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Speaker 1: Good morning.

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

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Speaker 2: stories we're following today.

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Speaker 3: We want to bring you fresh data now. In the

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Speaker 3: twenty twenty four presidential race, a new Bloomberg News Morning

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Speaker 3: Consul poll shows former President Donald Trump now ahead of

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Speaker 3: President Biden in all seven of the swing states that

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Speaker 3: are likely to decide next year's election. Trump leads forty

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Speaker 3: seven to forty two percent across those states. That is

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Speaker 3: outside this poll's margin of error of one percent. The

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Speaker 3: survey finds President Biden failing to gain traction among suburban

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Speaker 3: women in Michigan, young voters, and union households. He trails

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Speaker 3: Trump in Michigan forty six to forty two percent. As

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Speaker 3: concerns over inflation ride high. Council of Economic Advisor's chair

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Speaker 3: Jared Bernstein tells Bloomberg that sentiment should improve as we

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Speaker 3: get closer to election.

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Speaker 4: If we continue to maintain our progress lower prices, not

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Speaker 4: just in the things I mentioned where they're actually coming

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Speaker 4: down eggs, milk, toys, TVs, but also in areas of healthcare.

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Speaker 4: That's the path that we need to stay on. We're

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Speaker 4: not there yet, We're moving in the right direction. But

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Speaker 4: how do we know that. Well, one thing we really

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Speaker 4: need to see is for some of these sentiment indices

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Speaker 4: to reflect that.

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Speaker 3: Progress, and Jared Bernstein with the Council of Economic Advisors

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Speaker 3: admits those sentiment indices have not gotten better yet.

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Speaker 2: Well, Nathan, another demographic that's expressing concern is Generation Z.

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Speaker 2: The Bloomberg Morning Console poll also finds many young voters

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Speaker 2: in swing states don't think Biden is doing enough on

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Speaker 2: student loan payments. However, Around University professor Wendy Schiller thinks

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Speaker 2: former President Trump's support could wane as he re enters

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Speaker 2: the spotlight.

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Speaker 5: As he comes back into the limelight and independence are

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Speaker 5: reminded of why they have not voted for Trump or

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Speaker 5: Trump's surrogates in the last three elections. That's where I

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Speaker 5: think the polling becomes more favorable, if you can put

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Speaker 5: it that way, for Biden, in the sense that he

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Speaker 5: is a chance to win those voters back into the

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Speaker 5: Democratic camp at least at the.

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Speaker 2: Present and Brown Universities. Wendy Schiller also says Democrats will

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Speaker 2: need to improve their messaging to get Biden re elected

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Speaker 2: in twenty twenty four.

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Speaker 3: Well, another complication for the president, Karen the House has

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Speaker 3: voted along party lines to formally authorize the impeachment inquiry

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Speaker 3: into President Biden. This sets up a high profile clash

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Speaker 3: with the White House over the investigation that's focused on

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Speaker 3: Biden family finances and business dealings. House Oversight Chair James

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Speaker 3: Comer spoke after the vote.

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Speaker 2: We have a simple question that I think of no

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Speaker 2: blooming majority of Americans have. What did the Bidens do

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Speaker 2: to receive the tens of millions of dollars from our

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Speaker 2: enemies around the world.

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Speaker 3: Despite those accusations from Republican James Comer, Democrat Jamie Raskin says,

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Speaker 3: the attacks on the president are baseless.

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Speaker 1: They understand there's no real evidence to support any presidential

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Speaker 1: offense here.

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Speaker 6: They haven't even named what they think the crime is.

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Speaker 3: House Democrat Jamie Raskin says the impeachment inquiry is purely

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Speaker 3: about next year's election.

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Speaker 2: Well, we turn to the markets now, Nathan and the

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Speaker 2: monetary pivot that traders have been waiting for. After keeping

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Speaker 2: interest on hold, the FED gave its clearest signal yet

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Speaker 2: that its historic policy tightening campaign is over, projecting rate

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Speaker 2: cuts in twenty twenty four, Fed heire J Powell's News

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Speaker 2: Conference United, one of the biggest post meeting rallies in

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Speaker 2: recent memory. The down closed at a record and the

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Speaker 2: S and P gained one point four percent, but Powell

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Speaker 2: did not entirely rule out tightening.

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Speaker 7: Inflation has eased from its highs, and this has come

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Speaker 7: without a significant increase in unemployment. That's very good news,

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Speaker 7: but inflation is still too high ongoing progress and bringing

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Speaker 7: it down is not assured, and the path forward is uncertain.

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Speaker 2: Chairman Powell reiterated that the FED remains data dependent, but

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Speaker 2: former Atlanta FED President Ans Lockhart says the Fed's tentatively

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Speaker 2: DUBBSH stance, as he puts it, is appropriate at this time.

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Speaker 8: It's clear that they're going into twenty twenty four with

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Speaker 8: the idea that they will be cutting rate, and the

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Speaker 8: summary of economic projections showed to range among fifteen of

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Speaker 8: them from two cuts to four cuts, so it's not

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Speaker 8: a really tight census yet.

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Speaker 2: And former Atlanta FED President Dennis Lockhart says markets are

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Speaker 2: reacting positively to Powell's stands, and the FED gets more

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Speaker 2: data this morning with retail sales do at at eight

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Speaker 2: thirty am Wall Street Time.

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Speaker 3: Well Karen traders may be helping for smoother sailing on

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Speaker 3: the NASDAG today. A system error forced some stock orders

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Speaker 3: on the exchange to be canceled yesterday. Sources tell us

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Speaker 3: Nasdaq's investigating an order entry issue that caused inaccuracies and delays.

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Speaker 3: Although it did not resolve the issue before the end

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Speaker 3: of trading yesterday, the Nasdaq says it will be ready today.

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Speaker 2: Nathan, overseas, we get two major rate decisions from the

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Speaker 2: Bank of England and European Central Bank. Bloomberg's Ewan Pots

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Speaker 2: joins us from London with a preview. Good morning, Ewan, Good.

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Speaker 9: Morning Karen, Nathan. They're calling it super Thursday with rate

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Speaker 9: decisions from key central banks right across Europe. We've already

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Speaker 9: had a surprise rate hike from Norway. Up next announcements

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Speaker 9: from the ECB and the BOE. The risk of recession

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Speaker 9: in the euro Area will be front of mind for

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Speaker 9: Presidents Christine Legarde. We're here from the ECB at eight

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Speaker 9: fifteen am Eastern time. But first up the Bank of England.

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Speaker 9: Way's sticky inflation with a very sluggish economy. That UK

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Speaker 9: right decision comes in two hours time in London. I'm

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Speaker 9: Une Pots, Bloomberg.

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Speaker 3: Radio okay you and thank you. Elsewhere in Europe, UBS

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Speaker 3: is stepping up efforts to recoup hundreds of millions in

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Speaker 3: cash bonuses that Credit Sweeze paid to retain deal makers

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Speaker 3: before it's collapse. Sources say UBS has contacted hundreds of

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Speaker 3: bankers and offered some multi year payment plans as it

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Speaker 3: tries to claw back a chunk of the one point

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Speaker 3: two billion Swiss francs and restricted cash bonuses. One source

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Speaker 3: says UBS is seeking to recover less than six hundred

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Speaker 3: and fifty one million Swiss francs.

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Speaker 2: Meanwhile, in Russia, Nathan President Vladimir Putin is speaking at

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Speaker 2: his annual end of year news conference. He says inflation

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Speaker 2: in Russia's running between seven and a half to eight

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Speaker 2: percent and that Russian companies are paying back their foreign loans.

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Speaker 2: Putin added his war aims in Ukraine remained the same

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Speaker 2: and he does not expect to mobilize a second wave

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Speaker 2: of troops right now. And it is time now for

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Speaker 2: a look at some of the other stories making news

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Speaker 2: around the world, and for that we're joined by Bloomberg,

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Speaker 2: John Tunker, johncinb Morning.

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Speaker 10: Good Morning. Care in the House and Senate have agreed

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Speaker 10: to a massive defense bill. The story in this report

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Speaker 10: from Washington and Bloomberg's Amy Morris.

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Speaker 11: The House passed an eight hundred and eighty six billion

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Speaker 11: dollar defense bill after bipartisan negotiations between the House and Senate.

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Speaker 11: Hard right Republicans had tried to attach restrictions on abortions,

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Speaker 11: transgender care, and diversity initiatives, but those didn't make it

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Speaker 11: into the final bill. Republicans did score some victories, like

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Speaker 11: requiring all promotions to be merit and performance based, outlawing

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Speaker 11: the flying of the LGBTQ flag on military basis, and

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Speaker 11: the teaching of critical race theory and drag show performances

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Speaker 11: will also be banned on bass. Military personnel will also

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Speaker 11: get a five point two percent pay increase in.

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Speaker 6: The new bill.

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Speaker 11: Amy Morris, Bloomberg Radio.

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Speaker 10: Negotiators continue to make progress on a border deal. The

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Speaker 10: key negotiators have been meeting with the Department of Homeland

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Speaker 10: Security Secretary Alejandro Mayorcis. Senator Chris Murphy if Connecticut been

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Speaker 10: leading negotiations for the Democrats.

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Speaker 3: As a real complicated set of law, but there's still

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Speaker 3: no reason that we can't finish this by the time

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Speaker 3: we wrap up.

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Speaker 6: For the year.

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Speaker 10: Lawmakers are scheduled a head out of town as soon

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Speaker 10: as tomorrow. The US working with allies to create a

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Speaker 10: multinational effort to protect ships passing through the Red Sea.

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Speaker 10: It's an effort to stem a surgeon attacks by hootie

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Speaker 10: fighters that has provoked unease about commercial trade passing through

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Speaker 10: one of the world's most vital waterways. A federal judge

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Speaker 10: granted Donald Trump's request to pause the twenty twenty election

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Speaker 10: obstruction case scheduled for trial at March well he presses

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Speaker 10: a claim for sweeping immunity against criminal charges. US District

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Speaker 10: Judge Tanya Chunkin at Washington pause the hearings and upcoming

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Speaker 10: deadlines in the case while Trump appeals her earlier ruling

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Speaker 10: denying him immunately from prosecution over events that took place

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Speaker 10: while he was president. Industry regulators say California's risk of

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Speaker 10: power shortfalls and blackouts has fallen as more renewable energy

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Speaker 10: and batteries are added to its electric grid, but at

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Speaker 10: the same time, they and such threats in New York

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Speaker 10: have risen thanks to higher electricity demand and new restrictions

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Speaker 10: on gas fire power plants. Global News twenty four hours

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Speaker 10: a day and whenever you want it With Bloomberg News Now,

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Speaker 10: I'm John Tucker and this is Bloomberg Karen.

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Speaker 2: All right, John, thanks what we do bring you news

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Speaker 2: throughout the day here on Bloomberg Radio. Just as John said,

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Speaker 2: but now you can get the latest news on demand,

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Speaker 2: and that means you can get it whenever you want it.

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Speaker 2: Just subscribe to Bloomberg News Now to get the latest

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Speaker 2: headlines at the click of a button. Get informed on

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Speaker 2: your schedule. You can listen and subscribe to Bloomberg News

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Speaker 2: Now on the Bloomberg Business app, Bloomberg dot Com plus Apples, Spotify,

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Speaker 2: and anywhere else you get your podcasts. It is time

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

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Speaker 12: Karen and Milwaukee on a night for the buckstar Jannis

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Speaker 12: onto the Compo. He poured in sixty four points. That's

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Speaker 12: as previous career high of fifty five. It's a Bucks

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Speaker 12: team rerecord. They beat Indiana one forty to one twenty six.

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Speaker 12: Jana's twenty of twenty eight from the field and twenty

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Speaker 12: four of thirty two from the free throw line. He's

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Speaker 12: the first player in NBA history to have twenty or

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Speaker 12: more from both and shoot seventy percent or better in both.

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Speaker 12: There was an incident after the game. Giannis went into

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Speaker 12: the Pacers locker room to try to get the game ball,

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Speaker 12: and there was apparently some kind of a melee that

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Speaker 12: broke out. Wizards lost at home by twenty New Orleans one,

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Speaker 12: with Brandon Ingram scoring forty, and the Wizards are now

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Speaker 12: three and twenty. Lakers won only by three in San Antonio,

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Speaker 12: when the Spurs have now lost eighteen games in a row.

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Speaker 12: The NBA has suspended Raymond Green indefinitely, citing his repeated

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Speaker 12: history of incident. Ruins lost in overtime at New Jersey

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Speaker 12: two to one. It's the Chargers and Raiders tonight, kicking

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Speaker 12: off Week fifteen, both teams with only five wins on

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Speaker 12: the season a lot of injuries. Chargers without their quarterback

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Speaker 12: Justin Herbert for the rest of the season in their

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Speaker 12: top whiteout, Keenan Allen won't play tonight due to a

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Speaker 12: foot injury. The Raiders have decided to stick with rookie

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Speaker 12: quarterback Aidan O'Connell.

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Speaker 6: Whiteout.

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Speaker 12: Devonte Adams was questionable with an illness. The NFL has

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Speaker 12: gave me Super Bowl sixty to Los Angeles. That's where

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Speaker 12: the first Super Bowl was played, and the NFL says

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Speaker 12: there'll be a regular season game played next year in

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Speaker 12: South Paolo Brazil. John Stashewer Bloomberg Sports.

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Speaker 13: From coast to coast, from New York to San Francisco,

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Speaker 13: Boston to Washington, DC, nationwide on Sirius Exam, the Bloomberg

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Speaker 13: Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 13: Good morning, I'm Nathan Hager. As we head into a

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Speaker 13: twenty twenty four re election campaign for President Biden, he

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Speaker 13: has been struggling to show voters that the policies that

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Speaker 13: he's put forward, whether it's by partisan infrastructure, it's the

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Speaker 13: Inflation Reduction Act and student debt relief, are working for

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Speaker 13: the voters that he needs to win reelection. Those struggles

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Speaker 13: are reflected in the latest Bloomberg News Morning Consult poll

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Speaker 13: of swing states, just out this morning, and here with

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Speaker 13: us to discuss it as Bloomberg News Politics reporter Gregory Cordy. Gregory,

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Speaker 13: it's great to have you with us this morning. We

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Speaker 13: just saw these numbers cross the Bloomberg terminal moments ago.

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Speaker 13: I know this is an update right of the swing

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Speaker 13: state pole that we conducted just a couple months ago.

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Speaker 6: So what did we find. Yeah, actually, this is the

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Speaker 6: third iteration of this pole. We've been doing it monthly

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Speaker 6: and we're going to continue to do it monthly through

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Speaker 6: the election next November. And what we're seeing is a

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Speaker 6: slow but unmistakable movement in former President Donald Trump's direction

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Speaker 6: in each of these seven swing states, or I should

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Speaker 6: say these swing states collectively. But now for the first

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Speaker 6: time in this poll every one of these seven swing states,

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Speaker 6: Trump is now leading in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, Wisconsin.

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Speaker 6: Michigan was the one that was tied the first two

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Speaker 6: times we did this poll. Now President Trump is leading

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Speaker 6: by four and so this is a pretty good poll

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Speaker 6: for him, and it shows how President Biden continues to struggle,

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Speaker 6: as you said, to convince voters that his economic policies

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Speaker 6: are working. Yeah.

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Speaker 3: To see the turnaround in President Biden's disfavor in Michigan

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Speaker 3: is particularly notable when you think about how he's put

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Speaker 3: himself out there as the most pro union president ever.

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Speaker 3: He was the first president to walk a picket line

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Speaker 3: in Michigan, and it doesn't seem at least from this

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Speaker 3: polling that that's worked out for him thus far.

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Speaker 6: Yeah, we took a particular interest in Michigan this month

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Speaker 6: in part because it had been so close and now

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Speaker 6: it seems to be leaning Trump. And you're absolutely right.

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Speaker 6: It's a state that Biden absolutely needs to win. It's

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Speaker 6: one of those blue wall industrial states that we talk

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Speaker 6: about that are so important for Democrats, and it shows

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Speaker 6: that Biden's really not improving among those union voters. Now.

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Speaker 6: The unions themselves are pretty happy with Biden. Biden claims

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Speaker 6: to mean it's pro union president in history. He walked

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Speaker 6: the picket line with workers back when the United Auto

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Speaker 6: Workers were on strike earlier this year, and that political

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Speaker 6: support from the White House helped the UAW get a

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Speaker 6: pretty good contract. But rank and file auto workers aren't

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Speaker 6: necessarily listening to their union leadership on this, and we've

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Speaker 6: seen union workers more willing to vote for Donald Trump,

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Speaker 6: especially on these issues of trade and competition with China

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Speaker 6: and immigration and other issues other than collective bargaining. President

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Speaker 6: Trump has made inroads on.

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Speaker 3: It is fascinating to see how the former president continues

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Speaker 3: to make inroads on these economic issues when we go

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Speaker 3: by the data every day here on Bloomberg, and we're

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Speaker 3: seeing the signs of improvement in the US economy pretty steadily.

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Speaker 6: What does that say.

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Speaker 3: About this disconnect that we're seeing between the way the

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Speaker 3: economy is going and how it's working out for this

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Speaker 3: current president in his polling numbers.

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Speaker 6: Yeah, you've absolutely put your finger on one of the

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Speaker 6: central questions and frankly, one of the big riddles of

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Speaker 6: this election year, as you say, the economic indicators are

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Speaker 6: doing well, and yet Biden isn't getting credit for that.

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Speaker 6: We see when we ask people how is the national

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Speaker 6: economy doing, overwhelming numbers say that it's doing poorly in

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Speaker 6: the seventy percents. But then when we ask people how

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Speaker 6: their local economy is doing, how their state economy is doing,

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Speaker 6: people are saying it's doing much better. And we're really

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Speaker 6: trying to understand that disconnect between vote voter perceptions because

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Speaker 6: the real that local economy is what people more often experience,

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Speaker 6: and what they're saying is, yeah, I've got a job

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Speaker 6: unemployment as low prices are coming down, wages are going up,

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Speaker 6: and yet they look at the national economy and they

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Speaker 6: still think that it's heading in the wrong direction. What

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Speaker 6: that reflects is that they are continuing to associate present

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Speaker 6: Biden with inflation being still too high compared to where

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Speaker 6: we were before the pandemic, and people not exactly happy

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Speaker 6: with where we are and continuing to be a little

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Speaker 6: uncertain about which direction we're heading.

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Speaker 3: I think about thirty seconds left here, Greg gree But

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Speaker 3: are there any positive signs for President Biden in this polling?

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Speaker 6: Well, inflation expectations continue to come down. We see that

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Speaker 6: in a number of different poles, and we see it

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Speaker 6: in this poll. We see people saying that the concerns

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Speaker 6: about inflation are ebbing a little bit. And then we

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Speaker 6: ask people, would you say that the prices that you

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Speaker 6: paid for everyday goods like groceries and gas and so forth,

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Speaker 6: are they going up or they going down? And fewer

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Speaker 6: people say that they're going up. The people are seeing

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Speaker 6: them starting to come down. It's probably not as much

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Speaker 6: as the president would like to see, but some of

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Speaker 6: these indicators are slowly heading in the right direction.

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