1 00:00:02,440 --> 00:00:05,920 Speaker 1: Live from the Bloomberg Interacted Brooker Studios. Is Bloomberg day 2 00:00:05,920 --> 00:00:10,720 Speaker 1: Break for Tuesday one coming up this hour. Oil surges 3 00:00:10,760 --> 00:00:13,520 Speaker 1: after EU leaders agree to pursue a partial bed on 4 00:00:13,640 --> 00:00:16,599 Speaker 1: Russian crude. The oil game and hawkish comments from the 5 00:00:16,640 --> 00:00:19,880 Speaker 1: Fed have treasury yields on the rise. At President Biden 6 00:00:19,960 --> 00:00:22,480 Speaker 1: holds a rare beating with FED Chair J Powell at 7 00:00:22,520 --> 00:00:25,919 Speaker 1: the Oval Office. Today, people in Voldi, Texas prepared to 8 00:00:25,920 --> 00:00:28,960 Speaker 1: bury the dead from last week's shootings. Plus the Diocese 9 00:00:29,040 --> 00:00:32,760 Speaker 1: of Brooklyn calls it a brazen crime of disrespect and hate. 10 00:00:33,000 --> 00:00:36,400 Speaker 1: I'm Michael bar More Ahead, I'm trying stas and sports. 11 00:00:36,400 --> 00:00:39,160 Speaker 1: The Rangers beat the Hurricanes in Game seven. They're moving 12 00:00:39,240 --> 00:00:43,480 Speaker 1: on to the East Finals. Easy win for the Mets. 13 00:00:44,479 --> 00:00:48,400 Speaker 1: That's all s Trady Ahead on Bloomberg Daybreak on Bloomberg eleven, 14 00:00:48,440 --> 00:00:52,960 Speaker 1: Free on New York, Bloomberg one, Washington, d C, Bloomberg 15 00:00:52,960 --> 00:00:56,680 Speaker 1: one oh six one, Boston, Bloomberg nine sixties, San Francisco, 16 00:00:57,160 --> 00:01:00,840 Speaker 1: Syrius XM one nineteen and around the world on Bloomberg 17 00:01:00,960 --> 00:01:08,320 Speaker 1: Radio dot Com and via The Bloomberg Business. Good Morning, 18 00:01:08,319 --> 00:01:11,400 Speaker 1: I'm Nathan Hager and I'm Karen Moscow We are coming 19 00:01:11,480 --> 00:01:13,640 Speaker 1: up to five oh one on Wall Street, and we 20 00:01:13,760 --> 00:01:16,200 Speaker 1: check the markets every fifteen minutes throughout the trading day. 21 00:01:16,280 --> 00:01:19,440 Speaker 1: On Bloomberg right now is in p Futures are little change. 22 00:01:19,520 --> 00:01:23,160 Speaker 1: DALN features down forty two and NASDAG features have about 23 00:01:23,319 --> 00:01:26,520 Speaker 1: thirty and the jacks in Germany is down about a 24 00:01:26,600 --> 00:01:29,920 Speaker 1: third of a percent. The ten year treasury is down 25 00:01:30,480 --> 00:01:33,120 Speaker 1: thirty seconds, yield two point eight two percent, and the 26 00:01:33,280 --> 00:01:36,039 Speaker 1: yield on the two year two point five four percent. 27 00:01:36,520 --> 00:01:39,320 Speaker 1: The euro is at one point oh seven to eight 28 00:01:39,360 --> 00:01:41,800 Speaker 1: against the dollar, the yen one twenty seven point nine 29 00:01:41,880 --> 00:01:45,279 Speaker 1: three Bitcoin at thirty one thousand, six hundred dollars. Nathan, 30 00:01:45,360 --> 00:01:48,720 Speaker 1: The Karen oil is on the rise this morning. Watching 31 00:01:48,920 --> 00:01:51,920 Speaker 1: nimex crewde It's up three point three percent to a 32 00:01:52,000 --> 00:01:54,960 Speaker 1: hundred eighteen dollars eighty seven cents of barrel. Brent is 33 00:01:55,040 --> 00:01:57,120 Speaker 1: hired by one and a half percent at a hundred 34 00:01:57,160 --> 00:02:00,000 Speaker 1: twenty three dollars fifty three cents. The gains cob after 35 00:02:00,120 --> 00:02:03,600 Speaker 1: European Union leaders agreed to seek a ban on imports 36 00:02:03,640 --> 00:02:06,600 Speaker 1: of most Russian oil. Let's get the details live from 37 00:02:06,640 --> 00:02:09,120 Speaker 1: bloombergs You and parts joining us from our London bureau 38 00:02:09,160 --> 00:02:11,840 Speaker 1: you and good morning, Good morning Nathan and Karen. Finally 39 00:02:11,960 --> 00:02:15,639 Speaker 1: a deal on Russian oil. European Union leaders agree sanctions 40 00:02:15,680 --> 00:02:18,720 Speaker 1: blocking the purchase of crude oil and petroleum products from 41 00:02:18,800 --> 00:02:22,280 Speaker 1: Russia delivered by sea, but there is a temporary exemption 42 00:02:22,320 --> 00:02:25,520 Speaker 1: for pipeline deliveries to satisfy Hungary, which have been holding 43 00:02:25,600 --> 00:02:30,760 Speaker 1: up discussions. European Commissioned President Vonderline welcome the agreement. Council 44 00:02:30,840 --> 00:02:34,440 Speaker 1: should now be able to finalize a van on almost 45 00:02:35,560 --> 00:02:38,360 Speaker 1: of all Russian oil inputs by the end of the year. 46 00:02:39,120 --> 00:02:42,160 Speaker 1: European Commission President Vondeline made the comments out of briefing 47 00:02:42,200 --> 00:02:44,960 Speaker 1: in Brussels. In London, Ami and part Spoon Bay day break, 48 00:02:45,160 --> 00:02:47,080 Speaker 1: are you and thank you all? Back here in the US, 49 00:02:47,160 --> 00:02:50,280 Speaker 1: the followed from last week's school shooting continues to reverberate 50 00:02:50,320 --> 00:02:53,800 Speaker 1: across the country. There's another push for legislation on guns 51 00:02:53,840 --> 00:02:56,400 Speaker 1: for President Biden says he is limited on what he 52 00:02:56,440 --> 00:02:59,400 Speaker 1: can do. He traveled to Vivaldi, Texas for an emotional 53 00:02:59,520 --> 00:03:02,520 Speaker 1: visitor shul weekend. Any Morris has details from our Bloomberg 54 00:03:03,280 --> 00:03:06,880 Speaker 1: newsroom in Washington. I can't outlaw a weapon, I can't 55 00:03:07,000 --> 00:03:10,120 Speaker 1: change a background check. President Biden, explaining that there is 56 00:03:10,160 --> 00:03:12,480 Speaker 1: only so much he can do to stop mass shootings 57 00:03:12,480 --> 00:03:15,639 Speaker 1: in the US. Biden and First Lady Jill Biden visited 58 00:03:15,639 --> 00:03:19,040 Speaker 1: the Texas elementary school where a gunman killed nineteen children 59 00:03:19,080 --> 00:03:22,200 Speaker 1: and two teachers. That shooting has increased demands on Congress 60 00:03:22,240 --> 00:03:24,960 Speaker 1: to do something about gun regulation, and talks in the 61 00:03:24,960 --> 00:03:27,960 Speaker 1: Senate now center on red flag laws. They allow police 62 00:03:28,040 --> 00:03:30,760 Speaker 1: or family members to ask a court to temporarily remove 63 00:03:30,840 --> 00:03:33,160 Speaker 1: the right to own firearms from someone who may be 64 00:03:33,240 --> 00:03:36,320 Speaker 1: at risk. In Washington, I may be Morris Bloomberg, daybreak, 65 00:03:36,360 --> 00:03:39,080 Speaker 1: All right, Amy, thank you on Wall Street today. Inflation 66 00:03:39,200 --> 00:03:42,560 Speaker 1: continues to be a major focus for markets. Treasury yields 67 00:03:42,560 --> 00:03:45,400 Speaker 1: our climbing as the Federal Reserve shows no sign of 68 00:03:45,520 --> 00:03:49,000 Speaker 1: slowing its hawkish stance. FED Governor Christopher Waller says he 69 00:03:49,040 --> 00:03:51,600 Speaker 1: wants to keep raising interest rates in half percentage point 70 00:03:51,640 --> 00:03:56,640 Speaker 1: steps until inflation is under control, support ten policy by 71 00:03:56,680 --> 00:04:01,920 Speaker 1: another fifty basis points for several meetings. In particular, I 72 00:04:01,960 --> 00:04:06,600 Speaker 1: am not taking fifty basis points basis point heights off 73 00:04:06,640 --> 00:04:10,360 Speaker 1: the table. U shall I see inflation coming down closer 74 00:04:10,440 --> 00:04:14,480 Speaker 1: to FED Governor Christopher Waller spoke at an event hosted 75 00:04:14,480 --> 00:04:18,200 Speaker 1: by the Institute for Monetary and Financial Stability. Well, inflation 76 00:04:18,240 --> 00:04:20,920 Speaker 1: don't be a key topic of discussion when President Biden 77 00:04:20,960 --> 00:04:23,039 Speaker 1: holds a rare meeting today with its share of the 78 00:04:23,040 --> 00:04:26,000 Speaker 1: Federal Reserve, and we get more from Bloomberg's Done Chrisner. 79 00:04:26,320 --> 00:04:29,080 Speaker 1: It'll be the first meeting between the two since November, 80 00:04:29,120 --> 00:04:32,080 Speaker 1: when the President nominated J. Powell for a second four 81 00:04:32,160 --> 00:04:35,840 Speaker 1: year term. In the intervening period, soaring inflation has become 82 00:04:35,880 --> 00:04:39,360 Speaker 1: a crippling problem. In an opinion piece published late Monday 83 00:04:39,360 --> 00:04:41,599 Speaker 1: in The Wall Street Journal, the President said he would 84 00:04:41,640 --> 00:04:44,440 Speaker 1: support the FED in its effort to combat high inflation 85 00:04:44,680 --> 00:04:47,839 Speaker 1: by reducing demand. The President said the fight was likely 86 00:04:47,880 --> 00:04:50,239 Speaker 1: to slow the rate of job growth from a monthly 87 00:04:50,279 --> 00:04:53,800 Speaker 1: pace of five hundred thousand jobs to around a hundred 88 00:04:53,800 --> 00:04:56,880 Speaker 1: fifty thousand in New York. I'm Doug Chrisner, Bloomberg Day Break. 89 00:04:56,960 --> 00:04:59,159 Speaker 1: All right, Doug, thank you. The labor market will also 90 00:04:59,200 --> 00:05:00,919 Speaker 1: be front and center this week when we get the 91 00:05:00,920 --> 00:05:03,560 Speaker 1: May jobs report on Friday. Let's get a preview of 92 00:05:03,560 --> 00:05:07,119 Speaker 1: that from Bloomberg's Vinny del Judaicce economists a payroll growth 93 00:05:07,160 --> 00:05:10,760 Speaker 1: probably exceeded three hundred thousand and May. So far this year, 94 00:05:10,800 --> 00:05:13,600 Speaker 1: the economy has added more than two million jobs, with 95 00:05:13,760 --> 00:05:17,280 Speaker 1: labor shortages at record levels. A slowdown could imply a 96 00:05:17,400 --> 00:05:22,000 Speaker 1: shortage of qualified workers rather than sudden weakness. Job cuts 97 00:05:22,000 --> 00:05:24,880 Speaker 1: have been running it half century lows. Also in this 98 00:05:24,920 --> 00:05:28,440 Speaker 1: week's US data calendar, I s M Factory Data, the 99 00:05:28,440 --> 00:05:31,760 Speaker 1: Conference Sports Consumer Confidence Index, and the Federal Reserves bag 100 00:05:31,880 --> 00:05:36,039 Speaker 1: Book Economic Survey, Benny Dell, Judace bloom Birthday break All right, Vinnie, 101 00:05:36,040 --> 00:05:38,760 Speaker 1: thank you. We're also getting key inflation data out of Europe. 102 00:05:38,760 --> 00:05:41,920 Speaker 1: The numbers crossed just a few minutes ago, showing Eurozone 103 00:05:41,920 --> 00:05:45,720 Speaker 1: inflation accelerated to a fresh all time high. Consumer prices 104 00:05:45,760 --> 00:05:48,279 Speaker 1: jumped eight point one percent from a year earlier in May, 105 00:05:48,320 --> 00:05:50,880 Speaker 1: exceeding the seven point eight percent median estimate in a 106 00:05:50,880 --> 00:05:54,200 Speaker 1: Bloomberg survey. The acceleration was driven by food and energy 107 00:05:54,240 --> 00:05:57,600 Speaker 1: after Russia's invasion of Ukraine sent commodity prices soaring. But 108 00:05:57,720 --> 00:05:59,840 Speaker 1: back here in the US, care and stocks are coming 109 00:06:00,120 --> 00:06:02,440 Speaker 1: their first winning week and nearly a month. As we 110 00:06:02,520 --> 00:06:05,520 Speaker 1: returned to this holiday shortened trading week. We get more 111 00:06:05,520 --> 00:06:09,440 Speaker 1: on the days ahead from Bloomberg's Charlie Pellet. Analysts remain 112 00:06:09,600 --> 00:06:12,840 Speaker 1: split on whether equities have found a bottom amid ongoing 113 00:06:12,960 --> 00:06:17,280 Speaker 1: questions about the strength of corporate earnings. Alicia Levine's head 114 00:06:17,279 --> 00:06:21,159 Speaker 1: of Equities and Capital Markets Advisory at Bank of New York, Melon, 115 00:06:21,520 --> 00:06:23,960 Speaker 1: margins are going to come down. And what the market 116 00:06:24,000 --> 00:06:26,760 Speaker 1: has really been grappling with the last couple of weeks 117 00:06:26,800 --> 00:06:29,720 Speaker 1: is the E on the pe their earnings component. And 118 00:06:30,000 --> 00:06:33,679 Speaker 1: it's likely that earnings have to soften from here. Among 119 00:06:33,720 --> 00:06:38,480 Speaker 1: the names scheduled to report this week, Broadcom, CrowdStrike, Hormel, Foods, 120 00:06:38,640 --> 00:06:42,720 Speaker 1: HP and Ko, Lulu, Lemon, and Salesforce dot Com in 121 00:06:42,800 --> 00:06:46,000 Speaker 1: New York. Charlie Pellet, Bloomberg day Break. All right, Charlie, 122 00:06:46,000 --> 00:06:48,520 Speaker 1: thank you well overseas this morning, Shares a UNI lever 123 00:06:48,800 --> 00:06:52,560 Speaker 1: of more than six percent. Activist investor and Nelson Pellets 124 00:06:52,600 --> 00:06:55,839 Speaker 1: has been appointed as a non executive director on the company, 125 00:06:56,200 --> 00:06:58,520 Speaker 1: and his tri And Fund Management has taken at one 126 00:06:58,560 --> 00:07:01,560 Speaker 1: point five percent. Steak Annal Labor All right. Looking ahead 127 00:07:01,560 --> 00:07:05,599 Speaker 1: of the market open, Karen futures are little changed. Mostly 128 00:07:05,720 --> 00:07:08,320 Speaker 1: SMP futures down eight point, STOUT futures down seventy five. 129 00:07:08,400 --> 00:07:11,040 Speaker 1: Nasdaq futures little change. They're higher by nine points. The 130 00:07:11,080 --> 00:07:15,080 Speaker 1: tenure Treasury yield two point eight two percent. Straight ahead 131 00:07:15,160 --> 00:07:18,239 Speaker 1: your latest local headlines in the check of sports. This 132 00:07:18,560 --> 00:07:24,840 Speaker 1: is Bloomberg at south five oh seven on Wall Street. 133 00:07:24,840 --> 00:07:27,400 Speaker 1: Where's seventy four degrees in Central Park already and already 134 00:07:27,400 --> 00:07:30,480 Speaker 1: dealing with an accident northbound Daku Turnpike on the exit 135 00:07:30,520 --> 00:07:32,360 Speaker 1: thirteen off ramp. We'll get the details for you in 136 00:07:32,400 --> 00:07:35,120 Speaker 1: traffic shortly. First, Michael Bars here with more on what's 137 00:07:35,160 --> 00:07:37,640 Speaker 1: going on in New York and around the world. Good morning, Michael, 138 00:07:37,720 --> 00:07:40,840 Speaker 1: Good morning Nathan. Police say someone busted into the altar 139 00:07:41,000 --> 00:07:44,480 Speaker 1: at a New York City church, stole a two million 140 00:07:44,560 --> 00:07:48,000 Speaker 1: dollar gold relic, and remove the head of a statue 141 00:07:48,040 --> 00:07:51,400 Speaker 1: of an angel. The incident happened between Thursday and Saturday 142 00:07:51,440 --> 00:07:55,840 Speaker 1: at St. Augustine's Roman Catholic Church in Brooklyn Spark Slope neighborhood. 143 00:07:56,080 --> 00:07:59,000 Speaker 1: The church was closed for construction at the time. The 144 00:07:59,080 --> 00:08:02,440 Speaker 1: church's pastors had the camera. Recordings from the security system 145 00:08:02,480 --> 00:08:05,720 Speaker 1: were also stolen. The Diocese of Brooklyn called it a 146 00:08:05,760 --> 00:08:09,960 Speaker 1: brazen crime of disrespect and hate. New York Governor Kathy 147 00:08:10,000 --> 00:08:13,880 Speaker 1: Hokol delivered comments yesterday at the commemoration of the twentieth 148 00:08:13,880 --> 00:08:18,239 Speaker 1: anniversary of the formal end of recovery operations at Ground zero, 149 00:08:18,680 --> 00:08:22,440 Speaker 1: Local referred to those who quote showed up unprompted to 150 00:08:22,520 --> 00:08:25,560 Speaker 1: help the common denominator from most as they were New Yorkers, 151 00:08:26,160 --> 00:08:28,760 Speaker 1: because it's in our DNA. When we get knocked down, 152 00:08:29,480 --> 00:08:32,240 Speaker 1: we fight back and we come back, and we must 153 00:08:32,320 --> 00:08:35,920 Speaker 1: never ever forget that lesson. That is the story of 154 00:08:36,000 --> 00:08:40,120 Speaker 1: this hellowed ground. Governor hocol also says we're going to 155 00:08:40,160 --> 00:08:43,040 Speaker 1: come back after this pandemic because we showed we did 156 00:08:43,080 --> 00:08:46,720 Speaker 1: it twenty years ago. Funerals take place this week for 157 00:08:46,760 --> 00:08:51,040 Speaker 1: the nineteen children and two teachers killed last week in Uvaldi, Texas. 158 00:08:51,520 --> 00:08:54,199 Speaker 1: The town's mayor Don mclockman says the site of the 159 00:08:54,200 --> 00:08:58,000 Speaker 1: shooting rob Elementary School should be torn down. McLoughlin says, 160 00:08:58,040 --> 00:09:00,760 Speaker 1: though people in the community will get through it. That's 161 00:09:00,800 --> 00:09:02,280 Speaker 1: one of the things I love about you about it. 162 00:09:02,360 --> 00:09:05,240 Speaker 1: This community will come together and we will come together 163 00:09:05,320 --> 00:09:07,800 Speaker 1: on this. I mean, this is something that we will 164 00:09:07,840 --> 00:09:12,480 Speaker 1: never get over, but we'll get through it. Mayor McLaughlin 165 00:09:12,559 --> 00:09:16,079 Speaker 1: says he supports the construction of a mental health hospital 166 00:09:16,160 --> 00:09:20,040 Speaker 1: in Uvalde and that would serve dozens of nearby counties 167 00:09:20,040 --> 00:09:24,200 Speaker 1: and possibly prevent future massacres. Canadian Preme Minister Justin Trudeau 168 00:09:24,240 --> 00:09:27,480 Speaker 1: announced an effort to ban handguns. Canada already has an 169 00:09:27,520 --> 00:09:30,679 Speaker 1: assault weapons van and a news conference in Ottawa, Trudeau 170 00:09:30,800 --> 00:09:34,760 Speaker 1: said the legislation would prohibit the purchase, sale, transfer, or 171 00:09:34,840 --> 00:09:38,840 Speaker 1: import of handguns across Canada. We've seen far too many 172 00:09:38,880 --> 00:09:44,600 Speaker 1: tragedies across this country, far too many incidents of gun violence, 173 00:09:44,640 --> 00:09:49,280 Speaker 1: particularly with handguns. You know, streets in our communities, Devastating families, 174 00:09:49,760 --> 00:09:54,679 Speaker 1: devastating communities. Trudeau also announced mandatory buybacks for assault weapons. 175 00:09:54,840 --> 00:09:57,040 Speaker 1: Global News twenty four hours a day on air and 176 00:09:57,160 --> 00:10:00,800 Speaker 1: on Bloomberg Quick Take, powered by more than listen analysts 177 00:10:01,000 --> 00:10:04,920 Speaker 1: in more than twenty countries. I'm Michael Bard. This is Bloomberg, Nathan. Okay, Michael, 178 00:10:04,920 --> 00:10:11,559 Speaker 1: Thanks coming up to five ten on Wall Streets. Time 179 00:10:11,559 --> 00:10:13,800 Speaker 1: for the Bloomberg Sports update. Can reach on stash our. 180 00:10:13,880 --> 00:10:15,920 Speaker 1: Good morning, Nathan. It's a good morning to a New 181 00:10:16,000 --> 00:10:18,680 Speaker 1: York Rangers fan. What a postseason they are having. It's 182 00:10:18,720 --> 00:10:21,520 Speaker 1: hardly over, but already five wins now and faced with 183 00:10:21,559 --> 00:10:26,600 Speaker 1: elimination two game seven victories, two Series one, both when 184 00:10:26,600 --> 00:10:29,400 Speaker 1: they never led the series until Game seven, and ROLEI 185 00:10:29,520 --> 00:10:32,120 Speaker 1: last man a Hurricanes penalty and a Ranger lead and 186 00:10:32,320 --> 00:10:35,559 Speaker 1: seconds to go all the Rangers power play. Rangers go 187 00:10:35,800 --> 00:10:38,559 Speaker 1: back in top right side feed up for a year, 188 00:10:38,640 --> 00:10:47,320 Speaker 1: back past the clock, scars out of Fox. It's a 189 00:10:47,679 --> 00:10:52,880 Speaker 1: power play goal. Racheers lead Wonder not playing ro WPN 190 00:10:53,000 --> 00:10:55,160 Speaker 1: Later in the first another power play goal of Chris 191 00:10:55,200 --> 00:10:57,880 Speaker 1: tried to deflection. Crider scored again. In the third. Rangers 192 00:10:57,920 --> 00:11:01,200 Speaker 1: beat the Hurricane six to two. Carolina had been seven 193 00:11:01,200 --> 00:11:04,000 Speaker 1: and oh at home in the postseason. Rangers now coming 194 00:11:04,040 --> 00:11:06,640 Speaker 1: home game one of the East Final with two time 195 00:11:06,720 --> 00:11:09,719 Speaker 1: to find in Stanley Cup champion Tampa Bay tomorrow at 196 00:11:09,720 --> 00:11:12,200 Speaker 1: the Garden City Field. Washington scored three runs first, seating 197 00:11:12,240 --> 00:11:15,040 Speaker 1: the met score the next twelve. All twelve scored over 198 00:11:15,040 --> 00:11:17,240 Speaker 1: the first four at ains Mets beat and that's thirteen 199 00:11:17,240 --> 00:11:19,960 Speaker 1: to five, Starling Marte, Nick Plumber, both of home runs. 200 00:11:20,360 --> 00:11:24,840 Speaker 1: Four RBI Detroit Tigers called up infielder Cody Clemens Rogers 201 00:11:24,880 --> 00:11:27,240 Speaker 1: Sun expected to make his major league debut tonight. A 202 00:11:27,280 --> 00:11:29,640 Speaker 1: couple of fourth round upsets the French Open the second 203 00:11:29,640 --> 00:11:32,240 Speaker 1: and fourth scenes were ousted Danial Medvedev eaten by Marian 204 00:11:32,320 --> 00:11:35,040 Speaker 1: Schilich straight sets, and Medvedev as it now not allowed 205 00:11:35,080 --> 00:11:38,640 Speaker 1: to play Wimbledon, who has banned all Russians. Stefinal sits 206 00:11:38,679 --> 00:11:42,319 Speaker 1: Aposs also lost big match today quarterfinals, Rafael and the 207 00:11:42,360 --> 00:11:47,120 Speaker 1: dal Versus Novak Djokovic, John Stashward Bloomberg Sports, All right, John, 208 00:11:47,160 --> 00:11:49,839 Speaker 1: thank you. Futures churning lower at the moment right now, 209 00:11:49,960 --> 00:11:52,319 Speaker 1: S and P futures are down thirteen points, Staff futures 210 00:11:52,360 --> 00:11:55,760 Speaker 1: down a hundred twelve, Nastact futures twelve points ten. Your 211 00:11:55,800 --> 00:12:00,719 Speaker 1: treasury yield almost two point eight three percent. Lori Calvicina 212 00:12:00,880 --> 00:12:03,520 Speaker 1: had a US equity r VC joins US. Next. This 213 00:12:03,640 --> 00:12:08,760 Speaker 1: is Bloomberg Bloomberg day Break, brought to you by Pepack 214 00:12:08,800 --> 00:12:11,880 Speaker 1: Private Wealth Management. Pepack Private Wealth Management knows that a 215 00:12:11,960 --> 00:12:14,439 Speaker 1: portfolio is more than a collection of assets. It's a 216 00:12:14,480 --> 00:12:17,160 Speaker 1: path to your future. Visit Pepack Private dot Com and 217 00:12:17,240 --> 00:12:24,320 Speaker 1: begin your financial legacy Today. Markets, headlines and breaking news 218 00:12:24,320 --> 00:12:26,920 Speaker 1: twenty four hours a day at Bloomberg dot Com, The 219 00:12:27,000 --> 00:12:30,480 Speaker 1: Bloomberg Business At and at Bloomberg Quick Take, He's a 220 00:12:30,559 --> 00:12:40,480 Speaker 1: Bloombern Business lash and I'm caered. Moscow stocks are slipping, 221 00:12:40,559 --> 00:12:43,560 Speaker 1: Treasury is selling off across the curve as oil jump 222 00:12:43,600 --> 00:12:46,319 Speaker 1: setting to worries about how aggressive central banks will need 223 00:12:46,360 --> 00:12:49,319 Speaker 1: to be to rein and inflation without derailing growth. If 224 00:12:49,320 --> 00:12:51,680 Speaker 1: we check the markets every fifteen minutes throughout the trading 225 00:12:51,720 --> 00:12:53,880 Speaker 1: day on Bloomberg right now, U S and P futures 226 00:12:53,880 --> 00:12:57,160 Speaker 1: are down fifteen points, dowal futures down a hundred fifteen 227 00:12:57,240 --> 00:13:00,360 Speaker 1: Nastack futures down twenty three the dacks and remany is 228 00:13:00,400 --> 00:13:02,920 Speaker 1: down half percent. To tend your treasury down twenty four 229 00:13:02,960 --> 00:13:05,839 Speaker 1: thirty seconds held two point two percent. The yield on 230 00:13:05,880 --> 00:13:08,600 Speaker 1: the two year two point five four percent nine max 231 00:13:08,640 --> 00:13:10,880 Speaker 1: screwed oil is up three at a quarter percent, up 232 00:13:10,880 --> 00:13:13,280 Speaker 1: three dollars seventy three cents at a hundred eighteen dollars 233 00:13:13,280 --> 00:13:15,679 Speaker 1: eighty one cents of barrel comex s Gold is down 234 00:13:15,720 --> 00:13:17,480 Speaker 1: a tenth of a percent on a dollar eighty at 235 00:13:17,520 --> 00:13:20,559 Speaker 1: eighteen fifty five fifty announced. The euro one point oh 236 00:13:20,600 --> 00:13:23,040 Speaker 1: seven three three against the dollar, British pound one point 237 00:13:23,040 --> 00:13:26,319 Speaker 1: two six one four and again one seven point nine five. 238 00:13:26,679 --> 00:13:29,520 Speaker 1: Bitcoin this morning higher up nine ten percent at thirty 239 00:13:29,520 --> 00:13:33,160 Speaker 1: one thousand, five forty dollars. That's a Bloomberg business flash. 240 00:13:33,200 --> 00:13:35,360 Speaker 1: Now here's Michael Barrow with more on what's going on 241 00:13:35,440 --> 00:13:38,400 Speaker 1: around the World, Muchael, Good morning, Good morning Karen. Today 242 00:13:38,440 --> 00:13:41,760 Speaker 1: will mark one week when nineteen children and two teachers 243 00:13:41,800 --> 00:13:45,640 Speaker 1: were gunned down at a Robb Elementary school in Uvaldi, Texas. 244 00:13:46,120 --> 00:13:50,760 Speaker 1: The first of one final farewells now beginning in Uvaldi. 245 00:13:51,200 --> 00:13:54,439 Speaker 1: The w h o's top monkey box expert is skeptical 246 00:13:54,480 --> 00:13:57,920 Speaker 1: the virus will become a global pandemic. W h OS 247 00:13:58,200 --> 00:14:03,000 Speaker 1: Dr Rosemund Lewis says anyone can be at potential risk. 248 00:14:03,160 --> 00:14:07,440 Speaker 1: However that is that they're not exactly sure how it's 249 00:14:07,480 --> 00:14:11,320 Speaker 1: been spreading. In the NHL Playoffs, the Rangers are headed 250 00:14:11,360 --> 00:14:15,360 Speaker 1: to the Eastern Finals after beating the Hurricanes in Game seven, 251 00:14:15,440 --> 00:14:18,120 Speaker 1: six two. In baseball, the Mets to beat the Nationals 252 00:14:18,160 --> 00:14:21,600 Speaker 1: thirteen five. The Orioles beat the Red Sox ten zip. 253 00:14:21,640 --> 00:14:25,720 Speaker 1: The Giants won the A's lost. Global news twenty four 254 00:14:25,720 --> 00:14:29,120 Speaker 1: hours a day on here and on Bloomberg Quicktech, powered 255 00:14:29,160 --> 00:14:31,960 Speaker 1: by more than hundred journalists analysts more than a hundred 256 00:14:32,000 --> 00:14:36,240 Speaker 1: twenty countries. Michael barn This is Bloomberg. Nathan, Okay, Michael. Thanks, 257 00:14:36,280 --> 00:14:39,080 Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg 258 00:14:39,080 --> 00:14:43,080 Speaker 1: Interactive Brokers Studios. This is Bloomberg Daybreak. As we get 259 00:14:43,080 --> 00:14:46,200 Speaker 1: ready to kick off a holiday short and trading week 260 00:14:46,360 --> 00:14:49,040 Speaker 1: and a brand new month. We're very pleased to be 261 00:14:49,080 --> 00:14:51,960 Speaker 1: joined this morning by Lori Calvasin ahead of US Equity 262 00:14:52,040 --> 00:14:56,520 Speaker 1: Strategy at RBC Capital Markets. Lori, welcome back. Good to 263 00:14:56,560 --> 00:14:58,640 Speaker 1: have you back with us as we start off this 264 00:14:58,720 --> 00:15:02,120 Speaker 1: week with law US is for futures at the moment. 265 00:15:02,360 --> 00:15:05,480 Speaker 1: What does that tell you about last week's rally coming 266 00:15:05,560 --> 00:15:10,040 Speaker 1: after all those weeks of losses. Hi, well, thanks for 267 00:15:10,080 --> 00:15:12,320 Speaker 1: having me. As always, look, I'm not reading too much 268 00:15:12,320 --> 00:15:14,600 Speaker 1: into the futures action this morning, it does look like 269 00:15:14,640 --> 00:15:17,520 Speaker 1: the nasdack is on futures are actually up a little bit, 270 00:15:17,520 --> 00:15:20,120 Speaker 1: even though the SMP is down. And I do think 271 00:15:20,160 --> 00:15:22,680 Speaker 1: the important thing is the rally that we saw last 272 00:15:22,720 --> 00:15:25,720 Speaker 1: week being so strong and so decisive. You know, we 273 00:15:25,800 --> 00:15:28,200 Speaker 1: had been talking about the drawdown that we've been seeing 274 00:15:28,200 --> 00:15:31,400 Speaker 1: since January as when within the framework of a growth scare, 275 00:15:31,440 --> 00:15:33,760 Speaker 1: and we've seen a number of those since the financial crisis, 276 00:15:33,760 --> 00:15:37,080 Speaker 1: which have total fourteen UM and we had told people 277 00:15:37,080 --> 00:15:39,440 Speaker 1: if we sort of broke out of that growth scare range, 278 00:15:39,440 --> 00:15:41,520 Speaker 1: the market would be telling us it was anticipating a 279 00:15:41,560 --> 00:15:43,840 Speaker 1: recession while it held it right at about eighteen point 280 00:15:43,880 --> 00:15:47,360 Speaker 1: seven percent to the downside before rebounding. So I think 281 00:15:47,400 --> 00:15:49,560 Speaker 1: you know that that price action we got last week 282 00:15:49,640 --> 00:15:53,040 Speaker 1: was extraordinarily important and really told us that the market 283 00:15:53,120 --> 00:15:56,320 Speaker 1: is not ready to price in a recession yet. Well, 284 00:15:56,320 --> 00:15:58,720 Speaker 1: we did get a note this morning from Mike Wilson 285 00:15:58,800 --> 00:16:03,400 Speaker 1: over Morgan Stanley. Obviously he's pretty bearish generally, but his 286 00:16:03,520 --> 00:16:07,160 Speaker 1: argument is that the relief rally has limited scope with 287 00:16:07,400 --> 00:16:11,760 Speaker 1: risks to growth still out there. Is he wrong? So 288 00:16:11,880 --> 00:16:14,040 Speaker 1: our economists don't think that we're necessarily going to have 289 00:16:14,080 --> 00:16:17,280 Speaker 1: a recession. They've lowered their GDP forecast down to trend 290 00:16:17,320 --> 00:16:19,600 Speaker 1: like numbers, and if you look across the street, I 291 00:16:19,600 --> 00:16:21,720 Speaker 1: would say, you know that the forecast that you just 292 00:16:21,800 --> 00:16:25,000 Speaker 1: mentioned is an outlier. I think that the people who 293 00:16:25,040 --> 00:16:27,720 Speaker 1: are calling for recession, who are calling for more dire times, 294 00:16:27,720 --> 00:16:31,520 Speaker 1: they're getting a pretty disproportionate share um of you know, 295 00:16:31,680 --> 00:16:33,560 Speaker 1: sort of the mind share out there right now, and 296 00:16:33,600 --> 00:16:35,680 Speaker 1: the voices are pretty loud. But if you actually look 297 00:16:35,720 --> 00:16:39,440 Speaker 1: at the Bloomberg Survey in terms of where consensus expectations 298 00:16:39,520 --> 00:16:41,280 Speaker 1: are for this year, I think the last number I 299 00:16:41,280 --> 00:16:43,000 Speaker 1: think I checked this on Friday was about two point 300 00:16:43,080 --> 00:16:45,760 Speaker 1: seven percent GDP for this year and about one point 301 00:16:45,880 --> 00:16:49,120 Speaker 1: nine percent for next year. So what we're seeing generally, uh, 302 00:16:49,160 --> 00:16:52,120 Speaker 1: the economics community amound around the street is calling for 303 00:16:52,120 --> 00:16:54,840 Speaker 1: a return to trend like growth and hasn't made that 304 00:16:54,920 --> 00:16:58,080 Speaker 1: recession call, and that is what stocks are pivoting on 305 00:16:58,240 --> 00:17:00,560 Speaker 1: as opposed to anyone voice out there. Do you think 306 00:17:00,600 --> 00:17:03,800 Speaker 1: that growth is going to be driven by whatever the 307 00:17:03,840 --> 00:17:09,000 Speaker 1: Fed does in terms of interest rate hikes going forward? Here? 308 00:17:09,000 --> 00:17:12,480 Speaker 1: I mean, we just heard from Governor Waller saying he's 309 00:17:12,480 --> 00:17:16,280 Speaker 1: at least in favor of keeping half percentage point increases 310 00:17:16,359 --> 00:17:20,520 Speaker 1: going until inflation gets to target. I think one of 311 00:17:20,560 --> 00:17:23,240 Speaker 1: the things that really powered stocks last week was a 312 00:17:23,240 --> 00:17:25,639 Speaker 1: shift in tone from the FED and really just this 313 00:17:25,840 --> 00:17:28,480 Speaker 1: idea that they will be flexible later on in the 314 00:17:28,560 --> 00:17:30,280 Speaker 1: year and that that was one of the reasons why 315 00:17:30,280 --> 00:17:32,480 Speaker 1: they wanted to bring the sort of these big chunky 316 00:17:32,560 --> 00:17:34,760 Speaker 1: hikes forward so far early into this year, and I 317 00:17:34,800 --> 00:17:37,160 Speaker 1: think the market really took some reassurance off of that. 318 00:17:37,640 --> 00:17:39,399 Speaker 1: One of the things that we've seen from talking to 319 00:17:39,520 --> 00:17:42,720 Speaker 1: investors and talk and looking at our survey work, frankly, 320 00:17:43,320 --> 00:17:46,399 Speaker 1: is that there has been a real those who have 321 00:17:46,480 --> 00:17:48,720 Speaker 1: been afraid that the FED was going to choke off growth, 322 00:17:48,760 --> 00:17:51,000 Speaker 1: have outnumbered those who felt like they weren't going to 323 00:17:51,040 --> 00:17:53,399 Speaker 1: do a good job of fighting inflation. And so I 324 00:17:53,440 --> 00:17:55,439 Speaker 1: think what we got last week where a couple of 325 00:17:55,440 --> 00:17:57,680 Speaker 1: comments that said that the FED does continue to care 326 00:17:57,720 --> 00:17:59,959 Speaker 1: about growth. And I think at the end of the day, 327 00:18:00,359 --> 00:18:03,919 Speaker 1: this labor market is so incredibly tight and so incredibly strong, 328 00:18:04,359 --> 00:18:07,280 Speaker 1: you know, I think it's very difficult to see how 329 00:18:07,280 --> 00:18:10,159 Speaker 1: a recession emerges in the context of all that, and 330 00:18:10,200 --> 00:18:12,520 Speaker 1: I think that's something that markets are continuing to digest 331 00:18:12,560 --> 00:18:14,640 Speaker 1: as well. It's just the strength of that labor backdrop. 332 00:18:15,000 --> 00:18:17,359 Speaker 1: So where do you see the momentum for markets as 333 00:18:17,400 --> 00:18:20,400 Speaker 1: we get ready to head into the month of June. Here, 334 00:18:20,600 --> 00:18:23,960 Speaker 1: what's the trajectory for you? So look, we never try 335 00:18:24,000 --> 00:18:25,560 Speaker 1: to make any calls, you know, just sort of on 336 00:18:25,560 --> 00:18:28,479 Speaker 1: a one one month basis, on a very short term basis, 337 00:18:28,480 --> 00:18:30,280 Speaker 1: but we do think that this market is in the 338 00:18:30,359 --> 00:18:34,040 Speaker 1: process of pivoting back towards the growth trade and really 339 00:18:34,040 --> 00:18:37,480 Speaker 1: looking for areas that will do well in a slow 340 00:18:37,520 --> 00:18:41,080 Speaker 1: and growth environment, which traditionally ends up being growth stocks. Um, 341 00:18:41,080 --> 00:18:43,400 Speaker 1: I do think you need tenure yields to cooperate before 342 00:18:43,440 --> 00:18:46,920 Speaker 1: you can really see um that that shift are really 343 00:18:46,960 --> 00:18:49,680 Speaker 1: cement um. But we do think that in particular is 344 00:18:49,720 --> 00:18:52,080 Speaker 1: a defensive trade. If you look at things like stable 345 00:18:52,200 --> 00:18:56,480 Speaker 1: healthcare utilities, that's defensive. Bucket of the market is as 346 00:18:56,520 --> 00:18:59,480 Speaker 1: expensive as we tend to see it get relative to 347 00:18:59,520 --> 00:19:03,800 Speaker 1: secular oh theories like consumer discretionary communication services or technology, 348 00:19:04,119 --> 00:19:05,720 Speaker 1: and so I think at a minimum, I think the 349 00:19:05,760 --> 00:19:09,159 Speaker 1: market is sort of exhausting this fascination with defensive sectors, 350 00:19:09,160 --> 00:19:10,680 Speaker 1: and I think you can look for a pivot away 351 00:19:10,680 --> 00:19:13,400 Speaker 1: from those as always great to get your thoughts, Lorie, 352 00:19:13,440 --> 00:19:15,679 Speaker 1: thanks again for being with us. Lori Calvacina as head 353 00:19:15,720 --> 00:19:20,240 Speaker 1: of US Equity Strategy at RBC Capital Markets. Looking at 354 00:19:20,320 --> 00:19:24,600 Speaker 1: the futures ahead of the final open the month of May, 355 00:19:24,840 --> 00:19:27,040 Speaker 1: futures are moving a touch lower right now. S and 356 00:19:27,080 --> 00:19:29,800 Speaker 1: P futures are down eighteen points, STAFF futures down a 357 00:19:29,880 --> 00:19:33,560 Speaker 1: hundred thirty five, Nasdaq futures down thirty points. UH. The 358 00:19:33,600 --> 00:19:36,840 Speaker 1: tenure Treasury is down twenty three thirty seconds now with 359 00:19:36,920 --> 00:19:39,240 Speaker 1: the yield two point two percent yield on the two 360 00:19:39,320 --> 00:19:43,840 Speaker 1: year two point five four NIMEX crude continues its surge, 361 00:19:43,920 --> 00:19:46,440 Speaker 1: up three point two per cent or three dollar sixty 362 00:19:46,440 --> 00:19:49,040 Speaker 1: five cents at a hundred eighteen dollar seventy two cents 363 00:19:49,040 --> 00:19:52,600 Speaker 1: a barrel. Onward from the European Union that an agreement 364 00:19:52,720 --> 00:19:57,159 Speaker 1: has been reached for a partial ban on Russian oil. 365 00:19:57,800 --> 00:20:00,440 Speaker 1: More to come, stay with us your list day to 366 00:20:00,560 --> 00:20:08,920 Speaker 1: Bloomberg day Break, Good morning, Bloomberg eleven three oh weather 367 00:20:09,280 --> 00:20:12,480 Speaker 1: hot today, low nineties, will be in the low seventies 368 00:20:12,520 --> 00:20:15,119 Speaker 1: again tomorrow with a chance for a shower. Showers of 369 00:20:15,160 --> 00:20:18,280 Speaker 1: thundershowers possible late Thursday with a high near eighty degrees. 370 00:20:18,400 --> 00:20:25,040 Speaker 1: Right now seventy four broadcasting live from the Bloomberg Interactive 371 00:20:25,040 --> 00:20:28,920 Speaker 1: Broker Studio in New York, Bloomberg Living Free on to Washington, 372 00:20:29,000 --> 00:20:33,120 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one, 373 00:20:33,200 --> 00:20:36,640 Speaker 1: to San Francisco, Bloomberg nun sixteen to the Country, Sirius 374 00:20:36,800 --> 00:20:40,000 Speaker 1: XM Chado one nineteen and around the globe the Bloomberg 375 00:20:40,000 --> 00:20:44,480 Speaker 1: Business app and Bloomberg Radio dot Com. This is Bloomberg Daybreak. 376 00:20:50,400 --> 00:20:52,639 Speaker 1: It's five thirty on Wall Street. Good morning. I'm Nathan 377 00:20:52,640 --> 00:20:55,600 Speaker 1: Hager and I'm kerin mos Galley. Are just about four 378 00:20:55,600 --> 00:20:58,000 Speaker 1: hours away from the open of US training. Let's get 379 00:20:58,000 --> 00:20:59,280 Speaker 1: you up to date on the news. You need to 380 00:20:59,359 --> 00:21:01,760 Speaker 1: know at this show, where we begin with oil, which 381 00:21:01,800 --> 00:21:04,520 Speaker 1: is on the rise this morning, it is up three 382 00:21:04,560 --> 00:21:07,879 Speaker 1: point two percent. The game comes after European Union leaders 383 00:21:07,880 --> 00:21:10,920 Speaker 1: agreed to seek a ban on imports of most Russian oil. 384 00:21:11,119 --> 00:21:14,400 Speaker 1: Bloombergus Maria Today OH has the latest from Brussels. When 385 00:21:14,480 --> 00:21:17,680 Speaker 1: you look at the actual content, the Europeans say that 386 00:21:17,800 --> 00:21:20,639 Speaker 1: on the best case scenario, if this deal is fully 387 00:21:20,640 --> 00:21:24,920 Speaker 1: applied by the end of the year, of Russian oil 388 00:21:25,119 --> 00:21:29,840 Speaker 1: exports coming into the European Union will essentially be shut off. 389 00:21:30,080 --> 00:21:33,600 Speaker 1: Bloombergrus Maria Today O says EU leaders offered Hungary a 390 00:21:33,680 --> 00:21:37,639 Speaker 1: guarantee that it will receive replacement supplies if pipelines were disrupted. 391 00:21:37,840 --> 00:21:40,880 Speaker 1: Hungary have been blocking an embargo and will continue receiving 392 00:21:40,960 --> 00:21:44,800 Speaker 1: Russian oil via pipeline. In response to that jump in oil, 393 00:21:44,880 --> 00:21:48,880 Speaker 1: Karen stocks in Asia fluctuated and treasury sold off across 394 00:21:48,920 --> 00:21:52,040 Speaker 1: the curve here in the US, Federal Reserve Governor Christopher 395 00:21:52,080 --> 00:21:54,879 Speaker 1: Waller says he wants to keep raising interest rates and 396 00:21:55,000 --> 00:21:58,600 Speaker 1: half percentage points steps until inflation is under control. He 397 00:21:58,680 --> 00:22:03,159 Speaker 1: also believes reducing the balance sheet could curb inflation. Estimates 398 00:22:03,200 --> 00:22:06,440 Speaker 1: are highly as certain using a variety of mobs and assumptions. 399 00:22:06,800 --> 00:22:12,280 Speaker 1: The overall reduction in the balance sheet is estimated to 400 00:22:12,320 --> 00:22:15,919 Speaker 1: be equivalent to a couple of point by based points 401 00:22:16,240 --> 00:22:20,119 Speaker 1: federales are. Governor Christopher Waller caution those estimates were uncertain. 402 00:22:20,200 --> 00:22:22,920 Speaker 1: He's spoken an event hosted by the Institute for Monetary 403 00:22:23,000 --> 00:22:27,120 Speaker 1: and Financial Stability Well this morning, Karen. Eurozone inflation accelerated 404 00:22:27,160 --> 00:22:29,840 Speaker 1: to a fresh all time high. Consumer prices jumped eight 405 00:22:29,960 --> 00:22:32,320 Speaker 1: point one percent from a year earlier in May that 406 00:22:32,440 --> 00:22:35,440 Speaker 1: exceeded this seven point eight percent media estimate in a 407 00:22:35,480 --> 00:22:38,600 Speaker 1: Bloomberg survey. Well inflation will be a key topic of 408 00:22:38,680 --> 00:22:42,119 Speaker 1: discussion when President Biden holds a rare meeting today with 409 00:22:42,200 --> 00:22:44,960 Speaker 1: the share of the Federal Reserve. Fresh off a visit 410 00:22:45,000 --> 00:22:48,280 Speaker 1: to Yvaldi, Texas, where a gunman killed nineteen children and 411 00:22:48,400 --> 00:22:51,359 Speaker 1: two teachers last week, the President said there are limits 412 00:22:51,480 --> 00:22:54,080 Speaker 1: what he can do when it comes to gun regulation. 413 00:22:54,480 --> 00:22:58,000 Speaker 1: I can outlaw or wherever I could you know, changed 414 00:22:58,080 --> 00:23:01,199 Speaker 1: the back Dutch. I can do that. President Biden made 415 00:23:01,240 --> 00:23:03,639 Speaker 1: the comments over a Memorial Day weekend as he renewed 416 00:23:03,720 --> 00:23:06,720 Speaker 1: calls for Congress to crackdown on gun violence. Man turning 417 00:23:06,760 --> 00:23:09,280 Speaker 1: to markets, Karen. Wall Street snapped a seven week losing 418 00:23:09,359 --> 00:23:12,680 Speaker 1: streak last week, but Morgan Stanley Chief investment Officer Michael 419 00:23:12,720 --> 00:23:15,680 Speaker 1: Wilson says the relief maybe short lived. Wilson wrote in 420 00:23:15,720 --> 00:23:17,920 Speaker 1: a recent note that the last week will prove to 421 00:23:17,960 --> 00:23:21,199 Speaker 1: be another bear market rally, and he believes with growth slowing, 422 00:23:21,240 --> 00:23:24,480 Speaker 1: earnings estimates are too high. Alright, Nathan, Future is lower 423 00:23:24,600 --> 00:23:27,440 Speaker 1: this morning with SMP Future is down sixteen points down, 424 00:23:27,480 --> 00:23:30,080 Speaker 1: Futures down a hundred twenty two, and nousday Futures down 425 00:23:30,160 --> 00:23:32,640 Speaker 1: on eleven. Trying to head your latest local headlines plus 426 00:23:32,720 --> 00:23:39,040 Speaker 1: a check of sports. This is Bloomberg Party. Karen. Thanks, 427 00:23:39,080 --> 00:23:41,080 Speaker 1: It's five thirty three on Wall Street where seventy four 428 00:23:41,119 --> 00:23:43,280 Speaker 1: degrees in Central Park is still dealing with an accident 429 00:23:43,320 --> 00:23:46,400 Speaker 1: of the North Parknetica Turnpike. The exit thirteen off ramp 430 00:23:46,520 --> 00:23:49,400 Speaker 1: is closed. Were coming up in traffic First Michael Barr 431 00:23:49,480 --> 00:23:50,960 Speaker 1: with more on what's going on in New York and 432 00:23:51,040 --> 00:23:53,280 Speaker 1: around the world. Michael, thank you very much, Nathan. A 433 00:23:53,400 --> 00:23:57,600 Speaker 1: brazen theft desecrated a New York City church. An irreplaceable 434 00:23:57,720 --> 00:24:00,359 Speaker 1: part of an altar was stolen from a Brooklyn church. 435 00:24:00,720 --> 00:24:04,640 Speaker 1: Police say someone broke into St. Augustine's Roman Catholic Church 436 00:24:04,720 --> 00:24:08,240 Speaker 1: and apparently used a power assaul to steal the eighteen 437 00:24:08,320 --> 00:24:13,640 Speaker 1: carrot gold tabernacle. Marble angel statues flanking the tabernacle were 438 00:24:14,200 --> 00:24:19,439 Speaker 1: decapitated and destroyed. Recordings from the church's security system were stolen. 439 00:24:19,800 --> 00:24:22,879 Speaker 1: The Diocese of Brooklyn called it a brazen crime of 440 00:24:22,960 --> 00:24:26,480 Speaker 1: disrespect and hate. The residents of Vivaldi Taxes will bury 441 00:24:26,520 --> 00:24:29,080 Speaker 1: their dead this week. Last week, a gunman killed nineteen 442 00:24:29,160 --> 00:24:32,800 Speaker 1: children and two teachers, victims of a shooting rampage at 443 00:24:32,800 --> 00:24:36,920 Speaker 1: the Broad Elementary School. Unimaginable grief is gripping the small town. 444 00:24:37,000 --> 00:24:40,520 Speaker 1: The town's mayor, Don McLaughlin says the school building should 445 00:24:40,560 --> 00:24:43,120 Speaker 1: be raised. It needs to be torn down. I would 446 00:24:43,160 --> 00:24:45,879 Speaker 1: never ask expect a child had to ever walk in 447 00:24:45,960 --> 00:24:49,879 Speaker 1: those doors, ever and ever again. The building needs to 448 00:24:49,960 --> 00:24:53,399 Speaker 1: be gone. Mayor McLaughlin says though the community is strong 449 00:24:53,520 --> 00:24:56,280 Speaker 1: and they will get through it. Canadian Prime Minister Justin 450 00:24:56,359 --> 00:24:59,560 Speaker 1: Trudeau announced an effort to ban handguns across the country. 451 00:25:00,000 --> 00:25:03,840 Speaker 1: The legislation have passed prohibits the purchase, sale, transfer, and 452 00:25:04,000 --> 00:25:07,919 Speaker 1: import of handguns and all provinces. Canada already has an 453 00:25:07,960 --> 00:25:12,000 Speaker 1: assault weapons ban. Speaking in Ottawa. Trudeau also announce mandatory 454 00:25:12,119 --> 00:25:15,680 Speaker 1: buy backs for assault weapons. In the situations where someone 455 00:25:15,800 --> 00:25:21,120 Speaker 1: chooses to keep that weapon, it needs to be permanently 456 00:25:21,440 --> 00:25:26,600 Speaker 1: and irrevocably disabled by the government or by experts to 457 00:25:26,720 --> 00:25:29,760 Speaker 1: make sure that it could never again be used as 458 00:25:29,840 --> 00:25:34,200 Speaker 1: a fire. Prime Minister Trudeau says those involved in domestic 459 00:25:34,320 --> 00:25:37,880 Speaker 1: violence or stalking would lose their guns. It's now Tropical 460 00:25:38,040 --> 00:25:43,000 Speaker 1: storm uh Hurricane Agatha made landfall in Mexico and what's 461 00:25:43,000 --> 00:25:46,280 Speaker 1: expected to be the strongest May storm to hit the 462 00:25:46,320 --> 00:25:49,600 Speaker 1: Eastern Pacific. On the record, Agatha was already raking the 463 00:25:49,640 --> 00:25:53,760 Speaker 1: Pacific coastline with damaging gusts and heavy rain. Global News 464 00:25:53,800 --> 00:25:56,520 Speaker 1: twenty four hours a day on air and on Bloomberg 465 00:25:56,560 --> 00:25:59,680 Speaker 1: Quick Take, powered by more than twenty seven journalists and 466 00:25:59,680 --> 00:26:04,119 Speaker 1: antoly smre than countries. I'm Michael Barr. This is Bloomberg, Nathan, Michael. 467 00:26:04,160 --> 00:26:11,720 Speaker 1: Thank you on All Street time for the Bloomberg Sports 468 00:26:11,800 --> 00:26:14,040 Speaker 1: Update with John Stas Show. Thanks Nathan. The Rangers have 469 00:26:14,119 --> 00:26:16,920 Speaker 1: certainly not made things easy on themselves. Around one of 470 00:26:17,040 --> 00:26:19,480 Speaker 1: Pittsburgh down three games the one they won three in 471 00:26:19,480 --> 00:26:21,480 Speaker 1: the row, including games seven and overtime Round two with 472 00:26:21,560 --> 00:26:24,160 Speaker 1: Carolina down two games than none and then three two, 473 00:26:24,280 --> 00:26:27,280 Speaker 1: but another game seven win, and this one was easier. 474 00:26:27,359 --> 00:26:29,600 Speaker 1: Adam Fox score of power play goal and later in 475 00:26:29,640 --> 00:26:33,480 Speaker 1: the first another man advantage. It's up sports outside the 476 00:26:33,560 --> 00:26:39,840 Speaker 1: five again flashbad Frocks car Chris Kreider on a defliction 477 00:26:40,400 --> 00:26:45,720 Speaker 1: on the Meets abantage head shot pass Chris Kreider. It's 478 00:26:45,800 --> 00:26:50,119 Speaker 1: top power play goal and the EPN Crider would score again. 479 00:26:50,359 --> 00:26:54,000 Speaker 1: Ryan Stone, Philipedo, Andrew cop All scores advantage that had 480 00:26:54,000 --> 00:26:57,080 Speaker 1: three assists, Igor Sisterkin rock solid again and goal and 481 00:26:57,160 --> 00:27:00,320 Speaker 1: the Rangers beat the Hurricanes six to two and they 482 00:27:00,359 --> 00:27:02,760 Speaker 1: will play Tampa Bay in the East Final game one 483 00:27:02,840 --> 00:27:05,600 Speaker 1: tomorrow at Big Garden. The Mets in their history have 484 00:27:05,680 --> 00:27:08,000 Speaker 1: never had this bigger division lead. In the month of May. 485 00:27:08,080 --> 00:27:10,680 Speaker 1: They meet the Nationals in City Field thirteen to five. 486 00:27:10,800 --> 00:27:13,919 Speaker 1: Peter Alonzo Homard so that's Starling Marte and Nick Plumber, 487 00:27:14,000 --> 00:27:16,720 Speaker 1: the hero on Sunday drove in four more. The Mets 488 00:27:16,760 --> 00:27:18,359 Speaker 1: are ahead by nine and a half games in the 489 00:27:18,480 --> 00:27:20,359 Speaker 1: n L. E Yankee said that first day off in 490 00:27:20,440 --> 00:27:22,760 Speaker 1: three weeks, they'll host the x Met Noah Syndergarden, the 491 00:27:22,800 --> 00:27:25,760 Speaker 1: Angels Tonight Stadium French Open fourth round to deal medved 492 00:27:25,800 --> 00:27:29,200 Speaker 1: Evans to final sepast The two and four seeds both lost. 493 00:27:29,480 --> 00:27:32,960 Speaker 1: American Jeff Pelucas in the women's quarter finals marquee match 494 00:27:33,040 --> 00:27:36,200 Speaker 1: today as Raphael the Dalvers is no bank joker, John 495 00:27:36,240 --> 00:27:39,120 Speaker 1: station Ella Bloomberg sports Net Big one, Thank you John, 496 00:27:39,240 --> 00:27:41,520 Speaker 1: five thirty seven on Wall Street Time for the Tri 497 00:27:41,680 --> 00:27:45,240 Speaker 1: State Business Report. Here's Bloomberg's Lisa Matteo. Ridership in the 498 00:27:45,280 --> 00:27:48,040 Speaker 1: New York City subways fell last week. New York City's 499 00:27:48,119 --> 00:27:51,520 Speaker 1: MTA says twelve point four million people entered the subway. 500 00:27:51,680 --> 00:27:54,440 Speaker 1: That's down one eight percent from the previous week. While 501 00:27:54,600 --> 00:27:57,480 Speaker 1: ridership is almost ten percent higher than the average for 502 00:27:57,560 --> 00:28:00,439 Speaker 1: the past year, it's still down fifty seven sent from 503 00:28:00,520 --> 00:28:04,320 Speaker 1: two thousand nineteen before COVID hit. New York Governor Kathy 504 00:28:04,359 --> 00:28:08,000 Speaker 1: Hokele is widening our lead in donations. The New York 505 00:28:08,040 --> 00:28:10,879 Speaker 1: Times is reporting HOCO pulled in more than ten million 506 00:28:10,960 --> 00:28:13,920 Speaker 1: dollars from mid January to late May. The paper says 507 00:28:14,000 --> 00:28:18,119 Speaker 1: that outpaces Democratic competitor Representative Thomas Swazi by about a 508 00:28:18,200 --> 00:28:21,560 Speaker 1: three to one margin. The Time says HOCAL received millions 509 00:28:21,600 --> 00:28:25,280 Speaker 1: from lobbyists, wealthy New Yorkers and special interest groups, and 510 00:28:25,400 --> 00:28:28,440 Speaker 1: Consumer Reports is coming to Manhattan. The New York Post 511 00:28:28,560 --> 00:28:31,600 Speaker 1: is reporting the Product and Services testing company has signed 512 00:28:31,640 --> 00:28:34,800 Speaker 1: a two year least at the Durst Organization's six hundred 513 00:28:34,880 --> 00:28:37,440 Speaker 1: seventy five third Avenue. The paper says it will be 514 00:28:37,560 --> 00:28:41,280 Speaker 1: the first time Consumer Reports has ever held in Manhattan office. 515 00:28:41,560 --> 00:28:45,560 Speaker 1: That's your Bloomberg Try State Business Report. I'm Lisa Mateo. Alright, Lisa, 516 00:28:45,600 --> 00:28:47,760 Speaker 1: thank you. It's five thirty eight on Wall Street. Bloomberg 517 00:28:47,880 --> 00:28:50,160 Speaker 1: Radio is on the air from San Francisco to New York, 518 00:28:50,240 --> 00:28:52,520 Speaker 1: London to Hong Kong. Let's check in with our global 519 00:28:52,560 --> 00:28:54,320 Speaker 1: news team for some of the top stories heard on 520 00:28:54,360 --> 00:29:00,080 Speaker 1: our three hundred affiliate radio stations around the world, Like 521 00:29:00,200 --> 00:29:03,400 Speaker 1: Steve Koda Scott kN X in Los Angeles. We're talking 522 00:29:03,440 --> 00:29:06,880 Speaker 1: about shipping operators trying to add millions of new containers 523 00:29:07,040 --> 00:29:10,600 Speaker 1: as they try to solve supply James Norrell um Bernita 524 00:29:10,640 --> 00:29:13,640 Speaker 1: Naho on w h A F and Louisville, Toyota's output 525 00:29:13,680 --> 00:29:16,520 Speaker 1: took a hit last month on mounting supply chain issues. 526 00:29:16,840 --> 00:29:18,800 Speaker 1: I'm carrying that called blue bag d a B dish 527 00:29:18,960 --> 00:29:20,880 Speaker 1: they do in London. We've been speaking to the chairman 528 00:29:20,920 --> 00:29:23,760 Speaker 1: of the energy firm Utilitor, who says that half of 529 00:29:23,840 --> 00:29:27,480 Speaker 1: the company's customers are having difficulty pay for electricity and 530 00:29:27,600 --> 00:29:30,640 Speaker 1: not many are cutting back on their energy use. Alisa 531 00:29:30,640 --> 00:29:33,760 Speaker 1: Matteo and on KYW in Philadelphia, I'll be reporting on 532 00:29:33,880 --> 00:29:36,800 Speaker 1: inflation hitting your car insurance bill sooner than you think. 533 00:29:37,240 --> 00:29:40,200 Speaker 1: I'm Gina Servetti and for w B b M in Chicago, 534 00:29:40,320 --> 00:29:43,120 Speaker 1: I'm reporting that Norwegian Air Shuttle has reached a deal 535 00:29:43,200 --> 00:29:46,040 Speaker 1: with Boeing on an order for fifty seven thirty seven 536 00:29:46,120 --> 00:29:49,160 Speaker 1: Max jets. Okay, those are some of the stories. Are 537 00:29:49,200 --> 00:29:51,760 Speaker 1: twenty seven hundred Bloomberg journalists and analysts are working on 538 00:29:51,840 --> 00:29:53,960 Speaker 1: this morning around the world. It's five thirty nine on 539 00:29:54,000 --> 00:29:57,840 Speaker 1: Wall Street. The following is an editorial from Bloomberg Opinion. 540 00:29:58,160 --> 00:30:01,280 Speaker 1: The White House deserves credit for getting at least thirteen 541 00:30:01,320 --> 00:30:05,160 Speaker 1: other countries, including trade skeptic India, to join and launching 542 00:30:05,240 --> 00:30:08,440 Speaker 1: the Indo Pacific Economic Framework this month. Members of the 543 00:30:08,520 --> 00:30:11,640 Speaker 1: pact represent more than two point five billion people and 544 00:30:11,800 --> 00:30:15,560 Speaker 1: roughly of global GDP. But the deal is hardly a 545 00:30:15,720 --> 00:30:18,160 Speaker 1: rethink of what trade policy can be in the twenty 546 00:30:18,240 --> 00:30:21,680 Speaker 1: one century. As US Trade Representative Katherine Tie put it, 547 00:30:21,880 --> 00:30:24,560 Speaker 1: it would be wiser to view it more modestly as 548 00:30:24,600 --> 00:30:27,960 Speaker 1: a small step forward for an administration that has so 549 00:30:28,160 --> 00:30:31,400 Speaker 1: far all but ignored free trade. Ideally, it will be 550 00:30:31,480 --> 00:30:34,520 Speaker 1: a prelude to the US joining the Comprehensive and Progressive 551 00:30:34,560 --> 00:30:39,360 Speaker 1: Agreement for Transpacific Partnership or cp TPP. If nothing else, 552 00:30:39,720 --> 00:30:43,360 Speaker 1: the new framework is a sign that the administration recognizes 553 00:30:43,440 --> 00:30:46,160 Speaker 1: the importance of trade in the region. But it's just 554 00:30:46,320 --> 00:30:49,160 Speaker 1: a beginning. This editorial was written by the Bloomberg Opinion 555 00:30:49,280 --> 00:30:52,520 Speaker 1: editorial Board. I'm David Chipley. For more Bloomberg opinion, please 556 00:30:52,560 --> 00:30:55,720 Speaker 1: go to Bloomberg dot com, slash opinion, or opiang on 557 00:30:55,920 --> 00:30:59,000 Speaker 1: the Bloomberg terminal. These has been Bloomberg Opinion. Then you 558 00:30:59,040 --> 00:31:02,080 Speaker 1: can hear Bloomberg opinion editorials every weekday. At this time, 559 00:31:02,200 --> 00:31:05,680 Speaker 1: terminal customers can read more at O, P I, n GO. 560 00:31:06,560 --> 00:31:08,760 Speaker 1: Futures are adding to their losses right now. We have 561 00:31:08,880 --> 00:31:11,680 Speaker 1: SMP futures down twenty nine point, staff futures down two 562 00:31:11,800 --> 00:31:15,600 Speaker 1: to thirty two, NASTACK futures lower by fifty points. Tend 563 00:31:15,640 --> 00:31:18,400 Speaker 1: your treasury yield two point eight one per cent. This 564 00:31:19,040 --> 00:31:24,560 Speaker 1: is Bloomberg Bloomberg eleven three oh weather one more hot 565 00:31:24,640 --> 00:31:26,880 Speaker 1: one today with a higher ninety five degrees, will be 566 00:31:26,960 --> 00:31:29,080 Speaker 1: back in the low seventies tomorrow, with a chance for 567 00:31:29,160 --> 00:31:31,840 Speaker 1: a shower because some late day thundershowers Thursday with a 568 00:31:31,880 --> 00:31:34,640 Speaker 1: high near eighty right now seventy four degrees in central 569 00:31:34,680 --> 00:31:40,160 Speaker 1: Park markets. Headlines and breaking news twenty four hours a 570 00:31:40,240 --> 00:31:43,120 Speaker 1: day at Bloomberg dot Com, fort the Bloomberg Business apt 571 00:31:43,200 --> 00:31:46,959 Speaker 1: and at Bloomberg Quick Tape, He's a Bloombern Business Flash 572 00:31:52,880 --> 00:31:56,240 Speaker 1: and I'm Karen Moscow. Stocks are slippering, Treasuries selling off 573 00:31:56,240 --> 00:31:59,280 Speaker 1: across the curve today as zeros on inflation accelerates to 574 00:31:59,320 --> 00:32:01,920 Speaker 1: a fresh altar time high, intensifying the debate at the 575 00:32:01,960 --> 00:32:05,200 Speaker 1: European Central Bank about how rapidly to raise interest rates. 576 00:32:05,480 --> 00:32:08,080 Speaker 1: To check markets every fifteen minutes throughout the trading day 577 00:32:08,160 --> 00:32:11,640 Speaker 1: on bloomberg SMP future is down twenty five points this morning, down, 578 00:32:11,680 --> 00:32:14,800 Speaker 1: futures down a hundred ninety eight nasdack features down thirty 579 00:32:14,880 --> 00:32:17,240 Speaker 1: the decks in Germany's down three quarters of a percent. 580 00:32:17,560 --> 00:32:20,160 Speaker 1: Ten year treasury down twenty two thirty seconds yield two 581 00:32:20,200 --> 00:32:22,280 Speaker 1: point eight one percent. They yield on the two year 582 00:32:22,360 --> 00:32:25,360 Speaker 1: two point five three percent. Non max Scrude oil is 583 00:32:25,440 --> 00:32:27,360 Speaker 1: U three and a third percent of three dollars eighty 584 00:32:27,440 --> 00:32:29,800 Speaker 1: one cents at a hundred eighteen dollars eighty seven cents 585 00:32:29,840 --> 00:32:32,400 Speaker 1: of barrel comes goal down three tens per cent or 586 00:32:32,400 --> 00:32:35,320 Speaker 1: five dollars fifty cents at eighteen fifty one eighty announced 587 00:32:35,680 --> 00:32:38,320 Speaker 1: the euro one point oh seven three eight against the dollar, 588 00:32:38,400 --> 00:32:41,600 Speaker 1: British found one point six one seven again one twenty 589 00:32:41,640 --> 00:32:45,320 Speaker 1: seven point eight seven and checking bitcoin this morning it 590 00:32:45,600 --> 00:32:47,880 Speaker 1: is higher, up eight ten percent at thirty one thousand, 591 00:32:47,960 --> 00:32:50,800 Speaker 1: five hundred dollars. And that's a Bloomberg business flash. Now 592 00:32:50,880 --> 00:32:53,240 Speaker 1: here's Michael Barr with more on what's going on around 593 00:32:53,280 --> 00:32:55,920 Speaker 1: the world. Michael Karen, thank you very much. The first 594 00:32:55,960 --> 00:33:00,640 Speaker 1: of funerals begins this week in Uvaldi, Texas. Zack's officials say, 595 00:33:00,680 --> 00:33:05,040 Speaker 1: you Voldies schools. Police Chief Pete Aredondo wrongly believe that 596 00:33:05,240 --> 00:33:08,400 Speaker 1: they were dealing with a barricaded subject, not an active shooter. 597 00:33:09,120 --> 00:33:14,040 Speaker 1: Valdis mayor announced Erandondo's scheduled city council swearing in some 598 00:33:14,320 --> 00:33:17,960 Speaker 1: ceremony is canceled for now as the city grieves amid 599 00:33:18,080 --> 00:33:21,480 Speaker 1: the ongoing invasion of Ukraine. European Union leaders have agreed 600 00:33:21,480 --> 00:33:25,480 Speaker 1: to be of Russian oil imports by the end of 601 00:33:25,600 --> 00:33:29,080 Speaker 1: the year. In the NHL Playoffs, the Rangers are heading 602 00:33:29,160 --> 00:33:32,840 Speaker 1: to the Eastern Finals after beating the Hurricanes in Game seven, 603 00:33:33,040 --> 00:33:36,920 Speaker 1: six two. In baseball, the Mets beat the Nationals thirteen five. 604 00:33:37,600 --> 00:33:41,800 Speaker 1: The Orioles beat the Red Sox ten zip. The Giants 605 00:33:41,920 --> 00:33:45,280 Speaker 1: won in the A's Lost. Global News twenty four hours 606 00:33:45,360 --> 00:33:47,960 Speaker 1: a day on air and on Bloomberg Quick Take, powered 607 00:33:48,000 --> 00:33:50,880 Speaker 1: by more than twenty seven under journalists and analysts more 608 00:33:50,920 --> 00:33:54,960 Speaker 1: than twenty countries. Michael bar this is Bloomberg missing the 609 00:33:55,000 --> 00:33:57,600 Speaker 1: close games? Are you? Michael? All right? Thank you. It's 610 00:33:57,640 --> 00:33:59,840 Speaker 1: five forty nine on Wall Street Life from the Bloomberg 611 00:33:59,880 --> 00:34:03,320 Speaker 1: in Tractive Broker Studios. This is Bloomberg day Break. Let's 612 00:34:03,320 --> 00:34:06,840 Speaker 1: turn out to what's happening in Washington. Congress is out, 613 00:34:07,160 --> 00:34:11,400 Speaker 1: but the White House is not. And guns and inflation 614 00:34:11,719 --> 00:34:15,200 Speaker 1: are going to be front and center today for President Biden. 615 00:34:15,360 --> 00:34:19,960 Speaker 1: Is he confronts potentially his limitations on both those issues. 616 00:34:20,239 --> 00:34:23,160 Speaker 1: Joe Matthew is with us from Washington this morning, our 617 00:34:23,239 --> 00:34:27,279 Speaker 1: Washington correspondent, host of Sound on Here on Bloomberg Radio. Joe, 618 00:34:27,640 --> 00:34:30,800 Speaker 1: good morning. I can't help but think of the old, dirty, 619 00:34:30,880 --> 00:34:33,840 Speaker 1: hairy line. Man's got to know his limitations, and it 620 00:34:33,960 --> 00:34:38,560 Speaker 1: seems like that's what President Biden at least is admitting 621 00:34:38,920 --> 00:34:41,920 Speaker 1: that he's dealing with is, particularly when it comes to 622 00:34:42,239 --> 00:34:45,200 Speaker 1: the issue of gun legislation. You know, maybe if he 623 00:34:45,320 --> 00:34:48,160 Speaker 1: squinted his eyes and talked like that as Ruber Williams 624 00:34:48,239 --> 00:34:50,759 Speaker 1: might go up a little bit. But you're right, Look, 625 00:34:50,880 --> 00:34:53,920 Speaker 1: Joe Biden doesn't have a lot of options right now. 626 00:34:54,040 --> 00:34:56,399 Speaker 1: He needs to work with Congress to make any real 627 00:34:56,480 --> 00:34:59,120 Speaker 1: changes to gun laws. You might remember he did sign 628 00:34:59,160 --> 00:35:01,160 Speaker 1: an executive order a few weeks ago, and at the time, 629 00:35:01,200 --> 00:35:03,840 Speaker 1: this is before Buffalo, before Valdi, people said, what's going on, 630 00:35:04,000 --> 00:35:05,279 Speaker 1: why is he even doing this? But it was to 631 00:35:05,360 --> 00:35:09,200 Speaker 1: regulate so called ghost guns, which in retrospect looks like 632 00:35:09,280 --> 00:35:11,120 Speaker 1: it was pretty well time. But as the President said 633 00:35:11,200 --> 00:35:13,920 Speaker 1: himself over the weekend, he doesn't have the power to 634 00:35:13,960 --> 00:35:16,680 Speaker 1: outlaw a weapon. He doesn't have the power to change 635 00:35:16,800 --> 00:35:19,520 Speaker 1: rules for background checks. So there's not a lot that 636 00:35:19,640 --> 00:35:22,960 Speaker 1: he can do other than wait. Talks are underway kind 637 00:35:23,000 --> 00:35:25,719 Speaker 1: of behind the scenes. Lawmakers are not in town right now, 638 00:35:26,320 --> 00:35:28,400 Speaker 1: uh Nathan, but they've been on the phone, they've been 639 00:35:28,440 --> 00:35:32,160 Speaker 1: on zoom, uh Led by Democrat Chris Murphy Senator Murphy 640 00:35:32,200 --> 00:35:34,400 Speaker 1: along with Republican John Corny in the Senate, But it 641 00:35:34,440 --> 00:35:38,360 Speaker 1: sees from Texas, it's unclear what these might lead to. 642 00:35:38,560 --> 00:35:41,560 Speaker 1: They appear to be focusing on possible red flag laws 643 00:35:41,800 --> 00:35:44,640 Speaker 1: or a red flag law that could have national implications. 644 00:35:44,719 --> 00:35:47,719 Speaker 1: Some states have done this on their own already that 645 00:35:47,760 --> 00:35:50,640 Speaker 1: would allow authorities basically to take guns away from people 646 00:35:50,680 --> 00:35:54,439 Speaker 1: who are deemed a danger to themselves. John Cornyn said, 647 00:35:54,480 --> 00:35:58,320 Speaker 1: by the way, that's no panacea, and creating the language 648 00:35:58,400 --> 00:36:02,120 Speaker 1: for that could give Second Amendment absolutists a lot of 649 00:36:02,520 --> 00:36:06,479 Speaker 1: concern here, But there's a short window. Nathan Chuck Schumer says, 650 00:36:06,640 --> 00:36:10,000 Speaker 1: if there's no compromise by the time lawmakers come back 651 00:36:10,040 --> 00:36:13,600 Speaker 1: to Washington, he's moving forward with a Democrat bill on 652 00:36:13,760 --> 00:36:17,480 Speaker 1: gun control that would not pass. But once again, and 653 00:36:17,560 --> 00:36:19,359 Speaker 1: you and I have seen this a few times over 654 00:36:19,400 --> 00:36:22,719 Speaker 1: the last year, it's Schumer's opportunity to call everyone to 655 00:36:22,800 --> 00:36:25,520 Speaker 1: the carpet, everyone votes up or down, and then you 656 00:36:25,560 --> 00:36:28,040 Speaker 1: know your views will be public on this for the 657 00:36:28,080 --> 00:36:32,160 Speaker 1: mid terms, and that kind of puts people on the record, 658 00:36:32,440 --> 00:36:35,920 Speaker 1: but it doesn't do much when it comes for when 659 00:36:35,960 --> 00:36:40,719 Speaker 1: it comes to momentum to actually get something past, does it? 660 00:36:40,920 --> 00:36:44,000 Speaker 1: I mean, what is the momentum to actually try to 661 00:36:44,080 --> 00:36:48,080 Speaker 1: get action on gun legislation? Like I Like I mentioned there, 662 00:36:48,160 --> 00:36:51,799 Speaker 1: there does seem to be a possible common ground here 663 00:36:51,840 --> 00:36:55,120 Speaker 1: when it comes to red flag laws. Mitch McConnell signed 664 00:36:55,160 --> 00:36:57,239 Speaker 1: off on these talks. He gave John corn In the 665 00:36:57,320 --> 00:36:59,440 Speaker 1: green light to sit down with Chris Murphy. We know 666 00:36:59,520 --> 00:37:02,480 Speaker 1: there are a lot different combinations of lawmakers who are 667 00:37:02,560 --> 00:37:06,680 Speaker 1: talking here. The leadership basically, Nathan took their hands off 668 00:37:06,719 --> 00:37:08,640 Speaker 1: the reins and said, look, I'm gonna give you guys 669 00:37:08,719 --> 00:37:11,040 Speaker 1: two weeks and in the White Houses standing by for 670 00:37:11,160 --> 00:37:16,120 Speaker 1: this as Schumer and McConnell watched their respective lawmakers in 671 00:37:16,200 --> 00:37:18,719 Speaker 1: this case, Cornin and Murphy try to hammer something out. 672 00:37:18,920 --> 00:37:21,600 Speaker 1: I'm not sure there's a lot of optimism. I couldn't 673 00:37:21,600 --> 00:37:24,800 Speaker 1: possibly put a very positive spin on this, Nathan. But 674 00:37:24,880 --> 00:37:27,399 Speaker 1: we're gonna watch the clock tick for a minute. If 675 00:37:27,520 --> 00:37:30,720 Speaker 1: nothing happens here, you'll see Democrats move forward. And again 676 00:37:30,840 --> 00:37:32,960 Speaker 1: that's gonna be to your point, putting people on the record, 677 00:37:33,000 --> 00:37:35,359 Speaker 1: not necessarily making new laws. Yeah, and I know you're 678 00:37:35,360 --> 00:37:39,919 Speaker 1: gonna be watching closely when the President invites fed Chair 679 00:37:40,080 --> 00:37:44,200 Speaker 1: j Powell to the Oval Office, rare sit down as 680 00:37:44,840 --> 00:37:49,160 Speaker 1: inflation continues to be a major issue for this president. Yeah, 681 00:37:49,239 --> 00:37:51,200 Speaker 1: we clearly know what they're going to be discussing, right, 682 00:37:51,239 --> 00:37:53,440 Speaker 1: not not everyone, though Nathan is as plugged into the 683 00:37:53,480 --> 00:37:56,239 Speaker 1: financial markets as the Bloomberg audience that I think you've 684 00:37:56,239 --> 00:37:59,920 Speaker 1: got a mainstream news audience. Uh. In in the target here. 685 00:38:00,480 --> 00:38:02,480 Speaker 1: Uh And look no further than the front page of 686 00:38:02,520 --> 00:38:06,600 Speaker 1: the Washington Post today. US policymakers misjudged inflation threat. That's 687 00:38:06,640 --> 00:38:09,279 Speaker 1: the story that they're trying to get around here. Their 688 00:38:09,360 --> 00:38:12,279 Speaker 1: first meeting between Powell and and Biden since they sat 689 00:38:12,320 --> 00:38:15,839 Speaker 1: down together in November to talk about Powell's renomination. Uh. 690 00:38:15,920 --> 00:38:17,560 Speaker 1: And the White House likes to remind us that the 691 00:38:17,640 --> 00:38:19,680 Speaker 1: Fed is independent. That's why we don't see a lot 692 00:38:19,719 --> 00:38:21,400 Speaker 1: of meetings in the Oval. You don't see the president 693 00:38:21,480 --> 00:38:26,560 Speaker 1: tweeting ideas on monetary policy like the former president here. 694 00:38:27,280 --> 00:38:30,000 Speaker 1: But clearly this president wants to talk about inflation, wants 695 00:38:30,040 --> 00:38:32,520 Speaker 1: to be caught in the act. There'll be a pool spray, 696 00:38:32,600 --> 00:38:34,320 Speaker 1: as they call it. Reporters will be allowed into the 697 00:38:34,360 --> 00:38:36,359 Speaker 1: Oval for a couple of moments. Take some pictures. You'll 698 00:38:36,360 --> 00:38:38,640 Speaker 1: see the three of them on the couches. A couple 699 00:38:38,680 --> 00:38:40,840 Speaker 1: of questions will be shouted. I would look for reporters 700 00:38:40,880 --> 00:38:44,200 Speaker 1: today to be shouting questions about whether inflation has peaked. 701 00:38:44,880 --> 00:38:47,799 Speaker 1: This again mainstream headlines. This is not about fifty versus 702 00:38:47,840 --> 00:38:50,560 Speaker 1: seventy five basis points likely today, Nathan. This is speaking 703 00:38:50,640 --> 00:38:54,279 Speaker 1: to people who don't normally obsess over this kind of stuff. Yeah, 704 00:38:54,360 --> 00:38:56,520 Speaker 1: and it'll be interesting as well to see the President 705 00:38:57,360 --> 00:39:01,440 Speaker 1: sitting down face to face. Yeah, Man Powell, given that 706 00:39:01,600 --> 00:39:04,720 Speaker 1: he said that you know, when it comes to dealing 707 00:39:04,800 --> 00:39:07,719 Speaker 1: with inflation, that it's pretty much in the fence court. 708 00:39:08,400 --> 00:39:10,359 Speaker 1: So we know you'll be watching that very closely. Joe 709 00:39:10,400 --> 00:39:13,960 Speaker 1: Biden Our, Joe Matthew the Sound Dot, no promotions for you, 710 00:39:14,080 --> 00:39:16,560 Speaker 1: Joe host of Sound Dot here on Bloomberg Radio. And 711 00:39:16,840 --> 00:39:18,719 Speaker 1: we'll be checking back with Joe in the next hour 712 00:39:18,800 --> 00:39:21,719 Speaker 1: here on Bloomberg Daybreak. Karen, all right, Nathan, thank you. 713 00:39:21,840 --> 00:39:24,120 Speaker 1: It is five fifty four on Wall Street. Not to 714 00:39:24,200 --> 00:39:26,920 Speaker 1: a legal story we're watching this morning. The U. S. 715 00:39:26,960 --> 00:39:29,640 Speaker 1: Supreme Court broke with a long line of cases in 716 00:39:29,760 --> 00:39:33,120 Speaker 1: favor of employers and arbitration cases, striking down a ruling 717 00:39:33,160 --> 00:39:35,960 Speaker 1: in favor of a taco Bell franchise and a fast 718 00:39:36,000 --> 00:39:39,840 Speaker 1: food workers overtime case. The Court held unanimously that a 719 00:39:39,920 --> 00:39:43,440 Speaker 1: federal appeals court overstepped its authority and creating a rule 720 00:39:43,520 --> 00:39:46,200 Speaker 1: that required the worker to show prejudice or harm to 721 00:39:46,239 --> 00:39:49,600 Speaker 1: get out of arbitration. For more Bloomberg's Doom Grosso space 722 00:39:49,680 --> 00:39:53,200 Speaker 1: to Richard Silberberg, a partner with Dorsey and Whitney, is 723 00:39:53,239 --> 00:39:56,560 Speaker 1: it surprising that this was a unanimous decision because the 724 00:39:56,640 --> 00:40:00,640 Speaker 1: Court is often divided in arbitration cases. I don't think 725 00:40:00,719 --> 00:40:05,320 Speaker 1: it was surprising because I actually think the ruling is 726 00:40:05,440 --> 00:40:09,400 Speaker 1: fairly narrow. What the Court held in an opinion that 727 00:40:09,560 --> 00:40:13,680 Speaker 1: was written by Justice Kagan is that there is no 728 00:40:14,160 --> 00:40:19,520 Speaker 1: requirement to show harm in order to establish that a 729 00:40:19,719 --> 00:40:23,279 Speaker 1: party waved a contractual right to arbitrary But it is 730 00:40:23,360 --> 00:40:27,279 Speaker 1: not that surprising because what the lower federal courts had 731 00:40:27,360 --> 00:40:32,520 Speaker 1: been doing was creating a special rule of contract interpretation 732 00:40:33,000 --> 00:40:37,440 Speaker 1: that only applied to arbitration. And what the Court's pointed 733 00:40:37,480 --> 00:40:42,760 Speaker 1: out is that the lower federal courts generally had misapplied 734 00:40:43,120 --> 00:40:47,200 Speaker 1: prior Supreme Court president. So what the Supreme Court did 735 00:40:47,440 --> 00:40:51,680 Speaker 1: in this case is it reminded the lower federal courts 736 00:40:52,040 --> 00:40:55,160 Speaker 1: that when it said there was a strong federal policy 737 00:40:55,239 --> 00:40:59,680 Speaker 1: favoring arbitration, it did not mean that the lower federal 738 00:40:59,800 --> 00:41:05,920 Speaker 1: court should adopt and this is Justice Kagan's language arbitration 739 00:41:06,320 --> 00:41:10,319 Speaker 1: preferring procedural rule. In other words, the fact that there's 740 00:41:10,360 --> 00:41:14,920 Speaker 1: a strong federal policy favoring arbitration does not mean that 741 00:41:15,280 --> 00:41:20,160 Speaker 1: the court should adopt rules that favor arbitration litigation. To 742 00:41:20,280 --> 00:41:23,960 Speaker 1: put it in Layman's terms, where the circuit courts basically 743 00:41:24,400 --> 00:41:28,839 Speaker 1: bending over backwards to facilitate arbitration, you know, to push 744 00:41:28,960 --> 00:41:34,000 Speaker 1: arbitration forward. Yes, that's what the Supreme Court in Justice 745 00:41:34,040 --> 00:41:39,000 Speaker 1: Cagan's opinion pointed out that the lower federal courts had 746 00:41:39,239 --> 00:41:43,880 Speaker 1: in effect sent over backwards to enforce an arbitration agreement 747 00:41:44,120 --> 00:41:48,320 Speaker 1: by creating this requirement that in order to show a 748 00:41:48,440 --> 00:41:51,920 Speaker 1: waiver of arbitration, the other side had to have been 749 00:41:52,080 --> 00:41:57,799 Speaker 1: harmed or prejudiced by the delay in enforcing the arbitration rights. 750 00:41:57,960 --> 00:42:01,880 Speaker 1: And what Justice Cagan said is that, uh, that should 751 00:42:01,880 --> 00:42:04,840 Speaker 1: not have been permitted. There should have been no special 752 00:42:05,000 --> 00:42:09,120 Speaker 1: requirement that the employee in this case needed to show 753 00:42:09,600 --> 00:42:13,640 Speaker 1: in order to establish Weaver and as Richard Silberberg, a 754 00:42:13,760 --> 00:42:17,040 Speaker 1: partner at Dorsey and Whitney speaking at the Bloomberg Student Grosso. 755 00:42:17,160 --> 00:42:20,120 Speaker 1: Catch more of that interview, plus analysis of the latest 756 00:42:20,239 --> 00:42:23,160 Speaker 1: legal news, by subscribing to the Bloomberg Law Podcast or 757 00:42:23,200 --> 00:42:27,320 Speaker 1: downloading the show at Bloomberg dot com slash podcasts. Attorneys 758 00:42:27,320 --> 00:42:30,200 Speaker 1: can find exceptional legal research and business development tools at 759 00:42:30,200 --> 00:42:33,200 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 760 00:42:33,320 --> 00:42:38,239 Speaker 1: the Law go SNP. Futures down twenty eight points this morning. Down. 761 00:42:38,280 --> 00:42:43,040 Speaker 1: Futures down two two nowaday Futures down seven and still 762 00:42:43,080 --> 00:42:45,040 Speaker 1: ahead on Bloomberg day Break and check on the business 763 00:42:45,080 --> 00:42:47,279 Speaker 1: headlines and all the news you need to start your day. 764 00:42:47,440 --> 00:42:48,680 Speaker 1: This is Bloomberg