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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: We begin in Washington, where Congress has kept the lights

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Speaker 2: on again.

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Speaker 3: I'm happy to inform the American people there will be

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Speaker 3: no government shutdown on Friday.

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Speaker 2: Senate Majority Leader Chuck Schumer is celebrating after the Senate

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Speaker 2: passed a temporary spending bill last night that keeps some

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Speaker 2: parts of the government open until March eighth and the

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Speaker 2: rest through March twenty second. Bloomberg's Eric Wasson has more

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Speaker 2: details from Washington.

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Speaker 4: Behind the scenes, there's also sort of an agreement on

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Speaker 4: a six bill package full year funding for about twenty

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Speaker 4: seven percent of agency spending. We're exciting to see that

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Speaker 4: release sometime this weekend, probably on Sunday.

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Speaker 2: Bloomberg's Eric Wasson reports Republicans in the House have been

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Speaker 2: told not to expect many victories when those tales come out.

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Speaker 2: The temporary spending bill is now headed to the White House,

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Speaker 2: where President Biden plans to sign it well.

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Speaker 1: Nathan, turning to presidential politics, the border is quickly replacing

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Speaker 1: the economy is the most important issues for American voters,

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Speaker 1: and Bloomberg's Ed Baxter reports the front runners are paying attention.

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Speaker 5: Both President Joe Biden and Donald Trump visiting the border

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Speaker 5: two different locations and both blaming each other. Trump at

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Speaker 5: Eagles Pass, people.

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Speaker 6: From places unknown, from countries unknown, who don't speak languages.

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Speaker 6: We have languages coming into a country. We have nobody

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Speaker 6: that even speaks those languages. They truly foreign languages. Nobody

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Speaker 6: speaks them.

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Speaker 7: Biden at Brownsville, folks, So my first day is president

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Speaker 7: I introduced to Bill, I sent to Congress a comprehensive

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Speaker 7: plan to fix the broken immigration system and to secure

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Speaker 7: the border, but no action was taken.

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Speaker 5: Trump calling it a Biden invasion, Biden saying the Congress

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Speaker 5: and Republicans must act. Ed Baxter Bloomberg Radio, All right, Ed,

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Speaker 5: thank you. Now, he turned to the markets where stock

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Speaker 5: begin the new month. That record highs. We get more

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Speaker 5: from Bloomberg's John Tucker, John and Nathan.

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Speaker 8: The S and P five hundredth, the NASDAK, and the

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Speaker 8: NASDAK one hundred all ended Thursday session at records. In fact,

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Speaker 8: the S and P five hundred so it's fourteenth record

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Speaker 8: this year. The NASDAQ one hundred climbed almost one percent,

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Speaker 8: with Nvidia leading gains and megacaps. Investor is also encouraged

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Speaker 8: that the latest inflation data was not as hot as

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Speaker 8: some expected. At Lauren San Philippo at Merrill and Bank

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Speaker 8: of America Private Bank thinks stocks can move higher from here.

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Speaker 9: There's a lot of things to look forward to. Right

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Speaker 9: we have this said pivot that's being priced in. Growth

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Speaker 9: is certainly surprising to the upside the Sate Atlanta tracker

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Speaker 9: for GDP for this quarter three point two percent, So

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Speaker 9: again surprises city upside will certainly matter, and I think

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Speaker 9: kerry the market through this year.

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Speaker 8: A signed from economic data. The four hundred and eighty

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Speaker 8: nine companies of the S and P five hundred that

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Speaker 8: have reported earning so far this season, seventy six percent

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Speaker 8: have delivered positive earning surprises. A year to date, the

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Speaker 8: SCID five and the NASDEK are up around seven percent.

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Speaker 8: John Tucker, Bloomberg Radio.

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Speaker 1: All right, John, thanks so one stock participating in the

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Speaker 1: rally as Dell shares surging twenty two percent. The computer

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Speaker 1: hardware company reported fourth quarter results that beat expectations. Analysts

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Speaker 1: say demand for artificial intelligence servers is driving momentum well On.

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Speaker 2: The flip side, Karen Shares of New York Community Bank

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Speaker 2: Corpor Down more than twenty seven percent. The commercial real

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Speaker 2: estate lender took a two point four billion dollar hit

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Speaker 2: to earnings as it identified weaknesses with its loan review process,

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Speaker 2: details from Bloomberg's Charlie Pellett.

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Speaker 10: The bank also said it needs more time to file

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Speaker 10: its annual report to regulators as it shores up its

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Speaker 10: internal controls. In a separate filing, NYCB said quote management

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Speaker 10: identified material weaknesses in the company's internal controls related to

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Speaker 10: internal loan review resulting from ineffective oversight, risk management, unmonitoring activities.

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Speaker 10: The announcement re so drama that erupted at the end

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Speaker 10: of January when the bank slashed its dividend and stockpiled

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Speaker 10: cash to cover troubled loans in New York. Charlie Pellet,

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Speaker 10: Bloomberg Radio and Charlie. The bank's also changing bosses.

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Speaker 2: Alessandro Dinelli will become chief executive Officer, effective immediately, succeeding

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Speaker 2: Thomas Kangemme Well Nathan.

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Speaker 1: While equities overall sit at record highs, it's also been

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Speaker 1: quite a run for bitcoin. The cryptocurrency is more than

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Speaker 1: forty two percent this year. Demand for the token from

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Speaker 1: new US exchange traded funds is helping fuel the rally,

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Speaker 1: which saw bitcoin surged over sixty three thousand dollars earlier

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Speaker 1: this week, but Michael nova Grants, the CEO of Galaxy

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Speaker 1: Digital Holdings, expects a pullback in the near term.

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Speaker 2: I would say we've got the very frothy frothy levels,

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Speaker 2: and so I wouldn't be surprised to see some correction

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Speaker 2: in some consolidation. But I'm very loath to pick a

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Speaker 2: Bitcoin high because.

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Speaker 10: I really do believe this is price discovery.

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Speaker 1: And Galaxy did you, CEO Michael Novagrad, says bitcoin could

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Speaker 1: pull back to the mid fifty thousand level before rallying

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Speaker 1: to new highs. Looking at Bitcoin right now, it's at

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Speaker 1: about sixty two one hundred dollars.

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Speaker 2: Turning to the economy, Karen, Despite the Fed's preferred measure

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Speaker 2: of inflation rising at its fastest pace in nearly a year,

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Speaker 2: more central bankers are talking about rate cuts. San Francisco

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Speaker 2: FED president Mary Daily says policymakers are ready to take action.

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Speaker 11: We want to avoid holding on all the way to

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Speaker 11: two percent. They're putting policy very tight and then cause

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Speaker 11: an unnecessary downturn. We are agile, and we're sitting in

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Speaker 11: what I call the ready position. We are ready to

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Speaker 11: make moves and adjust as the data demand us to do.

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Speaker 11: And I think right now the economy and policy are

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Speaker 11: in a good place to do that.

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Speaker 2: San Francisco Fed chief Mary Daily added she's looking for

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Speaker 2: quote a collage of evidence that inflation is moving sustainably lower.

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Speaker 2: Daily spoke with David Weston on Bloomberg Wall Street. We

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Speaker 2: catch the full conversation today at six pm Wall Street

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Speaker 2: time on Bloomberg Radio and television.

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Speaker 1: Than over in Europe, big changes are coming at the

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Speaker 1: Swiss National Bank. Thomas Jordan is leaving the SMB later

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Speaker 1: this year after more than a decade as president. It

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Speaker 1: ends an era where his institution was at the heart

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Speaker 1: of currency and banking turmoil that rippled around the world.

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Speaker 1: Jordan is one of Switzerland's best known a most influential

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Speaker 1: public officials. He steered the economy through the Euro Area

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Speaker 1: dead crisis, remove the cap on the frank and twenty fifteen,

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Speaker 1: and adopted the world's lowest interest rate.

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Speaker 2: Moving to Asia, Karen manufacturing activity in China slumped in

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Speaker 2: February as factories wrestled with weak demand. Bloomberg Daybreak Asia

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Speaker 2: anchor Brian Curtis has more from Hong Kong.

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Speaker 12: China's factory activity shrank for a fifth month, the official

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Speaker 12: PMI coming in at forty nine point one, slightly better

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Speaker 12: than expected but still in contraction that Taishin PMI came

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Speaker 12: in stronger at fifty point nine. Surveys elsewhere in Asia

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Speaker 12: showed manufacturers cutting output and new orders last month as

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Speaker 12: due to subdued customer spending in both domestic and internet

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Speaker 12: national markets. Taiwan's PMI edging down to forty eight point six,

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Speaker 12: Japan's at forty seven point two in al Kong.

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Speaker 13: Brian Curtis, Bloomberg.

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Speaker 1: Radio, All right, Brian, thanks so, Bloomberg News has learned

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Speaker 1: the World Trade Organization has made progress toward agreements on

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Speaker 1: measures to broaden global trade. Sources say a final deal

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Speaker 1: on agriculture subsidies, over fishing and tariff free e commerce

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Speaker 1: are hinging on the willingness of major economies to make

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Speaker 1: last minute concessions.

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Speaker 2: So now to take a look at some of the

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Speaker 2: other stories making news in New York and around the world,

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Speaker 2: and for that we are joined by Bloomberg's Michael Barr.

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Speaker 13: Good morning, Michael.

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Speaker 14: Good morning, Nathan. There are conflicting reports about yesterday's events

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Speaker 14: leading up to the depths of more than one hundred Palestinians,

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Speaker 14: according to health officials in northern Gaza, witnesses say Israeli

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Speaker 14: soldiers guarding an AID convoy in Gaza City opened fire

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Speaker 14: on Palestinians racing to pull food off the trucks. Israel

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Speaker 14: says many of the victims were run over by the

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Speaker 14: trucks and that troops only opened fire when they felt

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Speaker 14: endangered by the crowd. IDF spokesman Peter Lerner.

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Speaker 15: A large amount of people were going on the trucks

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Speaker 15: and looting them and trampling and crushing one another, and

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Speaker 15: indeed many of the people that were injured or wounded

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Speaker 15: or even killed were as a result of the truck movement.

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Speaker 14: At a Pentagon briefing press Secretary Air Force Major General

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Speaker 14: Pat Riders, the Defensive Department has repeatedly stressed to Israel

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Speaker 14: the need to minimize civilian casualties.

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Speaker 16: We're going to continue to work with partners in the

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Speaker 16: region to try to ensure that humanitarian assistants can be

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Speaker 16: delivered while at the same time communicating with our Israeli

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Speaker 16: partners the importance of taking civilian safety into account.

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Speaker 14: Major General Writers says the White House is asking for

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Speaker 14: an investigation. Relatives and supporters of Alexi Navolni are bidding

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Speaker 14: farewell to the Russian opposition leader. Today, a funeral is

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Speaker 14: in southeastern Moscow after his still unexplained death in an

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Speaker 14: Arctic peace colony. The first MTA public hearing was held

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Speaker 14: last night on congestion pricing in Manhattan. There were comments

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Speaker 14: four and against the move to toll drivers who travel

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Speaker 14: below sixtieth Street. The hearing is not expected to change much,

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Speaker 14: but it was a chance for voices to be heard.

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Speaker 14: Many uber and lyft drivers are against the measure. This man,

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Speaker 14: who identified himself as a TLC driver, says the MTA

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Speaker 14: is a money pit, and he made sure the board

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Speaker 14: knew he was in the no column.

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Speaker 1: For each and every one of you.

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Speaker 5: There is a special place in hell for you.

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Speaker 13: Lucifer waits for you.

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Speaker 1: He waits for you.

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Speaker 14: Then he was escorted out. However, there were others for

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Speaker 14: congestion pricing, like this woman who lost her husband and

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Speaker 14: says an ambulance was delayed because of traffic.

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Speaker 11: None of you want to be in a situation where

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Speaker 11: you might have been saved but you died because there

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Speaker 11: was too much traffic.

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Speaker 14: Audio courtesy of ABC seven and picks eleven Federal agents

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Speaker 14: search to properties owned by a top advisor to New

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Speaker 14: York City may Eric Adams. The FBI carried out rage

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Speaker 14: yesterday had two Bronx addresses, which records show are owned

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Speaker 14: by Winnie Greco, a former fundraiser for Adams who now

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Speaker 14: serves as his director of Asian Affairs. The purpose of

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Speaker 14: the investigation not revealed. Global News twenty four hours a

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Speaker 14: day and whenever you want it with Bloomberg News Now,

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Speaker 14: Michael Barr, this is Bloomberg.

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Speaker 7: Nathan.

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Speaker 13: All right, Michael, thank you.

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Speaker 2: Time now for the Bloomberg Sports Update, brought to you

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Speaker 2: by tri State out are you.

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Speaker 13: Good morning, John Stanshawer.

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Speaker 3: Good morning, Nathan. Steph Curry has been coming into the

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Speaker 3: garden for fifteen years.

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Speaker 13: Every time he does.

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Speaker 3: Knicks fans can't help but think back to that two

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Speaker 3: thousand and nine draft. Nicks had the eighth pick we're

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Speaker 3: hoping to take Curry. Golden State took him with the seventh.

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Speaker 3: He's gone on to make the most three pointers ever

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Speaker 3: win four championships. Curry had it going at MSG last night.

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Speaker 17: Step step back, left point three over at show a

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Speaker 17: perfecto fifty three forty four and Steph with his four

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Speaker 17: to three of the game, He's got seventeen lead back

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Speaker 17: to nine one oho seven ago. In the first step

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Speaker 17: bounce pass, Draymond goes to Paul Offus great Steph catches

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Speaker 17: shoot right wing three as God. This eighth of the game, He's.

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Speaker 3: Got thirty one ninety five seven the fan. Curry and

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Speaker 3: the Warriors never trailed. Beat the Knicks one ten ninety nine.

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Speaker 3: Golden States now one ten to last twelve. The injury

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Speaker 3: riddled Knicks have lost eight of the last eleven. At

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Speaker 3: Barkley's rare easy win for the Nets, up eighteen in

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Speaker 3: the first quarter, they beat Atlanta, won twenty four to

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Speaker 3: ninety seven. Cam Johnson scored twenty nine. The Wizard's fiftieth loss,

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Speaker 3: thirteenth in a row. Took the Lakers to overtime, fell short.

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Speaker 3: Anthony Davis scored forty for La. Celtics will host Dallas tonight.

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Speaker 3: Thirty five year old Jeff Peterson, who's been the Nets

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Speaker 3: assistant GM named a head up basketball operations in Charlotte.

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Speaker 3: The Islanders went to Detroit end of the red winging

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Speaker 3: sixty game, winning Street five to three, two goals for

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Speaker 3: brock Nelson. The Bruins blew a three nothing leads, still

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Speaker 3: beat Vegas five to four. College hoops Rutgers by thirty

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Speaker 3: over Michigan. In Iowa, Caitlyn Clark announced she's going pro

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Speaker 3: when the season ends.

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Speaker 13: Hardly a surprise.

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Speaker 3: She's played four years did have a year of eligibility

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Speaker 3: left due to COVID. Clark already the leading score in

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Speaker 3: NCAA and all of women's basketball history, and about to

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Speaker 3: go past Pete Maravich and have the most points men

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Speaker 3: or women. She'll almost certainly be taken first overall by

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Speaker 3: Indiana in the WNBA draft. Yankees and Marlins played an

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Speaker 3: exhibition game in Tampa.

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Speaker 13: The game ended scoreless. Josh stashie that we're Bloomberg's sport, Nathan,

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Speaker 13: Thank you, John. Now let's get right back to this market.

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Speaker 2: Closing out the week entering a new trading month at

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Speaker 2: the S and P five hundred and Nasdaq one hundred,

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Speaker 2: both at all time high. So what should we be

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Speaker 2: waiting as we round out the quarter. Let's bring in

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Speaker 2: Daniel Morris, chief market strategists at BNP Pariba. Daniel, thanks

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Speaker 2: for being with us. Does this market look toppy to you?

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Speaker 2: Does the rally have more to go?

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Speaker 13: Where do you see the momentum?

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Speaker 18: Well, certainly one thing you would be looking at if

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Speaker 18: you're trying to make that assessment and valuations given the

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Speaker 18: run that we've had. But I think thecouraging news is

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Speaker 18: that certain evaluations are higher than average. But given an

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Speaker 18: earnings growth that we've seen, given the strength of US

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Speaker 18: economic growth that we've had, seems perfectly reasonable and certainly

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Speaker 18: compared to other parts of the world. You know, we

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Speaker 18: Europe is struggling, in Japan was in recession in the

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Speaker 18: last quarter. The latest Chinese data was disappointing, so you

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Speaker 18: kind of running out of growth areas and so you

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Speaker 18: turn into the US and that's reflected in the market.

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Speaker 2: Now those valuations looking good to you across the market?

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Speaker 2: Or is it just in those AI stocks that we

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Speaker 2: focus so much on these days.

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Speaker 18: Well it's not the only Perhaps the interesting comparison is

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Speaker 18: if you take say NAOSAQ one hundred and then look

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Speaker 18: at multiples relative to history for the NASAC and then

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Speaker 18: do the same thing, say for the wrestle one thousand

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Speaker 18: value is kind of the other part of the market,

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Speaker 18: if you will, And they're both at about the same

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Speaker 18: relative valuations, meaning they're both a bit about average, not terrible.

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Speaker 18: And that's actually a big change from the garment we've

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Speaker 18: had in previous years, where when you would say the

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Speaker 18: SMP was expensive, you were really saying that tech stocks

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Speaker 18: were expensive and everything else perhaps was cheap. So that's

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Speaker 18: not the case anymore. Everything is going to equally up

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Speaker 18: of average. But again that goes back as a reflection

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Speaker 18: of the growth and the earnings potential.

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Speaker 11: We think, we.

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Speaker 2: See, what did you make of the reaction that we

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Speaker 2: saw after the core PC deflator The feds preferred inflation

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Speaker 2: gauge came in hotter, but right in line with estimates.

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Speaker 2: We're starting to hear more Fed officials saying that maybe

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Speaker 2: we can start thinking about rate cuts even with this

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Speaker 2: little bump in inflation.

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Speaker 18: Maybe mature to go quite that far. I mean, certainly

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Speaker 18: we had the chance to adjust our expectations after the

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Speaker 18: CPI data, so it really should not have been another surprise,

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Speaker 18: given it's just another slice at the same underlying dynamic.

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Speaker 18: It is going to be and you hate to say this,

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Speaker 18: but a wait and see whether or not next month's

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Speaker 18: data confirms the trend, because you know, we saw it

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Speaker 18: wasn't just housing in both the PC and the CPI data,

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Speaker 18: you know, there was services pressure. So we need to

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Speaker 18: see if that persists. And to make you a little

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Speaker 18: bit more cautious about whether it mine or might not,

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Speaker 18: you look at the data that we got out of

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Speaker 18: Europe recently showed a similar surprise, particularly on the services side.

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Speaker 18: So this an area where inflation re accelerates simply because

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Speaker 18: growth is or strong, you know, certainly not something we

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Speaker 18: exclude entirely.

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Speaker 2: So are you thinking that cautions in order as we

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Speaker 2: get ready for the next rate on jobs next week?

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Speaker 18: Well, I think you would anticipate the job stay. That's

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Speaker 18: going to be fine. I mean, labor marketing in general

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Speaker 18: is like an indicator we have. GDP for the fourth

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Speaker 18: quarter was strong. GDP now forecasts around three percent for

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Speaker 18: the first quarter. I mean just really, these just amazingly

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Speaker 18: strong numbers given how high policy rates are. So that's

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Speaker 18: all going to be fine. And I think the reason

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Speaker 18: that you've seen this, you know, rather you know, I

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Speaker 18: guess the noign positive reaction in equity markets because a

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Speaker 18: bit more growth, a bit more inflation, that's certainly not

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Speaker 18: much of will worry as far as equitieselt concerned.

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Speaker 2: So what's going to come into play in March for you?

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Speaker 2: What catalysts are you looking at?

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Speaker 18: Well, you know you're looking it's the same two risks

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Speaker 18: to growth and in inflation. So you know, do we

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Speaker 18: start to see a deceleration and growth? Certainly not yet,

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Speaker 18: but at some point you know, it has to happen,

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Speaker 18: if you will. And then on the inflation front, you know,

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Speaker 18: a bit high, a bitsteady, not decelerating so much. That's

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Speaker 18: probably not as big a concern. If you really did

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Speaker 18: see that, that reacceleration and inflation, you're going to start

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Speaker 18: to question even the three cuts that that has put

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Speaker 18: out there.

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