1 00:00:02,680 --> 00:00:05,920 Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg 2 00:00:05,960 --> 00:00:09,479 Speaker 1: Dave Break for Tuesday, March eight. Coming up this hour, 3 00:00:09,760 --> 00:00:12,560 Speaker 1: U s lawmakers make plans to ban Russian oil as 4 00:00:12,640 --> 00:00:15,840 Speaker 1: crude prices continue to climb. Moscow threatens to cut off 5 00:00:15,880 --> 00:00:18,600 Speaker 1: natural gas applies to Europe. Sticker shock at the pump 6 00:00:18,640 --> 00:00:21,079 Speaker 1: as US gas prices hit an all time record and 7 00:00:21,160 --> 00:00:23,160 Speaker 1: the S and P five hundred comes off its worst 8 00:00:23,239 --> 00:00:26,520 Speaker 1: day since Octloober of New York City prepares for the 9 00:00:26,520 --> 00:00:30,520 Speaker 1: possibility of cyber attack by Russia. Plus President Bible sign 10 00:00:30,560 --> 00:00:35,120 Speaker 1: and executive order regulating cryptocurrency. Michael Larger, More ahead, I'm 11 00:00:35,159 --> 00:00:37,720 Speaker 1: John stas Shower and sports, A big night for Julius 12 00:00:37,800 --> 00:00:40,959 Speaker 1: Randolly led the next the Victory and Sacramento the Islanders 13 00:00:41,040 --> 00:00:46,559 Speaker 1: lost to Colorado. That's all straight Ahead on Bloomberg day 14 00:00:46,560 --> 00:00:51,560 Speaker 1: Break on Bloomberg Elementary on New York, Bloomberg one, Washington, 15 00:00:51,640 --> 00:00:55,760 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties, 16 00:00:55,760 --> 00:00:59,760 Speaker 1: San Francisco, Sirius x M one nineteen and around the 17 00:00:59,760 --> 00:01:02,520 Speaker 1: world Old on Bloomberg Radio dot Com and via The 18 00:01:02,640 --> 00:01:10,000 Speaker 1: Bloomberg Business. Good Morning, I'm Karen Moscow. I'm Nathan Hagar. 19 00:01:10,040 --> 00:01:12,800 Speaker 1: Bloomberg Daybreak brought to you by Interactive Brokers Simple i 20 00:01:12,959 --> 00:01:15,720 Speaker 1: b k R Global Trader app. Deposit in your local 21 00:01:15,760 --> 00:01:18,440 Speaker 1: currency and trade stocks in the US, Europe and Asia. 22 00:01:18,560 --> 00:01:21,280 Speaker 1: Start your free trial at I b k R dot com, 23 00:01:21,319 --> 00:01:24,839 Speaker 1: Slash Global Trader and US futures are higher this morning 24 00:01:24,840 --> 00:01:27,800 Speaker 1: after the biggest one day loss for stocks since it 25 00:01:27,880 --> 00:01:29,600 Speaker 1: is six o one on Wall Street. We checked the 26 00:01:29,600 --> 00:01:32,520 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 27 00:01:32,760 --> 00:01:35,600 Speaker 1: Right now, SMP futures are out fifteen points down, Future 28 00:01:35,640 --> 00:01:38,559 Speaker 1: is up eighty NASDACK futures up twenty one. The decks 29 00:01:38,560 --> 00:01:41,560 Speaker 1: in Germany's up six tenths of percent ten. Your treasury 30 00:01:41,560 --> 00:01:44,240 Speaker 1: down nineteen thirty seconds. You have one point eight four percent, 31 00:01:44,280 --> 00:01:46,920 Speaker 1: and they yield on the two year is at one 32 00:01:46,959 --> 00:01:50,240 Speaker 1: point six zero percent. NIMEX screwed oil is up two 33 00:01:50,280 --> 00:01:54,760 Speaker 1: point eight percent at two dollars sixty seven cents of barrel. Nathan, Okay, Karen, 34 00:01:54,800 --> 00:01:56,680 Speaker 1: We'll have more on the markets in a minute, but first, 35 00:01:56,720 --> 00:01:59,440 Speaker 1: the latest on the war in Ukraine. Russia is threatening 36 00:01:59,440 --> 00:02:01,480 Speaker 1: to cut off down tro gas supplies to Europe through 37 00:02:01,480 --> 00:02:04,320 Speaker 1: the Nord Stream one pipeline fence in response to sanctions 38 00:02:04,320 --> 00:02:07,560 Speaker 1: for the US, Europe and their allies. Russian President Vladimir 39 00:02:07,560 --> 00:02:10,200 Speaker 1: Putin says the war will continue until all his demands 40 00:02:10,200 --> 00:02:13,520 Speaker 1: are met, but Ukrainian President Vladimir Zolenski says it's not 41 00:02:13,680 --> 00:02:16,560 Speaker 1: that simple. This is another ultimatum and we are not 42 00:02:17,040 --> 00:02:20,480 Speaker 1: prepared for ultimatums. What needs to be done is for 43 00:02:20,639 --> 00:02:24,120 Speaker 1: President Putting to stop talking, start the dialect, instead of 44 00:02:24,560 --> 00:02:28,399 Speaker 1: living in the informational bubble without oxygen. I think that's 45 00:02:28,400 --> 00:02:31,760 Speaker 1: why he is Ukrainian President Zolenski spoke to ABC News. 46 00:02:31,960 --> 00:02:34,360 Speaker 1: Russia and Ukraine say they will talk again today about 47 00:02:34,480 --> 00:02:37,720 Speaker 1: establishing humanitarian quarters for civilians. The head of the u 48 00:02:37,840 --> 00:02:40,440 Speaker 1: n's refugee agency says the number of people fleeing the 49 00:02:40,440 --> 00:02:43,800 Speaker 1: fighting has now topped two million. Meantime, on Capitol Hill, 50 00:02:43,919 --> 00:02:46,840 Speaker 1: Nathan lawmakers are working to ramp up pressure on Moscow. 51 00:02:46,919 --> 00:02:48,920 Speaker 1: They've come up with a plan to ban in boards 52 00:02:48,919 --> 00:02:52,160 Speaker 1: of Russian oil into the US. Amy Morris has details 53 00:02:52,200 --> 00:02:56,520 Speaker 1: from mar Bloomberg newsroom in Washington. Biden administration officials have 54 00:02:56,560 --> 00:02:59,320 Speaker 1: been working out what the economic repercussions might be for 55 00:02:59,480 --> 00:03:02,600 Speaker 1: U S cons sumers. The agreement would also give President 56 00:03:02,639 --> 00:03:05,840 Speaker 1: Biden the power to boost tariffs on other imports from 57 00:03:05,919 --> 00:03:09,200 Speaker 1: Russia and Belarus. It would seek a suspension of Russia's 58 00:03:09,200 --> 00:03:12,799 Speaker 1: participation in the World Trade Organization. The White House has 59 00:03:12,800 --> 00:03:16,160 Speaker 1: been noncommittal. White House Press Secretary Jen Psaki says no 60 00:03:16,320 --> 00:03:18,760 Speaker 1: decision has been made yet. The best thing we can 61 00:03:18,800 --> 00:03:22,560 Speaker 1: do is reduced our dependence on fossil fuels and foreign 62 00:03:22,560 --> 00:03:25,399 Speaker 1: oil so that we're not worried about gas prices going 63 00:03:25,480 --> 00:03:28,440 Speaker 1: up because of the whims of a foreign dictator. The 64 00:03:28,480 --> 00:03:31,440 Speaker 1: House of Representatives could vote on the proposal as soon 65 00:03:31,520 --> 00:03:35,720 Speaker 1: as tomorrow in Washington. I maybe more as Bloomberg daybreak right, Amy, thanks, 66 00:03:35,840 --> 00:03:38,360 Speaker 1: Once again, we're seeing major market moves tied to the 67 00:03:38,400 --> 00:03:40,560 Speaker 1: war in Ukraine. Let's get the very latest from Bloomberg's 68 00:03:40,600 --> 00:03:43,600 Speaker 1: John Tucker Live in New York. John Nathan disruption to 69 00:03:43,760 --> 00:03:46,640 Speaker 1: energy markets and brought her uncertainty sent the down, Jones 70 00:03:46,640 --> 00:03:50,280 Speaker 1: and dustrial lanverage down two point four percent in Monday's session, 71 00:03:50,760 --> 00:03:54,640 Speaker 1: SMB five lost nearly three percent, the NAZAC got pummeled 72 00:03:54,760 --> 00:03:57,680 Speaker 1: down three point six per Well, this morning, some risk 73 00:03:57,840 --> 00:04:00,480 Speaker 1: sentiment has returned the stocks and you're up along with 74 00:04:00,600 --> 00:04:04,160 Speaker 1: US futures. After we reported that the European Union is 75 00:04:04,240 --> 00:04:07,840 Speaker 1: considering joint bond sales to help counter the fallout from 76 00:04:07,880 --> 00:04:10,680 Speaker 1: the war. Our sources say the bond sale proposal may 77 00:04:10,720 --> 00:04:13,680 Speaker 1: be presented as soon as next week. On another front, 78 00:04:13,760 --> 00:04:17,279 Speaker 1: the London Medal Exchange halted trading in its nickel market 79 00:04:17,600 --> 00:04:21,560 Speaker 1: after an unprecedented price bike left brokers struggling to pay 80 00:04:21,600 --> 00:04:24,920 Speaker 1: margin calls live in New York on John Tucker Bloomberg 81 00:04:25,000 --> 00:04:27,160 Speaker 1: Day Break. All right, John, thank you. The oil prices 82 00:04:27,160 --> 00:04:30,120 Speaker 1: are searching again this morning. If penalties hit Russian crew, 83 00:04:30,240 --> 00:04:33,640 Speaker 1: there's likely no way to replace that production. That's according 84 00:04:33,680 --> 00:04:37,160 Speaker 1: to OPEC Secretary General Mohammed Barkindo, how do we survive 85 00:04:37,240 --> 00:04:41,120 Speaker 1: this crisis? There is no capacity in the world at 86 00:04:41,160 --> 00:04:47,240 Speaker 1: the moment that country place seven million barrels of exports. 87 00:04:47,240 --> 00:04:51,520 Speaker 1: OPEC Secretary General Mohammed Barkindo describes Russia's war against Ukraine 88 00:04:51,560 --> 00:04:55,080 Speaker 1: as a humanitarian tragedy and checking prices now nine ex 89 00:04:55,080 --> 00:04:58,960 Speaker 1: screwed oil is a two point nine hundred five cents 90 00:04:59,000 --> 00:05:01,800 Speaker 1: of barrel is up three point one percent at a 91 00:05:01,839 --> 00:05:05,000 Speaker 1: hundred twenty seven dollars a barrel, and gas prices have 92 00:05:05,080 --> 00:05:07,479 Speaker 1: surged over the past two weeks. Karen, that's causing pain 93 00:05:07,520 --> 00:05:09,200 Speaker 1: at the pump, but drivers say they'd be willing to 94 00:05:09,200 --> 00:05:11,560 Speaker 1: pay even more if it would end the war in Ukraine. 95 00:05:11,839 --> 00:05:15,000 Speaker 1: We get the details from Bloomberg's Lisa Mateo. Gas prices 96 00:05:15,160 --> 00:05:18,360 Speaker 1: are soaring, but many drivers are saying will pay more 97 00:05:18,400 --> 00:05:21,040 Speaker 1: at the pump. That's according to a Quinnipiac poll, which 98 00:05:21,040 --> 00:05:25,000 Speaker 1: found seventy one percent of Americans would support banning Russian 99 00:05:25,000 --> 00:05:28,000 Speaker 1: oil even if it leads to higher gas prices. The 100 00:05:28,120 --> 00:05:31,320 Speaker 1: national average for gas has reached four dollars and seventeen 101 00:05:31,400 --> 00:05:34,200 Speaker 1: cents a gallon, according to Triple A. That tops the 102 00:05:34,279 --> 00:05:37,920 Speaker 1: nationwide monthly record of four dollars and ten cents set 103 00:05:37,960 --> 00:05:40,240 Speaker 1: back in two thousand and eight. In New York, I'm 104 00:05:40,320 --> 00:05:43,560 Speaker 1: Lisa Mateo Bloomberg Daybreak, Right, Lisa, thank you well. As 105 00:05:43,560 --> 00:05:47,080 Speaker 1: we're rages in Ukraine, top US intelligence officials are coming 106 00:05:47,080 --> 00:05:49,880 Speaker 1: out with their annual threat assessment. The Office of the 107 00:05:49,880 --> 00:05:53,599 Speaker 1: Director of National Intelligence sees a grim global outlook thanks 108 00:05:53,640 --> 00:05:56,920 Speaker 1: to Russia and China. Bloomberg's Reedy Young joins US Live 109 00:05:56,960 --> 00:05:59,120 Speaker 1: with the details. Good Morning, Ready Down, Good morning, Karen. 110 00:05:59,200 --> 00:06:02,000 Speaker 1: The threat as Smith says China is developing one of 111 00:06:02,040 --> 00:06:05,920 Speaker 1: the greatest nuclear weapons forces in history, while Russia will 112 00:06:05,960 --> 00:06:09,799 Speaker 1: exploit every opportunity to undermine the US and its allies. 113 00:06:10,120 --> 00:06:13,360 Speaker 1: The nation's top intelligence chiefs will testify about their report 114 00:06:13,400 --> 00:06:16,600 Speaker 1: before the House Committee today. The assessment is used by 115 00:06:16,680 --> 00:06:21,120 Speaker 1: Congress as a baseline to make critical decisions advanced legislation 116 00:06:21,320 --> 00:06:24,320 Speaker 1: and craft budgets, but since it was written before Russia 117 00:06:24,360 --> 00:06:28,279 Speaker 1: invaded Ukraine, lawmakers will likely press intelligence chiefs for the 118 00:06:28,320 --> 00:06:32,000 Speaker 1: most current assessments during today's hearing. Live in New York, 119 00:06:32,080 --> 00:06:34,840 Speaker 1: I'm reneed a young Bloomberg Daybreak, Nita. Thanks. When it 120 00:06:34,880 --> 00:06:36,800 Speaker 1: comes to the assessment for markets, it's all about the 121 00:06:36,839 --> 00:06:39,240 Speaker 1: fallout from the war and the future of FED policy. 122 00:06:39,279 --> 00:06:42,160 Speaker 1: The Fed meets one week from today. Morgan Stanley CEO 123 00:06:42,240 --> 00:06:44,800 Speaker 1: James Gorman says the Central Bank should still start rate 124 00:06:44,839 --> 00:06:47,440 Speaker 1: hikes despite the war. Speaking in Sydney, he said the 125 00:06:47,440 --> 00:06:50,280 Speaker 1: Fed needs to contain prices but also be careful not 126 00:06:50,320 --> 00:06:53,279 Speaker 1: to tip the economy into recession. Well. In corporate news, 127 00:06:53,320 --> 00:06:57,160 Speaker 1: Apple is holding its first product unveiling of twenty two. 128 00:06:57,240 --> 00:06:59,520 Speaker 1: The event Cake software is expected to be its biggest 129 00:06:59,560 --> 00:07:02,240 Speaker 1: year ever in terms of new devices. The company is 130 00:07:02,240 --> 00:07:04,880 Speaker 1: poised to announce its first low cost iPhone SCU with 131 00:07:04,960 --> 00:07:09,080 Speaker 1: five G capabilities, a new iPad Air and updated Max 132 00:07:09,120 --> 00:07:12,679 Speaker 1: with Apple made ships. Again, futures are higher this morning 133 00:07:12,720 --> 00:07:15,160 Speaker 1: and straight ahead your latest local headlines, plus a check 134 00:07:15,200 --> 00:07:24,120 Speaker 1: of sports. And this is Bloomberg. He's scaring six seven 135 00:07:24,120 --> 00:07:26,520 Speaker 1: on Wall Street, forty degrees in Central Park. The Morris 136 00:07:26,520 --> 00:07:29,800 Speaker 1: exis Gladstone branch of New Jersey trans It's still suspended. 137 00:07:29,960 --> 00:07:32,080 Speaker 1: The tails coming up in traffic. First Michael bar with 138 00:07:32,160 --> 00:07:33,800 Speaker 1: more on what's going on in New York and around 139 00:07:33,800 --> 00:07:36,240 Speaker 1: the world. Good morning, Michael, Good morning Nathan. New York 140 00:07:36,280 --> 00:07:39,840 Speaker 1: City is preparing for the possibility of a cyber attack 141 00:07:39,960 --> 00:07:45,160 Speaker 1: by Russia. The city's chief Technology Officer, Matthew Fraser says 142 00:07:45,360 --> 00:07:48,200 Speaker 1: it could happen. We see the rights pop up periodically, 143 00:07:48,640 --> 00:07:51,560 Speaker 1: though specifically associated to this heightened sense. We've seen an 144 00:07:51,640 --> 00:07:55,000 Speaker 1: uptick um, but we're not aware of any campaign that's 145 00:07:55,040 --> 00:07:59,320 Speaker 1: explicitly targeting the city itself. Tech officer Frazier says New 146 00:07:59,360 --> 00:08:01,600 Speaker 1: York is on the old tra high alert following US 147 00:08:01,640 --> 00:08:04,760 Speaker 1: and posed sanctions against Russia for where its ongoing invasion 148 00:08:04,800 --> 00:08:08,080 Speaker 1: of Ukraine. The fear is Russia will try to retaliate. 149 00:08:08,360 --> 00:08:12,360 Speaker 1: The NYPDS Deputy Commissioner John Miller. Weget that we're in 150 00:08:12,400 --> 00:08:16,320 Speaker 1: a heightened threat um and we have been gearing up 151 00:08:16,360 --> 00:08:19,160 Speaker 1: for that heightened threat to come along from our normal 152 00:08:19,240 --> 00:08:22,760 Speaker 1: high alert to ultra high alert, and that's where we 153 00:08:22,800 --> 00:08:26,400 Speaker 1: are the NYPDS. Miller says it's best to be ready 154 00:08:26,440 --> 00:08:29,960 Speaker 1: just in case a homegrown terrorist strikes. President Joe Biden 155 00:08:30,040 --> 00:08:33,240 Speaker 1: is expected to sign an executive order on cryptocurrency this 156 00:08:33,320 --> 00:08:35,920 Speaker 1: week that will mark the first step toward regulating how 157 00:08:36,000 --> 00:08:40,240 Speaker 1: digital currency is traded. The move comes as administration officials 158 00:08:40,240 --> 00:08:43,840 Speaker 1: have raised concern in recent weeks about Russia's use of 159 00:08:43,880 --> 00:08:48,120 Speaker 1: cryptocurrency to evade the impact of crushing sanctions. Tens of 160 00:08:48,200 --> 00:08:50,959 Speaker 1: thousands of customers are without power in New York and 161 00:08:51,080 --> 00:08:54,080 Speaker 1: New Jersey after a line of severe storm swept through 162 00:08:54,120 --> 00:08:57,360 Speaker 1: the northeast. This man and Cedar Grove, New Jersey, spent 163 00:08:57,400 --> 00:09:00,679 Speaker 1: the night at a neighbor's house after a tree alongside 164 00:09:00,760 --> 00:09:03,520 Speaker 1: his home cut off his power and blocked his front door. 165 00:09:03,960 --> 00:09:08,520 Speaker 1: Started rain, heard then all of a sudden, it sound 166 00:09:08,559 --> 00:09:14,440 Speaker 1: like train went through and the wind was how and 167 00:09:14,480 --> 00:09:20,600 Speaker 1: then he says they're waiting to see whether they can 168 00:09:20,640 --> 00:09:24,000 Speaker 1: safely return to their house today. Jerry's selection begins today 169 00:09:24,000 --> 00:09:26,200 Speaker 1: at the trial of four men who are accused of 170 00:09:26,240 --> 00:09:30,400 Speaker 1: conspiring to kidnap Michigan Governor Gretchen Whitmer. The government says 171 00:09:30,400 --> 00:09:33,160 Speaker 1: the men were upset about Whitmer's SCOVID nineteen restrictions, but 172 00:09:33,440 --> 00:09:37,080 Speaker 1: defense lawyers claimed the four were groomed and cajoled by 173 00:09:37,200 --> 00:09:41,160 Speaker 1: federal agents and informants. The CDC raised that SCOVID nineteen 174 00:09:41,200 --> 00:09:44,480 Speaker 1: travel advisory for Hong Kong by one step to level 175 00:09:44,520 --> 00:09:47,199 Speaker 1: four are very high, as the city's death rate is 176 00:09:47,240 --> 00:09:49,959 Speaker 1: now the highest in the world. Global News twenty four 177 00:09:50,000 --> 00:09:52,559 Speaker 1: hours a day on air and on Bloomberg Quick Take, 178 00:09:52,600 --> 00:09:55,559 Speaker 1: powered by more than twenty seven hundred journalists and analysts 179 00:09:55,600 --> 00:09:59,040 Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg, Nathan, 180 00:09:59,160 --> 00:10:05,679 Speaker 1: Thank you, Michael, almost six cent on moll Street. Time 181 00:10:05,720 --> 00:10:08,520 Speaker 1: for the Bloomberg Sports Update with John Sinshower. All right, Nathan, 182 00:10:08,520 --> 00:10:11,320 Speaker 1: biggest reason the Knicks so much better last season than 183 00:10:11,360 --> 00:10:13,800 Speaker 1: this one. Julius Randall was so much better last season, 184 00:10:13,840 --> 00:10:16,600 Speaker 1: and last night Randall was as good as he's ever been. 185 00:10:16,720 --> 00:10:19,680 Speaker 1: Career high forty six points. He made eight three pointers 186 00:10:19,679 --> 00:10:22,560 Speaker 1: and the Knicks turned the table. Somebody blown leads lately. 187 00:10:22,640 --> 00:10:25,440 Speaker 1: This time they made the comeback from twenty down. They 188 00:10:25,440 --> 00:10:28,600 Speaker 1: wanted Sacramento one one fifth team. The Knicks had their 189 00:10:28,640 --> 00:10:31,559 Speaker 1: first two game winning streaking nearly two months. San Antonio 190 00:10:31,679 --> 00:10:34,080 Speaker 1: beat the Lakers, who were playing without Lebron James. Gregg 191 00:10:34,120 --> 00:10:37,920 Speaker 1: Popovich ties Don Nelson's record for most coaching day. The 192 00:10:37,960 --> 00:10:41,480 Speaker 1: Islanders welcomed in the NHL's best team. Colorado moved thirty 193 00:10:41,480 --> 00:10:44,400 Speaker 1: games over five hundred, scored four goals and a span 194 00:10:44,480 --> 00:10:46,439 Speaker 1: of less than four and a half minutes the third period, 195 00:10:46,480 --> 00:10:49,200 Speaker 1: then held on beat the Islands five to four. March 196 00:10:49,320 --> 00:10:55,640 Speaker 1: Madness Championship of the Southern Conference Tournament. One time, Bothwell 197 00:10:55,800 --> 00:11:00,640 Speaker 1: drive all the way in his layoup is far with 198 00:11:00,960 --> 00:11:06,720 Speaker 1: four point three seconds Laft David Jean Battis drives goes 199 00:11:06,800 --> 00:11:14,480 Speaker 1: up three point on the way. The US call on 200 00:11:14,559 --> 00:11:17,760 Speaker 1: Learfield chatt Erga Beef Ferman sixty four sixty three and 201 00:11:17,800 --> 00:11:20,400 Speaker 1: over time. The Calvin Ridley story and not all that 202 00:11:20,520 --> 00:11:23,680 Speaker 1: surprising considering the growth of sports betting, now legal in 203 00:11:23,720 --> 00:11:26,240 Speaker 1: many states, so accessible with a touch of the phone. 204 00:11:26,320 --> 00:11:30,200 Speaker 1: Ridley the Falcon star wide receiver admitted to making bets 205 00:11:30,280 --> 00:11:33,360 Speaker 1: on NFL games, including bets on his team to win, 206 00:11:33,800 --> 00:11:36,480 Speaker 1: although they were games he was not playing in regardless 207 00:11:36,760 --> 00:11:39,720 Speaker 1: hit with a suspension of at least all of two 208 00:11:39,760 --> 00:11:44,880 Speaker 1: it will cost Redley eleven billion. John Stallard bloomboo spoort Okay, John, 209 00:11:44,920 --> 00:11:47,840 Speaker 1: thanks right now. SMP futures are higher up fourteen points, 210 00:11:47,840 --> 00:11:50,559 Speaker 1: sound futures up eighty six dants AT futures on the 211 00:11:50,640 --> 00:11:52,960 Speaker 1: rise by nine points. The ten Your treasury is down 212 00:11:52,960 --> 00:11:56,520 Speaker 1: twenty one thirty seconds. The yield one point eight four 213 00:11:56,679 --> 00:12:00,000 Speaker 1: per cent reaction to the market moves on the Warren Ukraine. 214 00:12:00,200 --> 00:12:02,720 Speaker 1: Next with a Leisha levine of the n Y Melon. 215 00:12:03,480 --> 00:12:09,600 Speaker 1: This is Bloomberg coming up to six twelve on Wall Street. 216 00:12:09,600 --> 00:12:11,800 Speaker 1: Bloomberg day Break is brought to you by Audie. Don't 217 00:12:11,880 --> 00:12:13,920 Speaker 1: let someone else drive off in the outie model. You've 218 00:12:13,920 --> 00:12:16,599 Speaker 1: always wanted. Visit your tri state area autie dealer to 219 00:12:16,640 --> 00:12:18,960 Speaker 1: get behind the wheel of yours today. Visit Autie offers 220 00:12:19,040 --> 00:12:25,000 Speaker 1: dot com, markets, headlines and breaking news twenty four hours 221 00:12:25,000 --> 00:12:27,959 Speaker 1: a day at Bloomberg dot Com and Bloomberg Business at 222 00:12:28,080 --> 00:12:37,359 Speaker 1: and at Bloomberg Ticktape. Chris is a Bloomberg business lash, 223 00:12:37,760 --> 00:12:40,880 Speaker 1: and I'm paren Moscow. We're seeing stocks in Europe trimming 224 00:12:41,040 --> 00:12:44,520 Speaker 1: their advance, and so our Nasdack futures. We check the 225 00:12:44,559 --> 00:12:47,600 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg 226 00:12:47,720 --> 00:12:51,480 Speaker 1: SMP futures remain higher, up eleven points down futures up 227 00:12:51,520 --> 00:12:55,199 Speaker 1: sixty five. On Nasdack futures are lower, little change now 228 00:12:55,240 --> 00:12:58,040 Speaker 1: down about five. The decks in Germany is up half 229 00:12:58,160 --> 00:13:01,040 Speaker 1: per set. Can your treasury down to twenty one thirty seconds? 230 00:13:01,040 --> 00:13:03,280 Speaker 1: He had one four percent. They yield on the two 231 00:13:03,360 --> 00:13:06,599 Speaker 1: year one point six one percent nine Extrade oil is 232 00:13:06,679 --> 00:13:09,040 Speaker 1: up two point nine percent of three dollars fifty five 233 00:13:09,080 --> 00:13:12,320 Speaker 1: cents and a hundred two eight cents of barrel comics. 234 00:13:12,360 --> 00:13:14,760 Speaker 1: Gold is up nine tenths percent, or eighteen dollars thirty 235 00:13:14,800 --> 00:13:18,720 Speaker 1: cents at an ounce. The euro one point eight nine 236 00:13:18,760 --> 00:13:21,079 Speaker 1: six against the dollar, British pound one point three one 237 00:13:21,160 --> 00:13:24,360 Speaker 1: one six, they nsit one fifteen point six six, and 238 00:13:24,480 --> 00:13:28,160 Speaker 1: Bitcoin this morning is moving higher, up two point seven 239 00:13:28,200 --> 00:13:31,640 Speaker 1: percent at thirty eight thousand, eight hundred sixty dollars. That's 240 00:13:31,679 --> 00:13:34,200 Speaker 1: a Bloomberg business flash. Now here's Michael bar with more 241 00:13:34,280 --> 00:13:37,520 Speaker 1: unless going on. Around the world. Michael Karen, thank you 242 00:13:37,640 --> 00:13:40,440 Speaker 1: very much. Russia's top energy official threatened to cut off 243 00:13:40,520 --> 00:13:44,040 Speaker 1: natural gas flows from the North Stream one pipeline. It 244 00:13:44,200 --> 00:13:48,000 Speaker 1: escalates economic tensions with Europe as the war in Ukraine continues. 245 00:13:48,440 --> 00:13:51,480 Speaker 1: Russia and Ukraine have said they will continue to hold 246 00:13:51,480 --> 00:13:54,920 Speaker 1: talks on a potential ceasefire, although a third round of 247 00:13:54,960 --> 00:13:59,320 Speaker 1: discussions produced little progress. US drivers are out paying more 248 00:13:59,400 --> 00:14:02,160 Speaker 1: for gas lane than in any other time in history 249 00:14:02,480 --> 00:14:06,160 Speaker 1: as demands surges and the war in Ukraine threatens global 250 00:14:06,240 --> 00:14:10,160 Speaker 1: oil supplies. According to Triple A, the average pump prices 251 00:14:10,200 --> 00:14:13,680 Speaker 1: in the US are now more than four dollars seventeen 252 00:14:13,720 --> 00:14:17,720 Speaker 1: cents per gallant. California prices have surged to five dollars 253 00:14:17,800 --> 00:14:21,200 Speaker 1: forty four cents a gallon. In the NBA, the nixt one, 254 00:14:21,280 --> 00:14:24,360 Speaker 1: the Warriors lost in the NHL, the Islanders lost, the 255 00:14:24,360 --> 00:14:27,360 Speaker 1: Bruins lost in ot to the King's Three to Global 256 00:14:27,400 --> 00:14:29,920 Speaker 1: News twenty four hours a day on air and on 257 00:14:29,960 --> 00:14:33,280 Speaker 1: Bloomberg Quick Tank, powered by more than twenty seven hundred 258 00:14:33,320 --> 00:14:36,240 Speaker 1: journalists and analysts in more than a hundred twenty countries. 259 00:14:36,280 --> 00:14:40,040 Speaker 1: I'm Michael Labar, this is Bloomberg. Nathan. Thanks Michael six nineteen, 260 00:14:40,080 --> 00:14:43,600 Speaker 1: now on Wall Street Live from the Bloomberg Interactive Brokers studios. 261 00:14:43,680 --> 00:14:47,120 Speaker 1: This is Bloomberg Daybreak and Alicia Levine is with us 262 00:14:47,120 --> 00:14:50,120 Speaker 1: now head of Equities and Capital Market Advisory at B 263 00:14:50,280 --> 00:14:52,480 Speaker 1: and y Melon Wealth Management, as we try to make 264 00:14:52,520 --> 00:14:54,760 Speaker 1: sense of the violent market moves have been single the 265 00:14:54,920 --> 00:14:58,720 Speaker 1: last few days on the latest headlines coming out of Ukraine. Alicia, 266 00:14:58,840 --> 00:15:00,600 Speaker 1: good morning. Of course we're kind of off a big 267 00:15:00,640 --> 00:15:03,560 Speaker 1: sell off in equities yesterday. Do you think this market 268 00:15:03,680 --> 00:15:08,520 Speaker 1: hit capitulation? Good morning, Nathan and Grace to speak to 269 00:15:08,560 --> 00:15:12,600 Speaker 1: you again. Look, I don't think we're at that capitulation 270 00:15:12,680 --> 00:15:16,600 Speaker 1: moment just yet. Um, the fear and loathing is not 271 00:15:16,760 --> 00:15:19,640 Speaker 1: quite there. The vix high as it is, really hasn't 272 00:15:20,120 --> 00:15:24,400 Speaker 1: gone to a place which would really signal capitulation. And 273 00:15:24,440 --> 00:15:27,440 Speaker 1: the other thing is the market just bouncing around in 274 00:15:27,520 --> 00:15:33,520 Speaker 1: this kind of like this range between hundred. It's still 275 00:15:33,520 --> 00:15:36,960 Speaker 1: in that range. It's really disconcerting is that range has 276 00:15:36,960 --> 00:15:41,560 Speaker 1: been skewed to the downside and and the upside seems 277 00:15:41,600 --> 00:15:44,360 Speaker 1: to be more limited, which suggests we have more to 278 00:15:44,400 --> 00:15:46,560 Speaker 1: go on the downside. We're not there yet, and I 279 00:15:46,560 --> 00:15:49,280 Speaker 1: think we're gonna more ugly days ahead of us before 280 00:15:49,320 --> 00:15:51,480 Speaker 1: this is done. I don't I don't think this is 281 00:15:51,520 --> 00:15:54,040 Speaker 1: fatal for the year. I just think that we're in 282 00:15:54,080 --> 00:15:57,240 Speaker 1: a tough spot with all the uncertainty and the commodity 283 00:15:57,320 --> 00:16:00,960 Speaker 1: price inflation. It does seem kind of weird. Ask what 284 00:16:01,200 --> 00:16:03,480 Speaker 1: your outlook is for the rest of the year, given 285 00:16:04,320 --> 00:16:07,360 Speaker 1: how much gyration we could see over the next few 286 00:16:07,440 --> 00:16:09,520 Speaker 1: days and weeks. But I'm gonna put the question to you. 287 00:16:09,600 --> 00:16:12,360 Speaker 1: Are you adjusting your outlook for the SMP for the 288 00:16:12,360 --> 00:16:15,960 Speaker 1: rest of this year based on what's going on? So look, 289 00:16:16,080 --> 00:16:19,360 Speaker 1: we we we are. Target is has does have a 290 00:16:19,360 --> 00:16:22,840 Speaker 1: wider range. It is due to the downside. We see 291 00:16:22,880 --> 00:16:24,880 Speaker 1: most of the risk really in the first half of 292 00:16:24,960 --> 00:16:30,400 Speaker 1: the year. The Russian the Russian war with Ukraine added 293 00:16:30,480 --> 00:16:33,200 Speaker 1: to the kind of uncertainty that we faced in an 294 00:16:33,240 --> 00:16:38,040 Speaker 1: already squeamish market that was overvalued and worried about bed 295 00:16:38,080 --> 00:16:41,600 Speaker 1: tightening with with some of the dynamics of inflation and 296 00:16:41,800 --> 00:16:44,920 Speaker 1: fears of margin compression with US, and so this just 297 00:16:45,000 --> 00:16:48,160 Speaker 1: made it worse. And it's also hard to model because 298 00:16:48,280 --> 00:16:50,760 Speaker 1: it could change it any day. I think the biggest 299 00:16:50,840 --> 00:16:52,840 Speaker 1: risk is really in the first half of the year, 300 00:16:53,240 --> 00:16:56,120 Speaker 1: But we think ultimately, as long as the US doesn't 301 00:16:56,120 --> 00:17:00,400 Speaker 1: go into recession, our base case is no recession, and 302 00:17:00,440 --> 00:17:03,960 Speaker 1: therefore we see the market really stabilizing by midyear into 303 00:17:04,000 --> 00:17:06,440 Speaker 1: the second half of the year. But it's a lot 304 00:17:06,560 --> 00:17:08,280 Speaker 1: to get through in the next few weeks. You have 305 00:17:08,359 --> 00:17:10,639 Speaker 1: to have a strong stomach. You can also pick up 306 00:17:10,640 --> 00:17:13,000 Speaker 1: stocks here. You know, everything is getting thrown out with 307 00:17:13,040 --> 00:17:16,240 Speaker 1: the bathwater, and so you want to be, you know, careful. 308 00:17:16,800 --> 00:17:19,920 Speaker 1: But stocks that have had their multiple, their multiples come 309 00:17:20,000 --> 00:17:24,480 Speaker 1: crashing down with good businesses um that have some pricing 310 00:17:24,520 --> 00:17:28,320 Speaker 1: power to be pretty interesting here. So it's really tough 311 00:17:28,400 --> 00:17:30,080 Speaker 1: to buy in a market like this. But this is 312 00:17:30,119 --> 00:17:32,960 Speaker 1: also what we've learned that you buy when things really 313 00:17:33,000 --> 00:17:36,040 Speaker 1: look terrible, and things do look pretty scary. Well, if 314 00:17:36,080 --> 00:17:38,679 Speaker 1: this is turning into a stock pickers market, Alicia, what 315 00:17:38,760 --> 00:17:43,000 Speaker 1: sectors are you looking at outperform right now? Look, it's tough. 316 00:17:43,040 --> 00:17:45,040 Speaker 1: I mean I would I would, I would tell, I 317 00:17:45,080 --> 00:17:47,280 Speaker 1: would tell most of your listeners. We I think we 318 00:17:47,359 --> 00:17:50,040 Speaker 1: still have a ways to go on the downside here, 319 00:17:50,640 --> 00:17:53,439 Speaker 1: So that's a tough one. But I there's several sectors, 320 00:17:53,520 --> 00:17:56,200 Speaker 1: for instance, even though we're we are concerned about the 321 00:17:56,240 --> 00:18:01,440 Speaker 1: low end consumer between gas prices to also the withdrawing 322 00:18:01,480 --> 00:18:04,280 Speaker 1: a physical stimulus. We're worried about the low end. We 323 00:18:04,320 --> 00:18:07,280 Speaker 1: think overall, if you look at the entire consumer picture, 324 00:18:07,680 --> 00:18:11,000 Speaker 1: consumers in not bad shape, and we think a greater 325 00:18:11,040 --> 00:18:13,800 Speaker 1: share of wallet is going to go towards travel and leisure. 326 00:18:14,200 --> 00:18:16,280 Speaker 1: And in the last week or so, the travel and 327 00:18:16,359 --> 00:18:20,040 Speaker 1: leisure stocks have really gotten decimated, So I mean, I 328 00:18:20,080 --> 00:18:23,880 Speaker 1: think that's a place to look um. And obviously, energy 329 00:18:24,000 --> 00:18:27,320 Speaker 1: we think will be a long term trend here. Hard 330 00:18:27,359 --> 00:18:29,199 Speaker 1: to buy in the spice. Don't go run in and 331 00:18:29,200 --> 00:18:33,280 Speaker 1: buy you know when oil is up in three weeks. 332 00:18:33,280 --> 00:18:37,439 Speaker 1: But we do think that the picture around oil, the 333 00:18:37,480 --> 00:18:43,000 Speaker 1: supply shortage, greater demands, will be upward pressure on oil prices, 334 00:18:43,119 --> 00:18:46,760 Speaker 1: and therefore energy should do pretty well. We think some 335 00:18:46,800 --> 00:18:49,080 Speaker 1: of the staple companies still look good. You know, we 336 00:18:49,160 --> 00:18:53,320 Speaker 1: do see the low and consumer trading down to private label. Um, 337 00:18:53,400 --> 00:18:55,960 Speaker 1: so some of those staple companies will do fairly well. 338 00:18:56,240 --> 00:18:58,800 Speaker 1: And this is gonna sound very counterintuitive, but the banks 339 00:18:58,800 --> 00:19:03,760 Speaker 1: have gotten decimated down mostly that you're to date, and 340 00:19:03,760 --> 00:19:06,280 Speaker 1: and therefore, you know, if we're not going into a 341 00:19:06,320 --> 00:19:09,720 Speaker 1: recession and defended hiking, some of the banks could be 342 00:19:09,800 --> 00:19:13,600 Speaker 1: interesting here, so you know there, and of course defense 343 00:19:13,640 --> 00:19:16,320 Speaker 1: defense spending in the US is probably going up eight 344 00:19:16,320 --> 00:19:19,960 Speaker 1: percent in the next year in the new budget, and 345 00:19:20,000 --> 00:19:23,679 Speaker 1: that also will be long term trend for for defense spending. 346 00:19:23,840 --> 00:19:25,560 Speaker 1: You know, you really have to think of this moment 347 00:19:25,600 --> 00:19:29,639 Speaker 1: as a regime change, higher inflation, higher defense spending, and 348 00:19:29,680 --> 00:19:31,600 Speaker 1: I think in some way some of those companies that 349 00:19:32,000 --> 00:19:36,080 Speaker 1: you know, our our our fathers and our grandfather's invested 350 00:19:36,160 --> 00:19:37,720 Speaker 1: in will be some of the ones that will do 351 00:19:37,760 --> 00:19:40,239 Speaker 1: well coming out of this. Great to have you on 352 00:19:40,280 --> 00:19:43,840 Speaker 1: this morning, Alicia, Thanks for this, really appreciate it. Alicia Levine, 353 00:19:43,880 --> 00:19:46,639 Speaker 1: head of Equities and Capital Market Advisory at b n 354 00:19:46,800 --> 00:19:50,440 Speaker 1: y Melon Wealth Management. Looking ahead to the market, open 355 00:19:50,480 --> 00:19:53,320 Speaker 1: futures are looking a bit higher at the moment, SMP 356 00:19:53,480 --> 00:19:56,480 Speaker 1: futures of fourteen, down futures of ninety two points, and 357 00:19:56,520 --> 00:19:59,960 Speaker 1: ASTAT futures are just a touch higher up eight point. 358 00:20:00,640 --> 00:20:08,680 Speaker 1: You're listening to Bloomberg Daybreak, and Bloomberg Daybreak is brought 359 00:20:08,680 --> 00:20:11,360 Speaker 1: to you by the Jewish Communal Fund JCFS. Donor Advised 360 00:20:11,359 --> 00:20:14,280 Speaker 1: Fund is the smart choice to manager, philanthropy, maker, giving, 361 00:20:14,400 --> 00:20:17,320 Speaker 1: organized and tax efficient. Visit j c F and y 362 00:20:17,840 --> 00:20:25,800 Speaker 1: dot Org broadcasting live from the Bloomberg Interactive Broker Studio 363 00:20:25,920 --> 00:20:29,080 Speaker 1: in New York. Bloomberg E Living Freedland to Washington, d C, 364 00:20:29,280 --> 00:20:33,400 Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San 365 00:20:33,440 --> 00:20:37,000 Speaker 1: Francisco Bloomberg and M sixteen to the country Sirius XM 366 00:20:37,040 --> 00:20:39,320 Speaker 1: to A one nine team, and around the globe the 367 00:20:39,320 --> 00:20:43,200 Speaker 1: Bloomberg Business app and Bloomberg Radio dot com. This is 368 00:20:43,240 --> 00:20:51,520 Speaker 1: Bloomberg Daybreak six thirty on Wall Street. Good morning of 369 00:20:51,640 --> 00:20:54,720 Speaker 1: Nathan Hagar and I'm Karen Moscow. We're just about three 370 00:20:54,800 --> 00:20:57,280 Speaker 1: hours away from the open of US trading. It's time 371 00:20:57,280 --> 00:20:59,239 Speaker 1: for the five things you need to notice. Start your 372 00:20:59,320 --> 00:21:03,919 Speaker 1: day Rozzy you by Interactive Brokers. Interactive Brokers charges Martin 373 00:21:03,960 --> 00:21:06,480 Speaker 1: loan rates from zero point seven five percent to one 374 00:21:06,480 --> 00:21:09,320 Speaker 1: point five eight percent rates subject to change. Learn more 375 00:21:09,359 --> 00:21:12,600 Speaker 1: at ibk R dot com slash compare. We begin with 376 00:21:12,640 --> 00:21:15,080 Speaker 1: the war in Ukraine. Moscow is threatening to cut off 377 00:21:15,160 --> 00:21:18,200 Speaker 1: natural gas supplies to Europe. That's after a third round 378 00:21:18,200 --> 00:21:21,320 Speaker 1: of toss between Russia and Ukraine failed to make progress. 379 00:21:21,440 --> 00:21:24,719 Speaker 1: Bloomberg's at Baxter has the latest. Russia says it has 380 00:21:24,720 --> 00:21:27,360 Speaker 1: heard nothing from Ukraine that would make a change direction, 381 00:21:27,680 --> 00:21:31,560 Speaker 1: and Ukraine's President Volatimer Zolensky, in an exclusive ABC interview, 382 00:21:31,600 --> 00:21:35,240 Speaker 1: says Russia just wants to make threats and issue ultimatums 383 00:21:35,560 --> 00:21:38,480 Speaker 1: and then talking about Vladimir Putin through a translator, not 384 00:21:38,640 --> 00:21:43,280 Speaker 1: the dialog, instead of living in the informational bubble without oxygen. 385 00:21:43,400 --> 00:21:45,800 Speaker 1: I think that's why he is. And U S Secretary 386 00:21:45,840 --> 00:21:48,359 Speaker 1: of State Anthony Blincoln has again rejected the plea for 387 00:21:48,400 --> 00:21:50,480 Speaker 1: a no fly zoh and saying it could lead to 388 00:21:50,800 --> 00:21:54,840 Speaker 1: widening the war in San Francisco. I'm at Baxter Bloomberg Daybreak, 389 00:21:54,880 --> 00:21:57,040 Speaker 1: all right, and thanks the developments at a Capitol Hill 390 00:21:57,080 --> 00:21:59,560 Speaker 1: as well. Congress has announced the outline of a bill 391 00:21:59,600 --> 00:22:01,879 Speaker 1: to our imports of Russian oil to the US. The 392 00:22:01,920 --> 00:22:04,280 Speaker 1: House could vote on the proposal as soon as tomorrow. 393 00:22:04,800 --> 00:22:09,080 Speaker 1: On Wall Street, US futures are higher after yesterday's sell off. 394 00:22:09,119 --> 00:22:11,439 Speaker 1: We get the latest live with the Bloomberg's John Tucker, 395 00:22:11,600 --> 00:22:14,600 Speaker 1: John Karen Sentiment hands the improved on the heels of 396 00:22:14,640 --> 00:22:18,720 Speaker 1: our report that the European Union is considering joint bond 397 00:22:18,760 --> 00:22:22,200 Speaker 1: sales to help counter the fallout from Russia's invasion of Ukraine. 398 00:22:22,600 --> 00:22:26,359 Speaker 1: The possibility for the Central Bank stimulus lifting sentiment. In 399 00:22:26,440 --> 00:22:29,560 Speaker 1: yesterday's session, stocks were pummeled, with an AzaC tumbling over 400 00:22:29,600 --> 00:22:33,080 Speaker 1: three and a half percent. Meantime, the London Metal Exchange 401 00:22:33,160 --> 00:22:36,680 Speaker 1: suspended trading in nickel after a short squeeze drove the 402 00:22:36,720 --> 00:22:39,800 Speaker 1: medals priced to more than double Live in New York. 403 00:22:39,840 --> 00:22:42,840 Speaker 1: I'm John Tucker, Bloomberg Daybreak, John. Thanks, there's more paint 404 00:22:42,840 --> 00:22:45,440 Speaker 1: at the pump this morning. US drivers are now paying 405 00:22:45,480 --> 00:22:48,280 Speaker 1: the most ever for gas. Average prices have hit four 406 00:22:48,320 --> 00:22:51,240 Speaker 1: doll their seventeen cents a gallant. Turple A says that's 407 00:22:51,240 --> 00:22:54,480 Speaker 1: the highest in records going back more than twenty years. Well, 408 00:22:54,480 --> 00:22:57,840 Speaker 1: it's more rages in Ukraine, Nathan. Top US intelligence officials 409 00:22:57,840 --> 00:23:01,160 Speaker 1: are out with their annual threat assessment, a grim global 410 00:23:01,240 --> 00:23:04,359 Speaker 1: outlook thanks to Russia and China and Bloomberg's we need 411 00:23:04,400 --> 00:23:06,840 Speaker 1: a young joints US Live with the details. Good morning, Nida, 412 00:23:06,880 --> 00:23:10,240 Speaker 1: Good morning Karen. The threat assessment says China is developing 413 00:23:10,280 --> 00:23:13,840 Speaker 1: one of the greatest nuclear weapons forces in history, while 414 00:23:14,000 --> 00:23:17,480 Speaker 1: Russia will exploit every opportunity to undermine the US and 415 00:23:17,560 --> 00:23:21,520 Speaker 1: its allies. The nation's top intelligence chiefs will testify about 416 00:23:21,560 --> 00:23:24,520 Speaker 1: their report before the House Committee today but since it 417 00:23:24,640 --> 00:23:29,040 Speaker 1: was written before Russia invaded Ukraine, lawmakers will lifely likely 418 00:23:29,200 --> 00:23:32,840 Speaker 1: press them for a more current assessment. Live in New York, 419 00:23:32,880 --> 00:23:40,399 Speaker 1: I'm gonna need a Young Bloomberg daybreak. Okay, we need 420 00:23:40,440 --> 00:23:42,879 Speaker 1: to thank you. Six thirty three on Wall Street, forty 421 00:23:42,920 --> 00:23:45,639 Speaker 1: degrees in Central Park. Still dealing with the suspension the 422 00:23:45,640 --> 00:23:48,960 Speaker 1: New Jersey Transits Morris Excess line. The tails coming up 423 00:23:48,960 --> 00:23:51,199 Speaker 1: in traffic. First Michael Barr with mar What's going on 424 00:23:51,240 --> 00:23:53,040 Speaker 1: in New York and around the world. Good morning, Michael, 425 00:23:53,119 --> 00:23:56,280 Speaker 1: Good morning Nathan. Officials say Russian cyber attacks against the 426 00:23:56,400 --> 00:23:59,879 Speaker 1: US are reality. The United States could be targeted and 427 00:24:00,040 --> 00:24:03,680 Speaker 1: italiation for the sanctions levied against Russia for its invasion 428 00:24:03,680 --> 00:24:07,080 Speaker 1: of Ukraine. Major cities like New York City are beefing 429 00:24:07,160 --> 00:24:10,600 Speaker 1: up security. Senator Kristian Gilbrand of New York says the 430 00:24:10,720 --> 00:24:14,520 Speaker 1: level of risk is very high. Russia's military attack on 431 00:24:14,760 --> 00:24:18,800 Speaker 1: Ukraine's cities and buildings have happened in conjunction with cyber 432 00:24:18,800 --> 00:24:23,280 Speaker 1: attacks waged on Ukraine's critical infrastructure, from its banks to 433 00:24:23,440 --> 00:24:27,600 Speaker 1: departments of government, and there's no guarantee that those attacks 434 00:24:27,600 --> 00:24:31,120 Speaker 1: will be limited to Ukraine. Senator Kristian Gillibrand. The NYPD 435 00:24:31,280 --> 00:24:34,760 Speaker 1: says the city is on ultra high alert. President Joe 436 00:24:34,760 --> 00:24:39,080 Speaker 1: Biden lands to sign an executive order on cryptocurrency this 437 00:24:39,160 --> 00:24:43,320 Speaker 1: week in a step toward regulating how digital currency is trained. 438 00:24:43,720 --> 00:24:47,840 Speaker 1: Administration officials are concerned about Russia's use of cryptocurrency to 439 00:24:47,920 --> 00:24:51,880 Speaker 1: evade the impact of crushing sanctions in response to its 440 00:24:51,880 --> 00:24:55,600 Speaker 1: invasion of Ukraine. A bill making lynching a federal hate 441 00:24:55,600 --> 00:24:58,600 Speaker 1: crime is headed to President Joe Biden's desk for his signature. 442 00:24:58,880 --> 00:25:01,920 Speaker 1: The Senate passed the him At Till Anti Lynching Act 443 00:25:02,200 --> 00:25:05,240 Speaker 1: Senate majority of Leader Chuck Schumer. After more than two 444 00:25:05,400 --> 00:25:11,040 Speaker 1: hundred failed attempts to outlaw lynching, Congress is finally succeeding 445 00:25:11,240 --> 00:25:15,520 Speaker 1: in taking the long overdue action by passing the Emmett 446 00:25:15,520 --> 00:25:19,240 Speaker 1: Till Anti Lynching Act. Senator Schumer says the bill is 447 00:25:19,359 --> 00:25:22,040 Speaker 1: named after fourteen year old Emmett Till, who was lynched 448 00:25:22,080 --> 00:25:26,080 Speaker 1: in Mississippi in nine In a victory for Democrats, the 449 00:25:26,119 --> 00:25:29,120 Speaker 1: Supreme Court has turned away efforts from Republicans in North 450 00:25:29,160 --> 00:25:34,440 Speaker 1: Carolina and Pennsylvania to block state court ordered congressional districting plans. 451 00:25:34,800 --> 00:25:38,360 Speaker 1: The justices are allowing maps elected by each State Supreme 452 00:25:38,400 --> 00:25:42,120 Speaker 1: Court to be an effect for the two elections. Members 453 00:25:42,160 --> 00:25:45,439 Speaker 1: of the Congressional Black Caucus met with President Joe Biden 454 00:25:45,720 --> 00:25:49,280 Speaker 1: about the release of w NBA star Brittney Griner, who 455 00:25:49,320 --> 00:25:53,200 Speaker 1: was recently detained in an airport near Moscow. Congresswoman Sheila 456 00:25:53,280 --> 00:25:56,960 Speaker 1: Jackson Lee of Texas represents the district where Grinder is from. 457 00:25:57,040 --> 00:25:59,960 Speaker 1: We know that we have to move on her situation, 458 00:26:00,040 --> 00:26:03,960 Speaker 1: and she is in a circumstance that would generate a 459 00:26:04,040 --> 00:26:08,360 Speaker 1: ten year sentence. Many of us believe that this is unwarranted. 460 00:26:09,240 --> 00:26:11,680 Speaker 1: Thirty one year old Grinder was arrested in Moscow after 461 00:26:11,800 --> 00:26:16,440 Speaker 1: customs officials reportedly detected cannabis soil in her luggage. Global 462 00:26:16,480 --> 00:26:18,800 Speaker 1: News twenty four hours a day on air and on 463 00:26:18,840 --> 00:26:22,240 Speaker 1: Bloomberg Quittake, powered by more than twenty seven hundred journalists 464 00:26:22,240 --> 00:26:24,760 Speaker 1: and analysts more than a hundred twenty countries. Michael bar 465 00:26:24,920 --> 00:26:32,640 Speaker 1: this is Bloomberg. N okay, Michael, Thanks six thirty six 466 00:26:32,680 --> 00:26:34,359 Speaker 1: on Wall Street. John Stash I was here at the 467 00:26:34,359 --> 00:26:37,159 Speaker 1: Bloomberg Sports update. Are Nathan nicks off the win over 468 00:26:37,200 --> 00:26:39,320 Speaker 1: the Clippers that ended the seven game who stream one 469 00:26:39,440 --> 00:26:42,480 Speaker 1: night later moved North, fell behind and then last year's 470 00:26:42,480 --> 00:26:45,199 Speaker 1: all Star led them Backs can take their first lead 471 00:26:45,240 --> 00:26:47,360 Speaker 1: to the game with a three rad Let's it fly 472 00:26:47,960 --> 00:26:51,359 Speaker 1: and hits for the right wing, and the knick Swans 473 00:26:51,440 --> 00:26:56,879 Speaker 1: down twenty have come back. They lead. It's Sacrabato Randall 474 00:26:57,080 --> 00:27:00,960 Speaker 1: at the left wing steps out great pointer got Julius 475 00:27:01,040 --> 00:27:04,639 Speaker 1: Randall with thirty five points. She's matched the season high 476 00:27:05,880 --> 00:27:08,280 Speaker 1: WPN and it calls the Knicks fight the King's one 477 00:27:08,440 --> 00:27:11,200 Speaker 1: thirty one to one fifteen. They scored forty four points 478 00:27:11,280 --> 00:27:14,240 Speaker 1: the third quarter in Randall, who was so good last year, 479 00:27:14,320 --> 00:27:15,960 Speaker 1: not nearly as good this season. Finn It's with a 480 00:27:16,000 --> 00:27:18,800 Speaker 1: career high forty six points. R J. Barrett had at 481 00:27:18,840 --> 00:27:21,560 Speaker 1: twenty nine emmanual quickly at twenty seven. The u B 482 00:27:21,680 --> 00:27:25,000 Speaker 1: s Arena wild third period, Colorado scored four goals in 483 00:27:25,080 --> 00:27:27,080 Speaker 1: the span of just over four minutes and led five 484 00:27:27,119 --> 00:27:30,000 Speaker 1: to one. The Islanders rallied at the league leading Avalanche 485 00:27:30,040 --> 00:27:32,159 Speaker 1: held on win five four nows A lost five or 486 00:27:32,160 --> 00:27:34,680 Speaker 1: the last seven. The Seahawks of Wagner College, with a 487 00:27:34,720 --> 00:27:38,480 Speaker 1: win tonight in Smithfield, Rhode Island, over Bryant College will 488 00:27:38,520 --> 00:27:41,400 Speaker 1: win the Northeast Conference Tournament and advanced NCY double as 489 00:27:41,440 --> 00:27:44,080 Speaker 1: Manhattan plays Wider in the MAC Tourney in Atlantic City 490 00:27:44,080 --> 00:27:46,879 Speaker 1: in the a CEC Tournament against tonight at the Parkment Center. 491 00:27:47,160 --> 00:27:49,960 Speaker 1: Jets owner Woody Johnson now wants to buy Chelsea FC 492 00:27:50,119 --> 00:27:52,960 Speaker 1: of the English Premier League, currently owned by a Russian Oligarth. 493 00:27:53,040 --> 00:27:54,600 Speaker 1: The price tag said to be about two and a 494 00:27:54,640 --> 00:27:57,800 Speaker 1: half billion dollars. If it's Tuesday, it must be time 495 00:27:57,840 --> 00:27:59,960 Speaker 1: to cancel. Another week of the baseball regular season. Happened 496 00:28:00,000 --> 00:28:02,520 Speaker 1: week ago. It will happen again tonight if there's no 497 00:28:02,680 --> 00:28:05,320 Speaker 1: lockout Indy Labor deal. The owners did up the number 498 00:28:05,400 --> 00:28:08,720 Speaker 1: for a competitive balanced pack. The big Game sash that 499 00:28:08,760 --> 00:28:12,040 Speaker 1: where Bloomberg's feels okay, John thanks at six thirty seven 500 00:28:12,119 --> 00:28:14,440 Speaker 1: on Wall Street. Let's get more now and what's happening 501 00:28:14,480 --> 00:28:18,000 Speaker 1: in this morning's market. Bloomberg television anchor and markets reporter 502 00:28:18,119 --> 00:28:21,359 Speaker 1: Danny Berger is with us now and Danny, we were 503 00:28:21,400 --> 00:28:23,560 Speaker 1: just talking with Alicia Levine a few minutes ago from 504 00:28:23,560 --> 00:28:25,359 Speaker 1: ben Y mel and she says, you need a strong 505 00:28:25,440 --> 00:28:27,480 Speaker 1: stomach to be in this market right now. It sure 506 00:28:27,560 --> 00:28:31,480 Speaker 1: feels that way, Yeah, it definitely does. I kind of 507 00:28:31,640 --> 00:28:33,760 Speaker 1: get the feeling that day after day we look at 508 00:28:33,880 --> 00:28:37,399 Speaker 1: some new asset that has moved parabolic and kind of 509 00:28:37,400 --> 00:28:40,520 Speaker 1: this feeling that you know, things are breaking today. It 510 00:28:40,720 --> 00:28:44,760 Speaker 1: was certainly the turn of nickel on the elm um 511 00:28:44,840 --> 00:28:47,320 Speaker 1: that did have trading suspended, but it does just feel 512 00:28:47,320 --> 00:28:50,400 Speaker 1: like we're in this environment where an asset is having 513 00:28:50,480 --> 00:28:53,960 Speaker 1: crazy moves everywhere you look, right. I mean you I've 514 00:28:54,000 --> 00:28:56,920 Speaker 1: seen it almost described as like meme stock moves in 515 00:28:57,000 --> 00:29:00,280 Speaker 1: some of these commodities. I mean, what's the react action 516 00:29:00,440 --> 00:29:02,600 Speaker 1: from a lot of the market participants you've been speaking 517 00:29:02,600 --> 00:29:05,000 Speaker 1: to about what we're seeing not just a nickel but 518 00:29:05,080 --> 00:29:09,160 Speaker 1: this ongoing surgeon oil right now, I think across all 519 00:29:09,160 --> 00:29:11,440 Speaker 1: of these assets. When you see moves to this extent, 520 00:29:11,640 --> 00:29:15,920 Speaker 1: it comes back to this concern about liquidity in the market. Um, 521 00:29:16,040 --> 00:29:18,280 Speaker 1: when you have all these strange things happening, not being 522 00:29:18,320 --> 00:29:22,600 Speaker 1: able to trade Russian assets, when you have oil, natural gas, 523 00:29:22,640 --> 00:29:25,800 Speaker 1: all of them hitting these new highs. Um, they're concerned 524 00:29:25,840 --> 00:29:27,760 Speaker 1: about how many people are actually willing to step in 525 00:29:27,800 --> 00:29:30,560 Speaker 1: and trade them, what counterparty risk looks like. And often 526 00:29:30,640 --> 00:29:34,320 Speaker 1: these concerns become a feedback loop where you have more 527 00:29:34,440 --> 00:29:36,800 Speaker 1: volatility and it causes more people to step back from 528 00:29:36,840 --> 00:29:39,000 Speaker 1: the market, and that's when you get these really, really 529 00:29:39,120 --> 00:29:41,840 Speaker 1: painful moves that we've been seeing. So it's a long 530 00:29:41,880 --> 00:29:43,960 Speaker 1: winded way of saying there's just a lot of fear 531 00:29:44,480 --> 00:29:46,800 Speaker 1: taking place in this market, although we are starting to 532 00:29:46,840 --> 00:29:50,320 Speaker 1: see futures move up. Just a touch on word that 533 00:29:50,400 --> 00:29:53,120 Speaker 1: Bloomberg News is reporting that Europe could put out this 534 00:29:53,240 --> 00:29:57,200 Speaker 1: massive bond sale to fund its energy and defense needs 535 00:29:57,200 --> 00:30:00,000 Speaker 1: in the future, is that's sort of giving some stabilization 536 00:30:00,000 --> 00:30:02,120 Speaker 1: into the market, at least at the moment. Yeah, at 537 00:30:02,200 --> 00:30:04,200 Speaker 1: least the moment we are off some of the highs 538 00:30:04,320 --> 00:30:06,680 Speaker 1: in Europe. UM. It is at the end of the 539 00:30:06,760 --> 00:30:10,719 Speaker 1: day a form of stimulus which the market is taking well. UM. 540 00:30:10,760 --> 00:30:13,280 Speaker 1: Some of the rally though, might be people stepping in 541 00:30:13,800 --> 00:30:16,640 Speaker 1: UM as an excuse to buy the jib jame fully over. 542 00:30:16,760 --> 00:30:19,720 Speaker 1: Rabobank told us earlier that there needs to be more 543 00:30:19,760 --> 00:30:22,040 Speaker 1: that this can be enough to sustain a rally, But 544 00:30:22,160 --> 00:30:25,240 Speaker 1: at the moment you do see things like banks performing better, 545 00:30:25,480 --> 00:30:29,040 Speaker 1: really the different sectors that have been the most oversold. 546 00:30:29,120 --> 00:30:30,880 Speaker 1: So it does seem like some of that by the 547 00:30:30,920 --> 00:30:34,080 Speaker 1: dip crowd is using this to come in and buy 548 00:30:34,160 --> 00:30:37,000 Speaker 1: up some cheap stocks, and we are seeing that play 549 00:30:37,040 --> 00:30:40,880 Speaker 1: out in markets right now. Bloomberg television anchor and markets 550 00:30:40,920 --> 00:30:43,160 Speaker 1: reporter Danny Burger, Thanks for coming on with us this 551 00:30:43,240 --> 00:30:45,520 Speaker 1: morning to take a look at what's happening as we 552 00:30:45,600 --> 00:30:48,280 Speaker 1: do see SMP futures moving just a bit higher now 553 00:30:48,360 --> 00:30:51,360 Speaker 1: up sixteen points. Now futures up a hundred five and 554 00:30:51,640 --> 00:30:54,920 Speaker 1: Nasdaq future is little change to hire their up twelve 555 00:30:55,000 --> 00:30:58,520 Speaker 1: points right now. Send your treasury now down nineteen thirty seconds. 556 00:30:58,560 --> 00:31:00,920 Speaker 1: The yield one four sent the yield on the two 557 00:31:00,960 --> 00:31:05,240 Speaker 1: year one point six one. The surge in oil prices continues, 558 00:31:05,280 --> 00:31:08,000 Speaker 1: with NIMEX screwed up two point nine percent a hundred 559 00:31:08,040 --> 00:31:11,400 Speaker 1: twenty two dollars eighty two cents a barrel. The latest 560 00:31:11,440 --> 00:31:14,920 Speaker 1: developments from Washington, where Congress is considering a ban on 561 00:31:15,000 --> 00:31:18,880 Speaker 1: Russian oil imports. Wendy Schuller Brown University joins us. Next, 562 00:31:19,000 --> 00:31:24,600 Speaker 1: This is Bloomberg. Bloomberg eleven three oh Weather sunny, breezy, 563 00:31:24,680 --> 00:31:27,920 Speaker 1: upper forties today, light snow tomorrow morning, turning into light 564 00:31:28,040 --> 00:31:29,920 Speaker 1: rain by late in the day. Hides in the upper 565 00:31:29,960 --> 00:31:32,920 Speaker 1: thirties will be back near fifty by Thursday. Right now 566 00:31:33,000 --> 00:31:39,440 Speaker 1: forty degrees in Central Park. Markets, headlines and breaking news 567 00:31:39,440 --> 00:31:42,000 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 568 00:31:42,080 --> 00:31:46,200 Speaker 1: Bloomberg Business and at Bloomberg Quicktake, this is a Bloomberg 569 00:31:46,280 --> 00:31:56,080 Speaker 1: Business lash and I'm par in Moscow and futures are higher. 570 00:31:56,120 --> 00:31:58,240 Speaker 1: This morning we get the first word breaking news dash 571 00:31:58,320 --> 00:32:01,120 Speaker 1: for today's morning call. Here's Bell Loney Bill, Good morning 572 00:32:02,240 --> 00:32:05,440 Speaker 1: and good morning Karen. Us features are posting modest games 573 00:32:05,520 --> 00:32:07,920 Speaker 1: right now with theat futures of eighty point sessidies Game 574 00:32:08,000 --> 00:32:11,560 Speaker 1: thirteen well nastic futures are hired by six. The US 575 00:32:11,720 --> 00:32:14,280 Speaker 1: ten year at one point eight four percent, Gold is 576 00:32:14,360 --> 00:32:17,080 Speaker 1: up nine, oil is climbing, and bitcoin is up by 577 00:32:17,200 --> 00:32:20,560 Speaker 1: three percent. Japan fell one point seven percent overnight, while 578 00:32:20,600 --> 00:32:22,760 Speaker 1: your pre markets are in the green, led by two 579 00:32:22,760 --> 00:32:25,800 Speaker 1: percent gains in Italy and Spain back in the West. 580 00:32:25,800 --> 00:32:28,640 Speaker 1: On the economic front, at ten o'clock, Coastale inventories and 581 00:32:28,680 --> 00:32:30,920 Speaker 1: the Deal news, Google to buy mandy It for twenty 582 00:32:31,000 --> 00:32:33,760 Speaker 1: three hours a share. In other news, the Elmi Halton 583 00:32:33,960 --> 00:32:37,760 Speaker 1: nickel trading after a two fifty percent spike, and China 584 00:32:37,840 --> 00:32:41,080 Speaker 1: is considered buying more. Increasing stakes in Russian energy and 585 00:32:41,120 --> 00:32:44,320 Speaker 1: commodity companies grabbing things up. Bank of America is raised 586 00:32:44,320 --> 00:32:48,200 Speaker 1: to neutral at bar Jefferies raised Caterpillar to buy Live 587 00:32:48,280 --> 00:32:50,520 Speaker 1: from the first to breaking news TASCM Bill Maloney. Care 588 00:32:51,000 --> 00:32:52,800 Speaker 1: all right, Bill, thank you, and here live breaking news 589 00:32:52,840 --> 00:32:55,440 Speaker 1: of your Bloomberg type squawk on your terminal SCU you 590 00:32:55,560 --> 00:32:57,840 Speaker 1: a w u K and that's a Bloomberg business flash down. 591 00:32:57,840 --> 00:33:00,240 Speaker 1: Here's Michael Barr with more on what's going on around 592 00:33:00,280 --> 00:33:03,280 Speaker 1: the world. Karen, thank you very much. As the Russian 593 00:33:03,280 --> 00:33:07,920 Speaker 1: invasion continues, Ukrainian President Voladimir Zelenski hopes Russia will honor 594 00:33:07,960 --> 00:33:11,840 Speaker 1: a ceasefire meant to establish a humanitarian corridor rather than 595 00:33:11,920 --> 00:33:14,600 Speaker 1: break it again. Over one and a half million people 596 00:33:14,640 --> 00:33:18,280 Speaker 1: have already fled the country. Ukraine is demanding NATO imposed 597 00:33:18,280 --> 00:33:21,440 Speaker 1: a no fly zone to prevent further civilian deaths, though 598 00:33:21,480 --> 00:33:25,680 Speaker 1: President Biden opposes this, saying it risks direct conflict between 599 00:33:25,760 --> 00:33:29,440 Speaker 1: NATO and Russia. According to Triple A, the average gas 600 00:33:29,480 --> 00:33:32,120 Speaker 1: prices in the US at the pump are now more 601 00:33:32,160 --> 00:33:35,800 Speaker 1: than four dollars seventeen cents per gallant. The record prices 602 00:33:35,880 --> 00:33:38,360 Speaker 1: come as the man surges and the war in Ukraine 603 00:33:38,520 --> 00:33:42,480 Speaker 1: threatens global oil supplies. In the NBA, the next one, 604 00:33:42,520 --> 00:33:45,720 Speaker 1: the Warriors lost. In the NHL, the Islanders lost, the 605 00:33:45,720 --> 00:33:48,160 Speaker 1: Bruins lost to No T to the King's Three, to 606 00:33:48,720 --> 00:33:51,320 Speaker 1: global news twenty four hours a day on air and 607 00:33:51,480 --> 00:33:54,200 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 608 00:33:54,280 --> 00:33:57,440 Speaker 1: hundred journalists and analyst in more than one twenty countries. 609 00:33:57,440 --> 00:34:00,800 Speaker 1: I'm Michael Barb. This is Bloomberg, Karen Ry, Michael, thank you. 610 00:34:00,880 --> 00:34:03,200 Speaker 1: Sixty nine on Wall Street. We turned to news and 611 00:34:03,240 --> 00:34:05,840 Speaker 1: science and technology Now with a Bloomberg and j I 612 00:34:05,960 --> 00:34:09,000 Speaker 1: T STEM report brought to you buy New Jersey Institute 613 00:34:09,040 --> 00:34:12,280 Speaker 1: of Technology and j I T makes infrastructure ready graduates 614 00:34:12,320 --> 00:34:16,600 Speaker 1: from civil engineers to transportation specialists. If it's infrastructure, and 615 00:34:16,719 --> 00:34:19,040 Speaker 1: j I T grads are building it. More at n 616 00:34:19,120 --> 00:34:22,040 Speaker 1: j I T dot e DU Now Here's what's making 617 00:34:22,080 --> 00:34:25,360 Speaker 1: news and science, technology, engineering and math. A new study 618 00:34:25,400 --> 00:34:28,520 Speaker 1: warrants even a mild case of COVID nineteen can damage 619 00:34:28,560 --> 00:34:32,920 Speaker 1: the brain and affect thinking. Oxford University researchers found COVID 620 00:34:32,960 --> 00:34:37,200 Speaker 1: linked brain damage months after infection, including in the region 621 00:34:37,280 --> 00:34:41,040 Speaker 1: linked to smell. The scientists also found brain shrinkage equal 622 00:34:41,080 --> 00:34:44,640 Speaker 1: to as much as a decade of normal aging. Concerns 623 00:34:44,640 --> 00:34:47,319 Speaker 1: of a loving global shortage of coal are driving up 624 00:34:47,360 --> 00:34:49,920 Speaker 1: prices in every U S region that has access to 625 00:34:50,000 --> 00:34:54,040 Speaker 1: export markets. Potential sanctions on Russia, a key supplier, have 626 00:34:54,160 --> 00:34:56,880 Speaker 1: buyers around the world scrambling to line up supplies of 627 00:34:56,880 --> 00:35:00,400 Speaker 1: the dirtiest fossil fuel. And Bloomberg News has learned that 628 00:35:00,440 --> 00:35:04,160 Speaker 1: Google isn't talks to acquire cyber security company mandy And. 629 00:35:04,480 --> 00:35:07,640 Speaker 1: It would be Google's second biggest deal ever. Mandy And 630 00:35:07,800 --> 00:35:10,160 Speaker 1: has a market value of more than five point two 631 00:35:10,160 --> 00:35:13,319 Speaker 1: billion dollars. Microsoft back out of discussions for a deal 632 00:35:13,400 --> 00:35:15,560 Speaker 1: on concerns that mandy And would not be a good 633 00:35:15,600 --> 00:35:18,759 Speaker 1: strategic fit. And that's a Bloomberg n j I t 634 00:35:19,000 --> 00:35:21,759 Speaker 1: Stem report. Nathan Okay, Karen, thank you. We are live 635 00:35:21,800 --> 00:35:24,680 Speaker 1: from the Bloomberg Interactive Broker studios where it's six fifty 636 00:35:24,800 --> 00:35:27,400 Speaker 1: on Wall Street Time now to check what's going on 637 00:35:27,440 --> 00:35:29,680 Speaker 1: in DC. Some of the top stories in our nation's 638 00:35:29,719 --> 00:35:32,800 Speaker 1: capital include US lawmakers reaching the outline of a deal 639 00:35:32,880 --> 00:35:36,200 Speaker 1: to ban Russian oil, U S spies painting a grim 640 00:35:36,239 --> 00:35:38,800 Speaker 1: picture with Russia and China scene as the biggest threats, 641 00:35:39,080 --> 00:35:41,560 Speaker 1: and President Biden set to sign an executive order this 642 00:35:41,600 --> 00:35:45,120 Speaker 1: week on cryptocurrency strategy. Let's get more on the political 643 00:35:45,200 --> 00:35:48,360 Speaker 1: landscape as the war in Ukraine continues to dominate. Wendy 644 00:35:48,480 --> 00:35:50,920 Speaker 1: Schiller is with US now, Director of the Topman Center 645 00:35:50,960 --> 00:35:54,960 Speaker 1: for American Politics and Policy at Brown University, Professor. It's 646 00:35:55,000 --> 00:35:56,960 Speaker 1: good to speak with you. We just got this headline 647 00:35:57,440 --> 00:36:00,239 Speaker 1: crossing the Bloomberg terminal from Axios reporting the U. S. 648 00:36:00,239 --> 00:36:03,000 Speaker 1: Senators are all looking to lock down Russia's gold reserves 649 00:36:03,360 --> 00:36:05,520 Speaker 1: on top of all the sanctions that have been reported 650 00:36:05,520 --> 00:36:07,759 Speaker 1: over the last several days. What do you see as 651 00:36:07,800 --> 00:36:13,839 Speaker 1: the impact of the US financial war on Ukraine? Well, 652 00:36:13,880 --> 00:36:16,360 Speaker 1: I mean, I think there's going to be reverberations for 653 00:36:16,520 --> 00:36:19,279 Speaker 1: US consumers, right, I mean, we've already seen that. You know, 654 00:36:19,440 --> 00:36:22,279 Speaker 1: I've said this before. The most voters, including myself, don't 655 00:36:22,360 --> 00:36:25,840 Speaker 1: quite understand why gas prices rise overnight. We know this 656 00:36:26,000 --> 00:36:28,600 Speaker 1: future market, you buy a certain price months in advance, 657 00:36:29,239 --> 00:36:32,000 Speaker 1: but nonetheless we're all paying more for gasoline and that 658 00:36:32,000 --> 00:36:33,880 Speaker 1: that looks like it's just going to continue to go up. 659 00:36:34,160 --> 00:36:37,640 Speaker 1: In a summer where free of COVID restrictions, we should 660 00:36:37,680 --> 00:36:40,320 Speaker 1: expect Americans to be traveling more than ever before in 661 00:36:40,360 --> 00:36:42,799 Speaker 1: the last couple of years. So I think demand is 662 00:36:42,800 --> 00:36:45,279 Speaker 1: going to continue to go high, and that means that 663 00:36:45,400 --> 00:36:47,680 Speaker 1: you know, voters are going to feel this, and they're 664 00:36:47,680 --> 00:36:49,680 Speaker 1: gonna feel it directly. And the question is how long 665 00:36:49,760 --> 00:36:52,880 Speaker 1: is it sustainable? How long can Biden and Republicans and 666 00:36:52,960 --> 00:36:57,480 Speaker 1: Democrats say we need to endure this because Russia has 667 00:36:57,480 --> 00:37:00,080 Speaker 1: invaded Ukraine and this is a threat to US. So 668 00:37:00,120 --> 00:37:03,000 Speaker 1: I think it gets complicated the longer this goes on. Well, 669 00:37:03,000 --> 00:37:04,840 Speaker 1: it's interesting, at least at the moment, a lot of 670 00:37:04,920 --> 00:37:07,440 Speaker 1: US drivers, a lot of US voters are saying that 671 00:37:07,480 --> 00:37:09,879 Speaker 1: they're willing to pay even more for gas, at least 672 00:37:09,960 --> 00:37:12,760 Speaker 1: right now, if it ends the war in Ukraine. What's 673 00:37:12,800 --> 00:37:15,319 Speaker 1: the political impact at least for the short term for 674 00:37:15,400 --> 00:37:18,279 Speaker 1: President Biden if we do continue to see this pain 675 00:37:18,360 --> 00:37:22,440 Speaker 1: at the pump and pain overall in the US economy. Well, 676 00:37:22,480 --> 00:37:25,279 Speaker 1: some people would argue that this actually could save the 677 00:37:25,480 --> 00:37:29,520 Speaker 1: spiraling down of his approval ratings, because rather than the 678 00:37:29,560 --> 00:37:32,919 Speaker 1: Republicans being able to scream about inflation, which they've done 679 00:37:33,080 --> 00:37:35,959 Speaker 1: very effectively from probably almost close to a year now, 680 00:37:36,440 --> 00:37:39,400 Speaker 1: uh and gas prices and blaming and on put on 681 00:37:39,840 --> 00:37:44,400 Speaker 1: sorry misstep Biden. Now Biden says, listen, we have to 682 00:37:44,440 --> 00:37:47,400 Speaker 1: take these steps to protect democracy and protect Europe, and 683 00:37:47,440 --> 00:37:50,080 Speaker 1: therefore you're gonna have to pay more so the narrative 684 00:37:50,120 --> 00:37:53,560 Speaker 1: has flipped really quickly, and so it could help Biden 685 00:37:54,200 --> 00:37:57,560 Speaker 1: diminish some of that pain that people um are feeling 686 00:37:57,640 --> 00:38:00,640 Speaker 1: towards him because of higher gas prices. I don't think 687 00:38:00,680 --> 00:38:02,960 Speaker 1: that lasts. I mean, the problem with that is that's now. 688 00:38:03,360 --> 00:38:05,160 Speaker 1: But I think, you know, as I said, as people 689 00:38:05,200 --> 00:38:07,520 Speaker 1: want to go on vacation and enjoy themselves over the summer, 690 00:38:07,680 --> 00:38:09,160 Speaker 1: I think they're going to feel it more and more. 691 00:38:09,239 --> 00:38:11,799 Speaker 1: And that's closer to the Metrim elections. So the Republicans 692 00:38:11,840 --> 00:38:14,520 Speaker 1: have a pretty good situation. They can flip the script 693 00:38:14,560 --> 00:38:17,840 Speaker 1: on Trump and Russia, where they defended Trump against you 694 00:38:17,840 --> 00:38:21,040 Speaker 1: know charge conclusion with Russia. Now they're very anti Russia 695 00:38:21,239 --> 00:38:23,440 Speaker 1: and they want to inflict as much pain as possible. 696 00:38:23,680 --> 00:38:25,600 Speaker 1: But of course the bad side of the Democrats is 697 00:38:25,640 --> 00:38:28,239 Speaker 1: if we do that, we get higher gas prices, we 698 00:38:28,360 --> 00:38:31,200 Speaker 1: probably continue to have high inflation despite the Federal Reserve 699 00:38:31,440 --> 00:38:36,040 Speaker 1: promising to increase rates, and the Republicans do better in November. 700 00:38:36,280 --> 00:38:38,600 Speaker 1: So the Republicans right now are in a pretty good position. 701 00:38:39,120 --> 00:38:41,960 Speaker 1: There is an interesting note from economists to Goldman Sachs 702 00:38:42,000 --> 00:38:44,600 Speaker 1: out this morning, saying that the war in Ukraine could 703 00:38:44,760 --> 00:38:47,799 Speaker 1: raise the odds for parts of President Biden's Build Back 704 00:38:47,840 --> 00:38:51,400 Speaker 1: Better agenda to get past, particularly the clean energy piece, 705 00:38:51,440 --> 00:38:56,120 Speaker 1: if continued rising gas prices uh lead to more of 706 00:38:56,200 --> 00:38:59,880 Speaker 1: a transition to a clean energy economy. Is that some 707 00:39:00,040 --> 00:39:02,200 Speaker 1: thing you're looking at? Is that possible that we could 708 00:39:02,239 --> 00:39:05,839 Speaker 1: see a boost for build back Better from the war Ukraine? Well, 709 00:39:05,880 --> 00:39:08,120 Speaker 1: I mean I think I think that, uh, if he 710 00:39:08,200 --> 00:39:11,200 Speaker 1: got the time and the space on his agenda to 711 00:39:11,280 --> 00:39:13,480 Speaker 1: make the pitch that this is why we need to 712 00:39:13,520 --> 00:39:16,399 Speaker 1: do wind power and solar power, probably wind power more 713 00:39:16,440 --> 00:39:19,000 Speaker 1: because we know that farms in the Midwest and which 714 00:39:19,040 --> 00:39:21,839 Speaker 1: are typically Republican states, they are taking advantage of wind 715 00:39:21,840 --> 00:39:24,960 Speaker 1: power now uh, and they are increasingly looking at that 716 00:39:25,520 --> 00:39:27,919 Speaker 1: uh for using sort of farm land that they can't 717 00:39:28,000 --> 00:39:29,759 Speaker 1: use anymore or they want to give it a rest. So, 718 00:39:30,080 --> 00:39:32,360 Speaker 1: you know, when you think about that, he's got an opportunity, 719 00:39:32,360 --> 00:39:35,600 Speaker 1: and environmental movement has an opportunity. But it would be 720 00:39:35,719 --> 00:39:38,480 Speaker 1: something very new in American politics to have very conservative 721 00:39:38,480 --> 00:39:42,640 Speaker 1: Republicans or anti Russia aligned with environmentalists who are pushing 722 00:39:42,880 --> 00:39:46,480 Speaker 1: for alternative fuel sources. But with you know, automakers saying 723 00:39:46,480 --> 00:39:49,040 Speaker 1: they're going electric, right, they're already said we're gonna be 724 00:39:49,080 --> 00:39:51,360 Speaker 1: electric in a decade. We don't. We don't really have 725 00:39:51,360 --> 00:39:53,640 Speaker 1: a choice, right, I mean, we're gonna be driving electric cars. 726 00:39:53,760 --> 00:39:56,040 Speaker 1: We have to find a way to have charging stations. 727 00:39:56,280 --> 00:39:58,160 Speaker 1: That's the big piece I think that we have in 728 00:39:58,200 --> 00:40:00,960 Speaker 1: the infrastructure bill that we need more money spent on. 729 00:40:01,440 --> 00:40:03,400 Speaker 1: Uh And so Biden does have an opportunity, but it 730 00:40:03,400 --> 00:40:05,960 Speaker 1: would be a very strange coalition to witness in American 731 00:40:05,960 --> 00:40:09,520 Speaker 1: politics if that comes to fruition. Speaking of the infrastructure 732 00:40:09,560 --> 00:40:11,480 Speaker 1: bill in our last minute here, it's kind of wild 733 00:40:11,520 --> 00:40:13,840 Speaker 1: to think that it was only a week ago that 734 00:40:13,880 --> 00:40:16,080 Speaker 1: the President delivered his State of the Union address and 735 00:40:16,120 --> 00:40:18,440 Speaker 1: then the promise to go on the road to tout 736 00:40:18,520 --> 00:40:21,879 Speaker 1: his bipartisan infrastructure plan. I mean, what does the war 737 00:40:21,920 --> 00:40:25,239 Speaker 1: in Ukraine mean for the domestic agenda going forward for 738 00:40:25,280 --> 00:40:27,560 Speaker 1: President Biden? When you would think that he would have 739 00:40:27,600 --> 00:40:30,839 Speaker 1: want it to be touting the record that he's at 740 00:40:30,880 --> 00:40:34,200 Speaker 1: least accomplished so far in his first year. Well, I mean, 741 00:40:34,200 --> 00:40:36,480 Speaker 1: it's a really hard it's hard to change the subject, 742 00:40:36,600 --> 00:40:39,120 Speaker 1: right because it's so horrifying to see, you know, the 743 00:40:39,719 --> 00:40:43,600 Speaker 1: destruction in Ukraine and displacement of Ukrainians. But he can 744 00:40:43,640 --> 00:40:46,319 Speaker 1: make the case that we have to modernize, right, that 745 00:40:46,360 --> 00:40:48,480 Speaker 1: this is not the same world it was thirty years ago. 746 00:40:48,520 --> 00:40:50,080 Speaker 1: And we look at the Russian Army and they seem 747 00:40:50,120 --> 00:40:52,239 Speaker 1: to be having problems and maybe that's a symbol of 748 00:40:52,280 --> 00:40:54,320 Speaker 1: what was. And we have to think about the future, 749 00:40:54,360 --> 00:40:56,760 Speaker 1: and we have to think about, you know, modernizing society. 750 00:40:56,800 --> 00:40:59,600 Speaker 1: And that's the infrastructure Bill will help everybody, whether you're 751 00:40:59,600 --> 00:41:02,160 Speaker 1: a public, a democrat, wherever he live. That's what this 752 00:41:02,239 --> 00:41:04,960 Speaker 1: money should be spent on doing. If he can find 753 00:41:04,960 --> 00:41:07,320 Speaker 1: a way to switch the narrative to the future, to 754 00:41:07,440 --> 00:41:09,960 Speaker 1: adapting to a new world and being stronger and more 755 00:41:09,960 --> 00:41:12,719 Speaker 1: independent in that world, I think he can try to 756 00:41:12,800 --> 00:41:15,359 Speaker 1: combat some of the rhetoric that he's getting Um from 757 00:41:15,400 --> 00:41:18,359 Speaker 1: Independence in particular, who really dissatisfied and look like a 758 00:41:18,480 --> 00:41:22,839 Speaker 1: leader who's thinking ahead. Uh. That's a tough pivot for him, 759 00:41:23,040 --> 00:41:25,480 Speaker 1: but I think he has an opportunity now to do that. 760 00:41:25,800 --> 00:41:28,280 Speaker 1: And he's better. Even though he stumbles when he speaks 761 00:41:28,280 --> 00:41:30,319 Speaker 1: and people make fun of him, he's better. He's better 762 00:41:30,360 --> 00:41:32,719 Speaker 1: on the road than he is UM from the White House. 763 00:41:32,719 --> 00:41:34,680 Speaker 1: So he needs to get out there. Thanks as always, 764 00:41:34,680 --> 00:41:38,160 Speaker 1: Professor Wendy Shoulder, Brown University Karen Nathan. It has six 765 00:41:38,160 --> 00:41:40,920 Speaker 1: fifties six on Wall Street. This is Bloombergy Daybreak marches 766 00:41:40,960 --> 00:41:43,440 Speaker 1: Women's History Month and every day this month where celebrating 767 00:41:43,440 --> 00:41:46,200 Speaker 1: significant moments in women's history. Now with your installment for 768 00:41:46,280 --> 00:41:49,840 Speaker 1: March eightere's Bloomberg's I Need a Young Happy International Women's 769 00:41:49,920 --> 00:41:53,680 Speaker 1: Day on today in Women's History in t the Fearless 770 00:41:53,760 --> 00:41:57,560 Speaker 1: Girls sculpture is revealed across from the Charging Bull statue 771 00:41:57,560 --> 00:42:01,719 Speaker 1: on Wall Street. Kristin visbal sculpture depicted a young, defiant 772 00:42:01,800 --> 00:42:05,839 Speaker 1: girl standing confidently. The sculpture was installed late the night 773 00:42:05,880 --> 00:42:08,520 Speaker 1: before it was placed there to draw attention to the 774 00:42:08,600 --> 00:42:12,359 Speaker 1: lack of gender diversity and equality in the workplace, particularly 775 00:42:12,360 --> 00:42:16,000 Speaker 1: in large, powerful institutions in New York City. The plaque 776 00:42:16,080 --> 00:42:19,320 Speaker 1: under the sculpture reads, know the power of women in Leadership. 777 00:42:19,760 --> 00:42:22,960 Speaker 1: She makes a Difference. It was commissioned by State Street 778 00:42:23,000 --> 00:42:26,520 Speaker 1: Global Advisors, who wanted to advertise an index fund that 779 00:42:26,600 --> 00:42:31,200 Speaker 1: promotes gender diverse companies with higher percentages of female leadership. 780 00:42:31,719 --> 00:42:35,160 Speaker 1: That's today in Women's History, I'm nit a young Bloomberg 781 00:42:35,280 --> 00:42:38,560 Speaker 1: Radio All right, Nia, thank you again. Futures are higher 782 00:42:38,600 --> 00:42:42,320 Speaker 1: this morning and Bloomberg Surveillance with Tom King, Jonathan Barrow, 783 00:42:42,360 --> 00:42:45,480 Speaker 1: and Lisa Abramowitz says straight ahead for Nathan Hagar. I'm 784 00:42:45,560 --> 00:42:48,239 Speaker 1: Karen Moscow, and this is Bloomberg.