WEBVTT - Bloomberg Daybreak: June 21, 2022 - Hour 1 (Radio) 0:00:03.040 --> 0:00:06.400 Live from the Bloomberg Interactive Brooker Studios. Is this Bloomberg 0:00:06.480 --> 0:00:10.280 day Break for Tuesday, June one. Coming up this hour, 0:00:10.560 --> 0:00:13.480 stock future surge as we begin this holiday short and 0:00:13.560 --> 0:00:16.760 trading week. We speak exclusively with Elon Musk about Twitter, 0:00:16.880 --> 0:00:20.880 Tesla and politics. More calls this morning for a US recession. 0:00:21.120 --> 0:00:24.200 I'm all street races for congressional testimony this week from 0:00:24.239 --> 0:00:28.920 FED Chair J Powell. New York passes landmark voting rights legislation. 0:00:29.040 --> 0:00:32.800 Plus it's day four of January six hearings Michael Barr. 0:00:32.920 --> 0:00:36.000 More ahead, I'm John Stair showering sports who They're near 0:00:36.040 --> 0:00:38.199 no hitter for the Yankees, they get their fiftieth win, 0:00:38.280 --> 0:00:40.720 shut out win for the Mats, Tampa Baby Colorado in 0:00:40.760 --> 0:00:46.400 the Stanley Cup Final. That's all trendy ahead on Bloomberg 0:00:46.479 --> 0:00:51.560 day Break on Bloomberg eleven three, on New York, Bloomberg one, Washington, 0:00:51.680 --> 0:00:55.800 d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, 0:00:55.920 --> 0:00:59.680 and Francisco Sirius x M one nineteen and around the 0:00:59.680 --> 0:01:03.040 world on Bloomberg Radio dot Com and via the Bloomberg 0:01:03.040 --> 0:01:09.800 Business App. Good morning, I'm Nathan Hager, and I'm Karen 0:01:09.880 --> 0:01:13.080 Moscow and US DOT Index futures on the rise this morning. 0:01:13.120 --> 0:01:14.880 We're coming up to five o one on Wall Street, 0:01:14.880 --> 0:01:17.000 and we checked the markets every fifteen minutes throughout the 0:01:17.000 --> 0:01:20.280 trading day on bloomberg S and P futures up seventy 0:01:20.319 --> 0:01:24.120 two points down futures of five eight and nasday features 0:01:24.160 --> 0:01:27.000 of two hundred forty and the ten year treasury down 0:01:27.000 --> 0:01:29.640 ten thirty seconds. You have three point to six percent. 0:01:29.959 --> 0:01:33.039 They yield on the two year three point to zero percent, 0:01:33.240 --> 0:01:36.399 Nathan Karen. We begin this morning with an exclusive interview 0:01:36.440 --> 0:01:39.800 with Elon Musk at the Cutter Economic Forum. The Testas 0:01:39.880 --> 0:01:43.120 CEO sat down for a wide ranging conversation with Bloomberg 0:01:43.200 --> 0:01:46.319 News editor in chief John Michael Thwaite. They discussed everything 0:01:46.319 --> 0:01:49.440 from the economy to politics, and of course, Elon Musk's 0:01:49.480 --> 0:01:54.480 proposed acquisition of Twitter. They're still um a few results 0:01:54.560 --> 0:01:58.800 matters you've you've probably read about. The question is whether 0:01:59.600 --> 0:02:03.639 the number of fake and spam users on the system 0:02:03.960 --> 0:02:07.120 is best than five the center as for claims, which 0:02:07.520 --> 0:02:11.240 I think is probably not most people's experience on we're 0:02:11.320 --> 0:02:15.320 using Twitter. UM, so we're still awaiting resolution on that matter. UM. 0:02:15.360 --> 0:02:19.600 And that that is a very significant matter um. So 0:02:21.560 --> 0:02:23.880 we're a waiting resolution on that um. And then of 0:02:23.919 --> 0:02:28.400 course there is the question of will the dead portion 0:02:28.600 --> 0:02:33.520 of the round come together, and then will the sharehold 0:02:33.520 --> 0:02:37.320 discoge in favors Elon Musk, speaking with Bloomberg from the 0:02:37.360 --> 0:02:41.320 Counter Economic Forum in Doha, the Tesla CEO also spoke 0:02:41.320 --> 0:02:45.280 about politics, cryptocurrencies, and the future of Tesla. Stay tuned 0:02:45.320 --> 0:02:47.760 for more of that exclusive interview coming up shortly on 0:02:47.800 --> 0:02:50.799 Bloomberg Daybreak. Well, Nathan, futures are higher as we begin 0:02:50.880 --> 0:02:53.840 a shortened holiday trading way. The rally comes after nearly 0:02:53.840 --> 0:02:56.440 two trillion dollars in market value as a race from 0:02:56.480 --> 0:03:00.000 the SNP five last week. There could be more losses ahead, 0:03:00.040 --> 0:03:03.760 according to Morgan Stanley and Goldman Sachs. Morgan Stanley's Michael 0:03:03.800 --> 0:03:07.360 Wilson says stocks need to drop another fifty for the 0:03:07.400 --> 0:03:11.200 market to fully reflect the scale of economic contraction. Perhaps 0:03:11.240 --> 0:03:13.240 the biggest event for markets this week, Karen, will be 0:03:13.280 --> 0:03:16.560 Congressional testimony from j Powell. The Fed share delivers the 0:03:16.560 --> 0:03:20.520 Central Bank semi annual report on Monetary policy tomorrow. Bloomberg's 0:03:20.560 --> 0:03:24.280 Vinny Dell Judas reports Powell tell Congress the FEDS commitment 0:03:24.320 --> 0:03:27.800 to battling the worst inflation in forty years is unconditional, 0:03:28.040 --> 0:03:31.200 just days after launching the largest FED interest rate increase 0:03:31.280 --> 0:03:34.560 in twenty years, and advanced text of the FEDS report 0:03:34.639 --> 0:03:37.520 to lawmakers says it's committed at doing what's needed to 0:03:37.520 --> 0:03:40.720 get the job done and that price stability is necessary 0:03:40.800 --> 0:03:44.400 to support a strong US labor market. Powell will testify 0:03:44.480 --> 0:03:47.240 to the Senate Banking Committee on Wednesday and the House 0:03:47.280 --> 0:03:52.080 Financial Services Committee on Thursday. Benny Dell, Judai Sploomberg Day Break, 0:03:52.120 --> 0:03:54.040 All right, Vinnie, thank you. There are more calls and 0:03:54.080 --> 0:03:57.320 an impending recession this morning with the leaders live round 0:03:57.320 --> 0:04:00.360 Bloomberg's re Anita Young, Good morning, Rinia, Good morning. Hearn 0:04:00.400 --> 0:04:04.360 Elon Musk, Norio Robini, and Goldman Sax are now warning 0:04:04.400 --> 0:04:07.680 that the US economy could fall into a recession, while 0:04:07.760 --> 0:04:11.120 Musk predicts it happening sometime in the near future. Goldman 0:04:11.200 --> 0:04:14.080 sachs now sees a thirty percent chance of a recession 0:04:14.120 --> 0:04:17.680 over the next year. That's up from fift percent previously, 0:04:18.000 --> 0:04:21.360 and a twenty five percent chance of entering a recession 0:04:21.440 --> 0:04:24.359 in the second year if one is avoided in the first. 0:04:24.600 --> 0:04:28.159 Robini sees the US is procession by the end of 0:04:28.360 --> 0:04:38.279 this year by getting Robini Macro Associate CEO Norio Robini 0:04:38.440 --> 0:04:42.840 says the economy is expecting experiencing a number of negative 0:04:42.880 --> 0:04:46.600 aggregate supply shocks. Live in New York. I'm Nita Young 0:04:46.600 --> 0:04:49.679 Bloomberg day Break. Okay, Nita, thank you all. President Biden's 0:04:49.760 --> 0:04:55.320 pushing back on those calls for recession. Summers a swarming, 0:04:56.480 --> 0:05:00.719 and h there's nothing recession. President Biden's with reporters in 0:05:00.760 --> 0:05:03.800 Delaware yesterday. He was referring to former Treasury secretary and 0:05:03.920 --> 0:05:08.440 current Bloomberg contributor Larry Summers. Meantime, President Biden says he 0:05:08.600 --> 0:05:11.440 is aiming to decide this week whether to suspend the 0:05:11.480 --> 0:05:14.800 federal gasoline tax, and Bloomberg said Baxter has the story. 0:05:15.279 --> 0:05:17.760 The President is being careful at this point, saying he 0:05:17.960 --> 0:05:23.080 is looking for more data, but sounds confident hope that 0:05:23.240 --> 0:05:27.560 I'm looking for. He and his administration are trying to 0:05:27.600 --> 0:05:30.039 find ways to ease the staring prices at the pump, 0:05:30.040 --> 0:05:33.520 and his Treasury Secretary Janet Yellen, also sounds like she 0:05:33.600 --> 0:05:36.320 likes the idea. I think, well, I'm not perfect, it 0:05:36.440 --> 0:05:41.120 is something that should be under under consideration. So consideration 0:05:41.240 --> 0:05:43.479 it is, and we should have an answer by the 0:05:43.600 --> 0:05:46.320 end of the week. In San Francisco, I'm at Baxter 0:05:46.360 --> 0:05:48.560 Bloomberg Gay break all right and thank you. And Secretary 0:05:48.640 --> 0:05:51.200 Yellen says another way to lower gas prices could involve 0:05:51.279 --> 0:05:55.320 Russian oil exports. We are talking about price caps or 0:05:55.760 --> 0:06:00.919 a price exception that would enhance and strengthen recent and 0:06:01.080 --> 0:06:06.000 proposed energy restrictions by Europe, the United States, the UK 0:06:06.200 --> 0:06:09.719 and others that would push down the price of Russian 0:06:09.800 --> 0:06:14.760 oil and to press Putin's revenues while allowing more oil 0:06:14.880 --> 0:06:18.799 supply to reach the global market. Treasury Secretary Janet Yelling 0:06:18.839 --> 0:06:21.960 made those comments during a press conference in Toronto alongside 0:06:22.000 --> 0:06:26.279 Canadian Finance Minister Christiff Freeland, the CEO of Exxon Mobiles. 0:06:26.320 --> 0:06:29.680 As global oil markets may remain tight for another three 0:06:29.680 --> 0:06:32.200 to five years, largely because of a lack of investment 0:06:32.240 --> 0:06:35.760 since the pandemic began, Darren Woods says it'll take time 0:06:35.800 --> 0:06:38.880 for oil firms to catch up to ensure there's enough supply. 0:06:39.440 --> 0:06:44.520 Thoughtful conversations about investments across that whole portfolio of solution 0:06:44.600 --> 0:06:48.600 sets needed to provide affordable and reliatable energy while reducing 0:06:48.600 --> 0:06:52.200 emissions is the path forward. Ex Mobiles CEO Darren Woods 0:06:52.200 --> 0:06:55.000 made the comments at the Cutter Economic Forum in Doha 0:06:55.040 --> 0:06:56.480 and on the M and A front this morning. Here 0:06:56.560 --> 0:06:59.640 in the battle over Spirit Airlines is taking off. Jet 0:06:59.680 --> 0:07:02.360 Blue is raising its offer to buy the bargain carrier, 0:07:02.520 --> 0:07:05.800 valuing Spirit at about three point seven billion dollars, and 0:07:05.920 --> 0:07:08.680 follow Spirits decision to delay a shareholder vote on its 0:07:08.680 --> 0:07:11.120 pending deal with Frontier Airlines. That vote is set for 0:07:11.200 --> 0:07:14.679 June and futures are higher. Straight ahead your latest local 0:07:14.680 --> 0:07:18.760 headlines plus such check of sports and this is Bloomberg 0:07:22.960 --> 0:07:24.840 Oak Care. Thank you. This five oh seven on Wall 0:07:24.880 --> 0:07:27.280 Street where sixty five degrees in Central Park picking up 0:07:27.280 --> 0:07:29.920 some voting. Construction on the northbound New Jersey Turnpike's in 0:07:29.960 --> 0:07:31.680 the truck lane s hearings at six. Look at the 0:07:31.680 --> 0:07:34.320 details in traffic just a few minutes. First, you gotta 0:07:34.320 --> 0:07:35.760 bring in Michael Barr for a look at what else 0:07:35.840 --> 0:07:37.400 is going on in New York and around the world 0:07:37.400 --> 0:07:40.400 this morning. Good morning, Michael, Good morning Nathan, New York's governor, 0:07:40.480 --> 0:07:43.480 signed a law intended to prevent local officials from enacting 0:07:43.560 --> 0:07:47.360 rules that might suppress people's voting rights because of their race. 0:07:47.960 --> 0:07:50.640 The John R. Lewis Voting Rights Act is named after 0:07:50.680 --> 0:07:53.920 the late civil rights activists who represented Georgia in the 0:07:54.000 --> 0:07:57.679 US House. Governor Kathy Ocle Across the country, we're seeing 0:07:57.720 --> 0:08:02.440 stricter voter I D laws, short early voting periods, and 0:08:02.480 --> 0:08:04.680 more burdens when you're trying to just vote by mail. 0:08:04.680 --> 0:08:09.040 We're seeing people pursed on voter rolls. Governor hokel says 0:08:09.120 --> 0:08:12.080 We're going to change our election laws so we no 0:08:12.200 --> 0:08:16.320 longer hurt minority communities. The House January six committee is 0:08:16.320 --> 0:08:18.760 set to hear from local officials who fended off Donald 0:08:18.760 --> 0:08:24.000 Trump's pressure to overturn the presidential election. Representative Adam Schiff 0:08:24.240 --> 0:08:27.560 is set to lead today's hearing. He told CNN that 0:08:27.720 --> 0:08:33.560 Trump campaign's plans unsuccessfully dependent on hopes that state legislators 0:08:33.720 --> 0:08:37.400 would approved the Big Lie. When they didn't, Trump turned 0:08:37.440 --> 0:08:41.520 to pressuring state officials will show evidence of the President's 0:08:41.559 --> 0:08:45.160 involvement in the scheme. Representative Shift and the panel. Today 0:08:45.200 --> 0:08:49.760 we'll hear testimony from Georgia's Secretary of State Brad Raffensberger 0:08:50.080 --> 0:08:54.199 about Trump's call asking him to find over eleven thousand 0:08:54.320 --> 0:08:58.199 votes to prevent Joe Biden's election victory. That testimony is 0:08:58.240 --> 0:09:02.640 expected to include death threats they received. Alabama's Republican primary 0:09:02.840 --> 0:09:07.439 is today. Congressman Moe Brooks lost the former president's endorsement 0:09:07.520 --> 0:09:09.439 in part for saying that it was time to move 0:09:09.480 --> 0:09:12.960 on from the election. Trump then chose to back Katie 0:09:12.960 --> 0:09:16.960 Britt of the states conducting elections today our Virginia and Georgia. 0:09:17.800 --> 0:09:20.200 And out of control New York City cab on a 0:09:20.240 --> 0:09:23.680 Manhattan street struck a bicyclists and ten two other Ohio 0:09:23.800 --> 0:09:26.960 tourists to a wall on the sidewalk. It happened yesterday 0:09:26.960 --> 0:09:29.840 at twenty ninth Street and Broadway. Good Samaritans rushed the 0:09:29.840 --> 0:09:32.320 scene to free them and treat their injuries, including two 0:09:32.360 --> 0:09:36.160 women pinned against the building by the taxi. Deputy Police 0:09:36.200 --> 0:09:39.120 Chief John Chell about fifteen, it's one in New York 0:09:39.200 --> 0:09:42.599 has attempted to pick this cab walf these women okay. 0:09:42.760 --> 0:09:46.960 In total, we have six victims at the hospital, including 0:09:46.960 --> 0:09:51.040 the cab driver, Deputy police Chief. Channel Global News twenty 0:09:51.080 --> 0:09:54.280 four hours a day on air and on Bloomberg Quick Tank, 0:09:54.559 --> 0:09:57.640 powered by more than hundred journalists and analysts. More than 0:09:57.640 --> 0:10:00.600 a hundred twenty countries. Michael Bard, this is Bloomberg Na. 0:10:00.840 --> 0:10:07.320 Thank you, Michael. We're coming out to five ten on 0:10:07.360 --> 0:10:09.520 Wall Street. Time for the Bloomberg Sports Updateke and Morney 0:10:09.559 --> 0:10:12.000 Johnston Show, Good Morning, eighth and Yankees up to fifty 0:10:12.000 --> 0:10:14.240 wins on the air and four of them. A Yankees 0:10:14.280 --> 0:10:17.480 starter has flirted with a no hitter once with Dester Cortez, 0:10:17.559 --> 0:10:20.280 also Jammes and Tyona Now twice with Garrett Cole on 0:10:20.320 --> 0:10:22.360 the mount he lost to no whether the clean single 0:10:22.440 --> 0:10:25.079 up the middle leading off the Tampa Bay eighth. Then 0:10:25.080 --> 0:10:26.920 he Clay Holmes came in having not a lot of 0:10:26.960 --> 0:10:29.640 runs of the opening day. The Rays got to him too. 0:10:29.640 --> 0:10:31.400 It's in a walk. They scored twice in the eighth 0:10:31.400 --> 0:10:34.240 to tie the game. Yanks then scored twice in the ninth. 0:10:34.320 --> 0:10:36.440 Darreon Hicks the Big get a triple in Aaron Boone's 0:10:36.520 --> 0:10:39.400 team won four to two. They put a couple of 0:10:39.400 --> 0:10:41.520 balls and play on us. You were able to tie 0:10:41.559 --> 0:10:43.760 the game, and it's it's it's right back there. Let's 0:10:43.760 --> 0:10:47.880 go find a way to get this thing done. And um, 0:10:47.920 --> 0:10:50.520 you know we talked about keep playing. You know there's 0:10:50.559 --> 0:10:52.400 things that happen over the course of the game, over 0:10:52.440 --> 0:10:56.960 the course of the season that are you know, sometimes 0:10:56.960 --> 0:10:58.960 out of your control. You gotta just keep playing rais 0:10:59.080 --> 0:11:01.160 or slumping. They've lost six of seven. The Red Socks 0:11:01.160 --> 0:11:03.200 have moved ahead of them into third in the Al East. 0:11:03.200 --> 0:11:05.760 Matt Mayan City Field easy went to the Mats six 0:11:05.800 --> 0:11:07.840 and nothing over the Marlins. Three hits, the branded Nimo 0:11:07.920 --> 0:11:09.480 three rb I s for at ward O Escu Bar 0:11:09.600 --> 0:11:12.640 David Peterson got the win of the Mets win another series. 0:11:12.640 --> 0:11:14.880 They have played twenty one series, they only lost three 0:11:14.880 --> 0:11:17.040 of them. Atlanta won the main five and a half 0:11:17.120 --> 0:11:19.320 games behind them. Met Home Ice has met a lot 0:11:19.600 --> 0:11:21.920 throughout the Stanley Cup laffs that was through for the 0:11:22.000 --> 0:11:24.199 Rangers and now in the Cup final though Home teams 0:11:24.200 --> 0:11:27.760 three and O Colorado one in overtime, then seven nothing 0:11:27.840 --> 0:11:30.160 but Tampa Bay one last night six to two in 0:11:30.200 --> 0:11:31.600 the lightning of one. Eight in a row at home. 0:11:31.920 --> 0:11:35.120 Game four is tomorrow. The Athletic reports Kyrie Irving likely 0:11:35.200 --> 0:11:38.280 to turn down his thirty seven million dollar option with 0:11:38.320 --> 0:11:41.000 the Nets, become a free agent, and that the Knicks 0:11:41.040 --> 0:11:44.720 could be interested at John Stash Hallard Bloomberg Sport. All right, John, 0:11:44.760 --> 0:11:48.400 thanks future surging as we started holiday short and trading week. 0:11:48.480 --> 0:11:50.200 Right now, S and P futures are up seventy one 0:11:50.200 --> 0:11:53.560 points down, futures up five hundred fifteen. NASA futures are 0:11:53.640 --> 0:11:56.160 higher by turn to thirty eight points. The tenure treasury 0:11:56.200 --> 0:11:59.960 is down ten thirty seconds, yield three point to six percent. 0:12:01.160 --> 0:12:08.720 You're listening to Bloomberg Taper Bloomberg eleven three oh weather 0:12:08.760 --> 0:12:11.280 increasing clouds, chance for afternoon showers today with a high 0:12:11.280 --> 0:12:14.640 near eighty degrees. Showers and storms possible tomorrow low seventies 0:12:14.840 --> 0:12:17.440 camber let the shower risk on Thursday either right now 0:12:17.520 --> 0:12:23.360 sixty five and clear in Central Park Markets. Headlines and 0:12:23.520 --> 0:12:26.760 breaking new twenty four hours a day at Bloomberg dot Com, 0:12:26.880 --> 0:12:30.440 the Bloomberg Business Outland at Bloomberg Quick Tape. This is 0:12:30.440 --> 0:12:39.040 a Bloomberg Business flash. Yeah, and I'm Karin Moscow. This 0:12:39.160 --> 0:12:41.640 update brought to you by Informatica. On the Cloud, your 0:12:41.760 --> 0:12:44.640 data has the power to do the extraordinary. Managed data 0:12:44.679 --> 0:12:48.439 across any location in the cloud for accurate and actionable insights. 0:12:48.520 --> 0:12:52.079 More at Informatica dot Com. SMP future is on the 0:12:52.160 --> 0:12:54.880 rise this morning at seventy points down, futures up five 0:12:54.960 --> 0:12:58.440 hundred one and Nasday features up two hundred thirty four penniear, 0:12:58.480 --> 0:13:00.800 Treasury down on thirty second, and seal three point to 0:13:00.960 --> 0:13:03.240 six percent yield on a two year three point one 0:13:04.280 --> 0:13:06.760 As a Bloomberg Business Flash. Now here's Michael Barr with 0:13:06.800 --> 0:13:09.280 more on what's going on around the world. Michael, good morning, 0:13:09.520 --> 0:13:12.480 Good morning. Karen Aids to the January six committees say 0:13:12.520 --> 0:13:15.760 today's public hearing will focus on efforts by former President 0:13:15.800 --> 0:13:19.200 Trump and his allies the pressures state level officials to 0:13:19.240 --> 0:13:23.760 overturn the results of the presidential election. President Joe Biden 0:13:23.800 --> 0:13:26.120 said he is aiming to decide this week whether to 0:13:26.200 --> 0:13:29.079 move to suspend the federal gas tax and a bid 0:13:29.160 --> 0:13:31.920 to ease the impact of sewing prices at the pump. 0:13:32.200 --> 0:13:35.280 In baseball, the Yankees and Mets one. Other winners include 0:13:35.400 --> 0:13:38.960 the Red Sox, the Giants lost in the NHL Stanley 0:13:38.960 --> 0:13:42.000 Cup Final, the Lightning one game three over the Avalanche. 0:13:42.200 --> 0:13:45.480 Six to Global News twenty four hours a day on 0:13:45.720 --> 0:13:48.880 air and on Bloomberg Quick Take, powered by more than 0:13:48.960 --> 0:13:51.800 twenty seven hundred journalists and analysts in more than one 0:13:52.200 --> 0:13:56.000 twenty countries. How Michael Barr and this is Bloomberg. Nathan, Okay, Michael, 0:13:56.000 --> 0:13:58.520 thank you. It's almost five nineteen on Wall Street Live 0:13:58.600 --> 0:14:02.720 from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, 0:14:02.880 --> 0:14:05.559 and this morning we bring you a special interview with 0:14:05.640 --> 0:14:09.840 Elon Musk. The Tesla CEO, talked about the unresolved matters 0:14:09.880 --> 0:14:12.120 in his pursuit of Twitter and why he thinks a 0:14:12.200 --> 0:14:15.680 recession in the United States is likely. Elon Musk spoke 0:14:15.760 --> 0:14:18.560 with Bloomberg's editor in chief John michaels Waite from the 0:14:18.600 --> 0:14:22.840 Cutter Economic Forum in Doha, powered by Bloomberg. Let's begin 0:14:22.960 --> 0:14:25.760 with Twitter, and I suppose my question for you is 0:14:25.880 --> 0:14:29.280 what is the status of the forty four billion deal? 0:14:29.560 --> 0:14:32.480 Forty four billion dollar deal to buy the company? If 0:14:32.480 --> 0:14:34.760 you look at the deal spreads at the moment, the 0:14:34.800 --> 0:14:38.960 investors seem to be betting that it won't happen, I suppose. 0:14:39.480 --> 0:14:43.360 And right here you have the Qataris who amongst your backers? Um, 0:14:43.440 --> 0:14:46.040 what are you getting to say to them and to us? 0:14:47.920 --> 0:14:53.440 First of all, I'd like to say, um, uh, your Highness, 0:14:53.440 --> 0:14:55.760 who excellency isn't distinguished guests, thank you very much for 0:14:55.840 --> 0:14:59.200 hosting you virtually. Um, it's not to be here or 0:14:59.480 --> 0:15:03.160 be there by really UM, and I actually wish I 0:15:03.160 --> 0:15:06.200 could be there in person. So with respect to that 0:15:06.240 --> 0:15:09.280 the Twitter transaction, there's a limit to what I can 0:15:09.320 --> 0:15:14.680 say publicly given that is um somewhat of a sensitive matter. UM. 0:15:15.040 --> 0:15:19.640 So I would like to be measured in my responses here, UM, 0:15:19.800 --> 0:15:25.840 such as not to generate incremental lawsuits. UM. That seems 0:15:25.880 --> 0:15:29.680 to be a risk you sometimes managed to overcome. Yes, 0:15:30.080 --> 0:15:36.000 deposition minimization is I think important? UM, have you have 0:15:36.000 --> 0:15:40.200 has have Twitter given you enough information? There are still 0:15:40.320 --> 0:15:44.920 um a few unresolved matters you've You've probably read about 0:15:44.960 --> 0:15:49.960 the question as to whether the number of fake and 0:15:50.000 --> 0:15:52.400 spam users on the system is best than five the 0:15:52.480 --> 0:15:55.960 center as Twitter claims, UM, which I think is probably 0:15:56.000 --> 0:16:00.560 not most people's experience on when using Twitter. UM. So 0:16:00.600 --> 0:16:03.440 we're still waiting resolution on that matter. UM. And that 0:16:03.440 --> 0:16:09.480 that is a very significant matter. UM. So we're a 0:16:09.480 --> 0:16:12.640 waiting resolution on that. UM. And then of course there 0:16:12.720 --> 0:16:17.880 is the question of will the dead portion of the 0:16:18.000 --> 0:16:22.200 round come together? And then will the shareholds authority in favor? 0:16:22.240 --> 0:16:24.760 So I think those are the three things that UM 0:16:25.560 --> 0:16:28.600 standard Uh, you know, if that needs to be resolved 0:16:28.640 --> 0:16:33.160 before the transaction can complete. What about the general state 0:16:33.200 --> 0:16:35.480 of the economy does that weigh on you when you 0:16:35.480 --> 0:16:37.680 think about this? I mean, you just described it. You 0:16:37.760 --> 0:16:40.800 have a super bad feeling about the economy. Are you 0:16:40.840 --> 0:16:43.360 still in that position? I just said to you earlier, 0:16:43.480 --> 0:16:47.480 Joe Biden has just come out and said that a 0:16:47.560 --> 0:16:50.600 recession in America is not inevitable. How do you feel 0:16:50.600 --> 0:16:54.680 about the economy. I think the recession is inevitable at 0:16:54.720 --> 0:16:57.440 some point. As to whether there is a reception in 0:16:57.480 --> 0:17:01.040 the near term, I think that it's more likely than not. 0:17:02.840 --> 0:17:06.920 It's not a certainty, but it appears more likely than not. 0:17:08.200 --> 0:17:13.479 What do you think? I'm I'm I'm with you. I 0:17:13.480 --> 0:17:15.800 agree with you, and I think it's more likely. Can 0:17:15.800 --> 0:17:17.520 I ask you what a particular thing to do with 0:17:17.560 --> 0:17:19.600 the Twitter bid, which is you know you are one 0:17:19.640 --> 0:17:24.960 of the biggest and fastest growing investors in China Tesla. 0:17:25.080 --> 0:17:28.560 You've talked about it being a third of your sales 0:17:28.640 --> 0:17:32.080 going forward. You're not buying Twitter the kind of public 0:17:32.119 --> 0:17:36.760 forum for free speech. The Chinese historically don't tend to 0:17:36.800 --> 0:17:41.800 be very enthusiastic about free speech. Are you worried about 0:17:41.840 --> 0:17:45.399 whether you can keep those two particular horses running. Is 0:17:46.040 --> 0:17:49.359 buying Twitter going to get you in trouble with the Chinese? 0:17:49.920 --> 0:17:58.800 Twitter does not operate in UM. And I think China 0:17:58.800 --> 0:18:03.879 does not attempt to interview interfere with the free speech 0:18:03.880 --> 0:18:08.040 of the of the press in the US as fright 0:18:08.119 --> 0:18:11.400 as I know, because I assume you're not under pressure 0:18:11.520 --> 0:18:16.520 to Ed Bloomberg to UH from China. So I think 0:18:16.520 --> 0:18:19.840 there's UM, I don't think it's gonna be an issue. 0:18:21.119 --> 0:18:23.720 And in terms generally of that issue of freedom and 0:18:23.800 --> 0:18:27.159 speech and Twitter, you've talked about Twitter being making it 0:18:27.200 --> 0:18:30.320 even freer and letting more people onto it. Is there 0:18:30.359 --> 0:18:32.879 a limit at all to to who you think should 0:18:32.880 --> 0:18:38.040 be allowed onto Twitter. My aspiration for Twitter, or in 0:18:38.080 --> 0:18:40.919 general for the digital town square would be that it 0:18:41.000 --> 0:18:45.320 is as inclusive in the water assess the word as possible, 0:18:46.119 --> 0:18:49.480 UM that it is. It is an appealing a system 0:18:49.520 --> 0:18:52.639 for years, UM. So I mean, ideally I'd like to 0:18:52.640 --> 0:18:58.560 get like eight of UH that's in North America and 0:18:58.600 --> 0:19:01.760 perhaps I don't know half the world or something ultimately 0:19:01.880 --> 0:19:06.840 on on Twitter in one form or another, and that 0:19:06.880 --> 0:19:09.479 needs that means it must be something that is appealing 0:19:09.560 --> 0:19:12.360 to people. It obviously cannot be a place where they 0:19:12.359 --> 0:19:17.080 feel uncomfortable or harassed um or they'll somethly not use it. 0:19:17.160 --> 0:19:21.919 So um. And I think there's there's a big difference 0:19:21.920 --> 0:19:25.119 between freedom and speech and freedom of reach um. And 0:19:25.200 --> 0:19:28.920 that one can obviously, let's say and I say, it's 0:19:28.920 --> 0:19:31.280 go in the middle of the time square and pretty 0:19:31.320 --> 0:19:34.600 much yell anything you want. And you know you'll you'll 0:19:34.600 --> 0:19:37.760 annoy the people around you. But but you're you're you're 0:19:37.800 --> 0:19:39.639 kind of allowed to just sort of yell whatever you 0:19:39.680 --> 0:19:43.520 want to in in a crowded public place more or 0:19:43.600 --> 0:19:47.280 less apart from this is this is a robbery probably 0:19:47.280 --> 0:19:52.120 that would get you in trouble um. So uh. But 0:19:52.119 --> 0:19:55.480 but then that that whatever you say, how the controversial, 0:19:55.520 --> 0:19:58.240 does not need to then be broadcast to the whole country. 0:19:58.520 --> 0:20:03.639 So I think generally the approach of Twitter should be 0:20:03.720 --> 0:20:06.680 to let people say what they want to do within 0:20:06.720 --> 0:20:11.440 the bounds flow, but then limit the you know who 0:20:11.480 --> 0:20:18.119 sees that based on the uh. Any given Twitter uses preferences. 0:20:18.160 --> 0:20:20.960 So if your preferences are to day on the news, 0:20:21.040 --> 0:20:23.480 you need to know at this hour US future is 0:20:23.720 --> 0:20:27.520 surging this morning last week to trillion dollars in market value, 0:20:27.560 --> 0:20:31.520 erased from the SNP five This week, Marcus react to 0:20:31.520 --> 0:20:35.080 congressional testimony from then chair J Powell, who delivers the 0:20:35.160 --> 0:20:39.000 Central Banks semi annual Report on Monetary Policy tomorrow. Well 0:20:39.000 --> 0:20:41.879 ahead of that, Karen Calls for a pending recession in 0:20:41.920 --> 0:20:46.240 the US are growing louder. Bloomberg's Rnita Young joins US 0:20:46.280 --> 0:20:49.119 Live with the details. Good morning, Granita, Good morning. Nathan. 0:20:49.240 --> 0:20:52.119 Elon Musk and Goldman Sachs are the latest to ward 0:20:52.200 --> 0:20:55.600 that the US economy could fall into a recession. While 0:20:55.680 --> 0:20:59.520 Musk predicted happening sometime in the near future, Golden Sacks 0:20:59.640 --> 0:21:02.720 now he's a thirty percent chance of entering a recession 0:21:02.720 --> 0:21:07.639 over the next year. That's up from previously. Robini Macro 0:21:07.720 --> 0:21:11.600 Associate CEO Mario Robini expects the US recession by the 0:21:11.720 --> 0:21:15.160 end of this year and says the economy is experiencing 0:21:15.240 --> 0:21:19.399 a number of negative aggregate supply shocks. Live in New York, 0:21:19.480 --> 0:21:22.040 I'm rened a Young Bloomberg daybreak right. We need to 0:21:22.080 --> 0:21:24.959 thank you well. Over the weekend at Delaware, President Biden 0:21:25.040 --> 0:21:27.840 pushed back on those recession calls. He said a contraction 0:21:28.040 --> 0:21:32.440 is not inevitable. Following a conversation with former Treasury Secretary 0:21:32.480 --> 0:21:37.399 and current Bloomberg contributor Larry Summers. I think overall the 0:21:37.480 --> 0:21:44.000 picture is still a very stretched uh economy. And Summers 0:21:44.080 --> 0:21:47.280 made the remarks on Bloomberg's Wall Street Week with David 0:21:47.359 --> 0:21:51.640 Weston Catch the program every weekend on Bloomberg Radio and television. 0:21:51.800 --> 0:21:55.200 Those prices rise at the gas pump. Karen, President Biden's 0:21:55.240 --> 0:21:59.360 deciding whether to suspend the federal gasoline tax. I hope 0:21:59.560 --> 0:22:05.720 every that are looking for by the President. Biden says 0:22:05.720 --> 0:22:07.800 he is looking for more data ahead of the decision, 0:22:07.840 --> 0:22:10.920 which he expects will come later on this week. Treasury 0:22:10.920 --> 0:22:15.200 Secretary Janet Yellen says she also supports the idea. Meantime, 0:22:15.320 --> 0:22:18.960 Nathan ex On Mobile says global oil markets may remain 0:22:19.080 --> 0:22:23.320 tight for another three to five years. CEO Darren Woods 0:22:23.320 --> 0:22:26.520 made the comments if the Cutter Economic Forum, saying it's 0:22:26.640 --> 0:22:30.200 largely due to a lack of investment since the pandemic began. 0:22:30.520 --> 0:22:32.399 And we have some m and A news to pass 0:22:32.400 --> 0:22:35.800 along this morning. Karen, Jet Blue is raising its offer 0:22:35.880 --> 0:22:39.760 to buy bargain carrier Spirit Airlines. The new bid values 0:22:39.840 --> 0:22:43.640 the company at about three point seven billion dollars. Well, 0:22:43.640 --> 0:22:45.840 we take a look at futures this morning as they 0:22:45.840 --> 0:22:49.560 are jumping, SMP futures up seventy points to down, futures 0:22:49.600 --> 0:22:52.919 up five hundred eight and nastag features up two hundred 0:22:52.960 --> 0:22:56.360 twenty eight. The decks in Germany's up one point one percent. 0:22:56.880 --> 0:22:59.760 Ten year treasury down ten thirty seconds. He had three 0:23:00.200 --> 0:23:02.600 to six percent, and they yield on the two year 0:23:02.920 --> 0:23:06.240 at three point to zero percent nine nights. Screwed oil 0:23:06.440 --> 0:23:09.240 is higher up two point one percent, up two dollars 0:23:09.280 --> 0:23:12.040 twenty nine cents at a hundred eleven dollars. Eighty five 0:23:12.080 --> 0:23:15.360 cents of barrel comics. Gold is little change at one 0:23:15.760 --> 0:23:19.200 eight hundred thirty nine dollars forty cents. Announced. The euro 0:23:19.320 --> 0:23:22.399 this morning one point oh five seven four against the dollar, 0:23:22.520 --> 0:23:25.119 British pound one point to three one three, the En 0:23:25.200 --> 0:23:29.040 one thirty five point three too, Bitcoin at twenty one thousand, 0:23:29.119 --> 0:23:32.360 two hundred eleven dollars. Try to had your latest local headlines, 0:23:32.400 --> 0:23:38.680 had to check a sports. This is Bloomberg thanks hearing 0:23:38.720 --> 0:23:41.000 five thirty three on Wall Street, sixty five degrees in 0:23:41.040 --> 0:23:43.920 Central Park, on an overturned tractor trailer and Upper Saddle River. 0:23:43.960 --> 0:23:46.239 We'll get to the details shortly. First, Michael Barr with 0:23:46.240 --> 0:23:47.760 more on what's going on in New York and around 0:23:47.800 --> 0:23:49.920 the world. Michael, thank you very much, Nathan. New York 0:23:49.960 --> 0:23:53.439 Governor Kathy Hocal signed a state law protecting voting rights, 0:23:53.840 --> 0:23:56.760