll get the details in traffic. Michael Bars here
Speaker 1: with Morrow. What's going on in New York and around
Speaker 1: the world. Good morning, Michael, Good morning Nathan. New Jersey
Speaker 1: Governor Phil Murphy is taking additional steps to protect abortion rights.
Speaker 1: The Democratic governor wants his state to make Midweis advanced practice,
Speaker 1: nurses and physician assistants cleared to provide abortions. We remained
Speaker 1: steadfast in our commitment to ensuring that all New Jerseyans
Speaker 1: have access to reproductive healthcare, including abortion, and we stand
Speaker 1: with women across the nation who are facing inevitable hardships
Speaker 1: on the horizon. Governor Murphy also wants in state insurance
Speaker 1: companies to cover abortions. Senate Republicans, along with the Democratic
Speaker 1: Senator Joe Manin, have blocked a build a turn abortion
Speaker 1: rights in the federal law. This as Supreme Court justices
Speaker 1: are set to meet today for the first time since
Speaker 1: a draft opinion that would overturn Roe v. Wade was
Speaker 1: leaked to the media. Finish leaders have announced Finland must
Speaker 1: join NATO without delay given Russia's invasion in Ukraine. Finland's
Speaker 1: Foreign Minister Panca Havisto addressed the EU Committee on foreign
Speaker 1: affairs and Brussels this morning and its must be held
Speaker 1: accountable for the consequencies and effects of the illegal war
Speaker 1: of a Christian. Foreign minister of Visto says a few
Speaker 1: months have changed everything. Mandatory evacuations are underway in parts
Speaker 1: of Orange County, southern California, as a wind driven wildfire
Speaker 1: moves through the so called Coastal Fire is destroyed nearly
Speaker 1: two dozen homes. South Korea says North Korea fired a
Speaker 1: ballistic missile last night towards the sea of its east coast. Meanwhile,
Speaker 1: in a rare admission, North Korea imposed a nationwide lockdown
Speaker 1: today to control its first acknowledged COVID nineteen outbreak. The
Speaker 1: country has a poor healthcare system. In its twenty six
Speaker 1: million people are believed to be mostly unvaccinated. Pro tip
Speaker 1: if you're going to see Broadway star Patty Lapone, where
Speaker 1: you're mask in the theater. The company's star called out
Speaker 1: an uncovered audience member during a Q and A panel
Speaker 1: at New York's American Theater. Wing Lapone then used an
Speaker 1: expletive to tell the offender what they could do if
Speaker 1: they didn't follow the rule. Dear Lapone, who is seventy three.
Speaker 1: She tested positive for COVID in late February. Remember that, Yeah,
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than journalists analysts,
Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg. Yeah,
Speaker 1: I know, Michael. That was about all that you could
Speaker 1: play from that clip on the radio. So thank you
Speaker 1: for that. Alright, six thirty six on Wall Street, time
Speaker 1: to check Bloomberg Sports that John Stesshops and the Rangers
Speaker 1: facing elimination, trailing the Penguins three games to one, and
Speaker 1: trail in Game five of the Garden to nothing. But
Speaker 1: after no goals in thirty five minutes, three goals in
Speaker 1: two minutes and forty two seconds Adam Fox, Alexis La
Speaker 1: Frontier Jacob Truba, then third period of range of power
Speaker 1: play in the first playoff goal for Philiphito Rangers with
Speaker 1: an empty net at the end, they beat the Penguins
Speaker 1: five to three, and they still trailed the series three
Speaker 1: to two. The Ranger concern is whether they can now
Speaker 1: win in Pittsburgh in six tomorrow. The Penguins concern is
Speaker 1: an injury suffered the last night to Sydney Crosby Florida
Speaker 1: rally to be Washington. Calgary met Dallas NBA. Memphis at
Speaker 1: one point led Golden State by fifty five. The Grizzlies
Speaker 1: won by thirty nine to stay alive. Forty points for
Speaker 1: Janie went to the Kumpo. Milwaukee rallied late to win.
Speaker 1: In Boston, the Celtics took out the nets in round one.
Speaker 1: That's GM. Shawn Marks met the media in Brooklyn to
Speaker 1: talk about how to get better. We have prided ourselves
Speaker 1: on the past with finding players with a chip on
Speaker 1: his shoulder, with the resilience, was suthing to prof um.
Speaker 1: We're gonna have to go back to that. We're gonna
Speaker 1: have to go back to looking a little bit more development,
Speaker 1: looking more at finding the right characteristics of the player
Speaker 1: that fits here, and when after that locking up Kyrie
Speaker 1: Irving with a new long term deal, Mark said he's
Speaker 1: not committing to that. In d C, National's Got to
Speaker 1: Tyler McGill beat the Mets eight to three, with all
Speaker 1: the scoring coming in the first two winnings. McGill got
Speaker 1: only four outs, gave up eight runs eight hits. The
Speaker 1: series ends this afternoon and the Yankees will visit the
Speaker 1: White Sox tonight. They just beat Toronto five the three
Speaker 1: labor Torres Drive In all five Yanks had net one
Speaker 1: fifteen of their last seven team John Stashwer, Bloomberg Sports
Speaker 1: Nathan all Right, John six thirty seven on Wall Street
Speaker 1: Time Now to take a look at stock, some of
Speaker 1: the names moving in the pre market. Bloomberg Radio and
Speaker 1: TV Markets correspondent Created Gupta looking for any hints of
Speaker 1: green this morning. I imagine it is a tough job
Speaker 1: on that front this morning, Crety. But I know you're
Speaker 1: keeping an eye on earnings as well. Yeah, well it's
Speaker 1: been a tough job for the past couple of months
Speaker 1: as well. We've got some of these downside stories because
Speaker 1: it's not just about selling out of these positions. Some
Speaker 1: of them are based on fundamentals, which to your point, Nathan,
Speaker 1: brings me to earnings. Let's start off with Disney here.
Speaker 1: That's gotta be the big story overnight. D I S
Speaker 1: is your taker down about five percent? Now they did
Speaker 1: beat subscriber estimates. I don't know if you're a Disney
Speaker 1: Plus subscriber, Nathan, So you're one of the one thirty
Speaker 1: seven point seven million that I feel so special. Now, yeah,
Speaker 1: it's it's a it's a good spot to be in.
Speaker 1: I am as well. By the way, the estimate there
Speaker 1: is one hundred and thirty four point four million, so
Speaker 1: they did come out with some pretty big numbers. Here's
Speaker 1: the downside though, they warned about the rest of the year.
Speaker 1: They're trimming someone that's spending on movies and TV shows,
Speaker 1: so for fans like you and myself, it means perhaps
Speaker 1: a little less content. But they did say their theme
Speaker 1: park business was strong. And when you're talking about what
Speaker 1: kind of parts of their business, that makes about the
Speaker 1: revenue come from the media, from the streaming business, um,
Speaker 1: but obviously their media and that includes you know when
Speaker 1: you go to a Disney store and buy a Disney
Speaker 1: hat or whatever that maybe it includes all of that
Speaker 1: their content, their Disney channels, etcetera. The other comes from
Speaker 1: theme parks, from cruise lines. Remember that was the part
Speaker 1: that was shut down during the COVID pandemic that really
Speaker 1: amplified the switch to streaming. So but they said the
Speaker 1: both sides were actually very strong. It's simply the issue
Speaker 1: of what's going to happen in the rest of the year.
Speaker 1: The growth won't be as strong as it has been
Speaker 1: in the past two quarters. Executive on the call, also
Speaker 1: saying that the company plans to introduce Disney Plus to
Speaker 1: fifty three new markets that include South Africa as soon
Speaker 1: as next week and then will perhaps offset some of
Speaker 1: the disruptions are seeing in the likes of Poland and
Speaker 1: Ukraine of course up from the war. They're Maathon, And
Speaker 1: just for more full disclosure here, I'm also an iPhone
Speaker 1: owner and Apple shares aren't doing so high this morning either.
Speaker 1: Well did you see that story about how they're retiring
Speaker 1: the iPod touch over that one? Yeah, I was in
Speaker 1: the fifth grade and I was the only one who
Speaker 1: had it with my my my pride and joy um.
Speaker 1: But to your point, Apple is also I know, I know,
Speaker 1: my dad just did this like a show off. He's
Speaker 1: a good A A p L is your taker. It
Speaker 1: is down one pot this morning, and remember this was
Speaker 1: them on course to open more than twenty percent below
Speaker 1: their January peak. So Apple shares hitting a bear market.
Speaker 1: The other one you want to talk about here is
Speaker 1: Beyond Meat also taking quite a hit this morning. B
Speaker 1: y n d R Taker down twenty five. It dropped
Speaker 1: below its I P O price This is huge because
Speaker 1: of course they did report earnings. They weren't that great.
Speaker 1: Animals slashing their targets on the plant based food company
Speaker 1: across the board, Nathan, So even on the tech side,
Speaker 1: the consumer staple side, arguably, beyond meat is a consumer staple.
Speaker 1: A lot of red on the screen wherever you look. Yeah,
Speaker 1: a little bit of both of her, beyond meat for sure.
Speaker 1: Thanks Creedy as always, Bloomberg Grady on TV. Markets correspondent
Speaker 1: Creedy Gupta with us as we continue to watch the
Speaker 1: cell off SMP futures down twenty four points down down,
Speaker 1: futures down a hundred fifty six and NANSDAC future is
Speaker 1: lower by a hundred twenty four points. Tenure treasury up
Speaker 1: twenty two thirty seconds. The yield there two point eight
Speaker 1: three percent, and the yield on the two year two
Speaker 1: point five nine. On the nose, this is Bloomberg Bloomberg
Speaker 1: eleven three oh weather, partly sunny, low seventies today, scattered
Speaker 1: showers possible tomorrow with a high near seventy, and we've
Speaker 1: got another chance of shower Saturday with highs and the
Speaker 1: low seventies sixty Right now in Central Park markets headlines
Speaker 1: and breaking new ones twenty four hours a day at
Speaker 1: Bloomberg dot com, the Bloomberg Business at Land. At Bloomberg
Speaker 1: Quick Tape, He's a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: This update brought to you by d n Y Melons.
Speaker 1: Pershing learned why the world's most sophisticated wealth management and
Speaker 1: institutional firms rely on Pershing to help them improve profitability,
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Speaker 1: Future is lower this morning because of the first word
Speaker 1: breaking news desk for today's morning call. And here's fail
Speaker 1: maloney build. Good morning, Hey, good morning, Karen. That's right.
Speaker 1: US features are in the red right now at deat
Speaker 1: features down a hundred and seventy eight point says if
Speaker 1: he's dropped twenty eight asday. Features are lower by one
Speaker 1: the US ten yeld at two point eight three percent,
Speaker 1: Gold is down three Oil is also in the red,
Speaker 1: and bitcoin is down by two point two percent. It
Speaker 1: fell below twenty five thousand, five hundred at one point.
Speaker 1: Japan dropped one point eight percent overnight, while Europan markets
Speaker 1: are also under pressure, led by two percent losses in
Speaker 1: the UK, France and Germany. Back in the US on
Speaker 1: the economic Fronday thirty initial jobs claims and April p
Speaker 1: p I. After develous night, Disney warrant subscriber growth in
Speaker 1: the second half may miss expectations and regarding earnings. This morning,
Speaker 1: cyber arks software boosted fistally your revenue forecast rapid Things
Speaker 1: up Planes All American was raised to outperform at kred,
Speaker 1: Sweez beyond Meat was cut to equate to Barkley's, and
Speaker 1: fort and GM were cut as well. Spargo sees ev
Speaker 1: costs rising massively. Live from the first breaking news deskm
Speaker 1: Bill Malona can great gil. Thank you to hear live
Speaker 1: breaking news of your bloombergy type squawk on your terminal
Speaker 1: scu A w u K, that's a Bloomberg business flash.
Speaker 1: Now here's Michael bar with more on what's going on
Speaker 1: around the world, matal, Thank you very much. The U. S.
Speaker 1: Supreme Court will gather today for the first time since
Speaker 1: the leak of a majority draft opinion. That's just the
Speaker 1: court will overturn Roe v. Wade. Yesterday, the U. S.
Speaker 1: Senate failed to pass a measure to enshrine abortion rights
Speaker 1: in federal law. Ukraine's military says Russian forces unleashed air
Speaker 1: strikes on the last pocket of Ukrainian resistance in the
Speaker 1: besieged city of Mariouple, South Korea says North Korea fire
Speaker 1: a ballistic missile last night off its eastern coast. In
Speaker 1: the NHL Playoffs, the Rangers stay alive after beating the Penguins.
Speaker 1: The Capital's lost to the Panthers. In the NBA Playoffs,
Speaker 1: the Celtics lost to the Bucks Center now on the
Speaker 1: brink of al nation. The Warriors lost to the Grizzlies. Baseball,
Speaker 1: the Yankees one, the Mets loss to the Nationals, the
Speaker 1: Red Sox and Orioles lost the Giants, and as one
Speaker 1: global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than journalists analysts
Speaker 1: more than a hundred twenty countries. I'm Michael Barr. This
Speaker 1: is Bloomberg. The following commentary is from Bloomberg Opinion. I'm
Speaker 1: Jonathan Bernstein, a columnist for Bloomberg Opinion. In the continuing
Speaker 1: story of Donald Trump's perceived influence within the Republican Party,
Speaker 1: this week delivered a mixed verdict. His endorsed candidate won
Speaker 1: a high profile House primary in West Virginia, but the
Speaker 1: Trump back candidate for governor in Nebraska fell short. What
Speaker 1: matters for Trump's influence within the party is his perceived cloud.
Speaker 1: How well that reflects Trump's actual suave of voters is
Speaker 1: harder to assess. In multi candidate races in Ohio last week.
Speaker 1: In Nebraska this week, Trump's candidates got about a third
Speaker 1: of the primary vote. If Trump's backing is worth at
Speaker 1: best thirty three percent of the Republican vote, that's really
Speaker 1: not that impressive. It's also true that a lot of
Speaker 1: candidates Trump didn't indors, even something we're running against, candidates
Speaker 1: E supports sound a lot like the former president. But
Speaker 1: whether that's a question of Trump's influence or not is complicated.
Speaker 1: It's possible that what's really going on here is Republican
Speaker 1: aligned media dominating Republican primaries, and that's a very big
Speaker 1: story in US politics right now. I'm Jonathan Bernstein. For
Speaker 1: more opinion, please go to Bloomberg dot com, Slash Opinion
Speaker 1: or O P I N go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg Opinion and Bloomberg Opinion commentaries can
Speaker 1: be heard every weekday at this time and terminal Customers
Speaker 1: can read more at O p I n go. It
Speaker 1: is six fifty on Wall Street. Returned to News and
Speaker 1: Science and Technology now with the Bloomberg and j I. T.
Speaker 1: Stammer Report brought to U buy New Jersey Institute of
Speaker 1: Technology ranked a top fifty national public university by US
Speaker 1: News and World Report and j I T is Future
Speaker 1: in the Making. Learn more at n j I T
Speaker 1: dot E DU now Here's its Making News and Science, Technology,
Speaker 1: Engineering and Math. North Korea has imposed in nationwide to
Speaker 1: lockdown to control its first acknowledged COVID outbreak, after holding
Speaker 1: for more than two years to a widely doubted claim
Speaker 1: of a perfect record keeping out the virus. A failure
Speaker 1: to slow infections could have serious consequences because the country
Speaker 1: has a poor healthcare system and its twenty six million
Speaker 1: people are believed to be mostly unvaccinated. Saudi Aramco has
Speaker 1: overtaken Apple as the world's most valuable company on searching
Speaker 1: oil prices and ongoing weakness and tex stalks. Earlier this year,
Speaker 1: Apple boasted a market value of three trillion dollars, but
Speaker 1: has since fallen. Nearly and another honor for Frank will
Speaker 1: Check the Nobel Prize winning theoretical physicist renowned for his
Speaker 1: boundary pushing investigations into the fundamental laws of nature, has
Speaker 1: been given this year's prestigious Templeton Prize as a word
Speaker 1: of to individuals whose life's work embodies a fusion of
Speaker 1: science and spirituality. Established in nineteen seventy two by the
Speaker 1: late philanthropist Sir John Templeton, the prize is one of
Speaker 1: the world's most lucrative individual awards currently and more than
Speaker 1: one point three million dollars and as a Bloomberg n
Speaker 1: j I T STEM report. Nathan Okay, Karen, Thanks. We're
Speaker 1: live from the Bloomberg Interactive Broker Studios where it's six
Speaker 1: fifty two on Wall Street. Now it's time to check
Speaker 1: what's going on in d C. Who are Some of
Speaker 1: the top stories include the abortion rights bill getting blocked
Speaker 1: in the Senate, President Biden warning Democrats of voter anger
Speaker 1: over inflation, and senators warning of the tech threat from
Speaker 1: China as a competition bill awaits also making news. Just
Speaker 1: this morning, President Biden marking a million lives lost to
Speaker 1: COVID nineteen. Bloomberg Government Congressional reporter Jack Fitzpatrick is here
Speaker 1: with us now from more in all these stories, Jack,
Speaker 1: we are likely to reach that milestone sometime today. The
Speaker 1: official numbers are just shy of a million right now.
Speaker 1: But we did get a statement from the President this morning. Yes,
Speaker 1: we did get a statement from the President acknowledging that,
Speaker 1: and the plan is to have the flags at half
Speaker 1: massed today in order to uh knowledge the milestone that
Speaker 1: is expected today. We may also hear more because the
Speaker 1: President is supposed to participate in this international COVID Virtual
Speaker 1: Summit today. Obviously the us IS milestone is not the
Speaker 1: only thing on the docket, but after about fifteen million
Speaker 1: deaths internationally, uh, I wonder if the President might raise
Speaker 1: that in his comments to kick off that summit. Uh
Speaker 1: as he also, of course pushes for a bill from
Speaker 1: Congress for COVID resources. Yeah, it is very interesting for
Speaker 1: this milestone to come just now when the COVID AID
Speaker 1: that had been part of the Ukraine package was stripped out.
Speaker 1: So where do things stand now with ongoing COVID relief.
Speaker 1: It's very stalled, uh, And especially it'll be interesting to
Speaker 1: see how the President sort of acknowledges the lack of
Speaker 1: progress on that in an international forum in which he's
Speaker 1: taking part in today, given that there was a bipartis
Speaker 1: an agreement initially on a domestic package. The president asked
Speaker 1: had asked for twenty two and a half billion dollars overall,
Speaker 1: there is an agreement to give him ten billion on
Speaker 1: the domestic needs. Then the Title forty two immigration debate
Speaker 1: got that locked up. Uh, And now we're hearing from lawmakers.
Speaker 1: You know, we eventually will need to do uh, the
Speaker 1: the funding for global vaccination, global therapeutics, that kind of thing.
Speaker 1: But that immigration debate that tripped things up, and the
Speaker 1: decision to not include that in the Ukraine Aid bill
Speaker 1: really stalled things. Uh. So we don't exactly have a
Speaker 1: schedule going forward other than that talks are are ongoing
Speaker 1: on a COVID bill. Uh. And it's very difficult without
Speaker 1: an agreement on the immigration side of that policy that
Speaker 1: allowed under pandemic authorities allowed officials to expel people from
Speaker 1: the border. More quickly, let's turn to the abortion debate. Now,
Speaker 1: we had that testout in the Senate yesterday on starting
Speaker 1: debate on codifying abortion rights, but it didn't even get
Speaker 1: every Democrat on board. Right, Joe Mansion did not side
Speaker 1: with them on that, and I think test vote is
Speaker 1: the right word to use for this. It was very
Speaker 1: much a vote with an eye toward November. Um, they
Speaker 1: really could have gotten more support if it were a
Speaker 1: narrower bill. Hearing from uh Senator Mansion, Senator Susan Collins,
Speaker 1: Lisa Murkowski. They could get a simple majority, very likely
Speaker 1: on something narrowly tailored to codify the Roe v. Wade
Speaker 1: right to have an abortion. But there are some some
Speaker 1: provisions in this bill that go a bit further limiting
Speaker 1: what states can do to to place limits on that right. Uh,
Speaker 1: so Mansion is against it. They didn't get Republicans support.
Speaker 1: It's something Democrats put up essentially as a show vote
Speaker 1: to put Republicans on the record. And of course, even
Speaker 1: if they could get a few more votes on something
Speaker 1: narrowly tailored, that wouldn't get them to sixty notes. So
Speaker 1: really this has become a political issue with the mid
Speaker 1: terms in mind. Yeah, it is gonna be interesting to
Speaker 1: see if this does resonate into November. But if you
Speaker 1: hear some of the president's latest comments, Jack, it sounds
Speaker 1: like he's really focused on the potential political Achilles heal
Speaker 1: of inflation. Yes, he has called that his top domestic priority.
Speaker 1: He has really responded to the negative feedback on on
Speaker 1: the just what an issue that is, and he he
Speaker 1: spoke uh yesterday at a d n C event saying
Speaker 1: it's it's a very tough issue heading toward November. He's
Speaker 1: essentially warning Democrats that is a major weight on them.
Speaker 1: He's tried to, on one hand, point to the FED
Speaker 1: and say this is the federal reserves job. On the
Speaker 1: other hand, he's pointed to some of the legislative outlook
Speaker 1: pushing for some tax increases on the wealthy under the
Speaker 1: Build Back Better plan that I guess will be renamed
Speaker 1: at some point that is also still stalled. But really
Speaker 1: ultimate Lee, he clearly has come to the recognition that
Speaker 1: this is a very difficult issue for Democrats in the midterms.
Speaker 1: That's not going away. Bloomberg Government Congressional reporter Jack Fitzpatrick
Speaker 1: with us this morning. Read more about all these stories
Speaker 1: at Bloomberg dot com or on the Bloomberg terminal, and
Speaker 1: listen to Bloomberg Radio in Washington at Bloomberg and one
Speaker 1: oh five point seven FM HD two. The prospect of
Speaker 1: stickier inflation and potential further FED tightening is definitely what's
Speaker 1: on markets minds. This morning, we got SNP futures down
Speaker 1: down sixteen points, DAL futures down ninety six NASTAC futures
Speaker 1: lower by a hundred two points, the tenure Treasury up
Speaker 1: twenty thirty seconds, the yield two point eight four percent
Speaker 1: as we await the latest read on inflation in the
Speaker 1: producer Price Index. Much more to come on Bloomberg Surveillance
Speaker 1: Next for Karen Moscow. I'm Nathan Hagar. This is Bloomberg