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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with a major development at the NATO summit

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Speaker 3: in Lithuania. Turkey has dropped its objections to Sweden joining

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Speaker 3: the Alliance. NATO's Secretary General Young Stoltenberg says Turkey will

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Speaker 3: ask its lawmakers to approve Sweden's membership as soon as possible.

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Speaker 4: Completing Sweden's accession to NATO is an historic step that

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Speaker 4: benefits the security of NATO alas at this critical time,

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Speaker 4: it makes us all stronger unsafer.

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Speaker 2: NATO's Jen Stoltenberg says he can't give exact dates for

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Speaker 2: Sweden's admission to the Alliance. Bloomberg's Maria Todao is in

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Speaker 2: Lithuania and says it should be a relatively quick process.

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Speaker 5: When I spoke to the Swedish FOREI minister last week,

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Speaker 5: we said, as soon as we get the go ahead

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Speaker 5: from both parliaments, we will deposit our documents and then

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Speaker 5: it's up to go. We want to see our flags

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Speaker 5: at the NATA headquarters by the end of the month,

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Speaker 5: so this is a timeline today. Obviously, yesterday you should

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Speaker 5: have seen the smile on the Swedish Prime minister his faith.

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Speaker 5: A lot of reliefs, certainly for this country. There really

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Speaker 5: felt there was a risk of being stuck in Noman's land,

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Speaker 5: but obviously we know now that is not the case.

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Speaker 2: And Bloomberg's Maria today our reports Hungary is now the

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Speaker 2: only NATO member yet to approve Sweden's bid. They're expected

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Speaker 2: to do so in the coming days.

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Speaker 3: President Biden's weighing in on the historic agreement. Karen He

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Speaker 3: spoke from the NATO summit this morning, the first.

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Speaker 6: Time that NATO leaders will meet with thirty one together

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Speaker 6: and looking forward to a meeting very soon with thirty

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Speaker 6: two members with their edition of Sweden.

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Speaker 3: The President Biden plans to meet with Turkey's president later today.

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Speaker 3: They are likely to discuss a sale of F sixteen

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Speaker 3: fighter jets to the nation.

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Speaker 2: Well, another major story we're following this morning, Nathan assented

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Speaker 2: hearing focused on the proposed merger between the Live Golf

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Speaker 2: and the PGA. The hearing gets underway today on Capitol Hill,

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Speaker 2: and Bloomberg's Amy Morris as a preview from our ninety

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Speaker 2: nine to one newsroom in Washington.

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Speaker 7: Members of the Senate per minute Subcommittee on Investigations want

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Speaker 7: to know what the merger would mean for the sport

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Speaker 7: in Saudi Arabia's influence within the US. Sources tell Bloomberg

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Speaker 7: that officials plan to assure lawmakers that the PGA has

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Speaker 7: non negotiable terms in the deal giving it control of

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Speaker 7: the combined entity, allowing the PGA to drive the future

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Speaker 7: of the pro golf business. The two sides haven't even

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Speaker 7: agreed to financial terms yet, and they still need approval

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Speaker 7: from regulators. But what lawmakers really want to know is

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Speaker 7: what led to this sudden decision to merge after months

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Speaker 7: of acrimony in Washington, I Mammy Morris Bloomberg Daybreak.

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Speaker 3: Thanks Amy. The PGA Live Golf deal has drawn a

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Speaker 3: lot of scrutiny across the country, and today families of

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Speaker 3: nine to eleven victims plan to appear at that hearing.

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Speaker 3: We get that part of the story from Bloomberg's at Baxter.

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Speaker 8: The family's long support of the PGA's effort against Live

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Speaker 8: from raiding its players and feel betrayed now by the merger.

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Speaker 8: Senator Richard Blumenthal says they don't think the PGA should

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Speaker 8: be doing business with Saudi Arabia.

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Speaker 9: Many of the nine to eleven families told me that

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Speaker 9: they are seeking justice, simple justice conparents from WABA, which

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Speaker 9: has resisted that effort at every turn.

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Speaker 8: Bloomenthal says the families believe the PGA is essential to

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Speaker 8: American culture and economy and should be preserved as an

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Speaker 8: American institution. In San Francisco, I met Baxter Bloomberg day break.

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Speaker 2: All right, ed, thank you, But we also have new

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Speaker 2: developments this morning in the classified documents case against Donald Trump.

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Speaker 2: The former president has asked a federal judge in Florida

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Speaker 2: to postpone setting a trial date. Trump is objecting to

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Speaker 2: plans to set a date this year, signaling he might

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Speaker 2: want to delay it until after the presidential election on

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Speaker 2: August fourteenth. Trial date was initially set by the judge

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Speaker 2: in the case.

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Speaker 3: Let's turn it back to the markets now, Karen More.

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Speaker 3: Fed officials are coming out in favor of additional rate

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Speaker 3: hikes this year. San Francisco FED president Mary Daily says

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Speaker 3: the risks of doing too little outweigh those of doing

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Speaker 3: too much.

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Speaker 2: We're likely to need a couple more rate hikes over

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Speaker 2: the course of this year to really bring inflation back

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Speaker 2: into a path.

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Speaker 10: That's a long sustainable two percent path, and.

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Speaker 3: That sentiment from Mary Daily was echoed by FED Vice

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Speaker 3: Chair for Supervision Michael Barr and Cleveland FED chief Loretta Master.

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Speaker 3: Markets are currently pricing in a rate hike this month,

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Speaker 3: followed by rate cuts starting in March.

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Speaker 2: Well big banks may soon face higher capital requirements from

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Speaker 2: US officials. The fed's top banking regulator, Michael Barr, says

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Speaker 2: he wants banks to start using a standardized approach for

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Speaker 2: estimating credit, operational and trading risks rather than relying on

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Speaker 2: their own estimates. Barr says the Fed's annual stressed should

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Speaker 2: be rejiggered to better capture dangers that firms can face.

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Speaker 3: Corporate news and consumer news really Amazon's Prime Day kicks

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Speaker 3: off today, but will it really make a difference for

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Speaker 3: the company? New data show e commerce is not the

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Speaker 3: driving force it used to be for the stock. Bloomberg's

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Speaker 3: Lisa Matteo has the story.

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Speaker 10: In the past four years, Amazon stock has fallen in

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Speaker 10: the week of the two day sales event. Analysta JP

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Speaker 10: Morgan say Prime Day could generate about five billion dollars

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Speaker 10: of incremental revenue this year, a thirteen percent from last year,

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Speaker 10: but the pace of growth has slowed steadily each year

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Speaker 10: since a thirty percent increase in twenty twenty. Investor focus

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Speaker 10: has now shifted to the company's faster growing and profitable

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Speaker 10: cloud computing unit In New York. Lisa Mateo Bloomberg Daybreak.

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Speaker 2: Ry Lisa, thank you well. Amazon founder Jeff Bezos is

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Speaker 2: one of the corporate heavyweights appearing at Allen and Company's

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Speaker 2: annual conference in Sun Valley, Idaho, this week. Disney's Bob

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Speaker 2: Iger open AI CEO Sam Altman and Microsoft CEO Sandanadella

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Speaker 2: are also expected to attend. The summit is typically a

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Speaker 2: hotbed for handshake mergers, but it could take on a

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Speaker 2: different tone this year against the backdrop of M and

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Speaker 2: A activity. This is Bloomberg.

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Speaker 3: Time now to take a look at some of the

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Speaker 3: other stories making news in New York and around the world,

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Speaker 3: and for that we're joined by Bloomberg's Michael bar Good morning, Michael.

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Speaker 11: Good morning, Nathan. The cleanup begins from the dangerous flooding

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Speaker 11: from the severe rainstorms that fell in New York's Hudson

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Speaker 11: Valley over the weekend. Off to one woman dead. Orange

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Speaker 11: County executive Steve Newhouse says in just a few hours,

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Speaker 11: nine inches of rain fell, swelling the Highland Brook to

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Speaker 11: the point that it overwhelmed the tiny communities along its banks.

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Speaker 2: We're transitioning into a recovery stage.

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Speaker 9: We're trying to.

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Speaker 2: Help everybody that has flooded out houses, open up roads,

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Speaker 2: work with the utilities.

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Speaker 11: As for today, the Tri State area will deal with

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Speaker 11: the heat. Bloomberg meeting religious Rob Carolyn. It has the latest, Michael.

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Speaker 12: High pressure is going to be building across the Tri

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Speaker 12: State area in the wake of the system that produced

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Speaker 12: the heavy rain late in the weekend. That high pressure

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Speaker 12: system building in has some very warm air associated with it,

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Speaker 12: and temperatures across the Tri State area look very warm,

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Speaker 12: particularly over the next seventy two hours. We'll see afternoon

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Speaker 12: heights near ninety today, ninety to ninety five tomorrow, and

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Speaker 12: then back up again around ninety on Thursday. The Friday

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Speaker 12: and Saturday look a little cooler due to the fact

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Speaker 12: that once again we're going to be dealing with some

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Speaker 12: showers and thunderstorms. And he continues to build in the

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Speaker 12: Southwest as well. Michael.

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Speaker 11: Thanks Rob speaking about that, Triple digit temperatures are expected

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Speaker 11: in parts of the South for several more days. And

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Speaker 11: what could become the longest heat wave on record. El Paso,

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Speaker 11: Texas has seen twenty five consecutive days of one hundred

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Speaker 11: plus degrees. In Florida, it's not just high air temperatures.

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Speaker 11: An ocean heat wave is pushing water temperatures in the

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Speaker 11: Gulf of Mexico into the mid nineties. The hunt goes

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Speaker 11: on for Michael Burham, an escapee from a northwestern Pennsylvania jail,

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Speaker 11: since last Thursday. State Police spokesman Lieutenant Colonel George bivins.

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Speaker 13: There are currently an excess of fifteen federal, state, and

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Speaker 13: local agencies actively participating in the manhunt. The United States

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Speaker 13: Marshall Service has added significant resources to ensure that regardless

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Speaker 13: of where Burham may try to run, he will be

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Speaker 13: pursued by the full force of law enforcement.

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Speaker 11: Police say they have discovered small campsites near Warren, Pennsylvania,

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Speaker 11: possibly associated with the thirty four year old ESCAPEEEA said

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Speaker 11: it's scrambled warplanes to ward off a US byplane in

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Speaker 11: its exclusive economic zone. The sister of leader Kim John

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Speaker 11: Noon said early today and that the US aircraft retreated

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Speaker 11: Global News twenty four hours a day, powered by more

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Speaker 11: than twenty seven hundred journalists nanalyst in over one hundred

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Speaker 11: and twenty countries. Michae Lebarr. This is Bloomberg, Nathan.

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Speaker 1: Thank you, Michael.

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Speaker 3: Time now for the Bloomberg Sports Update with John Stanshawer.

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Speaker 14: All right, Nathan. The American League has been dominant in

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Speaker 14: the MLB All Star Game in the past decade, as

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Speaker 14: in lost since twenty twelve. See what happens tonight in

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Speaker 14: Seat all the Yankees. Garrett Cole will start for the

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Speaker 14: American League.

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Speaker 15: Some of my fondest memories growing up, one of them

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Speaker 15: is watching Pedro in the All Star Game starting it.

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Speaker 15: And I've been to a few of them, and you know,

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Speaker 15: had the pleasure of watching some future Hall of famers

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Speaker 15: to it, and I've always been like, man, I really

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Speaker 15: really hope I could do that one day.

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Speaker 14: Leannel going with Arizona, Zach Gallon, Andive. The Mets are

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Speaker 14: represented by code Is Sanga and Pete Alonzo, who was

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Speaker 14: in last night's home run Derby, but like last year,

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Speaker 14: Alonzo lost to Seattle's Julio Rodriguez, who electrified the home

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Speaker 14: crowd with a forty one home run outburst in the

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Speaker 14: first round, but then he lost in the semis a

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Speaker 14: Toronto's Vladivier Guerrero Junior, who then held off Tampa Bay's

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Speaker 14: Randia rose Arena in the final twenty five twenty three,

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Speaker 14: so Vlad Junior wins the event that was won by

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Speaker 14: his father. In two thousand and seven, Yankees had their

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Speaker 14: new hitting coach at Sean Casey, a career three hundred

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Speaker 14: hitter himself. He was a Cincinnati Reds teammate of Aaron Boom.

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Speaker 14: There had been conflicting reports about what had really happened

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Speaker 14: with the Northwestern football team in terms of hazing. After

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Speaker 14: an investigation, the original penalty to longtime coach Pat Fitzgerald

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Speaker 14: was just a two game suspension. Last night that was changed.

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Speaker 14: Fitzgerald was fired. He was the coach for seventeen years.

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Speaker 14: Chris Eubanks, the six foot seven inch hard serving Atlanta native,

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Speaker 14: has come out of nowhere to reach the Wimbledon quarterfinals.

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Speaker 14: He had never before qualified to play the event. He

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Speaker 14: beat the fifth seeds to finals hits up five saith

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Speaker 14: Carlos alcaraz One in four the quarterfinals. Beginning today, John

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Speaker 14: stash Thatwer Bloomberg sports.

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Speaker 8: From coast to coast, from New York to San.

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Speaker 11: Francisco, Boston to Washington, DC.

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Speaker 8: Nationwide on Syria's Exam, the Bloomberg Business app and Bloomberg

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Speaker 8: dot Com. This is Bloomberg Daybreak.

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Speaker 11: Good morning.

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Speaker 3: I'm Nathan Hager. The NATO Leader Summit is just getting

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Speaker 3: underway in Lithuania and already there has been a major development.

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Speaker 3: Sweden is a step closer to joining the Alliance now

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Speaker 3: the Turkey has dropped its objections that had held up

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Speaker 3: the bid for months. Bloomberg's Maria TODAYO is covering the

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Speaker 3: summit in Vilnius and Maria joins me. Now this really

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Speaker 3: came about seemingly at the last minute.

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Speaker 16: Maria absolutely, and it was not clear at all that

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Speaker 16: it would get fixed. The situation at the major summit.

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Speaker 16: At one point it almost seems that person and Erdawan

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Speaker 16: of Turkey had made a connection between yet to Sweden

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Speaker 16: joining me to but then of course a commerce station

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Speaker 16: at the same time about Turkey and the European Union.

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Speaker 16: This is a debate that has racked on four years,

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Speaker 16: and the European Commission making it clearer to that they

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Speaker 16: were not connected and that one should not have an

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Speaker 16: impact on the other. That was dropped yesterday by the

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Speaker 16: Turkish president. At the end of the night, there was

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Speaker 16: a bilateral mean time between the two delegations. It was

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Speaker 16: moderated by the Nature Secretary General, and that is the

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Speaker 16: magic of diplomacy. But also the meetings and the conversations

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Speaker 16: that happened behind closed doors. President eard One no longer

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Speaker 16: connecting his gests to the European Union and also dropping

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Speaker 16: the veto instructing now the Turkish parliament to ratify Sweden

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Speaker 16: into Nijor, and that is incredibly important because without that

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Speaker 16: political signal from Erdawan, the country could have stayed in

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Speaker 16: the waitings for many, many, many months, and that was

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Speaker 16: very problematic for Sweden. They believed it was becoming a

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Speaker 16: national security issue. Now we also see the trickle down

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Speaker 16: effects because the Hungarians, who are yet to ratify this

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Speaker 16: memory ship bid, have also said, you know what, we

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Speaker 16: will also say yes to Sweden. This is now a

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Speaker 16: technicality and it is very likely now that this is

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Speaker 16: now a new member of the Alliance that will join

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Speaker 16: very shortly.

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Speaker 3: I mean, this has to be seen as a really

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Speaker 3: important step for NATO, just given the fact that the

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Speaker 3: whole idea behind the summit is to continue to show

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Speaker 3: unity around Ukraine in the face of Russia's aggression. What

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Speaker 3: kind of a signal does Sweden's entry into NATO send.

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Speaker 16: The objects here are very important because NATO wants to

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Speaker 16: project this idea that we are so united, we're more

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Speaker 16: united than we've ever been because of the Russian invasion

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Speaker 16: of Ukraine and that has really bolstered our alliance in

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Speaker 16: terms of the military, but the political allegiance to the

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Speaker 16: police into it. They did not want to have a

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Speaker 16: debate that word or could get toxic in the midst

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Speaker 16: of the stomach. So the fact that this was cleared

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Speaker 16: on the nights before the stummit started as a huge relief. Frankly,

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Speaker 16: you should have seen the smile on the Swedish Prime

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Speaker 16: minister yesterday. United it with a smile from year to year.

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Speaker 16: In terms of today, the debate moves now to Ukraine.

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Speaker 16: The question is whether they can get to that unity

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Speaker 16: when it comes to this invitation or not for nature membership,

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Speaker 16: we know this is a very delicate issue and again

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Speaker 16: it will put that unity to the test.

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Speaker 3: I got to think that there's going to be a

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Speaker 3: lot of pressure on NATO to do something with Ukrainian

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Speaker 3: President Zelensky, as I understand it appearing in person in Vilnius.

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Speaker 2: Yes.

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Speaker 16: And at the point I got to be very honest,

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Speaker 16: the focus of all the reporters here, and we're probably

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Speaker 16: in the thousands, is when is Vi Lensky going to arrive,

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Speaker 16: because we know he is going to participate in the

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Speaker 16: Nature sessions already. The symbolic nature of that, the objects

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Speaker 16: of that go back to the unity conversation that we

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Speaker 16: were just debating on the show. And look, it's a

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Speaker 16: complicated situation because on the one hand, there's this idea

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Speaker 16: that Ukraine needs some kind of signal but to keep

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Speaker 16: the country in a gray area. And yesterday I spoke

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Speaker 16: to the Lithuanian president, who is also the host of

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Speaker 16: the summit. He told me this gray area you're not in,

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Speaker 16: but we're going to help you, but you're actually out.

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Speaker 16: This is the most dangerous area to be. The country

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Speaker 16: needs now a clear signal. What the Ukrainians one is

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Speaker 16: a political invitation. They know they won't get a formal

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Speaker 16: one because the war is still going on, but they

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Speaker 16: want a political signal that will stay clearly in a

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Speaker 16: community Ukraine will join me to once the conditions allowed.

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Speaker 16: That is what they want. President Biden obviously made it.

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Speaker 16: Technically they're not ready yet for a formal invitation, but

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Speaker 16: the Native Secretary General also said that is not necessarily

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Speaker 16: bad news. They can still get a good package. The

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Speaker 16: question is about the structure. How are they going to

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Speaker 16: freeze this idea? And I think that's where we're going

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Speaker 16: to see really the talks behind the scenes, the linguisticals almost.

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Speaker 3: Behind it, even ahead of Ukraine potentially getting assurances here

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Speaker 3: from this NATO summit. Just having Sweden and Finland getting

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Speaker 3: into the alliance here fills it a huge defense gap

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Speaker 3: for NATO, doesn't it huge?

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Speaker 16: And obviously Sweden Finland their neighbors are also geographically very

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Speaker 16: connected to Russia. This is a Baltic Sea and you

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Speaker 16: also have the Baltic countries, and what they argue is

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Speaker 16: that when you have a very strong nature presence there,

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Speaker 16: not only just makes the Nordics safer in that respect

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Speaker 16: was the Russian border, but it also makes the sea,

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Speaker 16: the Baltic Sea, more protected and secure for the Baltics,

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Speaker 16: who also say they feel Russia could potentially be a

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Speaker 16: threat to What they argue is with this changes, we're

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Speaker 16: now feeling more secure, protected and the nature structure is complete.

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