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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: Karen, Central Banks once again our major focus around the world.

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Speaker 3: Following yesterday's FED decision, Jay Powell and company kept rates

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Speaker 3: unchanged but signaled they're going to stay higher for longer.

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Speaker 4: We're prepared to raise rates further if appropriate, and we

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Speaker 4: intend to hold policy at a restrictive level until we're

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Speaker 4: confident that inflation is moving down sustainably toward our objective.

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Speaker 3: Jay Powell and the Fed held their target range, while

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Speaker 3: updated quarterly projections showed most officials favored another rate hike

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Speaker 3: this year. Policymakers also seet less easing next year.

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Speaker 2: Well after that decision, Nathan, former New York Fed President

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Speaker 2: Bill Dudley said, there's work to do to get inflation

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Speaker 2: down to two percent.

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Speaker 4: There have been a little bit of an upward movement

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Speaker 4: in people's estimates of the long term Federal fund trate

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Speaker 4: in the summary of.

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Speaker 2: That projections first in June and again this month.

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Speaker 5: So what basically the Fed is concluding is many mantre

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Speaker 5: policies not quite as as we think it is.

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Speaker 2: And Bill Dudley is now a Bloomberg opinion columnist. He

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Speaker 2: added that he thinks a rate hike in November would

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Speaker 2: be surprising.

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Speaker 6: Well.

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Speaker 3: Karen one Wall Street Titan says the Fed needs to

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Speaker 3: be more aggressive. JP Morgan Chase CEO Jamie Diamond says

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Speaker 3: the Fed may have to keep increasing its benchmark interest

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Speaker 3: rates to combat persistent inflation. Speaking in Detroit yesterday, Diamond

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Speaker 3: said the Central Bank was quote a day late and

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Speaker 3: a dollar short, and rapid increases over the last eighteen

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Speaker 3: months have just been catching up.

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Speaker 2: Well, we get another major policy decision later today, Nathan.

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Speaker 2: The Bank of England will design whether to call a

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Speaker 2: halt to the string of fourteen consecutive interest rate increases,

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Speaker 2: and Bloomberg's Lizzie Burden has the preview from London.

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Speaker 7: The chance that the Bank of England slams the brakes

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Speaker 7: on its fastest run of rate hikes in decades today

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Speaker 7: rose after yesterday's happy inflation surprise. Still a quarter point

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Speaker 7: height does remain on the table. With wage growth hot

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Speaker 7: and inflation expectations raging, all eyes will be on the

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Speaker 7: guidance surrounding today's decision today whether if the Bank of

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Speaker 7: England does hike, this will be its last the question

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Speaker 7: being oh at the peak of Table Mountain, as the

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Speaker 7: governor and chief economist have hinted. Lizzie Burden Bloomberg Radio.

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Speaker 3: Okay, Lizzie, thanks. Back here in the US, a possible

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Speaker 3: government shutdown is less than ten days away, but House

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Speaker 3: Speaker Kevin McCarthy is reporting some progress in negotiations. We

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Speaker 3: get the details from Bloomberg's Amy Morris in Washington.

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Speaker 8: Speaker McCarthy won the support of a few hardliners last

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Speaker 8: night as he worked to pass a short term spending

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Speaker 8: bill to head off a government shutdown. After the closed

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Speaker 8: door meeting that lasted more than two hours, McCarthy was

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Speaker 8: still short the votes that he needs to pass a

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Speaker 8: GOP spending measure, a measure that has no chance of

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Speaker 8: passing the Senate, but he says they are closer and

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Speaker 8: if he does succeed, the measure would at least set

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Speaker 8: parameters for a possible negotiation with the Senate on federal spending.

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Speaker 8: In Washington, I'm Amy Morris, Bloomberg Radio.

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Speaker 1: All right, Amy, thanks well.

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Speaker 2: A major flashpoint in a Capitol Hill spending fight will

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Speaker 2: come into focus when Vladimir Zelenski comes to Washington. The

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Speaker 2: Ukrainian president will be on Capitol Hill this morning pushing

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Speaker 2: for a new weapons package, But Speaker Kevin McCarthy says

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Speaker 2: his fellow Republicans have questions.

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Speaker 8: These are hard working taxpayer dollars.

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Speaker 1: I want to make sure there's accountability where the resources

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Speaker 1: are going.

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Speaker 2: I want to see a plan of what we're looking

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Speaker 2: for for victory, and I think members will sit and

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Speaker 2: have their questions as well. Speaker Kevin McCarthy is under

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Speaker 2: pressure from far right conservatives who want to end US assistants.

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Speaker 2: The White House says it's confident the vast majority of

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Speaker 2: lawmakers still support Ukraine aid, and seeing Zelenski in person

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Speaker 2: could dampen any opposition.

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Speaker 3: That's why what's happening in the war now. Karen Russia

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Speaker 3: just launched its most intensive missile barrage this month. The

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Speaker 3: Mayor of Kiev says at least seven people were hurt

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Speaker 3: when at least twenty missiles were shot down. Seven others

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Speaker 3: were hurt in a strike on a hotel in central Ukraine.

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Speaker 3: Russia meanwhile reported nineteen Ukrainian drone attacks on Crimea.

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Speaker 2: Well, Nathan, we have new developments now involving two major

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Speaker 2: labored disputes across the country. The Writers Guild of America

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Speaker 2: and the group representing major Hollywood studios will meet for

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Speaker 2: a second day. Sources say the studios have agreed to

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Speaker 2: one of the union's major demands, additional payments for the

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Speaker 2: success of TV shows on streaming services. The guild will

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Speaker 2: give its response later today.

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Speaker 3: Well, there's not as much optimism involving the autoworkers strike Careen.

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Speaker 3: A union negotiator says Stalantis's new contract offer to the

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Speaker 3: United Auto Workers lacks job security guarantees. UAW will now

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Speaker 3: have a Facebook live event tomorrow morning. It's likely to

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Speaker 3: discuss whether additional plants will face strikes.

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Speaker 2: Well, let's turn to Wall Street now. Nathan shares a

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Speaker 2: FedEx F five percent in early trading, the company posting

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Speaker 2: profit that beat analyst estimates, and the company raising its

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Speaker 2: earnings forecast. We get more from Bloomberg's Doug Chrisner.

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Speaker 9: FedEx is benefiting from cost cutting. Earlier this year, the

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Speaker 9: company announced a multi year restructuring to reduce cost and

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Speaker 9: improve efficiency by six billion dollars. But that's not the

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Speaker 9: whole story. FedEx added customers who switched from UPS, its

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Speaker 9: main rival, on concern over a potential strike, and on

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Speaker 9: top of that, the freight unit of FedEx picked up

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Speaker 9: some volume from Trucker Yellow Corporation. You might recall Yellow

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Speaker 9: declared bankruptcy in early August in New York. I'm Doug Krisner,

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Speaker 9: Bloomberg Radio.

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Speaker 3: All right, Doug, thanks for also watching. Shares of Broadcom.

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Speaker 3: They're down more than five percent. The information is reporting

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Speaker 3: that Google executives are discussing dropping Broadcom as an AI

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Speaker 3: chip supplier as early as twenty twenty seven.

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Speaker 2: And finally, Nathan, that didn't last very long. Instacar, the

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Speaker 2: grocery delivery giant that soared as much as forty three

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Speaker 2: percent in its trading debut two days ago, has now

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Speaker 2: wiped out virtually all of those gains. The stock film

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Speaker 2: nearly eleven percent yesterday and closed just ten cents above

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Speaker 2: the thirty dollars level from its initial public offering. It's

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Speaker 2: time now for a look at some of the other

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Speaker 2: stories making news around the world, and for that we're

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Speaker 2: joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen.

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Speaker 8: Air Force General Charles Q. Brown Junior is set to

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Speaker 8: become america top military officer. This is the first Pentagon

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Speaker 8: confirmation since a recent blockade on military promotions by Alabama

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Speaker 8: Senator Tommy Turberville, who claimed, or rather who blames Democrats

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Speaker 8: for the delay of the vote.

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Speaker 10: Instead of voting, Democrats have spent months complaining about having

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Speaker 10: to vote. They want us to use floor time for

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Speaker 10: things like liberal judges, like the one we confirmed a

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Speaker 10: couple hours ago.

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Speaker 8: It was actually Turberville who had blocked military personnel moves

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Speaker 8: for months because he wants to overturn a Pentagon policy

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Speaker 8: of granting leave and travel expenses for service members who

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Speaker 8: seek abortion services. An age limit for politicians is being

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Speaker 8: proposed in Congress. It is not sitting well with some

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Speaker 8: of the older lawmakers. Texas Congresswoman Sheila Jackson Lee is

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Speaker 8: seventy three years old, and she would have only two

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Speaker 8: years left under this proposal, which caps political service at

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Speaker 8: age seventy five.

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Speaker 10: It undermines the people's ability to run their government as

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Speaker 10: they choose.

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Speaker 8: Jackson Lee says it would be a to voters to

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Speaker 8: decide if someone is just too old to serve in office.

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Speaker 8: Former President Donald Trump reportedly plans to skip the third

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Speaker 8: Republican presidential debate that continues his strategy of avoiding forums

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Speaker 8: that include his lower polling political rivals. Trump did not

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Speaker 8: show up for the first debate. He said he won't

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Speaker 8: participate in the second debate, and that's coming up on

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Speaker 8: September twenty seventh at Reagan Presidential Library, and Trump has

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Speaker 8: questioned the benefit of debating at all because he holds

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Speaker 8: such a wide lead over the rest of the GOP field.

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Speaker 8: A family is suing Google for negligence, saying its outdated

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Speaker 8: navigation system led to their father's death. A family's attorney,

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Speaker 8: Robert Zimmerman, says multiple people had been notifying Google Maps

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Speaker 8: about a bridge collapse, but nothing was done to update

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Speaker 8: the app's route information.

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Speaker 6: For years, Google attempted to lead people over a collapse

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Speaker 6: bridge despite being notified by users of this exact danger.

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Speaker 8: Forty seven year old Philip Paxson was using Google Maps

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Speaker 8: phoned from his daughter's birthday party outside Charlotte, North Carolina,

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Speaker 8: last year, when Google Maps led him down a road

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Speaker 8: onto the bridge that had collapsed nearly ten years ago

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Speaker 8: and had never been repaired. Global News twenty four hours

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Speaker 8: a day, powered by more than twenty seven hundred journalists

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Speaker 8: and analysts in more than one hundred twenty countries. I'm

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Speaker 8: Amy Morrison. This is Bloomberg Karen right.

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Speaker 2: Amy, Thank you, and I'll get the latest news whenever

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Speaker 2: you wanted with Bloomberg News Now. It's the top stories

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Speaker 2: from our global team of reporters at the click of

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Speaker 2: a button. Get Bloomberg News Now on the Bloomberg Business app,

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Speaker 2: Bloomberg dot com, and anywhere you get your podcasts. It's

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Speaker 2: time now for the Bloomberg Sports Update. Here's John stash Hour.

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Speaker 5: John. Yeah, and these are not good times with the

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Speaker 5: Chicago Bears. They're owing to They lost twelve games in

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Speaker 5: a row going back to last season. Their defensive quider

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Speaker 5: Alan Williams is taking a leave of absence. He didn't

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Speaker 5: coach the game last Sunday. He says it's for health reasons.

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Speaker 5: There was a report that the FBI just raiding his home.

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Speaker 5: Quarterback Justin Field struggled last Sunday. He said his play

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Speaker 5: was too robotic, and he was asked why that was

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Speaker 5: the case.

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Speaker 10: It could be.

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Speaker 11: Coaching, I think, But you know, at the end of

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Speaker 11: the day, it makes it. You know they're doing their

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Speaker 11: job when they're giving me, you know, what's look at

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Speaker 11: stuff like that. But at the end of the day,

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Speaker 11: I you know, can't be thinking about that when the

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Speaker 11: game comes out, preparing myself throughout the week, and then

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Speaker 11: when the game comes it's, you know, it's time to

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Speaker 11: play free. At that point, so.

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Speaker 5: Field said his comments were taken out of context in

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Speaker 5: terms of criticizing the coaching staff. Week three begins tonight,

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Speaker 5: the Giants coming up that big comeback win last Sunday

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Speaker 5: at Arizona visiting the forty nine ers, who are two

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Speaker 5: to zero. It's their home opener. Baseball, the Orioles lost

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Speaker 5: in Houston two to one, Astro scoring in the eighth

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Speaker 5: to ninth innings to stay in first place in the

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Speaker 5: Al West. Nationals were up twelve to nothing in the

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Speaker 5: fifth that he went on to beat the White Sox

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Speaker 5: thirteen to three. The Red Sox led early on four

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Speaker 5: to nothing, then lost to Texas fifteen to five. Rangers

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Speaker 5: hit four home runs. A's lost at home to Seattle

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Speaker 5: sixty two. The Giants fell to five hundred. They're out

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Speaker 5: of it pretty much for a wildcard. They lost at

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Speaker 5: Arizona seven to one. That Diamondbacks keep the lead for

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Speaker 5: the second National League wildcard. Talks dash that were.

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Speaker 12: Bloomberg'sport from coast to coast, from New York to San Francisco,

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Speaker 12: Boston to Washington, DC, nationwide on Syrias, exam the Bloomberg

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Speaker 12: Business app in Bloomberg dot com. This is Bloomberg Daybreak.

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Speaker 3: Good morning. I'm Nathan Hager. They're almost done raising rates,

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Speaker 3: but the fight against inflation is far from over. That

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Speaker 3: was the message j. Powell and the Federal Reserve had

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Speaker 3: for markets as they kept interest rates unchanged for now.

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Speaker 4: We will continue to make our decisions meeting by meeting

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Speaker 4: based on the totality of the incoming data and their

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Speaker 4: implications for the outlook for economic activity and inflation, as

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Speaker 4: well as the balance of risks. Given how far we

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Speaker 4: have come, we are in a position to proceed carefully

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Speaker 4: as we assess the incoming data and the evolving outlook

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Speaker 4: and risks.

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Speaker 3: For more on the Fed's decision and more central bank

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Speaker 3: decisions to come, we are joined by Bloomberg opinion columnist

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Speaker 3: Marcus Ashworth. Marcus, good morning. We can now proceed carefully.

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Speaker 3: We heard that a lot from Chairman Powell. What message

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Speaker 3: do you take from that?

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Speaker 6: Well, I think that what I like about Powell is

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Speaker 6: that he's basically saying they don't really have any clear

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Speaker 6: idea what's going on. But he's not rushed into judgment

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Speaker 6: one way or another. The bias is still to Titan,

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Speaker 6: even though that may not mean much or anything at all.

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Speaker 6: In fact, you know, at the moment, the economy is

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Speaker 6: too strong to talk about rate cuts at any point,

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Speaker 6: or any need to talk about rate cuts, and he

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Speaker 6: wants to make sure that doesn't get rapidly priced in

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Speaker 6: is the markets often want to do. I don't think

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Speaker 6: he's got much time for the dop plots, the summary

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Speaker 6: of economic productions. I think you find it a distraction. Unfortunately,

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Speaker 6: the more he says, don't look at them and don't

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Speaker 6: mean much, and they may change, and their clearly as

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Speaker 6: they're changes as the winds blow in different directions. Unfortunately,

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Speaker 6: the media seems to take it more and more, situs

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Speaker 6: they've got nothing else to hang the hat on, because

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Speaker 6: as he's saying, it's difficult at the moment, it's an

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Speaker 6: unclear picture. We're taking it, you know, as as we

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Speaker 6: go along. At the moment, there's no need to hike

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Speaker 6: rates further. You know, inflation in compared to the rest

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Speaker 6: of the world, inflation in the US is actually doing

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Speaker 6: pretty well. It's coming down nicely. But you know, look

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Speaker 6: he's doing as as competent a job as you can expect.

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Speaker 6: I really wouldn't read too much into what perhaps the

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Speaker 6: people think that the Fed wants to do by the

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Speaker 6: rest of this year or even the next. And I

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Speaker 6: still think they will they will stay where they are,

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Speaker 6: and I don't expect to see another rate hike. But

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Speaker 6: you know, Pal just doesn't want to get the opposite

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Speaker 6: priced into quickly wherever races to think there's going to

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Speaker 6: be rate cuts.

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Speaker 3: Because see, you don't think that the DoD plood is

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Speaker 3: a reflection of what the Chairman had to say in

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Speaker 3: his message. I mean, we had, you know, a dozen

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Speaker 3: policymakers saying they do see another rate hike, and it

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Speaker 3: sounded like Chairman Powell was keeping the door open to that.

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Speaker 6: No, he's keeping the door open. I just don't think

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Speaker 6: that they will go through that door. And I don't

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Speaker 6: think Powell thinks that either. But you know, he can't

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Speaker 6: say that because then everyone will think the opposite. So

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Speaker 6: for the moment, you know, look, there is a possibility.

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Speaker 6: Let's face it, crew prices continue to go higher, and

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Speaker 6: hire and go through one hundred that maybe they feel

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Speaker 6: they may have to do one more. You know, that

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Speaker 6: is that is out of everyone's hands at the moment

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Speaker 6: as to what happens there. Of course, there's a possibility,

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Speaker 6: and he's very sensible and proven to keep and reflect

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Speaker 6: what in essence the dot plot is saying. I just

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Speaker 6: don't think he believes in the usefulness of the dot plot.

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Speaker 6: But regardless what he's saying, everyone's hanging that hat on

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Speaker 6: that because that's all they can they can see through.

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Speaker 6: I just don't I think in three months time are

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Speaker 6: the chances of that reality of what people think, say

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Speaker 6: they think, think they think now and actually doing it

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Speaker 6: are two different things.

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Speaker 3: Up next, you got the Bank of England. Got a

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Speaker 3: lot more interesting here, but the surprise drop in inflation.

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Speaker 3: What do you see from the BOE this morning?

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Speaker 6: You know, well, I mean the inflation data is better.

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Speaker 6: It's been a long time coming. It's about time the

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Speaker 6: UK inflation they got better. We've just had some sort

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Speaker 6: of very sticky contractual lead food price inflation which is

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Speaker 6: finally started a long last start to drop out and

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Speaker 6: I think will continue to yes, you know, obviously, like

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Speaker 6: I run the rest of the world. Fuel prices has

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Speaker 6: been going up and that added about zero point three

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Speaker 6: to the headline. You so there's potential for that to

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Speaker 6: add more in the extra month or two. But equally,

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Speaker 6: if ever oil prices was a drop, it would feed

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Speaker 6: strive back out the other way, and clearly energy prices,

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Speaker 6: we've still got some more good news to come. So

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Speaker 6: I would say that the back of England sort of

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Speaker 6: content by that it's finally working its own way. That's

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Speaker 6: the way I think they want to get to the

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Speaker 6: so called tabletop, which Chief Economishee Pill mentioned. They can't

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Speaker 6: really do it unless the FED is clearly on that

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Speaker 6: tabletop as well. And indeed, by the fact the European

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Speaker 6: Central Bank raise rates one last time, probably the four

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Speaker 6: last week, it means I think they will go one

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Speaker 6: last move to five and a half and then say, look,

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Speaker 6: we're on this table top like everyone else is now

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Speaker 6: and we've probably done You know, well, I think too much,

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Speaker 6: but they certainly think they've done sufficient to try and

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Speaker 6: keep a hold of inflation. They're much more worried about

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Speaker 6: wage data than they are by consumer prices, and that's

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Speaker 6: the thing that's keeping them ratching in the monetary pain

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Speaker 6: up because they really need to get a hold of

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Speaker 6: a very very strong wage data.

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