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Speaker 1: Like from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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Speaker 1: Daybreak for Thursday, August Sports twenty two. Coming up. The

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Speaker 1: shower Scott centered the day near a two month high.

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Speaker 1: The Bank of England forecast to raise rates by the

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Speaker 1: most in more than a quarter of a century. The

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Speaker 1: Senate overwhelmingly approach the addition of Finland and Sweden to NATO.

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Speaker 1: Tesla holds a key shareholder meeting, and Walmart is the

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Speaker 1: latest company to cut jobs. New York Mayor Adams freeze

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Speaker 1: up a hundred million dollars for city schools. Plus, the

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Speaker 1: jury is deliberating the Alex Jones defamation case. I'm Michael Bloomberg,

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Speaker 1: bore ahead, I'm down stair Showard Sports Garrett Cole roughed

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Speaker 1: up with the Yankee lost the Seattle the Mets one easily.

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Speaker 1: They start a big series with it went tonight. That's

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Speaker 1: All's tradinghead on Bloomberg Daybreak on Bloomberg eleven, free on

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Speaker 1: New York Bloomberg nineteen nine one, Washington, d C. Bloomberg

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Speaker 1: one oh six one, Boston Bloomberg nine sixties and Francisco

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Speaker 1: Sirius Exam one nineteen and around the world on Bloomberg

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Speaker 1: Radio dot com and via the Bloomberg Business app. Good morning,

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Speaker 1: I'm Nathan Hagar and I'm Karen. Moscow and US Dock

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Speaker 1: index futures are lower this morning work coming up to

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Speaker 1: five o one on Wall Street, and we checked the

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Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg

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Speaker 1: S and P futures down four points down, futures down

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Speaker 1: twenty three and nasday futures down sixteen. The decks in

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Speaker 1: Germany's up three quarters of a percent, ten year treasury

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Speaker 1: down eight thirty seconds on two point seven three percent,

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Speaker 1: and they yield on the two year three point one

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Speaker 1: zero percent. Nathan Karen, The SMP five hundred enters today's

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Speaker 1: session near a two month high. The tech heavy Nasdaq

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Speaker 1: one hundred indexes at its highest level since early May.

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Speaker 1: Corporate earnings and healthy economic data are helping to lift sentiment,

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Speaker 1: and we get more from Northern Trust Bank Chief investment

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Speaker 1: Officer Katie Nixon. I think we came into this really

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Speaker 1: with with such low sentiment, with such a negative positioning,

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Speaker 1: that we were due for a nice bounce like seen

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Speaker 1: last week and sorted into this week. But is it

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Speaker 1: sustainable in the phase of a FED that appears to

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Speaker 1: be hell bent on not stopping not stopping. Katie Nixon,

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Speaker 1: a Northern Trust says the FED may have to reverse

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Speaker 1: course sooner than expected. She says inflation is slowing meantime,

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Speaker 1: Nathan the FED continues to talk tough on inflation. Minneapolis

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Speaker 1: Fed president Neil cash Carry is the latest to say

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Speaker 1: it's the top priority. We are laser focused on getting

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Speaker 1: inflation down and um, you know, whether we are technically

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Speaker 1: in a recession right now or not, it doesn't change

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Speaker 1: my analysis and focused on inflation and where inflation is

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Speaker 1: likely going and that is going to be. That to

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Speaker 1: me is what we have. My opinion is what we

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Speaker 1: have to focus on right now. Neil cash Carry says

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Speaker 1: a FED rate cut next year is quote a very

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Speaker 1: unlikely scenario. The monetary policy is also in focus overseas

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Speaker 1: Karen as the Bank of England gets set to hike

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Speaker 1: interest rates a few hours from now. We get a

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Speaker 1: preview from Bloomberg's Lizzie Burden in London. I'm England rate

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Speaker 1: rise today is all but a dune deal. The debate

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Speaker 1: surrounds whether the UK Central Bank will is Bloomberg Economics

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Speaker 1: expects hike by a half point for the first time

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Speaker 1: in its independent history. The decision comes against the backdrop

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Speaker 1: of inflation that's not only it's a new forty year high,

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Speaker 1: but headed toward double digits in the fall. Officials are

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Speaker 1: also expected to provide more detail on active quantitative tightening.

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Speaker 1: In London, I'm Lizzie Burden Bloomberg Daybreak, Lizzie, thank you.

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Speaker 1: Turning to politics. Now, Finland and Sweden are getting a

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Speaker 1: boost in their bid to join NATO. The US Senate

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Speaker 1: has now ratified their membership and the Alliance. Bloomberg's and

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Speaker 1: Bachelor has the story. The intention is to bolster NATO

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Speaker 1: after the Russian invasion of Ukraine. The vote pretty amazing

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Speaker 1: in a body that hasn't been able to agree on

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Speaker 1: much of anything. The vote to one far exceeding the

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Speaker 1: two thirds majority required. Now Finland will join Estonia, Latvia,

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Speaker 1: Lithuania in Poland, as NATO country is a share a

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Speaker 1: land border with Russia. Turkey has been on and off

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Speaker 1: about the idea and could still try to block the move.

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Speaker 1: Majority leader Chuck Schumer says Putin has strengthened NATO. In

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Speaker 1: San Francisco, I'm at Baxter Bloomberg Daybreak, All right, and

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Speaker 1: thank you. Let's starn to corporate news now, where Tesla

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Speaker 1: is in focus. The electric carmaker holds it's highly anticipated

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Speaker 1: shareholder meeting today. We get a preview from Bloomberg's Tom Busby.

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Speaker 1: The automaker calls its annual shareholders meeting a cyber roundup,

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Speaker 1: and this year, the biggest item on the roundup agenda

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Speaker 1: is the proposed three for one stock split, which would

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Speaker 1: be the second one in as many years for Tesla,

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Speaker 1: after a five for one split in August of twenty Now,

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Speaker 1: the idea is to make shares, which will begin the

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Speaker 1: trading day just about nine hundred twenty two dollars apiece,

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Speaker 1: more affordable to small dollar retail investors and retail options traders,

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Speaker 1: not just institutional investors. Tom Busby, Bloomberg Daybreak, All right, Tom,

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Speaker 1: thank you well. Elsewhere on Wall Street, the wave of

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Speaker 1: corporate downsizing continues. There's where now that Walmart is cutting

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Speaker 1: about two d corp are jobs, and we get the

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Speaker 1: details from Bloomberg Charlie Pellett. The retail giant is contending

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Speaker 1: with rising costs, blow to inventories, and weakening demand for

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Speaker 1: general merchandise. Sources say the company will also be adding

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Speaker 1: an unspecified number of jobs in areas such as e commerce,

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Speaker 1: health and wellness, supply chain, and ad sales. Walmart is

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Speaker 1: tightening its spelt a week after slashing its annual profit

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Speaker 1: forecast for the second time in less than three months.

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Speaker 1: American consumers are buying less clothing and durable goods as

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Speaker 1: soaring inflation raises the cost of food and basic items.

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Speaker 1: In New York. Charlie Pellet Bloomberg debreak, all right, Charlie,

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Speaker 1: thank you. Coming out today. The earnings parade continues, with

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Speaker 1: fifty companies reporting. Among them is Lift, which comes on

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Speaker 1: the heels of Uber. Is better than expected results, but

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Speaker 1: Lift is not Uber. Bloomberg's Jeff Palinger explains Lift executives

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Speaker 1: may lower the company's full year guidance during their conference call.

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Speaker 1: Bloomberg Intelligence as censored tower data indicates competition with Uber

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Speaker 1: has been fierce. Downloads of the Lift app decline year

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Speaker 1: over year, and the increase in the number of monthly

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Speaker 1: active users paled in comparison with Uber. The I speculates

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Speaker 1: Lift may seek partnership similar to Amazon grub Hub to

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Speaker 1: increase trip frequency. Jeff Bullinger, Bloomberg Daybreak. Thanks Jeff. We

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Speaker 1: are seeing some stocks on the move this morning following earnings.

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Speaker 1: We get the latest live at the Bloomberg's John Tucker,

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Speaker 1: John Gole morning and Tarran earnings guidance from Chlorox fell

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Speaker 1: well short of analyst estimates. Shares it down six percent

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Speaker 1: pre market if the company gave weaker than expected guidance

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Speaker 1: for fiscal year three. The shares are the mobile games

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Speaker 1: company Skills tumbling of the pre market. There down twelve percent.

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Speaker 1: They cut their full year guidance for revenue as shares

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Speaker 1: of Lucid sinking thirteen percent after the luxury electric vehicle

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Speaker 1: startup cut in half this year's production target. Luccent Enhances

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Speaker 1: been dealing with supply chain snags and resulting production hiccups.

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Speaker 1: Live in New York. I'm John Tucker, Bloomberg Daybreak. All right, John,

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Speaker 1: thank you. SMP futures down four points down, futures down

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Speaker 1: twenty seven. Nasdack futures are lower by seventeen points. The

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Speaker 1: tenure treasury is down eight thirty seconds, the yield two

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Speaker 1: point seven three per cent. Straight ahead, we have your

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Speaker 1: latest local headlines and a check of sports You're listening

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Speaker 1: to Bloomberg Daybreak at five oh seven on Wall Street

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Speaker 1: where seventy seven degrees in Central Park. We've got an

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Speaker 1: accident investigation closing the main road to the g WB

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Speaker 1: and Fort Lee. Details coming up in traffic. First Michael

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Speaker 1: Barr with what else is going on in New York

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Speaker 1: and around the world, including rising tensions in the Asia Pacific. Michael,

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Speaker 1: that is correct, Nathan. China says it has conducted precision

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Speaker 1: missile strikes and the Taiwan Straight as part of military

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Speaker 1: exercises in six zones arounding the island. The drills were

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Speaker 1: prompted by a visit to the island by outspeaker Nancy

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Speaker 1: Pelosi this week. China earlier this week warned airlines to

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Speaker 1: avoid danger zones around Taiwan. It is going to be

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Speaker 1: a hot one in the New York area. Bloomberg meteorologious

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Speaker 1: Rob Caroline has the latest. Good morning, Michael. The Bermuda

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Speaker 1: High is going to set the Tri state area up

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Speaker 1: for some warm weather over the course of the next

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Speaker 1: several days. In fact, that it's looking like the first

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Speaker 1: half of August is going to be on the warm side. Today,

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Speaker 1: the city and the surrounding area is close to ninety,

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Speaker 1: but it feels more like a hundred with the humanity

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Speaker 1: and that's why that heat advisories and effect when the

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Speaker 1: nineties again tomorrow close to nighties, Saturday and Sunday, Michael Thanks.

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Speaker 1: New York City Mayor Eric Adams pushed back against criticism

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Speaker 1: that is continual focus on crime at press conferences is

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Speaker 1: feeding into an overblown narrative that the city is unsafe.

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Speaker 1: Incidents of violent crime remain at historic lows in the city,

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Speaker 1: but seventy percent of New Yorkers said crime was a

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Speaker 1: very serious problem in a February poll. Adam spoke at

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Speaker 1: his news conference yesterday, the numbers continue to trend in

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Speaker 1: the wrong direction, continue to show that these repeated offenders

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Speaker 1: are coming out. It would be irresponsible of me to

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Speaker 1: ignore what is happening right now on our streets every day,

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Speaker 1: every day was seeing this dangerous people repeatedly committed these actions. Meanwhile,

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Speaker 1: Mayor Adams is freeing up one hundred million dollars in

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Speaker 1: federal stimulus money for New York City schools. It comes

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Speaker 1: after an outcry among parents and some educators over the

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Speaker 1: city's plan to cut hundreds of millions of dollars in

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Speaker 1: funding for city schools in the current fiscal year. Conspiracy

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Speaker 1: theorists Alex Jones says he was irresponsible to declare the

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Speaker 1: Sandy Hook Elementary School massacre of hoax d cent real

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Speaker 1: as a se regular shame as I said, it's real.

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Speaker 1: The jury and Austin, Texas began deliberating on how much

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Speaker 1: the Info Wars host owes the parents of one of

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Speaker 1: the children who were killed in the twenty twelve attack

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Speaker 1: in Newtown, Connecticut. Testimony wrapped up after a bombshell from

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Speaker 1: the plaintiffs lawyer revealed that Jones's lawyers mistakenly handed over

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Speaker 1: two years of tax messages from Jones's phone. Names twenty

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Speaker 1: four hours a day on air and on Bloomberg Quickdake

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Speaker 1: powered by more than twenty seven hundred journalists, analysts more

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Speaker 1: than a hundred twenty countries, and Michael bar this is

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Speaker 1: Bloomberg Naked. Thank you, Michael. Almost five ten on Wall

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Speaker 1: Street time for the Bloomberg Sports Up taken morning, John Stenshower,

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Speaker 1: all right, good morning. Nathan and Mets added some players

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Speaker 1: before the trade deadline, maybe not big names, although their

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Speaker 1: new left handed hitting d h is a big guy.

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Speaker 1: Daniel boga Back generously listed at two hundred and seventy pounds.

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Speaker 1: He came up in the fifth in eat in Washington

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Speaker 1: two on the way from Williams and vocal Back gets

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Speaker 1: one of the area along the right field line back

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Speaker 1: toward the corner, but that goes Polaso side and it's

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Speaker 1: out of here. A cran swam for Daniel foco Back

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Speaker 1: his first home runs a man at his scores four

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Speaker 1: at the s n Y Collum that's took a nine

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Speaker 1: nothing lead of the ninth and anyother New metas well

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Speaker 1: Leaver and Michael Gibbons. He made his Mets debut. It

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Speaker 1: did not go well. He got just two outs, gave

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Speaker 1: up five runs. Mets beat the Nationals nine to five.

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Speaker 1: They've won eight of the last nine at at the lost,

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Speaker 1: which means the Big Mets Braves. Five game series that

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Speaker 1: against to Nighted City Field starts with the Mets three

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Speaker 1: and a half games ahead. Stadium Seattle beat the Yankees

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Speaker 1: seven to three. Did almost all the damage top of

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Speaker 1: the first getting six runs on three Mariners home runs

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Speaker 1: off Garret Cole. Second time this season he has served

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Speaker 1: up three homers in the first of Seattle, just the

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Speaker 1: fourth opposing team to win a series in the box

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Speaker 1: and what could hardly be called a surprise. The NFL

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Speaker 1: will appeal the ruling on that Shaun Watson suspension for

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Speaker 1: sexual misconduct. The independent arbitrator called for it to be

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Speaker 1: six games, but the appeal process has agreed to by

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Speaker 1: both sides, and the labor deal calls for the Commissioner,

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Speaker 1: or at least someone designated by Roger Goodell, to be

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Speaker 1: the one to rule on the appeals of the NFL

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Speaker 1: appealing to themselves. They would then be allowed to make

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Speaker 1: the suspension longer. Players Association may then follow with a lawsuit.

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Speaker 1: John Stash that were Bloomberg Sports, Nathan thanks John SMP

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Speaker 1: futures down down three points, Sound futures down twenty seven

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Speaker 1: This is Bloomberg Bloomberg eleven three. All weather will be

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Speaker 1: in Central part markets, headlines and breaking news twenty four

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Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business

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Speaker 1: at and at Bloomberg Quicktake. This is a Bloomberg Business lash,

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Speaker 1: but I'm kerin Moscow. Stocks holding modest gains as investors

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Speaker 1: assess the corporate profit al look, while wagers on further

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Speaker 1: Federal reserve interest rate hikes lifts Treasury yields. US stock

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Speaker 1: index futures are a little changed after stocks yesterday snapped

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Speaker 1: two day to clawin. We checked the markets every fifteen

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Speaker 1: minutes throughout the trading day on Bloomberg. Right now, SNP

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Speaker 1: futures as well as NASDAC and Dow futures are all

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Speaker 1: that will change. The decks in Germany is U three

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Speaker 1: quarters of a percent, the ten year treasury down six

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Speaker 1: thirty seconds, YELD two point seven two percent, the yield

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Speaker 1: on the two year three point oh nine percent. NIMEX

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Speaker 1: scrude oil is down to tens of upper cent or

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Speaker 1: fifteen cents and ninety dollars fifty one cents of barrel

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Speaker 1: comex gold of one percent or seventeen dollar seventy cents

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Speaker 1: is seventeen ten an ounce. The Euro one seven against

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Speaker 1: the dollar, British pound one point to one six seven

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Speaker 1: and the yen one thirty four point three three and

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Speaker 1: looking at Bitcoin down two percent at twenty two eight

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Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's

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

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Speaker 1: good morning, Good morning. Here in China is staging live

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Speaker 1: fire military drills and six self declared zones around in Taiwan,

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Speaker 1: and is in response to a visit by US how

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Speaker 1: Speaker Nancy Pelosi to the island Beijing claims as its

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Speaker 1: own territory. The Senate ratified adding Sweden and Finland to

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Speaker 1: NATO move and tended to bolster the military alliance after

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Speaker 1: Russia's invasion of Ukraine. Closing arguments in w n B,

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Speaker 1: a star Britney Grinder's cannabis possession case in Russia are

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Speaker 1: set for today. In baseball, the Mariners beat the Yankees

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Speaker 1: seven three, the Mets beat the Nationals nine five, the

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Speaker 1: Red Sox and Giants lost the Orioles, and A's one

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

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Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

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Speaker 1: journalists and analysts in more than one twenty countries. Sow

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Speaker 1: Michael Barr and this is Bloomberg Navan. Alright, Michael, thank you.

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Speaker 1: It is five nineteen on Wall Street live from the

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Speaker 1: Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and five

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Speaker 1: nineteen means we are about one hour and forty one

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Speaker 1: minutes away from a policy decision from the Bank of England.

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Speaker 1: In just that stretch of time, we find out if

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Speaker 1: the bo E joins the long list of countries fighting

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Speaker 1: inflation with more aggressive interest rate hikes. Ahead of that,

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Speaker 1: we're joined by Dan Hansen, senior UK economist at Bloomberg Economics.

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Speaker 1: Dan good Morn think the consensus is that the BOE

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Speaker 1: will go ahead with a fifty basis point hike. But

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Speaker 1: after the last several months of smaller increases, what are

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Speaker 1: the chances we get another downside surprise? Oh, good morning.

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Speaker 1: So I think I think the chance of a downside

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Speaker 1: surprise quite low. Actually, I think I think that the

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Speaker 1: bank has set itself up self up for this for

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Speaker 1: this big move. If you remember, back in the middle

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Speaker 1: a fifty basis point point hike firmly on the table,

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Speaker 1: and I think they're going to follow through today. What's

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Speaker 1: the risk that fifty basis point hike brings the UK

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Speaker 1: closer to a recession or is the UK in a

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Speaker 1: recession already. That's a really good question. I mean, I

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Speaker 1: think the big thing in the UK at the moment

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Speaker 1: is this cost of living squeeze. So we've got sky

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Speaker 1: high inflation and incomes just aren't keeping keeping up. And

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Speaker 1: I think what the Bank's doing, it's it's doing its

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Speaker 1: best to keep inflation at expectations in check um, and

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Speaker 1: that's why we're seeing these this move towards a faster

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Speaker 1: pace of rate hikes. I mean, answer to your question directly,

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Speaker 1: I don't think we're in recession just yet, um, but

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Speaker 1: there is a significant risk of it, particularly around the

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Speaker 1: turn of the year. And actually that will be one

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Speaker 1: of the things we'll be watching for the bank. From

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Speaker 1: the Bank today, I should say they're they're gonna be

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Speaker 1: putting out new forecasts and it's it's possible a forecast

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Speaker 1: or recession in the near term. Yeah. There's a debate

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Speaker 1: here in this country, of course, about whether inflation expectations

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Speaker 1: are moving toward a situation where we're seeing less less

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Speaker 1: inflation now that federal reserve policy is starting to have

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Speaker 1: an impact. Is the situation a little different in the

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Speaker 1: UK now? Is inflation getting more entrenched? Yeah, So there's

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Speaker 1: been a few surveys recently that suggested the expectations have

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Speaker 1: drifted higher. I mean, one thing about the UK as

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Speaker 1: well is that we're likely to get a peak of

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Speaker 1: Our peak for inflation is likely to come a little

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Speaker 1: bit later, and that's to do with the way energy

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Speaker 1: prices are set. So we're we're likely to see our

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Speaker 1: peak for inflation in towards the end of this year,

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Speaker 1: probably in October, and it will be likely in double

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Speaker 1: digits as well, so probably around twelve so probably a

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Speaker 1: higher peak than the US as well. So that's one

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Speaker 1: reason to think that the Bank of England's going to

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Speaker 1: keep its foot on the break and continue tightening just

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Speaker 1: until it sees sees through the peak and sees sort

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Speaker 1: of strong evidence that inflation is coming back down, which

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Speaker 1: is only really likely to happen sort of in the

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Speaker 1: middle of next year, given that you're expecting that we

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Speaker 1: could see a forecast for recession from the b o

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Speaker 1: E later this morning. How has the bank's outlook panned

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Speaker 1: out in the past. I mean, there is some concern

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Speaker 1: that the b o E has been behind the curve

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Speaker 1: when it comes to tackling this cut stuff having crisis. Now, yeah,

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Speaker 1: that is true. That is something that has been leveled

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Speaker 1: at the bank. I mean, one thing I'd say in

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Speaker 1: their defense is that they started tightening earlier than other

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Speaker 1: advanced economy central banks, so they do have that in

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Speaker 1: their favor. And I also think that neutral rate in

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Speaker 1: the the UK, so the rate that sort of neither

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Speaker 1: speeds up nor slows down the economy is a little

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Speaker 1: bit lower as well, so they've probably they're probably closer

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Speaker 1: to that level than certainly the e c B is

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Speaker 1: um and we know the Fed is sort of thinks

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Speaker 1: it's around that level now um. But I think certainly

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Speaker 1: on the forecast they've been hugely surprised when inflation um

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Speaker 1: and they've if you look back sort of even a

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Speaker 1: year ago, they were thinking the peak for inflation was

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Speaker 1: going to be around four percent, and I think today

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Speaker 1: they'll probably say it's somewhere close to twelve percent. So

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Speaker 1: that's that's a pretty big forecast there, along with the

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Speaker 1: rate high decision. We're also expecting to get a little

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Speaker 1: bit more clarity on what the bo he is going

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Speaker 1: to do about its balance sheet in our last minute

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Speaker 1: here Dan, what are the expectations there? So what the

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Speaker 1: bank has done is it it's it's sort of taking

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Speaker 1: a two step process. So the first thing it did

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Speaker 1: in February was end reinvestment of government bonds, so when

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Speaker 1: when the guilts redeem, they don't reinvest those proceeds. And

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Speaker 1: they've been they've been doing that since February. Well, they're

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Speaker 1: gonna start doing now or I should say, set out

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Speaker 1: more detail on how they will go about active sales

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Speaker 1: um and we'll be looking for that today. I mean,

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Speaker 1: as I say it will be it will be more

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Speaker 1: around the detail. It won't be around um. They won't

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Speaker 1: have any sort of votes on it, and that's going

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Speaker 1: to come probably in September, possibly a little bit later.

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Speaker 1: But we'll just be looking for looking for the pace

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Speaker 1: and how quickly they they're going to reduce their balance sheet.

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Speaker 1: Andrew Baby sort of set expectations that they think it

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Speaker 1: will be somewhere between fifty and a hundred billion pounds

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Speaker 1: in terms of the reduction, the annual reduction in the

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Speaker 1: balance sheet in the first year of QTI. Thanks for this, Dan,

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Speaker 1: good having you on where it's ahead of the b

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Speaker 1: o E decision. Dan Hanson is senior UK economists for

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Speaker 1: Bloomberg Economics. Right now, SMP futures are a little changed,

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Speaker 1: so are down futures. They're down two points DANCED futures

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Speaker 1: down one point turn. Your treasury is down seven thirty seconds.

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Speaker 1: The yield two point seven three percent. The yield on

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Speaker 1: the two year three point one zero percent. This is

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Speaker 1: Bloomberg Bloomber eleven three oh weather. Lots of sunshine, hot

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Speaker 1: humid today going up to your ninety five degrees will

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Speaker 1: be underheat advisory till eight pm tomorrow, low nineties tomorrow

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Speaker 1: upr eighties Saturday. Right now seventy seven in Central Park,

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Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York,

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Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg ninety

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Speaker 1: nine one to Boston, Bloomberg one O six one to

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Speaker 1: San Francisco, Bloomberg nine six to the country, Sirius xm

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Speaker 1: che and around the globe the Bloomberg Business at and

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Speaker 1: Bloomberg Radio dot com. Or this is Bloomberg Daybreak. It's

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Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hager

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Speaker 1: and I'm kerin Moscow. We are just about four hours

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Speaker 1: away from the open of US trading. Let's get you

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Speaker 1: up to date in the news you need to know

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Speaker 1: at this hour. The SNP five hundred enters this session

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Speaker 1: near a two month high. The tech heavy NASDAC one

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Speaker 1: hundred index is at its highest level since early May.

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Speaker 1: Corporate earnings in healthy economic data has helped to lift sentiment,

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Speaker 1: but Alifa Dory Walla, managing director at Rock Creek, says

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Speaker 1: she's still cautious there could be another severe downturn, another

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Speaker 1: leg to go in the SNP, and a lot of

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Speaker 1: that is some of the big tech companies that could

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Speaker 1: continue to get hard because of the strong dollar and

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Speaker 1: what will happen to earnings in the coming orders if

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Speaker 1: that strong dollar remains. Rock Creeks Alifa Dore Wallace says

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Speaker 1: the recent pivot into tech might be short lived. Meantime,

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Speaker 1: Karen Feed officials continue talking tough on inflation. Minneapolis President

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Speaker 1: Neil cash car He says the Federal Reserve will keep

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Speaker 1: doing everything in its power to cool inflation. Some financial

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Speaker 1: markets are indicating that they expect US to cut interest

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Speaker 1: rates next year. Uh. I don't want to say it's impossible,

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Speaker 1: but it seems like that's a very unlikely scenario right now,

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Speaker 1: given what I know about the underlying inflation dynamics. The

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Speaker 1: more likely scenario is we would continue raising and then

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Speaker 1: we would sit there. Neil cash Cary says, whether the

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Speaker 1: US is technically in recession right now or not, his

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Speaker 1: analysis doesn't change well, Nathan. Monetary policy is also in

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Speaker 1: focus overseas. The Bank of England gets set to hike

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Speaker 1: interest rates in a few hours from now, and could

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Speaker 1: raise rates fifty basis points at today's decision. Back in Washington,

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Speaker 1: Karen the Senate has ratified NATO membership for Finland and Sweden.

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Speaker 1: Senators voted to one in favor of the move. And

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Speaker 1: on Wall Street, it's all about corporate news. This morning.

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Speaker 1: Nathan Tesla is holding its annual shareholder meeting, where leadership

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Speaker 1: will discuss the three for one stock split, and the

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Speaker 1: wave of corporate downsizing shows no signs of slowing. Walmart

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Speaker 1: is the latest company making the moves, cutting about two jobs. Man,

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Speaker 1: We're seeing some stocks on the move this morning, following

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Speaker 1: yesterday's earnings. Let's get that live from Bloomberg's John Tucker,

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Speaker 1: John and Nathan Losid Group falling as much as percent

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Speaker 1: after the luxury electric vehicles startup slashed its production target.

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Speaker 1: This is the second time the California based Geno has

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Speaker 1: reduced its output gold this year, Skills dropping pcent this morning,

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Speaker 1: have the mobile games company cut its full year guidance

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Speaker 1: for revenue and Clorox tumbling after its earnings guidance fell

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Speaker 1: well short of analysts estimates. Sales moderated, higher costs for

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Speaker 1: commodities and transportation have eroded the company's profitability. Live in

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Speaker 1: New York, I'm John Tucker, Bloomberg, debreak. All right, John,

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Speaker 1: thank you. In futures are a little change this morning.

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Speaker 1: Tenure Treasury down seven thirty seconds, you know, two point

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Speaker 1: seven three per cent, straight ahead, your latest local headlines

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Speaker 1: plus a check of sports, and this is Bloomberg. Thanks.

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Speaker 1: Hearing three on Wall Street seventy eight degrees in Central

431
00:23:41,200 --> 00:23:43,920
Speaker 1: Park at a crash east bound cross Bronx to Jerome Avenue,

432
00:23:43,920 --> 00:23:45,879
Speaker 1: and Michael Barr has more on what's going on in

433
00:23:45,920 --> 00:23:48,720
Speaker 1: New York and around the world. Michael, thank you very much. Nathan.

434
00:23:48,760 --> 00:23:52,440
Speaker 1: China says it conducted precision missile strikes in the time

435
00:23:52,520 --> 00:23:56,719
Speaker 1: on straight today as part of military exercises. The drills

436
00:23:56,760 --> 00:23:58,840
Speaker 1: were prompted by a visit to the island by All

437
00:23:58,920 --> 00:24:02,760
Speaker 1: speaker Nancy Pelos. You This week, speculation rises about China's

438
00:24:02,800 --> 00:24:06,760
Speaker 1: threat to attack the self governing island Republic. Heat advisory

439
00:24:06,840 --> 00:24:09,000
Speaker 1: is in effect for the tri state area because of

440
00:24:09,119 --> 00:24:14,040
Speaker 1: dangerously high and human conditions. Today's high in New York

441
00:24:14,119 --> 00:24:17,280
Speaker 1: will be around ninety four. New York City Mayor Eric

442
00:24:17,320 --> 00:24:20,159
Speaker 1: Adams says he's freeing up about a hundred million dollars

443
00:24:20,160 --> 00:24:23,320
Speaker 1: in federal stimulus money for the New York City schools.

444
00:24:23,320 --> 00:24:26,520
Speaker 1: It comes after an outcry from among parents and some

445
00:24:26,720 --> 00:24:29,639
Speaker 1: educators over the city's plan to cut hundreds of millions

446
00:24:29,640 --> 00:24:32,080
Speaker 1: of dollars in funding for city schools in the current

447
00:24:32,080 --> 00:24:36,760
Speaker 1: fiscal year. Conspiracy theorist Alex Jones now concedes the massacre

448
00:24:36,800 --> 00:24:42,359
Speaker 1: at Sandy Hook Elementary School in was one real. Jury

449
00:24:42,440 --> 00:24:45,760
Speaker 1: is now deliberating Jones's punishment in a defamation case. The

450
00:24:45,800 --> 00:24:48,040
Speaker 1: parents of a six year old victim of the shooting

451
00:24:48,080 --> 00:24:51,520
Speaker 1: successfully sued the Info Wars host, proclaiming the shooting was

452
00:24:51,560 --> 00:24:54,520
Speaker 1: a hoax. During testimony, while Jones was on the stand,

453
00:24:54,520 --> 00:24:58,240
Speaker 1: there was a startling revelation from the lawyer of the parents,

454
00:24:58,560 --> 00:25:01,280
Speaker 1: Mark Bankston, accused Joe Ownes of lying and trying to

455
00:25:01,359 --> 00:25:05,920
Speaker 1: hide evidence, including about text messages about Sandy. Look twelve

456
00:25:06,000 --> 00:25:10,399
Speaker 1: days ago, your attorney's messed up and sitting an entire

457
00:25:10,760 --> 00:25:15,040
Speaker 1: digital copy of your entire cell phone with every text

458
00:25:15,080 --> 00:25:19,040
Speaker 1: message you've sent for the past two years, and when informed,

459
00:25:19,560 --> 00:25:22,240
Speaker 1: did not take any steps to identify it as privilege

460
00:25:22,560 --> 00:25:25,400
Speaker 1: or protected in any way, And as of two days ago,

461
00:25:25,560 --> 00:25:27,840
Speaker 1: it fell free and clear in the my possession. And

462
00:25:27,960 --> 00:25:30,320
Speaker 1: that is how I know you'd vibe to me when

463
00:25:30,320 --> 00:25:32,280
Speaker 1: you said you didn't have to text message about saying

464
00:25:32,680 --> 00:25:35,480
Speaker 1: did you know that I see? I told you the truth.

465
00:25:35,560 --> 00:25:38,680
Speaker 1: This is your perimason moment, Attorney Mark banks Since as

466
00:25:38,800 --> 00:25:42,320
Speaker 1: Jones has made the lives of the parents a living hell.

467
00:25:42,800 --> 00:25:45,159
Speaker 1: Global News twenty four hours a day on air and

468
00:25:45,280 --> 00:25:47,480
Speaker 1: on Bloomberg Quick Take, powered by more than the twenty

469
00:25:47,520 --> 00:25:50,000
Speaker 1: seven hundred journalist and analysts in more than a hundred

470
00:25:50,040 --> 00:25:52,840
Speaker 1: twenty countries. I'm Michael Barr, and this is Balloomberg. Nathan.

471
00:25:53,000 --> 00:26:00,919
Speaker 1: Thank you, Michael. On Wall Street Time the Bloomberg Sports

472
00:26:00,960 --> 00:26:03,760
Speaker 1: Update with John Sire Thanks Dathan Garic goals the Yankees

473
00:26:03,800 --> 00:26:06,200
Speaker 1: as when the playoffs begin, he'll undoubtedly be on the mount.

474
00:26:06,280 --> 00:26:08,359
Speaker 1: He's at an All Star season, but he's had a

475
00:26:08,359 --> 00:26:11,720
Speaker 1: few clunkers. That was the night in June in Minnesota

476
00:26:11,760 --> 00:26:13,240
Speaker 1: when for the first time of the career, Coal gave

477
00:26:13,320 --> 00:26:15,119
Speaker 1: up three home runs in the first inning. It happened

478
00:26:15,160 --> 00:26:18,000
Speaker 1: again yesterday at the stadium. Three run over your Genio

479
00:26:18,040 --> 00:26:21,800
Speaker 1: Suarez solo shot for Carlos Santana to run blast by

480
00:26:21,800 --> 00:26:24,720
Speaker 1: the Maryor's Jared Kallinik, the former Mets farman who's betting

481
00:26:24,960 --> 00:26:27,920
Speaker 1: one thirty three. Coleman settled down with Seattle one seven

482
00:26:27,960 --> 00:26:30,520
Speaker 1: to three, and cole was asked about the first inning.

483
00:26:32,240 --> 00:26:36,399
Speaker 1: I have a pretivid recollection. I think it's sometimes easier

484
00:26:36,440 --> 00:26:42,120
Speaker 1: to remember about stuffs stuff, you know. But there were

485
00:26:42,440 --> 00:26:47,400
Speaker 1: some fad pitch selections. There was some bad pitches, um

486
00:26:47,440 --> 00:26:49,400
Speaker 1: and uh, you know, we got punished for it again.

487
00:26:49,520 --> 00:26:52,080
Speaker 1: Luis Castillo got the win in his Mariners debut. He

488
00:26:52,119 --> 00:26:53,800
Speaker 1: also beat the Yankees in the Bronx. It's a few

489
00:26:53,800 --> 00:26:55,760
Speaker 1: weeks ago while he was with the Reds Yanks off

490
00:26:55,760 --> 00:26:58,920
Speaker 1: tonight in St. Louis tomorrow, but Mets tonight host Atlanta

491
00:26:58,920 --> 00:27:01,600
Speaker 1: at the start of a huge five game weekend series,

492
00:27:01,600 --> 00:27:04,800
Speaker 1: will play a doubleheader Saturday off Either team wins say

493
00:27:04,840 --> 00:27:06,960
Speaker 1: four of the five. That's the three game swing. The

494
00:27:07,000 --> 00:27:09,280
Speaker 1: Mets currently three and a half games ahead of the Braves.

495
00:27:09,320 --> 00:27:12,800
Speaker 1: They won in Washington nine to five. Daniel Vogelback's first

496
00:27:12,800 --> 00:27:14,640
Speaker 1: met homer was a grand slam. The game was nine

497
00:27:14,640 --> 00:27:17,760
Speaker 1: nothing before the Gnats scored five of the night. Phil Nicholson,

498
00:27:17,840 --> 00:27:20,080
Speaker 1: one of eleven golfers who joined the New Live Tour,

499
00:27:20,160 --> 00:27:23,639
Speaker 1: now suing the p g A for antitrust violations. The

500
00:27:23,760 --> 00:27:26,280
Speaker 1: NFL just hit the Dolphins took away their first round

501
00:27:26,359 --> 00:27:29,600
Speaker 1: draft pick for tampering trying to acquire Tom Brady. The

502
00:27:29,600 --> 00:27:32,080
Speaker 1: tampering began not when Brady was with Tampa Bay. It

503
00:27:32,119 --> 00:27:34,760
Speaker 1: goes back to two thousand nineteen, while Brady was still

504
00:27:34,760 --> 00:27:37,640
Speaker 1: with the Patriots. Bill Belichick asked about it yesterday, declining

505
00:27:37,760 --> 00:27:41,840
Speaker 1: Tom John Stasha were Bloomberg Sports Nathan thanks John seven

506
00:27:41,840 --> 00:27:44,240
Speaker 1: on Wall Street Time for the Tri State Business Report.

507
00:27:44,280 --> 00:27:48,320
Speaker 1: Here's Bloomberg's ed Corey Capital One is expanding its offices

508
00:27:48,359 --> 00:27:52,120
Speaker 1: on Fifth Avenue, even as other companies reconsider real estate

509
00:27:52,160 --> 00:27:55,679
Speaker 1: foot prints amid concerns about an economic downturn and the

510
00:27:55,760 --> 00:27:59,520
Speaker 1: increase in remote work. The banks expanding across three full

511
00:27:59,560 --> 00:28:02,679
Speaker 1: floors at one fourteen Fifth Avenue. The State of New

512
00:28:02,760 --> 00:28:07,440
Speaker 1: York claims Tyson Foods is resisting demands to provide information

513
00:28:07,560 --> 00:28:10,959
Speaker 1: for an investigation into whether the meat producer engaged in

514
00:28:11,280 --> 00:28:15,639
Speaker 1: price gouging during the pandemic. Attorney General Letitia James is

515
00:28:15,720 --> 00:28:19,120
Speaker 1: ordering a special court proceeding the force Tyson to turn

516
00:28:19,200 --> 00:28:22,840
Speaker 1: over the information. New Jersey restaurants received a two year

517
00:28:22,880 --> 00:28:27,080
Speaker 1: extension for operating outdoors, something Governor Phil Murphy says remains

518
00:28:27,119 --> 00:28:30,840
Speaker 1: necessary to boost small businesses. Restaurants will be able to

519
00:28:30,880 --> 00:28:34,920
Speaker 1: continue using tents and other fixtures on sidewalks, in parking

520
00:28:34,920 --> 00:28:39,360
Speaker 1: lots and elsewhere. According to legislation signed Wednesday that your

521
00:28:39,400 --> 00:28:43,080
Speaker 1: Bloomberg Drives Day Business Report. I'm Ed Corey, Thanks a

522
00:28:43,560 --> 00:28:45,840
Speaker 1: thirty eight on Wall Street. Bloomberg Radio is on the

523
00:28:45,840 --> 00:28:48,760
Speaker 1: air from San Francisco to New York, London to Hong Kong.

524
00:28:48,960 --> 00:28:50,800
Speaker 1: Let's check in with our global news team for some

525
00:28:50,880 --> 00:28:53,280
Speaker 1: of the top stories heard on our three hundred affiliate

526
00:28:53,360 --> 00:28:59,200
Speaker 1: radio stations around the world. I'm Steve podas Kin on

527
00:28:59,400 --> 00:29:03,160
Speaker 1: wf A Tampa Bay. We're talking about layoffs in Tampa

528
00:29:03,280 --> 00:29:07,200
Speaker 1: as Shriner's Hospital for Children closes a facility. M Courney,

529
00:29:07,240 --> 00:29:10,680
Speaker 1: Donahoan kat r H in Houston. Americans are driving less

530
00:29:10,720 --> 00:29:13,120
Speaker 1: than they did during the high of the pandemic. I'm

531
00:29:13,200 --> 00:29:16,760
Speaker 1: Gina Servetti in for w BBM in Chicago. I'm reporting

532
00:29:16,760 --> 00:29:20,040
Speaker 1: that Citadel founder and billionaire Ken Griffin has been added

533
00:29:20,040 --> 00:29:22,520
Speaker 1: to the list of those that Twitter has subpoenaed in

534
00:29:22,640 --> 00:29:25,479
Speaker 1: its effort to force Elon Musk to complete his purchase

535
00:29:25,520 --> 00:29:28,920
Speaker 1: of the company. I'm Caroline Head killed Bloomberg Dad Dishwadium

536
00:29:28,920 --> 00:29:30,920
Speaker 1: in London. Willow King ahead to the Bank of England's

537
00:29:30,960 --> 00:29:35,400
Speaker 1: decision as Britain's energy regulator moves to four price rises

538
00:29:35,480 --> 00:29:38,640
Speaker 1: per year from two. I'm Ed Corey on w w

539
00:29:38,800 --> 00:29:41,760
Speaker 1: J and Detroit. I'm reporting officials in the area have

540
00:29:41,880 --> 00:29:45,040
Speaker 1: shut down an automotive plan, saying it was releasing cancer

541
00:29:45,080 --> 00:29:48,360
Speaker 1: causing chemicalton to the Uron River. And those are some

542
00:29:48,400 --> 00:29:51,200
Speaker 1: of the stories our twenty hundred Bloomberg journalists and analysts

543
00:29:51,200 --> 00:29:53,280
Speaker 1: are working on this morning. It's five thirty nine on

544
00:29:53,320 --> 00:29:57,360
Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion.

545
00:29:57,600 --> 00:30:02,080
Speaker 1: This editorial was written by the Bloomberg Editorial Board. After

546
00:30:02,160 --> 00:30:06,240
Speaker 1: a year of democratic backsliding, Tunisia went over the edge

547
00:30:06,320 --> 00:30:11,040
Speaker 1: last week when President Caius Said institutionalized his rule with

548
00:30:11,120 --> 00:30:14,280
Speaker 1: a referendum on a new constitution that gives him near

549
00:30:14,600 --> 00:30:18,520
Speaker 1: absolute power. The outcome of the vote was never in doubt,

550
00:30:18,720 --> 00:30:22,640
Speaker 1: having already suspended Parliament and secured the support of the military.

551
00:30:22,800 --> 00:30:26,320
Speaker 1: The autocratic side had further tilted the playing field by

552
00:30:26,440 --> 00:30:31,280
Speaker 1: jailing opponents and muzzling the media. Most Tunisians demonstrated their

553
00:30:31,320 --> 00:30:35,120
Speaker 1: disapproval by turning their backs on the process. More than

554
00:30:35,200 --> 00:30:39,720
Speaker 1: two thirds of those eligible opted not to vote, and

555
00:30:39,840 --> 00:30:43,840
Speaker 1: his economic conditions continue to worsen. With the worldwide slowdown,

556
00:30:44,200 --> 00:30:48,520
Speaker 1: site can expect little patients from young Tunisians. The next

557
00:30:48,640 --> 00:30:52,920
Speaker 1: upheaval may not be long in coming. This editorial was

558
00:30:52,960 --> 00:30:56,640
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion,

559
00:30:56,760 --> 00:31:00,160
Speaker 1: please go to Bloomberg dot com, slash Opinion or p

560
00:31:00,440 --> 00:31:03,680
Speaker 1: I N go on the Bloomberg terminal. This has been

561
00:31:03,720 --> 00:31:07,840
Speaker 1: Bloomberg opinion, and you can hear Bloomberg opinion editorials every weekday.

562
00:31:07,880 --> 00:31:10,880
Speaker 1: At this time terminal. Customers can read more at O

563
00:31:11,040 --> 00:31:14,560
Speaker 1: P I n Go. Future is moving higher on this

564
00:31:14,680 --> 00:31:23,120
Speaker 1: Thursday morning. You're listening to Bloomberg Daybreak Bloomberg eleven three

565
00:31:23,160 --> 00:31:25,520
Speaker 1: oh weather highs near nine five today with a heat

566
00:31:25,560 --> 00:31:29,200
Speaker 1: advisory kicking in and lasting till tomorrow night. Low nineties.

567
00:31:29,280 --> 00:31:31,640
Speaker 1: Chance for afternoon showers and storms tomorrow will be in

568
00:31:31,680 --> 00:31:37,560
Speaker 1: the oper eightings by Saturday. Right now seventy eight degrees, Markets,

569
00:31:37,640 --> 00:31:40,719
Speaker 1: headlines and breaking news twenty four hours a day at

570
00:31:40,760 --> 00:31:44,680
Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quicktake.

571
00:31:44,880 --> 00:31:53,960
Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow.

572
00:31:54,040 --> 00:31:57,960
Speaker 1: And stocks are nudging higher as investors assess the corporate

573
00:31:58,000 --> 00:32:00,880
Speaker 1: profit outlook, while wagers on further at a reserve. Interest

574
00:32:00,920 --> 00:32:04,680
Speaker 1: rate hikes lift treasury yields and futures are little changed.

575
00:32:04,720 --> 00:32:07,040
Speaker 1: We checked the markets every fifteen minutes throughout the trading

576
00:32:07,120 --> 00:32:10,080
Speaker 1: day on Bloomberg s and P futures up about four

577
00:32:10,120 --> 00:32:13,120
Speaker 1: points now, futures are up eighteen and NAS day futures

578
00:32:13,200 --> 00:32:15,960
Speaker 1: up twelve. But i'll pretty much a little change to

579
00:32:16,080 --> 00:32:18,160
Speaker 1: higher now. The decks in Germany is up nine tenths

580
00:32:18,160 --> 00:32:20,920
Speaker 1: of a percent and your treasury down five thirty seconds

581
00:32:20,960 --> 00:32:23,000
Speaker 1: yield two point seven two percent of the yield on

582
00:32:23,080 --> 00:32:26,480
Speaker 1: a two year three point nine percent NIMEX Screwed oil

583
00:32:26,600 --> 00:32:28,720
Speaker 1: is up sixtensive upper cent or fifty five cents and

584
00:32:28,840 --> 00:32:31,800
Speaker 1: ninety one dollar twenty one cents of barrel comes. Gold

585
00:32:31,880 --> 00:32:34,560
Speaker 1: up one point one percent or eighteen dollars sixty cents

586
00:32:34,560 --> 00:32:37,880
Speaker 1: at seventeen ninety five announce. The Euro one one nine

587
00:32:37,960 --> 00:32:40,280
Speaker 1: five against the dollar, British bound one point two one

588
00:32:40,440 --> 00:32:43,680
Speaker 1: seven four the one thirty four point one five, and

589
00:32:43,800 --> 00:32:46,840
Speaker 1: bitcoin is down two percent. It's a twenty two eight

590
00:32:46,920 --> 00:32:50,160
Speaker 1: hundred fifty dollars. That's a Bloomberg business flash. Now here's

591
00:32:50,200 --> 00:32:52,720
Speaker 1: Michael Barr with more on what's going on around the world.

592
00:32:52,840 --> 00:32:55,520
Speaker 1: Michael Karen, thank you very much. How speaker Nancy belows

593
00:32:55,560 --> 00:32:59,680
Speaker 1: you've met with South Korean counterparts and sold to reassure

594
00:32:59,720 --> 00:33:03,000
Speaker 1: it's wrong alliance between the two countries. It comes as

595
00:33:03,360 --> 00:33:08,800
Speaker 1: China's military conducted military exercises around Taiwan in response to

596
00:33:08,920 --> 00:33:12,440
Speaker 1: Belosi's visit. Flags are at half staff at the US

597
00:33:12,520 --> 00:33:15,880
Speaker 1: Capitol after an Indiana congresswoman was killed in the car crash.

598
00:33:16,240 --> 00:33:19,480
Speaker 1: Republican Jackie Willorski, who was fifty eight, died in the

599
00:33:19,560 --> 00:33:23,160
Speaker 1: accident in northern Indiana along with two of her staffers.

600
00:33:23,560 --> 00:33:26,560
Speaker 1: In baseball, the Mariners beat the Yankees seven three, the

601
00:33:26,680 --> 00:33:29,840
Speaker 1: Mets beat the Nationals nine five, The Red Sox and

602
00:33:30,240 --> 00:33:34,760
Speaker 1: Giants lost the Orioles and A's one Global News twenty

603
00:33:34,800 --> 00:33:37,600
Speaker 1: four hours a day on air and on Bloomberg Quicktake,

604
00:33:37,800 --> 00:33:40,720
Speaker 1: powered by more than twenty seven hundred journalists and analysts,

605
00:33:40,720 --> 00:33:43,160
Speaker 1: are more than a hundred twenty countries. Michael Barr and

606
00:33:43,240 --> 00:33:45,560
Speaker 1: this is Bloomberg. Nathan all right, Michael, thank you, or

607
00:33:45,640 --> 00:33:47,800
Speaker 1: just about at five forty nine on Wall Street Live

608
00:33:47,880 --> 00:33:51,560
Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak

609
00:33:51,640 --> 00:33:54,880
Speaker 1: and Bloomberg Government Congressional reporter Jack Fitzpatrick is with us

610
00:33:54,880 --> 00:33:58,920
Speaker 1: from our Bloomberg studios in Washington, d C. As we

611
00:33:59,160 --> 00:34:02,400
Speaker 1: continued to my under developments around how speaker Nancy Pelosi's

612
00:34:02,440 --> 00:34:05,800
Speaker 1: trip through Asia. As Michael bar just mentioned, the speaker

613
00:34:05,880 --> 00:34:08,400
Speaker 1: is now in South Korea, but a lot of attention

614
00:34:08,600 --> 00:34:13,319
Speaker 1: is still around Taiwan with China now conducting live fire

615
00:34:13,400 --> 00:34:16,600
Speaker 1: missile drills. Jack, good morning. What is the reaction to

616
00:34:16,719 --> 00:34:21,120
Speaker 1: what is happening between China and Taiwan. Now, well, it's

617
00:34:21,200 --> 00:34:23,880
Speaker 1: a very significant reaction. As you said, there are the

618
00:34:23,920 --> 00:34:27,000
Speaker 1: missile drills that China is conducting, uh that we haven't

619
00:34:27,000 --> 00:34:29,680
Speaker 1: gotten exact update on how long they're going to go,

620
00:34:29,800 --> 00:34:31,759
Speaker 1: but the original estimate was they were going to go

621
00:34:32,000 --> 00:34:35,080
Speaker 1: through Sunday, So that could continue and continue to be

622
00:34:35,280 --> 00:34:39,440
Speaker 1: a disruption uh, potentially for flights into Taiwan or out

623
00:34:39,480 --> 00:34:43,200
Speaker 1: of Taiwan, another activity around there. And then of course

624
00:34:43,600 --> 00:34:47,239
Speaker 1: the congressional reaction is also a significant one. There has

625
00:34:47,320 --> 00:34:51,239
Speaker 1: been a pushback from the White House uh, towards a

626
00:34:51,440 --> 00:34:56,480
Speaker 1: bill that would treat Taiwan as a non NATO ally

627
00:34:56,719 --> 00:35:00,520
Speaker 1: of the US, essentially formalizing the relation and ship that's

628
00:35:00,560 --> 00:35:03,759
Speaker 1: already there. Uh. That was supposed to get a committee

629
00:35:03,840 --> 00:35:07,040
Speaker 1: vote in the Senate yesterday, that got pushed back, and

630
00:35:07,280 --> 00:35:10,160
Speaker 1: if if they continue working on it, maybe even having

631
00:35:10,200 --> 00:35:13,319
Speaker 1: to rewrite it is at least delayed because of White

632
00:35:13,400 --> 00:35:17,240
Speaker 1: House concerns about the message that that would send, delayed

633
00:35:17,320 --> 00:35:20,520
Speaker 1: until at least after the August recess for Congress. So

634
00:35:21,080 --> 00:35:25,240
Speaker 1: politically some ramifications here, uh, And of course the Chinese

635
00:35:25,360 --> 00:35:29,160
Speaker 1: response is a very significant one. What is the White

636
00:35:29,239 --> 00:35:33,520
Speaker 1: House pushed back to this idea of designating Taiwan as

637
00:35:33,560 --> 00:35:37,080
Speaker 1: a non NATO ally. I mean they've basically been treated

638
00:35:37,200 --> 00:35:42,960
Speaker 1: that way for decades, right, yes, yeah, this would essentially

639
00:35:43,120 --> 00:35:49,680
Speaker 1: formalize the relationship that has existed already. The issue seems

640
00:35:49,719 --> 00:35:54,439
Speaker 1: to be, uh, the timing how we communicate that. That's

641
00:35:54,440 --> 00:35:56,640
Speaker 1: not the only thing in the bill, it does seem

642
00:35:56,719 --> 00:36:00,160
Speaker 1: to be the most objectionable part of it to the

643
00:36:00,200 --> 00:36:02,160
Speaker 1: White House, there's a there are a few billion dollars,

644
00:36:02,200 --> 00:36:05,200
Speaker 1: but four and a half billion dollars in security AID. Um.

645
00:36:05,760 --> 00:36:09,280
Speaker 1: You know, it seems the issue is less the US

646
00:36:09,680 --> 00:36:15,399
Speaker 1: relationship with Taiwan and the timing of putting forth legislation, uh,

647
00:36:16,040 --> 00:36:20,160
Speaker 1: formalizing that on the heels of this trip by Nancy

648
00:36:20,239 --> 00:36:23,759
Speaker 1: Pelosi to Taiwan at a time when China is uh,

649
00:36:23,920 --> 00:36:27,200
Speaker 1: the Chinese government is pushing back as hard as possible

650
00:36:27,280 --> 00:36:29,920
Speaker 1: on that and trying to send a message. It seems

651
00:36:30,040 --> 00:36:33,360
Speaker 1: like this trip by Pelosi has sort of left some

652
00:36:33,520 --> 00:36:36,600
Speaker 1: daylight between her and the White House. How much of

653
00:36:36,680 --> 00:36:39,600
Speaker 1: a rift is there now between the Speaker and the President.

654
00:36:40,040 --> 00:36:43,800
Speaker 1: There definitely seems to be some frustration, uh, you know,

655
00:36:44,000 --> 00:36:47,400
Speaker 1: on on one hand, the President has been asked about

656
00:36:47,480 --> 00:36:50,959
Speaker 1: this a while back. He said, Look, the military had

657
00:36:51,080 --> 00:36:53,040
Speaker 1: said that they didn't think this was a good idea,

658
00:36:53,120 --> 00:36:55,880
Speaker 1: that they had concerns. It may not just be a

659
00:36:56,960 --> 00:37:01,560
Speaker 1: Nancy Pelosi and Joe Biden issue. It could be really

660
00:37:01,640 --> 00:37:08,480
Speaker 1: between Pelosi and more the administration's security apparatus, the military

661
00:37:08,640 --> 00:37:12,120
Speaker 1: leaders who had concerns about this. We don't necessarily have

662
00:37:12,760 --> 00:37:18,480
Speaker 1: uh feedback that Biden himself is outraged by this necessarily,

663
00:37:18,600 --> 00:37:21,799
Speaker 1: but there are a lot of people who had had

664
00:37:21,840 --> 00:37:23,839
Speaker 1: a lot of chores to do. I guess you could say,

665
00:37:24,239 --> 00:37:28,239
Speaker 1: based on Pelosi deciding to make this trip on her own,

666
00:37:28,400 --> 00:37:31,560
Speaker 1: this was her decision. It was not really supported uh

667
00:37:31,680 --> 00:37:35,920
Speaker 1: necessarily by the Biden administration, and that has um if not,

668
00:37:36,080 --> 00:37:39,799
Speaker 1: created a rift. Clearly they've had to openly discuss their

669
00:37:39,920 --> 00:37:42,680
Speaker 1: differences on how to approach this. All right, and we'll

670
00:37:42,719 --> 00:37:46,480
Speaker 1: continue watching as a speaker Pelosi continues making her way

671
00:37:46,640 --> 00:37:51,160
Speaker 1: through Asia Bloomberg Government Congressional reporter Jack Fitzpatrick, thanks for

672
00:37:51,239 --> 00:37:53,320
Speaker 1: joining us to get us the very latest on that, Karen.

673
00:37:55,440 --> 00:37:58,200
Speaker 1: But it's five fifty three on Wall Street. It's time

674
00:37:58,239 --> 00:38:01,200
Speaker 1: for our Bloomberg Law Report. We get to the legal stories.

675
00:38:01,280 --> 00:38:08,040
Speaker 1: We're watching this morning from Bloomberg's Joan Donneger. Republicans in

676
00:38:08,120 --> 00:38:11,240
Speaker 1: Congress are seizing on the nonpartisan analysis of the Democrats

677
00:38:11,280 --> 00:38:14,239
Speaker 1: Inflation Reduction Act to claim it would raise taxes on

678
00:38:14,320 --> 00:38:16,879
Speaker 1: people making as little as ten thousand dollars a year.

679
00:38:17,120 --> 00:38:20,359
Speaker 1: The plan includes a fifteen percent corporate minimum tax, which

680
00:38:20,400 --> 00:38:23,160
Speaker 1: would not raise lower and middle class taxes, but could

681
00:38:23,200 --> 00:38:26,480
Speaker 1: see companies past those costs. On x On Mobiles lost

682
00:38:26,560 --> 00:38:28,280
Speaker 1: its fight to claim a one and a half billion

683
00:38:28,360 --> 00:38:31,200
Speaker 1: dollar tax refund from the i R S and golfers

684
00:38:31,280 --> 00:38:33,560
Speaker 1: led by Phil Michelson are suing the p G A

685
00:38:33,840 --> 00:38:36,280
Speaker 1: charging at broke anti trust law by trying to crush

686
00:38:36,320 --> 00:38:40,000
Speaker 1: the Saudi back to live golf tour. Bloomberg Law everything

687
00:38:40,120 --> 00:38:44,200
Speaker 1: you need, all on one legal research platform, including guidance

688
00:38:44,280 --> 00:38:48,520
Speaker 1: analysis and Bloomberg market Intelligence. Find out more at Bloomberg

689
00:38:48,640 --> 00:38:52,040
Speaker 1: Law dot com. All right, Joan, thank you. Now. Another

690
00:38:52,160 --> 00:38:55,600
Speaker 1: legal story that we're watching. It's the longest sentence yet

691
00:38:55,680 --> 00:38:59,160
Speaker 1: for one of the capital rioters. A judge sentence sky Refit,

692
00:38:59,239 --> 00:39:01,920
Speaker 1: a member of the Exist three per centers group, two

693
00:39:01,960 --> 00:39:05,239
Speaker 1: more than seven years in prison for obstructing Congress and

694
00:39:05,320 --> 00:39:08,560
Speaker 1: threatening his two children to keep them quiet. Refit's case

695
00:39:08,600 --> 00:39:11,839
Speaker 1: attracted widespread attention because he was turned in by his son,

696
00:39:12,200 --> 00:39:15,360
Speaker 1: who then became the government's star witness against him. For

697
00:39:15,440 --> 00:39:18,800
Speaker 1: more Bloomberg, jun Grosso speaks to Jimmy Garoule, her professor

698
00:39:18,880 --> 00:39:22,400
Speaker 1: had notre Dame law school. Raffit argued for no more

699
00:39:22,480 --> 00:39:25,160
Speaker 1: than two years in prison, saying most, if not all,

700
00:39:25,239 --> 00:39:29,560
Speaker 1: defendants who received longer sentences had committed far worse crimes

701
00:39:29,600 --> 00:39:32,719
Speaker 1: like assaulting police officers. And it's true that a man

702
00:39:32,800 --> 00:39:35,520
Speaker 1: who pleaded guilty to assaulting a police officer with a

703
00:39:35,600 --> 00:39:39,600
Speaker 1: fire extinguisher got five years, which was the longest sentence

704
00:39:39,760 --> 00:39:42,560
Speaker 1: before Refits. I think there are a couple of aggravating

705
00:39:42,640 --> 00:39:45,920
Speaker 1: factors here with respect to Refit. One is that when

706
00:39:45,960 --> 00:39:49,239
Speaker 1: he traveled from Texas to Washington, d C. To participate

707
00:39:49,360 --> 00:39:52,680
Speaker 1: in the insurrection, he brought with him a a R

708
00:39:52,920 --> 00:39:57,880
Speaker 1: fifteen style rifle and a forty caliber semi automatic handgun.

709
00:39:58,440 --> 00:40:01,160
Speaker 1: She was armed with a weapon. And then he participated

710
00:40:01,200 --> 00:40:04,720
Speaker 1: in obstruction of justice with respect to the threats directed

711
00:40:04,920 --> 00:40:09,560
Speaker 1: at his children that if they cooperated, if they disclosed

712
00:40:09,680 --> 00:40:13,880
Speaker 1: his activities to law enforcement, that they would be considered

713
00:40:13,920 --> 00:40:18,840
Speaker 1: traders in his words, and everyone knows what happens to traders,

714
00:40:18,960 --> 00:40:22,040
Speaker 1: you know, he stated, so if the implication was that

715
00:40:22,200 --> 00:40:24,480
Speaker 1: he would kill his children, yeah, I think the judge

716
00:40:24,520 --> 00:40:28,360
Speaker 1: took note of that. Prosecutors and defense lawyers were watching

717
00:40:28,480 --> 00:40:32,000
Speaker 1: this trial to see how the obstruction charge would hold

718
00:40:32,120 --> 00:40:36,560
Speaker 1: up because it's rarely used, but it's central to the

719
00:40:36,719 --> 00:40:40,120
Speaker 1: cases that are coming up. Well. Instruction charge here is

720
00:40:40,320 --> 00:40:45,279
Speaker 1: unique because the focuses on the congressional proceedings and the

721
00:40:45,560 --> 00:40:50,640
Speaker 1: certification of the electoral votes, and this was an attempt

722
00:40:50,840 --> 00:40:55,480
Speaker 1: to interfere with that process. Here, the evidence was compelling

723
00:40:55,640 --> 00:40:59,680
Speaker 1: because was based largely on his own words communicated through

724
00:40:59,719 --> 00:41:04,360
Speaker 1: tech messages, emails that clearly indicated what his intent was.

725
00:41:04,719 --> 00:41:07,719
Speaker 1: I'm wondering if the judge was sending a message when

726
00:41:07,800 --> 00:41:10,800
Speaker 1: she said a message to others when she said that

727
00:41:10,960 --> 00:41:13,640
Speaker 1: his sentence would have been two years less if he

728
00:41:13,719 --> 00:41:16,480
Speaker 1: had pleaded guilty. I think that's implicit. I think that

729
00:41:16,560 --> 00:41:19,640
Speaker 1: there was certainly that message sent by the judge as

730
00:41:19,719 --> 00:41:22,760
Speaker 1: well as a message being sent by the prosecution. Again,

731
00:41:22,880 --> 00:41:26,400
Speaker 1: the prosecution was seeking a sentence of fifteen years in prison,

732
00:41:26,840 --> 00:41:29,959
Speaker 1: and here, while the judge didn't post such a severe sense,

733
00:41:30,040 --> 00:41:33,120
Speaker 1: it still was a significant sentense a little over seven years,

734
00:41:33,640 --> 00:41:37,680
Speaker 1: and so I'm certain that other defendants, other individuals that

735
00:41:37,760 --> 00:41:41,799
Speaker 1: were involved in the January six insurrection are taking note.

736
00:41:41,840 --> 00:41:44,400
Speaker 1: I think the lawyers representing them are taking note. And

737
00:41:44,480 --> 00:41:46,640
Speaker 1: the question is, you know, do we want to run

738
00:41:46,719 --> 00:41:50,600
Speaker 1: that risk of going to trial, being convicted of multiple felonies,

739
00:41:50,880 --> 00:41:54,160
Speaker 1: facing the prospect of spending several years in prison, or

740
00:41:54,280 --> 00:41:57,440
Speaker 1: is the better course to inner a guilty plea, cooperate

741
00:41:57,480 --> 00:42:00,200
Speaker 1: with the government and receive a much lighter sent Ye

742
00:42:01,320 --> 00:42:03,839
Speaker 1: and as Jimmy ger Rule are professor at Notre Dame

743
00:42:04,000 --> 00:42:07,080
Speaker 1: Law School speaking at the Bloomberg Student Grosso. Catch more

744
00:42:07,120 --> 00:42:10,080
Speaker 1: of that interview, plus analysis of the latest legal news

745
00:42:10,200 --> 00:42:13,320
Speaker 1: by subscribing to the Bloomberg Law Podcast. Are downloading the

746
00:42:13,360 --> 00:42:16,839
Speaker 1: show at Bloomberg dot com slash podcasts. Attorneys can find

747
00:42:16,880 --> 00:42:20,400
Speaker 1: exceptional legal research and business development tools at Bloomberg Law

748
00:42:20,520 --> 00:42:23,439
Speaker 1: dot com and on the Bloomberg terminal at the Law

749
00:42:23,719 --> 00:42:28,040
Speaker 1: Go and futures this morning are well. They're extending their

750
00:42:28,080 --> 00:42:31,200
Speaker 1: gains now. SNP futures up six points, now futures up

751
00:42:31,239 --> 00:42:34,520
Speaker 1: twenty seven and NASDAG futures are up twenty four and

752
00:42:34,600 --> 00:42:37,600
Speaker 1: the ten year Treasury down six thirties seconds, yield two

753
00:42:37,680 --> 00:42:40,880
Speaker 1: points seven two still ahead. On Bloomberg Day, Brea I

754
00:42:40,880 --> 00:42:43,000
Speaker 1: can check on the business headlines and all the news

755
00:42:43,200 --> 00:42:46,600
Speaker 1: you need to start your day, and this is Bloomberg