Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: day Break for Wednesday, January eleventh. Coming up this hour
Speaker 1: No led up to the massive rains that have claimed
Speaker 1: seventeen lives in California. President Biden speaks out about classified
Speaker 1: documents in his old office as Republicans craped multiple investigations,
Speaker 1: double lines. Jeffrey Gunla says listened to the bond market,
Speaker 1: not the Fed. On races, and another big bank is
Speaker 1: set to slash bonuses. New York Governor Holkel wants to
Speaker 1: ban natural gas and buildings. Plus New Jersey Governor Murphy
Speaker 1: calls to end double taxation of commuters to New York.
Speaker 1: On Michael bar I'm John stas shower and sports, Carlos
Speaker 1: Correa will be a twin, not a mat. The Rangers
Speaker 1: and Devils won, the Islanders lost. That's all s Trady
Speaker 1: head on Bloomberg day Break on Bloomberg eleven Free on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixty, San Francisco, Sirius x
Speaker 1: M one nineteen and around the world on Bloomberg Radio
Speaker 1: dot Com and via the Bloomberg Business. Good morning, I'm
Speaker 1: Nathan Hagar and I'm Karin Moscow. If here are the
Speaker 1: stories we're following today. We continue tracking the dangerous weather
Speaker 1: on the West Coast. More storms are headed to California
Speaker 1: as the state continues reeling from about with severe weather.
Speaker 1: Ed Baxter has the latest from our Bloomberg nine sixty
Speaker 1: newsroom in San Francisco. Just as some residents are allowed
Speaker 1: back into their homes, they are being told they're going
Speaker 1: to have to evacuate again. It is a story that's
Speaker 1: being played out from the very north to the south
Speaker 1: with a very threat of danger, pointed out by the
Speaker 1: fact that at least fifteen people have lost their lives.
Speaker 1: Governor Gavin Newsom says three more storms at least are
Speaker 1: headed our way. We're not out of the woods. We
Speaker 1: expect these storms to continue at least through the of
Speaker 1: this month. The largest fear is in the hills and
Speaker 1: along major rivers, But yesterday afternoon even San Francisco declared
Speaker 1: a rare flash flood warning. In San Francis leus Go.
Speaker 1: I'm at Baxter Bloomberg Daybreak. Alright, and thank you for
Speaker 1: turning to politics. Now we're hearing from President Biden for
Speaker 1: the first time since news broke that classified documents were
Speaker 1: discovered in an office used before he was elected. I've
Speaker 1: turned over the boxes, They've turned over the boxes to
Speaker 1: the Archives, and we're co operating fully, co operating fully
Speaker 1: with the review and which I hope will be finished
Speaker 1: soon and it will be more detailed at that time.
Speaker 1: And President Biden says his lawyers did the right thing
Speaker 1: by calling the National Archives. Congressional Republicans are promising to
Speaker 1: investigate well. President Biden spoke there caring at the end
Speaker 1: of the North American leaders summit in Mexico City. That
Speaker 1: event saw the President defending policies of the border and
Speaker 1: downplaying differences with Canada and Mexico. Overtrade Lester Monson is
Speaker 1: a principle at the government relations firm b GR Group.
Speaker 1: He says, the US is stuck in an anti free
Speaker 1: trade mentality, and if we can use this as a
Speaker 1: way to kind of open up a little bit at
Speaker 1: least two other countries that are nearby, countries that are
Speaker 1: biologically aligned with US, that's good. I would like to
Speaker 1: see you can kind of break out of a fortress
Speaker 1: America thinking. Lester months in with b GR Group was
Speaker 1: a guest on Bloomberg Sound On with Joe Matthew. Catch
Speaker 1: the show weekdays at five pm Eastern on Bloomberg Radio
Speaker 1: and listen on demand wherever you get your podcasts. Well,
Speaker 1: turning to the markets now, Nathan stocks are coming off
Speaker 1: gains which saw the S and P five hundred close
Speaker 1: above the mark. Technical analysts cite that as a resistance
Speaker 1: level that could help define a more solid trend. Amanda
Speaker 1: got A Chief investment officer at p NCS Management, says
Speaker 1: markets continue to be driven by the FED, with the
Speaker 1: labor market just continuing to be so so strong, thinking
Speaker 1: it's really a tough dynamic for the FED. All of
Speaker 1: this is making the Fed's job much harder. And I
Speaker 1: think it comes back to a concept we've been talking
Speaker 1: about for the better part of two and that's the
Speaker 1: perfect storm of macro headwinds that continue to swirl. The
Speaker 1: things that are injecting inflation into the backdrop are not
Speaker 1: the things that the FED policy tools and the tool
Speaker 1: kids it can easily solve. P and C said Management's
Speaker 1: Amanda Gotti says tomorrow's consumer price report will be big
Speaker 1: for the markets. Well, everyone's watching the Fed, Karen, But
Speaker 1: should they be watching yields instead. That's the view from
Speaker 1: Jeffrey gun Black, the Double Line Capital CEO Investors, says
Speaker 1: investors should pay attention to bonds, not the Fed for
Speaker 1: the direction of interest rates, but the FED funds implied
Speaker 1: rate by the yield curve. The treasure yield curve is
Speaker 1: really become remarkable where we see that the bond market
Speaker 1: pricing shows that the Fed is not going to make
Speaker 1: it to five. They're gonna make it just under five
Speaker 1: by mayor June. Double Lines Jeffrey Gunlike spoke there on
Speaker 1: a webcast. He says bonds are more attractive than equities
Speaker 1: right now. Well. In corporate news this morning, Nathan another
Speaker 1: bank maybe cutting bonuses. Bloomberg News has learned that Credit
Speaker 1: Suite is considering cutting its bonus pool for two by
Speaker 1: about half. The possible move comes after Credit Sweeze was
Speaker 1: forced to raise four billion dollars thanks to a string
Speaker 1: of losses. The belt is likely more severe than at
Speaker 1: places like JP Morgan and City Group, which you're also
Speaker 1: set to cut bonuses. Also got news from Apple this morning, Karen.
Speaker 1: The company is making moves to take over production of
Speaker 1: even more key components. We get the story from Bloomberg's
Speaker 1: Jeff Bellinger. Apple's years long effort to design its own
Speaker 1: displays as nearing completion, and the company could start using
Speaker 1: homegrown screens as soon as next year. Sources tell Bloomberg.
Speaker 1: The first devices to get Apples micro LED screens will
Speaker 1: be the top of the line Apple watches. The screens
Speaker 1: will be an upgrade to the organic LED displays that
Speaker 1: Apple currently buys from Samsung and l G. With screen
Speaker 1: production in house, Apple will be able to better customize
Speaker 1: its devices. Jeff Bollinger, Bloomberg Daybreak. All right, Jeff, thank
Speaker 1: you Weill. Disney is rolling out the first changes at
Speaker 1: its theme park since Bob Iger returned to CEO in November,
Speaker 1: and we get that story from Bloomberg's Doug christ. Iger
Speaker 1: is undoing some of the work of his predecessor, Bob Chapek,
Speaker 1: who raised ticket prices and enter douce new reservation systems
Speaker 1: that angered many long time visitors. Soon, customers at Disneyland
Speaker 1: in California will be able to access photos taken by
Speaker 1: professionals at the park for free, rather than paying for
Speaker 1: a photo pass. The company is also offering more Disneyland
Speaker 1: tickets at the lowest rate a hundred four dollars a day.
Speaker 1: At Disney World in Florida, guest with annual passes will
Speaker 1: now be able to enter the parks after two pm
Speaker 1: without first obtaining reservations. In New York, I'm Doug Prisoner,
Speaker 1: Bloomberg Daybreak, thanks uh SMP futures right now at nine
Speaker 1: point staff futures up, seventy one nast Act futures up,
Speaker 1: twenty seven local headlines in the check of sports. Next,
Speaker 1: This is Bloomberg and it is currently thirty six degrees
Speaker 1: in Central Park, and it's gonna be cloudy today, highs
Speaker 1: in the low forties, and it's not gonna get much
Speaker 1: cooler than that tonight. It's time now for a look
Speaker 1: at some of the other stories making news in New
Speaker 1: York and around the world. With Bloomberg's Michael bar Good morning, Michael,
Speaker 1: Good morning, Nathan. Governor Kathy Hokel is proposing to make
Speaker 1: New York the first day in the US to banned
Speaker 1: natural gas heating and appliances and new buildings as a
Speaker 1: way to find climate change. Holco called during her State
Speaker 1: of the State address yesterday to ban the use of
Speaker 1: fossil fuels by the end of the decade. I'm proposing
Speaker 1: a plan to end the sale of new fossil powered
Speaker 1: heating equipment by by calling for a construction of all
Speaker 1: new construction zero emission, starting for small buildings for large buildings.
Speaker 1: Holcol also talked about mental health and affordable housing. New
Speaker 1: Jersey Governor Phil Murphy proposed offering incentives to employers for
Speaker 1: establishing work from home in hybrid staffing policies, and a
Speaker 1: bid to end the double taxation for residents who commute
Speaker 1: to New York City. Murphy made the proposal yesterday during
Speaker 1: his annual policy address in Trent. Before our administration took office,
Speaker 1: our economic focus could be summed up as find a
Speaker 1: big company, any company, throw a big enough tax break
Speaker 1: at them to get them either to move to or
Speaker 1: to stay in New Jersey. That way of doing things
Speaker 1: came with limited successes. Governor Murphy also says he wants
Speaker 1: to expand the number of liquor licenses in the state
Speaker 1: to make the laws fair, and providing shore towns with
Speaker 1: funding to help upgrade their boardwalks. It's day three of
Speaker 1: a nurse's strike in New York City. Nurses and Mount
Speaker 1: Sinai and Montefiora say they are on the picket lines
Speaker 1: because of understaffing issues. Do not save the days are
Speaker 1: incredibly overwhelming and stressful. At montefio Are both sides are
Speaker 1: talking and said that they are close. Former Trump Organization
Speaker 1: Chief financial officer Alan Weisselberg spent his first night in
Speaker 1: Rikers Island as he begins his sentence for pleading guilty
Speaker 1: last year to tax fraud. Weislberg was sentenced to five
Speaker 1: months in jail as part of a prearranged plea agreement
Speaker 1: with the Manhattan District that in his office. Global News
Speaker 1: twenty four hours a day on airand on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analyists
Speaker 1: more than a hundred twenty countries. Michael Barr and this
Speaker 1: is Bloomberg, Nathan. Thanks Michael, and now it's time for
Speaker 1: the Bloomberg Sports Update, brought to you by tri State
Speaker 1: out Here. Good morning, John stash Hour, morning Nathan. Safe
Speaker 1: to say no one's ever had a more bizarre off
Speaker 1: season than carlos Karea. He was a free agent a
Speaker 1: year ago, signed a late deal with Minnesota, opted out
Speaker 1: cut a deal with San Francisco, where they scheduled his
Speaker 1: introductory press conference and then canceled it hours before it
Speaker 1: was to take place amid concerns about an ankle injury.
Speaker 1: So Korea pivoted and agreed to a deal with the Mets,
Speaker 1: who then had similar concerns about that ankle. Let's try
Speaker 1: to keep corea but with changes to the original agreement,
Speaker 1: Karea balked at that he is instead going back to Minnesota.
Speaker 1: Six year deal for two hundred million could turn out
Speaker 1: to be longer and more lucrative, but the deals with
Speaker 1: the Giants and Mets were for three hundred and fifty
Speaker 1: and three hundred fifteen a million. At the Garden, Rangers
Speaker 1: trailed Minnesota to nothing, then three to a Philip Eatle
Speaker 1: goals six and half minutes left tied the game. Rangers
Speaker 1: won four three and a shootout. They are twelve two
Speaker 1: and two over their last sixteen games, with the Ubs,
Speaker 1: Arena Islanders loss and a shootout the Dallas two to one.
Speaker 1: Devil's at Carolina trailed three to one rally to win
Speaker 1: five three. Hurricanes fourth straight loss, all coming after in
Speaker 1: eleven game winning streak. NICK host Indiana Tonight Miami last
Speaker 1: night set an NBA record and a one point win.
Speaker 1: That Heat took forty free throws made all forty. Jimmy
Speaker 1: Butler was twenty three for twenty three Big East much
Speaker 1: needed win for st. John snapped to five game losing
Speaker 1: streak seventy seven sixty one over Butler. Joels Oriano twenty points,
Speaker 1: ten rebound Seaton Hall one at Georgetown sixty six fifty one.
Speaker 1: That's twenty seven consecutive conference losses for one time Big
Speaker 1: East power Georgetown. Also at Rose Hill, Fordham blown out
Speaker 1: by Dayton eighty two fifty year John Stashwar Boomberg Sports
Speaker 1: Nathan all Right, John, thank you. The Bloomberg Sports Report
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Speaker 1: for more information. Just ahead, we'll take a look at
Speaker 1: the investigations planned on Capitol Hill with Republicans in the
Speaker 1: majority of the House. First, SMP futures are higher by
Speaker 1: eleven points. Staff futures up eighty two, Nastack futures up
Speaker 1: thirty two points ten. Your treasury is up fourteen thirty seconds,
Speaker 1: you know, three point five six percent. Nimex s crudes
Speaker 1: up three tents and one percent at seventy two A
Speaker 1: barrel in comics gold trading right now at announced. This
Speaker 1: is Bloomberg Live from coast to coast, from New York
Speaker 1: to San Francisco, Boston to Washington, d C. Nationwide on
Speaker 1: sirius xamp, the Bloomberg Business app, and Bloomberg dot Com.
Speaker 1: This is Bloomberg Daybreak. Good morning, I'm Nathan Hagar. Let's
Speaker 1: turn to the nation's capitol now, where the new Republican
Speaker 1: majority in the House of Representatives is preparing to embark
Speaker 1: on a wide range of investigations into President Biden, his family,
Speaker 1: and his policies. Joining us now is Greg Valier, chief
Speaker 1: US policy strategist at a GF investment. So how do
Speaker 1: you strategize policy? Greg? Now that the House Republicans have
Speaker 1: indicated that they're going to spend a lot of their
Speaker 1: time over the next two years investigating, well, there's so
Speaker 1: much going on, so many very bitter partisan hearings. I
Speaker 1: think personally, I will focus on what they can get done,
Speaker 1: and they actually did something. Yesterday, Kevin McCarthy got a
Speaker 1: bill passed with overwhelming support from Democrats to create a
Speaker 1: committee to investigate China, China's theft of technology China's trade policies.
Speaker 1: That was a surprise to get an overwhelming majority in
Speaker 1: McCarthy's first real vote. Hell, I suppose it's not too
Speaker 1: much of a surprise given the bipart as an animous
Speaker 1: there seems to be now when it comes to China.
Speaker 1: Are you looking at any other investigations that could bear
Speaker 1: fruit on Capitol Hill? Well, it will certainly get headlines.
Speaker 1: And the report in the last day or so that
Speaker 1: the Biden of people had documents that were taught secret
Speaker 1: doesn't help. It just raises the temperature even more. I
Speaker 1: think the hearings that will be the most intriguing will
Speaker 1: be the origin of COVID. I think that will be
Speaker 1: a big one, obviously, Hunter Biden, and I think the
Speaker 1: withdrawal by the US from Afghanistan. But there's many, many more. Uh.
Speaker 1: This this will be a year of investigations. Now we
Speaker 1: did here for the first time from Mexico City from
Speaker 1: President Biden on the discovery of those classified documents in
Speaker 1: his old office. I wonder what you make of his
Speaker 1: reaction to that, and whether this is going to be
Speaker 1: more than just a political headache for the president. Yeah.
Speaker 1: I could give you a long answer about how the
Speaker 1: what Biden did is not comparable to what Trump did.
Speaker 1: That's what Biden's people are saying. However, this does muddies
Speaker 1: the waters. I think for a lot of people who
Speaker 1: aren't obsessed with this like we are, it will be
Speaker 1: a sign that everybody doesn't. So I think this will
Speaker 1: hurt Biden, even though perhaps his offenses were not as
Speaker 1: grievous as Trump's. Now given that idea that any voters
Speaker 1: could think that everybody does it. Does this have any
Speaker 1: impact on the ongoing investigation intomorrow lago into the boxes
Speaker 1: of documents that were founded former President Trump's home. Probably not.
Speaker 1: I think that will continue on its current path. The
Speaker 1: really intriguing story right now is in Georgia. Uh the
Speaker 1: attorney general and Georgia has finished her investigation. There's going
Speaker 1: to be a public press conference on the twenty four
Speaker 1: or five of January. There's widespread belief that she will
Speaker 1: indict Biden. I also wonder what you indict Trump? Oh? Sorry,
Speaker 1: I also wonder what you think as well of this
Speaker 1: subcommittee into the weaponization of the federal government that's gotten
Speaker 1: a lot of attention on Capitol Hill and even outside
Speaker 1: the Beltway to some extent, Is that going to be
Speaker 1: more than just political? Probably bitterly political with Jim Jordan,
Speaker 1: who is quite the pitbull on these issues. But you know, again,
Speaker 1: I can't see how this is going to be a
Speaker 1: big issue for the markets. I mean, that's my focus,
Speaker 1: and even though there will be revelations and bitterness, I
Speaker 1: think for the markets there are bigger stories like the
Speaker 1: Federal Reserve, not just the Federal Reserve, but also the
Speaker 1: debt ceiling and dealing with the full faith and credit
Speaker 1: of the US. Given the focus on investigations, does that
Speaker 1: have any impact on must pass legislation like spending bills,
Speaker 1: like confronting the debt ceiling, Well, it doesn't help. And
Speaker 1: I do think that we are on a collision course.
Speaker 1: There are options that could maybe avoid a default threat.
Speaker 1: But I wrote yesterday and I still feel that the
Speaker 1: chances of a federal default on our debt is maybe
Speaker 1: sixty forty will get a deal. But if you say
Speaker 1: there's a chance of default, that's something the markets have
Speaker 1: to follow. Yeah, certainly not the kind of odds you
Speaker 1: want to hear in our last thirty seconds or so. Here, Greg,
Speaker 1: I'd love to get your takeaways from the North American
Speaker 1: Leader summit. Did you see any actual policy advancements there? No,
Speaker 1: it was it was mostly platitudes. Uh. You know, Biden's
Speaker 1: going to go to Canada in March. There's a few
Speaker 1: things that they agreed on, but the really big stuff
Speaker 1: energy trade disputes, Brazil, Haiti, and especially the wall with Mexico,
Speaker 1: we're not addressed. So this will just drag on for
Speaker 1: the rest of the year without any real breakthrough and
Speaker 1: just quickly. Do you see any pressure on the president
Speaker 1: to put any further focus on issues on this continent. Yeah.
Speaker 1: I think he feels bipartisanship can work. I think you'd
Speaker 1: like to do that, but that's going to be really tough. First,
Speaker 1: we got to see if he's running for re election.
Speaker 1: I think he is, but it's not sir. This is
Speaker 1: Bloomberg Daybreak Today, your morning brief on the stories making
Speaker 1: news from Wall Street to Washington and beyond. Look for
Speaker 1: us on your podcast feed at six am Eastern each morning,
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Speaker 1: Join us again tomorrow morning for all the news you
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