1 00:00:02,000 --> 00:00:04,880 Speaker 1: Live from the Bloomberg Interact at Berger Studios. This is 2 00:00:04,880 --> 00:00:08,719 Speaker 1: Bloomberg day Break for Wednesday, December seven two. Coming up 3 00:00:08,760 --> 00:00:15,400 Speaker 1: this hour, people will have spoken. Democratic Rockfield Warnock wins 4 00:00:15,440 --> 00:00:18,520 Speaker 1: the Senate runoff race in Georgia. Two of Donald Trump's 5 00:00:18,560 --> 00:00:22,119 Speaker 1: companies are convicted in a criminal tax fraud trial, and 6 00:00:22,239 --> 00:00:25,400 Speaker 1: Morgan Stanley is the latest company to slash jobs. New 7 00:00:25,480 --> 00:00:28,440 Speaker 1: York Mayor Eric Adams welcome's new top of pointees in 8 00:00:28,520 --> 00:00:32,400 Speaker 1: his administration. Plus an iconic New York City comedy club 9 00:00:32,440 --> 00:00:35,760 Speaker 1: will close its doors. I'm Michael barr More Ahead, I'm 10 00:00:35,800 --> 00:00:38,240 Speaker 1: John Stashower in sports to shut out, win for the Devil's, 11 00:00:38,280 --> 00:00:41,640 Speaker 1: the Islanders lost, met and Yankee free Agent pictures are 12 00:00:41,680 --> 00:00:47,000 Speaker 1: moving on. That's all strad Ahead on Bloomberg day Break 13 00:00:47,320 --> 00:00:51,640 Speaker 1: on Bloomberg, Eleving Free on New York, Bloomberg one, Washington, 14 00:00:51,760 --> 00:00:55,800 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine, SIXTI, 15 00:00:55,880 --> 00:00:59,640 Speaker 1: San Francisco, Sirius x M one nine Team and around 16 00:00:59,640 --> 00:01:03,080 Speaker 1: the world Old on Bloomberg Radio Dot Carmen viother Bloomberg 17 00:01:03,120 --> 00:01:10,399 Speaker 1: Business Good Wednesday Morning. I'm Any Morris and I'm Karen 18 00:01:10,480 --> 00:01:13,520 Speaker 1: Moscow and US Dock Index futures are lower this morning. 19 00:01:13,520 --> 00:01:15,120 Speaker 1: It is five o one on Wall Street, and we 20 00:01:15,200 --> 00:01:18,120 Speaker 1: checked the markets all day here on Bloomberg radios and 21 00:01:18,160 --> 00:01:20,759 Speaker 1: P futures down about eight points. At own futures down 22 00:01:20,800 --> 00:01:23,640 Speaker 1: forty one and as day futures down thirty six, are 23 00:01:23,680 --> 00:01:26,520 Speaker 1: down about three tenths of a percent. Can your treasury 24 00:01:26,560 --> 00:01:28,720 Speaker 1: up to thirty seconds? You have three point five two 25 00:01:28,800 --> 00:01:31,080 Speaker 1: percent and they yield on the two year four point 26 00:01:31,160 --> 00:01:34,120 Speaker 1: three four percent and nine next screwed oil is down 27 00:01:34,120 --> 00:01:37,320 Speaker 1: one point seven percent. Amy and Karen will have more 28 00:01:37,319 --> 00:01:39,600 Speaker 1: on the markets in just a minute. But first, Democrats 29 00:01:39,640 --> 00:01:42,400 Speaker 1: have one control of the Senate after a victory in 30 00:01:42,480 --> 00:01:47,680 Speaker 1: Georgia's runoff election. Incumbent Democratic Raphael Warnock defeated Republican challenger 31 00:01:47,880 --> 00:01:51,520 Speaker 1: Herschel Walker fifty one point four percent forty eight point 32 00:01:51,600 --> 00:01:59,960 Speaker 1: six percent that you voted from that every single day, 33 00:02:00,840 --> 00:02:07,240 Speaker 1: I am going to keep working for you. Walker has 34 00:02:07,320 --> 00:02:10,920 Speaker 1: conceded to war Knock, encouraging his supporters to stay engaged 35 00:02:11,040 --> 00:02:13,840 Speaker 1: in politics. I'm not gonna make an excuses now because 36 00:02:13,880 --> 00:02:16,320 Speaker 1: we put up one hick of a fight and I 37 00:02:16,480 --> 00:02:20,120 Speaker 1: do that's what That's what we gotta do, because this 38 00:02:20,280 --> 00:02:23,520 Speaker 1: is much bigger. This is much bigger than herschel Walker. 39 00:02:23,560 --> 00:02:26,880 Speaker 1: When for Warnock means Democrats have a forty one fifty 40 00:02:27,000 --> 00:02:31,200 Speaker 1: one to forty nine Senate majority, there will be divided government, however, 41 00:02:31,240 --> 00:02:35,800 Speaker 1: with Republicans having narrowly gained House control, but with Warna's 42 00:02:35,880 --> 00:02:40,639 Speaker 1: decisive victory, Amy, Georgia's Secretary of Stayed, Brad Raefensberger, defended 43 00:02:40,639 --> 00:02:43,639 Speaker 1: the integrity of the race, calling it honest and fair. 44 00:02:43,960 --> 00:02:47,399 Speaker 1: You remember, Raethensberger was pressured by former President Trump after 45 00:02:47,440 --> 00:02:51,200 Speaker 1: the election. We want everyone to know at your vote counts, 46 00:02:51,360 --> 00:02:53,799 Speaker 1: it's gonna be safe, it's gonna be secure, it's gonna 47 00:02:53,800 --> 00:02:56,400 Speaker 1: be accurate, and we're gonna actually audit this race. We're 48 00:02:56,400 --> 00:02:58,639 Speaker 1: gonna do a wrestling of this race so we can 49 00:02:58,760 --> 00:03:01,600 Speaker 1: verify the voters. Piers what the results were on the machines. 50 00:03:01,880 --> 00:03:04,920 Speaker 1: Here's what they are. Afterward the hand help honor. Secretary 51 00:03:04,919 --> 00:03:08,320 Speaker 1: of State Raffensberger spoke at their Washington correspondent Joe Matthew 52 00:03:08,360 --> 00:03:11,160 Speaker 1: on Bloomberg's sound on Catch the Show weeknights at five 53 00:03:11,160 --> 00:03:14,440 Speaker 1: pm Eastern on Bloomberg Radio. It was not a good 54 00:03:14,520 --> 00:03:17,359 Speaker 1: day for Donald Trump. Karen. He was a prominent backer 55 00:03:17,440 --> 00:03:20,000 Speaker 1: of herschel Walker. And at the same time, there's news 56 00:03:20,000 --> 00:03:23,680 Speaker 1: the former president suffered another defeat in court. We get 57 00:03:23,720 --> 00:03:27,040 Speaker 1: that story from Bloomberg's Sad Baxter. Donald Trump's company has 58 00:03:27,040 --> 00:03:30,160 Speaker 1: been found guilty of engaging in tax fraud for more 59 00:03:30,200 --> 00:03:33,040 Speaker 1: than a decade. This is the first time a Trump 60 00:03:33,080 --> 00:03:37,840 Speaker 1: business has been convicted of criminal conduct. Executives, including Allen Wiselbery, 61 00:03:37,840 --> 00:03:41,560 Speaker 1: convicted of evading taxes on company paid perks, including free 62 00:03:41,560 --> 00:03:46,240 Speaker 1: apartments and luxury cars. The conviction may make it harder 63 00:03:46,400 --> 00:03:49,720 Speaker 1: for the Trump companies to do business. Trump himself was 64 00:03:49,760 --> 00:03:53,560 Speaker 1: not charged in San Francisco. I'm at Baxter Bloomberg Daybreak, 65 00:03:53,680 --> 00:03:55,640 Speaker 1: All right, and thank you. We'll have more reaction on 66 00:03:55,680 --> 00:03:57,760 Speaker 1: the political news coming up in a few minutes. But 67 00:03:57,880 --> 00:03:59,880 Speaker 1: first let's turn to Wall Street, where the view on 68 00:03:59,920 --> 00:04:03,840 Speaker 1: the economy is getting gloomy. Now. Morgan Stanley is cutting jobs, 69 00:04:03,840 --> 00:04:06,720 Speaker 1: and we get the details live at the Bloomberg Steve Rappaport, 70 00:04:06,760 --> 00:04:09,760 Speaker 1: Good morning, Steve, Good morning, Karen and Amy. Morgan Stanley 71 00:04:09,760 --> 00:04:12,480 Speaker 1: will reduce about two percent of its global workforce as 72 00:04:12,480 --> 00:04:15,760 Speaker 1: the bank braces for a possible recession. Sources tell Bloomberg 73 00:04:15,840 --> 00:04:18,760 Speaker 1: roughly six d jobs are on the chopping block. CEO 74 00:04:18,880 --> 00:04:21,799 Speaker 1: James Gorman hinted layoffs work coming when the bank reported 75 00:04:21,800 --> 00:04:24,679 Speaker 1: earnings in October, saying they learned some things during COVID 76 00:04:24,720 --> 00:04:28,120 Speaker 1: about operating more efficiently and that's something the management team 77 00:04:28,160 --> 00:04:30,279 Speaker 1: is working on for the rest of this year. Live 78 00:04:30,320 --> 00:04:33,400 Speaker 1: in New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, 79 00:04:33,400 --> 00:04:36,559 Speaker 1: thank you, Steve. Goldman saxes out with a downbeat view 80 00:04:36,640 --> 00:04:39,800 Speaker 1: on the economy. We spoke with CEO David Solomon at 81 00:04:39,800 --> 00:04:43,720 Speaker 1: Goldman's Financial Services conference. He says smaller bonuses and job 82 00:04:43,760 --> 00:04:46,880 Speaker 1: cuts shouldn't come as a surprise. We always look at 83 00:04:46,880 --> 00:04:49,239 Speaker 1: the environment and we always size the firm to the environment. 84 00:04:49,240 --> 00:04:52,400 Speaker 1: If the environment gets tougher, we will obviously make decisions 85 00:04:52,400 --> 00:04:54,880 Speaker 1: to size the footpront of the firm appropriately. That can 86 00:04:54,920 --> 00:04:57,280 Speaker 1: come from slowing down higher in which we've already done 87 00:04:57,320 --> 00:04:59,640 Speaker 1: considerably in the second half of the year. Um in 88 00:04:59,720 --> 00:05:02,760 Speaker 1: that would also come from pruning in certain areas. Golden 89 00:05:02,800 --> 00:05:06,240 Speaker 1: Sex CEO David Solomon spoke with Bloomberg's Sinali Bassik, and 90 00:05:06,320 --> 00:05:08,960 Speaker 1: you can stay tuned for more of that interview coming 91 00:05:09,040 --> 00:05:12,520 Speaker 1: up shortly. Well. Another Wall Street CEO is also weighing 92 00:05:12,520 --> 00:05:15,480 Speaker 1: in on the economy amy and its impact on his firm. 93 00:05:15,560 --> 00:05:18,800 Speaker 1: Bank of Americas Brian moynahan says there are signs of 94 00:05:18,800 --> 00:05:23,280 Speaker 1: consumer weakness with spending starting to slow. The evidence shows it. Yes, 95 00:05:23,320 --> 00:05:26,560 Speaker 1: the economy is being slowed by the higher interest rates, 96 00:05:26,600 --> 00:05:29,320 Speaker 1: by the fact that the inflation is eating up more 97 00:05:30,200 --> 00:05:32,279 Speaker 1: of a person savings. They need to get that under control. 98 00:05:32,320 --> 00:05:33,840 Speaker 1: That means higher interest rates. From the other hand, you've 99 00:05:33,839 --> 00:05:35,880 Speaker 1: seen them slow down, which had to put less price pressure. 100 00:05:36,080 --> 00:05:37,760 Speaker 1: That means they could slow down. So that's going to 101 00:05:37,839 --> 00:05:39,360 Speaker 1: be the debate. I think we need a few more 102 00:05:39,360 --> 00:05:41,240 Speaker 1: months to see whether it's just a trend or not. 103 00:05:41,720 --> 00:05:44,760 Speaker 1: Bank of Americas Brian Monahan says consumers spending at the 104 00:05:44,760 --> 00:05:47,760 Speaker 1: bank rose five percent in November. That's a lower rate 105 00:05:47,800 --> 00:05:53,200 Speaker 1: than prior periods. In Asia, China continues to relax COVID restrictions. 106 00:05:53,240 --> 00:05:55,800 Speaker 1: Today brought another round of announcements from the government. To 107 00:05:55,880 --> 00:05:59,560 Speaker 1: Bloomberg's John lu reports from Beijing, new measures were announced 108 00:05:59,640 --> 00:06:02,440 Speaker 1: dated that allow people infected with COVID to quarantine at 109 00:06:02,480 --> 00:06:05,839 Speaker 1: home as a nationwide policy. Authorities are also trying to 110 00:06:05,920 --> 00:06:09,320 Speaker 1: rent it unnecessary PCR testing by scrapping the need to 111 00:06:09,360 --> 00:06:12,520 Speaker 1: show a negative test result for most public venues. Those 112 00:06:12,560 --> 00:06:14,560 Speaker 1: news are the latest sign of the government is trying 113 00:06:14,560 --> 00:06:17,640 Speaker 1: to ease its zero tolerance COVID strategy and that growing 114 00:06:17,720 --> 00:06:21,080 Speaker 1: public discontent. The actions also suggest that China's most senior 115 00:06:21,160 --> 00:06:24,320 Speaker 1: leaders are willing to tolerate higher case numbers to avoid 116 00:06:24,360 --> 00:06:28,919 Speaker 1: more social and economic terminin in Beijing. I'm John lou Bloomberg. Daybreak. 117 00:06:29,000 --> 00:06:30,799 Speaker 1: All right, John, thank you all back here in the US. 118 00:06:30,960 --> 00:06:35,080 Speaker 1: We have an ominous forecast from an iPhone supplier in Asia. 119 00:06:35,480 --> 00:06:41,239 Speaker 1: Urada Manufacturing expects Apple to further reduce iPhone fourteen production plans. 120 00:06:41,240 --> 00:06:44,159 Speaker 1: It sites week demand. The Japanese company is a lynch 121 00:06:44,240 --> 00:06:47,840 Speaker 1: pin of the smartphone industry and providing components to Apple, 122 00:06:48,000 --> 00:06:52,520 Speaker 1: Samsung and many others. Again, futures are moving lower this morning, 123 00:06:52,640 --> 00:06:56,039 Speaker 1: and straight ahead, we have our latest local headlines plus 124 00:06:56,040 --> 00:07:03,480 Speaker 1: the check of sports, and this is Bloomberg. Take you 125 00:07:03,560 --> 00:07:06,280 Speaker 1: care in five oh seven on Wall Street, fifty seven 126 00:07:06,279 --> 00:07:09,240 Speaker 1: degrees now in New York with scattered showers, We're going 127 00:07:09,320 --> 00:07:12,160 Speaker 1: up to sixty today. Let's bring in Michael Barr with 128 00:07:12,160 --> 00:07:13,960 Speaker 1: more than what else is going on in New York 129 00:07:14,000 --> 00:07:16,760 Speaker 1: and around the world. Good morning, Michael, Good morning a mean. 130 00:07:16,800 --> 00:07:20,240 Speaker 1: New York. Mayor Eric Adams will fill two top appointed 131 00:07:20,280 --> 00:07:24,200 Speaker 1: posts at City Hall with two women from inside his administration. 132 00:07:24,800 --> 00:07:28,119 Speaker 1: Mill Varlac, Senior Adviser to the Mayor, will become chief 133 00:07:28,160 --> 00:07:32,440 Speaker 1: of Staff, replacing retiring Frank Corone. Gina Right, now Deputy 134 00:07:32,520 --> 00:07:36,640 Speaker 1: Mayor of Strategic Initiatives, will become first Deputy Mayor, replace 135 00:07:36,680 --> 00:07:40,200 Speaker 1: and retiring Lorraine Grillo. Mayor Adams says they will have 136 00:07:40,320 --> 00:07:44,640 Speaker 1: big shoes to fill Sheena Camille. All continue to tradition 137 00:07:45,120 --> 00:07:51,840 Speaker 1: a strong women in this administration, especially strong women of color. 138 00:07:53,000 --> 00:07:56,640 Speaker 1: The appointments will be effective in January. Former Broome County, 139 00:07:56,720 --> 00:07:59,920 Speaker 1: New York, District Attorney Stephen Cornwell has pleaded guilty to 140 00:08:00,040 --> 00:08:03,840 Speaker 1: grand larceny. Cornwell admitted to stealing felony case records of 141 00:08:03,840 --> 00:08:08,240 Speaker 1: his prior criminal conviction. Current DA Michael Kortcha says that 142 00:08:08,480 --> 00:08:13,520 Speaker 1: Cornwell stole case files and county records that documented his conviction, 143 00:08:13,840 --> 00:08:17,120 Speaker 1: including for d U I and assault on an officer. 144 00:08:17,560 --> 00:08:20,640 Speaker 1: He also went is the computer files of the district 145 00:08:20,640 --> 00:08:24,360 Speaker 1: attorney and altered his name and deleted his date of 146 00:08:24,440 --> 00:08:28,920 Speaker 1: birth from that prior criminal conviction. D A Cortchack says 147 00:08:28,960 --> 00:08:32,480 Speaker 1: Cornwell was sentenced to a three year conditional discharge and 148 00:08:32,559 --> 00:08:37,120 Speaker 1: find five thousand dollars. Today marks America's eighty one years 149 00:08:37,240 --> 00:08:40,560 Speaker 1: after the Pearl Harbor attack. The number of World War 150 00:08:40,600 --> 00:08:44,440 Speaker 1: Two survivors from that day are dwindling. One one year 151 00:08:44,480 --> 00:08:48,560 Speaker 1: old Lou Counter in Grass Valley, California, regrets, due to 152 00:08:48,600 --> 00:08:50,400 Speaker 1: his eighth that he will not be able to attend 153 00:08:50,440 --> 00:08:53,400 Speaker 1: today's remembrance events. He was a sailor on board the 154 00:08:53,440 --> 00:08:57,240 Speaker 1: ill fated USS Arizona. I'd love to be there because 155 00:08:57,480 --> 00:09:01,880 Speaker 1: there's only two of us still living there. More than 156 00:09:01,920 --> 00:09:05,360 Speaker 1: two hundred Americans were killed in the surprise Japanese attack. 157 00:09:06,000 --> 00:09:09,320 Speaker 1: And iconic New York City comedy club is closing up shop. 158 00:09:09,720 --> 00:09:13,120 Speaker 1: Carolines on Broadway will close its doors after forty years. 159 00:09:13,440 --> 00:09:16,439 Speaker 1: The final day will be on December thirty one. Global 160 00:09:16,440 --> 00:09:18,400 Speaker 1: News twenty four hours a day on air and on 161 00:09:18,520 --> 00:09:21,240 Speaker 1: Bloomberg Quick Take, powered by more than twenty seven hundred 162 00:09:21,280 --> 00:09:23,920 Speaker 1: journalist and analysts in more than a hundred twenty countries. 163 00:09:23,960 --> 00:09:27,400 Speaker 1: On Michael barn this is Bloomberg Gaming. All right, thank you, Michael. 164 00:09:30,200 --> 00:09:32,320 Speaker 1: It's five oh nine on Wall Street. Time Now for 165 00:09:32,360 --> 00:09:34,720 Speaker 1: the Sports were four brought to you by Try State Audie. 166 00:09:34,760 --> 00:09:37,440 Speaker 1: Here's John's dash our alright, Ammy Jacob Graham was not 167 00:09:37,559 --> 00:09:40,280 Speaker 1: the Mets only free agent pitcher Taiwan Walker was an 168 00:09:40,280 --> 00:09:44,680 Speaker 1: All Star had a solid season in two, going twelve 169 00:09:44,679 --> 00:09:46,320 Speaker 1: and five three and a half of r A. Walker 170 00:09:46,400 --> 00:09:49,120 Speaker 1: is not only leaving the Mats, he is joining the Phillies, 171 00:09:49,480 --> 00:09:51,840 Speaker 1: who continue to spend, having already had a trade turner, 172 00:09:51,920 --> 00:09:55,200 Speaker 1: Jamison Tayon leaving the Yankees heading to the Cubs. Tayon 173 00:09:55,640 --> 00:09:58,080 Speaker 1: came to New York with a history of injuries and illness, 174 00:09:58,120 --> 00:10:00,480 Speaker 1: but he was dependable this fast season, making thirty two 175 00:10:00,520 --> 00:10:02,920 Speaker 1: starts he led the team and wins with fourteen. The 176 00:10:02,920 --> 00:10:05,520 Speaker 1: Cubs also signed Cody Bellinger, who was the two thousand 177 00:10:05,640 --> 00:10:07,760 Speaker 1: nineteen n L m v P with the Dodgers. The 178 00:10:07,840 --> 00:10:11,360 Speaker 1: Yanks have signed free agent reliever Tommy Keenley. He was 179 00:10:11,400 --> 00:10:14,360 Speaker 1: with them before. As for Aaron Judge, Yankee gentle manager 180 00:10:14,360 --> 00:10:18,080 Speaker 1: of Bryan Cashman, was on the Yes Network hopeful, but 181 00:10:18,160 --> 00:10:21,400 Speaker 1: if we're not driving this bus, obviously, Mr Judges, and 182 00:10:21,920 --> 00:10:23,960 Speaker 1: you know, he put himself in a great position clearly 183 00:10:24,000 --> 00:10:26,439 Speaker 1: with a historic season and he's had an amazing career 184 00:10:26,480 --> 00:10:28,680 Speaker 1: thus far, and you know one that if he continues 185 00:10:28,720 --> 00:10:30,280 Speaker 1: to take him all the way to Cooper's town. But 186 00:10:30,360 --> 00:10:33,480 Speaker 1: we want every stop along the way between now and 187 00:10:33,200 --> 00:10:35,680 Speaker 1: and hopefully that final destination to be here in the 188 00:10:35,679 --> 00:10:38,120 Speaker 1: Brocks for us. Yashman and Mitzi has to wait for us, 189 00:10:38,200 --> 00:10:40,920 Speaker 1: he says, the judge, Domino to fall before he knows 190 00:10:40,960 --> 00:10:43,320 Speaker 1: what to do next. On the ice, Devil's three Nothings 191 00:10:43,320 --> 00:10:45,920 Speaker 1: shut out of Chicago defenseman Dougie Hamilton's in on all 192 00:10:45,960 --> 00:10:48,520 Speaker 1: three goals. Islanders lost to St. Louis seven four. A 193 00:10:48,520 --> 00:10:51,319 Speaker 1: couple of locals met college hoops at rose Hill, Fordham 194 00:10:51,360 --> 00:10:53,840 Speaker 1: beat Wagner and the Rams are nine and one double 195 00:10:53,920 --> 00:10:56,800 Speaker 1: letter at the Garden. Duke beat Iowa after Illinois beat 196 00:10:56,840 --> 00:10:59,720 Speaker 1: second right Texas in overtime. Two days off the World Cup, 197 00:10:59,720 --> 00:11:03,880 Speaker 1: after Portugal routed Switzerland six to one in Morocco, upset 198 00:11:03,920 --> 00:11:07,560 Speaker 1: Spain on penalty kicks quarterfinals Friday and Saturday. In guitar, 199 00:11:07,640 --> 00:11:11,199 Speaker 1: quarterback Baker Mayfield released by Carolina, claimed on waivers by 200 00:11:11,200 --> 00:11:14,559 Speaker 1: the l A. Rams. John stash Holler Bloomberg Sports Team, 201 00:11:14,559 --> 00:11:17,040 Speaker 1: All right, thank you, John. The Bloomberg Sports Report was 202 00:11:17,080 --> 00:11:19,920 Speaker 1: brought to you by Audie. Don't let someone else drive 203 00:11:19,960 --> 00:11:23,760 Speaker 1: off in the Audi model you've always wanted. Visit your local, 204 00:11:23,800 --> 00:11:26,080 Speaker 1: try state Audie dealer to get behind the wheel of 205 00:11:26,120 --> 00:11:30,559 Speaker 1: yours today, or visit Autie offers dot com for more information. 206 00:11:31,320 --> 00:11:34,360 Speaker 1: Checking the futures now. S and P futures down eight points, 207 00:11:34,440 --> 00:11:39,000 Speaker 1: Dell futures down forty three, NASTAC futures down thirty nine points. 208 00:11:39,040 --> 00:11:42,200 Speaker 1: The ten year treasury up three thirty seconds to yield 209 00:11:42,440 --> 00:11:45,319 Speaker 1: at three point five percent, the two year yield at 210 00:11:45,320 --> 00:11:51,280 Speaker 1: four point three percent. Nimex crewed down one point eight percent. 211 00:11:51,520 --> 00:11:54,120 Speaker 1: That's about a buck thirty seven trading now at seventy 212 00:11:54,120 --> 00:11:57,040 Speaker 1: two dollars eighty eight cents. Much more still to come 213 00:11:57,160 --> 00:12:04,040 Speaker 1: on Bloomberg Daybreak. This is Bloomberg. Good Wednesday morning. It's 214 00:12:04,080 --> 00:12:07,360 Speaker 1: five twelve on Wall Street. This is Bloomberg Daybreak. Democrats 215 00:12:07,360 --> 00:12:10,000 Speaker 1: have one outright control of the Senate after a victory 216 00:12:10,000 --> 00:12:13,000 Speaker 1: in the runoff election in Georgia last night. We're joined 217 00:12:13,040 --> 00:12:17,040 Speaker 1: now by Terry Hayes, founder of Pangia Policy. Terry, good morning, 218 00:12:17,040 --> 00:12:19,600 Speaker 1: Thank you for taking the time with us this morning. Now, 219 00:12:19,600 --> 00:12:22,640 Speaker 1: we got the results of that runoff election a lot 220 00:12:22,679 --> 00:12:24,840 Speaker 1: sooner than expected. A lot of pundits have been saying 221 00:12:24,880 --> 00:12:27,199 Speaker 1: that this might take days to figure out. What's that 222 00:12:27,280 --> 00:12:31,839 Speaker 1: tell you? It tells me that pundits are usually wrong, 223 00:12:32,720 --> 00:12:36,520 Speaker 1: among other things. But it's uh, you know that Georgia 224 00:12:36,720 --> 00:12:40,920 Speaker 1: was really after was very committed to wanting to put 225 00:12:40,920 --> 00:12:45,640 Speaker 1: it put together a good and seamless process. They did 226 00:12:45,720 --> 00:12:48,439 Speaker 1: very well in the general election, and you know this 227 00:12:48,520 --> 00:12:52,480 Speaker 1: time out with with one race to do, Uh, they 228 00:12:52,520 --> 00:12:56,000 Speaker 1: got the results in very quickly and good for them. 229 00:12:56,240 --> 00:12:59,360 Speaker 1: Was voter turnout a factor in this race? Oh, it's 230 00:12:59,360 --> 00:13:01,880 Speaker 1: the rooter turn out. It's always a factor. But uh, 231 00:13:02,000 --> 00:13:05,280 Speaker 1: I think that it is a situation where you know, 232 00:13:05,360 --> 00:13:09,720 Speaker 1: neither side can really take away much uh overwhelmingly positive 233 00:13:09,800 --> 00:13:13,360 Speaker 1: from all this. Uh. You know, Reverend Warnock scraped through 234 00:13:14,160 --> 00:13:16,720 Speaker 1: the first time he's did. He pretty much scraped through 235 00:13:16,760 --> 00:13:20,880 Speaker 1: this time. Uh. You had a situation where where Walker 236 00:13:21,080 --> 00:13:25,160 Speaker 1: was trailing the field, uh further Republicans in a lot 237 00:13:25,160 --> 00:13:28,800 Speaker 1: of ways and continued to do that. And you know 238 00:13:28,880 --> 00:13:32,480 Speaker 1: that that goes back to the old candidate quality. Uh, 239 00:13:32,640 --> 00:13:35,720 Speaker 1: the statement that Senator McConnell made a few months ago, 240 00:13:35,760 --> 00:13:39,240 Speaker 1: and you know that's quite correct, and you know Walker 241 00:13:39,320 --> 00:13:42,520 Speaker 1: was a relatively weak candidate and pretty much fought the 242 00:13:42,559 --> 00:13:46,079 Speaker 1: Democrats to a standstill. So I don't think either party 243 00:13:46,120 --> 00:13:50,480 Speaker 1: can take away much a much positive from this, except 244 00:13:50,559 --> 00:13:53,160 Speaker 1: that you know, Georgia is going to be a bell 245 00:13:53,200 --> 00:13:55,400 Speaker 1: weather state for some time to come. Yeah. I wanted 246 00:13:55,440 --> 00:13:58,640 Speaker 1: to ask you if either candidate could see or even 247 00:13:58,679 --> 00:14:02,520 Speaker 1: if other republic can candidate specifically and Georgia could see 248 00:14:02,520 --> 00:14:05,280 Speaker 1: this as some sort of mandate, some sort of message, 249 00:14:05,320 --> 00:14:09,400 Speaker 1: but the margin was so tight. Maybe not, yeah, maybe not. 250 00:14:09,600 --> 00:14:12,120 Speaker 1: I you know, the way I would look at Georgia 251 00:14:12,160 --> 00:14:16,200 Speaker 1: frankly is that uh, you know, part of candidates have 252 00:14:16,280 --> 00:14:20,400 Speaker 1: either party can do well uh if they are if 253 00:14:20,400 --> 00:14:23,680 Speaker 1: they have a compelling message, if they're very focused. Uh. 254 00:14:23,800 --> 00:14:27,600 Speaker 1: And and frankly, they are seen as as a safe 255 00:14:27,600 --> 00:14:30,320 Speaker 1: pair of hands, as the British would say, good candidates 256 00:14:30,400 --> 00:14:34,440 Speaker 1: that uh that that have some quality attached to the governor. 257 00:14:34,440 --> 00:14:38,920 Speaker 1: Brian Camp of Georgia clearly is that down there. And uh, 258 00:14:39,000 --> 00:14:42,160 Speaker 1: you know, somebody like Mr Walker could not get over 259 00:14:42,240 --> 00:14:45,440 Speaker 1: that particular hump. Uh. And you know that, as much 260 00:14:45,440 --> 00:14:48,120 Speaker 1: as anything else, is the reason why if he's not 261 00:14:48,200 --> 00:14:50,800 Speaker 1: the senator today. Well, let's talk a little bit about 262 00:14:50,880 --> 00:14:54,560 Speaker 1: the Trump effect. Are we seeing that change. Now, this 263 00:14:54,640 --> 00:14:57,440 Speaker 1: is another defeat on the national stage where a Trump 264 00:14:57,480 --> 00:15:02,080 Speaker 1: supported candidate. Oh sure you I had written after after 265 00:15:02,160 --> 00:15:07,520 Speaker 1: the president's former president's UH announcement a week or so ago, 266 00:15:07,680 --> 00:15:10,200 Speaker 1: that I thought he really jumped the shark and uh 267 00:15:11,120 --> 00:15:13,120 Speaker 1: on this and you know, this is the moment where 268 00:15:13,200 --> 00:15:17,520 Speaker 1: the decline is visible. Uh. But you know, and that's 269 00:15:17,520 --> 00:15:21,560 Speaker 1: been accentuated with the whole business about suspending the constitution, 270 00:15:21,600 --> 00:15:25,920 Speaker 1: which is ludicrous at best. But when you look at 271 00:15:25,920 --> 00:15:28,920 Speaker 1: the electoral evidence, which is what you're asking about, he's 272 00:15:28,920 --> 00:15:32,680 Speaker 1: definitely passed his political cell by date. He's he's now 273 00:15:32,680 --> 00:15:37,960 Speaker 1: a serial political loser in nationally, one in Georgia, two 274 00:15:38,000 --> 00:15:40,000 Speaker 1: in the mid terms, and now in the Senate runoff. 275 00:15:41,160 --> 00:15:44,040 Speaker 1: In a practical sense, that that spells the end of 276 00:15:44,080 --> 00:15:48,680 Speaker 1: a viable Trump candidacy within the Republican Party. Oh well, okay, 277 00:15:48,760 --> 00:15:51,800 Speaker 1: So do you then anticipate not only he's going to 278 00:15:51,880 --> 00:15:56,080 Speaker 1: face some resistance when he as he's running for president again, 279 00:15:56,800 --> 00:16:01,760 Speaker 1: or do you also see other candidates now distancing themselves? Well, 280 00:16:01,800 --> 00:16:05,000 Speaker 1: I think the uh, I think other candidates have been 281 00:16:05,040 --> 00:16:08,040 Speaker 1: out there for a while. It's uh, you know, people 282 00:16:08,120 --> 00:16:12,320 Speaker 1: like UH, people like former governor Haley h former Secretary 283 00:16:12,320 --> 00:16:16,480 Speaker 1: of State, Pompeio UH Florida governor to Sandi's many others 284 00:16:16,520 --> 00:16:19,080 Speaker 1: have been positioning themselves in a particular run for a 285 00:16:19,120 --> 00:16:22,520 Speaker 1: while UM, and I think the I think the party 286 00:16:22,600 --> 00:16:27,760 Speaker 1: has been frankly distancing themselves from him increasingly over the 287 00:16:27,800 --> 00:16:31,480 Speaker 1: past two years. The the the the the task for 288 00:16:31,520 --> 00:16:35,440 Speaker 1: the Republican Party over the past two years has been that, 289 00:16:35,800 --> 00:16:37,560 Speaker 1: you know, how do we get channel we how do 290 00:16:37,600 --> 00:16:40,680 Speaker 1: we get past this particular speed bump. And you know, 291 00:16:40,760 --> 00:16:44,840 Speaker 1: that process I think has greatly accelerated since the UH, 292 00:16:45,120 --> 00:16:47,920 Speaker 1: since the mid terms. But between the mid term results, 293 00:16:48,520 --> 00:16:52,880 Speaker 1: Trump's tone deaf announcement and UH and then the whole 294 00:16:52,920 --> 00:16:56,720 Speaker 1: business about suspending the constitution, which is UH, I really 295 00:16:56,720 --> 00:16:59,760 Speaker 1: think is beyond the pale for for a great number 296 00:16:59,760 --> 00:17:02,800 Speaker 1: of the party leaders. They're gonna look now to try 297 00:17:02,840 --> 00:17:06,000 Speaker 1: to make sure he's fenced out and very quickly about 298 00:17:06,000 --> 00:17:08,119 Speaker 1: thirty seconds here. Do you expect more grid luck or 299 00:17:08,119 --> 00:17:10,639 Speaker 1: do they find a way to cooperate? Well, what I 300 00:17:10,680 --> 00:17:15,000 Speaker 1: expect is I expect domestic grid luck. I expect grudging 301 00:17:15,080 --> 00:17:18,000 Speaker 1: consensus on basic fiscal matters. In other words, the governor, 302 00:17:18,320 --> 00:17:20,960 Speaker 1: the government keeps getting funded at current levels and all that, 303 00:17:21,520 --> 00:17:25,399 Speaker 1: and I expect by partisan unanimity on foreign policy, particularly Russia, 304 00:17:25,480 --> 00:17:28,640 Speaker 1: Ukraine in China. As a practical matter, it's the same 305 00:17:28,680 --> 00:17:31,640 Speaker 1: as it has been for the last two years, all right, Terry, 306 00:17:31,680 --> 00:17:35,080 Speaker 1: Thank you, Terry Haynes, founder of Pangea Policy. Checking the 307 00:17:35,080 --> 00:17:38,840 Speaker 1: markets now, SMP futures down seven, DEL futures down thirty four, 308 00:17:38,920 --> 00:17:43,200 Speaker 1: NASDAK futures down thirty five points. Still ahead on Bloomberg 309 00:17:43,240 --> 00:17:46,720 Speaker 1: daybreak Wheel here from Goldman Sachs Chief executive Officer David Solomon, 310 00:17:46,880 --> 00:17:49,520 Speaker 1: and check the markets and bring you the latest business headlines. 311 00:17:49,840 --> 00:17:52,679 Speaker 1: Much more still to come on this Wednesday morning. This 312 00:17:52,960 --> 00:18:04,920 Speaker 1: is Bloomberg Markets headlines and breaking news twenty four hours 313 00:18:04,920 --> 00:18:07,879 Speaker 1: a day at Bloomberg dot Com, of Bloomberg Business at 314 00:18:07,960 --> 00:18:11,359 Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business 315 00:18:11,480 --> 00:18:20,679 Speaker 1: lash and I'm Karen Moscow and European stocks are falling 316 00:18:20,720 --> 00:18:23,960 Speaker 1: along with US stock index futures, while bonds extend a 317 00:18:24,080 --> 00:18:26,600 Speaker 1: rally as Chinese trade data adds to fears about the 318 00:18:26,640 --> 00:18:29,159 Speaker 1: health of the global economy. To check the markets all 319 00:18:29,240 --> 00:18:32,080 Speaker 1: day here at Bloomberg Radios and p futures down eight 320 00:18:32,119 --> 00:18:35,040 Speaker 1: points or two tents of a percent. Nasdack futures down 321 00:18:35,080 --> 00:18:37,080 Speaker 1: to thirty nine points or a third of a percent, 322 00:18:37,160 --> 00:18:39,760 Speaker 1: and down futures down forty four or a tenth of 323 00:18:39,800 --> 00:18:42,560 Speaker 1: a percent. Ten year treasury up to thirty seconds. You 324 00:18:42,640 --> 00:18:44,600 Speaker 1: have three point five two percent in a yield and 325 00:18:44,640 --> 00:18:47,840 Speaker 1: the two year four point three four percent. Ninemex screwed 326 00:18:47,840 --> 00:18:50,840 Speaker 1: oils down one on eighty six cents at seventy three 327 00:18:50,840 --> 00:18:53,520 Speaker 1: dollars thirty eight cents in barrel. Comex called up two 328 00:18:53,520 --> 00:18:56,680 Speaker 1: tens percent or three dollars sixty cents at seventeen eighty 329 00:18:56,760 --> 00:18:59,520 Speaker 1: six an ounce. And that's a Bloomberg business flash. Now 330 00:18:59,560 --> 00:19:01,960 Speaker 1: here's Mick bar with more on what's going on around 331 00:19:01,960 --> 00:19:05,120 Speaker 1: the world. Michael, Good morning, Good morning, Karen. Senator Raphael 332 00:19:05,160 --> 00:19:08,720 Speaker 1: Warnock defeated Republican challenge Herschel Walker and their runoff for 333 00:19:08,760 --> 00:19:12,440 Speaker 1: Georgia's Senate seat, giving Democrats a fifty one forty nine 334 00:19:12,520 --> 00:19:15,679 Speaker 1: edge and the Upper Chamber. Warnock beat Walker with fifty 335 00:19:15,680 --> 00:19:18,679 Speaker 1: one point four percent of the vote and a sharp reversal. 336 00:19:18,800 --> 00:19:21,520 Speaker 1: China has announced a series of measures rolling back some 337 00:19:21,600 --> 00:19:26,320 Speaker 1: of its most draconian anti COVID nineteen restrictions. The National 338 00:19:26,400 --> 00:19:29,280 Speaker 1: Health Commission announced that COVID nineteen test and a clean 339 00:19:29,320 --> 00:19:32,240 Speaker 1: bill of health display it on a smartphone app would 340 00:19:32,400 --> 00:19:36,760 Speaker 1: no longer be required apart from vulnerable areas in the NHL. 341 00:19:36,960 --> 00:19:40,400 Speaker 1: The Devil's won, the Islanders lost. Global News twenty four 342 00:19:40,400 --> 00:19:43,879 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 343 00:19:43,880 --> 00:19:46,560 Speaker 1: by more than twenty seven hundred journalists and analysts and 344 00:19:46,600 --> 00:19:49,280 Speaker 1: more than one hundred twenty countries. I'm Michael Barr, and 345 00:19:49,359 --> 00:19:52,400 Speaker 1: this is Bloomberg Amy. All right, thank you, Michael. It's 346 00:19:52,440 --> 00:19:55,040 Speaker 1: five three on Wall Street. I'm Any Morris. This is 347 00:19:55,040 --> 00:19:58,960 Speaker 1: Bloomberg Daybreak. Goldman Sachs Chief executive Officer David Solomon is 348 00:19:59,000 --> 00:20:02,240 Speaker 1: striking a down beat note on the economic outlook, saying 349 00:20:02,280 --> 00:20:05,320 Speaker 1: smaller bonuses in potential job cuts should come as no 350 00:20:05,480 --> 00:20:09,400 Speaker 1: surprise to the finance industry. Solomon spoke with Bloomberg's Shannelly 351 00:20:09,440 --> 00:20:13,480 Speaker 1: Bassik at the Goldman Sex Financial Services Conference. Let's listen 352 00:20:13,480 --> 00:20:16,320 Speaker 1: to that conversation. Now, we're at a very uncertain time 353 00:20:16,800 --> 00:20:20,000 Speaker 1: and uncertain time given we're changing monetary and economic conditions 354 00:20:20,080 --> 00:20:22,920 Speaker 1: very very quickly, and that's certainly having an impact of 355 00:20:22,960 --> 00:20:25,520 Speaker 1: slowing down economic activity. And so if you're running a 356 00:20:25,560 --> 00:20:29,000 Speaker 1: big financial services firm, I think you have to assume 357 00:20:29,640 --> 00:20:32,199 Speaker 1: that we have some bumpy times ahead, and you have 358 00:20:32,240 --> 00:20:34,720 Speaker 1: to be a little bit more cautious with your financial resources, 359 00:20:35,040 --> 00:20:37,600 Speaker 1: with your sizing and the footprint of the organization. I 360 00:20:37,600 --> 00:20:39,840 Speaker 1: think you have to expect that activity levels are going 361 00:20:39,880 --> 00:20:43,000 Speaker 1: to be more constrained in a tougher economic environment. So 362 00:20:43,400 --> 00:20:46,240 Speaker 1: we have businesses that are very, very correlated to economic 363 00:20:46,280 --> 00:20:49,320 Speaker 1: growth in the world, and we're predicting economic growth will slow. 364 00:20:49,359 --> 00:20:52,120 Speaker 1: Our Our economists predict one point nine percent economic growth 365 00:20:52,160 --> 00:20:56,480 Speaker 1: around the world uhe, which is obviously slowing growth. And 366 00:20:56,520 --> 00:21:00,200 Speaker 1: the big question is as central banks tighten monetary conditions 367 00:21:00,200 --> 00:21:02,919 Speaker 1: and try to control inflation, can they do that more 368 00:21:02,960 --> 00:21:05,719 Speaker 1: con straight orchestrate some sort of a soft landing? And I, 369 00:21:05,760 --> 00:21:07,360 Speaker 1: you know, I think that's still uncertain. I think there's 370 00:21:07,359 --> 00:21:09,720 Speaker 1: a possibility of that, but I certainly think we could 371 00:21:09,720 --> 00:21:12,080 Speaker 1: see a recession in also, and so I think you've 372 00:21:12,080 --> 00:21:15,199 Speaker 1: got to be cautious and prepare. How then do you 373 00:21:15,240 --> 00:21:19,160 Speaker 1: prepare your staff around all of this. It's December, stand 374 00:21:19,240 --> 00:21:21,240 Speaker 1: the year people are worried about jobs. People are thinking 375 00:21:21,240 --> 00:21:24,479 Speaker 1: about jobs, they're thinking about pay as well. It's bonus 376 00:21:24,480 --> 00:21:28,320 Speaker 1: season coming up. We've reported that you are even thinking 377 00:21:28,320 --> 00:21:32,520 Speaker 1: about having lower bonuses at businesses that will have rising 378 00:21:32,560 --> 00:21:35,600 Speaker 1: revenue this year. How are you thinking about this? Bring 379 00:21:35,640 --> 00:21:38,639 Speaker 1: us inside your decision making process and what you're telling 380 00:21:38,720 --> 00:21:42,160 Speaker 1: your staff right now. Well, we we operate a business. 381 00:21:42,160 --> 00:21:45,000 Speaker 1: For every single year, UM, we have to pay our 382 00:21:45,000 --> 00:21:47,879 Speaker 1: most important asset, which is our people. It shouldn't be 383 00:21:47,880 --> 00:21:51,159 Speaker 1: surprising to people watching the performance of the business this 384 00:21:51,280 --> 00:21:54,520 Speaker 1: year that one was an exceptional year. It was a 385 00:21:54,560 --> 00:21:57,560 Speaker 1: record year for the firm, was the highest revenue year 386 00:21:57,640 --> 00:22:00,800 Speaker 1: ever for the firm. Two is a different year, and 387 00:22:00,840 --> 00:22:04,280 Speaker 1: so naturally compensation will be lower. We're still early in 388 00:22:04,320 --> 00:22:07,080 Speaker 1: the process of making those decisions. But just like every year, 389 00:22:07,520 --> 00:22:10,040 Speaker 1: we pay for performance, and we will pay people based 390 00:22:10,080 --> 00:22:12,240 Speaker 1: on the overall performance of the firm and especially for 391 00:22:12,240 --> 00:22:15,320 Speaker 1: our senior people. UM. You know, we we consider the 392 00:22:15,359 --> 00:22:17,560 Speaker 1: overall performance of the firm as we go through our 393 00:22:17,560 --> 00:22:20,719 Speaker 1: compensation process. How do you balance also, you know this 394 00:22:20,800 --> 00:22:23,520 Speaker 1: year you've been we introduced the you know, the natural 395 00:22:23,560 --> 00:22:26,560 Speaker 1: calling of headcount. The bonus discussion is not just here, 396 00:22:26,560 --> 00:22:29,360 Speaker 1: it's obviously everywhere on Wall Street. How do you balance 397 00:22:29,400 --> 00:22:30,800 Speaker 1: that with kind of the story that we saw just 398 00:22:30,840 --> 00:22:33,119 Speaker 1: a year ago this talent war that we saw this 399 00:22:33,160 --> 00:22:36,760 Speaker 1: booming market for people, and what's happening this year going 400 00:22:36,800 --> 00:22:38,959 Speaker 1: into next gent of tougher times. How do you balance 401 00:22:38,960 --> 00:22:42,760 Speaker 1: retention as well as those more difficult conversations. Well, we 402 00:22:43,040 --> 00:22:45,680 Speaker 1: take a very long term view with with everything we do, 403 00:22:46,119 --> 00:22:48,359 Speaker 1: and you have to adjust to the environment and so 404 00:22:48,400 --> 00:22:51,560 Speaker 1: you make changes around the margin. But at the same point, 405 00:22:51,600 --> 00:22:53,560 Speaker 1: you know, you take a long term view and you 406 00:22:53,600 --> 00:22:55,960 Speaker 1: try to think about your business over time. We're extremely 407 00:22:55,960 --> 00:22:59,360 Speaker 1: focused on serving our clients and our core businesses. Our 408 00:22:59,359 --> 00:23:01,719 Speaker 1: clients have been active, and so it's important for us 409 00:23:02,040 --> 00:23:05,320 Speaker 1: to strike the right balance in protecting our franchise and 410 00:23:05,359 --> 00:23:08,600 Speaker 1: making sure um that are people are paid for performance. 411 00:23:08,640 --> 00:23:10,879 Speaker 1: On the other hand, we're in an environment that's a 412 00:23:10,880 --> 00:23:13,840 Speaker 1: tougher environment. Broadly performance is not as strong, and so 413 00:23:13,960 --> 00:23:15,760 Speaker 1: we balance stuff. We take a long term view, our 414 00:23:15,800 --> 00:23:19,000 Speaker 1: people take a long term view. That was Goldman Sax 415 00:23:19,119 --> 00:23:22,280 Speaker 1: CEO David Solomon speaking with Bloomberg Shnalli Bassek, and you 416 00:23:22,280 --> 00:23:25,960 Speaker 1: can catch that full interview online at Bloomberg dot com 417 00:23:26,080 --> 00:23:29,959 Speaker 1: and on our daily Bloomberg Surveillance podcast, Checking the Futures 418 00:23:29,960 --> 00:23:33,640 Speaker 1: Markets Now SMP futures down eleven Dall futures down sixty three, 419 00:23:33,720 --> 00:23:37,399 Speaker 1: Nasdaq futures down forty six. Ten year Treasury up to 420 00:23:37,680 --> 00:23:40,840 Speaker 1: thirty seconds, the yield at three point five two percent, 421 00:23:40,920 --> 00:23:45,240 Speaker 1: the two year yield at four point three Nimex Crewe 422 00:23:45,280 --> 00:23:49,120 Speaker 1: trading now May down eighty one cents, trading at seventy 423 00:23:49,160 --> 00:23:51,600 Speaker 1: three dollars forty five cents a barrel. We'll have the 424 00:23:51,600 --> 00:23:54,200 Speaker 1: rest of this morning's top stories, plus your local headlines, 425 00:23:54,240 --> 00:23:56,359 Speaker 1: and a check on markets. But first let's get a 426 00:23:56,359 --> 00:24:01,600 Speaker 1: look at today's Bloomberg weather forecast. Scattered showers are possible 427 00:24:01,640 --> 00:24:03,800 Speaker 1: today as we remain a bit unsettled. It will be 428 00:24:03,840 --> 00:24:06,560 Speaker 1: mild temperatures across the region fifty five to sixty of 429 00:24:06,600 --> 00:24:09,359 Speaker 1: this afternoon. We will start to see some clearing overnight. 430 00:24:09,400 --> 00:24:12,200 Speaker 1: Those forty five to fifty high pressious north of the 431 00:24:12,240 --> 00:24:14,520 Speaker 1: Tri State area. Tomorrow, we'll have a partly sunny day 432 00:24:14,520 --> 00:24:17,000 Speaker 1: with highs of fifty to fifty five. Clouds will be 433 00:24:17,080 --> 00:24:21,040 Speaker 1: increasing on Friday, highs near forty five. I'm Rob Caroline 434 00:24:21,119 --> 00:24:26,800 Speaker 1: with your three day forecast on Bloomberg eleven three oh 435 00:24:27,040 --> 00:24:31,600 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio. In New York, 436 00:24:31,680 --> 00:24:35,040 Speaker 1: Bloomberg E Living Free to Washington, d C, Bloomberg nine 437 00:24:35,280 --> 00:24:38,239 Speaker 1: nine one to Boston, Bloomberg on A six one does 438 00:24:38,280 --> 00:24:42,320 Speaker 1: San Francisco, Bloomberg sixty to the country Sirius XM CHO 439 00:24:42,400 --> 00:24:45,680 Speaker 1: one nine and around the globe the Bloomberg Business and 440 00:24:45,800 --> 00:24:55,960 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's coming 441 00:24:56,000 --> 00:24:58,600 Speaker 1: up on five thirty on Wall Street. Good Wednesday morning. 442 00:24:58,640 --> 00:25:01,480 Speaker 1: I'm Amy Morris and I Karen Moscow, and we're nearly 443 00:25:01,560 --> 00:25:04,120 Speaker 1: four hours away from the open of US trading. Let's 444 00:25:04,119 --> 00:25:05,479 Speaker 1: get you have to day on the news. You need 445 00:25:05,520 --> 00:25:08,000 Speaker 1: to know at this hour. We begin with a runoff 446 00:25:08,119 --> 00:25:11,479 Speaker 1: Senate race in Georgia, and come in. Raphael Warnock defeated 447 00:25:11,520 --> 00:25:15,480 Speaker 1: Republican challenger herschel Walker fifty one point four percent to 448 00:25:15,560 --> 00:25:19,080 Speaker 1: forty eight point six percent, securing outright control of the 449 00:25:19,200 --> 00:25:22,560 Speaker 1: Senate for Democrats. If we have value, we ought to 450 00:25:22,600 --> 00:25:24,919 Speaker 1: have a voice. And the way to have a voice 451 00:25:25,000 --> 00:25:27,919 Speaker 1: is to have a vote to determine the direction of 452 00:25:27,960 --> 00:25:31,200 Speaker 1: your country and your destiny within it. And herschel Walker 453 00:25:31,200 --> 00:25:34,399 Speaker 1: conceded to Warnock, encouraging supporters to stay engaged in the 454 00:25:34,400 --> 00:25:39,000 Speaker 1: political process. We can't blame the one because I want 455 00:25:39,000 --> 00:25:41,240 Speaker 1: you to continue to believe in this country, believe in 456 00:25:41,280 --> 00:25:43,960 Speaker 1: our elected of Fish, and most of all, stay together 457 00:25:44,280 --> 00:25:46,840 Speaker 1: to win for Warnock. Means Democrats have a fifty one 458 00:25:46,880 --> 00:25:51,800 Speaker 1: to forty nine Senate majority with Warnock decisive victory. Georgia 459 00:25:51,880 --> 00:25:55,800 Speaker 1: Secretary of State Brad Raefensberger defended the integrity of the race, 460 00:25:55,880 --> 00:25:59,800 Speaker 1: calling it honest and fair. You'll remember Ravensburger was pressured 461 00:25:59,840 --> 00:26:04,359 Speaker 1: by former President Trump after the election. Now, not just 462 00:26:04,520 --> 00:26:06,879 Speaker 1: in Georgia, but all of the country. In Georgia, we 463 00:26:06,920 --> 00:26:09,919 Speaker 1: have honest, bair elections. They're secure and they rove smooth. 464 00:26:10,960 --> 00:26:14,320 Speaker 1: Georgias Secretary of State Brad Rathensberger spoke with our Washington 465 00:26:14,400 --> 00:26:17,680 Speaker 1: correspondent Joe Matthew on Bloomberg Sound On Catch the show 466 00:26:17,680 --> 00:26:20,840 Speaker 1: weeknights at five pm Eastern on Bloomberg Radio. Well, Amy, 467 00:26:20,880 --> 00:26:23,240 Speaker 1: it was not a great day for Donald Trump. The 468 00:26:23,320 --> 00:26:26,520 Speaker 1: former president. In fact herschel Walker and also suffered a 469 00:26:26,520 --> 00:26:29,240 Speaker 1: defeat in court two of his companies who found guilty 470 00:26:29,280 --> 00:26:32,199 Speaker 1: of engaging a tax fraud for over a decade. Trump 471 00:26:32,320 --> 00:26:35,480 Speaker 1: himself was not charged. Let's turn to Wall Street now, 472 00:26:35,520 --> 00:26:38,920 Speaker 1: where news of job cut signal concerns for the broader economy. 473 00:26:39,080 --> 00:26:42,480 Speaker 1: Bloomberg Steve Rappaport joins US Live with the latest. Good morning, Steve, 474 00:26:42,520 --> 00:26:45,120 Speaker 1: Good morning. Well, it's actually a morning of uncertainty at 475 00:26:45,119 --> 00:26:48,280 Speaker 1: Morgan Stanley, where roughly six hundred employees are heading for 476 00:26:48,359 --> 00:26:51,120 Speaker 1: an early exit. Sources tell Bloomberg. The bank is cutting 477 00:26:51,160 --> 00:26:54,199 Speaker 1: about two percent of its global workforce. Morgan added more 478 00:26:54,200 --> 00:26:57,040 Speaker 1: than twenty thousand jobs since the pandemic began, but with 479 00:26:57,080 --> 00:26:59,720 Speaker 1: COVID in the rear view mirror for many, CEO James 480 00:26:59,800 --> 00:27:02,119 Speaker 1: Corman says it's time to apply some of the lessons 481 00:27:02,200 --> 00:27:05,440 Speaker 1: learned during the pandemic about operating more efficiently. Live in 482 00:27:05,480 --> 00:27:08,840 Speaker 1: New York. I'm Steve Rappaport, Bloomberg Daybreak, all right, Steve. Thanks. 483 00:27:08,960 --> 00:27:12,119 Speaker 1: Bank of America CEO Brian Monahan also wearing in on 484 00:27:12,160 --> 00:27:16,080 Speaker 1: the economy, saying there's signs of consumer weakness. Economy is 485 00:27:16,119 --> 00:27:19,119 Speaker 1: being slowed by the higher interest rates, by the fact 486 00:27:19,160 --> 00:27:21,520 Speaker 1: that the inflation is eating more of a person savings. 487 00:27:21,560 --> 00:27:23,280 Speaker 1: They need to get down under control. That means higher 488 00:27:23,280 --> 00:27:24,959 Speaker 1: interest rates. On the other hand, you've seen them slow down, 489 00:27:25,000 --> 00:27:27,000 Speaker 1: which hard to put less price pressure and Bank of 490 00:27:27,040 --> 00:27:30,199 Speaker 1: America as Brian moynahan says, it's unclear at this point 491 00:27:30,240 --> 00:27:35,200 Speaker 1: if slower consumer spending will become a broader trend. Futures 492 00:27:35,240 --> 00:27:37,560 Speaker 1: this morning are lower s ANDP Future is down to 493 00:27:37,560 --> 00:27:39,760 Speaker 1: eleven points and down Future is down sixty two and 494 00:27:39,840 --> 00:27:43,600 Speaker 1: as day futures down four seven tenure Treasury little change 495 00:27:43,640 --> 00:27:46,000 Speaker 1: the year three point five two percent, in the yield 496 00:27:46,040 --> 00:27:48,600 Speaker 1: on the two year four point three four percent. The 497 00:27:48,720 --> 00:27:51,800 Speaker 1: euro at one point of four eight six against the dollar. 498 00:27:51,920 --> 00:27:55,639 Speaker 1: This morning, straight ahead, your latest local headlines, plus a 499 00:27:55,760 --> 00:28:03,760 Speaker 1: check of sports, and this is Bloomberg. Well, I thank 500 00:28:03,800 --> 00:28:06,320 Speaker 1: you caring one on Wall Street. Now let's bring in 501 00:28:06,400 --> 00:28:08,359 Speaker 1: Michael Barr with more on what else is going on 502 00:28:08,440 --> 00:28:10,840 Speaker 1: in New York and around the world. Good morning, Michael, 503 00:28:10,920 --> 00:28:13,800 Speaker 1: Good morning Amy. Funeral services will be held today for 504 00:28:13,800 --> 00:28:16,160 Speaker 1: the Yonkers police sergeant who was killed in a car 505 00:28:16,160 --> 00:28:19,320 Speaker 1: crash last week. Family and friends will say goodbye to 506 00:28:19,400 --> 00:28:23,639 Speaker 1: Frank Goldeno at Sacred Heart Church and Yonkers. The fifty 507 00:28:23,640 --> 00:28:26,639 Speaker 1: three year old was killed when policey, a teenage driver 508 00:28:26,800 --> 00:28:30,480 Speaker 1: with just a learners permit, lost control of his BMW 509 00:28:30,520 --> 00:28:33,879 Speaker 1: and slammed head on into Goldeno's unmarked police car on 510 00:28:34,000 --> 00:28:37,879 Speaker 1: Tuckahole Road. New York City Mayor Eric Adams is filling 511 00:28:37,880 --> 00:28:42,080 Speaker 1: the top two appointed posts at City Hall after recent retirements. 512 00:28:42,080 --> 00:28:45,920 Speaker 1: Mayor Adams says Camille Varlac, senior advisor to the Mayor, 513 00:28:45,960 --> 00:28:49,160 Speaker 1: will become chief of Staff, and Sheina right now Deputy 514 00:28:49,200 --> 00:28:53,480 Speaker 1: Mayor of Strategic Initiatives, will become first Deputy Mayor. These 515 00:28:53,520 --> 00:28:58,400 Speaker 1: are huge shoes to Phil but these two ladies in 516 00:28:58,440 --> 00:29:03,280 Speaker 1: their red bottoms, they're going to bring their own pair. 517 00:29:04,520 --> 00:29:08,280 Speaker 1: They're going to bring their own uniqueness, their own flair 518 00:29:09,280 --> 00:29:13,240 Speaker 1: to these jobs. The appointments will be effective in January. 519 00:29:13,600 --> 00:29:15,520 Speaker 1: A gay bar that was the side of the nineteen 520 00:29:15,560 --> 00:29:19,040 Speaker 1: sixties six sip In has been given landmark status by 521 00:29:19,120 --> 00:29:21,960 Speaker 1: New York City. Back then, the demonstration was held at 522 00:29:22,040 --> 00:29:25,360 Speaker 1: Julius near the historic Stone Wall in They were protesting 523 00:29:25,360 --> 00:29:27,600 Speaker 1: the closure of other bars in the city for serving 524 00:29:27,600 --> 00:29:31,320 Speaker 1: people who identified as l g B t Q. Andrew 525 00:29:31,320 --> 00:29:35,000 Speaker 1: Berman is the executive director of Village Preservation. Three years 526 00:29:35,040 --> 00:29:38,480 Speaker 1: before Stonewall, a couple of brave individuals got together and said, 527 00:29:38,480 --> 00:29:40,920 Speaker 1: we're going to challenge the rules that basically make gay 528 00:29:40,920 --> 00:29:43,880 Speaker 1: bars illegal. We're gonna sit at a bar, We're gonna 529 00:29:43,920 --> 00:29:47,280 Speaker 1: say we are gay and we demand to be served 530 00:29:47,280 --> 00:29:49,880 Speaker 1: to drink. Andrew Burman and it's the end of an 531 00:29:49,880 --> 00:29:53,160 Speaker 1: era for New York City comedy club. After forty years, 532 00:29:53,160 --> 00:29:56,400 Speaker 1: Carolines on Broadway will close its doors on January one. 533 00:29:56,880 --> 00:29:58,600 Speaker 1: Global name is twenty four hours a day on the 534 00:29:58,600 --> 00:30:00,480 Speaker 1: air and on Bloomberg Quick take were about more than 535 00:30:00,480 --> 00:30:02,480 Speaker 1: the twenty seven hundred journalist analysts more than a hundred 536 00:30:02,520 --> 00:30:05,200 Speaker 1: twenty countries. Michael bar this is Bloomberg Baby, all right, 537 00:30:05,280 --> 00:30:09,400 Speaker 1: thank you, Michael, six thirty four on Wall Street Time Now. 538 00:30:09,440 --> 00:30:11,560 Speaker 1: But the sports report brought to you by Trice State 539 00:30:11,600 --> 00:30:13,800 Speaker 1: out he here's John dash Our, Thanks Amy. It'll be 540 00:30:13,800 --> 00:30:18,160 Speaker 1: a different Mets rotation in three. Justin Verlander in, Jacob 541 00:30:18,200 --> 00:30:21,720 Speaker 1: Degram now Taiwan Walker both out. Walker just signed with 542 00:30:21,800 --> 00:30:24,600 Speaker 1: the Phillies. Still not known about Chris Bassett. He's also 543 00:30:24,600 --> 00:30:26,680 Speaker 1: a free agent. At the winter meetings in San Diego, 544 00:30:26,720 --> 00:30:29,440 Speaker 1: Mets manager Buck show Walter asked for the first time 545 00:30:29,560 --> 00:30:32,960 Speaker 1: his reaction to the Graham's departures to Texas. He's moving 546 00:30:33,040 --> 00:30:36,400 Speaker 1: a good situation and you know, contrary with a lot 547 00:30:36,440 --> 00:30:38,800 Speaker 1: of people try to you know, it wasn't something that 548 00:30:39,000 --> 00:30:41,320 Speaker 1: he had pre ordained. You know, it's something that kind 549 00:30:41,320 --> 00:30:45,040 Speaker 1: of played itself out and it was one of those 550 00:30:45,800 --> 00:30:48,280 Speaker 1: offers he couldn't afford to pass up, and you know, 551 00:30:48,360 --> 00:30:51,480 Speaker 1: we wish him well. Yankees with a free agent signing 552 00:30:51,520 --> 00:30:54,400 Speaker 1: bringing back reliever Tommy Kingley was had some injuries. The 553 00:30:54,440 --> 00:30:57,880 Speaker 1: answer said to want to bring back outfielder Andrew benintended, 554 00:30:57,960 --> 00:30:59,479 Speaker 1: but the Mets could be interested in him as well. 555 00:30:59,560 --> 00:31:01,920 Speaker 1: Jamison hi Own, who led the Yankees and wins last season, 556 00:31:01,920 --> 00:31:04,840 Speaker 1: just signed with the Cubs four years, sixty eight million. 557 00:31:04,840 --> 00:31:07,840 Speaker 1: Cubs also signed Cody Bellinger the two thousand nineteen m 558 00:31:07,920 --> 00:31:10,160 Speaker 1: v P with the Dodgers. Nix and that's both all 559 00:31:10,200 --> 00:31:13,080 Speaker 1: Tonight Nix against Atlanta. Nets take on Charlotte Rangers are 560 00:31:13,120 --> 00:31:16,480 Speaker 1: in Vegas. Last night, Devils shutout Chicago three opting. Devils 561 00:31:16,480 --> 00:31:20,080 Speaker 1: have forty three points most of the NHL. Islanders got 562 00:31:20,080 --> 00:31:22,280 Speaker 1: a five one deficit to five four, lost at home 563 00:31:22,320 --> 00:31:24,320 Speaker 1: to St. Louis seven four. They've dropped three of the 564 00:31:24,400 --> 00:31:28,080 Speaker 1: last four. Odell Beckham has visited the Giants and Cowboys. 565 00:31:28,080 --> 00:31:29,920 Speaker 1: Still not known where he's going to sign, but there 566 00:31:29,920 --> 00:31:32,680 Speaker 1: are now reports that Beckham still hasn't recovered from the 567 00:31:32,680 --> 00:31:34,560 Speaker 1: torn a c L suffered in the Super Bowl with 568 00:31:34,600 --> 00:31:36,160 Speaker 1: the Rams, and he may not be able to play 569 00:31:36,480 --> 00:31:40,000 Speaker 1: until the playoffs. John Stashward, Bloomberg Sports Amy, All right, 570 00:31:40,080 --> 00:31:44,040 Speaker 1: thank you, John. Futures are lower, SMP down down twelve points, 571 00:31:44,080 --> 00:31:48,600 Speaker 1: DAL futures down seventy NASDAC features down. Ten year treasury 572 00:31:48,800 --> 00:31:51,960 Speaker 1: up one thirty second, the yield at three point five 573 00:31:52,000 --> 00:31:54,160 Speaker 1: two percent, the two year yield at four point three 574 00:31:54,320 --> 00:31:56,760 Speaker 1: four percent. Much more still to come on this Wednesday 575 00:31:56,760 --> 00:32:02,160 Speaker 1: morning on Bloomberg Daybreak. This is Bloomberg. The Bloomberg Sports 576 00:32:02,160 --> 00:32:04,200 Speaker 1: Report was brought to you by Audie. Don't let someone 577 00:32:04,240 --> 00:32:06,600 Speaker 1: else drive off in the Audi model you've always wanted. 578 00:32:06,680 --> 00:32:09,040 Speaker 1: Visit your local Tri State autie dealer to get behind 579 00:32:09,080 --> 00:32:11,320 Speaker 1: the wheel of yours today, or visit outie Offers dot 580 00:32:11,320 --> 00:32:15,720 Speaker 1: com for more information. It's five thirty six on Wall Street. 581 00:32:15,760 --> 00:32:18,760 Speaker 1: Time Now for the Tri State Business Report. Here's Bloomberg's 582 00:32:18,840 --> 00:32:21,600 Speaker 1: ed Corey bill working its way through New York City 583 00:32:21,640 --> 00:32:25,280 Speaker 1: Council with ban private landlords from doing background checks on 584 00:32:25,360 --> 00:32:29,200 Speaker 1: prospective tenants. Some landlords say tenants don't want to share 585 00:32:29,240 --> 00:32:31,960 Speaker 1: buildings with former criminals, but at least thirty of the 586 00:32:31,960 --> 00:32:36,160 Speaker 1: Council's fifty one members have reportedly agreed to back the measure. 587 00:32:36,640 --> 00:32:39,400 Speaker 1: CMA CGM IS agreed to buy a couple of major 588 00:32:39,560 --> 00:32:43,080 Speaker 1: U S shipping terminals owned by Global Container Terminals to 589 00:32:43,120 --> 00:32:46,320 Speaker 1: boost the French logistic company's presence in the US. The 590 00:32:46,320 --> 00:32:48,560 Speaker 1: company says the purchase of terminals in New York and 591 00:32:48,640 --> 00:32:51,080 Speaker 1: New Jersey gives it a gateway on the U S. 592 00:32:51,120 --> 00:32:55,160 Speaker 1: East Coast. Stomp the percuss of Off Broadway Staple that's 593 00:32:55,160 --> 00:32:57,880 Speaker 1: straw on tourists and locals to its East Village Theater 594 00:32:58,000 --> 00:33:01,560 Speaker 1: for thirty years or so. We'll closed January eighth. The show, 595 00:33:01,640 --> 00:33:05,880 Speaker 1: which combines percussion, movement, comedy, and everyday objects transformed into 596 00:33:05,960 --> 00:33:10,640 Speaker 1: musical instruments, will continue with the North American and European tours. 597 00:33:11,040 --> 00:33:14,160 Speaker 1: That's your Bloomberg twic State Business Report, My bed Corey, 598 00:33:14,720 --> 00:33:18,160 Speaker 1: thank you. Add It's five seven on Wall Street. The 599 00:33:18,240 --> 00:33:22,400 Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was 600 00:33:22,400 --> 00:33:26,240 Speaker 1: written by the Bloomberg Editorial Board. Progress can be painfully 601 00:33:26,240 --> 00:33:29,400 Speaker 1: slow in the American constitutional system. That makes it all 602 00:33:29,440 --> 00:33:32,120 Speaker 1: the more important to recognize when the process works as 603 00:33:32,120 --> 00:33:35,760 Speaker 1: it should. Last week, the Senate passed the Bipartisan Respect 604 00:33:35,800 --> 00:33:39,920 Speaker 1: for Marriage Act, which enshrines federal protection for same sex marriages. 605 00:33:40,360 --> 00:33:43,400 Speaker 1: Should the pill pass the House, is expected, President Joe 606 00:33:43,400 --> 00:33:46,440 Speaker 1: Biden has said he'll promptly sign it. This stands as 607 00:33:46,480 --> 00:33:51,280 Speaker 1: a landmark, as recently the US was solidly opposed to 608 00:33:51,280 --> 00:33:54,640 Speaker 1: gay marriage. Today, thanks in large parts of decades of 609 00:33:54,680 --> 00:33:58,000 Speaker 1: hard work and political pressure by advocates for marriage equality, 610 00:33:58,520 --> 00:34:01,520 Speaker 1: lawmakers in both parties have fashion to bargain, reflecting a 611 00:34:01,560 --> 00:34:05,800 Speaker 1: new national consensus. That's how the democratic process is supposed 612 00:34:05,840 --> 00:34:09,640 Speaker 1: to work. This editorial was written by the Bloomberg Editorial Board. 613 00:34:09,800 --> 00:34:12,480 Speaker 1: For more Bloomberg opinion, please go to Bloomberg dot com, 614 00:34:12,520 --> 00:34:14,880 Speaker 1: slash opinion or O P I n go on the 615 00:34:14,880 --> 00:34:19,960 Speaker 1: Bloomberg terminal. This has been Bloomberg Opinion. Bloomberg Opinion editorials 616 00:34:20,000 --> 00:34:22,960 Speaker 1: can be heard every weekday at this time, and terminal 617 00:34:23,000 --> 00:34:25,800 Speaker 1: customers can read more at O P I n go. 618 00:34:26,920 --> 00:34:30,480 Speaker 1: Checking the futures now SMP futures down eleven points down, 619 00:34:30,560 --> 00:34:34,279 Speaker 1: futures down sixty NASDAD futures down forty one. Ten year 620 00:34:34,320 --> 00:34:37,400 Speaker 1: treasury up one thirty second, the yield at three point 621 00:34:37,440 --> 00:34:39,640 Speaker 1: five two percent, the two year yield at four point 622 00:34:39,680 --> 00:34:44,520 Speaker 1: three four percent. NIMEX crude eight tenths lower. Now that's 623 00:34:44,560 --> 00:34:47,920 Speaker 1: down sixty five cents, trading at sixty three dollars fifty 624 00:34:47,960 --> 00:34:50,680 Speaker 1: nine cents of barrel. We're gonna talk ahead with Bloomberg 625 00:34:50,680 --> 00:34:54,560 Speaker 1: Senior Washington correspondent Joe Matthew about those election results in Georgia, 626 00:34:54,760 --> 00:34:56,880 Speaker 1: what it's gonna mean on Capitol Hill. Stay with us. 627 00:34:56,960 --> 00:35:03,239 Speaker 1: Much more still to come. This is Bloomberg Markets, headlines 628 00:35:03,280 --> 00:35:06,279 Speaker 1: and breaking news twenty four hours a day at Bloomberg 629 00:35:06,320 --> 00:35:09,640 Speaker 1: dot Com, The Bloomberg Business at Land at Bloomberg Quick Take, 630 00:35:09,920 --> 00:35:19,400 Speaker 1: This is a Bloomberg business lash and I'm Karen. Moscow 631 00:35:19,440 --> 00:35:22,960 Speaker 1: and European stocks are falling. So are US stock index 632 00:35:23,040 --> 00:35:25,799 Speaker 1: futures as China's trade data adds to fears about the 633 00:35:25,800 --> 00:35:28,600 Speaker 1: health of the global economy. We check the markets every 634 00:35:28,640 --> 00:35:31,239 Speaker 1: all day here on Bloomberg Radio with SMP future is 635 00:35:31,280 --> 00:35:33,760 Speaker 1: down twelve points or three tents of uppercent. A future 636 00:35:33,800 --> 00:35:36,480 Speaker 1: is down sixty eight or two tenths of uppercent. Nasday 637 00:35:36,560 --> 00:35:39,120 Speaker 1: futures down forties six or four tenths of uppercent. The 638 00:35:39,200 --> 00:35:42,359 Speaker 1: decks in Germany's down half percent ten, Your treasury up 639 00:35:42,360 --> 00:35:44,560 Speaker 1: one thirties. Second you have three point five two percent, 640 00:35:44,600 --> 00:35:46,399 Speaker 1: and they yield on the two year four point three 641 00:35:46,440 --> 00:35:49,440 Speaker 1: four percent. Nine max Screwed oil is down nine ten 642 00:35:49,560 --> 00:35:52,040 Speaker 1: percent or sixty seven cents at seventy three dollars fifty 643 00:35:52,120 --> 00:35:54,200 Speaker 1: nine cents of barrel call makes gold of a tenth 644 00:35:54,239 --> 00:35:56,520 Speaker 1: of a percent or two dollars thirty cents at seventeen 645 00:35:56,560 --> 00:35:59,480 Speaker 1: eighty four. Seventy announced the euro one point oh four 646 00:35:59,600 --> 00:36:01,759 Speaker 1: nine four were against the dollar, British pound one point 647 00:36:01,760 --> 00:36:04,880 Speaker 1: two one six eight, the one thirty seven point four seven, 648 00:36:04,880 --> 00:36:08,480 Speaker 1: and bitcoins down one point one percent at sixteen thousand, 649 00:36:08,520 --> 00:36:11,720 Speaker 1: eight hundred dollars. That's a bloomberg business flash. Nowers Michael 650 00:36:11,719 --> 00:36:13,800 Speaker 1: Barr with more on what's going on around the world. 651 00:36:13,840 --> 00:36:17,240 Speaker 1: Michael Karen, thank you very much. Democrat Raphael Warnock defeated 652 00:36:17,280 --> 00:36:21,360 Speaker 1: Republican challenger Herschel Walker in Georgia's Senate race. His victory 653 00:36:21,719 --> 00:36:26,239 Speaker 1: will increase Democrats edge in the chamber fifty one forty nine. 654 00:36:26,560 --> 00:36:29,360 Speaker 1: Warnock beat Walker with fifty one point four percent of 655 00:36:29,360 --> 00:36:31,360 Speaker 1: the vote. More on the Georgia race in a minute. 656 00:36:31,760 --> 00:36:34,920 Speaker 1: Two of Donald Trump's companies were found guilty of engaging 657 00:36:34,920 --> 00:36:37,560 Speaker 1: in the scheme that allowed executives such as former chief 658 00:36:37,560 --> 00:36:41,720 Speaker 1: financial officer Alan Weisselberg to evade taxes on company paid 659 00:36:41,800 --> 00:36:45,560 Speaker 1: perks in the NHL. The Devil's won, the Islanders lost. 660 00:36:45,840 --> 00:36:48,440 Speaker 1: Global News twenty four hours a day on air and 661 00:36:48,640 --> 00:36:51,799 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 662 00:36:51,880 --> 00:36:54,719 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. Hi, 663 00:36:54,840 --> 00:36:58,560 Speaker 1: Michael Barr, and this is Bloomberg Amy All right, Thank you, Michael. 664 00:36:58,600 --> 00:37:00,800 Speaker 1: It is by two on All Street, and this is 665 00:37:00,800 --> 00:37:03,560 Speaker 1: Bloomberg Daybreak. We continue to follow the news out of 666 00:37:03,560 --> 00:37:07,279 Speaker 1: Georgia and on Capitol Hill. Democrats gaining outright control of 667 00:37:07,280 --> 00:37:10,720 Speaker 1: the Senate. Now that Rafael Warnock has won the runoff 668 00:37:10,719 --> 00:37:14,800 Speaker 1: election in Georgia, defeating Trump backed Republican challenge herschel Walker 669 00:37:16,760 --> 00:37:19,200 Speaker 1: forty eight point six percent. Now earlier this hour, we 670 00:37:19,280 --> 00:37:22,480 Speaker 1: heard from Terry Haines of Pangaea Policy, who believes that 671 00:37:22,520 --> 00:37:25,560 Speaker 1: this could be the final straw for the former president 672 00:37:25,600 --> 00:37:28,400 Speaker 1: and the Republican Party. The task for the Republican Party 673 00:37:29,040 --> 00:37:31,960 Speaker 1: over the past two years has been that, you know, 674 00:37:32,040 --> 00:37:33,839 Speaker 1: how do we get channel we how do we get 675 00:37:33,880 --> 00:37:37,400 Speaker 1: past this particular speed bump? And you know that process 676 00:37:37,440 --> 00:37:41,440 Speaker 1: I think has greatly accelerated since the UH, since the 677 00:37:41,440 --> 00:37:45,560 Speaker 1: mid terms, but between the mid term results, Trump's tone 678 00:37:45,600 --> 00:37:48,920 Speaker 1: deaf announcement and UH, and then the whole business about 679 00:37:48,920 --> 00:37:52,480 Speaker 1: suspending the constitution, which is UH. I really think is 680 00:37:52,520 --> 00:37:55,279 Speaker 1: beyond the pale for h For a great number of 681 00:37:55,280 --> 00:37:57,759 Speaker 1: the party leaders, they're gonna look now to try to 682 00:37:57,800 --> 00:38:00,239 Speaker 1: make sure he's fenced out and joining us. How to 683 00:38:00,280 --> 00:38:03,359 Speaker 1: talk about what last night's Georgia runoff means for Democrats 684 00:38:03,360 --> 00:38:07,360 Speaker 1: and for the GOP. Bloomberg, Senior Washington correspondent and host 685 00:38:07,400 --> 00:38:10,360 Speaker 1: of Sound On, Joe Matthew, Well, Joe, you heard Terry. 686 00:38:10,360 --> 00:38:13,640 Speaker 1: They're talking about that this could mean the end of 687 00:38:13,760 --> 00:38:17,719 Speaker 1: Donald Trump and the GOP. What say you? Well, it's 688 00:38:17,760 --> 00:38:19,880 Speaker 1: difficult for me to weigh in on that one. I 689 00:38:19,920 --> 00:38:22,560 Speaker 1: look just like you, Amy, I covered the Access Hollywood tapes. 690 00:38:22,600 --> 00:38:26,120 Speaker 1: We've seen Donald Trump's political career called dead so many 691 00:38:26,160 --> 00:38:29,920 Speaker 1: times we can't count it. But Republicans are waking up 692 00:38:29,960 --> 00:38:33,680 Speaker 1: angry this morning. Republicans went to bed angry last night. 693 00:38:34,280 --> 00:38:37,440 Speaker 1: This was a wider margin than what we saw in 694 00:38:37,640 --> 00:38:43,040 Speaker 1: the This had been a different candidate, potentially, this is 695 00:38:43,080 --> 00:38:47,839 Speaker 1: a conversation here, a different candidate without Donald Trump's fingerprints. 696 00:38:48,200 --> 00:38:50,680 Speaker 1: This could be a Republican seat this morning, And there 697 00:38:50,680 --> 00:38:52,959 Speaker 1: were moments last night when this was so close. People 698 00:38:53,000 --> 00:38:54,919 Speaker 1: didn't know exactly how this was going to turn out. 699 00:38:55,320 --> 00:38:58,800 Speaker 1: And it really speaks to all of the outside factors, 700 00:38:59,200 --> 00:39:03,319 Speaker 1: candidate quality, the included in this race in Georgia. Now, 701 00:39:03,360 --> 00:39:06,399 Speaker 1: every statewide race in Georgia in the mid terms went 702 00:39:06,440 --> 00:39:09,359 Speaker 1: for the Republicans, all of them did, except for this one. 703 00:39:09,400 --> 00:39:12,560 Speaker 1: It was a red wave in Georgia except this one. 704 00:39:12,600 --> 00:39:15,160 Speaker 1: What does that say? I think it just reflects on 705 00:39:15,200 --> 00:39:20,800 Speaker 1: what we just said. Donald Trump is not popular cated 706 00:39:20,880 --> 00:39:24,200 Speaker 1: relationship here and it's the reason why Brian Kemp, the 707 00:39:24,239 --> 00:39:30,600 Speaker 1: Republican governor in Georgia, did not endorse or campaign with 708 00:39:30,640 --> 00:39:34,480 Speaker 1: herschel Walker during the mid term cycle here during the 709 00:39:34,520 --> 00:39:37,440 Speaker 1: weeks leading up to the general election. So look, if 710 00:39:37,560 --> 00:39:42,320 Speaker 1: if you if you had a different candidate without Donald 711 00:39:42,320 --> 00:39:44,600 Speaker 1: Trump again, it could be a different conversation this morning. 712 00:39:44,840 --> 00:39:48,920 Speaker 1: Raphael Warnock ran a strong campaign, but my goodness, he 713 00:39:49,000 --> 00:39:53,080 Speaker 1: was clearly beatable under certain circumstances. At least this is 714 00:39:53,080 --> 00:39:56,719 Speaker 1: how Republican strategists look at it this morning. Now all 715 00:39:56,760 --> 00:39:59,800 Speaker 1: of this is happening as two of Donald Trump's companies 716 00:39:59,800 --> 00:40:02,640 Speaker 1: were found guilty of criminal tax brought. I'm shifting gears 717 00:40:02,719 --> 00:40:05,000 Speaker 1: just a second, getting right back to politics, but I 718 00:40:05,080 --> 00:40:07,080 Speaker 1: want to know what that might mean for the man 719 00:40:07,120 --> 00:40:10,600 Speaker 1: who was once president and he's running again, he wants 720 00:40:10,600 --> 00:40:14,200 Speaker 1: to be president again, and his companies are facing these 721 00:40:14,200 --> 00:40:17,759 Speaker 1: criminal charges. I think that though he was not personally, 722 00:40:20,640 --> 00:40:23,839 Speaker 1: you know, he's running far away from this, suggesting that 723 00:40:23,920 --> 00:40:25,640 Speaker 1: you know, the wool was pulled over his eyes or 724 00:40:25,680 --> 00:40:27,440 Speaker 1: something to this extent, but that he had nothing to 725 00:40:27,480 --> 00:40:30,040 Speaker 1: do with it. Some of the other instances, though, yesterday, 726 00:40:30,280 --> 00:40:32,880 Speaker 1: could have a much greater impact, like the Special Counsel 727 00:40:33,360 --> 00:40:36,879 Speaker 1: uh sending out subpoenas to states like Michigan and Wisconsin 728 00:40:37,280 --> 00:40:41,880 Speaker 1: to see all in the weeks leading up to and 729 00:40:41,880 --> 00:40:46,720 Speaker 1: following the election campaign. You've got so many legal issues 730 00:40:46,760 --> 00:40:48,520 Speaker 1: facing Donald Trump right now that I'm not sure his 731 00:40:48,560 --> 00:40:52,080 Speaker 1: company is actually the worst one. Okay, let's shift gears 732 00:40:52,120 --> 00:40:54,680 Speaker 1: back then to politics. We talked a little bit about 733 00:40:54,719 --> 00:40:57,240 Speaker 1: the Trump effect and whether this might mean other candidates 734 00:40:57,239 --> 00:41:00,920 Speaker 1: are going to start distancing themselves. Now, what would it 735 00:41:01,000 --> 00:41:03,279 Speaker 1: take for candidates to be able to say, you know, 736 00:41:03,320 --> 00:41:05,200 Speaker 1: you don't have to campaign for me. And the reason 737 00:41:05,239 --> 00:41:08,320 Speaker 1: I ask is because when we were watching him campaign 738 00:41:08,719 --> 00:41:12,080 Speaker 1: for herschel Walker, he didn't show up. He wasn't there 739 00:41:12,080 --> 00:41:13,960 Speaker 1: in person. He did it by phone. He was sort 740 00:41:13,960 --> 00:41:16,160 Speaker 1: of trying to split the difference there so that he 741 00:41:16,200 --> 00:41:19,239 Speaker 1: didn't take the blame for the mid term elections, and 742 00:41:19,320 --> 00:41:21,239 Speaker 1: at the same time he was able to throw his 743 00:41:21,280 --> 00:41:25,640 Speaker 1: support behind the candidate that he recruited. Right. Well, that's 744 00:41:25,719 --> 00:41:29,520 Speaker 1: we've seen this happen repeatedly with Donald Trump, asked Glenn 745 00:41:29,560 --> 00:41:31,840 Speaker 1: Youngcan in Virginia. It was the same exact deal. It 746 00:41:31,920 --> 00:41:34,840 Speaker 1: was a tell a rally the night before the election, 747 00:41:35,120 --> 00:41:37,239 Speaker 1: and they never were seen on stage together. That was 748 00:41:37,400 --> 00:41:42,920 Speaker 1: very when you're talking about so called Trump candidates, in 749 00:41:42,960 --> 00:41:45,840 Speaker 1: many cases they were hands selected by Trump and would 750 00:41:45,840 --> 00:41:48,640 Speaker 1: not be in the race without Trump. You could call 751 00:41:48,920 --> 00:41:51,319 Speaker 1: herschell Walker one of those candidates, and so in that 752 00:41:51,400 --> 00:41:54,560 Speaker 1: case they kind of owe their entire situation to Donald Trump. 753 00:41:54,600 --> 00:41:57,040 Speaker 1: So it's a little difficult to tell him not to come. Uh, 754 00:41:57,120 --> 00:42:01,680 Speaker 1: this will bear twenty four election. We get into the 755 00:42:01,719 --> 00:42:03,480 Speaker 1: new year and the twenty four elections starts to take 756 00:42:03,480 --> 00:42:06,000 Speaker 1: hold of it. Joe Biden's going to announce his intentions 757 00:42:06,000 --> 00:42:08,840 Speaker 1: were told after the holidays. It is widely expected that 758 00:42:08,920 --> 00:42:10,960 Speaker 1: he is going to run for re election, and then 759 00:42:11,000 --> 00:42:13,759 Speaker 1: you'll see Donald Trump in TrueColor. I suspect in the 760 00:42:13,760 --> 00:42:16,400 Speaker 1: beginning of the new year, whether candidates want him on 761 00:42:16,440 --> 00:42:20,719 Speaker 1: the stump. We'll see about. Let's talk a little bit 762 00:42:20,719 --> 00:42:24,319 Speaker 1: about what's going on with the race itself. You and 763 00:42:24,360 --> 00:42:27,960 Speaker 1: I had talked earlier about getting those results, and we 764 00:42:28,080 --> 00:42:30,560 Speaker 1: kind of figured we wouldn't be seeing these results to 765 00:42:30,760 --> 00:42:34,520 Speaker 1: this race until you know, later this week. We got 766 00:42:34,520 --> 00:42:40,720 Speaker 1: those results much sooner than expected. Does that tell you anything? 767 00:42:41,160 --> 00:42:43,759 Speaker 1: Really was a major factor in this campaign. I spoke 768 00:42:43,760 --> 00:42:47,000 Speaker 1: with Brad Raefnsburger yesterday right before the polls closed. He 769 00:42:47,040 --> 00:42:49,040 Speaker 1: joined us on sound on the Secretary of State of 770 00:42:49,080 --> 00:42:52,400 Speaker 1: Georgia and and starting at seven am, they were beginning 771 00:42:52,400 --> 00:42:56,640 Speaker 1: to tabulate early voting results. By seven pm they had 772 00:42:56,680 --> 00:43:01,360 Speaker 1: all of the counties involved. It's just kind of the 773 00:43:01,360 --> 00:43:03,719 Speaker 1: way this one worked out in a fairly cut and 774 00:43:03,800 --> 00:43:06,360 Speaker 1: dry fashion. You had a head start counting early ballots, 775 00:43:06,880 --> 00:43:10,520 Speaker 1: and then as you saw herschel Walker actually take the 776 00:43:10,600 --> 00:43:12,840 Speaker 1: lead at one point last evening. Then it was the 777 00:43:12,880 --> 00:43:16,760 Speaker 1: northern suburbs of Atlanta that finished their counting. Fulton County, 778 00:43:16,920 --> 00:43:20,240 Speaker 1: Cobb County, and others where it was an overwhelming result 779 00:43:20,560 --> 00:43:24,440 Speaker 1: for Raphael Warnock in their networks. The Associated Press took 780 00:43:24,480 --> 00:43:27,680 Speaker 1: that moment to call the race Forum. There's still technically 781 00:43:27,680 --> 00:43:31,279 Speaker 1: counting ballots. But when these projections go into place, you know, 782 00:43:31,320 --> 00:43:33,680 Speaker 1: they're looking at a lot of different mathematical paths here 783 00:43:33,719 --> 00:43:36,480 Speaker 1: and he just herschel Walker by the end of the 784 00:43:36,520 --> 00:43:43,399 Speaker 1: evening didn't have one, and all right, blooming go ahead, Sorry, Joe, 785 00:43:44,520 --> 00:43:46,719 Speaker 1: it's all yours. All right, thank you, Bloomberg Si, you're 786 00:43:46,719 --> 00:43:49,799 Speaker 1: Washington corresponded to Matthew, host of Bloomberg Sound on which 787 00:43:49,800 --> 00:43:53,680 Speaker 1: you can hear weekday afternoons at five here on Bloomberg Radio, 788 00:43:54,000 --> 00:43:57,440 Speaker 1: once again looking at the impact of that Georgia runoff, 789 00:43:57,520 --> 00:44:00,000 Speaker 1: what it means for Democrats, and what it could mean 790 00:44:00,360 --> 00:44:03,360 Speaker 1: for the GOP, and how it might have an impact 791 00:44:03,400 --> 00:44:05,760 Speaker 1: on the Trump effect, what that might mean for future 792 00:44:05,800 --> 00:44:09,080 Speaker 1: candidates who might want to court the support from the 793 00:44:09,120 --> 00:44:13,720 Speaker 1: former president. Much more still to come on Bloomberg Daybreak. Karen, Yeah, Amy, 794 00:44:13,719 --> 00:44:15,640 Speaker 1: thank you. And we're still watching a sell off here 795 00:44:15,640 --> 00:44:19,359 Speaker 1: with US stock index futures moving lower this morning. Checking 796 00:44:19,360 --> 00:44:22,160 Speaker 1: the markets now with SMP futures down about ten points 797 00:44:22,200 --> 00:44:25,120 Speaker 1: or a quarter percent, DEL futures down fifty one or 798 00:44:25,120 --> 00:44:27,320 Speaker 1: about two tens of a percent, and NAS day futures 799 00:44:27,360 --> 00:44:29,560 Speaker 1: down thirty eight or a third of a percent. The 800 00:44:29,680 --> 00:44:32,239 Speaker 1: decks in Germany this morning is down about six tens 801 00:44:32,239 --> 00:44:34,400 Speaker 1: of uppercent, so is the cach in Paris and the 802 00:44:34,400 --> 00:44:37,080 Speaker 1: flitt See one down two tens of a percent. Ten 803 00:44:37,160 --> 00:44:39,839 Speaker 1: year Treasury up one thirties second deal three point five 804 00:44:39,920 --> 00:44:42,759 Speaker 1: two percent, and they yield on the two year is 805 00:44:42,800 --> 00:44:46,840 Speaker 1: at four point three or four percent up. Next on 806 00:44:46,960 --> 00:44:51,040 Speaker 1: Bloomberg Daybreak, we have the legal stories making a news today, 807 00:44:51,080 --> 00:44:53,680 Speaker 1: as stay tuned for our daily Bloomberg lab reef from 808 00:44:53,680 --> 00:44:56,080 Speaker 1: Bloomberg Law. We also have a check of your local weather. 809 00:44:56,600 --> 00:45:04,720 Speaker 1: And this is Bloomberg Markets headlines and breaking news twenty 810 00:45:04,760 --> 00:45:07,600 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 811 00:45:07,640 --> 00:45:11,160 Speaker 1: Business at and at Bloomberg Quicktake. This is a Bloomberg 812 00:45:11,280 --> 00:45:20,479 Speaker 1: Business Flash and I'm Karen Moscow. And US stock index 813 00:45:20,600 --> 00:45:23,719 Speaker 1: futures are lower this morning, with SMP futures down about 814 00:45:23,719 --> 00:45:26,239 Speaker 1: eleven points or a quarter per cent, DAL futures down 815 00:45:26,239 --> 00:45:29,360 Speaker 1: to ten percent or fifty eight points, and NASDAG futures 816 00:45:29,360 --> 00:45:32,080 Speaker 1: down four tents of upper cent or forty four points 817 00:45:32,320 --> 00:45:34,640 Speaker 1: and a tenure treasury little change you had three point 818 00:45:34,680 --> 00:45:37,359 Speaker 1: five three percent. They yield on the two year four 819 00:45:37,440 --> 00:45:41,040 Speaker 1: point three four nine X Screwed oil is down one 820 00:45:41,080 --> 00:45:43,480 Speaker 1: percent at seventy three dollars fifty four cents of barrel. 821 00:45:43,520 --> 00:45:47,120 Speaker 1: That's down seventy one cents, and that's a Bloomberg business flash, 822 00:45:47,120 --> 00:45:50,680 Speaker 1: Shamy Karen. It is five fifty six on Wall Street 823 00:45:50,719 --> 00:45:54,000 Speaker 1: Tom for our daily Bloomberg Law Brief, exploring legal issues 824 00:45:54,040 --> 00:45:56,400 Speaker 1: in the news. Today, we're looking at a high stakes 825 00:45:56,400 --> 00:45:59,799 Speaker 1: clash at the Supreme Court. The conservative justices appeared ready 826 00:45:59,800 --> 00:46:03,160 Speaker 1: to rule boy Christian website designer who says her religious 827 00:46:03,160 --> 00:46:06,640 Speaker 1: beliefs preclude her from creating pages for same sex marriages, 828 00:46:06,880 --> 00:46:11,040 Speaker 1: as Colorado law would require. The designer claims that Colorado's 829 00:46:11,080 --> 00:46:14,919 Speaker 1: anti discrimination law violates her First Amendment free speech rights. 830 00:46:15,280 --> 00:46:17,920 Speaker 1: For more on the case, Bloomberg's June Grosso speaks to 831 00:46:18,000 --> 00:46:22,120 Speaker 1: constitutional law professor Michael Dorff of Cornell Law School. What 832 00:46:22,280 --> 00:46:27,560 Speaker 1: was the justices reaction to the website designers claim that 833 00:46:27,840 --> 00:46:32,120 Speaker 1: her websites are protected free speech. Some of them were 834 00:46:32,480 --> 00:46:36,879 Speaker 1: skeptical of whether there really was any expression at all here. 835 00:46:36,920 --> 00:46:40,560 Speaker 1: I think Justice Sonia Sada Mayor was the most skeptical. 836 00:46:40,880 --> 00:46:44,520 Speaker 1: She wanted to know how this is speech by the 837 00:46:44,600 --> 00:46:48,880 Speaker 1: owner of the web design company, given that it's essentially 838 00:46:49,040 --> 00:46:51,640 Speaker 1: for the couple. Right, part of the point is that 839 00:46:51,719 --> 00:46:54,879 Speaker 1: it's not speech endorsing same sex marriage at all. It's 840 00:46:55,000 --> 00:46:57,440 Speaker 1: at the other end of the spectrum. You had Justice 841 00:46:57,480 --> 00:46:59,880 Speaker 1: Alito and some of the other justices who seemed to 842 00:47:00,239 --> 00:47:03,480 Speaker 1: just accept that, of course this is expressive, and they 843 00:47:03,520 --> 00:47:08,680 Speaker 1: gave some hypothetical examples where you pretty clearly would have expression. 844 00:47:08,840 --> 00:47:11,120 Speaker 1: For example, you know, if you had to put on 845 00:47:11,160 --> 00:47:13,960 Speaker 1: the website, God blesses this marriage. I think some of 846 00:47:14,000 --> 00:47:16,920 Speaker 1: the justice has had the view that there certainly is 847 00:47:16,960 --> 00:47:21,239 Speaker 1: expression here and it could be understood as expression endorsing 848 00:47:21,400 --> 00:47:23,920 Speaker 1: same sex marriage. And then the question is does the 849 00:47:24,000 --> 00:47:27,680 Speaker 1: state get to override that because they have a public 850 00:47:27,719 --> 00:47:31,719 Speaker 1: accommodations law. Justice Soda Mayor said, ruling for the web 851 00:47:31,760 --> 00:47:34,600 Speaker 1: designer here would be the first time in Supreme Court 852 00:47:34,719 --> 00:47:38,160 Speaker 1: history to allow a business open to the general public 853 00:47:38,200 --> 00:47:41,640 Speaker 1: to refuse to serve a customer based on race, sex, religion, 854 00:47:41,920 --> 00:47:46,520 Speaker 1: or sexual orientation. So how did the conservatives make a 855 00:47:46,600 --> 00:47:51,719 Speaker 1: carve out that doesn't characterize this as inviting business to 856 00:47:51,760 --> 00:47:55,000 Speaker 1: be exempt from civil rights laws. I mean, she's right, 857 00:47:55,160 --> 00:47:57,920 Speaker 1: but only because we just fine, you know that narrowly. 858 00:47:58,000 --> 00:48:01,120 Speaker 1: After all, in the hobby law the case, the court 859 00:48:01,280 --> 00:48:05,239 Speaker 1: gave a carve out from statute and regulations requiring the 860 00:48:05,280 --> 00:48:10,560 Speaker 1: provision of health insurance that covers contraception to religiously motivated 861 00:48:10,640 --> 00:48:12,880 Speaker 1: business owners. And now that was in the context of 862 00:48:12,960 --> 00:48:17,040 Speaker 1: employment rather than public accommodations, but it's also a carve 863 00:48:17,080 --> 00:48:20,360 Speaker 1: out from anti discrimination law, also based in sort of 864 00:48:20,360 --> 00:48:23,920 Speaker 1: conservative religious principles. Although I do think Justice Sodamora is 865 00:48:24,000 --> 00:48:27,040 Speaker 1: right marketing back to those cases from the nineties, sixties, 866 00:48:27,080 --> 00:48:31,319 Speaker 1: and seventies in which they dismiss the proposed exceptions with 867 00:48:31,400 --> 00:48:33,880 Speaker 1: respect to race. But I think the answer to the 868 00:48:33,960 --> 00:48:37,000 Speaker 1: question of how does the court prevent people from perceiving 869 00:48:37,160 --> 00:48:42,399 Speaker 1: this as them, you know, taking sides against anti discrimination law, 870 00:48:42,680 --> 00:48:45,600 Speaker 1: is that they can't. They can't control how their decisions 871 00:48:45,600 --> 00:48:48,680 Speaker 1: are perceived. But I think this court has shown that 872 00:48:48,960 --> 00:48:53,960 Speaker 1: they're not all that attuned to or concerned about how 873 00:48:54,040 --> 00:48:57,640 Speaker 1: the public perceives them. Chief Justice Roberts seemed more concerned 874 00:48:57,680 --> 00:48:59,920 Speaker 1: about that early in his career, and maybe still is, 875 00:49:00,200 --> 00:49:03,960 Speaker 1: but he's laws of control of this court. That's Professor 876 00:49:04,000 --> 00:49:07,280 Speaker 1: Michael Dorff of Cornell Law School speaking with Bloomberg Jean Grosso. 877 00:49:07,520 --> 00:49:09,960 Speaker 1: Catch more of that interview, plus analysis of the latest 878 00:49:10,040 --> 00:49:13,320 Speaker 1: legal news, by subscribing to the Bloomberg Law Podcast or 879 00:49:13,360 --> 00:49:17,719 Speaker 1: downloading the show at Bloomberg dot com slash podcasts. Attorneys 880 00:49:17,760 --> 00:49:21,120 Speaker 1: can find exceptional legal research and business development tools at 881 00:49:21,120 --> 00:49:24,640 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 882 00:49:24,719 --> 00:49:28,160 Speaker 1: b Law dot Go. Futures a lower SMP down eight 883 00:49:28,520 --> 00:49:32,720 Speaker 1: points down, futures down thirty eight, NASDAC futures down thirty six. 884 00:49:33,000 --> 00:49:35,680 Speaker 1: Ten year treasury down one thirty second to yield at 885 00:49:35,680 --> 00:49:38,600 Speaker 1: three point five the two year yield at four point 886 00:49:38,800 --> 00:49:42,240 Speaker 1: three four straight. I had a check on the business 887 00:49:42,280 --> 00:49:44,960 Speaker 1: headlines in all the news you need to start your day. 888 00:49:45,040 --> 00:49:47,960 Speaker 1: Hour two of Bloomberg Daybreak starts right now.