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Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg

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Speaker 1: day Break for Monday AUGUSTO. Coming up this hour, we

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Speaker 1: sent it passes a landmark tax, climate and healthcare bill.

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Speaker 1: Wall Street races for another key report on inflation. Morgan

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Speaker 1: Stanley Guildman stratagist predicted dimming profit outlook for Corporate America,

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Speaker 1: and the CEO of Carlisle Grove unexpectedly steps down New

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Speaker 1: York Bringer Adams says they're welcome, but it's criticizing Governor

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Speaker 1: Abbot after sending the second bus load of my grants

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Speaker 1: from Texas. Michael Barr more ahead, I'm John Stanstown Sport.

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Speaker 1: Jacob de Grand pitched the Mets to victory over the Brave.

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Speaker 1: They won four or five of the series. The Yankee

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Speaker 1: swept in St. Louis. That's all trended ahead on Bloomberg

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Speaker 1: Daybreak on Bloomberg eleven three on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine

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Speaker 1: sixties and Francisco Sirius x M one nine team and

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Speaker 1: around the world on Bloomberg Radio. Dove Carmen by the

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Speaker 1: Bloomberg Business app. Good morning. I'm John Tucker and I'm

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Speaker 1: Nathan Hagar. US futures are on the rise this morning.

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Speaker 1: We're coming up to six oh one on Wall Street,

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Speaker 1: and we checked the markets every fifteen minutes during the

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Speaker 1: trading day. On bloomberg SMP futures are up ten points,

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Speaker 1: Staff futures up sixty eight. Nasdaq futures higher by forty

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Speaker 1: eight points. The tenure Treasury is up seven thirty seconds.

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Speaker 1: The yield two point seven nine percent yield on the

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Speaker 1: two year three point to zero nime X screwed is

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Speaker 1: down eight tenths percent at eighty eight dollars twenty nine

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Speaker 1: cents a bear all, John and Nathan. We're gonna have

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Speaker 1: more on the markets in a minute, but first let's

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Speaker 1: start in Washington. Over the weekend, the Senate passing a

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Speaker 1: landmark tax, climate and healthcare bill, fifty grant See in

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Speaker 1: favor of the measure, fifty Republicans against it, with Vice

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Speaker 1: President Kamala Harris casting the tide breaking vote. When it

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Speaker 1: comes to what's next in the bill, we get more

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Speaker 1: from Bloomberg's and Baxter. The top one percent avoided the

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Speaker 1: tax increases liberal Democrats had wanted at the beginning. There

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Speaker 1: will be a tax on stock buybacks. The legislation also

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Speaker 1: aims to prevent large corporations from exploiting tax breaks, and

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Speaker 1: there will be a fifteen percent minimum. It did not

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Speaker 1: raise the salt deduction on the climate side, and sentives

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Speaker 1: to cut greenhouse gases with a hope to cut emissions

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Speaker 1: by about forty from two thousand five levels by the

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Speaker 1: end of the decade. It will extend the tax credit

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Speaker 1: on e v s, but there'll be restrictions that US

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Speaker 1: electric car makers say will exclude seventy of vehicles, and

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Speaker 1: Medicare will be allowed to negotiate drug prices. In San Francisco,

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Speaker 1: I'm at Baxter Bloomberg Daybreak, All right, and thank you.

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Speaker 1: On Wall Street today, the fit is in focus after

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Speaker 1: Friday's strong jobs report, Speculation is growing that another seventy

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Speaker 1: five basis point rate hike could becoming. San Francisco FED

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Speaker 1: president Mary Daily tells CBS the Central Bank has a

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Speaker 1: lot of work ahead. We are far from done yet.

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Speaker 1: That's the promise of the American people. We are far

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Speaker 1: for gun. We're committed to bringing inflation down and we'll

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Speaker 1: continue to work until that job is fully done. So

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Speaker 1: it would still be appropriate to raise rates in September

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Speaker 1: by half. Absolutely, and you know we need to be

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Speaker 1: data dependent. Mary Daily made those comments to Margaret Brennan

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Speaker 1: on CBSS Face the Nation and catch the program Sunday

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Speaker 1: afternoons on Bloomberg Radio and Mary Daily in the Fed.

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Speaker 1: Get another key report on inflation this week. That's Wednesday,

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Speaker 1: when the government releases the consumer price Index for July.

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Speaker 1: Let's get a preview from Bloomberg's Vinny down Judas we

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Speaker 1: may see some moderation as energy prices retreat. Economists say

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Speaker 1: the US household inflation rate as tracked by the Consumer

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Speaker 1: Price Index, probably slipped below nine in July. June's on

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Speaker 1: nine point one percent jump the fastest since nine The

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Speaker 1: bad old based for inflation. Inflation remains far above the

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Speaker 1: Federal Reserves two percent target in the aftermathas supply shortages

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Speaker 1: and delays. This week's date on US producer prices and

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Speaker 1: import prices may also model rate any doubt, Judics Bloomberg Daybreak, Okay, Thenny,

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Speaker 1: thank you, And as we await that report and inflation,

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Speaker 1: the outlook from consumers is turning more gloomy. When you

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Speaker 1: ask most Americans, they say the economy is getting worse.

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Speaker 1: Bloomberg's Doug Krisner has the details. A poll from ABC

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Speaker 1: News IPSOS found about sixty of those surveyed think the

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Speaker 1: economy is deteriorating. That's the highest since two thousand and eight.

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Speaker 1: The poll also finds only thirty seven percent saying they

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Speaker 1: approve of how President Biden is handling the recovery. That's

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Speaker 1: unchanged from June. We're just three months before the midterm elections.

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Speaker 1: US employment is back to pre pandemic levels, but inflation

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Speaker 1: is the hottest in decades and more stubborn than expected.

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Speaker 1: Demand for gasoline in the US is now nine percent

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Speaker 1: below last year in New York. I'm Duck Prisonner, Bloomberg Daybreak.

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Speaker 1: Thanks Doug. Also earnings to watch this week. We get

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Speaker 1: results from nearly two dozen companies in the SMP five hundred.

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Speaker 1: It was good. More from Bloomberg's Charlie Pillett. Traders will

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Speaker 1: continue to parse corporate earnings reports against a backdrop of

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Speaker 1: aggressive rate hikes. Kim Forest, as chief investment officer at

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Speaker 1: Bouquet Capital Partners. Companies are saying their visibility for the

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Speaker 1: next six months is whatever and they're maintaining more or

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Speaker 1: less maintaining their their estimates. So I think that speaks well.

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Speaker 1: These companies know their business. They know they can't set

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Speaker 1: the bar too high for themselves, so it's probably kind

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Speaker 1: of low. Among the names reporting this week, Walt Disney,

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Speaker 1: Coin Based Global, a I G. Barrack Gold and Tyson

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Speaker 1: Foods in New York, Charlie Pellett bloom Bird Daybreak, Thanks Charlie.

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Speaker 1: A dimming earnings outlook has at odds with the recent

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Speaker 1: rebound in stock markets. That's according to strategist of Morgan

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Speaker 1: Stanley and Goldman Sachs. Both Morgan Stanley's Mike Wilson and

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Speaker 1: Goldman's David Constant expect corporate profit margins to contract next

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Speaker 1: year given unrelenting cost pressures. In fact, Wilson says, quote,

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Speaker 1: the best part of the rally is over. Warren Buffett

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Speaker 1: is following an age old strategy by the dip, but

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Speaker 1: do it cautiously, Buffets Bertshire Hathaway stepping in as the

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Speaker 1: some B five shed six team percent to even the

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Speaker 1: latest quarter. It was a net buyer of equities, reporting

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Speaker 1: three point eight billion dollars in purchases. What's a different

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Speaker 1: story than last year when it was a net seller

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Speaker 1: in the second quarter of one. Now there's a surprise

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Speaker 1: change at the top of private equity giant Carlisle Group.

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Speaker 1: John CEO Q Song Lee has stepped down. Lee's five

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Speaker 1: year employment contract was due to expire at the end

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Speaker 1: of this year. Bloomberg Goose has learned Lee and Carlisle's

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Speaker 1: board had clashed over his contract in recent discussions. The

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Speaker 1: firm's co founder, Bill Conway will step in as interim CEO.

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Speaker 1: And a major development on the pandemic front in Hong Kong.

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Speaker 1: That city's gonna shorten hotel quarantine times for rivals starting Friday.

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Speaker 1: Bloomberg Daybreak Asia anchor Bryant Curtis has more from Hong Kong.

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Speaker 1: People will only need to spend three days in quarantine

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Speaker 1: now down from seven. Their movements will be restricted for

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Speaker 1: four additional days after that, but they can leave their residents.

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Speaker 1: This marks a fundamental break from China's strict COVID zero policies.

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Speaker 1: Business groups say it's a step in the right direction,

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Speaker 1: but they'd like to see quarantine dropped altogether in Hong Kong.

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Speaker 1: Brian Curtis Bloomberg Daybreak, All right, Brian, thank you Ahead

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Speaker 1: of the cash on Wall Street futures in the green

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Speaker 1: right now, the down futures of eighty two s and

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Speaker 1: P futures of twelve, the NASDAK futures of fifty two points.

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Speaker 1: This is Bloomberg seven of Wall Street. Time to bring

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Speaker 1: in Michael Barr to find out what else is going

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Speaker 1: on in New York hand around the world, John, thank

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Speaker 1: you kindly. The heat continues to cause air condition there's

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Speaker 1: to blast on the high and the Dry State area.

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Speaker 1: Bloomberg needi elogist Rob Carolin reports, Michael, the heat wave

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Speaker 1: across the Tristate area continues for a couple more days.

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Speaker 1: National Weather Service has a heat advisory effect through eight

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Speaker 1: pm tomorrow evening, but we will be breaking the heat

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Speaker 1: wave on Wednesday. Frontal system be dropping down from the north.

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Speaker 1: Will see showers and thunderstorms Wednesday. It only gets to

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Speaker 1: eighty five, and it looks more comfortable for Thursday and Friday,

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Speaker 1: but it's gonna be tough today and tomorrow with highs

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Speaker 1: between ninety and nine. Michael, Thank you. Rob. A second

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Speaker 1: bus load of migrants from Texas arrived in New York

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Speaker 1: City yesterday as part of Governor Greg Abbott's plan to

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Speaker 1: send migrants from his state to so called sanctuary cities.

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Speaker 1: Abbot claims that his state can handle the influx in

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Speaker 1: that cities that say they can should take the burden

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Speaker 1: off the border states who are getting intundated. But New

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Speaker 1: York City Mayor Eric Adams says the migrants who are

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Speaker 1: coming to his city are being forced onto the buses

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Speaker 1: without warning and that officials and volunteers are doing what

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Speaker 1: they can to help them there. Adams also says Texas

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Speaker 1: officials are not in touch with anyone in New York.

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Speaker 1: Did not let us know what time the buses are leaving,

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Speaker 1: did not let us know or what it needs of

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Speaker 1: the people on the bus. They not giving us any information,

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Speaker 1: so we're unable to really provide the service of people

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Speaker 1: en route, and we would like to get that information.

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Speaker 1: New York Mayor Eric Adams says the city welcomes them

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Speaker 1: and will provide assistance, but has asked for federal help.

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Speaker 1: New York City police are looking for us suspect they

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Speaker 1: say stabbed a man in the back on the subway

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Speaker 1: station outside Yankee Stadium yesterday afternoon. The man was spotted

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Speaker 1: in the subway system after the attack and has been

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Speaker 1: estimated between seventeen and twenty one years old. The victim,

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Speaker 1: who goes by the name Leo, tells ABC he was

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Speaker 1: waiting for the D train when a stranger invaded his

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Speaker 1: personal space. I had to let him know, like, excuse

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Speaker 1: me little you know, young men, get out my personal face.

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Speaker 1: I'm not the ones that you bothered today. You had

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Speaker 1: a long day. It's hot. I look back once. He

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Speaker 1: didn't move. I look back again. He's still in that movie.

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Speaker 1: Leo says he believes he was targeted as a gay man.

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Speaker 1: He is expected to make a full recovery. A fragile

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Speaker 1: ceasefire deal to nearly three days of fighting between Israel

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Speaker 1: and Palestinian militants has held throughout the night. The Lada's

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Speaker 1: clash has killed forty three Palestinians and upended Israeli lives.

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Speaker 1: Global News twenty four hours a day on air and

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Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven

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Speaker 1: hundred journalists and analysts and more than a hundred twenty

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Speaker 1: country Is that Michael Barr? This is Bloomberg, John, Michael,

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Speaker 1: thank you. They had to sound six ten of Wall

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Speaker 1: Street time for the Bloomberg Sports Uptaked Morning. John Stas Shower.

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Speaker 1: Good morning, John, Welcome back to City Phield. Jacob de Graham.

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Speaker 1: I'm the mound there for the first time in more

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Speaker 1: than a year. And all he did was for five

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Speaker 1: perfect innings in the sixth to walk in a home run,

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Speaker 1: so his day was done. He got seventeen outs and

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Speaker 1: twelve were strikeouts. Mets scored for some runs for him.

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Speaker 1: That doesn't always happen. Four runs in the third inning

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Speaker 1: to run doubles for Pete Alonso and Mark Canna to

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Speaker 1: Graham of the Mets, Pete the Braves five too. So

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Speaker 1: that was a long day yesterday. And these guys came

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Speaker 1: in and you know, um put up runs early, and

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Speaker 1: you know, my goal was to try to keep it there,

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Speaker 1: and you know, Joelie did a great job and then

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Speaker 1: Das coming in and closing that game. So um, you know,

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Speaker 1: it just shows a lot of team and grind to everything.

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Speaker 1: You know, that was a long day yesterday. And then

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Speaker 1: they come off the day and and jump on him

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Speaker 1: early and and you know finished the series with Hue

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Speaker 1: and what a series of Wise of the match, they

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Speaker 1: won four of five, so they gained three games on

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Speaker 1: Atlanta that I'll leave the NL East by six and

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Speaker 1: a half. They've also caught the Yankees for the best

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Speaker 1: record in New York. As good a weekend as it

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Speaker 1: was for the Mats, that's how bad it was for

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Speaker 1: the Yankees. In St. Louis, the day after the Cardinals

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Speaker 1: won one to nothing, they won twelve to nine. Sixteen

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Speaker 1: Yankee hits not enough, as Frankie Mantas gave up six

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Speaker 1: runs at his Yankee debut. It's the cardinals seventh win

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Speaker 1: in a row. It's their first ever sweep for the Yankees.

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Speaker 1: First time all year the Yanks have been swept in

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Speaker 1: a three game series. They are just nine and sixteen

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Speaker 1: over their last five games. No Young Cam It's twenty

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Speaker 1: year old from South Korea won the Windham Golf in Greensboro.

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Speaker 1: His first whole of the tournament last Thursday was a

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Speaker 1: quadruple bogey. Made up for that with a fun round

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Speaker 1: sixty one. John stash Award Bloomberg Sports Done all right, John,

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Speaker 1: Thanks a lot ahead of the Cans show uping on

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Speaker 1: Wall Street. Futures in the green right now the down

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Speaker 1: futures of eight one smp E Mini futures twelve points sire.

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Speaker 1: That's up about three tens of a percent. Yeah, the

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Speaker 1: Nansch futures fifty one points higher. That is a four

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Speaker 1: tense of eight percent. You're listening to Bloomberg day Break,

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Speaker 1: and just ahead on Bloomberg day Break, Carlyle Group says

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Speaker 1: it's CEO has stepped down. What's the significant We'll ask

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Speaker 1: Bloomberg's Shinali Basset. You're listening to Bloomberg markets, headlines and

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Speaker 1: breaking news twenty four hours a day, at Bloomberg dot com,

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Speaker 1: the Bloomberg Business app, and at Bloomberg Quick Tape. This

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Speaker 1: is a Bloomberg Business lash. I'm Nathan Hagar. Stocks are

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Speaker 1: climbing this morning. Bond yields are pairing their recent surge

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Speaker 1: as investors way the prospects of aggressive federal reserve rate

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Speaker 1: hikes against reassuring earnings. We check the markets every fifteen

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Speaker 1: minutes during the trading day. On Bloomberg, SMP futures are

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Speaker 1: up twelve points. Now, futures are up a six points,

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Speaker 1: and the Nasdaq futures are higher by fifty two points.

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Speaker 1: Germany's decks is up six tenths percent now. The CACK

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Speaker 1: in Paris is higher by eight tenths of one percent.

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Speaker 1: The tenure treasuries of eight thirty seconds, the yield two

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Speaker 1: point seven nine percent yield on the two year three

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Speaker 1: point to one percent. Nimex crude is down one percent,

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Speaker 1: now down eighty nine cents at eighty eight dollars twelve

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Speaker 1: cents of barrel comics gold is up two tenths per

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Speaker 1: cent or two dollars ninety cents at SEO even announced

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Speaker 1: the euro one point zero one eight eight against the dollar.

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Speaker 1: The yen is at one thirty four point nine eight

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Speaker 1: Bitcoin trading at about twenty four thousand, one hundred dollars.

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Speaker 1: That is a gain of three point six percent. That's

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Speaker 1: a Bloomberg business flash. And now here's Michael Barr with

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Speaker 1: more on what's going on around the world. Michael Nathan,

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Speaker 1: thank you very much. The Senate passed the landmark tax,

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Speaker 1: climate and Healthcare bill. The vote on the bill was

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Speaker 1: fifty one Democrats in favor to fifty Republicans against, with

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Speaker 1: Vice President Kamala Harris casting the tie breaking vote after

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Speaker 1: an overnight marathon of votes on amendments. It now goes

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Speaker 1: to the House, where it is expected to pass on Friday.

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Speaker 1: China's military announced a new exercise near Taiwan today, signaling

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Speaker 1: that Beijing wanted to keep up pressure on the island

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Speaker 1: after US House Speaker Nancy Pelosi's visit. In baseball, the

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Speaker 1: Yankees lost to the Cardinals twelve nine. The Mets beat

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Speaker 1: the Braves five to the Red Sox, Orioles and Nationals

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Speaker 1: all lost. The Giants beat the A six four Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Bloomberg Quicktake, powered by more than seven hundred journalists and

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Speaker 1: analysts and more than one d twenty countries. I'm Michael Barr,

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Speaker 1: and this is Bloomberg, John, Michael, thank you, coming up

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Speaker 1: on six twenty on Wall Street. We are live for

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Speaker 1: the Bloomberg Interactive Brokers Studios. This is Bloomberg Daybreak. Carlisle

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Speaker 1: Group says it's chief executive officer q Song Lee has

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Speaker 1: stepped down. Let's figure out the significance of this story

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Speaker 1: this morning with Bloomberg and Ali bast six and all

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Speaker 1: the good to see in the studio. This is actually

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Speaker 1: I should tell people one of the most read stories

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Speaker 1: on the Bloomberg terminal this morning, private what he is

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Speaker 1: in the business of fixing and reshaping companies. Yet, when

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Speaker 1: it comes to tink it in the house. What's the problem?

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Speaker 1: That's a funny question. So Carlisle is one of the

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Speaker 1: earliest private equity firms. Of course, it's three founders only

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Speaker 1: really started the generational change, let's say in the last

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Speaker 1: second half of this past decade. So about five years

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Speaker 1: ago they named q Song Lee and at that time

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Speaker 1: it was Glenn Young Can to be co CEOs. Within

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Speaker 1: a couple of years, Glenn Youngcan of course stepped down,

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Speaker 1: he went into politics, and you have qu Song Lee

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Speaker 1: who took over on his own. He's made some major

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Speaker 1: shifts in the company. He's made a big pivot and

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Speaker 1: turned towards credit markets, which is something a lot of

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Speaker 1: its peers are doing. He's rearranged teams, he's tried to

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Speaker 1: get more dealmakers to work more closely together. But you know,

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Speaker 1: the the question at the end of the day was

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Speaker 1: when his contract came up from renewal, he and the

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Speaker 1: board not meet eye to eye on the terms of

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Speaker 1: that renewal and therefore they announced this really abrupt exit.

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Speaker 1: Remember this is a statement that came out on a

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Speaker 1: ten PM on a Sunday night, without a successor named

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Speaker 1: with a former co founder coming back as the interim

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Speaker 1: CEO and announcement that the board will be announcing an

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Speaker 1: executive search firm to find a new CEO. So very

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Speaker 1: rare for a firm, again to your point that deals

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Speaker 1: with a lot of companies and transitional change to announce

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Speaker 1: such a sudden exit that does not have the path

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Speaker 1: forward delineated. All that clearly. Yet was there any sign

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Speaker 1: prior to this of acrimony between him on the board?

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Speaker 1: So acrimony is a relative term on Wall Street because

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Speaker 1: of course they hate each other. Well, listen, listen, But

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Speaker 1: it's interesting when Glenn Yuncan had taken over as this

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Speaker 1: co CEO. Interestingly, Glenn was a lifer. He was really

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Speaker 1: at Carlisle for a very long time. Ke Sung Lee

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Speaker 1: came over mid career. But when Glenn and Q had

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Speaker 1: stepped into um the four together, Q was the one

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Speaker 1: who won out. There was a massive power struggle just

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Speaker 1: years ago, and really Ques businesses were the ones that

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Speaker 1: we're winning out. He was the one that was elevated more.

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Speaker 1: He was the one that took over solely at the

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Speaker 1: end of the day. So this has been a five

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Speaker 1: year experiment over at Carlisle in this generational change. Remember

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Speaker 1: they were the first one of their kind to make

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Speaker 1: this massive change at the top, and now they're going

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Speaker 1: in a different direction with one of the co founders

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Speaker 1: coming back at the helm as they make that transition again.

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Speaker 1: Remember the co founders are the largest shareholders of Carlisle still,

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Speaker 1: but Carlyle was also one of the earliest firms to

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Speaker 1: release start to make changes be more shareholder friendly. And

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Speaker 1: you know, according to Bloomberg's data out que Sung Lee

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Speaker 1: is not one of the top ten shareholders of the company,

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Speaker 1: whereas the three co founders are the three top sharehol

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Speaker 1: orders of the company. Um and beyond that, this is

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Speaker 1: a firm that has underperformed its rivals over the past

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Speaker 1: year and over the past five years, they've underperformed by

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Speaker 1: how much you know, sometimes double when you look over,

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Speaker 1: but sometimes at a smaller margin. So um, I'll give

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Speaker 1: you an example. Black Stone has doubled assets in that

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Speaker 1: time frame, more than double by meaningful amount to almost

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Speaker 1: one trillion dollars. Carlyle is not yet doubled its assets

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Speaker 1: in that time frame, but they have grown meaningfully. They

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Speaker 1: have beat their own targets. It is a very competitive

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Speaker 1: landscape out there as these firms are taking share very

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Speaker 1: very quickly. So can we say it's a performance issue

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Speaker 1: or it's one of a culture clash. It's very much

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Speaker 1: a culture clash. However, given the environment we're in, Carlyle's

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Speaker 1: set to compete as anybody else's. They have grown meaningfully

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Speaker 1: car You know, qus On Lee has navigated them into

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Speaker 1: the best performing businesses. Their credit business, which he really

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Speaker 1: pushed him into in a bigger way, Struck Deals upon

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Speaker 1: That business doubled in six months at the beginning of

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Speaker 1: this year. So it's not that simple of a story,

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Speaker 1: but you know, it is kind of what it is

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Speaker 1: at this point. And uh, you know, it wasn't surprise

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Speaker 1: to investors, but they've navigated this kind of transition before.

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Speaker 1: Sally Pleasure, thanks for being in the studio with this

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Speaker 1: this morning again. Carlias CEO Q Song Lee quitting after

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Speaker 1: his bid to remake the firm kind of put him

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Speaker 1: at odds with the old guard at Carlysle ahead of

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Speaker 1: the cash Open up, Wall Street, Welcome at the green

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Speaker 1: on the screen. The down futures right now eighties seven

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Speaker 1: points higher, that's a three tense of a percent. Smp

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Speaker 1: EMNE futures twelve points higher. That's up three tense, and

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Speaker 1: the nsent futures right now are up fifty six points,

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Speaker 1: a rise of four tenths of a percent. Ten year

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Speaker 1: yield at two seventy nine, the two year at three

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Speaker 1: twenty wand negative forty two basis points spread between those

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Speaker 1: two as the inversion continues. This is Bloomberg still ahead.

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Speaker 1: Five states may determine if the four election can be stolen.

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Speaker 1: A fascinating story in Bloomberg will talk to Bloomberg Government

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Speaker 1: reporter Emily Wilkins. You're listening to Daybreak, broadcasting live from

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Speaker 1: the Bloomberg Interacted Broker's studio in New York. Bloomberg Evan

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Speaker 1: Freedom to Washington, d C, Bloomberg to Boston, Bloomberg one

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Speaker 1: O six one to San Francisco, Bloomberg N sixteen to

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Speaker 1: the country, Sirius XM gent O one nine ten, and

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Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Daybreak six thirty on Wall Street.

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Speaker 1: Good morning, I'm John Tucker, I'm Nathan Hagar. We are

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Speaker 1: about three hours away from the open of US trading.

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Speaker 1: Time for the five things you need to know to

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Speaker 1: start your day. Brought to you by inter Active Brokers.

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Speaker 1: Global Analysts helps you find new global investment opportunities to

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Speaker 1: diversify your portfolio and discover undervalued companies that may have

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Speaker 1: greater growth potential. Try ib k our Global Analysts today

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Speaker 1: at I b k R dot com slash g a up. First,

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Speaker 1: the Senate has passed a landmark tax, climate, and healthcare bill.

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Speaker 1: It gives President Biden an apparent victory on his domestic agenda,

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Speaker 1: but the measure is a shadow of his original build

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Speaker 1: back better plan. Here send a majority, Leader, Chuck Schumer.

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Speaker 1: We had many pumps in the road, many times when

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Speaker 1: it looked like it would never happen, but we never

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Speaker 1: gave up, and here we are got it done. Sent

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Speaker 1: a majority, Leader, Chuck Schumer says. The bill now goes

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Speaker 1: to the House, where the Democratic majority is expected to

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Speaker 1: pass it on Friday. And turning to the markets. Now

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Speaker 1: future is hired to start a week that will be

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Speaker 1: highlighted by a key inflation report. The July cp I

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Speaker 1: forecans to come in at eight point seven percent on Wednesday.

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Speaker 1: San Francisco FED President Mary Daly says finding in place

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Speaker 1: and remains the Fed's main focus. We are far from

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Speaker 1: done yet. That's the the promise to the American people.

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Speaker 1: We are far from done. We're committed to bringing inflation

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Speaker 1: down and we'll continue to work until that job is

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Speaker 1: fully done. Very daily making the comments on CBSS face

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Speaker 1: the nation. You can catch that program Sunday, Antonoons and

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Speaker 1: Bloomberg Radio and earnings will being focused this week John

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Speaker 1: with two dozen companies reporting. The highlight comes Wednesday with

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Speaker 1: Disney's results. Meantime, a dimming earnings outlook is it odds

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Speaker 1: with the recent rebound in stock markets. That's according to

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Speaker 1: strategist at Morgan Stanley and Goldman Sachs. Both Morgan's Mike

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Speaker 1: Wilson and Goldman's David Constant expect corporate profit margins to

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Speaker 1: contract next year, give an unrelenting cost pressure and a

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Speaker 1: surprise in the private equity space. This morning, Carlyle Group

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Speaker 1: CEO Q Song Lee has stepped down at least five

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Speaker 1: year employment contract was due to expire at the end

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Speaker 1: of the year. Bloomberg News has learned that Lee and

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Speaker 1: Carlyle's board had clashed over the contract and recent discussions.

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Speaker 1: The firm's co founder, Bill Conway will step in as

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Speaker 1: the interim CEO and shares of Signify Health are hired

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Speaker 1: by sixteen percent in early trading. The Wall Street Journals

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Speaker 1: reporting CVS plans to submit a bid for the Norwalk,

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Speaker 1: Connecticut Healthcare Company. We have this headline crossing the Bloomberg

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Speaker 1: terminal as well, with the Wall Street Journal reporting Fiser

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Speaker 1: has agreed to pay sixty eight dollars fifty cents to

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Speaker 1: share or five point four billion dollars for Global Blood Therapeutics.

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Speaker 1: That's the five things you need to know to start

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Speaker 1: your day. Brought to you by Interactive Brokers. And again,

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Speaker 1: SMP futures are higher by twelve points this morning. DAL

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Speaker 1: futures of Nasdaq futures are higher by fifty seven points.

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Speaker 1: In the tenure treasury yield two point seven nine straight ahead,

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Speaker 1: your latest local headlines and a check of sports. This

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Speaker 1: is Bloomberg and at six three Wall Street time to

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Speaker 1: bring in Michael barn to tell us what else is

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00:23:43,080 --> 00:23:45,840
Speaker 1: going on in New York. Hand around the world, John,

430
00:23:45,880 --> 00:23:48,920
Speaker 1: Thank you kindly. New York Mayor Eric Adams on Sunday

431
00:23:48,960 --> 00:23:52,000
Speaker 1: greeted another bus of migrants who arrived on the East

432
00:23:52,000 --> 00:23:55,119
Speaker 1: Coast sent by Texas, saying their treatment by the state's

433
00:23:55,160 --> 00:23:59,240
Speaker 1: governor has been horrific. The first bus of about fifty

434
00:23:59,280 --> 00:24:02,480
Speaker 1: migrants arived gone Friday, with Texas Governor Greg Abbott saying

435
00:24:02,720 --> 00:24:06,240
Speaker 1: he was testing New York's commitment to being a sanctuary city.

436
00:24:06,320 --> 00:24:09,360
Speaker 1: Adam says, while the migrants are welcome, they're being forced

437
00:24:09,480 --> 00:24:13,120
Speaker 1: onto buses. Some of the families are on the bus

438
00:24:13,119 --> 00:24:16,520
Speaker 1: that wanted to go to other locations and they were

439
00:24:16,520 --> 00:24:18,800
Speaker 1: not allowed to do so. They were forced on the

440
00:24:18,920 --> 00:24:23,399
Speaker 1: bus uh with the understanding that they were going to

441
00:24:23,480 --> 00:24:26,440
Speaker 1: other locations that they wanted to go to, and when

442
00:24:26,480 --> 00:24:29,040
Speaker 1: they tried to explain, they were not allowed to do so.

443
00:24:29,280 --> 00:24:32,040
Speaker 1: Hey a, Adam says. Governor Rabbit is using humans as

444
00:24:32,160 --> 00:24:35,720
Speaker 1: political pawns. The Try And State area remains under a

445
00:24:35,760 --> 00:24:39,480
Speaker 1: heat advisory. It is expected to expire tomorrow night at

446
00:24:39,520 --> 00:24:43,600
Speaker 1: eight pm. Well that's tomorrow asked for today. Ninety degree

447
00:24:43,680 --> 00:24:47,160
Speaker 1: plus temperatures will feel like it's one hundred degrees. President

448
00:24:47,200 --> 00:24:49,520
Speaker 1: Joe Biden and First Lady Jill Biden are planning to

449
00:24:49,600 --> 00:24:52,600
Speaker 1: visit Kentucky today to meet with families who have suffered

450
00:24:52,600 --> 00:24:55,840
Speaker 1: from historic flooding. At least thirty seven people have died

451
00:24:56,400 --> 00:25:00,280
Speaker 1: just days after U N Secretary General Antonio Guterres warn

452
00:25:00,359 --> 00:25:04,520
Speaker 1: the international community the world is just one miscalculation from

453
00:25:04,600 --> 00:25:08,879
Speaker 1: nuclear annihilation. The terrorists reiterated this morning while speaking at

454
00:25:08,880 --> 00:25:13,399
Speaker 1: the Japan Press Club. Today we are witnessing a radicalization

455
00:25:13,680 --> 00:25:17,919
Speaker 1: in the geopolitical situation that makes the risk of a

456
00:25:18,000 --> 00:25:23,200
Speaker 1: nuclear war again something will not we cannot completely forget,

457
00:25:23,960 --> 00:25:27,840
Speaker 1: Secretary General gu Terrorists called on nuclear armed countries to

458
00:25:27,880 --> 00:25:32,160
Speaker 1: commit to no first use of nuclear weapons. When schools

459
00:25:32,160 --> 00:25:35,360
Speaker 1: in Madison County, North Carolina, head back into session later

460
00:25:35,400 --> 00:25:38,520
Speaker 1: this month, students will be greeted by school resource officers

461
00:25:38,880 --> 00:25:42,600
Speaker 1: and their new A R fifteen rifles. Both the Madison

462
00:25:42,640 --> 00:25:46,240
Speaker 1: County Sheriff and the school district superintendent have supported the measure,

463
00:25:46,359 --> 00:25:49,960
Speaker 1: which will have the six semi automatic rifles inside the

464
00:25:49,960 --> 00:25:52,920
Speaker 1: district schools behind the locks, safe in the event of

465
00:25:52,960 --> 00:25:56,879
Speaker 1: an active shooter. Dr Dorothy Espialage is a U n C.

466
00:25:57,080 --> 00:26:00,800
Speaker 1: Chapel Hill professor in the School of Education. It's what

467
00:26:00,840 --> 00:26:03,399
Speaker 1: we call hardening in the schools, and it's what's going

468
00:26:03,480 --> 00:26:06,679
Speaker 1: to happen, is that we're going to have um accidents

469
00:26:06,720 --> 00:26:10,120
Speaker 1: with these guns. Dr Espalange has when she first heard

470
00:26:10,119 --> 00:26:11,720
Speaker 1: of the measure, she thought it was a joke. And

471
00:26:11,880 --> 00:26:14,840
Speaker 1: fake news, Global news twenty four hours a day on

472
00:26:14,920 --> 00:26:17,520
Speaker 1: air and on Bloomberg Quick Take, powered by more than

473
00:26:17,600 --> 00:26:19,960
Speaker 1: twenty seven hundred journalist and analyists more than a hundred

474
00:26:20,000 --> 00:26:23,440
Speaker 1: twenty countries. Michael Barr, this is Bloomberg, John, Michael, thank you.

475
00:26:27,240 --> 00:26:29,920
Speaker 1: It's now six thirty six on Wall Street. That's time

476
00:26:29,960 --> 00:26:33,159
Speaker 1: for the Bloomberg Sports Update. Here's John Stasher. All right,

477
00:26:33,240 --> 00:26:35,359
Speaker 1: John A. Taylor. Two weekends great for the Mets, not

478
00:26:35,520 --> 00:26:37,280
Speaker 1: so hot for the Yankees, and the two teams now

479
00:26:37,320 --> 00:26:40,560
Speaker 1: have identical records of seventy and thirty nine. But really

480
00:26:40,560 --> 00:26:42,760
Speaker 1: excites Mets fans with the last two games of that

481
00:26:42,880 --> 00:26:46,479
Speaker 1: five game series with Atlanta, the one two punch has arrived.

482
00:26:46,560 --> 00:26:49,119
Speaker 1: Jacob Degram was injured and then so was Max Scherzer.

483
00:26:49,160 --> 00:26:52,679
Speaker 1: There both now healthy. The day after Surgeon dominated, so

484
00:26:52,920 --> 00:26:55,679
Speaker 1: did the grand His first five innings were perfect. He

485
00:26:55,800 --> 00:26:58,560
Speaker 1: got seventeen ounce and all but five were strikeouts. He

486
00:26:58,640 --> 00:27:01,320
Speaker 1: got his first win in thirteen months to Ellie Rodriguez

487
00:27:01,320 --> 00:27:05,320
Speaker 1: and Edwin Diez followed them. The three combined for nineteen strikeouts.

488
00:27:05,359 --> 00:27:07,920
Speaker 1: Met seats grades five to two took four or five

489
00:27:07,960 --> 00:27:11,240
Speaker 1: in the series. Buck Showalter credits the city field crowd,

490
00:27:13,119 --> 00:27:15,359
Speaker 1: it will pick me up. It's been a tough tax

491
00:27:15,440 --> 00:27:21,320
Speaker 1: and series, and the fans have been huge for us

492
00:27:21,720 --> 00:27:25,000
Speaker 1: emotionally too, because you know, to come out and as

493
00:27:25,000 --> 00:27:26,800
Speaker 1: hard as it is and as uncomfortable as some of

494
00:27:26,800 --> 00:27:29,040
Speaker 1: the games have been physically for them to come out

495
00:27:29,040 --> 00:27:32,120
Speaker 1: and support, uh, you know, the team. The guys really

496
00:27:32,119 --> 00:27:34,080
Speaker 1: fed off of it. The Mets Division lead went from

497
00:27:34,119 --> 00:27:35,600
Speaker 1: ten and a half down to a half game, but

498
00:27:35,640 --> 00:27:37,359
Speaker 1: now it's back up to six and a half. Ahio

499
00:27:37,440 --> 00:27:40,040
Speaker 1: Cincinnati tonight. That's the Yankees. Great pitching Saturday, but a

500
00:27:40,119 --> 00:27:43,520
Speaker 1: one nothing loss in St. Louis. They scored nine runs

501
00:27:43,600 --> 00:27:45,960
Speaker 1: yesterday but lost to the Cardinals twelve to nine. They're

502
00:27:46,000 --> 00:27:49,200
Speaker 1: losing streaker has reached five just nine wins over their

503
00:27:49,240 --> 00:27:52,280
Speaker 1: last twenty five games. That recently acquired Frankie Mantas made

504
00:27:52,280 --> 00:27:54,720
Speaker 1: his debut. It did not go well and the loss.

505
00:27:54,760 --> 00:27:57,600
Speaker 1: Aaron's judge drove in four runs. Labor Torres, Aaron Hicks,

506
00:27:57,600 --> 00:27:59,520
Speaker 1: and d J. Mayo all had three hits for the Yanks.

507
00:27:59,560 --> 00:28:02,679
Speaker 1: Stranded well gets swept in a three game series for

508
00:28:02,680 --> 00:28:05,600
Speaker 1: the first time all year. They played tonight in Seattle.

509
00:28:05,880 --> 00:28:09,040
Speaker 1: John Cash now Bloomberg Sports. John all right, John, thanks

510
00:28:09,119 --> 00:28:12,120
Speaker 1: very much, appreciate it. It is now six thirty eight

511
00:28:12,119 --> 00:28:14,240
Speaker 1: on Wall Street. Time to take a look at some

512
00:28:14,280 --> 00:28:16,480
Speaker 1: of the stocks, some of the names that are moving

513
00:28:16,480 --> 00:28:18,320
Speaker 1: to the pre market, and for that we're joined by

514
00:28:18,359 --> 00:28:23,760
Speaker 1: Bloomberg Radio at TV reporter Laura. Right, Laura. That bill

515
00:28:23,840 --> 00:28:26,760
Speaker 1: that was passed by the Senate over the weekend, it

516
00:28:26,800 --> 00:28:29,119
Speaker 1: looks like that's having an impact on some of the

517
00:28:29,160 --> 00:28:33,280
Speaker 1: stocks were following this morning. Yeahsla up two point two

518
00:28:33,760 --> 00:28:37,199
Speaker 1: ahead of the US bell. So Tesla, as you mentioned,

519
00:28:37,200 --> 00:28:40,080
Speaker 1: we'll see a tail wind from this landmark US climate

520
00:28:40,120 --> 00:28:43,040
Speaker 1: bill out over and approved overnight rather which is here

521
00:28:43,080 --> 00:28:45,400
Speaker 1: marks around three d and sixty nine billion dollars for

522
00:28:45,520 --> 00:28:49,400
Speaker 1: US energy security. Another tailwind for Tesla is news of

523
00:28:49,520 --> 00:28:53,280
Speaker 1: a five billion dollar deal with Indonesia to secure nickel

524
00:28:53,360 --> 00:28:56,920
Speaker 1: supplies for five years. Really important for the electric vehicle

525
00:28:57,000 --> 00:29:00,280
Speaker 1: maker because Indonesia holds almost a quarter of the world

526
00:29:00,440 --> 00:29:03,400
Speaker 1: global nickel reserve and wants to position itself as a

527
00:29:03,480 --> 00:29:07,840
Speaker 1: leading e V battery supplier. The most act of this

528
00:29:07,880 --> 00:29:11,560
Speaker 1: morning is bed Bath and beyond what's happening there. Yeah,

529
00:29:11,640 --> 00:29:15,240
Speaker 1: this name has become a recent meme stock. It's up

530
00:29:15,600 --> 00:29:20,280
Speaker 1: nearly in pre market trading after the stock closed thirty

531
00:29:20,920 --> 00:29:24,920
Speaker 1: higher last Friday. So the company is experiencing its longest

532
00:29:24,960 --> 00:29:28,240
Speaker 1: buying streak since two thousand and seven. And this comes

533
00:29:28,280 --> 00:29:31,200
Speaker 1: down to news released last week that Bed Bathroom Beyond

534
00:29:31,200 --> 00:29:34,360
Speaker 1: a tapping into the private credit market to help combat

535
00:29:34,360 --> 00:29:37,320
Speaker 1: the sales decrease, and a build up an inventory. To

536
00:29:37,360 --> 00:29:40,000
Speaker 1: put in context the scale of the problem, the company

537
00:29:40,080 --> 00:29:44,040
Speaker 1: had around one million dollars in cash and cash equivalents

538
00:29:44,400 --> 00:29:46,720
Speaker 1: the end of May. That was down from over a

539
00:29:46,760 --> 00:29:50,560
Speaker 1: billion dollars the same period a year ago. Okay, and

540
00:29:50,600 --> 00:29:53,360
Speaker 1: I'm looking at Bitcoin this morning. That's up with three

541
00:29:53,400 --> 00:29:58,520
Speaker 1: and a half percent this morning over thousand token, So

542
00:29:58,600 --> 00:30:01,120
Speaker 1: I would imagine that's having it impact on some of

543
00:30:00,840 --> 00:30:04,120
Speaker 1: the starcks we're watching this this morning. It is the

544
00:30:04,280 --> 00:30:07,600
Speaker 1: classic decal names such as Riot Blockchain up six point

545
00:30:07,680 --> 00:30:10,920
Speaker 1: four percent, coin Based up four point three percent, Marathon

546
00:30:11,000 --> 00:30:15,280
Speaker 1: Digital up six point seven percent. The crypto bears appear

547
00:30:15,400 --> 00:30:17,760
Speaker 1: to be in the background for the time being in

548
00:30:17,800 --> 00:30:21,240
Speaker 1: this wider uplift that we've seen in equity. For that

549
00:30:21,360 --> 00:30:25,800
Speaker 1: correlation that has emerged between equities and cryptocurrencies appears to

550
00:30:25,840 --> 00:30:30,720
Speaker 1: be emerging again. Investors now seem to have confidence dipping

551
00:30:30,760 --> 00:30:35,680
Speaker 1: their toes back into crypto assets. Okay, strapping Bloomberg Radio

552
00:30:35,760 --> 00:30:38,680
Speaker 1: TV reporter and Laura right and looking at starts as

553
00:30:38,720 --> 00:30:42,440
Speaker 1: a whole ahead of the open. SMP futures this morning,

554
00:30:42,520 --> 00:30:45,400
Speaker 1: they are up fifteen points and that's a rise of

555
00:30:45,520 --> 00:30:47,920
Speaker 1: four tens of per percent. The OUR futures up one

556
00:30:48,360 --> 00:30:51,200
Speaker 1: and one points, three tens of per percent, and the

557
00:30:51,240 --> 00:30:54,480
Speaker 1: ansday futures right now up sixty seven points. That's up

558
00:30:54,520 --> 00:30:57,600
Speaker 1: half a percent right now. And again our bed bath

559
00:30:57,680 --> 00:31:00,800
Speaker 1: and beyond in the premark most actively traded, it is

560
00:31:00,840 --> 00:31:05,280
Speaker 1: soaring up nine. As we look at treasuries, the inversion

561
00:31:05,320 --> 00:31:09,120
Speaker 1: continues negative forty two basis points right now, the two

562
00:31:09,240 --> 00:31:13,760
Speaker 1: year at three twenty and the tenure note two seventy nine.

563
00:31:14,240 --> 00:31:23,240
Speaker 1: You are listening the Bloomberg Daybreak and just ahead we'll

564
00:31:23,520 --> 00:31:26,360
Speaker 1: look at the stories out of Washington this morning. And

565
00:31:26,400 --> 00:31:30,040
Speaker 1: talked to Bloomberg Government reporter Emily Wilkins. Five states may

566
00:31:30,120 --> 00:31:34,240
Speaker 1: determine the election, whether it can be stolen. This is

567
00:31:34,240 --> 00:31:40,280
Speaker 1: Bloomberg Markets, headlines and breaking news twenty four hours a

568
00:31:40,360 --> 00:31:43,400
Speaker 1: day at Bloomberg dot Com, the Bloomberg Business apt and

569
00:31:43,560 --> 00:31:52,600
Speaker 1: at Bloomberg Quick Take. This is a Bloomberg Business lash.

570
00:31:53,040 --> 00:31:56,400
Speaker 1: I'm Nathan Hager watching futures on the rise this morning.

571
00:31:56,440 --> 00:31:58,840
Speaker 1: Let's go right over to the First Word breaking news

572
00:31:58,880 --> 00:32:03,320
Speaker 1: desk for today's morning call. Here's Bloomberg's Tatiana Darya. Good morning, Tatiana,

573
00:32:03,480 --> 00:32:07,120
Speaker 1: Good morning, Nathan. Futures are higher this morning, like we said,

574
00:32:07,160 --> 00:32:09,880
Speaker 1: were all major averages, pointing to gates of about four

575
00:32:09,920 --> 00:32:13,560
Speaker 1: tenths to six tenths of a percent. Treasuries are also higher,

576
00:32:13,640 --> 00:32:16,440
Speaker 1: pairing backs some of Friday's losses. That tenure yield there

577
00:32:16,480 --> 00:32:19,719
Speaker 1: down about three basis points to just under two spot

578
00:32:19,760 --> 00:32:22,840
Speaker 1: eight percent. Oil is down one percent, and Bitcoin is

579
00:32:22,920 --> 00:32:26,920
Speaker 1: higher this morning, breaking above two thousand. In early trading

580
00:32:26,920 --> 00:32:30,080
Speaker 1: in stocks were saying crypto links shares are gaining, Marathon

581
00:32:30,160 --> 00:32:33,959
Speaker 1: digital coin based micro Strategy among the names gaining, and

582
00:32:34,000 --> 00:32:37,040
Speaker 1: test Lap two after the Senate past a key climate

583
00:32:37,040 --> 00:32:40,000
Speaker 1: bill that extends a consumer tax credit for the purchase

584
00:32:40,080 --> 00:32:43,560
Speaker 1: of evs, Bath, Bath and Beyond is also up seventeen

585
00:32:43,640 --> 00:32:47,239
Speaker 1: percent in the pre market. Regarding earnings, Barrick's Gold up

586
00:32:47,280 --> 00:32:49,880
Speaker 1: two percent after beating estimates, while by and Tech a

587
00:32:49,960 --> 00:32:53,320
Speaker 1: d r s are down six after missing its numbers.

588
00:32:53,400 --> 00:32:57,000
Speaker 1: In other news, Carolile Group CEO Q Song Lee stepped

589
00:32:57,000 --> 00:33:00,880
Speaker 1: down in a sudden exit, announced like Friday Lie from

590
00:33:00,880 --> 00:33:05,040
Speaker 1: the First and Breaking News desk, I'm Tatiana, Darian Nathan. Alright, Tatiana,

591
00:33:05,120 --> 00:33:07,680
Speaker 1: thanks and some breaking news crossing the Bloomberg terminal. It

592
00:33:07,800 --> 00:33:12,000
Speaker 1: is a done deal. Fightser is buying out global blood transaction.

593
00:33:12,480 --> 00:33:15,120
Speaker 1: Sixty eight dollars fifty cents to share to hear live

594
00:33:15,160 --> 00:33:18,120
Speaker 1: breaking news over your Bloomberg type squawk on the terminal,

595
00:33:18,400 --> 00:33:21,600
Speaker 1: s Q you a go, that's a Bloomberg business flash.

596
00:33:21,600 --> 00:33:24,040
Speaker 1: And now here's Michael Barr mcmar on what's going on

597
00:33:24,160 --> 00:33:26,720
Speaker 1: around the world. Michael Nathan, thank you very much. The

598
00:33:26,760 --> 00:33:30,719
Speaker 1: Senate has approved the Democrats Economic Package. The legislation is

599
00:33:30,880 --> 00:33:34,480
Speaker 1: less ambitious than President Joe Biden's original domestic goals, but

600
00:33:34,800 --> 00:33:38,440
Speaker 1: it embodies deep rooted party dreams of slowing global warming,

601
00:33:38,680 --> 00:33:43,880
Speaker 1: moderating pharmaceutical costs, and taxing big corporations. Just out of

602
00:33:43,880 --> 00:33:47,080
Speaker 1: COVID quarantine, President Biden heads were Kentucky with the First

603
00:33:47,200 --> 00:33:50,400
Speaker 1: Lady today. They were tour the very hard hit eastern

604
00:33:50,440 --> 00:33:53,160
Speaker 1: part of the state from deadly flooding. In baseball, the

605
00:33:53,240 --> 00:33:57,240
Speaker 1: Yankees lost to the Cardinals, twelve nine. The Mets beat

606
00:33:57,280 --> 00:34:01,200
Speaker 1: the Braves five to the red Sox, Orioles and Nationals

607
00:34:01,240 --> 00:34:04,960
Speaker 1: all lost. The Giants beat the A six four Global

608
00:34:05,000 --> 00:34:07,640
Speaker 1: News twenty four hours a day on here and on

609
00:34:07,680 --> 00:34:11,600
Speaker 1: Bloomberg Quicktake, powered by more than twenty seven under journalists

610
00:34:11,600 --> 00:34:14,680
Speaker 1: and analysts in more than one twenty countries. On Michael

611
00:34:14,680 --> 00:34:17,839
Speaker 1: Barr and this is Bloomberg. Nathan Okay, Michael, Thanks at

612
00:34:17,880 --> 00:34:20,520
Speaker 1: six forty nine on Wall Street. Let's turn to news

613
00:34:20,600 --> 00:34:23,200
Speaker 1: in science and technology now. The Bloomberg n j I

614
00:34:23,280 --> 00:34:25,800
Speaker 1: T STEM Report is brought to you by New Jersey

615
00:34:25,840 --> 00:34:29,600
Speaker 1: Institute of Technology, ranked to top fifty national public university

616
00:34:29,600 --> 00:34:31,920
Speaker 1: by US News and World Report, and top ten in

617
00:34:31,960 --> 00:34:34,600
Speaker 1: the nation for engineering by money dot Com. Learn more

618
00:34:34,640 --> 00:34:37,160
Speaker 1: at n j I T dot E d U and

619
00:34:37,200 --> 00:34:40,680
Speaker 1: now Here's what's making news and science, technology, engineering and math.

620
00:34:41,200 --> 00:34:43,799
Speaker 1: Hong Kong has reduced the amount of time travelers entering

621
00:34:43,840 --> 00:34:47,280
Speaker 1: the city must spend in hotel quarantine from seven days

622
00:34:47,440 --> 00:34:50,439
Speaker 1: to three. That's a greater than expected easing of its

623
00:34:50,480 --> 00:34:53,799
Speaker 1: strict travel curves. Still, Hong Kong is isolated in a

624
00:34:53,840 --> 00:34:57,520
Speaker 1: world that has mostly reverted to pre pandemic movement. Japanese

625
00:34:57,640 --> 00:35:00,520
Speaker 1: technology company, soft Bank Group, reported a rect Or twenty

626
00:35:00,560 --> 00:35:03,320
Speaker 1: three point four billion dollar net loss in the quarter.

627
00:35:03,680 --> 00:35:05,720
Speaker 1: Soft Bank was hurt by the sell off in global

628
00:35:05,760 --> 00:35:08,920
Speaker 1: tech stocks. Although it's portfolio isn't directly exposed to the

629
00:35:08,920 --> 00:35:11,920
Speaker 1: war in Ukraine. Soft Bank warned the global uncertainty, as

630
00:35:11,960 --> 00:35:15,080
Speaker 1: well as inflation and soaring energy costs, would likely hurt

631
00:35:15,160 --> 00:35:19,240
Speaker 1: its profitability. Profitability and beach crews have found the first

632
00:35:19,440 --> 00:35:23,160
Speaker 1: sea turtle nest on the Mississippi mainland in four years.

633
00:35:23,680 --> 00:35:26,880
Speaker 1: Scientists say the eggs likely belonged to a protected loggerhead

634
00:35:26,920 --> 00:35:30,400
Speaker 1: sea turtle or an even rarer kemps ridley sea turtle,

635
00:35:30,480 --> 00:35:33,719
Speaker 1: which is the most critically endangered species of the kind.

636
00:35:34,080 --> 00:35:36,279
Speaker 1: The exact species of turtle won't be known until the

637
00:35:36,320 --> 00:35:39,799
Speaker 1: eggs hatch in fifty to sixty days. Only about one

638
00:35:39,880 --> 00:35:43,360
Speaker 1: in ten thousand sea turtle eggs reach adulthood. That's the

639
00:35:43,360 --> 00:35:46,880
Speaker 1: Bloomberg n j I t STEM Report. John all right, Nathan,

640
00:35:46,920 --> 00:35:49,600
Speaker 1: thank you. We are live for the Bloomberg INTERRANTO Brokers

641
00:35:49,640 --> 00:35:53,600
Speaker 1: Studios where it is now six fifty one Wall Street,

642
00:35:53,760 --> 00:35:55,719
Speaker 1: and that means it's time to check what's going on

643
00:35:55,760 --> 00:35:58,040
Speaker 1: to d C of some of the top stories in

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Speaker 1: our nation's capital, include of course, the you sent it

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00:36:00,440 --> 00:36:04,359
Speaker 1: passing the Democrats to landmark tax, climate and drugs bill,

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Speaker 1: and the Big Takes story this morning, very interesting five

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00:36:08,320 --> 00:36:13,719
Speaker 1: states may determine if the election can be stolen. And

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Speaker 1: as you've been hearing from Michael Barr this morning, New

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00:36:16,160 --> 00:36:19,919
Speaker 1: York City's mayor greeting new bus loads of migrants sent

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00:36:20,040 --> 00:36:23,560
Speaker 1: by the governor of Texas. Let's take a deeper dive

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00:36:23,680 --> 00:36:26,399
Speaker 1: into these stories this morning, and I'm happy to say

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00:36:26,400 --> 00:36:30,360
Speaker 1: we're joined by Bloomberg Government reporter Emily Wilkins this Monday morning. Emily,

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00:36:31,200 --> 00:36:35,120
Speaker 1: Happy Monday. Let's start with the the Senate bill that

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Speaker 1: was passed. What's in it and what's not in it?

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00:36:39,719 --> 00:36:43,240
Speaker 1: So this is definitely something that that Democrats and President

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00:36:43,280 --> 00:36:45,719
Speaker 1: Joe Biden can claim as a huge win. It looked

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00:36:45,760 --> 00:36:48,000
Speaker 1: like it wasn't going to be coming together just a

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00:36:48,040 --> 00:36:50,440
Speaker 1: couple of months ago, and now for this agreement to

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00:36:50,520 --> 00:36:52,920
Speaker 1: have passed the Senate and making its way to the House,

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00:36:53,480 --> 00:36:56,279
Speaker 1: Democrats are feeling very very good this morning after an

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00:36:56,280 --> 00:37:00,160
Speaker 1: incredibly long weekend. This bill, it's much much smaller than

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00:37:00,200 --> 00:37:04,360
Speaker 1: that initial six trillion package. This package only is about

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00:37:04,400 --> 00:37:07,600
Speaker 1: four hundred and thirty seven billion dollars in spending, but

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Speaker 1: it is expected to reduce the federal deficit over time

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00:37:11,680 --> 00:37:15,200
Speaker 1: while allowing medic carriage to negotiate some drug prices, so

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00:37:15,239 --> 00:37:18,640
Speaker 1: that should mean lower prices of starting with ten high

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00:37:18,680 --> 00:37:22,160
Speaker 1: price drugs for Americans. And also includes a lot of

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00:37:22,200 --> 00:37:25,880
Speaker 1: funding for climate and energy, including tax credits for renewable

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00:37:26,080 --> 00:37:30,040
Speaker 1: energy projects. And it will require companies to pay a

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00:37:30,120 --> 00:37:33,839
Speaker 1: fifteen percent corporate minimum tax for large firms and as

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00:37:33,880 --> 00:37:37,200
Speaker 1: well it has has a one percent excise tax on

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00:37:37,280 --> 00:37:40,479
Speaker 1: stock by bats and so those are you know, it's

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00:37:40,520 --> 00:37:42,920
Speaker 1: once again, this isn't the big, big bill that Democrats

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00:37:42,960 --> 00:37:47,080
Speaker 1: were initially envisioning. But to get progress in these key

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00:37:47,160 --> 00:37:51,720
Speaker 1: areas of lowering drug prices, addressing climate change, and taxing

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00:37:51,800 --> 00:37:55,160
Speaker 1: major corporations, all of those are things that Democrats can

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00:37:55,200 --> 00:37:58,480
Speaker 1: easily claim as a win and can really go out

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00:37:59,239 --> 00:38:02,240
Speaker 1: on the campaign trailed, uh, you know this upcoming fall

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00:38:02,560 --> 00:38:07,279
Speaker 1: and really tout that win to Americans. Progressive Democrats to

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00:38:07,360 --> 00:38:12,160
Speaker 1: swallow this to a certain extent, certainly, there were things,

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00:38:12,440 --> 00:38:14,319
Speaker 1: you know, you talked with lawmakers after a bill like

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00:38:14,360 --> 00:38:17,080
Speaker 1: this passes, and everyone says the same thing. You know,

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00:38:17,160 --> 00:38:19,400
Speaker 1: we didn't get everything we wanted. They didn't get everything

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00:38:19,440 --> 00:38:22,760
Speaker 1: they wanted, um and certainly, you know, progressives were hoping

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00:38:22,760 --> 00:38:25,680
Speaker 1: for more, and there are voters out there who are

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00:38:25,800 --> 00:38:29,160
Speaker 1: upset that Democrats weren't able to deliver on certain things

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00:38:29,440 --> 00:38:32,279
Speaker 1: like helping out with the cost of childcare, continuing the

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00:38:32,360 --> 00:38:36,000
Speaker 1: child tax credit, having pre k, having a wide range

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00:38:36,000 --> 00:38:39,200
Speaker 1: of stuff that was initially discussed for the legislation. At

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00:38:39,239 --> 00:38:41,600
Speaker 1: the same point, I think for a number of months,

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00:38:41,640 --> 00:38:44,319
Speaker 1: they're all of Washington was kind of sitting with the

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00:38:44,320 --> 00:38:47,080
Speaker 1: belief that nothing more was going to happen, that the

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00:38:47,120 --> 00:38:49,920
Speaker 1: window of opportunity had shut, and so to have it

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00:38:50,200 --> 00:38:53,359
Speaker 1: reopened like this to actually get a bill through, I

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00:38:53,400 --> 00:38:55,640
Speaker 1: think everyone kind of spent a long time living in

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00:38:55,640 --> 00:38:58,319
Speaker 1: a reality where nothing was going to happen. And then

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00:38:58,360 --> 00:39:01,680
Speaker 1: Democrats were very eager to get any sort of chance.

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00:39:01,880 --> 00:39:03,960
Speaker 1: And of course it's does the lap to pass the House.

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00:39:04,160 --> 00:39:07,279
Speaker 1: But we are seeing lawmakers who previously announced a lot

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00:39:07,320 --> 00:39:10,879
Speaker 1: of skepticists skepticism towards the bill be on board with it.

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00:39:10,920 --> 00:39:14,120
Speaker 1: For example, that state and local tax, the salt tax.

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00:39:14,480 --> 00:39:17,040
Speaker 1: There were a group of lawmakers who initially said they

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00:39:17,040 --> 00:39:20,400
Speaker 1: would not be voting for legislation unless they removed the

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00:39:20,440 --> 00:39:24,080
Speaker 1: cap that was put in place in this bill does

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00:39:24,160 --> 00:39:26,319
Speaker 1: not do that. And yet we have seen now at

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00:39:26,400 --> 00:39:29,000
Speaker 1: least one lawmaker come out and say that he still

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00:39:29,000 --> 00:39:32,759
Speaker 1: will support that legislation. Does it make a difference come

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00:39:32,840 --> 00:39:37,680
Speaker 1: the November election, That's a really great question, John Um.

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00:39:38,280 --> 00:39:40,600
Speaker 1: I think that to a certain extent, we're not quite sure.

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00:39:40,680 --> 00:39:44,880
Speaker 1: This obviously gives Democrats, it's a win for them. It

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00:39:44,920 --> 00:39:47,600
Speaker 1: obviously gives them them something they can campaign on, It

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00:39:47,640 --> 00:39:51,480
Speaker 1: gives them something they can talk about. However, if inflation

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00:39:51,520 --> 00:39:55,040
Speaker 1: continues to be high, if we see gas prices continue

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00:39:55,080 --> 00:39:58,080
Speaker 1: to be far, far higher than they were a year ago,

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00:39:58,640 --> 00:40:01,080
Speaker 1: it still might be really dif a cult for Democrats

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00:40:01,120 --> 00:40:04,719
Speaker 1: to censia victory. I mean, remember, the historical trend is

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00:40:04,760 --> 00:40:07,720
Speaker 1: that whatever party is empowered during the mid term winds

718
00:40:07,760 --> 00:40:11,440
Speaker 1: up having losses. And Democrats have such such narrow margins

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00:40:11,520 --> 00:40:14,000
Speaker 1: right now that really, even if they only lost a

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00:40:14,080 --> 00:40:16,799
Speaker 1: handful of seats, that would be enough to get Republicans

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Speaker 1: control of both chambers. A fascinating big Take story on

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Speaker 1: the Bloomberg this morning, five states determined if the election

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00:40:24,719 --> 00:40:27,960
Speaker 1: can be stolen in can you give us the Rundown

724
00:40:27,960 --> 00:40:31,360
Speaker 1: on this. Yeah, this is a really interesting story that

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00:40:31,400 --> 00:40:34,759
Speaker 1: looks at just a number of different data points across America.

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00:40:35,280 --> 00:40:37,640
Speaker 1: UM as far as elections, how easy it is to vote,

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00:40:37,640 --> 00:40:40,400
Speaker 1: how secure is the vote, and whether officials will respect

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00:40:40,440 --> 00:40:43,799
Speaker 1: the results. And what the article found is that you know,

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00:40:44,920 --> 00:40:47,920
Speaker 1: vote that that probably is going to be okay, but

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00:40:48,040 --> 00:40:50,719
Speaker 1: there is a really dark picture shaping out for what

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00:40:50,880 --> 00:40:54,840
Speaker 1: might happen in particularly as some of these state level

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00:40:54,880 --> 00:40:58,480
Speaker 1: officials who have a big role in certifying elections to

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00:40:58,719 --> 00:41:01,000
Speaker 1: end up winning. Now, the article does look at all

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00:41:01,080 --> 00:41:06,040
Speaker 1: fifty states, but particularly spotlights Arizona, Michigan, Nevada, Wisconsin, and

735
00:41:06,200 --> 00:41:10,319
Speaker 1: Pennsylvania as potentially being key states that could you know,

736
00:41:10,920 --> 00:41:16,319
Speaker 1: it's a certain combination of votes and rules and lawmakers

737
00:41:16,400 --> 00:41:21,840
Speaker 1: are in place, we might see concerns around the vote,

738
00:41:22,280 --> 00:41:26,200
Speaker 1: UM as far as whether it's authentic or whether a

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00:41:26,200 --> 00:41:30,279
Speaker 1: authentic and legitimate vote is then declared to be otherwise. UM.

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Speaker 1: You know, you saw a number of cases this last

741
00:41:32,480 --> 00:41:37,040
Speaker 1: time where local officials were under pressure to say that

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00:41:37,120 --> 00:41:39,440
Speaker 1: certain things that happened that that they did not remember.

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00:41:39,480 --> 00:41:42,799
Speaker 1: When Trump called up Georgia uh and as George's left

744
00:41:42,880 --> 00:41:45,680
Speaker 1: officials to find him you know about you know twelve

745
00:41:45,800 --> 00:41:49,320
Speaker 1: twelve thousand more votes. So certainly this is a huge concern,

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Speaker 1: and I think a lot of it is We're going

747
00:41:51,200 --> 00:41:54,040
Speaker 1: to have to wait and see exactly who's elected and

748
00:41:54,120 --> 00:41:57,840
Speaker 1: exactly what laws passed. And thanks, I appreciate it, Boomberg

749
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Speaker 1: Government reporter Emily Wilkins. You can read more about these

750
00:42:00,760 --> 00:42:03,960
Speaker 1: stories on Bloomberg dot com or the Bloomberg terminal. At

751
00:42:03,960 --> 00:42:06,560
Speaker 1: a reminder, you can follow all the latest on Bloomberg

752
00:42:06,640 --> 00:42:10,400
Speaker 1: Radio in Washington. That's Bloomberg at one O five seven

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00:42:10,960 --> 00:42:14,160
Speaker 1: FM h D two at a head of the cash

754
00:42:14,160 --> 00:42:17,360
Speaker 1: open on Wall Street futures in the green down futures

755
00:42:17,440 --> 00:42:20,640
Speaker 1: right now one thirty seven points, that's the four tenths

756
00:42:20,640 --> 00:42:24,480
Speaker 1: of a percent SMP Emmity futures, they're up twenty one points,

757
00:42:24,560 --> 00:42:28,520
Speaker 1: up half a percent, the Nanzac futures up eighty eight points,

758
00:42:28,600 --> 00:42:32,320
Speaker 1: up about seven tenths of a percent. And Bitcoin mentioned

759
00:42:32,320 --> 00:42:35,080
Speaker 1: this earlier, up about three and a half percent right

760
00:42:35,120 --> 00:42:39,360
Speaker 1: now per token twenty four on twenty four thousand, seventy

761
00:42:39,360 --> 00:42:41,920
Speaker 1: seven dollars ten year, ye have to seventy nine the

762
00:42:42,040 --> 00:42:45,480
Speaker 1: two year at three point two percent. For Nathan Hager,

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00:42:45,840 --> 00:42:48,640
Speaker 1: I'm John Tucker, you're listening to Bloomberg day Break