Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 3: We want to bring you fresh data now. In the
Speaker 3: twenty twenty four presidential race, a new Bloomberg News Morning
Speaker 3: Consul poll shows former President Donald Trump now ahead of
Speaker 3: President Biden in all seven of the swing states that
Speaker 3: are likely to decide next year's election. Trump leads forty
Speaker 3: seven to forty two percent across those states. That is
Speaker 3: outside this poll's margin of error of one percent. The
Speaker 3: survey finds President Biden failing to gain traction among suburban
Speaker 3: women in Michigan, young voters, and union households. He trails
Speaker 3: Trump in Michigan forty six to forty two percent. As
Speaker 3: concerns over inflation ride high. Council of Economic Advisor's chair
Speaker 3: Jared Bernstein tells Bloomberg that sentiment should improve as we
Speaker 3: get closer to election.
Speaker 4: If we continue to maintain our progress lower prices, not
Speaker 4: just in the things I mentioned where they're actually coming
Speaker 4: down eggs, milk, toys, TVs, but also in areas of healthcare.
Speaker 4: That's the path that we need to stay on. We're
Speaker 4: not there yet, We're moving in the right direction. But
Speaker 4: how do we know that. Well, one thing we really
Speaker 4: need to see is for some of these sentiment indices
Speaker 4: to reflect that.
Speaker 3: Progress, and Jared Bernstein with the Council of Economic Advisors
Speaker 3: admits those sentiment indices have not gotten better yet.
Speaker 2: Well, Nathan, another demographic that's expressing concern is Generation Z.
Speaker 2: The Bloomberg Morning Console poll also finds many young voters
Speaker 2: in swing states don't think Biden is doing enough on
Speaker 2: student loan payments. However, Around University professor Wendy Schiller thinks
Speaker 2: former President Trump's support could wane as he re enters
Speaker 2: the spotlight.
Speaker 5: As he comes back into the limelight and independence are
Speaker 5: reminded of why they have not voted for Trump or
Speaker 5: Trump's surrogates in the last three elections. That's where I
Speaker 5: think the polling becomes more favorable, if you can put
Speaker 5: it that way, for Biden, in the sense that he
Speaker 5: is a chance to win those voters back into the
Speaker 5: Democratic camp at least at the.
Speaker 2: Present and Brown Universities. Wendy Schiller also says Democrats will
Speaker 2: need to improve their messaging to get Biden re elected
Speaker 2: in twenty twenty four.
Speaker 3: Well, another complication for the president, Karen the House has
Speaker 3: voted along party lines to formally authorize the impeachment inquiry
Speaker 3: into President Biden. This sets up a high profile clash
Speaker 3: with the White House over the investigation that's focused on
Speaker 3: Biden family finances and business dealings. House Oversight Chair James
Speaker 3: Comer spoke after the vote.
Speaker 2: We have a simple question that I think of no
Speaker 2: blooming majority of Americans have. What did the Bidens do
Speaker 2: to receive the tens of millions of dollars from our
Speaker 2: enemies around the world.
Speaker 3: Despite those accusations from Republican James Comer, Democrat Jamie Raskin says,
Speaker 3: the attacks on the president are baseless.
Speaker 1: They understand there's no real evidence to support any presidential
Speaker 1: offense here.
Speaker 6: They haven't even named what they think the crime is.
Speaker 3: House Democrat Jamie Raskin says the impeachment inquiry is purely
Speaker 3: about next year's election.
Speaker 2: Well, we turn to the markets now, Nathan and the
Speaker 2: monetary pivot that traders have been waiting for. After keeping
Speaker 2: interest on hold, the FED gave its clearest signal yet
Speaker 2: that its historic policy tightening campaign is over, projecting rate
Speaker 2: cuts in twenty twenty four, Fed heire J Powell's News
Speaker 2: Conference United, one of the biggest post meeting rallies in
Speaker 2: recent memory. The down closed at a record and the
Speaker 2: S and P gained one point four percent, but Powell
Speaker 2: did not entirely rule out tightening.
Speaker 7: Inflation has eased from its highs, and this has come
Speaker 7: without a significant increase in unemployment. That's very good news,
Speaker 7: but inflation is still too high ongoing progress and bringing
Speaker 7: it down is not assured, and the path forward is uncertain.
Speaker 2: Chairman Powell reiterated that the FED remains data dependent, but
Speaker 2: former Atlanta FED President Ans Lockhart says the Fed's tentatively
Speaker 2: DUBBSH stance, as he puts it, is appropriate at this time.
Speaker 8: It's clear that they're going into twenty twenty four with
Speaker 8: the idea that they will be cutting rate, and the
Speaker 8: summary of economic projections showed to range among fifteen of
Speaker 8: them from two cuts to four cuts, so it's not
Speaker 8: a really tight census yet.
Speaker 2: And former Atlanta FED President Dennis Lockhart says markets are
Speaker 2: reacting positively to Powell's stands, and the FED gets more
Speaker 2: data this morning with retail sales do at at eight
Speaker 2: thirty am Wall Street Time.
Speaker 3: Well Karen traders may be helping for smoother sailing on
Speaker 3: the NASDAG today. A system error forced some stock orders
Speaker 3: on the exchange to be canceled yesterday. Sources tell us
Speaker 3: Nasdaq's investigating an order entry issue that caused inaccuracies and delays.
Speaker 3: Although it did not resolve the issue before the end
Speaker 3: of trading yesterday, the Nasdaq says it will be ready today.
Speaker 2: Nathan, overseas, we get two major rate decisions from the
Speaker 2: Bank of England and European Central Bank. Bloomberg's Ewan Pots
Speaker 2: joins us from London with a preview. Good morning, Ewan, Good.
Speaker 9: Morning Karen, Nathan. They're calling it super Thursday with rate
Speaker 9: decisions from key central banks right across Europe. We've already
Speaker 9: had a surprise rate hike from Norway. Up next announcements
Speaker 9: from the ECB and the BOE. The risk of recession
Speaker 9: in the euro Area will be front of mind for
Speaker 9: Presidents Christine Legarde. We're here from the ECB at eight
Speaker 9: fifteen am Eastern time. But first up the Bank of England.
Speaker 9: Way's sticky inflation with a very sluggish economy. That UK
Speaker 9: right decision comes in two hours time in London. I'm
Speaker 9: Une Pots, Bloomberg.
Speaker 3: Radio okay you and thank you. Elsewhere in Europe, UBS
Speaker 3: is stepping up efforts to recoup hundreds of millions in
Speaker 3: cash bonuses that Credit Sweeze paid to retain deal makers
Speaker 3: before it's collapse. Sources say UBS has contacted hundreds of
Speaker 3: bankers and offered some multi year payment plans as it
Speaker 3: tries to claw back a chunk of the one point
Speaker 3: two billion Swiss francs and restricted cash bonuses. One source
Speaker 3: says UBS is seeking to recover less than six hundred
Speaker 3: and fifty one million Swiss francs.
Speaker 2: Meanwhile, in Russia, Nathan President Vladimir Putin is speaking at
Speaker 2: his annual end of year news conference. He says inflation
Speaker 2: in Russia's running between seven and a half to eight
Speaker 2: percent and that Russian companies are paying back their foreign loans.
Speaker 2: Putin added his war aims in Ukraine remained the same
Speaker 2: and he does not expect to mobilize a second wave
Speaker 2: of troops right now. And it is time now for
Speaker 2: a look at some of the other stories making news
Speaker 2: around the world, and for that we're joined by Bloomberg,
Speaker 2: John Tunker, johncinb Morning.
Speaker 10: Good Morning. Care in the House and Senate have agreed
Speaker 10: to a massive defense bill. The story in this report
Speaker 10: from Washington and Bloomberg's Amy Morris.
Speaker 11: The House passed an eight hundred and eighty six billion
Speaker 11: dollar defense bill after bipartisan negotiations between the House and Senate.
Speaker 11: Hard right Republicans had tried to attach restrictions on abortions,
Speaker 11: transgender care, and diversity initiatives, but those didn't make it
Speaker 11: into the final bill. Republicans did score some victories, like
Speaker 11: requiring all promotions to be merit and performance based, outlawing
Speaker 11: the flying of the LGBTQ flag on military basis, and
Speaker 11: the teaching of critical race theory and drag show performances
Speaker 11: will also be banned on bass. Military personnel will also
Speaker 11: get a five point two percent pay increase in.
Speaker 6: The new bill.
Speaker 11: Amy Morris, Bloomberg Radio.
Speaker 10: Negotiators continue to make progress on a border deal. The
Speaker 10: key negotiators have been meeting with the Department of Homeland
Speaker 10: Security Secretary Alejandro Mayorcis. Senator Chris Murphy if Connecticut been
Speaker 10: leading negotiations for the Democrats.
Speaker 3: As a real complicated set of law, but there's still
Speaker 3: no reason that we can't finish this by the time
Speaker 3: we wrap up.
Speaker 6: For the year.
Speaker 10: Lawmakers are scheduled a head out of town as soon
Speaker 10: as tomorrow. The US working with allies to create a
Speaker 10: multinational effort to protect ships passing through the Red Sea.
Speaker 10: It's an effort to stem a surgeon attacks by hootie
Speaker 10: fighters that has provoked unease about commercial trade passing through
Speaker 10: one of the world's most vital waterways. A federal judge
Speaker 10: granted Donald Trump's request to pause the twenty twenty election
Speaker 10: obstruction case scheduled for trial at March well he presses
Speaker 10: a claim for sweeping immunity against criminal charges. US District
Speaker 10: Judge Tanya Chunkin at Washington pause the hearings and upcoming
Speaker 10: deadlines in the case while Trump appeals her earlier ruling
Speaker 10: denying him immunately from prosecution over events that took place
Speaker 10: while he was president. Industry regulators say California's risk of
Speaker 10: power shortfalls and blackouts has fallen as more renewable energy
Speaker 10: and batteries are added to its electric grid, but at
Speaker 10: the same time, they and such threats in New York
Speaker 10: have risen thanks to higher electricity demand and new restrictions
Speaker 10: on gas fire power plants. Global News twenty four hours
Speaker 10: a day and whenever you want it With Bloomberg News Now,
Speaker 10: I'm John Tucker and this is Bloomberg Karen.
Speaker 2: All right, John, thanks what we do bring you news
Speaker 2: throughout the day here on Bloomberg Radio. Just as John said,
Speaker 2: but now you can get the latest news on demand,
Speaker 2: and that means you can get it whenever you want it.
Speaker 2: Just subscribe to Bloomberg News Now to get the latest
Speaker 2: headlines at the click of a button. Get informed on
Speaker 2: your schedule. You can listen and subscribe to Bloomberg News
Speaker 2: Now on the Bloomberg Business app, Bloomberg dot Com plus Apples, Spotify,
Speaker 2: and anywhere else you get your podcasts. It is time
Speaker 2: now for the Bloomberg Sports Update. Here's John stash Hour, John.
Speaker 12: Karen and Milwaukee on a night for the buckstar Jannis
Speaker 12: onto the Compo. He poured in sixty four points. That's
Speaker 12: as previous career high of fifty five. It's a Bucks
Speaker 12: team rerecord. They beat Indiana one forty to one twenty six.
Speaker 12: Jana's twenty of twenty eight from the field and twenty
Speaker 12: four of thirty two from the free throw line. He's
Speaker 12: the first player in NBA history to have twenty or
Speaker 12: more from both and shoot seventy percent or better in both.
Speaker 12: There was an incident after the game. Giannis went into
Speaker 12: the Pacers locker room to try to get the game ball,
Speaker 12: and there was apparently some kind of a melee that
Speaker 12: broke out. Wizards lost at home by twenty New Orleans one,
Speaker 12: with Brandon Ingram scoring forty, and the Wizards are now
Speaker 12: three and twenty. Lakers won only by three in San Antonio,
Speaker 12: when the Spurs have now lost eighteen games in a row.
Speaker 12: The NBA has suspended Raymond Green indefinitely, citing his repeated
Speaker 12: history of incident. Ruins lost in overtime at New Jersey
Speaker 12: two to one. It's the Chargers and Raiders tonight, kicking
Speaker 12: off Week fifteen, both teams with only five wins on
Speaker 12: the season a lot of injuries. Chargers without their quarterback
Speaker 12: Justin Herbert for the rest of the season in their
Speaker 12: top whiteout, Keenan Allen won't play tonight due to a
Speaker 12: foot injury. The Raiders have decided to stick with rookie
Speaker 12: quarterback Aidan O'Connell.
Speaker 6: Whiteout.
Speaker 12: Devonte Adams was questionable with an illness. The NFL has
Speaker 12: gave me Super Bowl sixty to Los Angeles. That's where
Speaker 12: the first Super Bowl was played, and the NFL says
Speaker 12: there'll be a regular season game played next year in
Speaker 12: South Paolo Brazil. John Stashewer Bloomberg Sports.
Speaker 13: From coast to coast, from New York to San Francisco,
Speaker 13: Boston to Washington, DC, nationwide on Sirius Exam, the Bloomberg
Speaker 13: Business app, and Bloomberg dot Com. This is Bloomberg Daybreak.
Speaker 13: Good morning, I'm Nathan Hager. As we head into a
Speaker 13: twenty twenty four re election campaign for President Biden, he
Speaker 13: has been struggling to show voters that the policies that
Speaker 13: he's put forward, whether it's by partisan infrastructure, it's the
Speaker 13: Inflation Reduction Act and student debt relief, are working for
Speaker 13: the voters that he needs to win reelection. Those struggles
Speaker 13: are reflected in the latest Bloomberg News Morning Consult poll
Speaker 13: of swing states, just out this morning, and here with
Speaker 13: us to discuss it as Bloomberg News Politics reporter Gregory Cordy. Gregory,
Speaker 13: it's great to have you with us this morning. We
Speaker 13: just saw these numbers cross the Bloomberg terminal moments ago.
Speaker 13: I know this is an update right of the swing
Speaker 13: state pole that we conducted just a couple months ago.
Speaker 6: So what did we find. Yeah, actually, this is the
Speaker 6: third iteration of this pole. We've been doing it monthly
Speaker 6: and we're going to continue to do it monthly through
Speaker 6: the election next November. And what we're seeing is a
Speaker 6: slow but unmistakable movement in former President Donald Trump's direction
Speaker 6: in each of these seven swing states, or I should
Speaker 6: say these swing states collectively. But now for the first
Speaker 6: time in this poll every one of these seven swing states,
Speaker 6: Trump is now leading in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, Wisconsin.
Speaker 6: Michigan was the one that was tied the first two
Speaker 6: times we did this poll. Now President Trump is leading
Speaker 6: by four and so this is a pretty good poll
Speaker 6: for him, and it shows how President Biden continues to struggle,
Speaker 6: as you said, to convince voters that his economic policies
Speaker 6: are working. Yeah.
Speaker 3: To see the turnaround in President Biden's disfavor in Michigan
Speaker 3: is particularly notable when you think about how he's put
Speaker 3: himself out there as the most pro union president ever.
Speaker 3: He was the first president to walk a picket line
Speaker 3: in Michigan, and it doesn't seem at least from this
Speaker 3: polling that that's worked out for him thus far.
Speaker 6: Yeah, we took a particular interest in Michigan this month
Speaker 6: in part because it had been so close and now
Speaker 6: it seems to be leaning Trump. And you're absolutely right.
Speaker 6: It's a state that Biden absolutely needs to win. It's
Speaker 6: one of those blue wall industrial states that we talk
Speaker 6: about that are so important for Democrats, and it shows
Speaker 6: that Biden's really not improving among those union voters. Now.
Speaker 6: The unions themselves are pretty happy with Biden. Biden claims
Speaker 6: to mean it's pro union president in history. He walked
Speaker 6: the picket line with workers back when the United Auto
Speaker 6: Workers were on strike earlier this year, and that political
Speaker 6: support from the White House helped the UAW get a
Speaker 6: pretty good contract. But rank and file auto workers aren't
Speaker 6: necessarily listening to their union leadership on this, and we've
Speaker 6: seen union workers more willing to vote for Donald Trump,
Speaker 6: especially on these issues of trade and competition with China
Speaker 6: and immigration and other issues other than collective bargaining. President
Speaker 6: Trump has made inroads on.
Speaker 3: It is fascinating to see how the former president continues
Speaker 3: to make inroads on these economic issues when we go
Speaker 3: by the data every day here on Bloomberg, and we're
Speaker 3: seeing the signs of improvement in the US economy pretty steadily.
Speaker 6: What does that say.
Speaker 3: About this disconnect that we're seeing between the way the
Speaker 3: economy is going and how it's working out for this
Speaker 3: current president in his polling numbers.
Speaker 6: Yeah, you've absolutely put your finger on one of the
Speaker 6: central questions and frankly, one of the big riddles of
Speaker 6: this election year, as you say, the economic indicators are
Speaker 6: doing well, and yet Biden isn't getting credit for that.
Speaker 6: We see when we ask people how is the national
Speaker 6: economy doing, overwhelming numbers say that it's doing poorly in
Speaker 6: the seventy percents. But then when we ask people how
Speaker 6: their local economy is doing, how their state economy is doing,
Speaker 6: people are saying it's doing much better. And we're really
Speaker 6: trying to understand that disconnect between vote voter perceptions because
Speaker 6: the real that local economy is what people more often experience,
Speaker 6: and what they're saying is, yeah, I've got a job
Speaker 6: unemployment as low prices are coming down, wages are going up,
Speaker 6: and yet they look at the national economy and they
Speaker 6: still think that it's heading in the wrong direction. What
Speaker 6: that reflects is that they are continuing to associate present
Speaker 6: Biden with inflation being still too high compared to where
Speaker 6: we were before the pandemic, and people not exactly happy
Speaker 6: with where we are and continuing to be a little
Speaker 6: uncertain about which direction we're heading.
Speaker 3: I think about thirty seconds left here, Greg gree But
Speaker 3: are there any positive signs for President Biden in this polling?
Speaker 6: Well, inflation expectations continue to come down. We see that
Speaker 6: in a number of different poles, and we see it
Speaker 6: in this poll. We see people saying that the concerns
Speaker 6: about inflation are ebbing a little bit. And then we
Speaker 6: ask people, would you say that the prices that you
Speaker 6: paid for everyday goods like groceries and gas and so forth,
Speaker 6: are they going up or they going down? And fewer
Speaker 6: people say that they're going up. The people are seeing
Speaker 6: them starting to come down. It's probably not as much
Speaker 6: as the president would like to see, but some of
Speaker 6: these indicators are slowly heading in the right direction.
Speaker 1: It's Bloomberg Daybreak Today, your morning brief on the stories
Speaker 1: making news from Wall Street to Washington and beyond.
Speaker 2: Look for us on your podcast feed at six am
Speaker 2: Eastern each morning on Apples, Spotify, and anywhere else you
Speaker 2: get your podcasts.
Speaker 1: You can also listen live each morning starting at five
Speaker 1: am Wall Street Time on Bloomberg eleven three to zero
Speaker 1: in New York, Bloomberg ninety nine one in Washington, Bloomberg
Speaker 1: one oh sixty one in Boston, and Bloomberg ninety sixty
Speaker 1: in San Francisco.
Speaker 2: Our flagship New York station is also available on your
Speaker 2: Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus.
Speaker 1: Listen coast to coast on the Bloomberg Business app, serriusxmb
Speaker 1: iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager.
Speaker 2: And I'm Karen Moscow. Join us again tomorrow morning for
Speaker 2: all the news you need to start your day right
Speaker 2: here on Bloomberg Daybreak