Speaker 1: And it's now five oh seven on Wall Street where
Speaker 1: forty six degrees in Central Park. That's emergency roadwork on
Speaker 1: the New Jersey Turnpike. Look at the details and traffic shortly. First,
Speaker 1: Michael Bars here with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York City Task Force has removed almost
Speaker 1: two hundred forty homeless encampments over the past two weeks.
Speaker 1: It's part of Mayor Eric adams strategy to clean up
Speaker 1: public spaces and connect people living on the streets with
Speaker 1: housing and social services. As if Mayor, of all of us,
Speaker 1: including my homeless brothers assistants, I'm not leaving any New
Speaker 1: York Is behind. We're moving together and that is the
Speaker 1: goal of what we must accomplish. I'm not abandoning anyone.
Speaker 1: I'm not believing that dignity is living in a cardboard
Speaker 1: without a shower, without a toilet, living in terrible living conditions.
Speaker 1: Mayor Adams has more than three hundred homeless people have
Speaker 1: accepted social services New York City COVID nineteen. Cases are
Speaker 1: rising again, particularly among people to thirty four years old.
Speaker 1: Surge appears to be concentrated in Manhattan, the most vaccinated burrow.
Speaker 1: The New York City Department of Health posted a warning
Speaker 1: on Twitter saying they strongly recommend New Yorker's mask up
Speaker 1: indoors and get booster shots. A deadly strain of bird
Speaker 1: flu that's been raising egg prices ahead of Easter has
Speaker 1: been discovered in five New u s States. According to
Speaker 1: the Department of Agriculture, the virus increasingly is threatening American
Speaker 1: poultry exports. The influenza was discovered in Massachusetts, North Carolina,
Speaker 1: North Dakota, Ohio, and Wyoming. Chris Rock says he is
Speaker 1: still processing the Will Smith slap at the Oscars. Rock
Speaker 1: played before a sold out show in Boston last night.
Speaker 1: The fifty seven year old comedian got a long standing
Speaker 1: ovation from the crowd. Meanwhile, the Motion Picture Academy is
Speaker 1: now revealing that Smith was asked to leave the Oscars
Speaker 1: after he slapped Rock, but he refused. The Academy says
Speaker 1: it has begun disperlinary proceedings against Smith, which could include expulsion.
Speaker 1: Actor Bruce Willis is stepping away from his acting career.
Speaker 1: His family says he has recently been diagnosed with aphasia,
Speaker 1: which is impacting is cognitive abilities. Dr Jagen Polai is
Speaker 1: a cognitive neurologist at the Cleveland Clinic Center for Brain Health.
Speaker 1: There is a change in the language function of the
Speaker 1: person because of blind change happening the language part of
Speaker 1: the brain. Dr Belin told a d c a phasia
Speaker 1: can be caused by an injury, stroke, or denderative disease.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists analysts more than a hundred twenty countries. Michael
Speaker 1: bar this is Bloomberg, Nathan, tough news for Bruce Willis.
Speaker 1: Thank you, Michael. Coming up to five ten on Wall
Speaker 1: Street time for the Bloomberg Sports Up, Tay, Good morning,
Speaker 1: John Stanshawn. You morning, Nathan. It has obviously been a
Speaker 1: much better season for the Rangers than it has been
Speaker 1: for the next they'll be a play off hockey at
Speaker 1: the Garden, almost certainly not playoff hoops. Last night Rangers won,
Speaker 1: Knicks lost their season high four game winspe came to
Speaker 1: an end. Charlotte one one fourteen. Miles Bridges score thirty
Speaker 1: one points, Flamelo Ball had twenty and fifteen assists Evan
Speaker 1: for the Knicks with thirty. As to the Rangers back
Speaker 1: and forth game in Detroit and didn't have to go
Speaker 1: on the power play they score? Is it Crider or
Speaker 1: cop of the doorstep? Prider took the shot. It's a
Speaker 1: power play goal. We're tied at four. Miller on the ice,
Speaker 1: cop pannerin far circle. Pennarities got cop gets at the
Speaker 1: cop shoots at scores and crew copping over time. How
Speaker 1: the Rangers win five full WPN had it a time?
Speaker 1: Goal was by Chris Cryder. That's his forty six. It's
Speaker 1: the Rangers sports may win. Some coaching news. First one
Speaker 1: Seaton Hall, where Kevin Willard recently left to take over
Speaker 1: at Maryland. Shaheen Halloway had been Willard's top assistant, first
Speaker 1: at Iona, then for eight years at Seton Hall, where
Speaker 1: Holloway was once his star point guard. So he might
Speaker 1: have gotten this job even if he hadn't just coached St.
Speaker 1: Peter's to arguably the greatest Cinderella run and n C
Speaker 1: double A tournament history. No surprise, Holloway leaving the Peacocks
Speaker 1: stayed in New Jersey, the coach of the Pirates, but
Speaker 1: a big surprise last night out of Tampa Bay, Brose
Speaker 1: Arians stepped down. He's going to assist Bucks GM Jason White,
Speaker 1: Todd Bowles, who was the defense supportator before that. The
Speaker 1: head coach of the Jets takes over. The sixty nine
Speaker 1: year old Arians has had health issues, but insisted that
Speaker 1: was not the reason for this movement. John Dash Award
Speaker 1: and Bloomberg Sports Nathan Okay, John, thanks right now. S
Speaker 1: and P futures up four points, Staff Futures down six,
Speaker 1: nasdack futures hi are by fifty seven points. NIMEX s
Speaker 1: crew down five point three per cent to a hundred
Speaker 1: two dollars twelve cents of barrel on word, the Biden
Speaker 1: administration could be thinking of a massive release from the
Speaker 1: strategic reserve. We'll talk about the war next with Julie
Speaker 1: Norman of uc L. This is Bloomberg Bloomberg eleven three
Speaker 1: oh weather cloudie, breezy today, some afternoon showers possible of
Speaker 1: the high year seventy turning partly sunny and breezy. Tomorrow.
Speaker 1: Upper fifties will be the low fifties under a mix
Speaker 1: of sun and clouds on Saturday. Right now forty 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: Outland at Bloomberg Quick Take, this is a Bloombern business
Speaker 1: lash and I'm Karin Moscow and energy stocks are dropping
Speaker 1: with oil prices and investors Way reports that the Biden
Speaker 1: administration is considering a massive release of crude from US
Speaker 1: reserves to find inflation. Stocks in Europe are set for
Speaker 1: the first quarterly declient since US dock index futures are
Speaker 1: pairing in advance, and we checked the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg U S and
Speaker 1: P Future is up six points right now, DAL Future
Speaker 1: is little changed. Nasdack Future is up sixty eight. The
Speaker 1: decks in Germany is little changed as well. Ten your
Speaker 1: treasury up to thirty seconds. You have two point three
Speaker 1: three percent. They yield on the two year two point
Speaker 1: to nine percent. Nine X Screwed oil is down five
Speaker 1: point six percent on six dollars eight cents and a
Speaker 1: hundred one dollar seventy cents of barrel. Comma School down
Speaker 1: six tents per cent or twelve dollars at ninety eight
Speaker 1: announce the euro one point nine against the dollar, British
Speaker 1: pound one point three one to seven, the ends at
Speaker 1: one two point oh three and Bitcoin this morning lower
Speaker 1: down two chance per set at forty seven thousand, one
Speaker 1: seventy dollars. That's a Bloomberg business flash. Now here's Muchael
Speaker 1: Barrow with more on what's going on around the world. Muchel,
Speaker 1: Good morning, Good morning, Karen. Ukraine's president says his country's
Speaker 1: defense against the Russian invasion is at a turning point,
Speaker 1: but Lodamir Zelenski again press the United States for more help,
Speaker 1: hours after the Kremlin's forces renegged on a pledge to
Speaker 1: scale back some of their operations. Meanwhile, a Ukrainian negotiators
Speaker 1: as officials from Ukraine and Russia are set to resume
Speaker 1: talks via video conference tomorrow. As the regular NBA season
Speaker 1: winds down. The next Celtics and Warriors lost, the Wizards won.
Speaker 1: Coach Sheeen Holloway is leaving St. Peter's for Seaton Hall,
Speaker 1: just days after helping the Little Jesuit School make history
Speaker 1: becoming the first fifteenth seed to reach the n C
Speaker 1: Double A Tournaments Elite eight. In the NHL, the Rangers
Speaker 1: beat the Red Wings and o t five four Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take, powered by more than journalists and analysts
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg, Nathan. Yeah, you'd think that coach would be
Speaker 1: in high demand now, Thank you, Michael. It's five nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak, and Julie Norman is with us
Speaker 1: this morning, co director of the Center on US Politics
Speaker 1: at University College London, as we continue following the latest
Speaker 1: on the war in Ukraine, Professor, Good morning. As we
Speaker 1: heard from Michael Barr in the news, talks could resume
Speaker 1: tomorrow between Ukrainian and Russia negotiators. Is there any reason
Speaker 1: to think that the discussions would make any more headway
Speaker 1: than what we saw in Turkey earlier this week? Well,
Speaker 1: good morning, Nathan. One of the challenges right now is
Speaker 1: what we're hearing out of the negotiations and then what
Speaker 1: we're hearing from the Kremlin and seeing on the back
Speaker 1: a field tend to be quite different. So on the
Speaker 1: one hand, there was some apparent progress made earlier this week,
Speaker 1: at the meetings in Turkey, with very frank discussions about
Speaker 1: Ukraine's potential neutral status moving forward with central security guarantees
Speaker 1: from other states UH and talking about more of a
Speaker 1: focus on what the territories in the East will look
Speaker 1: like in the future. So I think that's still where
Speaker 1: the crux of the negotiations will ultimately end up. But
Speaker 1: unfortunately we're not seeing is a ceasefire or withdrawal of
Speaker 1: troops that would actually allow for those more substantive UH
Speaker 1: negotiations to happen. And indeed, Russia's claims that they would
Speaker 1: be drawing down some of their offenses near Kievan elsewhere
Speaker 1: have not borne out. In practice, we're still seeing we're
Speaker 1: still seeing offenses in those areas as well as in
Speaker 1: the East. So until things actually changed on the ground,
Speaker 1: it's going to be difficult for the real substance measures
Speaker 1: to move forward at the table in the negotiations. Yeah,
Speaker 1: that's certainly what we're hearing from officials on the ground
Speaker 1: in Ukraine as well as from the Pentagon. They're terming
Speaker 1: the Russian claims of de escalation as more like a repositioning.
Speaker 1: What does that say about where this war could go
Speaker 1: from here? Well, I think it's that the war will
Speaker 1: likely go on for for quite a bit longer, unfortunately,
Speaker 1: but it's it's also most likely that Russia will start
Speaker 1: emphasizing their operations in the east much more strongly. I
Speaker 1: think it's pretty clear now and definitely from the start
Speaker 1: even of the the invasion, that Putin is really trying
Speaker 1: to control the dun Bus region, um Danetsk and enhance
Speaker 1: those areas that already had large separatist regions within them,
Speaker 1: trying to expand those trying to build a land bridge
Speaker 1: to Crimea. So in terms of territory and where I
Speaker 1: think we'll see the offenses focus, I do think we'll
Speaker 1: see that shift to the east, but again I think
Speaker 1: we'll still see that pressure on other parts of the
Speaker 1: country as well. Um, all we can hope is that
Speaker 1: these negotiations, which have been you know, extremely sluggish but
Speaker 1: are like some extremely baby steps of progress, will just
Speaker 1: keep chipping away at the meantime to a point that
Speaker 1: Zelenski and Putin can actually meets and and trying work
Speaker 1: out what this might look like. It's also been very
Speaker 1: interesting to hear the Biden administration sharing intelligence in the
Speaker 1: way it has even before the war began telegraphing that
Speaker 1: Russia would be invading within days. And now the White
Speaker 1: House saying that they have intelligence that Russian President Vladimir
Speaker 1: Putin is being misinformed by his military about how the
Speaker 1: war is going. What is the advantage for the US
Speaker 1: and allies to share intelligence in this way. Yeah, with
Speaker 1: an interesting approach, Nathan, And it's one that the US started,
Speaker 1: as you noted, before the invasion, essentially to try and
Speaker 1: get out ahead of Putin's own misinformation. So again, at
Speaker 1: that time, they were worried that Putin would kind of
Speaker 1: orchestrate a false flag incident, that he would you accuse
Speaker 1: NATO or Ukraine of you know, using chemical weapons or
Speaker 1: doing something like this. So they're trying to get out
Speaker 1: ahead of some of the disinformation they thought might be
Speaker 1: coming from the Kremlin. This latest kind of reporting now,
Speaker 1: I think, is again just trying to keep the pressure
Speaker 1: on Russian on Putin in particular. Um, this intelligence from
Speaker 1: yesterday suggesting that Putin is not getting the full picture
Speaker 1: from his military commanders is uh, you know, I think
Speaker 1: something that obviously we're we're watching the intelligence, but also
Speaker 1: most of us watched that press conference before the invasion started.
Speaker 1: Where Putin's advisors had to take it up and pretty
Speaker 1: much tell him exactly what he wanted to hear. So
Speaker 1: I don't think that's super surprising that some of his
Speaker 1: advisors are still probably under that kind of pressure. And
Speaker 1: in our last minute here, Professor, we're expecting President Biden
Speaker 1: to announce this massive release of oil from the Strategic reserve,
Speaker 1: something like a million barrels a day. Is that a
Speaker 1: sign that the war is starting to take a pinch
Speaker 1: on this country? Now? Well, I think we've certainly seen
Speaker 1: the pinch, Nathan. You know, crude is up from this
Speaker 1: time last year, Gases at four for an average of
Speaker 1: Americans right now, so I think we're seeing that pinch.
Speaker 1: Biden has been under pressure from both parties to uh
Speaker 1: to use the Strategic Petroleum Reserve. It's interesting they did
Speaker 1: release about fifty million barrels from the reserve back in November.
Speaker 1: That helps momentarily, but prices obviously went up again. What
Speaker 1: they're talking about now is releasing one million barrels per
Speaker 1: day over several months, so trying to have it be
Speaker 1: more of a slow release as to help with prices.
Speaker 1: So it could help in the short term, but in
Speaker 1: the long term old depend a lot on US demand
Speaker 1: and also how other countries play this, if other members
Speaker 1: of the Internal International Energy Agency like Japan, France, Germany
Speaker 1: do the same, and also what OPEC plus chooses to
Speaker 1: do with their meeting tomorrow. As always, thanks for joining us,
Speaker 1: Julie Norman, Co director of the Center on US Politics
Speaker 1: at University College London. Stay well us, We're gonna get
Speaker 1: much more on the White House oil release plans and
Speaker 1: stocks get ready to close out their worst quarter in
Speaker 1: two years. Because we check your top stories of the
Speaker 1: morning on Bloomberg day Break Bloomberg eleven three oh weather cloudy, breezy,
Speaker 1: some afternoon showers possible. The high your seventy today, you'll
Speaker 1: turn partly sending breezy tomorrow with highs in the upper fifties,
Speaker 1: low fifties, mix of sun and cloud Saturday right now
Speaker 1: forty seven in Central Park, broadcasting live from the Bloomberg
Speaker 1: Interactive Broker Studio in New York. Bloomberg E Living Freedom
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O
Speaker 1: six one does San Francisco, Bloomberg nine sixty to the Country,
Speaker 1: Sirius XM tod A one nine team and around the globe,
Speaker 1: the Bloomberg Business and Bloomberg Radio dot Com. This is
Speaker 1: Bloomberg Daybreak and it's five thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're just
Speaker 1: about four hours away from the open of US trading.
Speaker 1: Let's get you have to date on the news you
Speaker 1: need to know at this hour. Ukraine says cease fire
Speaker 1: talks with Russia could resume tomorrow. This would follow negotiations
Speaker 1: that led to no cease fire but did have Russia
Speaker 1: saying it would de escalate. Pentagon's spokesman John Kirby says
Speaker 1: it's less a de escalation and more like a repositioning.
Speaker 1: Some of those troops we assess a repositioning into Belarus.
Speaker 1: We don't have an exact number for you, but that's
Speaker 1: our early assessments. Uh, none of them, we have seen
Speaker 1: none of them reposition to their home garrison in Pentagon
Speaker 1: spokesman John Kirby says the southern city of Mariopol is
Speaker 1: still taking heavy fire the meantime, Karen, it looks like
Speaker 1: Vladimir Putin may not be getting accurate information on the war.
Speaker 1: Here's White House Communications Director Kate Bettingfield. We believe that
Speaker 1: Putin is being misinformed by his advisors about how badly
Speaker 1: the Russian military is performing and how the Russian economy
Speaker 1: is being crippled by sanctions because the senior advisers are
Speaker 1: too afraid to tell him the truth. Kate Beddingfield that
Speaker 1: the White House did not specify how the US got
Speaker 1: its intelligence on Putin, Well Nathan. Energy prices have climbed
Speaker 1: sharply since the start of the war. Now, the Biden
Speaker 1: administration is weighing a massive release of oil from US reserves,
Speaker 1: and we get the latest live from Bloomberg's Randia Young.
Speaker 1: Good morning, Randina, Good morning Karen. Bloomberg sources say the
Speaker 1: White House is considering releasing about a mill in barrels
Speaker 1: of oil a day from US reserves for several months.
Speaker 1: The total release could be as much as one eighty
Speaker 1: million barrels, and along with the plan comes a diplomatic
Speaker 1: push for the i e A to coordinate a global
Speaker 1: release by other countries. A final decision on that has
Speaker 1: not been reached yet, but Bloomberg sources say the White
Speaker 1: House may make an announcement on the US release as
Speaker 1: soon as today live in New York. I'm gonna need
Speaker 1: a young Bloomberg daybreak. Okay, we need a thanks in
Speaker 1: checking all right now, and I'm ex Screws down five
Speaker 1: and a half percent at a hundred one dollar eighty
Speaker 1: nine cents of barrel. Brent Is at a hundred seven
Speaker 1: sixty eight. That drop is helping lift stock futures, but
Speaker 1: global equities are still on track for their worst quarter
Speaker 1: in two years. Aaron Kennon is CEO at Clear Harbor
Speaker 1: Asset Management. You know, I think we're heading into a
Speaker 1: stormy or weather over the next several weeks and perhaps months,
Speaker 1: and uh, I think investors are to be prepared for that.
Speaker 1: Aaron Kennon a Clear Harbor SAEs higher interest rates as
Speaker 1: a major headwind for stocks and incorporate news. This morning, Nathan,
Speaker 1: we have word of a data breach at Apple and Facebook.
Speaker 1: Bloomberg News has learned that Apple and Meta platforms provided
Speaker 1: customer data to hackers who posed as law enforcement officials.
Speaker 1: Straight ahead, we have your latest local headlines, plus a
Speaker 1: check of sports, and this is Bloomberg Sparing thirty three
Speaker 1: on Wall Street, where forty six degrees in Central Park
Speaker 1: off to a quiet start on the roads. Hope, I
Speaker 1: didn't jink sit you find out from Peter Van in
Speaker 1: a few minutes. First, Michael Bars here with more on
Speaker 1: what's going on in New York and around the world. Michael,
Speaker 1: thank you very much, Nathan. New York City has dismantled
Speaker 1: more than two hundred encampments for homeless people. Mayor Eric
Speaker 1: Adams says the task force over the past two weeks
Speaker 1: is trying to clean up public spaces and connect people
Speaker 1: living on the streets with housing and social services. This
Speaker 1: city is now engaged in a multi agency mission with
Speaker 1: compassion and caring taken out time. Not rushing through this,
Speaker 1: but being compassionate to people who experience send terrible circumstances
Speaker 1: that they're living through. Mayor Adams says anyone removed from
Speaker 1: the encampments was offered avoucher to pick up their items
Speaker 1: at another location. Donald Trump's son in law, Jared Kushner,
Speaker 1: is expected to speak today, but the committee investigating the
Speaker 1: January sixth attack on the Capitol bird flew is spreading
Speaker 1: in the US. According to the Department of Agriculture, the
Speaker 1: deadly strain was discovered in five more states. The states
Speaker 1: involved include Massachusetts, North Dakota, North Carolina, Ohio, and Wyoming.
Speaker 1: Since mid January, it's been found in twenty three states.
Speaker 1: The Motion Picture Academy has initiated disciplinary action against Will
Speaker 1: Smith for slapping Chris Rock on stage at the Oscars.
Speaker 1: Smith could be expelled. Meanwhile, Rock says he is still
Speaker 1: processing what happened last Sunday. The comedian performed before a
Speaker 1: sold out crowd last night in Boston. The Family movie
Speaker 1: star Bruce Willis announced that he will be stepping away
Speaker 1: from his acting career after he was diagnosed with phasia.
Speaker 1: The condition is impacting is speech and cognitive abilities. Dr
Speaker 1: Jagan Poli is a cognitive neurologist at the Cleveland Clinic
Speaker 1: Center for Brain Hilth. Diagnosis of PA is pretty broad
Speaker 1: in the sense that it basically says some a person
Speaker 1: has changes in their language function because it changes going
Speaker 1: on the brain. Dr Polli told ABC ephasia can be
Speaker 1: caused by an injury or degenerative disease. Global News twenty
Speaker 1: four hours a day on air and on Bloomberg quick Take,
Speaker 1: powered by more than twenty seven under journalist and analysts
Speaker 1: in more than a hundred twenty countries. I'm Michael barr
Speaker 1: and this is Bloomberg, Nathan, Michael, thank you five on
Speaker 1: Wall Street. Time for the Bloomberg Sports Update. Here's John Stanshower. Nathan,
Speaker 1: what a difference a year makes year ago? The next minute,
Speaker 1: fourth in the East this season, couldn't crack the top
Speaker 1: ten to get into the play in after home loss
Speaker 1: to Charlotte that ended their season nin four game winning
Speaker 1: speak Nix could be mathematically out as early as tonight.
Speaker 1: There coach Tom Thibodeaux last night channeled Jilgibera, just keep
Speaker 1: concentrating on what we're doing. You know, get better, and
Speaker 1: then you're not eliminated to your eliminated, and then when
Speaker 1: you are, you know what you want to get dump
Speaker 1: Rangers are getting ready for the Stanley Cup. Last they
Speaker 1: won their fourth and road type game in Detroit. It
Speaker 1: was tied at one to three, and then after Chris
Speaker 1: Cryder power play goal with less than four minutes to go,
Speaker 1: Crider's forty six goals season, he gave US tide at four.
Speaker 1: The Rangers won five four on an Andrew cop goal minute.
Speaker 1: It happened over time, the only way the US men's
Speaker 1: national soccer team was not going to qualify for the
Speaker 1: World Cup was if they had lost in coastal Rico
Speaker 1: by six goals. They lost but only to nothing, so
Speaker 1: US heading the Qatar in November. The US failed to
Speaker 1: qualify for the World Cup four years ago. Amazing to
Speaker 1: think that in the historically long career of Tom Brady,
Speaker 1: he's only played for two coaches. He's now getting the
Speaker 1: third surprise move out of Tampa Bay. Sixty nine year
Speaker 1: old Bruce Arian stepping down. He'll stay with the Buffs
Speaker 1: but work in the front office. He'll be replaced by
Speaker 1: defensive or Todd Bowles, the former head coach of the Jets.
Speaker 1: So ten NFL teams will have a new coach next season.
Speaker 1: To the surprise of No. One, Seaton Hall names he
Speaker 1: and Holloway. It's new coach. Former star point guard former
Speaker 1: Seaton Hall assisted down the road at St. Peter Hollowegen
Speaker 1: has took the Peats to the n c A O.
Speaker 1: Kate John Station went Bloomberg Sports Nathan Okay. John thanks
Speaker 1: thirty seven on Wall Street time for the Tri State
Speaker 1: Business Report. Here's Bloomberg's head cory. Blocks of empty offices
Speaker 1: in the financial district helped push the supply of available
Speaker 1: space in Manhattan to another record high. The office availability
Speaker 1: rate in New York hit in the first quarter, the
Speaker 1: highest and data going back to two thousand. According to
Speaker 1: a report this week by Seville's Research, State lawmakers are
Speaker 1: weighing whether the fast track and moved to allow three
Speaker 1: new casinos in the New York City area. It's part
Speaker 1: of this year's budget negotiations. The Times reports seven gambling
Speaker 1: companies are spending about three hundred bucks a month on
Speaker 1: a lobbying blitz to push the state the fast track
Speaker 1: the timetable for New York's final three casino licenses. Bird
Speaker 1: Global says it's received approval to double the size of
Speaker 1: a shared East scooter fleet in New York City. It
Speaker 1: says daily average ridership of East scooters in New York
Speaker 1: has increased by about seventy percent in March compared to February.
Speaker 1: That your Bloomberg Try State Business Report. I'm Ed Corey.
Speaker 1: Thanks that it's five thirty eight on Wall Street. Bloomberg
Speaker 1: Radio is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Steve Podascan on ten ten Wins in New York. We're
Speaker 1: talking about the growing number of companies jumping onto the
Speaker 1: subscription bandwagon. Um Corney's Anaho on ktr H in Houston.
Speaker 1: American business has just had its most profitable year since
Speaker 1: nineteen On Gina Servetti and for Whammle of an eight
Speaker 1: in Rochester, New York. I'm reporting that paychecks chairs rang
Speaker 1: up gains after delivering a forecast that impressed analysts. I'm
Speaker 1: Caroline Headcolled bloom Bag dav Digital Radio in London. We're
Speaker 1: reporting on the UK economy growing one point three percent
Speaker 1: in the FOD quarter. Britain is now in the middle
Speaker 1: of the G seven countries for economic performance. I made
Speaker 1: Cory on w w J and Detroit. I'm reporting hundreds
Speaker 1: of workers at the Kellogg's plant that makes cheese. It's
Speaker 1: we're getting a raid mmm. Those are some of the
Speaker 1: stories our twenty seven hundred Bloomberg journalists and analysts working
Speaker 1: on this morning around the world. It's five thirty nine
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. Headlines
Speaker 1: about Russia's use of hypersonic missiles in Ukraine have fueled
Speaker 1: fears that the US is falling behind its rivals in
Speaker 1: developing such weapons. But before pouring tens of billions of
Speaker 1: dollars into a new arms race, the Pentagon needs to
Speaker 1: carefully assess how hypersonics would help meet its strategic goals.
Speaker 1: It could be cheaper and more effective to simply up
Speaker 1: grade existing missiles. What's more, US leaders should not lose
Speaker 1: sight of how destabilizing hypersonic weapons could become. While hypersonic
Speaker 1: arms control agreements are hard to imagine right now, they
Speaker 1: may become necessary in the future. Pentagon planners are, of
Speaker 1: course right to carefully monitor the threat posed by hypersonics.
Speaker 1: The key is to avoid a costly overreaction. For sight
Speaker 1: and sensible investment will serve the US better than an
Speaker 1: unfettered new arms race would. The seditorial was written by
Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go
Speaker 1: to Bloomberg dot com, slash opinion or O P I
Speaker 1: N go on the Bloomberg terminal. This has been Bloomberg opinion.
Speaker 1: You can hear Bloomberg opinion editorials every weekday. At this time,
Speaker 1: terminal customers can read more at op I n Go.
Speaker 1: Futures starting to turn up just a bit. Stay with us,
Speaker 1: you're listening to Bloomberg Tame Bloomber eleven three oh weather cloudy, breezy,
Speaker 1: some afternoon showers likely. We'll get up to near seventy degrees,
Speaker 1: upper fifties, partly sunny and breezy Tomorrow mixes sun and clouds,
Speaker 1: low fifties for Saturday. Right now forty seven in Central
Speaker 1: Park Markets. Headlines and breaking news twenty four hours a
Speaker 1: day at Bloomberg dot Com, at Bloomberg Business Atland, at
Speaker 1: Bloomberg Quick Tape. This is a Bloomberg business lash and
Speaker 1: I'm camera and Moscow energy stocks dropping with oil prices
Speaker 1: as investors, we were ports at the Biden administration is
Speaker 1: considering a massive release of crude from US reserves to
Speaker 1: fight inflation. Stocks in Europe are set for the first
Speaker 1: quarterly decline since shares ambiguous energy companies are declining in
Speaker 1: pre market trading, while U S Dock index futures are
Speaker 1: mostly advancing. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day on Bloomberg right now, isn't p futures
Speaker 1: are up about seven points DAL futures that will change
Speaker 1: now ASDACK future is up sixty seven. The decks in
Speaker 1: Germany is little changed as well. Ten your treasury up
Speaker 1: five thirty seconds, you'll two point three three percent in
Speaker 1: the yield on a two year two point to eight percent.
Speaker 1: Nine X Screwed oil is down five point three percent
Speaker 1: on five dollars sixty eight cents and a hundred two
Speaker 1: dollars eighteen cents of barrel comics. Gold is down half
Speaker 1: percent or ten dollars fifty cents. In ninety eight fifty
Speaker 1: announced the euro one point one one o nine against
Speaker 1: the dollar, British found one point three one one four
Speaker 1: and the YenS a one to two point oh four.
Speaker 1: And Bitcoin this morning lower at forty seven thousand, two
Speaker 1: hundred dollars, down about two tenths of five percent. That's
Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael Karen, thank
Speaker 1: you very much. The White House says Russian President Vladimir
Speaker 1: Putin has been misinformed by advisors about his military's performance
Speaker 1: in Ukraine. Meanwhile, Britain's Defense Ministry says Russia continues to
Speaker 1: pound northern Ukraine. The chairman of the House committee investigating
Speaker 1: the January sixth attack on the U s Appitol said
Speaker 1: the panel is considering subpoena ng former President Donald Trump's
Speaker 1: personal phone records. In the NBA, the next Celtics and
Speaker 1: Warriors lost. The Wizards won. College basketball coach Sheen Holloway
Speaker 1: is leaving records setting St. Peter's for Seaton Hall. In
Speaker 1: the NHL, the Rangers beat the Red Wings and O
Speaker 1: five four. NFL head coach Bruce Arians has decided to
Speaker 1: retire and is moving into the Buccaneers for an office.
Speaker 1: He's being replaced by defensive coordinator Todd Bowles, the former
Speaker 1: head coach with the Jets. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg quick Take, powered
Speaker 1: by more than twenty journalists analysts in more than a
Speaker 1: hundred twenty countries and Michael Barr. This is Bloomberg NA.
Speaker 1: Thanks Michael on Wall Street line from the Bloomberg intractor
Speaker 1: Brooker Studios. This is Bloomberg Daybreak, and as Karen mentioned,
Speaker 1: we are getting ready to close the books on the
Speaker 1: first quarterly declined for stocks in two years. So what's
Speaker 1: the rest of this year having store? With war inflation
Speaker 1: and a tighter fed in the foreground. Let's get insights
Speaker 1: now from Jeff Mortimer, director of investment strategy at b
Speaker 1: n y Melon Wealth Management. Jeffrey, you're looking forward to
Speaker 1: closing the books on this one. I guess you could
Speaker 1: say that, right. Markets unfortunately don't move in a straight line.
Speaker 1: And uh, you know, last year I remind investors, I was,
Speaker 1: I hosted a dinner last night, and it's nice to
Speaker 1: be out on the road again. But you know, we're
Speaker 1: up on the SMP sometimes. You know, markets don't think
Speaker 1: in calendar years or quarters. Um. But certainly there has
Speaker 1: been some major changes. You know, I am impressed with
Speaker 1: the markets resiliency in spite of sort of all that
Speaker 1: has gone on. You know, if we do close the books,
Speaker 1: you know, down rough numbers among friends, you know, five
Speaker 1: percent or so. Um quite Uh, you know, I give
Speaker 1: the market credit for its resilience. Certainly, diversification hasn't helped.
Speaker 1: That's been one of the pain points of the quarter.
Speaker 1: Or bonds typically move up when stocks have moved down.
Speaker 1: Historically most of the time, UM, that hasn't happened this quarter.
Speaker 1: Do you expect that resiliency to continue when we're facing
Speaker 1: a tighter FED and some talk of maybe fifty basis
Speaker 1: point moves at the next meeting, even more fifty basis
Speaker 1: point moves. You've heard talk of that as well in
Speaker 1: subsequent meetings. Yeah, we have in our base forecast now
Speaker 1: uh to uh to the next FED meetings will be
Speaker 1: fifty basis points of peace. So if we are projecting that,
Speaker 1: I always remind investors the market is projecting that too.
Speaker 1: I want to, you know, remind investors the market prices
Speaker 1: in the most likely outcomes. It's doing that on a
Speaker 1: regular basis. And so a tighter FED, you know, I
Speaker 1: think is becoming priced into markets. I think we're gonna
Speaker 1: have to look out the yield curve and see what
Speaker 1: happens to to ten spreads. You're gonna have to look
Speaker 1: at inversion of curves. You're gonna have to look at
Speaker 1: sort of what messages of the bond market maybe sending,
Speaker 1: which might be you know, slower growth going forward, so
Speaker 1: you might see the stock market kind of rotate into
Speaker 1: companies that can grow in a slower growth economy. I mean,
Speaker 1: I think that is a is a potential as the
Speaker 1: as the year sort of plays out. Also in a
Speaker 1: midterm election year, this tends to be the weakest. The
Speaker 1: year of a four year presidential cycle anyway, intends to
Speaker 1: be back end loaded the uncertainty of the election, you know,
Speaker 1: as also in overhang to markets, although I think they're
Speaker 1: beginning to price in how that may end as well.
Speaker 1: So I think you know you have to bunckle up that.
Speaker 1: Our our advice to clients to stay at your target allocation.
Speaker 1: We are not defensive on behalf of our clients. We
Speaker 1: are if you're sixty forty or fifty fifty from an
Speaker 1: allocation standpoint, we want you at that target, and we
Speaker 1: want you using weakness. If if you're underneath that target,
Speaker 1: you should be using weakness to make sure that you
Speaker 1: treat yourself up to that target. I think as you
Speaker 1: get into late two and into twenty three, it's possible
Speaker 1: that you're in a lower inflationary environment. Naturally both sort
Speaker 1: of what of feed because of what the FET has done,
Speaker 1: and perhaps supply chains get better, perhaps O Macron or
Speaker 1: COVID nine King gets sort of put continues to get
Speaker 1: put behind us, and you might see yourself in a
Speaker 1: world in which you have low inflation, decent growth, FED
Speaker 1: which has most of its work behind it, and decent
Speaker 1: valuations and stocks. We still think earnings sort of hold
Speaker 1: tight this year around twenty on the SMP, and again
Speaker 1: multiples may contract a bit, But as long as that
Speaker 1: those earnings sort of sit underneath markets, I think we
Speaker 1: should still be in a pretty good place, you know,
Speaker 1: as we look out six twelve or eighteen months. All
Speaker 1: that said, in our last thirty seconds here, Jeff, what's
Speaker 1: your target for the SMP at the end of the year.
Speaker 1: So our target is is right about where we are today.
Speaker 1: I mean that the rally of the past you know,
Speaker 1: three or four weeks has been impressive. Our target is
Speaker 1: between forty three and undred for the SMPI year end,
Speaker 1: and then we'll probably take it up, you know, another
Speaker 1: ten percent into next year if sort of what we
Speaker 1: see um as we've talked about earlier, sort of plays out,
Speaker 1: and we are looking for the SMP to open the
Speaker 1: final day of this first quarter at oh two. Jeff,
Speaker 1: thanks for this really appreciated dear insights this morning. Jeff Mortimer,
Speaker 1: director of Investment Strategy at b n Y melon Wealth Management,
Speaker 1: Karen Nathan. It is five three on Wall Street. It's
Speaker 1: time for the Bloomberg Law Report, and we get to
Speaker 1: the legal stories we're watching this morning. From Bloomberg's Jeff Villinger.
Speaker 1: A federal judge in Texas ordered track Cell Technologies to
Speaker 1: reimburse Sprint and Verizon for attorneys fees after track Cell
Speaker 1: pursued meritist patent suits against the wireless companies. Employers in
Speaker 1: Washington State will have to include a salary or pay
Speaker 1: range in their help Wanted ads under a new state
Speaker 1: law aimed at increasing pay transparency to prevent discrimination. A
Speaker 1: Planned Parenthood affiliate is challenging Idaho's new anti abortion law,
Speaker 1: which prohibits abortions after cardiac activity is detected. The suit
Speaker 1: says the law violates the state constitution. Bloomberg Law everything
Speaker 1: you need, all on one legal research platform, including guidance
Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg
Speaker 1: Law dot com. All right, Jack, thank you now. Another
Speaker 1: legal story we're watching brings us at the planned kidnapping
Speaker 1: of Michigan Governor Gretchen whitmer In. After thirteen days of trial,
Speaker 1: prosecutors rested their case yesterday against the four men charged
Speaker 1: in the matter, but more attention was focused outside the courtroom,
Speaker 1: where the FBI rated a home in suburban Detroit in
Speaker 1: response to threats made against the judge and defense attorneys
Speaker 1: in the case. Data show federal judges where the target
Speaker 1: of more than forty five hundred threats and inappropriate communications
Speaker 1: last year. For more in the matter, Bloomberry student Grosso
Speaker 1: speaks to Matthew Schneider, former United States Attorney for the
Speaker 1: Eastern District of Michigan and now a partner at Huntinggman.
Speaker 1: Online threats were made to the judge and two of
Speaker 1: the defense attorneys. The FBI conducted a raid in suburban Detroit,
Speaker 1: but no one was a rested. How unusual are these
Speaker 1: kinds of threats in the middle of a trial, Well, unfortunately,
Speaker 1: it's not all that unusual. In the middle of any
Speaker 1: type of criminal trial that's high profile. You'll have threats
Speaker 1: to the parties involved. And here's the judge and the
Speaker 1: defense attorneys. And the key I think is whether or
Speaker 1: not the jury finds out about this. And it's not
Speaker 1: really relevant to the trial, to the case at hand,
Speaker 1: so most likely the jury will never know that in
Speaker 1: the middle of the trial, there were threats made. But
Speaker 1: you know, in our day and age, more and more
Speaker 1: is happening that that defendants and prosecutors and judges are
Speaker 1: indeed being threatened. It's kind of a sad commentary on
Speaker 1: our society. Oftentimes you hear about prosecutors being threatened rather
Speaker 1: than defense attorneys. Do prosecutors have protection a certain amount?
Speaker 1: When I was a prosecutor, I carried a gun and
Speaker 1: I was a deputy U. S. Marshal at the same time,
Speaker 1: I was deputized because of threats, And that happens because
Speaker 1: so many people just take man is into their own hands.
Speaker 1: But both prosecutors and defense attorneys are always targets, and
Speaker 1: sometimes for different reasons. The prosecution might be targeted because
Speaker 1: the defendants or whoever else does look like what they're doing.
Speaker 1: But then the defense attorneys themselves can be targets because
Speaker 1: people might not like the way they're approaching the case
Speaker 1: or they think they're not doing a good enough job.
Speaker 1: So either way, there can be threats. And the judge
Speaker 1: in this case has been careful about security. He's keeping
Speaker 1: the jurors name secrets. So do you think that's because
Speaker 1: of the nature of the case. Yes, and you often
Speaker 1: see that in very high profile maskia cases or mob
Speaker 1: cases or cases with a lot of violence to keep
Speaker 1: the jurors out of it. So that that protects the
Speaker 1: jurors and it makes them feel better and more comfortable
Speaker 1: in actually doing the deliberation. And as former U S
Speaker 1: attorney Matthew Schneider speaking of the Bloomberg Student Grosso, catch
Speaker 1: more that interview plus analysis of the latest legal news
Speaker 1: by listening to the Bloomberg Law Show attend m Eastern
Speaker 1: Time or subscribing to the Bloomberg Law Podcast, and attorneys
Speaker 1: can find exception only go research and business development tools
Speaker 1: at Bloomberg Law dot com. And again, futures this morning,
Speaker 1: S and P futures are higher, up seven points. And
Speaker 1: we're watching crude oil this morning as it falls down
Speaker 1: five point nine percent at a hundred one dollar forty
Speaker 1: seven cents a barrel, and Bloomberg Daybreak continues. This is
Speaker 1: Bloomberg