WEBVTT - More Fed Rate Hikes Ahead: Nvidia Surges

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<v Speaker 1>Live from the Bloomberg Interact a Brooker's Studios. This is

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<v Speaker 1>Bloomberg day Break for Thursday, February twenty third. Coming up today,

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<v Speaker 1>the Fed plans more rate hikes to curb inflation. Kennedy

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<v Speaker 1>Yellen says the global economy is in a better place

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<v Speaker 1>today than many predicted, and videos share surge following its

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<v Speaker 1>earnings report. And President Biden calls Russia's nuclear withdrawal a

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<v Speaker 1>big mistake. The National Weather Service says it was indeed

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<v Speaker 1>a tornado in New Jersey this week. Plus the NTSB

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<v Speaker 1>releases its preliminary report today on the Ohio train derailment.

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<v Speaker 1>Michael Barr More ahead, I'm John Stash, Aaron Sports. The

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<v Speaker 1>Islanders beat the Jets, the Rangers play tonight, college basketball

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<v Speaker 1>wins for Saint John's and portam. That's all straight Ahead

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<v Speaker 1>on Bloomberg day Break, The business news you need disturn

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<v Speaker 1>your day in just one fifteen minute podcast each pointing

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<v Speaker 1>on Apples, Spotify, the Bloomberg Business app and everywhere you

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<v Speaker 1>get your podcasts. Good morning, I'm Nathan Hagar and I'm

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<v Speaker 1>kieron Moscow. Here are the stories we're following today. We

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<v Speaker 1>begin with the latest reaction to the minutes from this

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<v Speaker 1>month's FED meeting, officials expect more interest rate hikes will

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<v Speaker 1>be needed to curb inflation. Still, almost all officials backed

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<v Speaker 1>slowing the pace of the encreases. New York Fed President

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<v Speaker 1>John william says it is critical the Bank remains committed

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<v Speaker 1>to its two percent inflation target. Price stability is, in

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<v Speaker 1>fact the foundation of economic prosperity. Without price stability, all

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<v Speaker 1>of the other goals that we have, whether maximum employment

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<v Speaker 1>or low and stable or low interest rates, can't be accomplished.

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<v Speaker 1>So that's an absolute imperative for US. New York Fed

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<v Speaker 1>President John william says demand for goods may keep inflation

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<v Speaker 1>from falling as quickly as sum of expected bets on

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<v Speaker 1>the Fed's policy rate are almost fully pricing in quarter

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<v Speaker 1>point increases at each of the Central Bank's next three meetings, Well, Nathan,

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<v Speaker 1>the Fed and investors will have a couple more key

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<v Speaker 1>economic reports to analyze this morning. Revised data on fourth

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<v Speaker 1>quarter economic growth and weekly jobless claims, and Bloomberg's Vini

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<v Speaker 1>Deale Judais has more. In its initial tally, the government

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<v Speaker 1>said the US economy expanded at a two point nine

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<v Speaker 1>percent pace in a fourth quarter a tax slower than

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<v Speaker 1>the third quarter but respectable. Nonetheless, Bloomberg Economic says today's

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<v Speaker 1>revised data could signal weakness and trade, though the headline

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<v Speaker 1>will remain healthy. Turning to the labor market, jobless claims

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<v Speaker 1>of help below two hundred thousand for five weeks, running

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<v Speaker 1>at historic lows. That's the US economy's best protection against recession.

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<v Speaker 1>Annie del Judais Bloomberg day break, All right, Vinnie, thank you. Meantime,

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<v Speaker 1>Treasury Secretary Janet Yellen says the economy around the world

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<v Speaker 1>is improving. It's fair to say that the global economy

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<v Speaker 1>isn't a bitter place today than many predicted just a

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<v Speaker 1>few months ago. In the full many were worried about

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<v Speaker 1>a sharp economic sludam across the world. Jellen made those

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<v Speaker 1>comments in India, where G twenty leaders are meeting. She

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<v Speaker 1>also says the US intends to quickly nominate a candidate

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<v Speaker 1>to lead the World Bank. The official nominating process to

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<v Speaker 1>replace current President David Malpass begins today. I'm back here

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<v Speaker 1>in the US, Nathan. We're seeing further signs of weakness

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<v Speaker 1>in one of the key sectors of the economy, the

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<v Speaker 1>housing market. According to Real Estate brokerage Redfin. The total

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<v Speaker 1>value of homes declined by two point three trillion dollars

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<v Speaker 1>in the second half of twenty twenty two. That's a

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<v Speaker 1>four point nine percent decline, the biggest drop since two

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<v Speaker 1>thousand and eight. The median home sale price in the

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<v Speaker 1>US was three hundred eighty three thousand dollars last month,

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<v Speaker 1>down from a peak of four hundred thirty three thousand

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<v Speaker 1>in May. On the earnings front, Karen's shares of Nvidia

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<v Speaker 1>are up eight percent in early trading. The chip maker

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<v Speaker 1>gave a bullish revenue outlook for the current quarter. We

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<v Speaker 1>get the story from Bloomberg's Charlie Pellett. It suggests that

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<v Speaker 1>it's push into artificial intelligence processors is helping offset weakening

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<v Speaker 1>demand for personal computer chips. Of a company who has

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<v Speaker 1>parlayed its dominance of graphics processors into a strong position

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<v Speaker 1>in the growing market for AI hardware, It's chips excel

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<v Speaker 1>at the kind of parallel processing that allows computers to

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<v Speaker 1>make sense of large amounts of data and train software

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<v Speaker 1>to make decisions. In New York, Charlie Bloomberg, daybreak. All right, Charlie,

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<v Speaker 1>thank you all Attorney to geopolitics now The UN General

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<v Speaker 1>Assembly is set to vote on a peace resolution in Ukraine,

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<v Speaker 1>with the one year mark since Russia's invasion coming up tomorrow,

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<v Speaker 1>Bloomberg said, Baxter has a story. The vote is expected

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<v Speaker 1>to take place at the end of the emergency session.

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<v Speaker 1>US Ambassador the UN, Linda Thomas Greenfield says the effort

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<v Speaker 1>is important. We should never give up on the potential

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<v Speaker 1>for diplomacy. Are the power of dialogue? Are the urgency

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<v Speaker 1>of peace? She says. The atrocities cannot go on, the

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<v Speaker 1>bombing of kindergartens and high schools and hospitals, the slaughters

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<v Speaker 1>of innocent civilians. Greenfield says, Vladimir Putin chose the war.

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<v Speaker 1>Now it's time to end it. In San Francisco, I'm

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<v Speaker 1>at Baxter Bloomberg Daybreak. You added adding to the tensions,

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<v Speaker 1>Vladimir Putin is pulling Russia out of New Start, the

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<v Speaker 1>last nuclear treaty between his country and the US. President.

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<v Speaker 1>Biden says that is a big mistake, but he's trying

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<v Speaker 1>to play down concerns that it poses a threat. I've

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<v Speaker 1>not seen anything. We've not seen anything at where there's

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<v Speaker 1>a change in this posture and what they're doing. The

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<v Speaker 1>idea that somehow this means they're thinking of using nuclear weapons.

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<v Speaker 1>International content Bostick must there's no evidence of that. President

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<v Speaker 1>Biden spoke with a VC News at the end of

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<v Speaker 1>his trip to Eastern Europe where he bolstered NATO nearly

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<v Speaker 1>a year into the war in Ukraine, and finally Nathan

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<v Speaker 1>a look at the lack of gender equality in the

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<v Speaker 1>workplace in the UK, only one in ten who run

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<v Speaker 1>Britain's portfolios or women. Now. Veteran investor Helena Morrissey is

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<v Speaker 1>setting her sights on tackling the lack of women in

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<v Speaker 1>top finance jobs as part of a special report. Morrissey

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<v Speaker 1>has been speaking to WATCH about her new Pathway program

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<v Speaker 1>and why diversity efforts so far have failed to move

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<v Speaker 1>the needle. I do think there's an image problem that

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<v Speaker 1>will look and they think, oh, if my management's not

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<v Speaker 1>for me, it'll be very isolated to be a woman.

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<v Speaker 1>It's kind of macho environment. And I think there is

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<v Speaker 1>still though a bit of a sort of cultural impediment

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<v Speaker 1>as well. I think many men now in vestally in

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<v Speaker 1>our industry really are just as frustrated as the women

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<v Speaker 1>that we're not seeing more progress and Morrissey's program is

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<v Speaker 1>currently working with sixty women from thirty three firms in

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<v Speaker 1>a bid to increased gender diversity across senior positions in finance.

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<v Speaker 1>Thirty eight degrees in New York. We are tracking that

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<v Speaker 1>massive winter storm in the upper Midwest for US. It's

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<v Speaker 1>going to turn partly sunny and mild today, going up

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<v Speaker 1>to near fifty five degrees. It'll be breezy down to

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<v Speaker 1>forty tonight. Time now to take a look at some

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<v Speaker 1>of the other stories making news in New York and

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<v Speaker 1>around the world with Bloomberg's Michael var Good morning, Michael,

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<v Speaker 1>Good morning, Nathan. The National Weather Service, asimated official, it

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<v Speaker 1>was indeed a tornado that touched down in parts of

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<v Speaker 1>Mercer County, New Jersey Tuesday. The e F two tornado

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<v Speaker 1>had estimated wins of up to one hundred and fifteen

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<v Speaker 1>miles per hour and to our destructive path for almost

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<v Speaker 1>six miles. The cleanup continues today. As you mentioned, Nathan,

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<v Speaker 1>a massive winners storm is pummeling the central US. It

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<v Speaker 1>has dumped record amounts of snow and canceled hundreds of flights.

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<v Speaker 1>Storm warnings and advisories stretch across almost the entire northern

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<v Speaker 1>US with the blizzard warnings in Minnesota and the Dakotas.

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<v Speaker 1>In the Chicago area, the ice made for dangerous road conditions.

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<v Speaker 1>This motorist is in Antioch Lake County. The roads kind

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<v Speaker 1>of got a lot icier. My driveways complete ice right now.

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<v Speaker 1>About one hundred thousand people in the Chicago area are

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<v Speaker 1>without power. NTSB Inspectors will release its preliminary report on

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<v Speaker 1>the Norfolk Southern train derailment today. Almost forty rail cars

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<v Speaker 1>ran off the tracks two weeks ago in East Palestine, Ohio,

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<v Speaker 1>creating a toxic spill. Today, Transportation Secretary Pete Budajage will

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<v Speaker 1>visit the area. Yesterday, former President Trump was in East Palestine,

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<v Speaker 1>telling residents that they are not forgotten. It's been weeks

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<v Speaker 1>since Americans have been inspired. They've just watched this over

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<v Speaker 1>the weeks. They've been inspired by your strength and your

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<v Speaker 1>courage and how you've come together to stand up for

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<v Speaker 1>the families in your area. Trump, also a presidential candidate,

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<v Speaker 1>handed out make America Great Again hats to residents. The

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<v Speaker 1>Orlando community is reeling after multiple shootings, claiming the life

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<v Speaker 1>of a nine year old child, a young woman, and

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<v Speaker 1>a TV station. News employee who was on the scene

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<v Speaker 1>covering the earlier shooting. Two more victims are in critical condition.

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<v Speaker 1>Orange County Sheriff John Minus says the suspect in all

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<v Speaker 1>three shootings, nineteen year old Keith Melvin Moses, is in custody.

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<v Speaker 1>At nineteen, he has a lengthy criminal history to include

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<v Speaker 1>gun charges, aggravatedness, aggravated battery and assault with a daily weapon,

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<v Speaker 1>burglary and grand theft charges. Sheriff Minus says that's unclear

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<v Speaker 1>if he was targeting the news crew. A pack of

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<v Speaker 1>headphone thieves are on the loose Manhattan. According to the NYPD,

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<v Speaker 1>they are riding through on moopads and yanking Apple air

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<v Speaker 1>pods Max headphones off unsuspecting pedestrians heads. They've struck more

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<v Speaker 1>than twenty times less than a month. Global nein Who's

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<v Speaker 1>twenty four hours a day, powered by more than twenty

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<v Speaker 1>seven hundred journalist and analysts and over one hundred and

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<v Speaker 1>twenty countries. I'm Michael Barr. This is Bloomberg Naked, shaking

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<v Speaker 1>my head. Thank you, Michael time Alf for the Bloomberg

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<v Speaker 1>Sports update brought to by Trice State out of Morning,

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<v Speaker 1>John Stanshower and gim Morning Nathan, We're getting closer to

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<v Speaker 1>March Madness. Final four will take place in Euston. The

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<v Speaker 1>number one team in the nation is Euston Cougars. Last

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<v Speaker 1>night one by thirty, they're twenty six and two. Alabama's

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<v Speaker 1>ranked second Crimson Tide wanted South Carolina an overtime game

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<v Speaker 1>winning hoop by their star freshman Brandon Miller. He scored

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<v Speaker 1>forty one points. This comes just two days after police

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<v Speaker 1>in Tuscaloosa revealed that Miller was once in possession of

0:09:48.559 --> 0:09:51.079
<v Speaker 1>the gun that they say was later used in a murder.

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<v Speaker 1>He does not face any charges acc upset BC beats

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<v Speaker 1>six ranked Virginia by fifteen, Big East Yukon by eighteen

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<v Speaker 1>over prov Saint John's having a rough year, but Redstorm

0:10:03.160 --> 0:10:06.640
<v Speaker 1>gotta win at Georgetown seventy nine to seventy. Also locally,

0:10:06.679 --> 0:10:09.679
<v Speaker 1>Fordham survived to scare at Loyola, winning by two, and

0:10:09.760 --> 0:10:12.640
<v Speaker 1>the Rams go to twenty two and six on the season.

0:10:12.880 --> 0:10:15.320
<v Speaker 1>Iona has won twenty games of instrudn't see if the

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<v Speaker 1>Gaels Hall of Fame coach Rick Patino moves on to

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<v Speaker 1>a bigger job like Saint John's or Georgetown. Reportedly Maryland,

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<v Speaker 1>who wanted to hire Patino last year, but would have

0:10:24.800 --> 0:10:26.800
<v Speaker 1>had to pay a large buyout, and there is no

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<v Speaker 1>longer a buyout in Patino's contract. TV ratings for last

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<v Speaker 1>Sunday's NBA All Star Game lowest ever. Denver's Michael Malone

0:10:35.600 --> 0:10:38.920
<v Speaker 1>coached the game, called it the worst basketball game ever play.

0:10:39.000 --> 0:10:42.040
<v Speaker 1>The NBA will return to play in some defense as

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<v Speaker 1>it returns from the break tonight. Nickston NEETs have road

0:10:45.160 --> 0:10:47.680
<v Speaker 1>games tomorrow. Rangers a couple of losses since that seven

0:10:47.720 --> 0:10:50.679
<v Speaker 1>game win streak. They played tonight in Detroit. Islanders last

0:10:50.760 --> 0:10:53.280
<v Speaker 1>night bate Winnipeg two to one on a Simon Holtstreet

0:10:53.320 --> 0:10:56.680
<v Speaker 1>goal midway through the third period. John stash Ellard Bloomberg

0:10:56.760 --> 0:11:03.200
<v Speaker 1>Sports from coast to coast, from New York to San Francisco,

0:11:03.400 --> 0:11:07.840
<v Speaker 1>Boston to Washington, DC, nationwide on Sirius Exam, the Bloomberg

0:11:07.920 --> 0:11:11.960
<v Speaker 1>Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 1>Good morning. I'm Nathan Hagar. Rates need to keep going

0:11:15.679 --> 0:11:18.040
<v Speaker 1>up to get inflation back to target. That is the

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<v Speaker 1>main takeaway from the minutes of the fed's latest policy meeting,

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<v Speaker 1>which just how high they need to go in how quickly.

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<v Speaker 1>That's still an open question for markets. So let's bring

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<v Speaker 1>in Bloomberg Markets correspondent Valerie tied Tell to get some

0:11:28.679 --> 0:11:32.199
<v Speaker 1>more takeaways from the latest Fed minutes. What stands out

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<v Speaker 1>to you, Valerie, There was a few things. Notably, the

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<v Speaker 1>discussion around the hike sized in between twenty five and

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<v Speaker 1>fifty basis points. A few wanted fifty basis points, so

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<v Speaker 1>that implies that Bullard and Mester probably convinced one other

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<v Speaker 1>person with win the FOMC, to go for that, and

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<v Speaker 1>that was really kind of the hawkish risk for the market.

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<v Speaker 1>The other things is that there were no mention of pausing.

0:11:53.880 --> 0:11:56.040
<v Speaker 1>Powell kind of hinted in his Q and A that

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<v Speaker 1>there was, but the minutes didn't really show it. The

0:11:58.559 --> 0:12:03.200
<v Speaker 1>minutes also didn't didn't state the word disinflation, which Powell

0:12:03.400 --> 0:12:05.640
<v Speaker 1>used repeatedly in that Q and A and in that

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<v Speaker 1>press conference, so that was surprising to me. The other

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<v Speaker 1>thing was is that they focused solely on the upside

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<v Speaker 1>risk to their inflation outlook as being key to their

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<v Speaker 1>policy going forward. Remember, going into this meaning we had

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<v Speaker 1>a string of softer than expected CPI prints, there was

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<v Speaker 1>some expectation that perhaps they would discuss the downside risk

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<v Speaker 1>to the inflation outlook and the policy that would entail

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<v Speaker 1>from that. So another sign that data dependency continues to

0:12:32.480 --> 0:12:34.600
<v Speaker 1>be the mantra at this FED. Do we have a

0:12:34.640 --> 0:12:37.280
<v Speaker 1>better sense, judging from the minutes, about what they need

0:12:37.280 --> 0:12:40.520
<v Speaker 1>to see in the data to get to this idea

0:12:40.600 --> 0:12:45.120
<v Speaker 1>of at least slowing down or pausing rate hikes. There

0:12:45.160 --> 0:12:48.360
<v Speaker 1>really wasn't any clues in terms of what it would

0:12:48.400 --> 0:12:51.840
<v Speaker 1>what they would need to pause. There was really no

0:12:51.960 --> 0:12:55.240
<v Speaker 1>discussion of the circumstances in which they need to see

0:12:55.280 --> 0:12:57.760
<v Speaker 1>that the data going forward, though. We do have the

0:12:57.800 --> 0:13:01.640
<v Speaker 1>core PC on Friday. Piece is the Fed's favored measure

0:13:01.640 --> 0:13:05.319
<v Speaker 1>of inflation. It's what they use in their SEP forecast,

0:13:05.440 --> 0:13:08.040
<v Speaker 1>their summary of economic projections, So keep an eye on

0:13:08.080 --> 0:13:11.160
<v Speaker 1>that on Friday. And then following on Friday, we have

0:13:11.480 --> 0:13:14.880
<v Speaker 1>five FED speakers due to speak. All three of the

0:13:15.000 --> 0:13:18.480
<v Speaker 1>vocal hawks will hear from that's Mestered, Buller, and Waller.

0:13:18.559 --> 0:13:21.400
<v Speaker 1>So it might be a fun Friday for the markets. Yeah,

0:13:21.440 --> 0:13:24.520
<v Speaker 1>yet more commentary from Mester. It'll be interesting to hear

0:13:24.559 --> 0:13:27.280
<v Speaker 1>from her, in particular, given that we did see that

0:13:27.400 --> 0:13:31.600
<v Speaker 1>a few market prints or FED participants were talking about

0:13:31.640 --> 0:13:34.080
<v Speaker 1>the idea of fifty basis points. But in terms of

0:13:34.120 --> 0:13:38.760
<v Speaker 1>the PCE valerie, there's been so much focus on wage

0:13:38.760 --> 0:13:42.400
<v Speaker 1>pressures feeding into inflation. Do we have any idea from

0:13:42.440 --> 0:13:44.720
<v Speaker 1>the people you're speaking to about what they expect to

0:13:44.760 --> 0:13:51.360
<v Speaker 1>see in that core inflation data feeds into wages. There

0:13:51.520 --> 0:13:54.560
<v Speaker 1>is an expectation that the Friday's print doesn't come in hot.

0:13:54.600 --> 0:13:56.560
<v Speaker 1>We've seen a lot of upgrades on the street in

0:13:56.679 --> 0:14:01.520
<v Speaker 1>terms of banks upgrading their forecast. Ubs Goldman and a

0:14:01.520 --> 0:14:04.319
<v Speaker 1>few others upgraded it to the core PC month on

0:14:04.440 --> 0:14:07.000
<v Speaker 1>month from point four to point five, and that comes

0:14:07.040 --> 0:14:10.160
<v Speaker 1>after that hot CPI and the hot PPI print. But

0:14:10.280 --> 0:14:14.160
<v Speaker 1>for really for a measure of wage inflation, for wage pressures,

0:14:14.160 --> 0:14:15.920
<v Speaker 1>we're going to have to look. Next week we get

0:14:15.920 --> 0:14:19.440
<v Speaker 1>an updated reading on the unit labor cost. It is

0:14:19.440 --> 0:14:21.600
<v Speaker 1>going to be the second and final reading of that.

0:14:22.000 --> 0:14:25.000
<v Speaker 1>But note the big revisions upward and that a few

0:14:25.040 --> 0:14:28.160
<v Speaker 1>months ago led to a broad market selloff, So have

0:14:28.240 --> 0:14:30.280
<v Speaker 1>an eye on that one as well. It's next Thursday.

0:14:30.280 --> 0:14:33.240
<v Speaker 1>Now we'll also have an eye on who's going to

0:14:33.360 --> 0:14:37.240
<v Speaker 1>be making these decisions. With one of the most vocal

0:14:37.440 --> 0:14:41.440
<v Speaker 1>doves on the Federal reserve, Hile Brainerd, set to depart

0:14:41.560 --> 0:14:44.080
<v Speaker 1>as Vice chair this week, and now we're getting some

0:14:44.120 --> 0:14:48.480
<v Speaker 1>clues on who could potentially be in line to succeed her. Yeah,

0:14:48.480 --> 0:14:50.600
<v Speaker 1>there was a report out from the Wall Street Journal

0:14:51.000 --> 0:14:54.440
<v Speaker 1>that discussed two candidates, both of which were economists under

0:14:54.480 --> 0:14:58.520
<v Speaker 1>the Obama administration, one of which she co authored a

0:14:58.600 --> 0:15:02.520
<v Speaker 1>peace in twenty nineteen that concluded that a three percent

0:15:02.560 --> 0:15:05.240
<v Speaker 1>inflation target would have been better for the economy coming

0:15:05.240 --> 0:15:08.680
<v Speaker 1>out of the Great Recession. So you could you could

0:15:08.760 --> 0:15:11.400
<v Speaker 1>imply from this that Biden is really looking for a

0:15:11.520 --> 0:15:14.960
<v Speaker 1>Dove to replace Lale Brainerd in that pivotal vice chair seat.

0:15:15.240 --> 0:15:17.840
<v Speaker 1>We don't know when we expect to hear this from Biden,

0:15:17.920 --> 0:15:19.840
<v Speaker 1>but we do hope it soon. We know that the

0:15:19.880 --> 0:15:24.280
<v Speaker 1>Fed canvens again in a month's time, and ideally that

0:15:24.440 --> 0:15:26.760
<v Speaker 1>vice chair seat would be taken by then. Although it

0:15:26.880 --> 0:15:30.800
<v Speaker 1>is interesting to hear that idea of changing the inflation

0:15:30.920 --> 0:15:34.400
<v Speaker 1>target when we've gotten some pretty strong rhetoric from New

0:15:34.480 --> 0:15:37.480
<v Speaker 1>York Fed President John Williams, who is so influential on

0:15:37.520 --> 0:15:40.480
<v Speaker 1>this Fed, that two percent needs to be the way

0:15:40.480 --> 0:15:44.120
<v Speaker 1>to go. Yeah, he spoke last night and did discuss

0:15:44.160 --> 0:15:46.720
<v Speaker 1>that two percent inflation target. But also Powell has really

0:15:46.760 --> 0:15:50.720
<v Speaker 1>pushed back on that idea that I higher inflation target

0:15:50.760 --> 0:15:53.760
<v Speaker 1>would be more suitable, kind of saying that you don't

0:15:53.880 --> 0:15:55.920
<v Speaker 1>change the goal pulse in the middle of a game.

0:15:56.960 --> 0:16:00.400
<v Speaker 1>Maybe there will be time to review the inflation target,

0:16:00.440 --> 0:16:02.920
<v Speaker 1>but it's not going to be in this current cycle

0:16:03.000 --> 0:16:05.520
<v Speaker 1>until they get inflation back to target. That's kind of

0:16:05.520 --> 0:16:07.800
<v Speaker 1>been the words we have heard from Powell. I don't

0:16:07.800 --> 0:16:10.160
<v Speaker 1>really see him shifting on that, but the fact that

0:16:10.840 --> 0:16:13.840
<v Speaker 1>Biden would be pushing to get a dove into this seat,

0:16:13.920 --> 0:16:16.440
<v Speaker 1>you know, it could change the discussion based on the

0:16:16.520 --> 0:16:19.240
<v Speaker 1>timeframe at which they want to get inflation back to target.

0:16:19.840 --> 0:16:22.960
<v Speaker 1>Powell has prepared us for it to be a long process,

0:16:23.480 --> 0:16:26.080
<v Speaker 1>kind of implying that they're okay with inflation running hot

0:16:26.120 --> 0:16:28.840
<v Speaker 1>for maybe a few months longer, if that means we

0:16:28.920 --> 0:16:33.000
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