1 00:00:04,600 --> 00:00:08,119 Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day 2 00:00:08,119 --> 00:00:11,840 Speaker 1: Break for Wednesday, July thirteen two. Coming up this hour, 3 00:00:12,320 --> 00:00:15,920 Speaker 1: Wall Street awaits this morning's key report on inflation, Oil 4 00:00:16,000 --> 00:00:20,079 Speaker 1: prices stabilized following yesterday sell off. Twitter fires back in 5 00:00:20,120 --> 00:00:22,720 Speaker 1: its battle with Elon Musk, and we take you to 6 00:00:22,840 --> 00:00:26,400 Speaker 1: Israel where President Biden begins his Middle East trip. Volting 7 00:00:26,480 --> 00:00:28,960 Speaker 1: accident in the Hudson River is left two people dead, 8 00:00:29,040 --> 00:00:31,600 Speaker 1: plus a gun rights group is suing New York's assault 9 00:00:31,640 --> 00:00:35,360 Speaker 1: weapons Man. I'm Michael lar More. Ahead, I'm John stash 10 00:00:35,440 --> 00:00:38,200 Speaker 1: Our sports the Cincinnati Reds with four of the ninths done. 11 00:00:38,280 --> 00:00:40,400 Speaker 1: The Yankees sent them to a third strade loss. Come 12 00:00:40,400 --> 00:00:46,400 Speaker 1: that's lost in Atlanta. That's all trading ahead on Bloomberg 13 00:00:46,479 --> 00:00:51,560 Speaker 1: Daybreak on Bloomberg Elibing Free on New York, Bloomberg one, Washington, 14 00:00:51,640 --> 00:00:55,760 Speaker 1: d C, Bloomberg one six one, Boston, Bloomberg nine sixties, 15 00:00:55,760 --> 00:00:59,920 Speaker 1: San Francisco, Syrius Exam one nineteen and around the world. 16 00:01:00,040 --> 00:01:03,600 Speaker 1: Then Bloomberg Radio dot Com and via the Bloomberg Business App. 17 00:01:07,760 --> 00:01:10,720 Speaker 1: Good morning, I'm Nathan Hagar, and I'm Karen Moscow and 18 00:01:10,800 --> 00:01:13,600 Speaker 1: U West Dock Index futures are higher this morning. We're 19 00:01:13,600 --> 00:01:15,320 Speaker 1: coming up to five o one on Wall Street, and 20 00:01:15,400 --> 00:01:17,360 Speaker 1: we check the markets every fifteen minutes. In while the 21 00:01:17,360 --> 00:01:21,240 Speaker 1: trading day on Bloomberg, SNP futures up eleven points. This morning, 22 00:01:21,280 --> 00:01:24,680 Speaker 1: Down futures up seventy five, NASDACK futures up forty seven. 23 00:01:24,840 --> 00:01:27,720 Speaker 1: The decks in Germany's down seven tenths of a percent. 24 00:01:28,000 --> 00:01:30,800 Speaker 1: Ten year treasury up to thirty seconds yield two point 25 00:01:30,880 --> 00:01:33,600 Speaker 1: nine five percent, and they yield on the two year 26 00:01:33,680 --> 00:01:37,319 Speaker 1: at three point oh three percent. Nathan Karen, we begin 27 00:01:37,400 --> 00:01:40,520 Speaker 1: this morning with the big inflation report Wall Street is 28 00:01:40,560 --> 00:01:43,720 Speaker 1: bracing for three and a half hours from now. In Washington, 29 00:01:43,880 --> 00:01:47,039 Speaker 1: the government issues the Consumer Price Index for June, and 30 00:01:47,160 --> 00:01:50,320 Speaker 1: it is expected to show no let up on inflation. 31 00:01:50,640 --> 00:01:53,120 Speaker 1: Amy Morris has more from our Bloomberg ninety nine one 32 00:01:53,120 --> 00:01:56,800 Speaker 1: newsroom in Washington. May's CPI rose eight point six percent 33 00:01:56,880 --> 00:01:59,680 Speaker 1: year over year abroad based increase and the largest in 34 00:01:59,760 --> 00:02:02,720 Speaker 1: four of years. June's reading could be even higher based 35 00:02:02,720 --> 00:02:05,480 Speaker 1: on a survey of Wall Street economists. At the same time, 36 00:02:05,480 --> 00:02:08,920 Speaker 1: Blueberg Economics says today's report will be balanced by recent 37 00:02:08,960 --> 00:02:12,840 Speaker 1: evidence that inflation as well as economic growth may be moderating. 38 00:02:13,080 --> 00:02:15,920 Speaker 1: The Federal Reserve is expected to keep raising interest rates 39 00:02:15,919 --> 00:02:19,760 Speaker 1: to contain inflation by tempering economic growth. In Washington, I'm 40 00:02:19,800 --> 00:02:22,400 Speaker 1: mayby Moore as Bloomberg Daybreak, right, Amy, thank you. The 41 00:02:22,400 --> 00:02:26,080 Speaker 1: top priority for the Federal Reserve as curbing inflation. Richmond 42 00:02:26,120 --> 00:02:29,160 Speaker 1: Fed President Thomas Barkin sees another fifty or seventy five 43 00:02:29,240 --> 00:02:32,280 Speaker 1: basis point rate high coming this month. We're engaged in 44 00:02:32,320 --> 00:02:36,440 Speaker 1: a very challenging exercise, which is to try to cool 45 00:02:36,440 --> 00:02:39,240 Speaker 1: the economy down to normal levels, right in an effort 46 00:02:39,280 --> 00:02:43,000 Speaker 1: to bring inflation under control, but without the intent of 47 00:02:43,280 --> 00:02:46,320 Speaker 1: trying to cool it so down that that that the 48 00:02:46,360 --> 00:02:49,720 Speaker 1: decline is calamitous. The right policies to get inflation under control. 49 00:02:50,320 --> 00:02:53,919 Speaker 1: Richmond Fed President Thomas Barkin says today's CPI reading will 50 00:02:53,919 --> 00:02:56,440 Speaker 1: inform the Central banks next move. He is not a 51 00:02:56,520 --> 00:02:59,519 Speaker 1: voter on this year's rate setting. F o MC higher 52 00:02:59,520 --> 00:03:02,200 Speaker 1: gas and oil prices taring have been major contributors to 53 00:03:02,240 --> 00:03:05,239 Speaker 1: the spike in inflation, and today we're seeing crude higher 54 00:03:05,280 --> 00:03:09,520 Speaker 1: following yesterday's nearly eight percent decline. This morning, the International 55 00:03:09,600 --> 00:03:12,240 Speaker 1: Energy Agency is warning that oil prices pose a high 56 00:03:12,360 --> 00:03:15,280 Speaker 1: risk to the global economic recovery, with signs that phil 57 00:03:15,320 --> 00:03:18,079 Speaker 1: costs are starting to take their toll on demand growth. 58 00:03:18,160 --> 00:03:21,040 Speaker 1: Checking prices now nimex scrude is up one point three 59 00:03:21,040 --> 00:03:24,480 Speaker 1: percent or a dollar twenty three nine seven cents for 60 00:03:24,520 --> 00:03:27,840 Speaker 1: a barrel of West Texas Intermediate Well, Nathan the Surgeon, 61 00:03:27,880 --> 00:03:31,200 Speaker 1: gasoline prices this year has Americans changing their minds on 62 00:03:31,240 --> 00:03:33,639 Speaker 1: the next car they'll drive. We get the details from 63 00:03:33,680 --> 00:03:36,960 Speaker 1: Bloomberg's Lisa Mateo. According to a survey by the American 64 00:03:37,000 --> 00:03:40,640 Speaker 1: Automobile Association, a quarter of Americans say their next car 65 00:03:40,720 --> 00:03:43,480 Speaker 1: will be an electric vehicle. More than three fourths of 66 00:03:43,520 --> 00:03:46,160 Speaker 1: them say their interest is driven by a desire to 67 00:03:46,200 --> 00:03:49,200 Speaker 1: save on fuel costs. Gas prices, which have come down 68 00:03:49,240 --> 00:03:51,600 Speaker 1: this month, reached a record five dollars and two cents 69 00:03:51,600 --> 00:03:54,560 Speaker 1: a gallon in June. Millennials are the most eager to 70 00:03:54,600 --> 00:03:57,800 Speaker 1: electrify their ride, with thirty percent saying they plan to 71 00:03:57,840 --> 00:04:00,720 Speaker 1: buy an e V next. Last year, on three point 72 00:04:00,760 --> 00:04:04,320 Speaker 1: two percent of US vehicles for e vs. Lisa Matteo 73 00:04:04,480 --> 00:04:08,000 Speaker 1: Bloomberg Daybreak. Okay, Lisa, thank you. Let's turn to corporate 74 00:04:08,000 --> 00:04:12,120 Speaker 1: news now, where Twitter is escalating its battle with Elon Musk. 75 00:04:12,360 --> 00:04:15,160 Speaker 1: For the details, we are joined Live five Bloomberg's Renia Young, 76 00:04:15,200 --> 00:04:18,760 Speaker 1: Good morning, Good morning, Nathan. Twitter is suing Elon Musk 77 00:04:18,839 --> 00:04:22,280 Speaker 1: after he abandoned his forty four billion dollar takeover bid, 78 00:04:22,560 --> 00:04:25,839 Speaker 1: and the company is accusing him of having buyer's remorse 79 00:04:25,960 --> 00:04:29,560 Speaker 1: after his fortune declined. Twitter lawyers say Musk should be 80 00:04:29,680 --> 00:04:32,960 Speaker 1: forced to honor his agreement. The lawsuit says that Twitter 81 00:04:33,000 --> 00:04:36,320 Speaker 1: has bent over backwards to provide him with the information 82 00:04:36,400 --> 00:04:40,120 Speaker 1: he's requested. Musk has been disputing Twitter's claims that less 83 00:04:40,120 --> 00:04:42,760 Speaker 1: than five percent of its users or butts and wanted 84 00:04:42,760 --> 00:04:46,520 Speaker 1: more proof, but he ultimately abandoned the deal partially because 85 00:04:46,520 --> 00:04:49,400 Speaker 1: of those concerns. The filing is setting up what will 86 00:04:49,440 --> 00:04:53,000 Speaker 1: be a closely watched battle in the Delaware court system. 87 00:04:53,120 --> 00:04:56,599 Speaker 1: Live in New York. I'm rened a Young Bloomberg Daybreak right, Reneeda, 88 00:04:56,640 --> 00:04:58,880 Speaker 1: thank you. But there's also news from Google today. The 89 00:04:58,920 --> 00:05:01,880 Speaker 1: company plans to hiring this year, and an email to 90 00:05:02,040 --> 00:05:06,159 Speaker 1: staff Alphabet CEO Sundar Pasha notes the possibility of a 91 00:05:06,200 --> 00:05:09,520 Speaker 1: recession and urges the company to work with greater urgency. 92 00:05:09,839 --> 00:05:12,719 Speaker 1: He says Google will focus on hiring engineering, technical and 93 00:05:12,760 --> 00:05:15,600 Speaker 1: other critical roles. Al turning to politics, now kring. It's 94 00:05:15,640 --> 00:05:19,200 Speaker 1: all about geopolitics. With President Biden heading to the Middle East, 95 00:05:19,360 --> 00:05:23,200 Speaker 1: his first stop is Israel. Bloomberg's Amrie Hordern is traveling 96 00:05:23,200 --> 00:05:26,160 Speaker 1: with the President and filed this report from Jerusalem. Don't 97 00:05:26,200 --> 00:05:29,360 Speaker 1: respect any major breakthroughs when it comes to United States 98 00:05:29,440 --> 00:05:32,560 Speaker 1: and the Israeli government. It recently collapsed and they're looking 99 00:05:32,560 --> 00:05:35,440 Speaker 1: ahead to elections in November. One key focus of this 100 00:05:35,440 --> 00:05:39,640 Speaker 1: administration has been to normalize more Arab countries with Israel, 101 00:05:39,920 --> 00:05:41,920 Speaker 1: and a key focus in a country to watch out 102 00:05:41,920 --> 00:05:45,960 Speaker 1: for Saudi Arabia. But there won't be any massive breakthroughs 103 00:05:46,000 --> 00:05:48,600 Speaker 1: when it comes to dialogue or peace talks with the Kingdom, 104 00:05:48,800 --> 00:05:53,400 Speaker 1: but potentially more Saudi airspace being open to more Israeli flights. 105 00:05:53,680 --> 00:05:55,640 Speaker 1: The President himself will be one of them, the first 106 00:05:55,640 --> 00:05:59,400 Speaker 1: president United States to fly from Israel to Jetta. Later 107 00:05:59,440 --> 00:06:02,600 Speaker 1: in the week, the President is backtracking on a campaign 108 00:06:02,640 --> 00:06:05,480 Speaker 1: promise to make the Kingdom of Pariah, but at home 109 00:06:05,520 --> 00:06:07,400 Speaker 1: he needs the Saudi's helped to put more oil on 110 00:06:07,440 --> 00:06:10,840 Speaker 1: the market to bring gasoline prices down in Jerusalem. I'm 111 00:06:10,880 --> 00:06:14,080 Speaker 1: Amory Hordern, Bloomberg News, right, and Murray, thank you well. 112 00:06:14,120 --> 00:06:16,479 Speaker 1: Back here in the US, the political focus remains on 113 00:06:16,560 --> 00:06:19,919 Speaker 1: Capitol Hill. The January six Committee says it's investigating the 114 00:06:19,960 --> 00:06:23,919 Speaker 1: possibility that former President Trump directly tried to contact a 115 00:06:23,960 --> 00:06:27,240 Speaker 1: witness for the committee. Bloomberry said, Baxter has the story. 116 00:06:27,600 --> 00:06:31,320 Speaker 1: The potentially explosive announcement by Committee Vice chair List Cheney 117 00:06:31,400 --> 00:06:34,960 Speaker 1: was saved for the end. After our last hearing, President 118 00:06:35,000 --> 00:06:39,440 Speaker 1: Trump tried to call a witness in our investigation, a 119 00:06:39,560 --> 00:06:43,359 Speaker 1: witness you have not yet seen in these hearings. That 120 00:06:43,560 --> 00:06:47,920 Speaker 1: person declined to answer or respond to President Trump's call 121 00:06:48,279 --> 00:06:50,800 Speaker 1: and turned over the evidence to an attorney, who in 122 00:06:50,880 --> 00:06:54,320 Speaker 1: turn contact of the committee. Cheney says, now it has 123 00:06:54,360 --> 00:06:56,640 Speaker 1: been turned over to the d o J for possible 124 00:06:56,760 --> 00:07:00,600 Speaker 1: charges of tampering with a witness. Insane for Francisco. I'm 125 00:07:00,600 --> 00:07:05,000 Speaker 1: at Baxter Bloomberg daybreak, alright, and thank you. In futures 126 00:07:05,000 --> 00:07:08,120 Speaker 1: this morning on the rise, SNP futures up eleven points down, 127 00:07:08,120 --> 00:07:11,080 Speaker 1: futures of eighty two, Nasdack futures of forty six, and 128 00:07:11,120 --> 00:07:13,440 Speaker 1: the ten year treasury up one thirty second yeal two 129 00:07:13,480 --> 00:07:17,040 Speaker 1: point nine six straight and had your latest local headlines 130 00:07:17,120 --> 00:07:23,560 Speaker 1: plus the check of sports and miss is Bloomberg right, Karen, 131 00:07:23,560 --> 00:07:25,520 Speaker 1: thank you. It's five or seven on Wall Street, seventy 132 00:07:25,600 --> 00:07:28,640 Speaker 1: six degrees in Central Park. Already dealing with an accident 133 00:07:28,720 --> 00:07:31,600 Speaker 1: investigation in te Neck. The eight and nine five local 134 00:07:31,680 --> 00:07:34,560 Speaker 1: lanes are closed between exits seventy and seventy one. More 135 00:07:34,600 --> 00:07:37,520 Speaker 1: coming up in traffic. First, Michael bar with an accident 136 00:07:38,000 --> 00:07:41,240 Speaker 1: on the Hudson River. Michael, thank you very much. Nathan. 137 00:07:41,560 --> 00:07:44,520 Speaker 1: At least two people are dead and ten injured after 138 00:07:44,560 --> 00:07:47,320 Speaker 1: a boat cap sized in New York City's Hudson River. 139 00:07:47,560 --> 00:07:49,840 Speaker 1: The cause of the accident is under investigation, but the 140 00:07:49,880 --> 00:07:53,360 Speaker 1: twenty seven foot private boat was in calm waters when 141 00:07:53,360 --> 00:07:56,480 Speaker 1: he went down near Midtown Manhattan. New York City Mayor 142 00:07:56,600 --> 00:07:59,240 Speaker 1: Eric Adams called it a devastating moment for the city. 143 00:07:59,400 --> 00:08:03,840 Speaker 1: Between York Ward Away Harbor FDN Y and girls who 144 00:08:03,920 --> 00:08:08,800 Speaker 1: participated a week clearly saved live. New York Fire Commissioner 145 00:08:08,880 --> 00:08:12,160 Speaker 1: Laura Kavanaugh spoke about the conditions of the others. Are 146 00:08:12,200 --> 00:08:15,360 Speaker 1: two New Yorker is in critical condition in the hospitals 147 00:08:15,360 --> 00:08:19,160 Speaker 1: and an additional New Yorker who is stable but critical 148 00:08:19,160 --> 00:08:21,240 Speaker 1: at the hospital. At this time. We also have eight 149 00:08:21,280 --> 00:08:24,760 Speaker 1: additional patients who are green tags and are in stable 150 00:08:24,760 --> 00:08:28,240 Speaker 1: condition Fire Commissioner Laura Kavanaugh. The vote was charted by 151 00:08:28,280 --> 00:08:32,320 Speaker 1: a group of family and friends. The January six panel 152 00:08:32,400 --> 00:08:35,960 Speaker 1: revealed Donald Trump fought objections from his White House lawyers 153 00:08:36,000 --> 00:08:40,360 Speaker 1: to a plan eventually discarded to seize states voting machines. 154 00:08:40,840 --> 00:08:43,400 Speaker 1: The panel says, then, in the last ditch effort to 155 00:08:43,440 --> 00:08:46,920 Speaker 1: salvage is presidency, Trump summoned supporters to march on the 156 00:08:47,000 --> 00:08:50,520 Speaker 1: US capital for were turned into the deadly riot. Former 157 00:08:50,600 --> 00:08:56,199 Speaker 1: oath Keeper spokesman Jason van Tatanhov testified he wants more accountability. 158 00:08:56,440 --> 00:08:59,200 Speaker 1: There was a gallows set up in front of the capital. 159 00:09:00,160 --> 00:09:02,840 Speaker 1: Could have been the spark that started a new civil 160 00:09:02,840 --> 00:09:07,040 Speaker 1: war and no one would have won there. That would 161 00:09:07,040 --> 00:09:11,640 Speaker 1: have been good for no one. Former Oathkeeper Jason van 162 00:09:11,720 --> 00:09:14,400 Speaker 1: Tatenhove says that he's worried about what will happen if 163 00:09:14,400 --> 00:09:18,000 Speaker 1: Trump is re elected. Local media in Texas released edited 164 00:09:18,040 --> 00:09:21,960 Speaker 1: surveillance video showing law enforcement and Vivaldi waiting for more 165 00:09:22,000 --> 00:09:24,720 Speaker 1: than an hour to take action after a gunman entered 166 00:09:24,720 --> 00:09:28,720 Speaker 1: the broad Elementary school, killing nineteen and two teachers. Police 167 00:09:28,720 --> 00:09:31,480 Speaker 1: officers wearing body armor are seen in the video waiting 168 00:09:31,480 --> 00:09:34,280 Speaker 1: in the hallway during the massacre. A gun rights groups 169 00:09:34,280 --> 00:09:37,720 Speaker 1: sued to overturn New York's assault weapons van less than 170 00:09:37,720 --> 00:09:40,080 Speaker 1: a month after the U. S. Supreme Court struck down 171 00:09:40,120 --> 00:09:43,000 Speaker 1: a related state law that limited who could carry a 172 00:09:43,120 --> 00:09:47,240 Speaker 1: handgun in public. According to the Firearms Policy Coalition, the 173 00:09:47,240 --> 00:09:51,520 Speaker 1: assault weapons ban violates the Second Amendment. Global News twenty 174 00:09:51,520 --> 00:09:54,160 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 175 00:09:54,280 --> 00:09:56,960 Speaker 1: powered by more than seven journalists analyst more than a 176 00:09:57,000 --> 00:10:00,559 Speaker 1: hundred twenty countries. Michael bar this is Bloomberg. Nathan. All right, Michael, 177 00:10:00,600 --> 00:10:07,120 Speaker 1: thank you, Coming up to five ten on Wall Street. 178 00:10:07,160 --> 00:10:09,720 Speaker 1: Time for the Bloomberg Sports UPDATEK Good morning, John Stanshine, 179 00:10:09,760 --> 00:10:12,600 Speaker 1: Good morning, Nathan. So many bright spots to this Yankee season, 180 00:10:12,600 --> 00:10:15,400 Speaker 1: maybe none brighter than the pitching of reliever Clay Holmes, 181 00:10:15,440 --> 00:10:17,760 Speaker 1: acquired a year ago from Pittsburgh Homes. Gave up a 182 00:10:17,840 --> 00:10:20,680 Speaker 1: run on opening Day and then didn't give up another 183 00:10:20,760 --> 00:10:22,520 Speaker 1: for the next two and a half months. But the 184 00:10:22,559 --> 00:10:24,320 Speaker 1: Red Sox didn't get a big hit off him last 185 00:10:24,320 --> 00:10:26,719 Speaker 1: weekend in one of their comeback wins, and last night 186 00:10:26,720 --> 00:10:30,200 Speaker 1: at the stadium, gainst the lowly Reds, Holmes suddenly couldn't 187 00:10:30,200 --> 00:10:32,760 Speaker 1: get anyone out a walk a hit, a hit batsman, 188 00:10:33,120 --> 00:10:36,200 Speaker 1: another single, another hit five pitch at Holmes was taken 189 00:10:36,200 --> 00:10:38,839 Speaker 1: out Jonathan India with two outs of the ninth and 190 00:10:38,920 --> 00:10:41,800 Speaker 1: delivered a game winning two runs single off Wandy Peralta 191 00:10:41,880 --> 00:10:45,160 Speaker 1: and Cincinnati with four in the ninth stunned the Yankees 192 00:10:45,200 --> 00:10:46,719 Speaker 1: four to three. Of the Yanks have now lost three 193 00:10:46,720 --> 00:10:49,240 Speaker 1: in a row, blown leads in all three. It's only 194 00:10:49,280 --> 00:10:51,840 Speaker 1: their second three game losing three. The other was back 195 00:10:51,840 --> 00:10:54,520 Speaker 1: in May. Mets in Atlanta had just five hits, lost 196 00:10:54,520 --> 00:10:56,320 Speaker 1: four to one. Is Matt Olsen at a two run 197 00:10:56,360 --> 00:10:59,559 Speaker 1: omber six innning off David Peterson. Adam Duval followed with 198 00:10:59,600 --> 00:11:01,600 Speaker 1: the two run shot at any later off seth Lugo. 199 00:11:01,640 --> 00:11:04,480 Speaker 1: The series ends this afternoon. At this time tomorrow in 200 00:11:04,559 --> 00:11:08,720 Speaker 1: Scotland will be underway the one and fifty at Open Championship. 201 00:11:08,800 --> 00:11:11,480 Speaker 1: It's at historic St. Andrews. That's why Tiger Wood wanted 202 00:11:11,520 --> 00:11:14,400 Speaker 1: to play. But most of Tigers pressroo yesterday where his 203 00:11:14,440 --> 00:11:17,560 Speaker 1: thoughts about the new Live Tour. He's not a fan. 204 00:11:20,240 --> 00:11:24,000 Speaker 1: That is a possibility that some players will never ever 205 00:11:24,000 --> 00:11:25,840 Speaker 1: get a chest to play a major championship. Never got 206 00:11:25,840 --> 00:11:30,240 Speaker 1: a chest experience this right here. Um I walked out 207 00:11:30,280 --> 00:11:35,160 Speaker 1: in the fairways August, Nashville. I mean, uh that that 208 00:11:35,320 --> 00:11:37,600 Speaker 1: to me? I just don't I just to me, I 209 00:11:37,640 --> 00:11:40,080 Speaker 1: just don't understand it, says the live guys have turned 210 00:11:40,080 --> 00:11:42,080 Speaker 1: their back on the p G A. He teas off 211 00:11:42,120 --> 00:11:44,040 Speaker 1: tomorrow ten Easter. He's playing with the US Open. Chat 212 00:11:44,120 --> 00:11:47,840 Speaker 1: Matt Fitzpatrick, John stash Award Bloomberg Sports. All right, John, 213 00:11:47,880 --> 00:11:50,800 Speaker 1: thanks SMP futures of ten points down, futures of seventy 214 00:11:51,520 --> 00:11:54,360 Speaker 1: nastac futures are hired by thirty nine points. Ni'm x 215 00:11:54,400 --> 00:11:57,560 Speaker 1: screwed up one point two per cent at n barrel 216 00:11:57,720 --> 00:12:01,679 Speaker 1: are elevated oil prices with US for a while. Bloomberg's 217 00:12:01,679 --> 00:12:08,200 Speaker 1: Will Kennedy joins us. Next to this is Bloomberg Bloomberg 218 00:12:08,240 --> 00:12:10,160 Speaker 1: eleven three oh oather partly the mostly sunny today with 219 00:12:10,200 --> 00:12:12,680 Speaker 1: a high your ninety degrees operated. These are the chance 220 00:12:12,720 --> 00:12:15,800 Speaker 1: drafting in showers and storms tomorrow will be operatees mix 221 00:12:15,840 --> 00:12:18,920 Speaker 1: of sun and clouds on Friday. Right now seventy six 222 00:12:19,000 --> 00:12:24,800 Speaker 1: in Central Park Markets, headlines and breaking news twenty four 223 00:12:24,800 --> 00:12:27,840 Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business 224 00:12:27,880 --> 00:12:31,040 Speaker 1: at and at Bloomberg Quick Take. This is a Bloomberg 225 00:12:31,160 --> 00:12:40,240 Speaker 1: business flash and I'm Karen Moscow. US DOT Index futures 226 00:12:40,240 --> 00:12:43,000 Speaker 1: are higher this morning, while stocks in Europe and dip 227 00:12:43,040 --> 00:12:46,760 Speaker 1: and caustious trading dominated by a dimming outlook and an 228 00:12:46,760 --> 00:12:49,760 Speaker 1: anxious wait for data that may show US inflation at 229 00:12:49,760 --> 00:12:52,680 Speaker 1: a fresh four decade high. We checked the markets every 230 00:12:52,679 --> 00:12:55,240 Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now, 231 00:12:55,360 --> 00:12:57,800 Speaker 1: S and P futures are up about ten points down. 232 00:12:57,800 --> 00:13:00,520 Speaker 1: Future is up seventy one. NAS day futures up thirty eight. 233 00:13:00,760 --> 00:13:03,280 Speaker 1: The decks in Germany is down eight tenths of upper cent. 234 00:13:03,400 --> 00:13:06,240 Speaker 1: The ten year treasury up to thirty seconds two point 235 00:13:06,320 --> 00:13:08,560 Speaker 1: nine five percent. They yield on the two year three 236 00:13:08,600 --> 00:13:11,559 Speaker 1: point oh four percent. Nin Max Screwed oil is at 237 00:13:11,600 --> 00:13:13,760 Speaker 1: one point one percent of a dollar eight at ninety 238 00:13:13,800 --> 00:13:16,480 Speaker 1: six dollars and ninety two cents of Daryl coll Max school. 239 00:13:16,520 --> 00:13:18,680 Speaker 1: The tenth of upper cent or two dollars is seventeen 240 00:13:18,720 --> 00:13:22,240 Speaker 1: twenty six ninety announce the Euro one point zero zero 241 00:13:22,320 --> 00:13:24,720 Speaker 1: three seven against the dollar, British pound one point one 242 00:13:24,800 --> 00:13:27,640 Speaker 1: eight nine, the n at one thirty seven point one 243 00:13:27,760 --> 00:13:30,440 Speaker 1: five and look at it. Bitcoin this morning higher up 244 00:13:30,440 --> 00:13:33,559 Speaker 1: more than two percent at nineteen thousand, eight hundred fifty dollars. 245 00:13:33,760 --> 00:13:36,520 Speaker 1: Now that CPI report is at eight thirty Wall Street time, 246 00:13:36,559 --> 00:13:39,080 Speaker 1: the Federal Reserve at least as its page book at two, 247 00:13:39,360 --> 00:13:42,320 Speaker 1: and Delta is among companies schedule to report earnings today. 248 00:13:42,640 --> 00:13:45,240 Speaker 1: That's a Bloomberg Business Flash. Now here's Michael Barr with 249 00:13:45,280 --> 00:13:47,680 Speaker 1: more on what's going on around the world. Munchael, Good morning, 250 00:13:47,760 --> 00:13:51,040 Speaker 1: Good morning, Karen. January six, Committee co chair Liz Cheney 251 00:13:51,120 --> 00:13:54,040 Speaker 1: said the panel I had notified the Justice Department that 252 00:13:54,240 --> 00:13:57,920 Speaker 1: Donald Trump himself at contact at the potential witness who 253 00:13:58,040 --> 00:14:01,360 Speaker 1: was talking with the committee. The panel also presented evidence 254 00:14:01,440 --> 00:14:04,720 Speaker 1: that Trump aid secretly planned for a second rally stage 255 00:14:04,920 --> 00:14:07,280 Speaker 1: across from the capital on the day of the attack. 256 00:14:07,760 --> 00:14:10,800 Speaker 1: President Joe Biden lands in Israel this afternoon for three 257 00:14:10,880 --> 00:14:14,319 Speaker 1: days stop before we heading to Saudi Arabia. The Ron's 258 00:14:14,440 --> 00:14:18,480 Speaker 1: quickly evolving nuclear program is high on the agenda. In baseball, 259 00:14:18,520 --> 00:14:21,520 Speaker 1: the Yankees and Mets lost. Also in the losing column, 260 00:14:21,560 --> 00:14:24,960 Speaker 1: the Red Sox, the Orioles, A's and Giants won Global 261 00:14:24,960 --> 00:14:26,960 Speaker 1: News twenty four hours a day on it or and 262 00:14:27,080 --> 00:14:29,640 Speaker 1: on Bloomberg quick Take, powered by more than twenty seven 263 00:14:29,720 --> 00:14:32,360 Speaker 1: hundred journalists and analysts more than a hundred twenty countries. 264 00:14:32,760 --> 00:14:36,120 Speaker 1: Michael Barr And this is Bloomberg. Nathan Okay, Michael, thank you. 265 00:14:36,160 --> 00:14:38,520 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 266 00:14:38,600 --> 00:14:41,680 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. And while we 267 00:14:41,720 --> 00:14:44,760 Speaker 1: wait for that all important June Producer price index later 268 00:14:44,840 --> 00:14:46,720 Speaker 1: this morning, we want to take a closer look at 269 00:14:46,720 --> 00:14:49,040 Speaker 1: the oil market because that's been such a big piece 270 00:14:49,080 --> 00:14:50,920 Speaker 1: of the price pressure as we've been experiencing over the 271 00:14:51,040 --> 00:14:54,080 Speaker 1: last several months. Now, right now, crude is trading about 272 00:14:54,080 --> 00:14:56,760 Speaker 1: a hundred dollars of barrel, but run around nineties seven 273 00:14:57,120 --> 00:14:59,800 Speaker 1: for West Texas Intermediate, giving up most of the games 274 00:15:00,120 --> 00:15:03,320 Speaker 1: we saw after Russia's invasion of Ukraine. But the era 275 00:15:03,400 --> 00:15:06,360 Speaker 1: of higher fuel prices maybe with us longer than many 276 00:15:06,360 --> 00:15:11,200 Speaker 1: policymakers and drivers might like. Bloomberg's senior executive editor for 277 00:15:11,320 --> 00:15:14,160 Speaker 1: Energy and Commodities, Will Kennedy has a story about this 278 00:15:14,200 --> 00:15:17,600 Speaker 1: for Bloomberg Business Week, and Will joins us now with 279 00:15:17,640 --> 00:15:20,120 Speaker 1: more on it. Well, good morning. We kind of heard 280 00:15:20,160 --> 00:15:22,760 Speaker 1: about this just this week from the head of the 281 00:15:22,800 --> 00:15:26,360 Speaker 1: International Energy Agency saying the worst of the energy crunch 282 00:15:26,480 --> 00:15:31,800 Speaker 1: maybe ahead of US. Why. I think there are several reasons. Yes, 283 00:15:31,840 --> 00:15:33,200 Speaker 1: some of the heat, as you say, is kind of 284 00:15:33,200 --> 00:15:36,160 Speaker 1: out of viral prices in recent weeks as concerns about 285 00:15:36,240 --> 00:15:38,720 Speaker 1: the state of the global economy has grown and the 286 00:15:38,840 --> 00:15:41,280 Speaker 1: dollar has risen, which tends to be bears viral prices. 287 00:15:41,320 --> 00:15:45,880 Speaker 1: But when you look at the fundamental underlying supply and 288 00:15:45,920 --> 00:15:49,200 Speaker 1: demand picture, there's no reason to see any sort of 289 00:15:49,200 --> 00:15:52,720 Speaker 1: collapse in virald prices. And in fact, you know, most 290 00:15:53,040 --> 00:15:56,600 Speaker 1: commentators think that the market will remain tight. There are 291 00:15:56,600 --> 00:16:00,360 Speaker 1: a few reasons for that. Demand remains robust and it's 292 00:16:00,360 --> 00:16:03,600 Speaker 1: still recovering from the pandemic, and people want to be 293 00:16:03,640 --> 00:16:06,360 Speaker 1: out traveling again and flying again and driving again, and 294 00:16:06,360 --> 00:16:09,400 Speaker 1: that's adding adding to demand, and it's expected to continue 295 00:16:09,440 --> 00:16:11,440 Speaker 1: to grow. And then on the supply side, you know, 296 00:16:11,480 --> 00:16:14,280 Speaker 1: OPEC is struggling to meet its current targets. There maybe 297 00:16:14,320 --> 00:16:16,040 Speaker 1: a little bit more oil from Saudi Arabia in the 298 00:16:16,080 --> 00:16:18,320 Speaker 1: U a E. And that's something that Joe Biden will 299 00:16:18,320 --> 00:16:20,920 Speaker 1: be discussing with the Saudi's when he's in the Kingdom 300 00:16:21,000 --> 00:16:25,080 Speaker 1: later this week. But other producers are struggling to increase production. 301 00:16:25,560 --> 00:16:29,040 Speaker 1: US shale industry isn't booming like it once was UM 302 00:16:29,040 --> 00:16:33,200 Speaker 1: and traditional basins UM investment is quite low, so there's 303 00:16:33,240 --> 00:16:35,200 Speaker 1: no reason to see a sudden glot of oil, and 304 00:16:35,280 --> 00:16:37,200 Speaker 1: in fact, a lot of people think that the picture 305 00:16:37,240 --> 00:16:40,680 Speaker 1: will remain, as I say, fairly well balanced. It does 306 00:16:40,760 --> 00:16:44,240 Speaker 1: bring some attention, as you mentioned to President Biden's trip 307 00:16:44,280 --> 00:16:47,160 Speaker 1: to Saudi Arabia later on this week into the weekend. 308 00:16:47,200 --> 00:16:49,320 Speaker 1: We heard from the Biden administration this week, and they 309 00:16:49,360 --> 00:16:52,960 Speaker 1: think that oil producing countries may have some spare capacity 310 00:16:53,000 --> 00:16:57,200 Speaker 1: to boost production. Is the Biden administration wrong here? No 311 00:16:57,240 --> 00:17:00,520 Speaker 1: one knows the precise numbers. Yes, I think Audi Arabia 312 00:17:00,560 --> 00:17:02,880 Speaker 1: does have some extra spare capacity. The UAU probably has 313 00:17:02,880 --> 00:17:05,439 Speaker 1: a little bit of spare capacity too, although as I 314 00:17:05,440 --> 00:17:08,000 Speaker 1: pointed out in my story, the leader of the u 315 00:17:08,040 --> 00:17:09,919 Speaker 1: A told the French president that he didn't think he 316 00:17:09,960 --> 00:17:11,760 Speaker 1: had that much more to give a couple of weeks ago. 317 00:17:12,400 --> 00:17:14,960 Speaker 1: But there's probably some oil for both. The question is 318 00:17:14,960 --> 00:17:18,440 Speaker 1: exactly how much and importantly for how long. Saudi Arabia 319 00:17:18,480 --> 00:17:21,280 Speaker 1: is producing at very high levels already. Um IT says 320 00:17:21,320 --> 00:17:23,080 Speaker 1: it can go to twelve million bells a day, which 321 00:17:23,119 --> 00:17:26,520 Speaker 1: is you know, about another million bolls from where it 322 00:17:26,560 --> 00:17:28,879 Speaker 1: is now, but it's only ever hit twelve million bills 323 00:17:28,960 --> 00:17:31,399 Speaker 1: for a few days, and it's not known to the 324 00:17:31,440 --> 00:17:33,800 Speaker 1: market whether it can do that on us is for 325 00:17:33,920 --> 00:17:37,480 Speaker 1: sustained period. There's another issue here as well. Once that 326 00:17:37,600 --> 00:17:41,080 Speaker 1: extra Saudian u A oil comes into the market, then 327 00:17:41,119 --> 00:17:43,919 Speaker 1: the world has very little spare capacity. So traders have 328 00:17:44,000 --> 00:17:46,760 Speaker 1: to confront the world where if there's another outage and 329 00:17:46,760 --> 00:17:50,400 Speaker 1: we've seen oil bowels disappear from Libya because of unrest there, 330 00:17:50,440 --> 00:17:52,920 Speaker 1: for example, or there's a big hurricane in the Gulf 331 00:17:52,960 --> 00:17:57,400 Speaker 1: of Mexico later in the year, then the market has 332 00:17:57,440 --> 00:18:00,359 Speaker 1: little ability to respond. That swing producer role of Saudi 333 00:18:00,359 --> 00:18:02,960 Speaker 1: Arabia has normally played is all tapped out, and I 334 00:18:02,960 --> 00:18:05,320 Speaker 1: think that's another issue that the market is going to 335 00:18:05,400 --> 00:18:08,240 Speaker 1: have to deal with and another reason why prices may 336 00:18:08,280 --> 00:18:11,200 Speaker 1: remain fairly elevated now. Of course, Russia plays a big 337 00:18:11,240 --> 00:18:13,160 Speaker 1: part in this as well, right I mean, we heard 338 00:18:13,160 --> 00:18:16,240 Speaker 1: from JP Morgan is putting out a worst case scenario 339 00:18:16,320 --> 00:18:19,040 Speaker 1: that prices could spike a three eighty dollars a barrel 340 00:18:19,080 --> 00:18:22,199 Speaker 1: if for Russian crude gets off the market. Russia is 341 00:18:22,280 --> 00:18:25,879 Speaker 1: the great actor in global oil markets right now. Clearly 342 00:18:25,920 --> 00:18:28,320 Speaker 1: it's using its leverage and global oil markets is one 343 00:18:28,320 --> 00:18:31,200 Speaker 1: of the world's most important supplies of crude and natural 344 00:18:31,240 --> 00:18:36,280 Speaker 1: gas to further its political ambitions in the war in Ukraine. Um, 345 00:18:36,320 --> 00:18:38,920 Speaker 1: we see how it's putting pressure in on Europe through 346 00:18:38,920 --> 00:18:41,880 Speaker 1: the gas market. It could do something with oil. So far, 347 00:18:41,960 --> 00:18:46,760 Speaker 1: it's oil production has fallen a bit because traditional buyers 348 00:18:46,760 --> 00:18:51,840 Speaker 1: in Europe have shunned Russian crude and products. But a 349 00:18:51,840 --> 00:18:54,159 Speaker 1: lot of that oil has switched to India and China. 350 00:18:54,560 --> 00:18:57,200 Speaker 1: But if Putin really wanted to give the global economy 351 00:18:57,200 --> 00:19:00,919 Speaker 1: a shock, he could reduce rushes of reduction and that 352 00:19:00,960 --> 00:19:03,800 Speaker 1: could send prices stratos fat. Because JP Morgan, we're exploding 353 00:19:03,840 --> 00:19:07,920 Speaker 1: in that note. Is that likely? Perhaps not, but definitely 354 00:19:07,920 --> 00:19:12,160 Speaker 1: President Putin is another factor that traders have to put 355 00:19:12,200 --> 00:19:15,399 Speaker 1: into their calculations. Thanks for this well, great having you 356 00:19:15,440 --> 00:19:18,879 Speaker 1: on with us this morning. Will Kennedy Senior Executive editor 357 00:19:18,920 --> 00:19:22,240 Speaker 1: for Energy and Commodities for Bloomberg News, and look out 358 00:19:22,280 --> 00:19:24,560 Speaker 1: for his story on the Bloomberg terminal it's coming up 359 00:19:24,560 --> 00:19:28,520 Speaker 1: in Bloomberg Business Week on why elevated oil prices could 360 00:19:28,520 --> 00:19:31,320 Speaker 1: be with us four months, if not years thanks to 361 00:19:31,359 --> 00:19:35,280 Speaker 1: the underlying dynamics of the oil market. Looking ahead to 362 00:19:35,440 --> 00:19:38,560 Speaker 1: the market open on Wall Street, futures are a touch 363 00:19:38,640 --> 00:19:42,159 Speaker 1: higher as we get ready for June. Consumer prices. S 364 00:19:42,240 --> 00:19:45,119 Speaker 1: ANDP futures are higher by nine points. STOW futures up 365 00:19:45,160 --> 00:19:48,920 Speaker 1: sixty eight. Nasdaq futures are higher by thirty nine points ten. 366 00:19:48,960 --> 00:19:51,639 Speaker 1: Your treasury is up to thirty seconds now, the yield 367 00:19:51,640 --> 00:19:54,560 Speaker 1: almost two point nine six yield on the two year 368 00:19:54,720 --> 00:19:59,959 Speaker 1: three point zero four per cent. You're listening to bloom 369 00:20:00,240 --> 00:20:09,560 Speaker 1: Daybreak Bloomberg eleven three oh weather. Sunshine in a high 370 00:20:09,600 --> 00:20:13,160 Speaker 1: near ninety today, upper eighties possible tomorrow with a chance 371 00:20:13,240 --> 00:20:16,040 Speaker 1: drafting in showers and storms. Makes of sun and clouds 372 00:20:16,119 --> 00:20:19,040 Speaker 1: upgradies for Friday. Right now seventy six in Central Park. 373 00:20:24,960 --> 00:20:29,480 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York. 374 00:20:29,600 --> 00:20:34,240 Speaker 1: Bloomberg E Living Free to Washington, d C, Bloomberg to Boston, 375 00:20:34,359 --> 00:20:37,720 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg NUN 376 00:20:37,840 --> 00:20:40,920 Speaker 1: sixty to the country, Sirius XM to A one nineteen 377 00:20:41,040 --> 00:20:44,560 Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio 378 00:20:44,680 --> 00:20:53,920 Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on 379 00:20:53,960 --> 00:20:56,920 Speaker 1: Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow. 380 00:20:57,000 --> 00:20:59,520 Speaker 1: We are just about four hours away from the open 381 00:20:59,520 --> 00:21:01,280 Speaker 1: of US trading. Let's see at you up to date 382 00:21:01,320 --> 00:21:02,920 Speaker 1: on the news you need to know at this hour, 383 00:21:03,000 --> 00:21:05,640 Speaker 1: and we begin with the latest Consumer Price Index, which 384 00:21:05,640 --> 00:21:08,960 Speaker 1: will be released three hours from now. Bloomberg's Vindeydale Judai 385 00:21:09,040 --> 00:21:12,639 Speaker 1: says we're likely to see another hot inflation reading. May 386 00:21:12,760 --> 00:21:15,840 Speaker 1: CPI rose eight point six percent over a year abroad 387 00:21:15,920 --> 00:21:19,240 Speaker 1: based increase in the largest and forty years. June's reading 388 00:21:19,320 --> 00:21:21,640 Speaker 1: could be even higher based on a survey of Wall 389 00:21:21,720 --> 00:21:25,520 Speaker 1: Street economists. At the same time, Bloomberg Economics as today's 390 00:21:25,560 --> 00:21:28,840 Speaker 1: report will be balanced by recent evidence that inflation as 391 00:21:28,920 --> 00:21:32,040 Speaker 1: well as economic growth may be moderating. The Federal Reserve 392 00:21:32,160 --> 00:21:35,240 Speaker 1: is expected to keep raising interest rates to contain inflation 393 00:21:35,359 --> 00:21:39,280 Speaker 1: by tempering economic growth. Vinnie der Judeace, Bloomberg day Break, 394 00:21:39,440 --> 00:21:42,240 Speaker 1: All right, Vinnie, thank you. Meantime, the International Monetary Fund 395 00:21:42,280 --> 00:21:45,400 Speaker 1: cut it's month old growth projections for the US economy, 396 00:21:45,480 --> 00:21:49,200 Speaker 1: warning that a broad based surgeon inflation poses systemic risks 397 00:21:49,280 --> 00:21:52,520 Speaker 1: about the U, S and global economies. And Federal Reserve 398 00:21:52,560 --> 00:21:55,480 Speaker 1: Bank of Richmond President Thomas Barkins says, the feds top 399 00:21:55,560 --> 00:21:59,040 Speaker 1: priority is to curb inflation. The FEDS tools work over time, 400 00:21:59,520 --> 00:22:02,679 Speaker 1: so i X effect inflation to come down, but not immediately, 401 00:22:03,200 --> 00:22:06,920 Speaker 1: not suddenly, and not predictably. I'd expect inflation to bounce 402 00:22:07,000 --> 00:22:09,400 Speaker 1: around on its way back to our target, and these 403 00:22:09,480 --> 00:22:12,359 Speaker 1: significant oscillations are going to take time to damn them. 404 00:22:12,920 --> 00:22:16,000 Speaker 1: Richmond FED President Thomas Barkins says the right policy is 405 00:22:16,080 --> 00:22:19,960 Speaker 1: to cool inflation without causing a significant economic downturn. We'll 406 00:22:20,000 --> 00:22:23,120 Speaker 1: higher gas and oil prices have contributed to the inflation spike. Karen, 407 00:22:23,160 --> 00:22:26,520 Speaker 1: and this morning, crude is up following yesterday's decline. Checking 408 00:22:26,560 --> 00:22:29,000 Speaker 1: prices now, Nime excrudes up one per cent, or ninety 409 00:22:29,040 --> 00:22:31,720 Speaker 1: three cents at ninety six dollars seventy seven cents a barrel. 410 00:22:31,800 --> 00:22:34,520 Speaker 1: Brent is at a hundred dollars forty four cents. Well, 411 00:22:34,600 --> 00:22:38,439 Speaker 1: Nathan incorporate news. Twitter is escalating its banel with Elon Musk, 412 00:22:38,520 --> 00:22:41,480 Speaker 1: and Bloomberg's Nita Young joins us live with more Good Morning, 413 00:22:41,520 --> 00:22:44,520 Speaker 1: Ready to good morning, Karen. Twitter is suing Elon Musk 414 00:22:44,640 --> 00:22:48,080 Speaker 1: after he abandoned his forty four billion dollar takeover bid. 415 00:22:48,480 --> 00:22:51,320 Speaker 1: The company is accusing him of having buyers of remorse 416 00:22:51,480 --> 00:22:54,919 Speaker 1: after his fortune declined. Now, the lawsuit says that Twitter 417 00:22:55,040 --> 00:22:58,200 Speaker 1: has bent over backwards to provide Musk with the information 418 00:22:58,320 --> 00:23:01,640 Speaker 1: he's requested. He's just spute at Twitter's claims that less 419 00:23:01,640 --> 00:23:04,520 Speaker 1: than five percent of its users are butts and wanted 420 00:23:04,600 --> 00:23:07,200 Speaker 1: more proof. The filing is setting up will be a 421 00:23:07,320 --> 00:23:10,840 Speaker 1: closely watched battle in the Delaware court system. Live in 422 00:23:10,920 --> 00:23:13,920 Speaker 1: New York, I'm Nita Young, Bloomberg Daybreak. All right, thanks Nita, 423 00:23:13,960 --> 00:23:16,960 Speaker 1: and sticking with corporate news, Google plans to slow hiring 424 00:23:17,080 --> 00:23:19,320 Speaker 1: for the rest of the year. Alphabet CEO Suon Rp 425 00:23:19,720 --> 00:23:22,480 Speaker 1: noted the possibility of a recession an email to staff 426 00:23:22,760 --> 00:23:25,880 Speaker 1: and said Google will focus on hiring for specific critical 427 00:23:26,000 --> 00:23:29,359 Speaker 1: roles and futures are higher. This morning, straight ahead, your 428 00:23:29,440 --> 00:23:32,840 Speaker 1: latest local headlines, plus a check of sports. And this 429 00:23:33,480 --> 00:23:40,960 Speaker 1: is Bloomberg on Wall Street, seventy six degrees in Central Park. 430 00:23:41,000 --> 00:23:42,680 Speaker 1: And Michael Barr has more on what's going on in 431 00:23:42,760 --> 00:23:45,320 Speaker 1: New York end around the world. Michael, thank you very much. Nathan. 432 00:23:45,359 --> 00:23:47,680 Speaker 1: A tragedy in New York City. Two people are dead 433 00:23:48,119 --> 00:23:51,120 Speaker 1: after a boat capsized in the Hudson River in Manhattan. 434 00:23:51,200 --> 00:23:55,560 Speaker 1: Police Commissioners. Sul keagent says, it happened mid afternoon. This 435 00:23:55,640 --> 00:23:58,520 Speaker 1: is the tragic day for New Yorkers. Indeed, it may 436 00:23:58,600 --> 00:24:01,480 Speaker 1: have well been worse are not for the incredible effort 437 00:24:01,760 --> 00:24:05,120 Speaker 1: by not only our own extraordinary first responders, but also 438 00:24:05,200 --> 00:24:08,480 Speaker 1: the swift response from the New York Waterway Ferries, who 439 00:24:08,560 --> 00:24:12,639 Speaker 1: rescued nine additional people from the water. Police Commissioner Kasian 440 00:24:12,960 --> 00:24:15,920 Speaker 1: It's a nearby ferry also rushed to help pull people 441 00:24:15,960 --> 00:24:18,320 Speaker 1: from the water. At least nine others were sent to 442 00:24:18,400 --> 00:24:21,880 Speaker 1: local hospitals. The mayor of Vivaldi, Texas, is furious after 443 00:24:22,080 --> 00:24:25,200 Speaker 1: video footage from the rob Elementary School hallway was leaked 444 00:24:25,480 --> 00:24:28,400 Speaker 1: ahead of a private family viewing scheduled for this weekend. 445 00:24:28,880 --> 00:24:31,760 Speaker 1: I've Aldi Mayor Don McLaughlin says he feels the families 446 00:24:31,800 --> 00:24:34,520 Speaker 1: were blindsided by the release of the tape and when 447 00:24:34,560 --> 00:24:38,080 Speaker 1: it comes to the local, state, and federal authorities seen 448 00:24:38,200 --> 00:24:42,119 Speaker 1: waiting in the hallway while the violence inside continued, mccaughlin 449 00:24:42,200 --> 00:24:45,480 Speaker 1: wants everybody who's seen on the tape to be held accountable. 450 00:24:45,720 --> 00:24:48,200 Speaker 1: I'm not shifting the blame, but there was enough half 451 00:24:48,240 --> 00:24:53,919 Speaker 1: powered officers, US Marshals, DPS, Border Patrol DHS to come 452 00:24:54,000 --> 00:24:57,359 Speaker 1: in and say, hey, we're going we're doing this. The 453 00:24:57,480 --> 00:25:00,439 Speaker 1: Austin American Statesman and the local TV station released an 454 00:25:00,600 --> 00:25:03,240 Speaker 1: edited version of the seventy seven minutes of valence video. 455 00:25:03,640 --> 00:25:06,320 Speaker 1: According to CNN, in one video shows the governman entering 456 00:25:06,400 --> 00:25:08,919 Speaker 1: the school and walking down the hallway with a long rifle. 457 00:25:09,320 --> 00:25:12,280 Speaker 1: The recording also shows officers approaching the classroom that the 458 00:25:12,320 --> 00:25:15,840 Speaker 1: shooter was in, but then retreating down the hallway and 459 00:25:16,000 --> 00:25:19,000 Speaker 1: taking cover when gunfire is heard. It was more than 460 00:25:19,040 --> 00:25:21,960 Speaker 1: an hour later before authorities confronted and killed the shooter. 461 00:25:22,840 --> 00:25:26,439 Speaker 1: Sri Lanka's president has fled the country early today, slipping 462 00:25:26,440 --> 00:25:29,480 Speaker 1: away only hours before he promised to step down under 463 00:25:29,520 --> 00:25:32,359 Speaker 1: pressure from protesters angry over eating on the chaos that 464 00:25:32,520 --> 00:25:37,199 Speaker 1: triggered severe shortages of food and fuel. Thousands of protesters 465 00:25:37,280 --> 00:25:40,040 Speaker 1: are also demanding that the Prime Minister resigned. A U 466 00:25:40,240 --> 00:25:43,240 Speaker 1: s gun rights group sued to overturn New York's assault 467 00:25:43,400 --> 00:25:46,200 Speaker 1: weapons ban less than a month after the US Supreme 468 00:25:46,280 --> 00:25:49,520 Speaker 1: Court struck down a related state law that limited who 469 00:25:49,600 --> 00:25:53,640 Speaker 1: could carry a handgun in public. The Firearms Policy Coalition 470 00:25:53,680 --> 00:25:56,440 Speaker 1: says the band violates to the Second Amendment. Global News 471 00:25:56,480 --> 00:25:58,680 Speaker 1: twenty four hours a day on air. Rand on Bloomberg 472 00:25:58,760 --> 00:26:02,119 Speaker 1: Quick Take Power by more they journalists and analysts more 473 00:26:02,160 --> 00:26:04,720 Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, 474 00:26:04,800 --> 00:26:12,399 Speaker 1: Nathan Michael, thank you on Wall Street. John Stanshowers the 475 00:26:12,400 --> 00:26:15,480 Speaker 1: bloom Brig Sports Update, Thanks Naethin. Yankees were cruising along 476 00:26:15,520 --> 00:26:18,080 Speaker 1: against the Cincinnati Reds, the team that began this season 477 00:26:18,240 --> 00:26:21,240 Speaker 1: three and twenty two. Garrett Cole was sharp seven scoreless 478 00:26:21,240 --> 00:26:23,160 Speaker 1: and gave up only four hits. Struck out of eleven 479 00:26:23,440 --> 00:26:25,840 Speaker 1: Anthony Rizzo at two, one single before there was an 480 00:26:25,840 --> 00:26:27,960 Speaker 1: out in the first. Yanks took the three nothing leading 481 00:26:28,000 --> 00:26:30,200 Speaker 1: to the ninth. Gave the ball to their all star 482 00:26:30,320 --> 00:26:33,120 Speaker 1: Clay Holmes, who has been nearly perfect this season. That's 483 00:26:33,160 --> 00:26:35,320 Speaker 1: why he's taken the closer roll away from a roll 484 00:26:35,400 --> 00:26:38,919 Speaker 1: as Jackman. Holmes then faced five batters, couldn't get anyone out, 485 00:26:39,040 --> 00:26:41,840 Speaker 1: gave up two hits, a walk, hit two batters. Yanks 486 00:26:41,920 --> 00:26:45,920 Speaker 1: were still one out from victory. India loops it into 487 00:26:46,000 --> 00:26:48,520 Speaker 1: short center field. It's down for a base it one 488 00:26:48,600 --> 00:26:52,520 Speaker 1: rental score. Here comes Solano bill score and the Rats 489 00:26:52,600 --> 00:26:55,280 Speaker 1: have come all the way back to take the lead. 490 00:26:55,800 --> 00:26:58,680 Speaker 1: Chattas in India with his second hit Tonight, What's the 491 00:26:58,800 --> 00:27:02,119 Speaker 1: Rats on top four to three, w and Cincinnati for 492 00:27:02,320 --> 00:27:04,080 Speaker 1: three the final. The Reds have won five in a row, 493 00:27:04,160 --> 00:27:07,400 Speaker 1: three straight Yankee losses with blown leads in all three. 494 00:27:07,520 --> 00:27:09,600 Speaker 1: Mets lost in Atlanta four to one. The Braves got 495 00:27:09,640 --> 00:27:11,760 Speaker 1: two on homers from Matt Olson and Adam Duval and 496 00:27:11,800 --> 00:27:14,879 Speaker 1: they are thirty and nine since June one, and if 497 00:27:14,880 --> 00:27:17,600 Speaker 1: Atlanta wins again this afternoon, there'll be only a half 498 00:27:17,680 --> 00:27:20,879 Speaker 1: game behind the Mets. NHL free agency is underway. The 499 00:27:20,880 --> 00:27:23,919 Speaker 1: biggest name is of Jenny Malkin, but he's staying in Pittsburgh, 500 00:27:24,240 --> 00:27:27,520 Speaker 1: where he has spent his entire sixteen year career. Tiger 501 00:27:27,560 --> 00:27:30,200 Speaker 1: Woods first public comments about the new Live Tour, he 502 00:27:30,240 --> 00:27:32,600 Speaker 1: says he doesn't understand why anyone would give up a 503 00:27:32,680 --> 00:27:35,480 Speaker 1: chance to play the majors. Says they've turned their back 504 00:27:35,560 --> 00:27:37,760 Speaker 1: on the PGA. Tiger passed up the U S Open 505 00:27:37,800 --> 00:27:40,520 Speaker 1: to get ready to play the Open Championship. He wanted 506 00:27:40,560 --> 00:27:43,119 Speaker 1: to play St. Andrew's one more time while he feels 507 00:27:43,160 --> 00:27:46,879 Speaker 1: he's still competitive the one hundred and fiftieth Open Championships. 508 00:27:46,920 --> 00:27:50,880 Speaker 1: He's off tomorrow. John Stash Award Bloomberg's foots Nathan. Thanks John. 509 00:27:50,920 --> 00:27:52,959 Speaker 1: It's thirty seven on Wall Street time for the Tri 510 00:27:53,119 --> 00:27:56,639 Speaker 1: State Business Report with Bloomberg's d Cory. New York City's 511 00:27:56,760 --> 00:28:00,200 Speaker 1: estimated personal income tax payments in June declined to the 512 00:28:00,280 --> 00:28:04,000 Speaker 1: lowest level since t seventeen. That marks the first sign 513 00:28:04,119 --> 00:28:06,320 Speaker 1: that the stock market tumble is hitting the revenue of 514 00:28:06,359 --> 00:28:10,399 Speaker 1: the financial capital. According to City Controller Brad Lander, New 515 00:28:10,480 --> 00:28:13,040 Speaker 1: York is suing the owners of a building in Manhattan 516 00:28:13,119 --> 00:28:16,440 Speaker 1: for running illegal short term rentals through platforms like air 517 00:28:16,560 --> 00:28:20,800 Speaker 1: B and B. City officials claimed that Aaron Latimer, licensed 518 00:28:20,840 --> 00:28:25,560 Speaker 1: real estate broker, building owner Apex Management, and managing member 519 00:28:25,840 --> 00:28:28,840 Speaker 1: Esther Yip allegedly have been running an illegal operation in 520 00:28:28,920 --> 00:28:31,879 Speaker 1: the Turtle Bay neighborhood in Midtown Manhattan. The owner of 521 00:28:31,880 --> 00:28:34,760 Speaker 1: a natural gas fire power plant in Queen's plans to 522 00:28:34,800 --> 00:28:37,960 Speaker 1: close the facility and transform it into a clean energy 523 00:28:38,040 --> 00:28:42,560 Speaker 1: transmission and storage hub. Rise Light and Power plans to 524 00:28:42,640 --> 00:28:46,240 Speaker 1: final applications this year with state regulators that developed the 525 00:28:46,320 --> 00:28:50,560 Speaker 1: Ravens would generating station. That your Bloomberg Dry State Business Report. 526 00:28:50,680 --> 00:28:53,920 Speaker 1: I'm in Corey. Thanks that on Wall Street. Bloomberg Radios 527 00:28:53,920 --> 00:28:55,960 Speaker 1: on the air from San Francisco to New York, London 528 00:28:56,000 --> 00:28:57,880 Speaker 1: to Hong Kong. Let's check in with our global news 529 00:28:57,920 --> 00:28:59,360 Speaker 1: team for some of the top stories heard on our 530 00:28:59,400 --> 00:29:04,720 Speaker 1: three hundred of filliate radio stations around the world. I'm 531 00:29:04,800 --> 00:29:07,640 Speaker 1: Steve Polask on ten ten Wins in New York. We're 532 00:29:07,720 --> 00:29:11,200 Speaker 1: talking about how the end of tax incentives threatened New 533 00:29:11,280 --> 00:29:14,600 Speaker 1: York's rental market. I'm Corney Donahoe on w h S 534 00:29:14,640 --> 00:29:16,959 Speaker 1: and Louisville. A quarter of Americans say they will buy 535 00:29:17,000 --> 00:29:20,280 Speaker 1: an electric vehicle for their next car. I'm Gina Servetti 536 00:29:20,400 --> 00:29:23,200 Speaker 1: and for k CDs in San Francisco. I'm reporting that 537 00:29:23,280 --> 00:29:26,080 Speaker 1: Twitter's attorneys say they need just four days to prove 538 00:29:26,160 --> 00:29:29,440 Speaker 1: that Elon Musk should be forced to honor his buyout agreement. 539 00:29:29,680 --> 00:29:32,880 Speaker 1: I'm Stephen Carol and Bloomberg DAB Digital Radio in London 540 00:29:32,960 --> 00:29:35,840 Speaker 1: were reporting on the surprise and the latest UK GDP 541 00:29:36,000 --> 00:29:39,360 Speaker 1: figure is showing stronger than expected growth in May. I'm 542 00:29:39,400 --> 00:29:42,800 Speaker 1: Ad Cory on w w J and Detroit. I'm reporting 543 00:29:42,840 --> 00:29:45,200 Speaker 1: the median sales price for a home in Metro Detroit 544 00:29:45,520 --> 00:29:48,160 Speaker 1: has topped three hundred thousand dollars. When those are some 545 00:29:48,240 --> 00:29:51,200 Speaker 1: of the top stories are hundred Bloomberg journalist and analysts 546 00:29:51,280 --> 00:29:53,760 Speaker 1: working on this morning, It's five thirty nine on Wall Street. 547 00:29:53,920 --> 00:29:58,240 Speaker 1: The following is an editorial from Bloomberg Opinion. This sedatorial 548 00:29:58,520 --> 00:30:02,480 Speaker 1: was written by the Bloomberg Editorial Board. In some ways, 549 00:30:02,680 --> 00:30:06,880 Speaker 1: Congress's response to the COVID nineteen pandemic amounted to a 550 00:30:07,120 --> 00:30:13,080 Speaker 1: striking bipartisan success. Lawmakers passed six laws offering more than 551 00:30:13,240 --> 00:30:17,400 Speaker 1: five trillion dollars in relief, helping to keep households afloat, 552 00:30:17,520 --> 00:30:23,280 Speaker 1: businesses open, and the economy from outright collapse. Unfortunately, the 553 00:30:23,440 --> 00:30:28,520 Speaker 1: response also wasted money on a large scale. An analysis 554 00:30:28,640 --> 00:30:33,040 Speaker 1: of more than eleven million paycheck Protection Program loans found 555 00:30:33,080 --> 00:30:36,719 Speaker 1: that about one point four million, or fully twelve percent, 556 00:30:37,120 --> 00:30:42,360 Speaker 1: showed some indication of fraud. The author's estimate total suspicious 557 00:30:42,520 --> 00:30:47,400 Speaker 1: lending may have exceeded one hundred seventeen billion dollars. Any 558 00:30:47,520 --> 00:30:51,400 Speaker 1: big federal outlay will lead to attempted scams and swindles, 559 00:30:51,520 --> 00:30:55,920 Speaker 1: Yet the scale of COVID fraud has been remarkable. Congress 560 00:30:55,960 --> 00:30:58,960 Speaker 1: owes its two taxpayers to find out what went wrong 561 00:30:59,440 --> 00:31:02,760 Speaker 1: and to koop as much of their money as it can. 562 00:31:03,480 --> 00:31:06,760 Speaker 1: This editorial was written by the Bloomberg editorial board. For 563 00:31:06,840 --> 00:31:10,280 Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com Slash 564 00:31:10,400 --> 00:31:14,400 Speaker 1: Opinion or ope I n go on the Bloomberg Terminal. 565 00:31:14,720 --> 00:31:18,160 Speaker 1: This has been Bloomberg Opinion and you are listening to 566 00:31:18,280 --> 00:31:24,840 Speaker 1: Bloomberg Daybreak. Bloomberg Opinion editorials can be heard every weekday 567 00:31:24,840 --> 00:31:27,480 Speaker 1: at this time. Terminal customers can read more at op 568 00:31:27,680 --> 00:31:31,000 Speaker 1: I n go seventy six degrees right now in central 569 00:31:31,040 --> 00:31:33,680 Speaker 1: Park making our way up to ninety under a partly 570 00:31:33,720 --> 00:31:39,760 Speaker 1: of mostly sunny sky markets headlines and breaking news twenty 571 00:31:39,800 --> 00:31:42,640 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 572 00:31:42,680 --> 00:31:45,600 Speaker 1: Business at and at Bloomberg Quick Tape. This is a 573 00:31:45,680 --> 00:31:54,600 Speaker 1: Bloomberg Business Flash, and I'm Karen Moscow. You West Dot 574 00:31:54,640 --> 00:31:57,000 Speaker 1: Index futures are higher, while stocks and You're up a 575 00:31:57,080 --> 00:32:00,760 Speaker 1: dip and caustious trading dominated by a dimming anomic outlook 576 00:32:00,800 --> 00:32:03,040 Speaker 1: and an anxious wait for data that may show US 577 00:32:03,120 --> 00:32:05,840 Speaker 1: inflation at a fresh four decade high. We checked the 578 00:32:05,880 --> 00:32:08,760 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 579 00:32:08,840 --> 00:32:11,720 Speaker 1: Right now, SNP futures are up nine points down, Future 580 00:32:11,760 --> 00:32:14,720 Speaker 1: is up sixty five, NASDAG features up thirties seven the 581 00:32:14,840 --> 00:32:17,600 Speaker 1: decks in Germany is down seven tenths of a percent. 582 00:32:17,880 --> 00:32:20,200 Speaker 1: Ten year treasury up one thirty second yeal two point 583 00:32:20,280 --> 00:32:22,320 Speaker 1: nine six percent, The yield on the two year three 584 00:32:22,360 --> 00:32:25,320 Speaker 1: point four percent. Nine max screwed oil is up nine 585 00:32:25,360 --> 00:32:27,680 Speaker 1: ten percent, or ninety three cents and ninety six dollars 586 00:32:27,760 --> 00:32:30,320 Speaker 1: seventy seven cents a barrel. Comics gold is up a 587 00:32:30,400 --> 00:32:32,600 Speaker 1: tenth of a percent of a dollar eighty at seventeen 588 00:32:32,640 --> 00:32:35,720 Speaker 1: twenty six seventy an ounce, the Euro one point zero 589 00:32:35,840 --> 00:32:38,200 Speaker 1: zero four one against the dollar, British pound one point 590 00:32:38,280 --> 00:32:40,720 Speaker 1: one eight nine seven and the end one thirty seven 591 00:32:40,800 --> 00:32:43,760 Speaker 1: point one one, and Bitcoin this morning is up one 592 00:32:43,800 --> 00:32:47,040 Speaker 1: point seven percent at nineteen thousand, seven hundred sixty dollars. 593 00:32:47,360 --> 00:32:49,880 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 594 00:32:50,000 --> 00:32:52,480 Speaker 1: more on what's going on around the world. Michael, thank 595 00:32:52,520 --> 00:32:55,600 Speaker 1: you very much, Karen. January six, Committee Vice chair Liz 596 00:32:55,720 --> 00:32:58,800 Speaker 1: Cheney revealed at the close of yesterday's hearing that former 597 00:32:58,880 --> 00:33:02,080 Speaker 1: President Trump tried to call a witness in the investigation 598 00:33:02,200 --> 00:33:05,480 Speaker 1: and that the Committee has notified the Justice Department. Also, 599 00:33:05,640 --> 00:33:09,840 Speaker 1: former White House Consul Pat Sipaloni testified a special order 600 00:33:10,080 --> 00:33:12,880 Speaker 1: was drafted in December that would allow the Defense Department 601 00:33:12,880 --> 00:33:17,280 Speaker 1: to seize voting machines. Military officials from Russia and Ukraine 602 00:33:17,320 --> 00:33:20,560 Speaker 1: are set to hold their government's first face to face 603 00:33:20,720 --> 00:33:24,160 Speaker 1: talks and months. They're meeting in Istanbul to discuss a 604 00:33:24,280 --> 00:33:28,440 Speaker 1: u N plan to export blocked Ukrainian grain to world 605 00:33:28,560 --> 00:33:31,800 Speaker 1: markets through the Black Sea. In baseball, the Yankees and 606 00:33:31,880 --> 00:33:34,840 Speaker 1: Mets lost. Also in the losing column, the Red Sox, 607 00:33:35,120 --> 00:33:38,680 Speaker 1: the Orioles, A's and Giants. One Global News twenty four 608 00:33:38,760 --> 00:33:41,120 Speaker 1: hours a day on here and on Bloomberg Quick Take, 609 00:33:41,160 --> 00:33:44,360 Speaker 1: powered by more than twenty seven under journalists and analysts 610 00:33:44,440 --> 00:33:47,840 Speaker 1: more than hudred twenty countries. Michael bar this is Bloomberg Naked. 611 00:33:47,960 --> 00:33:50,120 Speaker 1: Thank you, Michael. It is five forty nine on Wall 612 00:33:50,200 --> 00:33:53,000 Speaker 1: Street Life from the Bloomberg Interactive Broker Studios. This is 613 00:33:53,200 --> 00:33:56,840 Speaker 1: Bloomberg Daybreak. Five means we're about two hours and forty 614 00:33:56,880 --> 00:34:00,120 Speaker 1: one minutes away from the June consumer Price index that 615 00:34:00,240 --> 00:34:03,200 Speaker 1: is expected to show another historically high month for inflation. 616 00:34:03,320 --> 00:34:05,400 Speaker 1: Sarah House is with us this morning ahead of the 617 00:34:05,480 --> 00:34:08,920 Speaker 1: release of those numbers, senior economists at Wells Fargo. Sarah, 618 00:34:09,040 --> 00:34:11,880 Speaker 1: good morning. I think just about everybody thinks CPI is 619 00:34:11,880 --> 00:34:14,480 Speaker 1: gonna come in hot. I guess the question is, are 620 00:34:14,560 --> 00:34:22,800 Speaker 1: we going to get any signs that inflation has peaked Sarah. 621 00:34:25,560 --> 00:34:27,560 Speaker 1: I don't think we have Sarah with us at the moment, 622 00:34:27,680 --> 00:34:30,840 Speaker 1: so we'll be uh checking her line see if we 623 00:34:30,920 --> 00:34:34,560 Speaker 1: can get more insights into this consumer price index for June, 624 00:34:34,640 --> 00:34:37,719 Speaker 1: which economists surveyed by Bloomberg predict is going to come 625 00:34:37,719 --> 00:34:41,279 Speaker 1: in eight point eight percent higher compared to last year. 626 00:34:41,520 --> 00:34:43,040 Speaker 1: We'll try to get Sarah back on the line. In 627 00:34:43,080 --> 00:34:46,359 Speaker 1: the meantime, let's turn over to Karen with a look 628 00:34:46,440 --> 00:34:49,040 Speaker 1: at the Bloomberg Law brief. Karen, all right, well, Nathan, 629 00:34:49,080 --> 00:34:51,680 Speaker 1: thank you. It is five or fifty on Wall Street 630 00:34:51,719 --> 00:34:54,080 Speaker 1: at this time. For the Bloomberg Law Report. It is 631 00:34:54,120 --> 00:34:58,240 Speaker 1: brought to you by American Arbitration Association. Business Disputes are inevitable, 632 00:34:58,400 --> 00:35:02,200 Speaker 1: Brazil Faster with the American Tradition Association, the global leader 633 00:35:02,239 --> 00:35:05,440 Speaker 1: in alternative dispute resolution for over ninety years. More at 634 00:35:05,520 --> 00:35:08,040 Speaker 1: a dr dot org. Now, let's get to the legal 635 00:35:08,120 --> 00:35:14,759 Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger, the 636 00:35:14,880 --> 00:35:18,800 Speaker 1: Eleventh Circuit reinstated a Georgia roundup. Users claim that Bayer 637 00:35:18,920 --> 00:35:22,320 Speaker 1: failed to provide adequate warning about the cancer risk posed 638 00:35:22,360 --> 00:35:27,400 Speaker 1: by the herbicide. Al Nylum Pharmaceuticals expanded legal battles against Fisser, 639 00:35:27,520 --> 00:35:31,480 Speaker 1: bion Tech and Moderna, charging the company's COVID vaccines are 640 00:35:31,600 --> 00:35:35,560 Speaker 1: delivered using technology covered by an all Nylum patent. A 641 00:35:35,640 --> 00:35:39,840 Speaker 1: copyright suit filed by fitness trainer Tracy Anderson accuses former 642 00:35:39,920 --> 00:35:43,759 Speaker 1: employee Megan Roupe and her company, The Sculpt Society of 643 00:35:43,880 --> 00:35:48,839 Speaker 1: stealing choreography. Bloomberg Law everything you need, all on one 644 00:35:49,000 --> 00:35:54,120 Speaker 1: legal research platform, including guidance analysis and Bloomberg market Intelligence. 645 00:35:54,360 --> 00:35:57,959 Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff, 646 00:35:58,000 --> 00:36:01,319 Speaker 1: thank you now. Another legal story where watching basketball star 647 00:36:01,440 --> 00:36:05,080 Speaker 1: Britney Grinder pleaded guilty last week to drug positions during 648 00:36:05,160 --> 00:36:08,080 Speaker 1: the second session of her trial in a Russian court. 649 00:36:08,320 --> 00:36:10,839 Speaker 1: But unlike the American system, where a guilty plea ends 650 00:36:10,920 --> 00:36:14,120 Speaker 1: the trial, Grinder's trial will continue tomorrow, and even after 651 00:36:14,200 --> 00:36:16,480 Speaker 1: the verdict in sentencing, there is no clear path to 652 00:36:16,520 --> 00:36:19,359 Speaker 1: bring Grinder back to the US. For more, Bloomberg student 653 00:36:19,400 --> 00:36:23,160 Speaker 1: Grosso speaks to Jeffrey Kahn, a professor at Southern Methodist 654 00:36:23,239 --> 00:36:27,160 Speaker 1: University School of Law. So she's pleaded guilty. What happens 655 00:36:27,239 --> 00:36:30,520 Speaker 1: next is she sentenced next well, the next hearing is 656 00:36:30,560 --> 00:36:34,759 Speaker 1: scheduled for July four, And in the Russian system an 657 00:36:34,840 --> 00:36:39,680 Speaker 1: imposition of punishment, the sentencing usually is done in very 658 00:36:39,760 --> 00:36:43,960 Speaker 1: close proximity with the court's conclusion that the defendant is 659 00:36:44,000 --> 00:36:47,439 Speaker 1: guilty of a crime. So conviction and sentence usually come 660 00:36:47,960 --> 00:36:51,240 Speaker 1: very close together. That's another big difference between the US 661 00:36:51,480 --> 00:36:55,080 Speaker 1: approach and the Russian approach. In the US approach, the 662 00:36:55,320 --> 00:37:01,120 Speaker 1: individual can try to present reasons why lesser should be imposed. 663 00:37:01,600 --> 00:37:04,520 Speaker 1: There is very little time in the Russian system for 664 00:37:04,880 --> 00:37:08,080 Speaker 1: contrition to happen. The judge is going to impose that 665 00:37:08,239 --> 00:37:11,279 Speaker 1: sentence very quickly, and so it may be that Ms 666 00:37:11,320 --> 00:37:13,880 Speaker 1: Grinder was given the advice that if she wanted to 667 00:37:13,920 --> 00:37:17,440 Speaker 1: be able to influence the size of her sentence, now 668 00:37:17,680 --> 00:37:20,160 Speaker 1: was the time. In the last few weeks, there's been 669 00:37:20,239 --> 00:37:23,720 Speaker 1: what you could call a full court press. Grinder's wife 670 00:37:23,920 --> 00:37:28,879 Speaker 1: did several television interviews, Grinder wrote a much publicized letter 671 00:37:29,080 --> 00:37:33,680 Speaker 1: to President Biden. There's been public support from her teammates 672 00:37:33,800 --> 00:37:39,359 Speaker 1: and other athletes. Could this high profile push backfire One 673 00:37:39,440 --> 00:37:43,279 Speaker 1: reason the State Department has generally advised families not to 674 00:37:43,400 --> 00:37:45,560 Speaker 1: go to the press is because of the fear that 675 00:37:46,040 --> 00:37:49,200 Speaker 1: this would actually increase the price, so to speak, of 676 00:37:49,360 --> 00:37:52,920 Speaker 1: return of their family member, that as someone gets more 677 00:37:52,920 --> 00:37:57,440 Speaker 1: and more attention, that person's value goes up. The State Department, 678 00:37:57,480 --> 00:38:00,919 Speaker 1: I think, is also concerned that elevating this to such 679 00:38:00,960 --> 00:38:03,840 Speaker 1: a high level of attention can encourage other states to 680 00:38:04,080 --> 00:38:08,880 Speaker 1: seize and bring up on trial Americans who are traveling abroad. 681 00:38:09,280 --> 00:38:11,880 Speaker 1: On the other hand, the families of individuals who have 682 00:38:11,960 --> 00:38:15,840 Speaker 1: been involved in this terrible sort of circumstance have sometimes 683 00:38:15,920 --> 00:38:18,560 Speaker 1: said that they have felt that nothing was done until 684 00:38:19,080 --> 00:38:21,640 Speaker 1: they spoke up and went to the press, and that 685 00:38:21,800 --> 00:38:24,279 Speaker 1: certainly has been what the family of Trevor Reid, that 686 00:38:24,440 --> 00:38:27,640 Speaker 1: young Texas student, has said after his return to the 687 00:38:27,719 --> 00:38:30,800 Speaker 1: United States. So could it backfire? It seems that it 688 00:38:30,920 --> 00:38:33,840 Speaker 1: certainly could, But that's not known to anyone with the 689 00:38:33,920 --> 00:38:37,240 Speaker 1: exception of the Russians. And that's Jeffrey Kahn, a professor 690 00:38:37,280 --> 00:38:39,640 Speaker 1: at Southern Methodist University School of Law, speaking with the 691 00:38:39,680 --> 00:38:42,800 Speaker 1: Bloomberg stun Grosso. Catch more of that interview, plus analysis 692 00:38:42,840 --> 00:38:45,160 Speaker 1: of the latest legal news by subscribing to the Bloomberg 693 00:38:45,280 --> 00:38:48,279 Speaker 1: Law podcast or downloading the show at Bloomberg dot com 694 00:38:48,360 --> 00:38:51,840 Speaker 1: slash podcast. Attorneys can find exceptional legal research and business 695 00:38:51,880 --> 00:38:54,600 Speaker 1: development tools at Bloomberg Law dot com and on the 696 00:38:54,640 --> 00:38:57,959 Speaker 1: Bloomberg terminal at b law Ago. Nathan, all right, Karen, 697 00:38:58,000 --> 00:39:00,120 Speaker 1: thanks fifty four in wallster. I think we were all 698 00:39:00,120 --> 00:39:02,080 Speaker 1: of some of the technical issues and have wells. Fargo 699 00:39:02,160 --> 00:39:04,560 Speaker 1: Senior economist Sarah House back on the line with us. Sarah, 700 00:39:04,600 --> 00:39:07,839 Speaker 1: are you with us? I am all right, great, thanks 701 00:39:07,880 --> 00:39:10,040 Speaker 1: for being here. As we look ahead to the June 702 00:39:10,160 --> 00:39:12,319 Speaker 1: c p I, do you think we're going to see 703 00:39:12,360 --> 00:39:15,840 Speaker 1: any signs of peak inflation on a print that I 704 00:39:15,920 --> 00:39:18,000 Speaker 1: think just about everybody is expecting it is going to 705 00:39:18,080 --> 00:39:21,200 Speaker 1: come in hot this morning? So I don't think anything 706 00:39:21,239 --> 00:39:24,560 Speaker 1: in today's report will signal that we've quite reached peak 707 00:39:24,640 --> 00:39:26,719 Speaker 1: and inflation. I think more of that comes from the 708 00:39:26,800 --> 00:39:30,320 Speaker 1: recent commodity movements we've seen over the past few weeks, 709 00:39:30,520 --> 00:39:33,319 Speaker 1: and I think overall we look underneath the hood, we're 710 00:39:33,360 --> 00:39:36,920 Speaker 1: still likely to see a very hot core CPI print again. 711 00:39:37,080 --> 00:39:39,120 Speaker 1: So even as we see some reliefs coming down the 712 00:39:39,160 --> 00:39:41,400 Speaker 1: pike in things like food and energy, I think we 713 00:39:41,520 --> 00:39:44,759 Speaker 1: still have stubbornly high inflation. Well how much then, does 714 00:39:44,880 --> 00:39:47,400 Speaker 1: this report matter for the Fed? As you mentioned, it 715 00:39:47,560 --> 00:39:50,160 Speaker 1: is backward looking, but is it going to keep the 716 00:39:50,239 --> 00:39:53,120 Speaker 1: FED on track for an aggressive rate hike this month 717 00:39:53,280 --> 00:39:56,960 Speaker 1: or in two subsequent months. Yeah, so I think overall 718 00:39:57,040 --> 00:39:59,759 Speaker 1: we're still looking at another monster size hike. So are 719 00:40:00,040 --> 00:40:03,000 Speaker 1: expectations that we'll see the side move ahead seventy five 720 00:40:03,040 --> 00:40:06,080 Speaker 1: basis points at their meeting here in a couple of weeks. 721 00:40:06,480 --> 00:40:09,960 Speaker 1: I think really you'd have to see significant increases in 722 00:40:10,040 --> 00:40:13,160 Speaker 1: the core that are broad based for that to potentially 723 00:40:13,280 --> 00:40:16,200 Speaker 1: come a one hundred basis point hike. I don't think 724 00:40:16,239 --> 00:40:19,560 Speaker 1: we can write anything off at this juncture. Alternatively, I 725 00:40:19,640 --> 00:40:22,920 Speaker 1: think if you saw significant cooling across the core, it 726 00:40:23,080 --> 00:40:27,120 Speaker 1: could uh suggest that maybe they can can go at 727 00:40:27,160 --> 00:40:30,120 Speaker 1: that slightly slower pace of a fifty basis points. But 728 00:40:30,239 --> 00:40:33,000 Speaker 1: I think given that overall you're still likely to see 729 00:40:33,080 --> 00:40:36,879 Speaker 1: another historic print that I think seventy five basis points 730 00:40:36,960 --> 00:40:39,440 Speaker 1: is a reasonable assumption of this point. Well, what's your 731 00:40:39,480 --> 00:40:43,120 Speaker 1: projection about where we are going on core inflation? Obviously 732 00:40:43,239 --> 00:40:46,719 Speaker 1: that is what the FED is focused on. Yeah, so 733 00:40:46,840 --> 00:40:48,440 Speaker 1: if you look at the year of year numbers, we 734 00:40:48,520 --> 00:40:50,440 Speaker 1: think that they're actually likely to head up over the 735 00:40:50,520 --> 00:40:53,279 Speaker 1: next few months and retest the highs that we've seen 736 00:40:53,840 --> 00:40:56,839 Speaker 1: earlier this year. And that's because you still haven't seen 737 00:40:56,920 --> 00:40:59,480 Speaker 1: services inflation peak. So there's still a lot of strength 738 00:40:59,560 --> 00:41:02,080 Speaker 1: coming out the housing market. There's a lag and when 739 00:41:02,120 --> 00:41:04,719 Speaker 1: that data shows up. But even beyond housing, and there's 740 00:41:04,719 --> 00:41:06,880 Speaker 1: still quite a bit of demand out there for travel 741 00:41:07,000 --> 00:41:10,080 Speaker 1: services and even in some of the Mormon game services 742 00:41:10,160 --> 00:41:13,360 Speaker 1: things like home insurance, auto insurance, medical care. And so 743 00:41:13,440 --> 00:41:15,239 Speaker 1: I think we haven't seen that peak, and so that's 744 00:41:15,239 --> 00:41:17,800 Speaker 1: going to make it really hard to see that series 745 00:41:18,040 --> 00:41:22,040 Speaker 1: of moderation prints that in the core that I think 746 00:41:22,080 --> 00:41:24,000 Speaker 1: could get the FED to really back off and move 747 00:41:24,120 --> 00:41:27,080 Speaker 1: to a more moderate pace of tightening. Only have about 748 00:41:27,080 --> 00:41:28,839 Speaker 1: a minute left here, Sarah, But we got this fake 749 00:41:29,080 --> 00:41:32,400 Speaker 1: CPI report that made the rounds online yesterday. How much 750 00:41:32,440 --> 00:41:34,680 Speaker 1: of an issue is fake news when it comes to 751 00:41:34,960 --> 00:41:40,520 Speaker 1: gaming out the inflation expectations. So I think overall that 752 00:41:40,640 --> 00:41:43,560 Speaker 1: just illustrates just how important this data is pad that 753 00:41:43,680 --> 00:41:46,239 Speaker 1: someone's taking the time to just fake this news that 754 00:41:46,600 --> 00:41:49,239 Speaker 1: you know, this is the number one concerned facing the 755 00:41:49,360 --> 00:41:51,560 Speaker 1: economy right now and the number one threat, And so 756 00:41:51,880 --> 00:41:55,440 Speaker 1: I think overall that just underscores the the overall attention 757 00:41:55,640 --> 00:41:57,719 Speaker 1: on the current inflation data and what that means for 758 00:41:57,800 --> 00:42:00,400 Speaker 1: the broader economy. Alright, glad we were back getting be 759 00:42:00,440 --> 00:42:03,080 Speaker 1: able to get back connected with you, Sarah. Thanks for this. 760 00:42:03,200 --> 00:42:06,640 Speaker 1: As we look ahead to June cp I, Sara House, 761 00:42:06,760 --> 00:42:10,600 Speaker 1: a senior economist at Wells Fargo, in the survey on 762 00:42:10,760 --> 00:42:14,120 Speaker 1: the Bloomberg Terminal of economists, eight point eight percent year 763 00:42:14,200 --> 00:42:17,919 Speaker 1: over year inflation, one point one percent month over month. 764 00:42:18,600 --> 00:42:21,520 Speaker 1: Expectation is core cp I will drop just a bit 765 00:42:21,640 --> 00:42:25,000 Speaker 1: from six last months down to five point seven percent. 766 00:42:25,080 --> 00:42:27,920 Speaker 1: Those numbers come out eight thirty Wall Street time. Of course, 767 00:42:27,960 --> 00:42:31,320 Speaker 1: we will have full coverage for you here on Bloomberg Radio. 768 00:42:31,960 --> 00:42:34,360 Speaker 1: Right now. SMP futures are up nine points, STOW future 769 00:42:34,400 --> 00:42:38,000 Speaker 1: is up sixty seven. NASZAC futures up thirty seven points. 770 00:42:38,080 --> 00:42:41,000 Speaker 1: The ten your Treasury is up to thirty seconds, yield 771 00:42:41,080 --> 00:42:45,560 Speaker 1: close to two point nine six percent. Bloomberg Daybreak continues 772 00:42:45,640 --> 00:42:48,759 Speaker 1: on this Wednesday morning. This is Bloomberg