Speaker 1: Live from the Bloomberg Interactor Burgers Studios. This is Bloomberg
Speaker 1: day Break for Friday, January. Coming up this hour. Tech
Speaker 1: weakness again this morning, following yesterday's late day sell off.
Speaker 1: Netflix shares plunge on subscriber disappointment, Bitcoin drops below thirty
Speaker 1: nine thousand dollars, and JP Morgan Chase boost Jamie Diamonds
Speaker 1: pay Following a record year. New York Mayor Adams calls
Speaker 1: for better coordination between federal and local authorities and fighting crime.
Speaker 1: Plus high stakes meeting between the US and Russia in Geneva.
Speaker 1: I'm Michael Bloger. More ahead, I'm John Stash Aaron Sports.
Speaker 1: Another home loss for the Knicks beaten soundly by the Pelican.
Speaker 1: Is the third round underway at the Australian Opening. That's
Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg eleven, TREEO,
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties, 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 Set. And good Morning.
Speaker 1: I'm Karen Moscow. I'm Nathan Hagar Bloomberg Daybreak brought to
Speaker 1: you by SEI Crises emphasized character and partnership, one mission,
Speaker 1: one community, Sei go to se I C dot Com
Speaker 1: slash I M s N SMP Future is little changed
Speaker 1: on this Friday morning at is five oh one on
Speaker 1: Wall Street. We checked the markets every fifteen minutes throughout
Speaker 1: the trading day. On Bloomberg SMP futures again little change down,
Speaker 1: Future is up thirty six and nasday futures down. Sixties
Speaker 1: seven ten year Treasury up four thirty seconds. YELD one
Speaker 1: point seven eight percent yield on the two year one
Speaker 1: one percent, Nathan Well Karen. The late day sell off
Speaker 1: we saw on Wall Street yesterday spilled over to Asia overnight.
Speaker 1: Let's get the recap from Bloomberg's Juliette Sally in Singapore.
Speaker 1: Good morning, Juliette, Good morning, Nathan and carn. The m
Speaker 1: s c I Asia Pacific Index fell close to two
Speaker 1: percent over the course of the week, notching up its
Speaker 1: worst week since November. During Friday session, the tech sel
Speaker 1: off from Wall Street flowed through into Asia, with Japan's
Speaker 1: Topics index flirting with correction. TSMC and Samsung shares were dumped,
Speaker 1: weighing on the taie X in Cosby, along with Ali
Speaker 1: Baba in Hong Kong. Alibaba shares also hurt by a
Speaker 1: Financial Times report saying China State broadcaster has implicated Jack
Speaker 1: Mars and Group in a corruption scandal. Australian Stokes plunged
Speaker 1: to the lowest in seven months, while yields on the
Speaker 1: tenure fell as much as nine basis points in Singapore.
Speaker 1: Juliette Sally Bloomberg Daybreak, Juliette, thank you. We are seeing
Speaker 1: weakness in NASDAK futures once again this morning, after yesterday's
Speaker 1: plunge sent the Tech Heavy index into a correction. We
Speaker 1: get the latest live with the Bloomberg's John Tucker, John
Speaker 1: gole Boarding and Karen After yesterday is one point three
Speaker 1: percent slide for the nastac TO Tech Heavy index is
Speaker 1: now down close to twelve percent since it's November high.
Speaker 1: Adding to the correction that's started this week, investors have
Speaker 1: been fretting over higher interest rates from the Fed, and
Speaker 1: now add another concern, company earnings have been shaky. Sarah
Speaker 1: Hunt of Alpine Woods Capital Investors says this is a
Speaker 1: time when stocks need to stand on fundamentals. Valuations are finally,
Speaker 1: after quite a long period of time, going to start
Speaker 1: to matter, and cash generation and balance sheets are going
Speaker 1: to be very important as we navigate what is no
Speaker 1: longer a very easy FED policy going forward. The earnings
Speaker 1: reporting season so far has been uneven, highlighting the risk
Speaker 1: that it may fail to enliven animal spirits in the
Speaker 1: stock markets, and the Master's face a one two punch
Speaker 1: of FED rate hikes and the possible reduction of its
Speaker 1: eight point eight trillion dollar balance sheet in New York
Speaker 1: on John Tucker, Bluebirk Radio and John One market veteran
Speaker 1: says this selling is not over. Jeremy Grantham has been
Speaker 1: calling market bubbles for decades now. The co founder of
Speaker 1: Boston based GMO says the historic stock collapse he predicted
Speaker 1: a year ago is underway. Grantham says even intervention by
Speaker 1: the FED can't prevent an eventual plunge of almost fifty
Speaker 1: this time. Trend is at most and I would expect
Speaker 1: even if the Federal Reserve tries to do the same,
Speaker 1: it will be hard to prevent the market from declining
Speaker 1: to that level. Jeremy Grantham made those comments at a
Speaker 1: Bloomberg Front Row interview Well Nathan, the prospect of higher
Speaker 1: interest rates has been putting stocks under pressure, and now
Speaker 1: the Fed is preparing for its next policy meeting next week.
Speaker 1: Economy is surveyed by Bloomberg say the Central Bank will
Speaker 1: use it to signal a March rate hike than a
Speaker 1: balance sheet unwind soon after. Most of the forty five
Speaker 1: economists polled said the Fed will telegraph at twenty five
Speaker 1: basis point increase, though two of them are looking out
Speaker 1: for a surprise fifty basis point hike. Let's turn to
Speaker 1: corporate news Karen and a big earning surprise from Netflix.
Speaker 1: The stock is down twenty two in early trading after
Speaker 1: the streaming service that it expects to add just two
Speaker 1: and a half million subscribers this quarter. Bloomberg's Charlie Pellet
Speaker 1: reports that is well short of Wall Street estimates. It
Speaker 1: suggests the streaming giant is entering a new phase of
Speaker 1: slow growth. In twenty two, Netflix signed up eight point
Speaker 1: two million customers in the fourth quarter of one, beating
Speaker 1: Wall Street estimates, but lee into the slowest annual growth
Speaker 1: since twenty fifteen. The company says sign ups have not
Speaker 1: re accelerated at the pre COVID levels, blaming a tough
Speaker 1: economy as well as lingering fallout from the pandemic. In addition,
Speaker 1: Netflix says it's biggest shows of the current quarter don't
Speaker 1: come out until March. In New York, Charlie Pellet Bloomberg Daybreak, Charlie,
Speaker 1: thank you. While another stock, Darling during the lockdown era,
Speaker 1: is also taking a hit. Pelloton lost almost a quarter
Speaker 1: of its value yesterday after a CNBC report said that
Speaker 1: the company is temporarily halting production of its bikes and treadmills.
Speaker 1: Stock hit an all time high last January at a
Speaker 1: hundred sixty six dollars a share is trading around twenty
Speaker 1: six dollars in pre market and Karen. Bitcoin's moving lower
Speaker 1: as well this morning. In fact, it's trading at its
Speaker 1: lowest level in more than five months. Bitcoin hit a
Speaker 1: high of almost sixty nine thou dollars in November. This morning,
Speaker 1: it's around thirty nine thousand on Wall Street. Nathan JP
Speaker 1: Morgan Chase is coming off its most profitable year on record.
Speaker 1: As a result, it's rewarding CEO Jamie Amen and we
Speaker 1: get the latest live from Bloomberg's Reneed, A young good Morning, Rena,
Speaker 1: Good Morning Care, and regulatory filings show that Jamie Diamond
Speaker 1: got a ten percent pay raise to thirty four point
Speaker 1: five million dollars for his work last year. JP Morgan
Speaker 1: earned forty eight point three billion in one Now. The
Speaker 1: move is the latest time that, after compensation pressures emerged
Speaker 1: last year from the junior ranks up through the banking
Speaker 1: and trading hierarchy, banks are now paying their most senior
Speaker 1: leaders more as well. Live in New York, I'm rened
Speaker 1: a Young Bloomberg, Daybreak and Reneda. Jamie Diamonds counterpart of
Speaker 1: Bank of America, says his bank expects growth and loan
Speaker 1: balances in the single digits this year. Brian moynihan says
Speaker 1: it depends on the trajectory of the U S economy.
Speaker 1: Well rates go up, yes, four times this year is
Speaker 1: a prediction. The reality is does that help our earnings? Yes?
Speaker 1: But the real reality is is that's to bring the economy,
Speaker 1: you know, to take the inflation out of the system.
Speaker 1: And if they get it right, because the economy is
Speaker 1: growing very fast and inflation is growing very fast, as
Speaker 1: that slows down, we should get back to normal economy.
Speaker 1: Bank of America CEO Brian moynihan made the comments in
Speaker 1: an interview with Bloomberg's David west End. Right now, SMP
Speaker 1: futures are down four points. Staff futures are up thirty three.
Speaker 1: NASAC futures down fifty seven points. The tenure treasury is
Speaker 1: up six thirty seconds, the yield one point seven. Straight ahead,
Speaker 1: your latest local headlines and the check of sports. This
Speaker 1: is Bloomberg. The South five oh seven on Wall Street.
Speaker 1: Very cold this morning, just fifteen degrees in Central Park.
Speaker 1: We've got an accident investigation already southbound Root one by
Speaker 1: Route eighteen and Edison. Details coming up in traffic. First.
Speaker 1: Michael barrs here with more on what's going on in
Speaker 1: New York and around the world. Good morning, Michael, Good
Speaker 1: morning Nathan. New York City Mayor Eric Adams called for
Speaker 1: better coordination between federal and local authorities to fight urban crime.
Speaker 1: Mayor Adams has phase high proth lyle violent crimes in
Speaker 1: New York during his first week's in office. Adam says
Speaker 1: law enforcement agencies should coordinate against gun violence the way
Speaker 1: they did against terrorism after the September eleventh attacks. The
Speaker 1: same quote nation that stopped planes from flying in our
Speaker 1: builders must be used to stop bullets from cobbon highways
Speaker 1: of depth in our country, particularly in black and brown
Speaker 1: and poorer communities there. Adams spoke at the National Conference
Speaker 1: of Mayors in Washington yesterday. Secretary of State Anthony Lincoln
Speaker 1: will meet Russia's foreign minister in Geneva today. On Ukraine, yesterday,
Speaker 1: President Joe Biden said Russia will pay a heavy prize
Speaker 1: of any of its forces move across the border into Ukraine.
Speaker 1: We met with severe and coordinated economic response that I've
Speaker 1: discussed in detail with our allies, as well as laid
Speaker 1: out very clearly for President Putin. President Biden earlier suggested
Speaker 1: Western allies might struggle to react to a small scale attack.
Speaker 1: The largest anti abortion rally in the US will take
Speaker 1: place today in Washington. The March for Life begins as
Speaker 1: the Supreme Court appears lankly in the coming months to
Speaker 1: rule on states imposing tighter restrictions on abortion. The Court
Speaker 1: is considering a Mississippi case and could returned the landmark
Speaker 1: Roe v. Wade ruling. A jury of eighteen people who
Speaker 1: appeared mostly white, was picked for the federal trial of
Speaker 1: three Minneapolis police officers charged in George Floyd's killing. The
Speaker 1: judge told potential jurors twelve and six alternates, the case
Speaker 1: has absolutely nothing to do with race. The court declined
Speaker 1: to provide demographic information. Michael Lee a Day, better known
Speaker 1: as meat Loaf, has died. The singer was known for
Speaker 1: her hits including bat Out of Hell and This One
Speaker 1: Paradise by the Dashboard Light. Meat Loaf was seventy four
Speaker 1: Global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: I'm Michael bar This is Bloomberg, Nathan, So long meat Loaf.
Speaker 1: Thanks Michael five O nine on Wall Street. Time for
Speaker 1: the Bloomberg Sports Update. Now, Good morning, John stash out morning.
Speaker 1: They're just a nightmare of a week. But the Knicks,
Speaker 1: they had won five straight home games, were at the
Speaker 1: Garden for three games in four days, all against beatable teams.
Speaker 1: They lost all three. New Orleans led all the way,
Speaker 1: pull the way third quarter, outscore the next thirty five
Speaker 1: to fifteen. The final a little more respectable, but a
Speaker 1: one oh two to ninety one lost. The Knicks coach
Speaker 1: is Don Thibodeaux. We played hard, but we didn't play,
Speaker 1: you know, with the toughness that we needed to in
Speaker 1: terms of being able to fight through things. Show they
Speaker 1: always say to being mentally tough when you face it
Speaker 1: VERSI is not going our way. Just keep battling. You know,
Speaker 1: your hustle can get you back into the game and
Speaker 1: oftentimes that's what changes that very currens Wan Mitchell Robinson
Speaker 1: was the next leading score. He and r. J. Barrett
Speaker 1: both in the seventeen points. Clearly a big reason the
Speaker 1: Knicks not where they were last year. The play of
Speaker 1: Julius Randall. Last night, Randall store only four points at
Speaker 1: one for nine. Warriors lost over time to Indiana. Another
Speaker 1: win for league leading Phoenix in Dallas. The Sons are
Speaker 1: thirty five and nine nets. In San Antonio. Tonight, Rangers
Speaker 1: visit Carolina. Top two teams in the Metropolitan Division. Australian
Speaker 1: Open Rafteryelmdal just now starting his third round match. American
Speaker 1: Riley Opelka lost four sets to the Canadian Dennis Shop
Speaker 1: of all of Matteo Barrettini came from two sets down
Speaker 1: to win. Naomi Osaka is right now in the third
Speaker 1: set of her match. Yankees will not be making any
Speaker 1: trips to Montreal. That's the other Bay Rays who always
Speaker 1: struggle with the track. Fans made a proposal to play
Speaker 1: their half their home games north of the border. MLB
Speaker 1: rejected the idea. The raised lease and Tampa runs through seven.
Speaker 1: They could be on the move after that. John Stash
Speaker 1: Atward Bloomberg Sports Nathan Okay, John, thanks right now. S
Speaker 1: and P futures are down five points. Staff futures are
Speaker 1: higher right now modestly, Sell up twenty five points. Nastack
Speaker 1: futures still on the decline after heading into correction. Territory down.
Speaker 1: Nastack futures are lower by almost fifty eight points. The
Speaker 1: tenure treasury is up six thirty seconds. The yield one
Speaker 1: point seven eight percent. Patrick Palfrey of Credit Suite joins
Speaker 1: us next. The outlook for markets this is Bloomberg Bloomberg
Speaker 1: eleven three oh weather sunny but cold today, HIGs only
Speaker 1: in the low twenties, upper twenties. Tomorrow under partly mostly
Speaker 1: Sunday skies, more clouds moving Sunday highs in the low thirties.
Speaker 1: Right now fifteen degrees. Markets headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot com. The Bloomberg
Speaker 1: Business Atland at Bloomberg Quick tape is a Bloomberg business flash,
Speaker 1: and I'm fair at Moscow. US Dock Index futures are
Speaker 1: mixed this morning. European shares are falling and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg U S and P future is it'll change this morning.
Speaker 1: Down futures up fifty one, nasdack features down thirty eight.
Speaker 1: The decks in Germanys down one point four percent, the
Speaker 1: ten year treasury up four thirty seconds. You had one
Speaker 1: eight percent yield on the two year one point two percent.
Speaker 1: Nimex scrude oil is down one percent on a dollar
Speaker 1: fifty five at eighty four dollars a barrel. Comex school
Speaker 1: is down four tenth per cent or eight dollars at
Speaker 1: eighteen thirty six ninety an ounce. The Euro one point
Speaker 1: one three four one against the dollar, British bound one
Speaker 1: point three five six nine. The yuns at one thirteen
Speaker 1: point nine three Bitcoin this morning also lower at thirty
Speaker 1: eight thousand, nine hundred dollars. That's a Bloomberg business flash.
Speaker 1: Now here's muchel Barr with Moore on what's going on
Speaker 1: around the world. Muckle, good morning, Good morning, Karen Rock.
Speaker 1: Superstar meat Loaf has died. He's been known for such
Speaker 1: hits as Bad Out of l and Paradise by the
Speaker 1: Dashboard Light. Family. Statement provided by his longtime agent says
Speaker 1: the singer born Marvin Lee a Day died last night.
Speaker 1: Meat Loaf was seventy four. The US plans of the
Speaker 1: raise the federal employee minimum wage to fifteen dollars an hour.
Speaker 1: That's according to a report from Axios. In the NBA,
Speaker 1: the Nixon Warriors lost in the NHL. The Bruins beat
Speaker 1: the Capital's for three Global News twenty four hours of
Speaker 1: on a or end on Bloomberg Quick Today Power by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: a d twenty countries. Michael Barr and this is Bloomberg.
Speaker 1: Nathan alright, Michael, Thanks, It's five nineteen on Wall Street
Speaker 1: line from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak.
Speaker 1: Want to turn right back to this market action this morning.
Speaker 1: Patrick Palfrey is with US senior equity strategist and co
Speaker 1: head of Quantitative Research over at Credit Sweez Patrick. It's
Speaker 1: great to have you back with us on Bloomberg Daybreak
Speaker 1: because we're watching sort of a stabilization now in futures contracts,
Speaker 1: though the NASDAC is still moving lower after the UH
Speaker 1: move into a correction. Now for the Tech Heavy index,
Speaker 1: where is this going from here? Does this sell off
Speaker 1: have further to go? Well, thank you for having me.
Speaker 1: And in terms of what we're seeing for the NAZAC,
Speaker 1: I think we're going to continue to see a little
Speaker 1: bit of pressure for technology stocks and for high pe stocks,
Speaker 1: and those stocks are primarily found in the NASTACK. But
Speaker 1: I think there's plenty areas of the market where the
Speaker 1: backdrop remains quite healthy, and there I'm talking about cyclical groups, energy, materials,
Speaker 1: industrials and financials areas where you have valuation support in
Speaker 1: the growth prospects still remain quite strong. So I think
Speaker 1: it's going to be a bifurcation and performance for the
Speaker 1: for the next several months given that backdrop. Of course,
Speaker 1: you've probably heard the comments by now from Jeremy Grantham
Speaker 1: over a GMO saying that we're in a super bubble
Speaker 1: and not even the FED can stop what he sees
Speaker 1: as a near fifty percent plunge for the SNP. What's
Speaker 1: your reaction to that, Well, we we don't really see
Speaker 1: the data the same way, And I think what it
Speaker 1: comes down to is how you look at valuations for
Speaker 1: the benchmark, and I think a lot of investors are
Speaker 1: really focused on valuations. Evaluations look expensive when you put
Speaker 1: into consideration, you have a lot of very expensive companies
Speaker 1: in certain portions of the market, and that's where a
Speaker 1: lot of the concern is. When you take a step
Speaker 1: back and you look with a more broad brush, the
Speaker 1: fundamentals remain quite strong. We have a GDP that's going
Speaker 1: to grow with long term average, with a backshop with inflation,
Speaker 1: which is pricing power to companies that to benefit. And
Speaker 1: we have an inflation and we have an interest rate
Speaker 1: backstop that remains very low, which is providing little alternative
Speaker 1: for investors to move into equities. So I don't necessarily
Speaker 1: see it broadly as problematic, but there are certain portions
Speaker 1: that that it will be an issue though. There is
Speaker 1: a lot of concern I think in the market about
Speaker 1: what the FED is going to do, what it could
Speaker 1: signal at its meeting coming up next week, a lot
Speaker 1: of speculation that we could see a first rate hike
Speaker 1: as soon as March. What's your view on what the
Speaker 1: FED could come out with at its January meeting. Well,
Speaker 1: I think ultimately what we're looking for is the pace
Speaker 1: of which they're going to begin to raise rates and
Speaker 1: putting that in the context of the current geel curve.
Speaker 1: I think at the end of the day, that's our
Speaker 1: main focus because we want to make sure that the
Speaker 1: FED has the ability to move into ultimately stem inflation,
Speaker 1: but we don't want to see them actually push rates
Speaker 1: too high ward, curtails financial conditions and pushes into recessions,
Speaker 1: so they have a delicate balancing act ahead of us.
Speaker 1: Putting it in the conscious, the yield curve is really
Speaker 1: what we're focused on and kind of judging their commentary
Speaker 1: and how fast that they're willing to move. What's your
Speaker 1: view on where the yield curve could go from here, Well,
Speaker 1: ultimately I expect the yel curb to continue to flatten,
Speaker 1: and it's really just a function of the fact that
Speaker 1: if that is going to be in raising rights, it's
Speaker 1: not problematic, although many often view it as a recessionary signal.
Speaker 1: Um I think Ultimately, what it just depends on is
Speaker 1: how they can you know, really balance um. You know,
Speaker 1: the calming inflation, but yet at the same time allowing
Speaker 1: the economy to continue to run. And a lot of
Speaker 1: the factors which are driving in place room right now,
Speaker 1: such as labor we would an incredibly tie labor market
Speaker 1: and the fact that an interest rates are really low,
Speaker 1: which is driving housing, some of those are gonna be
Speaker 1: difficult for them to contain credit. Suez is one of
Speaker 1: the most bullish firms on Wall Street. Patrick, what would
Speaker 1: it take for you and your team to change your
Speaker 1: mind on the bullish outlook for stocks? Well, ultimately, what
Speaker 1: is leading us to be as bullish as we are
Speaker 1: is how positive the underlying backgroup is. That includes real
Speaker 1: economic growth, like I said earlier, growing double the long
Speaker 1: term average, and the fact that inflation um is a
Speaker 1: benefit to a lot of companies. You know, should inflation
Speaker 1: remain high and that begins to erode demand, so we
Speaker 1: see real economic estimates begin to slide, that would cause
Speaker 1: us a level of concern and I think it would
Speaker 1: be problematic. And then I think the second area where
Speaker 1: we would see an issue is if is if interesting
Speaker 1: to actually um you know materially fall from here and
Speaker 1: and it's not an issue that we see this on
Speaker 1: the table at the moment, but it would signal an
Speaker 1: unhealthy backdrop, and I think that would be somewhat problematic
Speaker 1: for stocks. In our last minute here, Patrick, I think
Speaker 1: you mentioned UH move toward more cyclical stocks as as
Speaker 1: a strategy. What are some surprise moves that you're that
Speaker 1: investors could make to whether the outlook going forward? Well,
Speaker 1: I think right now we have a um some of
Speaker 1: a commodity boom that's taking place in light of just
Speaker 1: the robust demand that we've seen in the bathroup. So
Speaker 1: I think UH, energy prices, I think a lot of
Speaker 1: materials prices. I think we have a lot of upside
Speaker 1: left in those areas, and I think that is underpinning
Speaker 1: the success that we're seeing those companies driving pricing power
Speaker 1: and really helping gain operational leverage for a lot of
Speaker 1: these companies, something that wasn't there three and five years ago,
Speaker 1: and I think oftentimes left those sectors for dead. Really
Speaker 1: appreciate this, Patrick, thanks again for coming on with us early.
Speaker 1: That's Patrick Palfrey's senior equity strategist CO had of Quantitative
Speaker 1: Research over at Credit Suez and right now SMP futures
Speaker 1: are little changed to the upside. Doubt futures up fifty
Speaker 1: five points. Danstack future is still lower. They're down by
Speaker 1: almost thirty five points. The tenure Treasury is up four
Speaker 1: thirty seconds, the yield one point seven percent, and the
Speaker 1: yield on the two year right now one point zero
Speaker 1: two percent. Stay with us. You're listening to Boomberg Daybreak
Speaker 1: Bloomberg eleven three oh cold weather partly Sunday Today. Hi
Speaker 1: is only in the low twenties, will be in the
Speaker 1: upper twenties by tomorrow. Sunday war clouds than sun. High
Speaker 1: in the low thirties. Right now fifteen degrees in Central Park.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York.
Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg NAM
Speaker 1: sixteen to the country, Sirius XM CHADO one nineteen and
Speaker 1: around the globe, the Bloomberg Business at and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hagert and I'm Karen Moscow,
Speaker 1: and we're just about four hours away from the open
Speaker 1: of US trading. Let's get you up to date in
Speaker 1: the news you need to know. At this hour. We're
Speaker 1: seeing more tech weakness following yesterday's a late day sell off.
Speaker 1: We get the very latest live, but the Bloomberg's John Tucker,
Speaker 1: John Karen that has that correction let's started this week
Speaker 1: has gotten worse after yesterday slide. The Tech heavy index
Speaker 1: now down close to twelve percent since it's November high,
Speaker 1: and the list of investor concerns is growing markets face
Speaker 1: of one two punch of FED rate hikes and the
Speaker 1: possible reduction of its eight point eight trillion dollar balance sheet,
Speaker 1: and earning season so far has been uneven, highlighting the
Speaker 1: risk that may fail to do the heavy lifting for
Speaker 1: stocks when the Federal Reserve ends it's stimulus You New York.
Speaker 1: I'm John Tucker, Boonberg Radio and John. Adding weakness to
Speaker 1: the tech sector this morning is Netflix. The shares are
Speaker 1: down twenty one percent this morning on disappointing subscriber growth.
Speaker 1: We get more from Bloomberg Intelligence, Tech and media analysty
Speaker 1: to run and nothing. The sheet was kind of looking
Speaker 1: more at a first quarter editions of about six point
Speaker 1: to six point three million, which would kind of then
Speaker 1: set the tone for the whole of two. We're looking
Speaker 1: more at like a two two and a half million,
Speaker 1: which really now kind of I think actually a lot
Speaker 1: of nervousness amongst investors. Detronga Nathan of Bloomberg Intelligence says
Speaker 1: the subscriber forecast or result in Netflix's slowest start to
Speaker 1: a new year in at least a decade. Well, Nathan,
Speaker 1: Bitcoin is also lower today. In fact, it's trading at
Speaker 1: its lowest level and more than five months. Bitcoin hit
Speaker 1: a high of almost sixty nine thousand in November. This morning,
Speaker 1: it's at thirty nine thousand dollars and on Wall Street
Speaker 1: Care and JP Morgan Chase is coming off its most
Speaker 1: profitable year on record, and as a result, the bank
Speaker 1: is rewarding CEO Jamie Diamond. Let's get the latest life
Speaker 1: from Bloomberg's Rnita Young Ronita Nathan. Regulatory filing show that
Speaker 1: Jamie Diamond got a ten percent pay raise to thirty
Speaker 1: four point five million dollars for his work last year.
Speaker 1: JP Morgan earned forty eight point three billion in one
Speaker 1: and The move is the latest in a sign that
Speaker 1: after compensation pressures emerged last year from the junior ranks
Speaker 1: up through the banking and trading hierarchy, banks are now
Speaker 1: paying their most senior leaders more as well. Live in
Speaker 1: New York. I'm gonna need a young Bloomberg day break
Speaker 1: all right, need to thank you. And China is quietly
Speaker 1: urging banks to increase lending after a slow start of
Speaker 1: the year. Bloomberg News has learned that the People's Bank
Speaker 1: of China has given so called window guidance to large
Speaker 1: state owned lenders and regional banks. It urged them to
Speaker 1: extend more credit to companies and households. SNP futures little
Speaker 1: change this morning. Dal future is up forty seven NASDAG
Speaker 1: futures down forty ten. Year Treasury up five thirty seconds
Speaker 1: yield one point seven eight percent. Straight to head your
Speaker 1: latest local headlines, plus a check of sports. This is Bloomberg,
Speaker 1: Thanks Scaring. It's five thirty three on Wall Street, just
Speaker 1: fifteen degrees one five in Central Park. We're still dealing
Speaker 1: with the accident investigation in Edison. It's on southbound Route
Speaker 1: one at Root eighteen. Details coming up in traffic first
Speaker 1: Michael Barr is back with more on what's going on
Speaker 1: in New York and around the world. Michael, thank you
Speaker 1: very much, Nathan. Secretary of State Anthony B. Lincoln is
Speaker 1: scheduled to sit down in a high stage meeting, but
Speaker 1: his Russian counterpart in Geneva right now Moscow is still
Speaker 1: insisting Ukraine will not be admitted into NATO. President Biden
Speaker 1: said yesterday Russia will pay a heavy price if they
Speaker 1: invade Ukraine. One military official, General Robert Abrams, says a
Speaker 1: major conflict good result in a level of violence Europe
Speaker 1: hasn't scene since World War Two. The sheer destruction of infrastructure,
Speaker 1: home cities, loss of life both military and civilian, as
Speaker 1: well as displaced civilians will directly impact not only Ukraine
Speaker 1: in Russia, but economically will certainly affect Europe. General Robert
Speaker 1: Abrams was a former commander of US forces in Korea.
Speaker 1: New York City Mayor Eric Adams is calling for better
Speaker 1: coordination between federal and local authorities to fight urban crime.
Speaker 1: Adams says law enforcement agencies should coordinate against gun violence
Speaker 1: the way they did against terrorism after the September eleventh attacks,
Speaker 1: the same coordination that stopped plays from fly and our
Speaker 1: build his must be used to stop bullets from cobbon
Speaker 1: highways of death in our country, particularly in black and
Speaker 1: brown and poorer communities. They are, Adams spoke at the
Speaker 1: National Conference of Mayors in Washington yesterday. Singer meat Loaf
Speaker 1: has died at age seventy four. He was known for
Speaker 1: hits like that Out of l meat Loaf, whose real
Speaker 1: name was Marvin Lee a day, sold over one hundred
Speaker 1: million albums worldwide. Abortion opponents are gathering today in Washington
Speaker 1: for the largest anti abortion rally in the US. The
Speaker 1: March for Life arrives as the Supreme Court will decide
Speaker 1: in the coming months on whether to let states impose
Speaker 1: tighter restrictions on abortion. Remembers say that they are not
Speaker 1: finished fighting for abortion restrictions, even if the courts conservative
Speaker 1: majority rules in their favor later this year. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven hundred journalist
Speaker 1: and analysts more than a hundred twenty countries. Michael Barr,
Speaker 1: this is Bloomberg. Nathan, Okay, Michael, thank you, And it's
Speaker 1: now five thirty five on Wall Street. Time for the
Speaker 1: Bloomberg Sports Update us john Shaw act Nathan not surprisingly
Speaker 1: plenty of booze at the Garden. Nicks, for the third
Speaker 1: time in four days, lost at home to a team
Speaker 1: you've figured they could be. This time New Orleans Nicks
Speaker 1: again fell behind early and then the Pelicans really put
Speaker 1: the game away, winning the third quarter thirty five to fifteen.
Speaker 1: The final was one oh two to ninety one. What
Speaker 1: has happened to Julius Randall? The NBA's most improved player
Speaker 1: last season, second team All NBA, He got a big contract,
Speaker 1: not playing anywhere near that level. Randall last night four points.
Speaker 1: He shot one for nine. Among those advanced to the
Speaker 1: fourth round of the Australian Open, meal mere catch Monovich,
Speaker 1: who was supposed to play fellows Serb Novak Djokovic in
Speaker 1: the first round. Djokovic's course was sent home. Two thousand fourteen,
Speaker 1: Kevin Ollie coach you'vecott of the National Championship. He was
Speaker 1: fired four years later in the school said it was
Speaker 1: for n C double a violation, so they didn't know
Speaker 1: him what was left in his contract? Ali Soon an
Speaker 1: arbitrator agreed Yukon now owes Ali eleven million dollars. The
Speaker 1: MLB lockout continues. The two sides of had one brief
Speaker 1: bargaining session last month. Players quickly dismissed an owner's proposal.
Speaker 1: The union now set to make a counter offer next week.
Speaker 1: If there's no deal soon, they will like to make
Speaker 1: official that spring training will not begin on time. NFL
Speaker 1: playoffs resumed Tomorrow's running, with Cincinnati coming off its first
Speaker 1: postseason wining thirty one years. Now at Tennessee, the Titans
Speaker 1: get start running back Derrick Henry back from a broken foot.
Speaker 1: Forty Niners off the upset win in Dallas now go
Speaker 1: to Green Bay Tomorrow night might snow will definitely be cold. Sunday,
Speaker 1: Rams and Bucks and Tampa matter. Stafford just got his
Speaker 1: first playoff when Tom Brady is thirty five. The weekend
Speaker 1: wraps up with Buffalo at Kansas season tost Actually where
Speaker 1: Bloomberg Sports Nathan and John we have breaking news from
Speaker 1: the Australian Open. Defending champion Naomi Osaka has lost in
Speaker 1: the third round to Amanda an A Samova. Seven on
Speaker 1: Wall Street Time Now for the Tri State Business Report.
Speaker 1: Here's Bloomberg's ed Corey talent war means higher starting pay
Speaker 1: for some new York lawyers. Millbank increased starting associate salaries
Speaker 1: to two hundred fifteen thousand dollars. I made a hyper
Speaker 1: competitive market. That bump ads ten thousand dollars to the
Speaker 1: salary for first year associates that Millbank announced last summer.
Speaker 1: Greenwich home listings plunged to a record low in the
Speaker 1: fourth quarter. That with the Breggs in a buying frenzy
Speaker 1: in the posh Connecticut town, there were just one hundred
Speaker 1: sixty seven single family houses available at the end of
Speaker 1: the quarter. That was down nearly sixty percent from before
Speaker 1: the pandemic and the fewest in data going back eight years.
Speaker 1: With the Gateway commuter rail tunnel project in New York
Speaker 1: and New Jersey is receiving a priority boost that makes
Speaker 1: it eligible for federal funding. The Federal Transit Administration is
Speaker 1: raising the project a medium high from Medium low. The
Speaker 1: rating needs to be at least medium to qualify for money.
Speaker 1: That's your Bloomberg tried State Business report. I did, Corey, alright, ed,
Speaker 1: thank you. It's five eight on Wall Street. Bloomberg Radio
Speaker 1: is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. Um
Speaker 1: Courtney Donahoe on KJR H in Houston. Mortgage rates climbing
Speaker 1: for a fourth consecutive week, highest since the start of
Speaker 1: the pandemic. I'm Caroline had Gone Bloomberg. Davey Digital Radio
Speaker 1: in London were re quoting on the slump in UK
Speaker 1: consumer confidence and December retail sells. I made Corey on
Speaker 1: w w J in Detroit. I'm reporting Michigan plans to
Speaker 1: become carbon neutral by two thousands fifty. And those are
Speaker 1: some of the stories our hundred Bloomberg journalist and analysts
Speaker 1: are working on this morning around the world. It's nine
Speaker 1: on Wall Street. The following is an editorial from Bloomberg Opinion.
Speaker 1: The walls are closing in on UK Prime Minister Boris Johnson.
Speaker 1: His critics, including fellow Torris, are furious us over the
Speaker 1: party Gate scandal involving lockdown defining gatherings held at ten
Speaker 1: Downing Street. If Conservative members of Parliament were to trigger
Speaker 1: a leadership contest, Johnson could very well lose. The Prime
Speaker 1: Minister is planning for time, apparently hoping that passions were cool.
Speaker 1: But the political environment has shifted since Johnson's election victory
Speaker 1: in twenty nineteen, and not to his advantage. Brexits promised
Speaker 1: benefits are invisible and its mounting burdens impossible to ignore.
Speaker 1: The pandemic is once more threatening to overwhelm the National
Speaker 1: Health Service. Energy costs are surging, tax increases are on
Speaker 1: the horizon, and the labor opposition is no longer led
Speaker 1: by a socialist. Strange things happen in politics, especially British politics.
Speaker 1: But if Johnson prevails against these forces, it will be
Speaker 1: a miracle. This editorial was written by the Bloomberg Opinion
Speaker 1: Editorial Board. I'm David Shipley. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or OPA and
Speaker 1: go on the Bloomberg terminal. These has been Bloomberg Opinion.
Speaker 1: Listen for Bloomberg Opinion editorials every weekday. At this time,
Speaker 1: terminal customers can read more at O, P, I, N
Speaker 1: go right now. SMP futures are little changed now futures
Speaker 1: up sixty three points, NASTAC futures down two. Netflix shares
Speaker 1: down twenty one percent. Analysis of the earnings next with
Speaker 1: Tuna Amobi of c f R a Bloomberg eleven three
Speaker 1: oh weather sunny, low twenties for highs today will be
Speaker 1: in the upper twenties Tomorrow, clouds roll in Sunday, with
Speaker 1: highs by then in the low thirties currently just fifteen degrees.
Speaker 1: Markets headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot com, the Bloomberg Business attend at Bloomberg
Speaker 1: Quick Tape, He's a Bloomberg Business Flash and I'm Karen Moscow.
Speaker 1: US stock index futures are mixed, while European stocks are
Speaker 1: following as investors assess shape key company earnings in that
Speaker 1: prospect of higher US borrowing costs. NASDAK futures are underperforming
Speaker 1: after the tech heavy gage entered a correction yesterday. But
Speaker 1: check the markets every fifteen minutes throughout the trading day
Speaker 1: on Bloomberg s ANDP futures that will change. DAL futures
Speaker 1: up sixty two, NASDAG futures down forty one. The decks
Speaker 1: in Germany's down one point three per cent, the ten
Speaker 1: year treasury up four thirty seconds, YELD one point seven
Speaker 1: nine percent, The yield on the two year one point
Speaker 1: two percent nine max Scrude oil is down one point
Speaker 1: six percent on a dollar thirty five at eighty four
Speaker 1: dollars nineteen cents of barrel. Comic school is down four
Speaker 1: ten per cent or eight dollars twenty cents at eighteen
Speaker 1: thirty six seventy announced. The euro one point one three
Speaker 1: three seven against the dollar, British found one point three
Speaker 1: five six nine. The yunis at one thirteen point nine zero.
Speaker 1: Bitcoin this morning is at thirty eight thousand, nine hundred dollars.
Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. US Secretary of State Anthony Lincoln
Speaker 1: and Russian foreign ministers Sergei lab Rolph began security talks today.
Speaker 1: It comes after President Joe Biden warned Russia would pay
Speaker 1: a heavy price for any intervention in Ukraine. Lavrov says
Speaker 1: Russia is grateful to the US for participating in the
Speaker 1: security talks and expects to receive a response to its
Speaker 1: security demands. The US plans the raise the federal employee
Speaker 1: minimum wage to fifteen dollars an hour. That's according to
Speaker 1: a report from Axios. Meat Loaf, born as Marvin Lea Day,
Speaker 1: has died. The singer known for such hits as Bat
Speaker 1: Out of Hell was seventy four breaking news out of
Speaker 1: the Australian Open. Defending champion Naomi Osaka has been knocked
Speaker 1: out of the women's third round in the NBA the
Speaker 1: next and Warriors lost in the NHL. The Bruins beat
Speaker 1: the Capital's for three Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quicktake, powered by more
Speaker 1: than twenty seven under a journalist and analysts more than
Speaker 1: a d twenty countries. Michael Barn this is Bloomberg. Nathan
Speaker 1: all right, Michael, thank you. It's five forty nine on
Speaker 1: Wall Street Live from the Bloomberg Interactive Brokers Studios. This
Speaker 1: is Bloomberg Daybreak. And when you want to talk about
Speaker 1: shaky earning so far, take a look at Netflix. The
Speaker 1: shares of the streaming giant are down twenty one percent
Speaker 1: in the pre market. Streaming Giant reported a slow down
Speaker 1: and subscriber growth in the fourth quarter, and it says
Speaker 1: it is likely to continue at least into the early
Speaker 1: part of this year. Let's bring in Tuna Amobi for
Speaker 1: more on this. Tech media and telecom analyst at c
Speaker 1: f R A Tuna, Good morning. Not so good for Netflix.
Speaker 1: So with that guidance for just two and a half
Speaker 1: million new subscribers in the current quarter really seeming to
Speaker 1: spook investors, does it have you rethinking the stock? A
Speaker 1: lot of analysts are starting to downgrade. Now. Good morning, Nathan,
Speaker 1: and it's always great to be with you. Um. Absolutely,
Speaker 1: I think the guidance for a Q one, as you
Speaker 1: alluded to, kind of spooked spooked us as well, right, Um,
Speaker 1: but we did maintain our target prize. Um, sorry, we did.
Speaker 1: We maintain our by recommendation and then reduced our target price. UM.
Speaker 1: I think what this report had done this and is
Speaker 1: that it calls into question, um, you know, the the
Speaker 1: pace of growth, whether that might be sustainable. Um. You know,
Speaker 1: we were. We came into the last quarter actually with
Speaker 1: relatively temperate expectations, but no one, um, you know, was
Speaker 1: anticipating that the Q one guidance was going to be
Speaker 1: as low as two point five million, which was at
Speaker 1: least four million lower than our expectations. With that being said,
Speaker 1: you wouldn't know the way they share the trading that
Speaker 1: they actually beat Q from the top and bottom line,
Speaker 1: even though the subscriber numbers eight point three million came
Speaker 1: in a touched below the guidance of eight point five
Speaker 1: million last quarter UM. At this point UM, it's pretty
Speaker 1: clear to us that the next hundred million UH subscribe
Speaker 1: audition is going to be incrementally harder than UM than
Speaker 1: the last two hundred that Netflix has added globally, UH.
Speaker 1: You know, granted that we still think that there's a
Speaker 1: lot of low hanging fruit in men the international markets
Speaker 1: across EMA and also Asia Pacific, that we think that
Speaker 1: there's a lot of room for for growth. But what
Speaker 1: investors are doing right now is to somewhat recalibrate UM,
Speaker 1: you know, the expectation and begin to perhaps depression the
Speaker 1: secular growth thesis as to whether this huge breaming valuation
Speaker 1: is warranted. But you know, right now, we're still kind
Speaker 1: of watching. We think that there's still some elements of
Speaker 1: COVID overhang. As the company alluded to, it's been extremely
Speaker 1: volatile too for forecast subscriber prediction to predict subscriber growth
Speaker 1: coming out of a bit COVID, and this is something
Speaker 1: we respect to UH to be a common theme as
Speaker 1: other streaming platforms report their results. Yeah, I wanted to
Speaker 1: ask you about the outlook for the streaming UH industry
Speaker 1: more broadly, are those tempered expectations for subscriber growth something
Speaker 1: that you're expecting across the competitive space? Certainly there's uh
Speaker 1: you know, every sends to show that the next leg
Speaker 1: of the growth is not going to be as robust,
Speaker 1: and that's why you see a lot of the shares
Speaker 1: of the major companies that owned streaming platforms also down
Speaker 1: in sympathy with Netflix. UM you know. With that being said,
Speaker 1: I think that the one positive takeaway from Netflix results
Speaker 1: should not be lost that the US and Canada numbers
Speaker 1: were actually way better than expected. I think there's been
Speaker 1: questions around whether the domestic market is saturated, but but
Speaker 1: I think this report answered that UM and kind of
Speaker 1: help to ease the concerns. The other question is whether
Speaker 1: the price increases that they've just announced in US and Canada,
Speaker 1: how much that perhaps factored into their their guidance. We
Speaker 1: think that um, you know, given the huge content investments
Speaker 1: Netflix has made, UH, they still have a fair amount
Speaker 1: of pricing power left, So we would not rush to
Speaker 1: conclude that UM you know that there's any questions of
Speaker 1: audience retention or turn because most of the shows that
Speaker 1: they've reported view hours or significantly up. And there is no, um,
Speaker 1: no doubt that there's still tremendous appetite out there for
Speaker 1: for streaming content. Only about a minute left here, Tuna,
Speaker 1: but you know, to Netflix has been spending a lot
Speaker 1: on content, putting out the sort of blockbuster movies and
Speaker 1: TV shows as well. Can they continue to spend that
Speaker 1: much on the product that they put out for consumers?
Speaker 1: They almost have to, especially with streaming wars now set
Speaker 1: to further escalated this year. Um we have them spending
Speaker 1: north of twenty billion dollars this year as well, after
Speaker 1: almost seventeen billion last year. So this is really the
Speaker 1: name of the game, you know, with with all the
Speaker 1: you know, depocketed competitors out there, it's almost imperative that
Speaker 1: you have to spend and give consumers their reason to
Speaker 1: keep coming back. And that's why you think they've been
Speaker 1: able to sustain the viewership growth that they have. Content
Speaker 1: is going to always be the number one ingredients in
Speaker 1: terms of being a formidable competitor. So it is not
Speaker 1: a game for this faint of heart nating Yeah, a
Speaker 1: lot of competition, not just in streaming, but maybe even
Speaker 1: in movie theaters as well as a lot of consumers
Speaker 1: movie goers think about at least getting back into those
Speaker 1: cinema seats. Tuna, a MOBI analyst at c FR a
Speaker 1: with us this morning on those Netflix earnings and taking
Speaker 1: a look at the shares in the pre market care
Speaker 1: and again they are down now twenty one and a
Speaker 1: half percent. All right, Nathan, thank you. While staying with earnings,
Speaker 1: fourth quarter results from the major Wall Street banks are
Speaker 1: in the books, and Bank of America's coming off an
Speaker 1: end of the year that beat most expectations. Still it
Speaker 1: has not been completely smooth sailing for Chief executive Brian moynihan.
Speaker 1: He says compensation is the biggest expense for the bank.
Speaker 1: And we came up with Bank of America's CEO Brian
Speaker 1: moynahan in a conversation with Bloomberg's David weston let's listen
Speaker 1: and now it's a tale of many cities in the
Speaker 1: sense that there are some businesses which, uh, you have
Speaker 1: not as much leverage in and as they called therefore
Speaker 1: they compensation structure maintains constantly. There's some there's bonuses overall,
Speaker 1: we we have about thirty odd billion, thirty two thirty
Speaker 1: three billion dollars in compensation and related expenses, benefits, compensation, bonuses,
Speaker 1: et cetera for our team of our fifty nine billion expenses.
Speaker 1: So it is the biggest expense by a lot. And
Speaker 1: so the only way to really do you have to
Speaker 1: manage that is actually how many people you have going
Speaker 1: through it? Um. You have to be competitive, You have
Speaker 1: to pay people. We don't want people want to work
Speaker 1: for less. Next year, Brian's we look forward in twenty two,
Speaker 1: we're looking at something we haven't seen in a good
Speaker 1: long time, and that is the tightening of monetary policy
Speaker 1: rather than the loosening monetary policy. Give us a sense
Speaker 1: of what you're looking at. And just to be specific,
Speaker 1: as you make projections at back in America, how many
Speaker 1: rate hikes do you expect to have fed in two
Speaker 1: There are two parts that one of our research team
Speaker 1: led by Canvas Browning plat and the team is terrific
Speaker 1: and they have four rate hikes in next year. Uh.
Speaker 1: But internally we we model our future income off the curve.
Speaker 1: We don't full ourselves. Let anybody make a projection, but
Speaker 1: look inflation is here. The economy you know it's gonna
Speaker 1: grow at six four two, so thinks six last six
Speaker 1: and four and twenty two and to get them to
Speaker 1: two pc growth rate and in twenty three, and think
Speaker 1: of it. This year is making that adjustment that is
Speaker 1: based on the tightening first the Fiscal Committy official will
Speaker 1: uh stimulus you have stopped last year and now the
Speaker 1: monetary stimuls to be pulled out because the economy is
Speaker 1: as big as it was growing faster unemployments below for
Speaker 1: you know, the conditions are right to go ahead and
Speaker 1: actually reduce the accommodation with one big caveat does this
Speaker 1: virus go in some direction that caused some damage that
Speaker 1: people don't understand. And the good news is, you know
Speaker 1: we're winning the war on the virus of vaccines and
Speaker 1: everything you know about. So, but remember the key is
Speaker 1: at six four two, the economy is slowing down and
Speaker 1: part of that is the engineering that goes on to
Speaker 1: bring it into more of a sustainable growth rate because
Speaker 1: it was growing faster than it usually grows. And so
Speaker 1: will rates go up? Yes, four times this year is
Speaker 1: a prediction. The reality is does that help our earnings? Yes?
Speaker 1: But the real reality is is that's the bring the
Speaker 1: economy to take the inflation now the system and if
Speaker 1: they get it right, because the economy is growing very fast,
Speaker 1: in inflation is growing very fast. As that slows down,
Speaker 1: we should get back to normal economy. And that was
Speaker 1: Bank of America Chief Executive Brian moynihan speaking with the
Speaker 1: Bloomberg's David West, and you can catch their full interview
Speaker 1: online at Bloomberg dot com. Again, futures this morning, S
Speaker 1: and P futures are little change down futures up fifty
Speaker 1: three and NASDAG futures lower down fifty four. The tenuere
Speaker 1: treasury at four third day seconds he had one point
Speaker 1: to seven nine per cent and the yield on the
Speaker 1: two year one point two per cent. Still ahead. On
Speaker 1: Bloomberg day Break and check on the business headlines and
Speaker 1: all the news you need to start your day. This
Speaker 1: is Bloomberg