Speaker 1: Live from the Bloomberg Interactive Brooker's Studios. This is Bloomberg
Speaker 1: day Break for Monday, October two. Coming up this hour,
Speaker 1: stocks tick lower following a volatile week on Wall Street.
Speaker 1: Investors await key inflation data and the kickoff of earning season.
Speaker 1: Good earning sends stocks even lower. We'll have the results
Speaker 1: of a Bloomberg poll and Rockets strike keif after Vladimir
Speaker 1: Plutin blames you Craine for targeting a crucial bridge to
Speaker 1: CRIMEA shots rang out near the Long Island home of
Speaker 1: Republican Booblin Etorio candidate leaves Elbot plus demonstrations growing the
Speaker 1: run involving the so called morality police. On Michael larn More,
Speaker 1: I'm Stationwar Sports. The Mets season is over, shut out
Speaker 1: by the Padres of the decisive game three wins with
Speaker 1: the Giants and Jets. That's All's train ahead on Bloomberg
Speaker 1: day Break on Bloomberg eleven three on New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine
Speaker 1: sixties and Francisco Sirius x AM one nine Team and
Speaker 1: around the World Old on Bloomberg Radio dot Com and
Speaker 1: via the Bloomberg Business. Good morning, I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow, u ust On indext futures are lower
Speaker 1: this morning. We are coming up to six oh one
Speaker 1: on Wall Street and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg. S and P
Speaker 1: future is down about five points right now. DAL futures
Speaker 1: down eight and NASTAGG futures down at twenty four. And
Speaker 1: there is no trading on the bond market today. It's
Speaker 1: closed and observance of Columbus Day and Indigenous People's Day.
Speaker 1: Nimix Screwed oil is down six tenths of uper sent
Speaker 1: Nathan and Karen, we begin with news that broke about
Speaker 1: ten minutes ago. Former FED Chairman Ben Bernankey, along with
Speaker 1: Douglas Diamond and Philip Divvig, have been awarded the two
Speaker 1: Nobel Prize in Economics for research on banks and financial crises.
Speaker 1: The three are all US based economists and will share
Speaker 1: the nine hundred thousand dollar reward. Well, we turned to
Speaker 1: the markets, Nathan, and as I said just moments ago,
Speaker 1: futures are lower as we begin a new trading week.
Speaker 1: The S and P five hundred is started last week
Speaker 1: with its biggest two day alley since the onset of
Speaker 1: the pandemic, only to fall in the final three days,
Speaker 1: capped off by Friday's jobs report. Investors are vetting the
Speaker 1: Fed will continue with aggressive hiking trail. Brian Jacobson has
Speaker 1: senior investment strategist at all Spring Global Investments. You know
Speaker 1: Net Davis was famous for a lot of his wisdom,
Speaker 1: the trend is your friend, and don't fight the Fed.
Speaker 1: But now you can kind of paraphrase it by saying,
Speaker 1: don't fight the trend because the Fed isn't your friend
Speaker 1: and the trend, unfortunately, is towards weakness. All Spring Global
Speaker 1: Investments Brian Jacobson believes the Fed will keep going with
Speaker 1: hawkish policy tightening me and Asia Karen shares tumble tomid
Speaker 1: intensifying concern over rising global interest rates, and as Chinese
Speaker 1: investors returned from a week long holiday to tighter restrictions
Speaker 1: on American technology. Let's get the recap from Bloomberg's Juliette
Speaker 1: Sally in Singapore. Good morning, Nathan and Karen. Chinese stokes
Speaker 1: fail on their return from the Golden Week holiday. Hut
Speaker 1: by a global equity seale off and blake holiday spending
Speaker 1: data that deepened concerns about the economic recovery. The cs
Speaker 1: I three hundred was training at April twenty twenty lows.
Speaker 1: Tech dogs fell amid renewed Signo US tensions with the
Speaker 1: Hang Seng Tech indexit January twenty nineteen lows, they'll show
Speaker 1: you one strengthened after the p BOC set are stronger,
Speaker 1: you want fixed For a record twenty eight day, the
Speaker 1: Ossie dollar fell to April twenty twenty lows. Markets in Japan,
Speaker 1: South Korea and Taiwan were closed in Singapore. Juliet Sally
Speaker 1: Bloomberg daybreak. All right, Juliet, thank you. Our stocks are
Speaker 1: also following in Europe to begin the week, and we
Speaker 1: go to London and get the leaders for the Bloombergs.
Speaker 1: You and parts you and good morning, Good morning Nathan
Speaker 1: and Karen A Gloomy started trading here in Europe as well,
Speaker 1: with every major stock markets in the red this morning.
Speaker 1: Consumer products, tech and utilities among the mixed bag of
Speaker 1: sectors for feeling the precious most so far. The Bank
Speaker 1: of England, meanwhile, says it's stepping up its support for
Speaker 1: the UK bond market, which sold off after the government's
Speaker 1: disastrous mini budget statements. The bank's aim is to provide
Speaker 1: longer term support for a wider range of securities over
Speaker 1: the coming weeks. In London, I'm you and pot Spoinberg Daybreak,
Speaker 1: All right you and thanks. Back here in the u
Speaker 1: S Alian's chief economic advisor Muhammad al Arians continuing his
Speaker 1: criticism of the FED. He's blaming the Central Bank for
Speaker 1: what he calls the very high risk of a recession.
Speaker 1: Not only does it have to overcome inflation, but it
Speaker 1: has to restore credibility. So yes, I fear that we
Speaker 1: with a very high probability of a damaging recession that
Speaker 1: was totally avoidable. Alian's chief economic advisor and Bloomberg contributor,
Speaker 1: Muhammad al Arian made the comments on CBSS Face the Nation,
Speaker 1: Catch the program Sundays on Bloomberg Radio. Well on the
Speaker 1: economic front this week, Nathan Magame minutes from the FED
Speaker 1: September meeting, as well as key readings on inflation. The
Speaker 1: Producer Price Index comes out on Wednesday, followed by consumer
Speaker 1: prices on Thursday. Earning season begins this week too, when
Speaker 1: we get a preview from Bloomberg's Turnley Pellet Banks including JP,
Speaker 1: Morgan Chase, City Group, Wells Fargo, and Morgan Stanley will
Speaker 1: be front and centator as companies report third quarter results
Speaker 1: amid a rising rate environment, higher energy costs, and geopolitical uncertainty.
Speaker 1: Jessica Biemer is poor folio manage to with easterly investment partners.
Speaker 1: I'm actually really excited to share from companies because they
Speaker 1: are able to really give us obviously some perhaps short
Speaker 1: term negatives, but long term guidance on how they plan
Speaker 1: to react to the current environment that tends to be
Speaker 1: a good thing for stocks. This week will also hear
Speaker 1: from black Rock, Delta Airlines, PepsiCo p n C, and
Speaker 1: United Health in New York Charlie Pellock Bloomberg day Break.
Speaker 1: Thanks Charlie. The investors don't expect this earning season to
Speaker 1: be a pretty one. More than six of respondence to
Speaker 1: the latest Bloomberg m Live Pulse survey say earnings will
Speaker 1: push the SNP even lower. About half of pull participants
Speaker 1: also expect equity valuations to pull back even further from
Speaker 1: their average of the past decade. A strong dollar is
Speaker 1: also likely to be a head wind during this earning season,
Speaker 1: Nathan As. According to strategist at Goldman Sachs, who say
Speaker 1: US companies generated thirty percent of revenues overseas. The bank
Speaker 1: also says elevated inflation and high inventories pose risk to earnings.
Speaker 1: In geopolitical news, karen Kiev has been hit by explosions
Speaker 1: this morning, two days after an attack on a key
Speaker 1: bridge between Crimea and Russia. Ukrainian official says at least
Speaker 1: eight people have been killed in another twenty four wounded
Speaker 1: in today's strikes. Russian President Vladimir Putin is blaming Ukraine
Speaker 1: for the bridge attack. He meets with a security council today.
Speaker 1: Ukrainian President Vladimir Zolenski appeared to make a not so
Speaker 1: subtle mention of the bridge attack and his daily address
Speaker 1: today was a good and mostly sunny day on the
Speaker 1: territory of our state. Unfortunately it was cloudy in Crimea,
Speaker 1: although it is also warm. But no matter how cloudy
Speaker 1: it is, Ukrainians know what to do and they know
Speaker 1: that our future is sunny. Ukrainian President Vladimir Zolenski spoke
Speaker 1: there through a translator. Well. On another geo political flash point,
Speaker 1: Nathan Taiwan says there will be no compromise on its
Speaker 1: sovereignty or democracy. That came hours after Elon must tweeted
Speaker 1: that the self rude island should adopt a Hong Kong
Speaker 1: style governance model. China's hailing the idea, but Taiwan President
Speaker 1: Cyan Waan says Beijing should not make any misjudgment on
Speaker 1: accounted I want to be or risk democratic system SMP
Speaker 1: futures right now are down five points, down, futures down
Speaker 1: seventeen and NASTAC futures are lower by thirty points. No
Speaker 1: treasury trading today. It is a federal holiday and observance
Speaker 1: of Columbus Day and Indigenous People's Day. Straight ahead, your
Speaker 1: latest local headlines and a check of sports. This is
Speaker 1: Bloomberg and it is down six oh seven on Wall
Speaker 1: Street where fifty two degrees in Central Park. We gotta
Speaker 1: crash westbound Belt Parkway and Merrick Boulevard. Michael Barr has
Speaker 1: more on what's going on in New York and around
Speaker 1: the world. Michael, thank you very much. Nathan. Police say
Speaker 1: there's no apparent connection between a shooting outside Lee's Elden's
Speaker 1: home in Shirley Long Island Sunday afternoon and the Republican
Speaker 1: nominee for New York governor. Investigators say two teenage boys
Speaker 1: tried to hide under Zelden's front porch after the drive
Speaker 1: bon shooting. Elden's has his twin teenage daughters were home
Speaker 1: at the time, and when they heard the gunshots, they
Speaker 1: locked themselves in a bathroom and called nine one one.
Speaker 1: Speaking to reporters outside his home, the New York congressman
Speaker 1: said the shooting is representative of a larger problem with society.
Speaker 1: At what point are we supposed to talk about the
Speaker 1: crime on our own streets. I'm standing in front of
Speaker 1: crime scene tape in front of my own house. You
Speaker 1: can't get me more outraged than right now. Congressman's Elden's
Speaker 1: has his security cameras photographed to people the two people
Speaker 1: shot for taking to hospitals. More Republicans are pledging support
Speaker 1: for Herschel Walker, the Senate GOP candidates in Georgia, is
Speaker 1: facing fallout over reports that he once paid for an
Speaker 1: ex girlfriend's abortion. The Republican Senatorial Committee chair, Senator Rick Scott,
Speaker 1: will campaign with Walker, who is a staunch anti abortion candidate.
Speaker 1: Democratic Senator Raphael Warnock holds a slight lead in the
Speaker 1: polls in the state violent anti government protests are intensifying
Speaker 1: and spreading it around. Sparked by anger over the killing
Speaker 1: of a woman who was arrested by the so called
Speaker 1: morality police and then dying in police custody. The protest
Speaker 1: us starting four weeks ago with the death of twenty
Speaker 1: two year old Masha Cominy for allegedly wearing her her
Speaker 1: job improperly. One woman protesting in Iran says enough is enough. Meanwhile,
Speaker 1: Iran analysts Holly Dagrus says, these demonstrations are extraordinary. They're
Speaker 1: changing death to the dictator, death to hominy. They're removing
Speaker 1: their head scarves. There's been viral videos of Iranian girls
Speaker 1: flipping the bird at the supreme meter of Iran's photo
Speaker 1: or stomping on his photoing classrooms. Analysts Holly Dagrus. North
Speaker 1: Korean leader Kim John said he launched a new ballistic
Speaker 1: missile and simulated tactical nuclear strikes during recent military drills.
Speaker 1: It is the latest sign that North Korea is preparing
Speaker 1: for its first atomic test in five years. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than journalists and analysts more than a
Speaker 1: hundred twenty countries. Michael Barron, this is Bloomberg Naked. Thanks Michael,
Speaker 1: going up to a six ten on Wall Street. Time
Speaker 1: for the Bloomberg Sports Update with John Stetshow all right, Nathan.
Speaker 1: Only one Mets team in their history won more games
Speaker 1: than this one. That was six, which also happens to
Speaker 1: be the last time the Mets won the World Series.
Speaker 1: This team won a hundred and one games, where that
Speaker 1: was not enough to even win the division, and the
Speaker 1: concern was that the Mets were now I'm gonna have
Speaker 1: to play a short, best of three wild card series
Speaker 1: where they could run into some good pitching and be
Speaker 1: out quickly. And that's exactly what happened the Padres You
Speaker 1: Darvish shut him down in Game one, and Joe musgro
Speaker 1: was dominant last night's Game three. In fact, his stat
Speaker 1: line seven scoreless innings, only one hit allowed, the best
Speaker 1: in postseason history. In a winner take all games, San
Speaker 1: Diego won six to nothing to advance to play the Dodgers.
Speaker 1: The Yankees Game one with Cleveland at the stadium tomorrow night.
Speaker 1: Yanks had a mandatory workout last Friday. The oldest Chapman
Speaker 1: did not show up. There was talk the Yanks for
Speaker 1: not going to put them on their playoff roster, and
Speaker 1: now they definitely won't. Chapman's gonna be a free agent,
Speaker 1: so safe to say his Yankee career is over. As
Speaker 1: for New York football, the Jets of three and two,
Speaker 1: first times the two has seventeen. They blew out in
Speaker 1: Miami forty to seventeen for their first home win, their
Speaker 1: first win within the a f C East in almost
Speaker 1: three years. Rookie running back Breece Hall rush for nineties
Speaker 1: seven yards, also had a seventy nine yards reception. The
Speaker 1: Giants are four and one. They went four in thirteen
Speaker 1: last seas and in London they came from two touchdowns
Speaker 1: down against the package six twenty three to go, game
Speaker 1: tied at twenty first and Gold Giants at the two
Speaker 1: wildcat formation with Parkley and right Well. This time Jones
Speaker 1: lined up loud take one, takes the stops take one.
Speaker 1: Thousan outside quartly said for the touchdown, how the Giants
Speaker 1: have the league with six to go w f and
Speaker 1: Giants then stopped Green Bay in a late drive and
Speaker 1: won twenty seven. John stashillar Bloomberg Sports Movement, Kicky John
Speaker 1: SMP futures down down seven points down futures down thirty two.
Speaker 1: NASTAC futures are lower by forty points up. Next, the
Speaker 1: latest from Ukraine after a barrage of missile strikes on
Speaker 1: key cities. We get the very latest with Bloomberg's executive
Speaker 1: editor for International Government meant Rosalind Matheson. You're listening to
Speaker 1: Bloomberg Daybreak, Bloomberg eleven three oh Whether these clouds will
Speaker 1: be followed by sunshine this afternoon up for sixties for
Speaker 1: highs will be Sunday tomorrow near seventy degrees and partial
Speaker 1: sunshine high near seventy for Wednesday. Right now fifty two
Speaker 1: in Central Park markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business
Speaker 1: Out and at Bloomberg Victap this is a Bloomberg Business
Speaker 1: lash and I'm Karen. Moscow and European stocks are lower
Speaker 1: for a fourth strade day. US dot Index Future is
Speaker 1: also declining as concerns amount that central bank policy tightening
Speaker 1: was said to take a heavy toll on the global
Speaker 1: economy and company earnings. We check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg. Right now, SMP
Speaker 1: futures are down nine points down, futures down forty one,
Speaker 1: nasday futures down forty three, and the docks in Germany
Speaker 1: is moving higher. It's up about half percent. There's no
Speaker 1: trading on the treasury markets today in the US. That
Speaker 1: is due to the Columbus Day and Indigenous People's Day holidays.
Speaker 1: Nimex screwed oil is down six tents of a percent
Speaker 1: on fifty three cents and ninety two dollars eleven cents
Speaker 1: of barrel. Comex gold down one point four percent on
Speaker 1: twenty three dollars, forty cents and s nine announced euro
Speaker 1: point nine seven oh three against the dollar, British pound
Speaker 1: one point one zero seven zero and again one forty
Speaker 1: five point four five. Look at it bitcoin, it's down
Speaker 1: eight tens of percent in nineteen thousand and three hundred dollars.
Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with
Speaker 1: more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. Several explosions were heard in Ukraine's
Speaker 1: capital city, Keyev today. It comes as Russian leader of
Speaker 1: Vladimir Putin will meet with its top security officials in
Speaker 1: Moscow following the bombing of Europe's longest bridge linking annexed
Speaker 1: Crimea to the Russian mainland. The Nobel Prize in econ
Speaker 1: Comics Sciences was jointly awarded to former FED chair member
Speaker 1: Nack Douglas Diamond and Philip di Big for research on
Speaker 1: banks and financial crisis. In baseball, the season is over
Speaker 1: four the Mets. They lost to the Padres six zip
Speaker 1: in the deciding Game three of their NL wild Card series.
Speaker 1: In football, the Giants lost in London, the Jets one,
Speaker 1: along with the Patriots, Ravens and forty nine years the
Speaker 1: Commanders lost. I am so sorry the Giants one in London.
Speaker 1: I am my apologies. On that Global News twenty four
Speaker 1: hours a day on air and on Bloomberg quittake power
Speaker 1: by more than twenty seven hundred journalists analysts in more
Speaker 1: than a d twenty countries. On Michael Barr and this
Speaker 1: is Bloomberg, Nathan blamed the time change. Thank you, Michael,
Speaker 1: six nineteen on Wall Street Life from the Bloomberg Interactive
Speaker 1: Broker Studios. This is Bloomberg day Break. We want to
Speaker 1: get you the latest now on the war in Ukraine,
Speaker 1: where Russia has hit key of and other major cities
Speaker 1: with what may be the most intense missile barrage since
Speaker 1: the invasion began in February, coming a day after Vladimir
Speaker 1: Putin in Ukraine for an attack on a landmark bridge
Speaker 1: to Crimea. Joining US now is Rosalind Mathison, Bloomberg News
Speaker 1: executive editor for International Government Rise. It feels like this
Speaker 1: attack on the Crimean bridge is serving as something of
Speaker 1: a pivot point in this war. What is the latest?
Speaker 1: We have a lot of developments coming in just the
Speaker 1: last few minutes. Well, certainly we can see the pattern
Speaker 1: of escalation coming here from the Russian president and that's
Speaker 1: because his forces have been on the back foot on
Speaker 1: the ground in Ukraine for some months now. We've sent
Speaker 1: a successful counter offensive by Ukraine in the east and
Speaker 1: some advancements made in the south, and that's really bogged
Speaker 1: his war down. He's announced a partial mobilization, he's announced
Speaker 1: the annexation of areas of Ukraine that are occupied by Russia,
Speaker 1: but he's still struggling for traction. And now, really this
Speaker 1: prestige blow with this big fire ball that hit this
Speaker 1: bridge that links Crimea to the Russian mainland on the weekend.
Speaker 1: And that's a that's a bridge that really himself endorsed.
Speaker 1: He opened it by driving a truck over it after
Speaker 1: it was built, and it's an essential logistical link between
Speaker 1: Crimea and Russia, and certainly for the war and the
Speaker 1: fact that it was that it was hit Ukraine is
Speaker 1: of course has not claimed responsibility is a big setback.
Speaker 1: So we're seeing retaliation essentially today with a blizzard of
Speaker 1: missile strikes on Ukrainian cities, seventy five missiles in total,
Speaker 1: although half of those were intercepted and shot down, and
Speaker 1: again the idea that he's hitting cities, he's hitting infrastructure,
Speaker 1: these are not necessarily military targets, but trying to send
Speaker 1: a message to Ukraine that he's going to continue no
Speaker 1: matter what. And of seeing some headlines just cross a
Speaker 1: reaction from the European Union that the Russia apparently targeting
Speaker 1: civilians once again amounts to a war crime, ramping up
Speaker 1: those harsh forms of rhetoric. What further response could we
Speaker 1: see from NATO and particularly the US, now that we're
Speaker 1: seeing this intense barrage coming from Russia, will certainly we're
Speaker 1: expecting the grip of Seven leaders to speak today by phone,
Speaker 1: that's in a couple of hours, and they will also
Speaker 1: speak with the Ukrainian President, vladimirslin Ski as part of
Speaker 1: that UH and you're going to see probably expressions obviously
Speaker 1: of condemnation for the attacks that have happened today, a
Speaker 1: promise again to stand united behind Ukraine UH and promises
Speaker 1: to continue to send them weapons. The question is that
Speaker 1: will NATO allies released and Ukraine the weapons that it's
Speaker 1: been calling for. It's saying that it needs fighter jets,
Speaker 1: it needs a Western made tanks, it needs much more
Speaker 1: advanced equipment that it's getting, and you've seen NATO countries
Speaker 1: being quite cautious about doing that and so far resisting
Speaker 1: those calls. So it's really whether at this point make
Speaker 1: NATO makes a decision to sort of send different kinds
Speaker 1: of weapons into Ukraine. They're really kind of sanctioned rush
Speaker 1: here as much as they can. There's not much less
Speaker 1: else to do there. Um, So really expressions of unity
Speaker 1: probably in the desire to keep supporting Kiev as much
Speaker 1: as they can, and in those comments that the President
Speaker 1: made that got so much attention about the threat of
Speaker 1: nuclear armageddon from Russia. He also said that the US
Speaker 1: is trying to find an r ramp for a president Putin.
Speaker 1: Given the developments we've seen just over the weekend and
Speaker 1: into this morning, what's the potential our ramp look like?
Speaker 1: We've got about a minute left here, Rose, Well, that
Speaker 1: is the question, how do you come back from this?
Speaker 1: At this point? The question is does the Russian president
Speaker 1: risk his own hold on parent his prestige at home.
Speaker 1: He's backed himself into a corner with this war and
Speaker 1: it's very hard to get out of it. He doesn't
Speaker 1: really have the ability to hold onto territory. So what
Speaker 1: doesn't of ramp look for because Ukraine won't see territory
Speaker 1: in order to negotiate a solution to this? Does this
Speaker 1: war just simply go into a semi frozen conflict through
Speaker 1: the winter. Is each military tries to regroup, but right
Speaker 1: now that there's very little that anyone can say really,
Speaker 1: which is the white to navigate lat him a Puttin
Speaker 1: out of this in a way that he can claim
Speaker 1: that he got something. Thanks as always for your insights.
Speaker 1: Ro's great having you on with us this morning. Rosalind Mathison,
Speaker 1: our executive editor for International Government for Bloomberg News as
Speaker 1: we continue to follow developments following this barrage of missile
Speaker 1: attacks on key of and other cities in Ukraine from
Speaker 1: Russia following the explosion on that bridge over Crimea, will
Speaker 1: continue monitoring developments, particularly with those G seven talks set
Speaker 1: to get underway in just a couple of hours. Looking
Speaker 1: ahead to the market open this morning, futures are moving lower.
Speaker 1: We've got SMP futures down by nine points right now,
Speaker 1: DAL futures are down forty seven points. NASTACK futures are
Speaker 1: lower by forty two points. No trading in the treasury
Speaker 1: market for a federal holiday. Nimex screwed down a half
Speaker 1: percent right now at nineteen of barrel, the Euro at
Speaker 1: point nine seven zero three against the dollar. Bitcoin lower
Speaker 1: on the session at about nineteen thousand, three hundred dollars.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather
Speaker 1: morning cloudy needs to be followed by afternoon sunshine and
Speaker 1: hides in the upper sixties today, sunshine and near seventy tomorrow.
Speaker 1: Partly sunny Wednesday with the high in near seventy Right now,
Speaker 1: cloudy fifty three degrees. Broadcasting live from the Bloomberg Interacted
Speaker 1: Broker Studio in New York, Bloomberg E Living Freed to Washington,
Speaker 1: d C, Bloomberg one to Boston, Bloomberg What Old six,
Speaker 1: one to San Francisco, Bloomberg non sixty to the country,
Speaker 1: Sirius XM to the one nine T and around the
Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot com. This
Speaker 1: is Bloomberg Daybreak six thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow, and we're just
Speaker 1: about three hours away from the open of US trading.
Speaker 1: Time to the five things that you need to know
Speaker 1: to start your Dave alto you buy. Interactive Brokers I
Speaker 1: v k R. Event Trader offers a new way to
Speaker 1: trade futures. Use event contracts to trade your opinion on
Speaker 1: yes or no questions and key CME futures markets. Learn
Speaker 1: more at event trader dot Interactive Brokers dot com. Up First,
Speaker 1: former FED chairman Ben Burnanke, along with Douglas Diamond and
Speaker 1: Philip div Vig have been awarded the two Nobel Prize
Speaker 1: and Economic Sciences for research on banks and financial crisis.
Speaker 1: The three will share that nine hundred thousand dollar Award.
Speaker 1: Turning to the markets, Karen, futures are lower, but they're
Speaker 1: off their worst levels of the morning. Stocks are coming
Speaker 1: off three straight days of losses. Brian Jacobson, senior investment
Speaker 1: strategist at all Spring Global Investments, says investors are betting
Speaker 1: the Federal Reserve continues. It's aggressive hiking trail. I think
Speaker 1: the Fed pivot that's not going to happen until they
Speaker 1: take the blinders off right, and I don't think that
Speaker 1: they really want to even contemplate changing their tune until
Speaker 1: they get the four and a half percent with the
Speaker 1: FED funds rates. All Spring Global Investments Brian Jacobson says,
Speaker 1: if there is a broad economic recession, and it would
Speaker 1: likely come in three well US Alian's chief economic advisor
Speaker 1: and Bloomberg opinion contributor, Mohammed Allarian, is that going those
Speaker 1: recession risks, and he's blaming the central Bank for what
Speaker 1: he calls the very high risk of a recession. Not
Speaker 1: only does it have to overcome inflation, but it has
Speaker 1: to withstore its credibility. So yes, I fear that we
Speaker 1: with a very high probability of a damaging recession that
Speaker 1: was totally avoidable. Alian's Chief Economic Advisor and Bloomberg contributor
Speaker 1: Muhammed Allarian made the comments on CBS Face the Nation
Speaker 1: Catch the program Sundays on Bloomberg Radio. I mean, while
Speaker 1: Karen investors will sort through some key economic data this week,
Speaker 1: we get the minutes from the September FED Meeting p
Speaker 1: p I on Wednesday and cp I Thursday. All this
Speaker 1: just as earning season gets underway. Well, Nathan, investors don't
Speaker 1: expect this earning season to be a very pretty one.
Speaker 1: More than six respondence in the latest Bloomberg m Live
Speaker 1: Paulse survey say this earning season will push the SMP
Speaker 1: five D index even lower, but half of pull participant
Speaker 1: been so. Also expect equity valuations to pull back even
Speaker 1: further from their average in the past decade. And in
Speaker 1: geopolitical news, Karen Kiev has been hit by explosions this morning,
Speaker 1: two days after an attack on a key bridge between
Speaker 1: Crimea and Russia. Ukrainian official says at least eight people
Speaker 1: have been killed and dozens wounded in today's strikes. And
Speaker 1: that's the five things that you need to notice. Aren't
Speaker 1: your day brought to you by interactive brokers? And futures
Speaker 1: lower SNP Future is down about ten points down, Futures
Speaker 1: down forty four, and nastagg Futures down forty five. Straight
Speaker 1: ahead your latest of local headlines, plus a check of sports.
Speaker 1: This is Bloomberg. Thank you Karen at six thirty three
Speaker 1: on Wall Street. In This news update is brought to
Speaker 1: you by the New York Community Trust. Your name will
Speaker 1: live on as a champion of the causes you care
Speaker 1: about for years to come through a charitable bequest to
Speaker 1: the New York Community Trust. Learn more at philanthropist dot
Speaker 1: n y C. Let's bringing Michael bar for a look
Speaker 1: at what's going on in New York and around the world.
Speaker 1: Good morning, Michael, Good morning Nathan. Two people were shot
Speaker 1: and injured outside New York Congressman Leaves Elden's Long Island home.
Speaker 1: His twin daughters were inside. One called nine one one
Speaker 1: and the other called Zelden, who was at the Bronx
Speaker 1: Columbus date parade with his wife Seldon, says it was
Speaker 1: a frantic moment when Mikhaela had called Diane and I
Speaker 1: she was in the upstairs bathroom locked in the way.
Speaker 1: This started that two of them were at the kitchen
Speaker 1: table doing homework and they hear gunshots. Congressman Zelden says,
Speaker 1: I'm standing in front of crime scene tape in front
Speaker 1: of my own house. You can't get me more outraged
Speaker 1: than right now. It's unclear who the perpetrators or victims
Speaker 1: are and why the shooting happened. North Korea said today
Speaker 1: it's recent barrage of missile launches were tests of its
Speaker 1: tactical nuclear weapons to hit and wipe out potential South
Speaker 1: Korean and US targets. Missile and Agia Pacific expert On
Speaker 1: kit Ponda says this is North Korea's way of showing resolved.
Speaker 1: As the US and South Korea recently held joint military
Speaker 1: the exercises, we are back in a familiar cycle that
Speaker 1: we saw in seventeen and earlier, when we would effectively
Speaker 1: see a spiral where the North Koreans would carry out
Speaker 1: shows a force in response to shows a force by
Speaker 1: the United States and its allies, which in term with
Speaker 1: the traditional shows of force by the North Koreans. On
Speaker 1: kit Ponda, with the Nuclear Policy Program at the Carnegie
Speaker 1: Endowment for International Peace, demonstrations are spreading as Iranian women
Speaker 1: are going head to head with security forces after the
Speaker 1: killing of a woman who was arrested by the so
Speaker 1: called morality police were incorrectly wearing her ad scarf. She
Speaker 1: later died in police custody. Hackers targeted and Iranian state
Speaker 1: TV newscast. A mask appeared on screen, followed by a
Speaker 1: picture of the Supreme Leader of the Aetola surrounded by flames.
Speaker 1: Former President Trump says the government documents, including classified and
Speaker 1: top secret papers, retrieved by the FBI, should be returned
Speaker 1: to him at Israeli. Last night in Mesa, Arizona, Trump
Speaker 1: mentioned the government documents taken with the court approved search
Speaker 1: more weren't from his Florida resort. There is no crime,
Speaker 1: you know, there is no crime. It's not a crime.
Speaker 1: And they should give me immediately back everything that they've
Speaker 1: taken from because it's mine, it's my, former President Trump
Speaker 1: global names twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than journalists, analysts more
Speaker 1: than a twenty countries. On Michael bar this is Bloomberg Naked,
Speaker 1: Thank you, Michael, Almost six thirty six. On Wall Street,
Speaker 1: John Stesshower has the Bloomberg Sports Update. Actually, in virtually
Speaker 1: all season, the Mets were looking like a team that
Speaker 1: was not going to have to play in the wild
Speaker 1: card round, but a hundred and one wins not enough.
Speaker 1: Atlanta got to buy Mets had to play the Padres,
Speaker 1: and San Diego wanted. Decisive Game three at City Fields
Speaker 1: six in up in the Mets in seven innings against
Speaker 1: Joe Musgrove got one hit must Grove stat line the
Speaker 1: best in postseason history, and a winter take all game
Speaker 1: to San Diego. Hitting star of the series was Trent Grisham,
Speaker 1: who batted one four in the regular season. He went
Speaker 1: four for eight, two homers, scored five. Also made a
Speaker 1: terrific CAx Last Night Buck Show, Walters first season as
Speaker 1: Mets manager comes to an aggil for the players because
Speaker 1: they put so much into it and we're such a
Speaker 1: special group. You know. It's like I just told him,
Speaker 1: you know, it's not always fair. You know, I don't
Speaker 1: think I've ever had such a good blend of good
Speaker 1: people and good players any Last Night Show, Walter asked
Speaker 1: the umpires to check Mustro for a FOURIGN substance. They
Speaker 1: rubbed Mustro's ears, found though evidence. The Division series start tomorrow.
Speaker 1: Padres move on to play the Dodgers. The Yankees will
Speaker 1: take on the Cleveland Guardians. Our oldest Chapman will not
Speaker 1: be on the Yankees postseason roster. That was made certain
Speaker 1: when Chapman didn't show up for last Friday's workout. The
Speaker 1: surprising starts for the Jets and Giants continue. The Jets
Speaker 1: finally won a division game, first in almost three years.
Speaker 1: They blew out in Miami and met Life seventeen. They're
Speaker 1: now three and two and the Giants are a shocking
Speaker 1: four and one despite several injuries. They went to London,
Speaker 1: came from two touchdowns down to stunned Green Bay twenty two.
Speaker 1: Dominated the second half. Daniel Jones outplayed Aaron Rodgers. Last
Speaker 1: night Baltimore kicked the last second field goal the Beats
Speaker 1: to the Sinnatic. John Stash, Boomberg Sports. Thanks John. Seven
Speaker 1: on Wall Street. Try to take a look at stock
Speaker 1: some of the names moving in this pre market. Bloomberg
Speaker 1: Radio and TV markets correspondent Pretty Gufta joins us this morning,
Speaker 1: starting off with Samantalists downgrades, or maybe we can call
Speaker 1: them down shifts since they're about automakers. Crety a good one. Nathan,
Speaker 1: wait wait wait wait to kick off the morning? Um
Speaker 1: quite quite well, I was wondering where you were going
Speaker 1: with it, but a good one. Nevertheless, I wanna start
Speaker 1: with those carmakers. Ford specifically, F is your taker down
Speaker 1: four and a half percent in the pre market. General
Speaker 1: Motors not far behind. GM is your taker down about
Speaker 1: three point three percent in the pre market. You're right,
Speaker 1: this does come from some analysts calls a pretty big
Speaker 1: move on a day that features are only down about
Speaker 1: three tons of one percent. Ford was downgraded to a
Speaker 1: cell from a neutral over at ubs. They're citing weak
Speaker 1: profit margins for the carmaker. GM on the other hand,
Speaker 1: cut to a neutral from a by over at UBS
Speaker 1: as well, seeing quote demand destruction. Forget this, Nathan, it's
Speaker 1: e V segment after a strong start, and it's not
Speaker 1: the only one we're talking about e V s though.
Speaker 1: I want to throw in very quickly, Rivan R I
Speaker 1: V N is your taker really taking it on the
Speaker 1: chin today? Shares are down about six point three percent
Speaker 1: in the pre market. They said they're going to recall
Speaker 1: about thirteen thousand vehicles they delivered to customers after discovering
Speaker 1: a minor structural defect. That is almost all of the
Speaker 1: cars that they delivered, Nathan, and that's actually a really
Speaker 1: significant deal because not too long ago they were just
Speaker 1: starting to make deliveries to customers in the first place.
Speaker 1: So uh, not exactly a sign of confidence here, And
Speaker 1: speaking of week sentiments sort of moving across sectors here,
Speaker 1: it looks like the chip sectors getting hit pretty hard
Speaker 1: with these new restrictions from the US on China's access
Speaker 1: to U S technology. It absolutely is, and you're seeing
Speaker 1: this across the board. This was really last week's story
Speaker 1: that has kind of bled in over the weekend. The
Speaker 1: idea here being that President Biden isn't going to really
Speaker 1: let up on this idea of restricting these exports to
Speaker 1: chips companies. Remember, it's all pieces or technology that ultimately
Speaker 1: goes into the chip sector in itself. The parts for
Speaker 1: the ultimate chips, some parts of it come from the
Speaker 1: United States, go to China, they're built into the chips
Speaker 1: in China, and then come back to the United States
Speaker 1: and the rest of the world to supply it. But
Speaker 1: if you have that tiny piece that's exported from the
Speaker 1: US no longer exported from the US, that massive Chinese
Speaker 1: chip industry really takes a hit. And it's that idea
Speaker 1: that's hitting the entire chip sector because even some of
Speaker 1: these American companies have massive exposure to the Chinese sector.
Speaker 1: So and video shares as you mentioned, n v D
Speaker 1: A down one point two percent. Advanced mycre Devices A
Speaker 1: m D not too far behind, down one point three percent.
Speaker 1: And of course you have to look at applied materials
Speaker 1: as well. A M A T is your taker there.
Speaker 1: Those shares are down one percent. Nathan all Right, Bloomberg
Speaker 1: Radio on TV Markets correspondent Crety getting us ready for
Speaker 1: what's gonna be a very busy week when it comes
Speaker 1: to inflation data as well as the kickoff of earning season.
Speaker 1: Create as always, thanks for the look ahead to the market.
Speaker 1: Open Futures moving lower as a whole. SMP futures down
Speaker 1: almost nine points now down futures and down thirty two
Speaker 1: now Stack future is lower by forty points. No trading
Speaker 1: in treasuries this morning. It is a federal holiday and
Speaker 1: observance of Columbus Day and Indigenous People's Day. Uh name
Speaker 1: x Scrude is down to four tenths per cent at
Speaker 1: ninety two dollars eight cents of arril. You're listening to
Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh weather morning clouds to
Speaker 1: give way to afternoon sunshine in a high near seventy
Speaker 1: degrees Today, sunny near seventy Tomorrow and Wednesday as well.
Speaker 1: Right now cloudy fifty three degrees in Central Park. Markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg
Speaker 1: Quick Tape is a Bloomberg Business blash and I'm Cameron
Speaker 1: Moscow and futures are lower this morning. We go to
Speaker 1: the first Word breaking news dash for today's morning call,
Speaker 1: and here's Bill Maloney l good morning, Okay, good morning, Karen.
Speaker 1: That's right. Modest losses in the US huges right now
Speaker 1: at DOWN Futures down fifty one point says tops drop eleven.
Speaker 1: NASA futures declined by forty nine. The SPAWN market is closed,
Speaker 1: gold is down fifteen, Oil is in the red, and
Speaker 1: bitcoin is down by one percent. Hong Kong dropped three
Speaker 1: percent overnight, while up markets are mostly in the red
Speaker 1: this morning and not the Bank of England expanded its
Speaker 1: emergency support for the UK bond market. Back in the US,
Speaker 1: nothing to report on the economic front, and another news
Speaker 1: Rivan says it will recall about thirteen thousand evs delivered
Speaker 1: to customers. Those shares down six percent in the pre market,
Speaker 1: and the first seven thirty seven Max flight took place
Speaker 1: in China after almost four years. Wrapping things Upcraft Hynes
Speaker 1: was raised to buy over a gold mit sex Ford
Speaker 1: was cut this cell over at UBS Live from the
Speaker 1: first breaking news test gon Bill Maloney, Karen, alright, Bill,
Speaker 1: thank you under your live breaking news, over your Bloomberg Times,
Speaker 1: squawk on your termin I'll ask you a w K
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with Moore on what's going on around the world. Karen,
Speaker 1: thank you very much. Missile struck Kiv and other Ukrainian
Speaker 1: cities early today. It comes two days after an attack
Speaker 1: on the key bridge to Primeia that Russian President Vladimir
Speaker 1: Putin blamed on Ukraine. In baseball, the season is over
Speaker 1: for the Mats. They lost to the Padres six sip
Speaker 1: in the deciding Game three of their NL wild Card series.
Speaker 1: The NFL implemented new concussion protocols ahead of Sunday's games.
Speaker 1: Miami Dolphin's backup quarterback Teddy Bridgewater took ahead yesterday was
Speaker 1: evaluated for a head injury. The NFL and Players Union
Speaker 1: adopted the new protocols after reviewing the response to Dolphins
Speaker 1: quarterback to a tag of Oyola's concussion injury in football.
Speaker 1: The Giants one in London, the Jets one, along with
Speaker 1: the Patriots, Ravens and forty Niners. The Commanders lost Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quick Take power by more than twenty seven hundred
Speaker 1: journalists and analysts in more than a hundred twenty countries.
Speaker 1: Michael Barr, this is Bloomberg. The following commentary is from
Speaker 1: Bloomberg Opinion. Working from home is not an urban escape patch.
Speaker 1: I'm justin Fox, a columnist for Bloomberg Opinion. The shift
Speaker 1: to remote work during the pandemic allowed people with professional
Speaker 1: and management jobs to do them from almost anywhere, which
Speaker 1: turns out to have been mainly big city neighborhoods and
Speaker 1: close in suburbs. Recently released Census Bureau data shows that
Speaker 1: the percentage of workers doing so from home last year
Speaker 1: was highest in Central Washington, D C. And almost fifty
Speaker 1: Next up the intermission in Castro in San Francisco, followed
Speaker 1: by Seattle's downtown and some nearby neighborhoods also high on
Speaker 1: the list, where Park Slope in Brooklyn and the suburbs
Speaker 1: where Apple, Microsoft and Google are based. This could indicate
Speaker 1: that there's still lots of pent up demand for housing
Speaker 1: far from traditional job centers. Might also mean that cities
Speaker 1: and suburbs have attractions beyond just proximity to the office.
Speaker 1: I'm justin Fox. For more opinion, please go to Bloomberg
Speaker 1: dot com, Slash Opinion or O p I n go
Speaker 1: on the Bloomberg terminal. These has been Bloomberg Opinion and
Speaker 1: Bloomberg Opinion commentary is gonna be heard every weekday at
Speaker 1: this time and terminal customers can read more at O
Speaker 1: p I n go. It is six fifty on Wall Street,
Speaker 1: and we turned to news and science and technology now
Speaker 1: with the Bloomberg and j I T STEM Report, Brought
Speaker 1: to you by the Bloomberg and j I T. The
Speaker 1: New Jersey Institute of Technology n j i T makes
Speaker 1: industry ready engineers in more than twenty fields. If it's engineering,
Speaker 1: it's at n j I T. What will you make
Speaker 1: at n j I T. Learn more at n j
Speaker 1: I T dot E d U And now here's what's
Speaker 1: making news in science, technology, engineering, and math. China is
Speaker 1: stepping up efforts to contain COVID outbreaks ahead of the
Speaker 1: Party Congress. Nearly cases are reported yesterday, the highest level
Speaker 1: in almost two months, fueling concerns about widening lockdowns rippling
Speaker 1: across financial hubs of Shanghai. News out of Rivan this morning,
Speaker 1: the electric vehicle maker says it will recall about thirteen
Speaker 1: thousand vehicles after discovering a minor structural defect. Rivan saying
Speaker 1: no injuries have resulted from this issue, and the crypto
Speaker 1: management carousel just keeps on spinning. The latest in a
Speaker 1: spade of C suite departures in the sector comes from
Speaker 1: non fungible token marketplace open c, where Brian Roberts has
Speaker 1: exited from the role of chief and agile Officer after
Speaker 1: less than a year in the job. The digital assets
Speaker 1: sector i she had two trillion dollars in values since November,
Speaker 1: crushed by tightening monetary policy and blow ups a crypto firms.
Speaker 1: Trading volumes for n f t s, digital art and
Speaker 1: other collectibles recorded on blockchains have also sunk, and as
Speaker 1: the Bloomberg n j I T STEM report Nathan, Thank you, Karen.
Speaker 1: We're lying from the Bloomberg Interactive Broker studios where it's
Speaker 1: almost six fifty two on Wall Street time now to
Speaker 1: check what's going on in d C. Some of the
Speaker 1: top stories in our nation's capital include the Winehouse monitoring
Speaker 1: developments in Ukraine. After President Biden's warnings of nuclear armageddon
Speaker 1: from Russia, National Security Council spokesman John Kirby tells ABC's
Speaker 1: This Week the US is not shifting its own nuclear posture.
Speaker 1: What the President was reflecting was that the ages are
Speaker 1: high right now, given what's going on on the battlefield
Speaker 1: in Ukraine and given the very irresponsible and reckless comments
Speaker 1: made by Vladimir Putin in just the last few days.
Speaker 1: But former Secretary of State Mike Pompey hotels Fox News Sunday,
Speaker 1: President Biden's rhetoric was reckless too. When you hear President
Speaker 1: talking about armageddon as a random thought, just musing at
Speaker 1: a fundraiser, that is a terrible risk to the American
Speaker 1: people if he truly believes that he ought to be
Speaker 1: out talking to us in a serious way. Also making news,
Speaker 1: the White House open to talks with North Korea, even
Speaker 1: after it's barrage of ballistic missile tests. John Kirby again
Speaker 1: on this week. We are willing to sit down with
Speaker 1: them without preconditions, at the negotiating table to work towards
Speaker 1: that end without preconditions. Mr uh Kim John mun has
Speaker 1: has decided not to take us up on that offer,
Speaker 1: and with less than a month till the mid terms,
Speaker 1: Democratic Congresswoman Elisa Slotkins calling for fresh blood in leadership.
Speaker 1: I'm one of just a handful of members of Congress
Speaker 1: who hasn't voted for Nancy Pelosias speaker UM, and I've
Speaker 1: said I think we need new leaders. Congresswoman Slotkin was
Speaker 1: on NBC's Meet the Press and Alian's chief economic advisor,
Speaker 1: Muhammad Larrian is repeating his warning of a policy mistake
Speaker 1: by the Federal Reserve tipping the economy into a recession.
Speaker 1: The Bloomberg Opinion columnists. Was a guest on CBSS Face
Speaker 1: the Nation myth characterizing inflation as transatory. By that, they
Speaker 1: meant it is temporary, it's reversible, don't worry about it.
Speaker 1: That was mistake number one, and then mistake number two.
Speaker 1: When they finally recognize that inflation was persistent and high,
Speaker 1: they didn't act face the Nation, Meet the Press this
Speaker 1: week in Fox News Sunday. Can all be heard every
Speaker 1: Sunday right here on Bloomberg Radio. Let's bring in Terry Haynes, now,
Speaker 1: founder of Pangea Policy. As we continue monitoring developments in Ukraine,
Speaker 1: this barrage of missile attacks from Russia on Kiev and
Speaker 1: other major cities. What kind of White House reaction, Terry,
Speaker 1: are you looking for after all this? Uh, good morning, Nathan.
Speaker 1: What what I'm looking for from the White House? Frankly,
Speaker 1: is UH kind of stay the course, continue to uh
Speaker 1: support the Ukrainian Uh, the response to the Russian invasion
Speaker 1: and uh. And I think the rhetoric will not change,
Speaker 1: the resolve will not change. And Frankly, I don't expect
Speaker 1: conditions on the ground in Ukraine to change a whole lot. Uh.
Speaker 1: You've got these sort of rocket attacks going on, but
Speaker 1: at the same time, the situation on the ground continues
Speaker 1: to favor Ukraine. And uh. And that's very good. Although
Speaker 1: I wouldn't look for a the White House or anybody
Speaker 1: else to suggest that there's going to be some kind
Speaker 1: of quick victory for Ukraine. The President has gotten some
Speaker 1: round of criticism for talking about a threat of nuclear
Speaker 1: armageddon from Russia. The White House that sort of had
Speaker 1: to talk that back a bit. Is this a big
Speaker 1: concern in Washington? Well, yeah, I think it is, frankly,
Speaker 1: and you you hear it an awful lot under the
Speaker 1: radars as well. Uh, you know, this constant kind of
Speaker 1: you know, Biden says one thing and the White House
Speaker 1: walks back. This is going on for so long. You know,
Speaker 1: don't have to uh spill out the details or former
Speaker 1: examples for you, but you know, it behooves the White
Speaker 1: House to to stay at the obvious too, you know,
Speaker 1: have a precise message and not be in a situation
Speaker 1: where the president's rhetoric then brings up the entirely logical
Speaker 1: question of whether or not our force posture has changed,
Speaker 1: whether our nuclear posture has changed, or anything else. Uh.
Speaker 1: You know, there's credibility to the White House's credibilities at
Speaker 1: stake as much as anything else, and so they've got
Speaker 1: to get a handle on that. Is the concerned about
Speaker 1: credibility something that could play into the midterm election now
Speaker 1: just four weeks in a day away. Oh, I think
Speaker 1: it's an absolute spice. But the there, you know, they're
Speaker 1: the people that are concerned about Biden will continue to
Speaker 1: be concerned about Biden, and the people that UH like
Speaker 1: the policies that have passed so far, will continue to
Speaker 1: like and prefer those. Uh. You know. The thing for
Speaker 1: markets that I think everybody needs to under stand is,
Speaker 1: regardless of which party ends up in the majority in
Speaker 1: both houses, they're gonna be very small majorities. There is
Speaker 1: not going to be controlled the way that so many
Speaker 1: political people like to talk about it. There there won't
Speaker 1: be control. What you'll get is pretty much the same same.
Speaker 1: You'll get, uh, continued gridlock on most domestic matters, uh,
Speaker 1: consistent spending. But you'll also get a continued unanimity in
Speaker 1: foreign policy, whether it be China or Russia Ukraine. So
Speaker 1: just for our last thirty seconds here, it sounds like
Speaker 1: you're saying more of the same in terms of lack
Speaker 1: of progress on any major policy initiative. Oh yeah, I
Speaker 1: think so. You know, the you know, there's not going
Speaker 1: to be a big, big sweep that that allows one
Speaker 1: party to uh to assert some kind of control. And
Speaker 1: even if even if if it were the Republicans, say,
Speaker 1: you still have a democratic president in office. But the
Speaker 1: the but the margins that that that are being looked
Speaker 1: at by me and by others across the board really
Speaker 1: are very small. All I mean, if there's a majority
Speaker 1: in the Senate, for example, will be one to two
Speaker 1: seats either way, certainly not enough to change much. And
Speaker 1: uh yeah, probably excuse me, twenty seat at the most
Speaker 1: majority for Republicans in the House, which again is not
Speaker 1: very not very large, and you know your self to
Speaker 1: count every vote. Thanks as always, Terry, good having on
Speaker 1: with us this morning, Terry, founder of Pangea Policy. Read
Speaker 1: more about what's happening in Washington on Bloomberg dot com
Speaker 1: or on the Bloomberg terminal. Follow the latest on Bloomberg
Speaker 1: Radio in the nation's capital, Bloomberg and one oh five
Speaker 1: point seven FM h D two. Futures are moving lower
Speaker 1: as we kick off a week uh dominated by inflation
Speaker 1: data and the kickoff of earning season. Bloomberg Surveillance is
Speaker 1: up next for Karen Moscow. I'm Nathan Hagar, and this
Speaker 1: is Bloomberg