Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg day
Speaker 1: Break for Wednesday, July thirteen two. Coming up this hour,
Speaker 1: Wall Street awaits this morning's key report on inflation, Oil
Speaker 1: prices stabilized following yesterday sell off. Twitter fires back in
Speaker 1: its battle with Elon Musk, and we take you to
Speaker 1: Israel where President Biden begins his Middle East trip. Volting
Speaker 1: accident in the Hudson River is left two people dead,
Speaker 1: plus a gun rights group is suing New York's assault
Speaker 1: weapons Man. I'm Michael lar More. Ahead, I'm John stash
Speaker 1: Our sports the Cincinnati Reds with four of the ninths done.
Speaker 1: The Yankees sent them to a third strade loss. Come
Speaker 1: that's lost in Atlanta. That's all trading ahead on Bloomberg
Speaker 1: Daybreak on Bloomberg Elibing Free on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one six one, Boston, Bloomberg nine sixties,
Speaker 1: San Francisco, Syrius Exam one nineteen and around the world.
Speaker 1: Then Bloomberg Radio dot Com and via the Bloomberg Business App.
Speaker 1: Good morning, I'm Nathan Hagar, and I'm Karen Moscow and
Speaker 1: U West Dock Index futures are higher this morning. We're
Speaker 1: coming up to five o one on Wall Street, and
Speaker 1: we check the markets every fifteen minutes. In while the
Speaker 1: trading day on Bloomberg, SNP futures up eleven points. This morning,
Speaker 1: Down futures up seventy five, NASDACK futures up forty seven.
Speaker 1: The decks in Germany's down seven tenths of a percent.
Speaker 1: Ten year treasury up to thirty seconds yield two point
Speaker 1: nine five percent, and they yield on the two year
Speaker 1: at three point oh three percent. Nathan Karen, we begin
Speaker 1: this morning with the big inflation report Wall Street is
Speaker 1: bracing for three and a half hours from now. In Washington,
Speaker 1: the government issues the Consumer Price Index for June, and
Speaker 1: it is expected to show no let up on inflation.
Speaker 1: Amy Morris has more from our Bloomberg ninety nine one
Speaker 1: newsroom in Washington. May's CPI rose eight point six percent
Speaker 1: year over year abroad based increase and the largest in
Speaker 1: four of years. June's reading could be even higher based
Speaker 1: on a survey of Wall Street economists. At the same time,
Speaker 1: Blueberg Economics says today's report will be balanced by recent
Speaker 1: evidence that inflation as well as economic growth may be moderating.
Speaker 1: The Federal Reserve is expected to keep raising interest rates
Speaker 1: to contain inflation by tempering economic growth. In Washington, I'm
Speaker 1: mayby Moore as Bloomberg Daybreak, right, Amy, thank you. The
Speaker 1: top priority for the Federal Reserve as curbing inflation. Richmond
Speaker 1: Fed President Thomas Barkin sees another fifty or seventy five
Speaker 1: basis point rate high coming this month. We're engaged in
Speaker 1: a very challenging exercise, which is to try to cool
Speaker 1: the economy down to normal levels, right in an effort
Speaker 1: to bring inflation under control, but without the intent of
Speaker 1: trying to cool it so down that that that the
Speaker 1: decline is calamitous. The right policies to get inflation under control.
Speaker 1: Richmond Fed President Thomas Barkin says today's CPI reading will
Speaker 1: inform the Central banks next move. He is not a
Speaker 1: voter on this year's rate setting. F o MC higher
Speaker 1: gas and oil prices taring have been major contributors to
Speaker 1: the spike in inflation, and today we're seeing crude higher
Speaker 1: following yesterday's nearly eight percent decline. This morning, the International
Speaker 1: Energy Agency is warning that oil prices pose a high
Speaker 1: risk to the global economic recovery, with signs that phil
Speaker 1: costs are starting to take their toll on demand growth.
Speaker 1: Checking prices now nimex scrude is up one point three
Speaker 1: percent or a dollar twenty three nine seven cents for
Speaker 1: a barrel of West Texas Intermediate Well, Nathan the Surgeon,
Speaker 1: gasoline prices this year has Americans changing their minds on
Speaker 1: the next car they'll drive. We get the details from
Speaker 1: Bloomberg's Lisa Mateo. According to a survey by the American
Speaker 1: Automobile Association, a quarter of Americans say their next car
Speaker 1: will be an electric vehicle. More than three fourths of
Speaker 1: them say their interest is driven by a desire to
Speaker 1: save on fuel costs. Gas prices, which have come down
Speaker 1: this month, reached a record five dollars and two cents
Speaker 1: a gallon in June. Millennials are the most eager to
Speaker 1: electrify their ride, with thirty percent saying they plan to
Speaker 1: buy an e V next. Last year, on three point
Speaker 1: two percent of US vehicles for e vs. Lisa Matteo
Speaker 1: Bloomberg Daybreak. Okay, Lisa, thank you. Let's turn to corporate
Speaker 1: news now, where Twitter is escalating its battle with Elon Musk.
Speaker 1: For the details, we are joined Live five Bloomberg's Renia Young,
Speaker 1: Good morning, Good morning, Nathan. Twitter is suing Elon Musk
Speaker 1: after he abandoned his forty four billion dollar takeover bid,
Speaker 1: and the company is accusing him of having buyer's remorse
Speaker 1: after his fortune declined. Twitter lawyers say Musk should be
Speaker 1: forced to honor his agreement. The lawsuit says that Twitter
Speaker 1: has bent over backwards to provide him with the information
Speaker 1: he's requested. Musk has been disputing Twitter's claims that less
Speaker 1: than five percent of its users or butts and wanted
Speaker 1: more proof, but he ultimately abandoned the deal partially because
Speaker 1: of those concerns. The filing is setting up what will
Speaker 1: be a closely watched battle in the Delaware court system.
Speaker 1: Live in New York. I'm rened a Young Bloomberg Daybreak right, Reneeda,
Speaker 1: thank you. But there's also news from Google today. The
Speaker 1: company plans to hiring this year, and an email to
Speaker 1: staff Alphabet CEO Sundar Pasha notes the possibility of a
Speaker 1: recession and urges the company to work with greater urgency.
Speaker 1: He says Google will focus on hiring engineering, technical and
Speaker 1: other critical roles. Al turning to politics, now kring. It's
Speaker 1: all about geopolitics. With President Biden heading to the Middle East,
Speaker 1: his first stop is Israel. Bloomberg's Amrie Hordern is traveling
Speaker 1: with the President and filed this report from Jerusalem. Don't
Speaker 1: respect any major breakthroughs when it comes to United States
Speaker 1: and the Israeli government. It recently collapsed and they're looking
Speaker 1: ahead to elections in November. One key focus of this
Speaker 1: administration has been to normalize more Arab countries with Israel,
Speaker 1: and a key focus in a country to watch out
Speaker 1: for Saudi Arabia. But there won't be any massive breakthroughs
Speaker 1: when it comes to dialogue or peace talks with the Kingdom,
Speaker 1: but potentially more Saudi airspace being open to more Israeli flights.
Speaker 1: The President himself will be one of them, the first
Speaker 1: president United States to fly from Israel to Jetta. Later
Speaker 1: in the week, the President is backtracking on a campaign
Speaker 1: promise to make the Kingdom of Pariah, but at home
Speaker 1: he needs the Saudi's helped to put more oil on
Speaker 1: the market to bring gasoline prices down in Jerusalem. I'm
Speaker 1: Amory Hordern, Bloomberg News, right, and Murray, thank you well.
Speaker 1: Back here in the US, the political focus remains on
Speaker 1: Capitol Hill. The January six Committee says it's investigating the
Speaker 1: possibility that former President Trump directly tried to contact a
Speaker 1: witness for the committee. Bloomberry said, Baxter has the story.
Speaker 1: The potentially explosive announcement by Committee Vice chair List Cheney
Speaker 1: was saved for the end. After our last hearing, President
Speaker 1: Trump tried to call a witness in our investigation, a
Speaker 1: witness you have not yet seen in these hearings. That
Speaker 1: person declined to answer or respond to President Trump's call
Speaker 1: and turned over the evidence to an attorney, who in
Speaker 1: turn contact of the committee. Cheney says, now it has
Speaker 1: been turned over to the d o J for possible
Speaker 1: charges of tampering with a witness. Insane for Francisco. I'm
Speaker 1: at Baxter Bloomberg daybreak, alright, and thank you. In futures
Speaker 1: this morning on the rise, SNP futures up eleven points down,
Speaker 1: futures of eighty two, Nasdack futures of forty six, and
Speaker 1: the ten year treasury up one thirty second yeal two
Speaker 1: point nine six straight and had your latest local headlines
Speaker 1: plus the check of sports and miss is Bloomberg right, Karen,
Speaker 1: thank you. It's five or seven on Wall Street, seventy
Speaker 1: six degrees in Central Park. Already dealing with an accident
Speaker 1: investigation in te Neck. The eight and nine five local
Speaker 1: lanes are closed between exits seventy and seventy one. More
Speaker 1: coming up in traffic. First, Michael bar with an accident
Speaker 1: on the Hudson River. Michael, thank you very much. Nathan.
Speaker 1: At least two people are dead and ten injured after
Speaker 1: a boat cap sized in New York City's Hudson River.
Speaker 1: The cause of the accident is under investigation, but the
Speaker 1: twenty seven foot private boat was in calm waters when
Speaker 1: he went down near Midtown Manhattan. New York City Mayor
Speaker 1: Eric Adams called it a devastating moment for the city.
Speaker 1: Between York Ward Away Harbor FDN Y and girls who
Speaker 1: participated a week clearly saved live. New York Fire Commissioner
Speaker 1: Laura Kavanaugh spoke about the conditions of the others. Are
Speaker 1: two New Yorker is in critical condition in the hospitals
Speaker 1: and an additional New Yorker who is stable but critical
Speaker 1: at the hospital. At this time. We also have eight
Speaker 1: additional patients who are green tags and are in stable
Speaker 1: condition Fire Commissioner Laura Kavanaugh. The vote was charted by
Speaker 1: a group of family and friends. The January six panel
Speaker 1: revealed Donald Trump fought objections from his White House lawyers
Speaker 1: to a plan eventually discarded to seize states voting machines.
Speaker 1: The panel says, then, in the last ditch effort to
Speaker 1: salvage is presidency, Trump summoned supporters to march on the
Speaker 1: US capital for were turned into the deadly riot. Former
Speaker 1: oath Keeper spokesman Jason van Tatanhov testified he wants more accountability.
Speaker 1: There was a gallows set up in front of the capital.
Speaker 1: Could have been the spark that started a new civil
Speaker 1: war and no one would have won there. That would
Speaker 1: have been good for no one. Former Oathkeeper Jason van
Speaker 1: Tatenhove says that he's worried about what will happen if
Speaker 1: Trump is re elected. Local media in Texas released edited
Speaker 1: surveillance video showing law enforcement and Vivaldi waiting for more
Speaker 1: than an hour to take action after a gunman entered
Speaker 1: the broad Elementary school, killing nineteen and two teachers. Police
Speaker 1: officers wearing body armor are seen in the video waiting
Speaker 1: in the hallway during the massacre. A gun rights groups
Speaker 1: sued to overturn New York's assault weapons van less than
Speaker 1: a month after the U. S. Supreme Court struck down
Speaker 1: a related state law that limited who could carry a
Speaker 1: handgun in public. According to the Firearms Policy Coalition, the
Speaker 1: assault weapons ban violates the Second Amendment. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than seven journalists analyst more than a
Speaker 1: hundred twenty countries. Michael bar this is Bloomberg. Nathan. All right, Michael,
Speaker 1: thank you, Coming up to five ten on Wall Street.
Speaker 1: Time for the Bloomberg Sports UPDATEK Good morning, John Stanshine,
Speaker 1: Good morning, Nathan. So many bright spots to this Yankee season,
Speaker 1: maybe none brighter than the pitching of reliever Clay Holmes,
Speaker 1: acquired a year ago from Pittsburgh Homes. Gave up a
Speaker 1: run on opening Day and then didn't give up another
Speaker 1: for the next two and a half months. But the
Speaker 1: Red Sox didn't get a big hit off him last
Speaker 1: weekend in one of their comeback wins, and last night
Speaker 1: at the stadium, gainst the lowly Reds, Holmes suddenly couldn't
Speaker 1: get anyone out a walk a hit, a hit batsman,
Speaker 1: another single, another hit five pitch at Holmes was taken
Speaker 1: out Jonathan India with two outs of the ninth and
Speaker 1: delivered a game winning two runs single off Wandy Peralta
Speaker 1: and Cincinnati with four in the ninth stunned the Yankees
Speaker 1: four to three. Of the Yanks have now lost three
Speaker 1: in a row, blown leads in all three. It's only
Speaker 1: their second three game losing three. The other was back
Speaker 1: in May. Mets in Atlanta had just five hits, lost
Speaker 1: four to one. Is Matt Olsen at a two run
Speaker 1: omber six innning off David Peterson. Adam Duval followed with
Speaker 1: the two run shot at any later off seth Lugo.
Speaker 1: The series ends this afternoon. At this time tomorrow in
Speaker 1: Scotland will be underway the one and fifty at Open Championship.
Speaker 1: It's at historic St. Andrews. That's why Tiger Wood wanted
Speaker 1: to play. But most of Tigers pressroo yesterday where his
Speaker 1: thoughts about the new Live Tour. He's not a fan.
Speaker 1: That is a possibility that some players will never ever
Speaker 1: get a chest to play a major championship. Never got
Speaker 1: a chest experience this right here. Um I walked out
Speaker 1: in the fairways August, Nashville. I mean, uh that that
Speaker 1: to me? I just don't I just to me, I
Speaker 1: just don't understand it, says the live guys have turned
Speaker 1: their back on the p G A. He teas off
Speaker 1: tomorrow ten Easter. He's playing with the US Open. Chat
Speaker 1: Matt Fitzpatrick, John stash Award Bloomberg Sports. All right, John,
Speaker 1: thanks SMP futures of ten points down, futures of seventy
Speaker 1: nastac futures are hired by thirty nine points. Ni'm x
Speaker 1: screwed up one point two per cent at n barrel
Speaker 1: are elevated oil prices with US for a while. Bloomberg's
Speaker 1: Will Kennedy joins us. Next to this is Bloomberg Bloomberg
Speaker 1: eleven three oh oather partly the mostly sunny today with
Speaker 1: a high your ninety degrees operated. These are the chance
Speaker 1: drafting in showers and storms tomorrow will be operatees mix
Speaker 1: of sun and clouds on Friday. Right now seventy six
Speaker 1: in Central Park Markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: at and at Bloomberg Quick Take. This is a Bloomberg
Speaker 1: business flash and I'm Karen Moscow. US DOT Index futures
Speaker 1: are higher this morning, while stocks in Europe and dip
Speaker 1: and caustious trading dominated by a dimming outlook and an
Speaker 1: anxious wait for data that may show US inflation at
Speaker 1: a fresh four decade high. We checked the markets every
Speaker 1: fifteen minutes throughout the trading day on Bloomberg. Right now,
Speaker 1: S and P futures are up about ten points down.
Speaker 1: Future is up seventy one. NAS day futures up thirty eight.
Speaker 1: The decks in Germany is down eight tenths of upper cent.
Speaker 1: The ten year treasury up to thirty seconds two point
Speaker 1: nine five percent. They yield on the two year three
Speaker 1: point oh four percent. Nin Max Screwed oil is at
Speaker 1: one point one percent of a dollar eight at ninety
Speaker 1: six dollars and ninety two cents of Daryl coll Max school.
Speaker 1: The tenth of upper cent or two dollars is seventeen
Speaker 1: twenty six ninety announce the Euro one point zero zero
Speaker 1: three seven against the dollar, British pound one point one
Speaker 1: eight nine, the n at one thirty seven point one
Speaker 1: five and look at it. Bitcoin this morning higher up
Speaker 1: more than two percent at nineteen thousand, eight hundred fifty dollars.
Speaker 1: Now that CPI report is at eight thirty Wall Street time,
Speaker 1: the Federal Reserve at least as its page book at two,
Speaker 1: and Delta is among companies schedule to report earnings today.
Speaker 1: That's a Bloomberg Business Flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Munchael, Good morning,
Speaker 1: Good morning, Karen. January six, Committee co chair Liz Cheney
Speaker 1: said the panel I had notified the Justice Department that
Speaker 1: Donald Trump himself at contact at the potential witness who
Speaker 1: was talking with the committee. The panel also presented evidence
Speaker 1: that Trump aid secretly planned for a second rally stage
Speaker 1: across from the capital on the day of the attack.
Speaker 1: President Joe Biden lands in Israel this afternoon for three
Speaker 1: days stop before we heading to Saudi Arabia. The Ron's
Speaker 1: quickly evolving nuclear program is high on the agenda. In baseball,
Speaker 1: the Yankees and Mets lost. Also in the losing column,
Speaker 1: the Red Sox, the Orioles, A's and Giants won Global
Speaker 1: News twenty four hours a day on it or and
Speaker 1: on Bloomberg quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barr And this is Bloomberg. Nathan Okay, Michael, thank you.
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. And while we
Speaker 1: wait for that all important June Producer price index later
Speaker 1: this morning, we want to take a closer look at
Speaker 1: the oil market because that's been such a big piece
Speaker 1: of the price pressure as we've been experiencing over the
Speaker 1: last several months. Now, right now, crude is trading about
Speaker 1: a hundred dollars of barrel, but run around nineties seven
Speaker 1: for West Texas Intermediate, giving up most of the games
Speaker 1: we saw after Russia's invasion of Ukraine. But the era
Speaker 1: of higher fuel prices maybe with us longer than many
Speaker 1: policymakers and drivers might like. Bloomberg's senior executive editor for
Speaker 1: Energy and Commodities, Will Kennedy has a story about this
Speaker 1: for Bloomberg Business Week, and Will joins us now with
Speaker 1: more on it. Well, good morning. We kind of heard
Speaker 1: about this just this week from the head of the
Speaker 1: International Energy Agency saying the worst of the energy crunch
Speaker 1: maybe ahead of US. Why. I think there are several reasons. Yes,
Speaker 1: some of the heat, as you say, is kind of
Speaker 1: out of viral prices in recent weeks as concerns about
Speaker 1: the state of the global economy has grown and the
Speaker 1: dollar has risen, which tends to be bears viral prices.
Speaker 1: But when you look at the fundamental underlying supply and
Speaker 1: demand picture, there's no reason to see any sort of
Speaker 1: collapse in virald prices. And in fact, you know, most
Speaker 1: commentators think that the market will remain tight. There are
Speaker 1: a few reasons for that. Demand remains robust and it's
Speaker 1: still recovering from the pandemic, and people want to be
Speaker 1: out traveling again and flying again and driving again, and
Speaker 1: that's adding adding to demand, and it's expected to continue
Speaker 1: to grow. And then on the supply side, you know,
Speaker 1: OPEC is struggling to meet its current targets. There maybe
Speaker 1: a little bit more oil from Saudi Arabia in the
Speaker 1: U a E. And that's something that Joe Biden will
Speaker 1: be discussing with the Saudi's when he's in the Kingdom
Speaker 1: later this week. But other producers are struggling to increase production.
Speaker 1: US shale industry isn't booming like it once was UM
Speaker 1: and traditional basins UM investment is quite low, so there's
Speaker 1: no reason to see a sudden glot of oil, and
Speaker 1: in fact, a lot of people think that the picture
Speaker 1: will remain, as I say, fairly well balanced. It does
Speaker 1: bring some attention, as you mentioned to President Biden's trip
Speaker 1: to Saudi Arabia later on this week into the weekend.
Speaker 1: We heard from the Biden administration this week, and they
Speaker 1: think that oil producing countries may have some spare capacity
Speaker 1: to boost production. Is the Biden administration wrong here? No
Speaker 1: one knows the precise numbers. Yes, I think Audi Arabia
Speaker 1: does have some extra spare capacity. The UAU probably has
Speaker 1: a little bit of spare capacity too, although as I
Speaker 1: pointed out in my story, the leader of the u
Speaker 1: A told the French president that he didn't think he
Speaker 1: had that much more to give a couple of weeks ago.
Speaker 1: But there's probably some oil for both. The question is
Speaker 1: exactly how much and importantly for how long. Saudi Arabia
Speaker 1: is producing at very high levels already. Um IT says
Speaker 1: it can go to twelve million bells a day, which
Speaker 1: is you know, about another million bolls from where it
Speaker 1: is now, but it's only ever hit twelve million bills
Speaker 1: for a few days, and it's not known to the
Speaker 1: market whether it can do that on us is for
Speaker 1: sustained period. There's another issue here as well. Once that
Speaker 1: extra Saudian u A oil comes into the market, then
Speaker 1: the world has very little spare capacity. So traders have
Speaker 1: to confront the world where if there's another outage and
Speaker 1: we've seen oil bowels disappear from Libya because of unrest there,
Speaker 1: for example, or there's a big hurricane in the Gulf
Speaker 1: of Mexico later in the year, then the market has
Speaker 1: little ability to respond. That swing producer role of Saudi
Speaker 1: Arabia has normally played is all tapped out, and I
Speaker 1: think that's another issue that the market is going to
Speaker 1: have to deal with and another reason why prices may
Speaker 1: remain fairly elevated now. Of course, Russia plays a big
Speaker 1: part in this as well, right I mean, we heard
Speaker 1: from JP Morgan is putting out a worst case scenario
Speaker 1: that prices could spike a three eighty dollars a barrel
Speaker 1: if for Russian crude gets off the market. Russia is
Speaker 1: the great actor in global oil markets right now. Clearly
Speaker 1: it's using its leverage and global oil markets is one
Speaker 1: of the world's most important supplies of crude and natural
Speaker 1: gas to further its political ambitions in the war in Ukraine. Um,
Speaker 1: we see how it's putting pressure in on Europe through
Speaker 1: the gas market. It could do something with oil. So far,
Speaker 1: it's oil production has fallen a bit because traditional buyers
Speaker 1: in Europe have shunned Russian crude and products. But a
Speaker 1: lot of that oil has switched to India and China.
Speaker 1: But if Putin really wanted to give the global economy
Speaker 1: a shock, he could reduce rushes of reduction and that
Speaker 1: could send prices stratos fat. Because JP Morgan, we're exploding
Speaker 1: in that note. Is that likely? Perhaps not, but definitely
Speaker 1: President Putin is another factor that traders have to put
Speaker 1: into their calculations. Thanks for this well, great having you
Speaker 1: on with us this morning. Will Kennedy Senior Executive editor
Speaker 1: for Energy and Commodities for Bloomberg News, and look out
Speaker 1: for his story on the Bloomberg terminal it's coming up
Speaker 1: in Bloomberg Business Week on why elevated oil prices could
Speaker 1: be with us four months, if not years thanks to
Speaker 1: the underlying dynamics of the oil market. Looking ahead to
Speaker 1: the market open on Wall Street, futures are a touch
Speaker 1: higher as we get ready for June. Consumer prices. S
Speaker 1: ANDP futures are higher by nine points. STOW futures up
Speaker 1: sixty eight. Nasdaq futures are higher by thirty nine points ten.
Speaker 1: Your treasury is up to thirty seconds now, the yield
Speaker 1: almost two point nine six yield on the two year
Speaker 1: three point zero four per cent. You're listening to bloom
Speaker 1: Daybreak Bloomberg eleven three oh weather. Sunshine in a high
Speaker 1: near ninety today, upper eighties possible tomorrow with a chance
Speaker 1: drafting in showers and storms. Makes of sun and clouds
Speaker 1: upgradies for Friday. Right now seventy six in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Free to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg NUN
Speaker 1: sixty to the country, Sirius XM to A one nineteen
Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow.
Speaker 1: We are just about four hours away from the open
Speaker 1: of US trading. Let's see at you up to date
Speaker 1: on the news you need to know at this hour,
Speaker 1: and we begin with the latest Consumer Price Index, which
Speaker 1: will be released three hours from now. Bloomberg's Vindeydale Judai
Speaker 1: says we're likely to see another hot inflation reading. May
Speaker 1: CPI rose eight point six percent over a year abroad
Speaker 1: based increase in the largest and forty years. June's reading
Speaker 1: could be even higher based on a survey of Wall
Speaker 1: Street economists. At the same time, Bloomberg Economics as today's
Speaker 1: report will be balanced by recent evidence that inflation as
Speaker 1: well as economic growth may be moderating. The Federal Reserve
Speaker 1: is expected to keep raising interest rates to contain inflation
Speaker 1: by tempering economic growth. Vinnie der Judeace, Bloomberg day Break,
Speaker 1: All right, Vinnie, thank you. Meantime, the International Monetary Fund
Speaker 1: cut it's month old growth projections for the US economy,
Speaker 1: warning that a broad based surgeon inflation poses systemic risks
Speaker 1: about the U, S and global economies. And Federal Reserve
Speaker 1: Bank of Richmond President Thomas Barkins says, the feds top
Speaker 1: priority is to curb inflation. The FEDS tools work over time,
Speaker 1: so i X effect inflation to come down, but not immediately,
Speaker 1: not suddenly, and not predictably. I'd expect inflation to bounce
Speaker 1: around on its way back to our target, and these
Speaker 1: significant oscillations are going to take time to damn them.
Speaker 1: Richmond FED President Thomas Barkins says the right policy is
Speaker 1: to cool inflation without causing a significant economic downturn. We'll
Speaker 1: higher gas and oil prices have contributed to the inflation spike. Karen,
Speaker 1: and this morning, crude is up following yesterday's decline. Checking
Speaker 1: prices now, Nime excrudes up one per cent, or ninety
Speaker 1: three cents at ninety six dollars seventy seven cents a barrel.
Speaker 1: Brent is at a hundred dollars forty four cents. Well,
Speaker 1: Nathan incorporate news. Twitter is escalating its banel with Elon Musk,
Speaker 1: and Bloomberg's Nita Young joins us live with more Good Morning,
Speaker 1: Ready to good morning, Karen. Twitter is suing Elon Musk
Speaker 1: after he abandoned his forty four billion dollar takeover bid.
Speaker 1: The company is accusing him of having buyers of remorse
Speaker 1: after his fortune declined. Now, the lawsuit says that Twitter
Speaker 1: has bent over backwards to provide Musk with the information
Speaker 1: he's requested. He's just spute at Twitter's claims that less
Speaker 1: than five percent of its users are butts and wanted
Speaker 1: more proof. The filing is setting up will be a
Speaker 1: closely watched battle in the Delaware court system. Live in
Speaker 1: New York, I'm Nita Young, Bloomberg Daybreak. All right, thanks Nita,
Speaker 1: and sticking with corporate news, Google plans to slow hiring
Speaker 1: for the rest of the year. Alphabet CEO Suon Rp
Speaker 1: noted the possibility of a recession an email to staff
Speaker 1: and said Google will focus on hiring for specific critical
Speaker 1: roles and futures are higher. This morning, straight ahead, your
Speaker 1: latest local headlines, plus a check of sports. And this
Speaker 1: is Bloomberg on Wall Street, seventy six degrees in Central Park.
Speaker 1: And Michael Barr has more on what's going on in
Speaker 1: New York end around the world. Michael, thank you very much. Nathan.
Speaker 1: A tragedy in New York City. Two people are dead
Speaker 1: after a boat capsized in the Hudson River in Manhattan.
Speaker 1: Police Commissioners. Sul keagent says, it happened mid afternoon. This
Speaker 1: is the tragic day for New Yorkers. Indeed, it may
Speaker 1: have well been worse are not for the incredible effort
Speaker 1: by not only our own extraordinary first responders, but also
Speaker 1: the swift response from the New York Waterway Ferries, who
Speaker 1: rescued nine additional people from the water. Police Commissioner Kasian
Speaker 1: It's a nearby ferry also rushed to help pull people
Speaker 1: from the water. At least nine others were sent to
Speaker 1: local hospitals. The mayor of Vivaldi, Texas, is furious after
Speaker 1: video footage from the rob Elementary School hallway was leaked
Speaker 1: ahead of a private family viewing scheduled for this weekend.
Speaker 1: I've Aldi Mayor Don McLaughlin says he feels the families
Speaker 1: were blindsided by the release of the tape and when
Speaker 1: it comes to the local, state, and federal authorities seen
Speaker 1: waiting in the hallway while the violence inside continued, mccaughlin
Speaker 1: wants everybody who's seen on the tape to be held accountable.
Speaker 1: I'm not shifting the blame, but there was enough half
Speaker 1: powered officers, US Marshals, DPS, Border Patrol DHS to come
Speaker 1: in and say, hey, we're going we're doing this. The
Speaker 1: Austin American Statesman and the local TV station released an
Speaker 1: edited version of the seventy seven minutes of valence video.
Speaker 1: According to CNN, in one video shows the governman entering
Speaker 1: the school and walking down the hallway with a long rifle.
Speaker 1: The recording also shows officers approaching the classroom that the
Speaker 1: shooter was in, but then retreating down the hallway and
Speaker 1: taking cover when gunfire is heard. It was more than
Speaker 1: an hour later before authorities confronted and killed the shooter.
Speaker 1: Sri Lanka's president has fled the country early today, slipping
Speaker 1: away only hours before he promised to step down under
Speaker 1: pressure from protesters angry over eating on the chaos that
Speaker 1: triggered severe shortages of food and fuel. Thousands of protesters
Speaker 1: are also demanding that the Prime Minister resigned. A U
Speaker 1: s gun rights group sued to overturn New York's assault
Speaker 1: weapons ban less than a month after the US Supreme
Speaker 1: Court struck down a related state law that limited who
Speaker 1: could carry a handgun in public. The Firearms Policy Coalition
Speaker 1: says the band violates to the Second Amendment. Global News
Speaker 1: twenty four hours a day on air. Rand on Bloomberg
Speaker 1: Quick Take Power by more they journalists and analysts more
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg,
Speaker 1: Nathan Michael, thank you on Wall Street. John Stanshowers the
Speaker 1: bloom Brig Sports Update, Thanks Naethin. Yankees were cruising along
Speaker 1: against the Cincinnati Reds, the team that began this season
Speaker 1: three and twenty two. Garrett Cole was sharp seven scoreless
Speaker 1: and gave up only four hits. Struck out of eleven
Speaker 1: Anthony Rizzo at two, one single before there was an
Speaker 1: out in the first. Yanks took the three nothing leading
Speaker 1: to the ninth. Gave the ball to their all star
Speaker 1: Clay Holmes, who has been nearly perfect this season. That's
Speaker 1: why he's taken the closer roll away from a roll
Speaker 1: as Jackman. Holmes then faced five batters, couldn't get anyone out,
Speaker 1: gave up two hits, a walk, hit two batters. Yanks
Speaker 1: were still one out from victory. India loops it into
Speaker 1: short center field. It's down for a base it one
Speaker 1: rental score. Here comes Solano bill score and the Rats
Speaker 1: have come all the way back to take the lead.
Speaker 1: Chattas in India with his second hit Tonight, What's the
Speaker 1: Rats on top four to three, w and Cincinnati for
Speaker 1: three the final. The Reds have won five in a row,
Speaker 1: three straight Yankee losses with blown leads in all three.
Speaker 1: Mets lost in Atlanta four to one. The Braves got
Speaker 1: two on homers from Matt Olson and Adam Duval and
Speaker 1: they are thirty and nine since June one, and if
Speaker 1: Atlanta wins again this afternoon, there'll be only a half
Speaker 1: game behind the Mets. NHL free agency is underway. The
Speaker 1: biggest name is of Jenny Malkin, but he's staying in Pittsburgh,
Speaker 1: where he has spent his entire sixteen year career. Tiger
Speaker 1: Woods first public comments about the new Live Tour, he
Speaker 1: says he doesn't understand why anyone would give up a
Speaker 1: chance to play the majors. Says they've turned their back
Speaker 1: on the PGA. Tiger passed up the U S Open
Speaker 1: to get ready to play the Open Championship. He wanted
Speaker 1: to play St. Andrew's one more time while he feels
Speaker 1: he's still competitive the one hundred and fiftieth Open Championships.
Speaker 1: He's off tomorrow. John Stash Award Bloomberg's foots Nathan. Thanks John.
Speaker 1: It's thirty seven on Wall Street time for the Tri
Speaker 1: State Business Report with Bloomberg's d Cory. New York City's
Speaker 1: estimated personal income tax payments in June declined to the
Speaker 1: lowest level since t seventeen. That marks the first sign
Speaker 1: that the stock market tumble is hitting the revenue of
Speaker 1: the financial capital. According to City Controller Brad Lander, New
Speaker 1: York is suing the owners of a building in Manhattan
Speaker 1: for running illegal short term rentals through platforms like air
Speaker 1: B and B. City officials claimed that Aaron Latimer, licensed
Speaker 1: real estate broker, building owner Apex Management, and managing member
Speaker 1: Esther Yip allegedly have been running an illegal operation in
Speaker 1: the Turtle Bay neighborhood in Midtown Manhattan. The owner of
Speaker 1: a natural gas fire power plant in Queen's plans to
Speaker 1: close the facility and transform it into a clean energy
Speaker 1: transmission and storage hub. Rise Light and Power plans to
Speaker 1: final applications this year with state regulators that developed the
Speaker 1: Ravens would generating station. That your Bloomberg Dry State Business Report.
Speaker 1: I'm in Corey. Thanks that on Wall Street. Bloomberg Radios
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred of filliate radio stations around the world. I'm
Speaker 1: Steve Polask on ten ten Wins in New York. We're
Speaker 1: talking about how the end of tax incentives threatened New
Speaker 1: York's rental market. I'm Corney Donahoe on w h S
Speaker 1: and Louisville. A quarter of Americans say they will buy
Speaker 1: an electric vehicle for their next car. I'm Gina Servetti
Speaker 1: and for k CDs in San Francisco. I'm reporting that
Speaker 1: Twitter's attorneys say they need just four days to prove
Speaker 1: that Elon Musk should be forced to honor his buyout agreement.
Speaker 1: I'm Stephen Carol and Bloomberg DAB Digital Radio in London
Speaker 1: were reporting on the surprise and the latest UK GDP
Speaker 1: figure is showing stronger than expected growth in May. I'm
Speaker 1: Ad Cory on w w J and Detroit. I'm reporting
Speaker 1: the median sales price for a home in Metro Detroit
Speaker 1: has topped three hundred thousand dollars. When those are some
Speaker 1: of the top stories are hundred Bloomberg journalist and analysts
Speaker 1: working on this morning, It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. This sedatorial
Speaker 1: was written by the Bloomberg Editorial Board. In some ways,
Speaker 1: Congress's response to the COVID nineteen pandemic amounted to a
Speaker 1: striking bipartisan success. Lawmakers passed six laws offering more than
Speaker 1: five trillion dollars in relief, helping to keep households afloat,
Speaker 1: businesses open, and the economy from outright collapse. Unfortunately, the
Speaker 1: response also wasted money on a large scale. An analysis
Speaker 1: of more than eleven million paycheck Protection Program loans found
Speaker 1: that about one point four million, or fully twelve percent,
Speaker 1: showed some indication of fraud. The author's estimate total suspicious
Speaker 1: lending may have exceeded one hundred seventeen billion dollars. Any
Speaker 1: big federal outlay will lead to attempted scams and swindles,
Speaker 1: Yet the scale of COVID fraud has been remarkable. Congress
Speaker 1: owes its two taxpayers to find out what went wrong
Speaker 1: and to koop as much of their money as it can.
Speaker 1: This editorial was written by the Bloomberg editorial board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com Slash
Speaker 1: Opinion or ope I n go on the Bloomberg Terminal.
Speaker 1: This has been Bloomberg Opinion and you are listening to
Speaker 1: Bloomberg Daybreak. Bloomberg Opinion editorials can be heard every weekday
Speaker 1: at this time. Terminal customers can read more at op
Speaker 1: I n go seventy six degrees right now in central
Speaker 1: Park making our way up to ninety under a partly
Speaker 1: of mostly sunny sky markets headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business at and at Bloomberg Quick Tape. This is a
Speaker 1: Bloomberg Business Flash, and I'm Karen Moscow. You West Dot
Speaker 1: Index futures are higher, while stocks and You're up a
Speaker 1: dip and caustious trading dominated by a dimming anomic outlook
Speaker 1: and an anxious wait for data that may show US
Speaker 1: inflation at a fresh four decade high. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, SNP futures are up nine points down, Future
Speaker 1: is up sixty five, NASDAG features up thirties seven the
Speaker 1: decks in Germany is down seven tenths of a percent.
Speaker 1: Ten year treasury up one thirty second yeal two point
Speaker 1: nine six percent, The yield on the two year three
Speaker 1: point four percent. Nine max screwed oil is up nine
Speaker 1: ten percent, or ninety three cents and ninety six dollars
Speaker 1: seventy seven cents a barrel. Comics gold is up a
Speaker 1: tenth of a percent of a dollar eighty at seventeen
Speaker 1: twenty six seventy an ounce, the Euro one point zero
Speaker 1: zero four one against the dollar, British pound one point
Speaker 1: one eight nine seven and the end one thirty seven
Speaker 1: point one one, and Bitcoin this morning is up one
Speaker 1: point seven percent at nineteen thousand, seven hundred sixty dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael, thank
Speaker 1: you very much, Karen. January six, Committee Vice chair Liz
Speaker 1: Cheney revealed at the close of yesterday's hearing that former
Speaker 1: President Trump tried to call a witness in the investigation
Speaker 1: and that the Committee has notified the Justice Department. Also,
Speaker 1: former White House Consul Pat Sipaloni testified a special order
Speaker 1: was drafted in December that would allow the Defense Department
Speaker 1: to seize voting machines. Military officials from Russia and Ukraine
Speaker 1: are set to hold their government's first face to face
Speaker 1: talks and months. They're meeting in Istanbul to discuss a
Speaker 1: u N plan to export blocked Ukrainian grain to world
Speaker 1: markets through the Black Sea. In baseball, the Yankees and
Speaker 1: Mets lost. Also in the losing column, the Red Sox,
Speaker 1: the Orioles, A's and Giants. One Global News twenty four
Speaker 1: hours a day on here and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven under journalists and analysts
Speaker 1: more than hudred twenty countries. Michael bar this is Bloomberg Naked.
Speaker 1: Thank you, Michael. It is five forty nine on Wall
Speaker 1: Street Life from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak. Five means we're about two hours and forty
Speaker 1: one minutes away from the June consumer Price index that
Speaker 1: is expected to show another historically high month for inflation.
Speaker 1: Sarah House is with us this morning ahead of the
Speaker 1: release of those numbers, senior economists at Wells Fargo. Sarah,
Speaker 1: good morning. I think just about everybody thinks CPI is
Speaker 1: gonna come in hot. I guess the question is, are
Speaker 1: we going to get any signs that inflation has peaked Sarah.
Speaker 1: I don't think we have Sarah with us at the moment,
Speaker 1: so we'll be uh checking her line see if we
Speaker 1: can get more insights into this consumer price index for June,
Speaker 1: which economists surveyed by Bloomberg predict is going to come
Speaker 1: in eight point eight percent higher compared to last year.
Speaker 1: We'll try to get Sarah back on the line. In
Speaker 1: the meantime, let's turn over to Karen with a look
Speaker 1: at the Bloomberg Law brief. Karen, all right, well, Nathan,
Speaker 1: thank you. It is five or fifty on Wall Street
Speaker 1: at this time. For the Bloomberg Law Report. It is
Speaker 1: brought to you by American Arbitration Association. Business Disputes are inevitable,
Speaker 1: Brazil Faster with the American Tradition Association, the global leader
Speaker 1: in alternative dispute resolution for over ninety years. More at
Speaker 1: a dr dot org. Now, let's get to the legal
Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger, the
Speaker 1: Eleventh Circuit reinstated a Georgia roundup. Users claim that Bayer
Speaker 1: failed to provide adequate warning about the cancer risk posed
Speaker 1: by the herbicide. Al Nylum Pharmaceuticals expanded legal battles against Fisser,
Speaker 1: bion Tech and Moderna, charging the company's COVID vaccines are
Speaker 1: delivered using technology covered by an all Nylum patent. A
Speaker 1: copyright suit filed by fitness trainer Tracy Anderson accuses former
Speaker 1: employee Megan Roupe and her company, The Sculpt Society of
Speaker 1: stealing choreography. Bloomberg Law everything you need, all on one
Speaker 1: legal research platform, including guidance analysis and Bloomberg market Intelligence.
Speaker 1: Find out more at Bloomberg Law dot com. All right, Jeff,
Speaker 1: thank you now. Another legal story where watching basketball star
Speaker 1: Britney Grinder pleaded guilty last week to drug positions during
Speaker 1: the second session of her trial in a Russian court.
Speaker 1: But unlike the American system, where a guilty plea ends
Speaker 1: the trial, Grinder's trial will continue tomorrow, and even after
Speaker 1: the verdict in sentencing, there is no clear path to
Speaker 1: bring Grinder back to the US. For more, Bloomberg student
Speaker 1: Grosso speaks to Jeffrey Kahn, a professor at Southern Methodist
Speaker 1: University School of Law. So she's pleaded guilty. What happens
Speaker 1: next is she sentenced next well, the next hearing is
Speaker 1: scheduled for July four, And in the Russian system an
Speaker 1: imposition of punishment, the sentencing usually is done in very
Speaker 1: close proximity with the court's conclusion that the defendant is
Speaker 1: guilty of a crime. So conviction and sentence usually come
Speaker 1: very close together. That's another big difference between the US
Speaker 1: approach and the Russian approach. In the US approach, the
Speaker 1: individual can try to present reasons why lesser should be imposed.
Speaker 1: There is very little time in the Russian system for
Speaker 1: contrition to happen. The judge is going to impose that
Speaker 1: sentence very quickly, and so it may be that Ms
Speaker 1: Grinder was given the advice that if she wanted to
Speaker 1: be able to influence the size of her sentence, now
Speaker 1: was the time. In the last few weeks, there's been
Speaker 1: what you could call a full court press. Grinder's wife
Speaker 1: did several television interviews, Grinder wrote a much publicized letter
Speaker 1: to President Biden. There's been public support from her teammates
Speaker 1: and other athletes. Could this high profile push backfire One
Speaker 1: reason the State Department has generally advised families not to
Speaker 1: go to the press is because of the fear that
Speaker 1: this would actually increase the price, so to speak, of
Speaker 1: return of their family member, that as someone gets more
Speaker 1: and more attention, that person's value goes up. The State Department,
Speaker 1: I think, is also concerned that elevating this to such
Speaker 1: a high level of attention can encourage other states to
Speaker 1: seize and bring up on trial Americans who are traveling abroad.
Speaker 1: On the other hand, the families of individuals who have
Speaker 1: been involved in this terrible sort of circumstance have sometimes
Speaker 1: said that they have felt that nothing was done until
Speaker 1: they spoke up and went to the press, and that
Speaker 1: certainly has been what the family of Trevor Reid, that
Speaker 1: young Texas student, has said after his return to the
Speaker 1: United States. So could it backfire? It seems that it
Speaker 1: certainly could, But that's not known to anyone with the
Speaker 1: exception of the Russians. And that's Jeffrey Kahn, a professor
Speaker 1: at Southern Methodist University School of Law, speaking with the
Speaker 1: Bloomberg stun Grosso. Catch more of that interview, plus analysis
Speaker 1: of the latest legal news by subscribing to the Bloomberg
Speaker 1: Law podcast or downloading the show at Bloomberg dot com
Speaker 1: slash podcast. Attorneys can find exceptional legal research and business
Speaker 1: development tools at Bloomberg Law dot com and on the
Speaker 1: Bloomberg terminal at b law Ago. Nathan, all right, Karen,
Speaker 1: thanks fifty four in wallster. I think we were all
Speaker 1: of some of the technical issues and have wells. Fargo
Speaker 1: Senior economist Sarah House back on the line with us. Sarah,
Speaker 1: are you with us? I am all right, great, thanks
Speaker 1: for being here. As we look ahead to the June
Speaker 1: c p I, do you think we're going to see
Speaker 1: any signs of peak inflation on a print that I
Speaker 1: think just about everybody is expecting it is going to
Speaker 1: come in hot this morning? So I don't think anything
Speaker 1: in today's report will signal that we've quite reached peak
Speaker 1: and inflation. I think more of that comes from the
Speaker 1: recent commodity movements we've seen over the past few weeks,
Speaker 1: and I think overall we look underneath the hood, we're
Speaker 1: still likely to see a very hot core CPI print again.
Speaker 1: So even as we see some reliefs coming down the
Speaker 1: pike in things like food and energy, I think we
Speaker 1: still have stubbornly high inflation. Well how much then, does
Speaker 1: this report matter for the Fed? As you mentioned, it
Speaker 1: is backward looking, but is it going to keep the
Speaker 1: FED on track for an aggressive rate hike this month
Speaker 1: or in two subsequent months. Yeah, so I think overall
Speaker 1: we're still looking at another monster size hike. So are
Speaker 1: expectations that we'll see the side move ahead seventy five
Speaker 1: basis points at their meeting here in a couple of weeks.
Speaker 1: I think really you'd have to see significant increases in
Speaker 1: the core that are broad based for that to potentially
Speaker 1: come a one hundred basis point hike. I don't think
Speaker 1: we can write anything off at this juncture. Alternatively, I
Speaker 1: think if you saw significant cooling across the core, it
Speaker 1: could uh suggest that maybe they can can go at
Speaker 1: that slightly slower pace of a fifty basis points. But
Speaker 1: I think given that overall you're still likely to see
Speaker 1: another historic print that I think seventy five basis points
Speaker 1: is a reasonable assumption of this point. Well, what's your
Speaker 1: projection about where we are going on core inflation? Obviously
Speaker 1: that is what the FED is focused on. Yeah, so
Speaker 1: if you look at the year of year numbers, we
Speaker 1: think that they're actually likely to head up over the
Speaker 1: next few months and retest the highs that we've seen
Speaker 1: earlier this year. And that's because you still haven't seen
Speaker 1: services inflation peak. So there's still a lot of strength
Speaker 1: coming out the housing market. There's a lag and when
Speaker 1: that data shows up. But even beyond housing, and there's
Speaker 1: still quite a bit of demand out there for travel
Speaker 1: services and even in some of the Mormon game services
Speaker 1: things like home insurance, auto insurance, medical care. And so
Speaker 1: I think we haven't seen that peak, and so that's
Speaker 1: going to make it really hard to see that series
Speaker 1: of moderation prints that in the core that I think
Speaker 1: could get the FED to really back off and move
Speaker 1: to a more moderate pace of tightening. Only have about
Speaker 1: a minute left here, Sarah, But we got this fake
Speaker 1: CPI report that made the rounds online yesterday. How much
Speaker 1: of an issue is fake news when it comes to
Speaker 1: gaming out the inflation expectations. So I think overall that
Speaker 1: just illustrates just how important this data is pad that
Speaker 1: someone's taking the time to just fake this news that
Speaker 1: you know, this is the number one concerned facing the
Speaker 1: economy right now and the number one threat, And so
Speaker 1: I think overall that just underscores the the overall attention
Speaker 1: on the current inflation data and what that means for
Speaker 1: the broader economy. Alright, glad we were back getting be
Speaker 1: able to get back connected with you, Sarah. Thanks for this.
Speaker 1: As we look ahead to June cp I, Sara House,
Speaker 1: a senior economist at Wells Fargo, in the survey on
Speaker 1: the Bloomberg Terminal of economists, eight point eight percent year
Speaker 1: over year inflation, one point one percent month over month.
Speaker 1: Expectation is core cp I will drop just a bit
Speaker 1: from six last months down to five point seven percent.
Speaker 1: Those numbers come out eight thirty Wall Street time. Of course,
Speaker 1: we will have full coverage for you here on Bloomberg Radio.
Speaker 1: Right now. SMP futures are up nine points, STOW future
Speaker 1: is up sixty seven. NASZAC futures up thirty seven points.
Speaker 1: The ten your Treasury is up to thirty seconds, yield
Speaker 1: close to two point nine six percent. Bloomberg Daybreak continues
Speaker 1: on this Wednesday morning. This is Bloomberg