1 00:00:02,840 --> 00:00:05,960 Speaker 1: By from the Bloomberg Interactive Berger Studios. This is Bloomberg 2 00:00:06,040 --> 00:00:09,760 Speaker 1: Day Right for Thursday, October two. Coming up this hour, 3 00:00:10,039 --> 00:00:13,920 Speaker 1: investors praise for this morning's reading on inflation, the International 4 00:00:14,000 --> 00:00:17,720 Speaker 1: Energy Agency warrants about global recession, US officials where they're 5 00:00:17,720 --> 00:00:20,840 Speaker 1: planning to cap Russian oil prices may backfire, and the 6 00:00:20,920 --> 00:00:23,119 Speaker 1: deadline approaches for the Bank of England to end its 7 00:00:23,160 --> 00:00:26,479 Speaker 1: an emergency bond buying program. New York's gunlog it's a 8 00:00:26,520 --> 00:00:30,000 Speaker 1: reprieve from a federal appeals court. Plus Russia Acid, Ukraine's 9 00:00:30,080 --> 00:00:34,560 Speaker 1: key area by Iranian made kamikaze drones. I'm Michael lar More. 10 00:00:35,159 --> 00:00:37,800 Speaker 1: I'm trying stash our in sports, the praise and padres 11 00:00:37,840 --> 00:00:40,960 Speaker 1: one of the nationally playoffs. Yankees and Guardians scheduled to 12 00:00:41,000 --> 00:00:46,480 Speaker 1: play game two tonight. That's all trading head on Bloomberg 13 00:00:46,520 --> 00:00:51,600 Speaker 1: day Break on Bloomberg eleven, TREEO, New York, Bloomberg one, Washington, 14 00:00:51,720 --> 00:00:55,360 Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine 15 00:00:55,400 --> 00:01:00,000 Speaker 1: sixties and Francisco Syrius XM one nineteen and around the world. 16 00:01:00,000 --> 00:01:03,040 Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg 17 00:01:03,080 --> 00:01:10,120 Speaker 1: Business app. And good morning. I'm Karen Moscow. I'm Nathan Hagar. 18 00:01:10,160 --> 00:01:12,760 Speaker 1: Bloomberg Daybreak is brought to you by SEI. Built on 19 00:01:12,800 --> 00:01:16,399 Speaker 1: advanced technologies and fifty years of innovation. SEI offers asset 20 00:01:16,480 --> 00:01:20,399 Speaker 1: managers are comprehensive and flexible operations outsourcing platform go to 21 00:01:20,560 --> 00:01:24,000 Speaker 1: se i C dot com, slash managers and US stock 22 00:01:24,080 --> 00:01:26,920 Speaker 1: index futures are higher. This morning's five oh one on 23 00:01:26,959 --> 00:01:29,040 Speaker 1: Wall Street, and we check the markets every fifteen minutes 24 00:01:29,040 --> 00:01:32,000 Speaker 1: throughout the trading day on Bloomberg. Right now, SNP futures 25 00:01:32,000 --> 00:01:34,479 Speaker 1: are up about fifteen points down, futures of A hundred 26 00:01:34,480 --> 00:01:37,959 Speaker 1: twenty eight and NASDAG futures up. Twenty ten year treasury 27 00:01:38,000 --> 00:01:40,560 Speaker 1: down four thirty seconds, yield three point nine one per 28 00:01:40,600 --> 00:01:42,800 Speaker 1: cent in a yield on the two year four point 29 00:01:42,840 --> 00:01:45,800 Speaker 1: three one percent, Nathan Karen, will we wait for today's 30 00:01:45,840 --> 00:01:49,000 Speaker 1: inflation reports. Stocks enter this session at their lowest level 31 00:01:49,040 --> 00:01:52,240 Speaker 1: since September twenty s and P five hundreds declined for 32 00:01:52,320 --> 00:01:55,720 Speaker 1: six straight days now. Victoria Green is chief investment officer 33 00:01:55,800 --> 00:01:58,400 Speaker 1: at G squared Private Wealth. The biggest thing an investor 34 00:01:58,440 --> 00:02:00,840 Speaker 1: can do is don't panic or don't dirk on data. 35 00:02:01,080 --> 00:02:04,000 Speaker 1: We've seen wild moves off of some of these data 36 00:02:04,040 --> 00:02:06,560 Speaker 1: releases or FED moves, and a lot of times it's 37 00:02:06,560 --> 00:02:08,400 Speaker 1: a one or two day move and comes back to trent. 38 00:02:08,600 --> 00:02:10,880 Speaker 1: So I would say like one day, one week, does 39 00:02:10,919 --> 00:02:13,400 Speaker 1: not a market make like be a little bit patient 40 00:02:13,560 --> 00:02:16,120 Speaker 1: g squared Private Wealth. Victoria Green says she does not 41 00:02:16,200 --> 00:02:19,400 Speaker 1: expect the FED to pivot anytime soon. Still, Nathan, the 42 00:02:19,440 --> 00:02:22,480 Speaker 1: Fed will be watching today's inflation data closely. The Consumer 43 00:02:22,520 --> 00:02:24,960 Speaker 1: Price Indise for September comes out at eight thirty am 44 00:02:25,000 --> 00:02:26,800 Speaker 1: Wall Street time, and we get a free view from 45 00:02:26,840 --> 00:02:31,160 Speaker 1: Bloomberg Economics. Corresponded Michael McKee. Only minor progress on inflation 46 00:02:31,280 --> 00:02:34,440 Speaker 1: is forecast, with headline CPI rising at a faster rate 47 00:02:34,440 --> 00:02:37,799 Speaker 1: in September, while core inflation slows but only to a 48 00:02:37,919 --> 00:02:41,200 Speaker 1: still strong level. Housing is the biggest problem. Shelter makes 49 00:02:41,280 --> 00:02:43,600 Speaker 1: up about a third of the overall basket of consumer 50 00:02:43,639 --> 00:02:47,000 Speaker 1: prices and an even larger share of the core. Overall 51 00:02:47,040 --> 00:02:51,239 Speaker 1: Rents have only started to stabilize. Some categories should see pullbacks, 52 00:02:51,280 --> 00:02:55,040 Speaker 1: particularly used cars. Retailers are also discounting to clear out 53 00:02:55,040 --> 00:02:58,120 Speaker 1: inventory ahead of the holidays. But the ultimate message to 54 00:02:58,160 --> 00:03:01,320 Speaker 1: the Fed will be keep raising interest rates. Michael McKee, 55 00:03:01,360 --> 00:03:04,679 Speaker 1: Bloomberg Daybreak thanks Mike, And speaking of interest rates, more 56 00:03:04,760 --> 00:03:06,640 Speaker 1: big hikes are on the way from the Fed unless 57 00:03:06,680 --> 00:03:09,360 Speaker 1: there's a significant change in the data. That's according to 58 00:03:09,400 --> 00:03:13,320 Speaker 1: Fed Governor Michelle Bowman. If we do not see signs 59 00:03:13,360 --> 00:03:17,000 Speaker 1: that inflation is moving down, my view continues to be 60 00:03:17,520 --> 00:03:20,600 Speaker 1: that sizeable increases in the target range for the Federal 61 00:03:20,639 --> 00:03:24,880 Speaker 1: funds rate should remain on the table. However, if inflation 62 00:03:25,160 --> 00:03:29,200 Speaker 1: starts to decline, I believe a slower pace of rate 63 00:03:29,240 --> 00:03:32,239 Speaker 1: increases would be appropriate, And those comments from Fed Governor 64 00:03:32,240 --> 00:03:35,920 Speaker 1: Michelle Bowman suggests she supports another seventy five basis point 65 00:03:35,920 --> 00:03:38,920 Speaker 1: move when officials meet next month. We all eyes are 66 00:03:39,000 --> 00:03:41,880 Speaker 1: on the Fed, Nathan, But starting tomorrow earnings come back 67 00:03:41,880 --> 00:03:45,000 Speaker 1: into play too. Bank of America reports on Monday, and 68 00:03:45,080 --> 00:03:48,080 Speaker 1: CEO Bryan moynihan is now with optimistic words ahead of 69 00:03:48,120 --> 00:03:51,160 Speaker 1: the result. He says consumers are in good shape and 70 00:03:51,200 --> 00:03:54,080 Speaker 1: his bank only expects us like recession in the US. 71 00:03:54,320 --> 00:03:58,080 Speaker 1: They have this core of positive real GDP next quarter 72 00:03:58,440 --> 00:04:01,120 Speaker 1: just above zero positive and three straight quarters of negative 73 00:04:01,200 --> 00:04:04,480 Speaker 1: and so effectively defending what the NVR does you know 74 00:04:04,560 --> 00:04:08,200 Speaker 1: that's that's a slight recession, but is shallow. Brian Monahan 75 00:04:08,320 --> 00:04:11,480 Speaker 1: spoke at the Institute of International Finance meeting in Washington. 76 00:04:11,560 --> 00:04:14,280 Speaker 1: Stay tuned for more from Moynahan on Monday, when we 77 00:04:14,320 --> 00:04:17,040 Speaker 1: speak live at the Bank of America's CEO on Bloomberg 78 00:04:17,120 --> 00:04:19,760 Speaker 1: Radio and Television. Well, Bank of America only sees a 79 00:04:19,839 --> 00:04:23,520 Speaker 1: slight recession, Karen. The International Energy Agency is warning about 80 00:04:23,560 --> 00:04:27,240 Speaker 1: a worldwide contraction. The i e A says opec decision 81 00:04:27,320 --> 00:04:30,520 Speaker 1: to cut oil production threatens to push prices two levels 82 00:04:30,560 --> 00:04:33,880 Speaker 1: that tipped the global economy into a downturn. And checking 83 00:04:33,960 --> 00:04:37,159 Speaker 1: prices right now, Nimex crude is moving higher, up six 84 00:04:37,160 --> 00:04:40,160 Speaker 1: cents per center fifty one cents at eighty seven dollars 85 00:04:40,200 --> 00:04:42,760 Speaker 1: eighty cents of Arril Brent is hired by seven tenths 86 00:04:42,760 --> 00:04:45,799 Speaker 1: per cent at ninety three dollars eleven cents. Meantime, Nathan 87 00:04:45,800 --> 00:04:48,640 Speaker 1: prisident Biden finds himself walking a tight rope over the 88 00:04:48,640 --> 00:04:51,279 Speaker 1: world's demand for oil and gas and not says the 89 00:04:51,279 --> 00:04:55,200 Speaker 1: administration considers a price cap on Russian oil. Bloomberg's Amy 90 00:04:55,240 --> 00:04:57,760 Speaker 1: Morris has a look at the strategy from our nine 91 00:04:58,120 --> 00:05:01,360 Speaker 1: on newsroom in Washington. The ideas to keep enough Russian 92 00:05:01,440 --> 00:05:03,800 Speaker 1: supplies on the global market to prevent a spike in 93 00:05:03,880 --> 00:05:06,760 Speaker 1: oil prices. But the move by OPEC Plus to slash 94 00:05:06,800 --> 00:05:09,880 Speaker 1: production by two million barrels a day could undermine the plan. 95 00:05:10,160 --> 00:05:13,960 Speaker 1: Sources tell Bloomberg that administration officials are worried Russia may 96 00:05:14,040 --> 00:05:17,800 Speaker 1: retaliate by cutting off supplies. Russia President Putin has said 97 00:05:17,839 --> 00:05:21,160 Speaker 1: he will not sell oil to any nation that participates 98 00:05:21,200 --> 00:05:23,760 Speaker 1: in the price cap plan. Still, the US is going 99 00:05:23,760 --> 00:05:26,440 Speaker 1: ahead with it, seen as the best choice among bad 100 00:05:26,480 --> 00:05:30,080 Speaker 1: options to curb Russia's oil revenues. In Washington, I'm Amy 101 00:05:30,080 --> 00:05:33,159 Speaker 1: Moore as Bloomberg Daybreak, Amy Thanks on Capitol Hill. The 102 00:05:33,320 --> 00:05:36,360 Speaker 1: House January six Committee is getting ready to present new evidence. 103 00:05:36,440 --> 00:05:39,440 Speaker 1: Today's hearing will focus on Donald Trump's state of mind 104 00:05:39,520 --> 00:05:42,120 Speaker 1: the day of the attack at the US Capitol, Bloomberg said. 105 00:05:42,160 --> 00:05:45,320 Speaker 1: Baxter has more. This is the last hearing before the midterms, 106 00:05:45,320 --> 00:05:48,320 Speaker 1: and the committee is endeavoring to reinforce its contention that 107 00:05:48,400 --> 00:05:51,159 Speaker 1: Donald Trump remains What they are saying is a clear 108 00:05:51,279 --> 00:05:55,320 Speaker 1: and present danger to democracy. Congresswoman Zoe Loughran says what 109 00:05:55,360 --> 00:05:58,440 Speaker 1: they discovered through their work this summer make clearer donald 110 00:05:58,440 --> 00:06:03,800 Speaker 1: Trump's intentions, what he knew, what he did, what others did. 111 00:06:04,240 --> 00:06:06,480 Speaker 1: She says there will be no live witnesses, but they 112 00:06:06,520 --> 00:06:10,560 Speaker 1: will have testimony from new witnesses in San Francisco. I'm 113 00:06:10,560 --> 00:06:14,320 Speaker 1: at Baxter Bloomberg Daybreak, all right. Thanks. Meantime, Google has 114 00:06:14,400 --> 00:06:17,640 Speaker 1: approved Donald Trump's Truth social app for release in its 115 00:06:17,720 --> 00:06:21,040 Speaker 1: Place store. Google had previously declined to distribute the app, 116 00:06:21,320 --> 00:06:24,320 Speaker 1: saying it hosted violent threats and other content that goes 117 00:06:24,360 --> 00:06:27,520 Speaker 1: against Google standards in Europe. This morning, Karen, it is 118 00:06:27,520 --> 00:06:30,320 Speaker 1: all about the turmoil in financial markets. The deadline is 119 00:06:30,400 --> 00:06:32,320 Speaker 1: hearing for the Bank of England to end its bond 120 00:06:32,320 --> 00:06:34,400 Speaker 1: buying program. Let's go live to London and get the 121 00:06:34,480 --> 00:06:36,560 Speaker 1: latest with Bloomberg's You and Potts. Good morning you and 122 00:06:36,920 --> 00:06:39,279 Speaker 1: good morning Nathan and Karen. Investors have been watching this 123 00:06:39,400 --> 00:06:42,680 Speaker 1: story all week, but tomorrow afternoon, the UK's Central Bank 124 00:06:42,720 --> 00:06:46,320 Speaker 1: will finally end its support for the country's bond markets. 125 00:06:46,640 --> 00:06:48,680 Speaker 1: Ahead of that deadline, the government now appears to be 126 00:06:48,720 --> 00:06:51,559 Speaker 1: at log aheads with the Bank of England's asked about 127 00:06:51,560 --> 00:06:54,880 Speaker 1: any fresh market turmoil, the government's chance that said that 128 00:06:55,279 --> 00:06:57,800 Speaker 1: would be a matter for the governor in London. I'm 129 00:06:57,800 --> 00:06:59,880 Speaker 1: you in Parts bloom Big Daybreak, all right, new and 130 00:07:00,000 --> 00:07:02,680 Speaker 1: thank you and Incorporate News this morning shares about five 131 00:07:02,720 --> 00:07:05,960 Speaker 1: materials moving lower. The maker of chip manufacturing equipment is 132 00:07:06,000 --> 00:07:09,000 Speaker 1: slashing its forecast for a fourth quarter. It says new 133 00:07:09,080 --> 00:07:13,240 Speaker 1: export regulations will hurt sales to China. Straight ahead your 134 00:07:13,280 --> 00:07:17,320 Speaker 1: latest local headlines, plus a check of sports and this 135 00:07:17,800 --> 00:07:24,800 Speaker 1: is Bloomberg And start at five oh seven on Wall Street, 136 00:07:24,840 --> 00:07:27,360 Speaker 1: work sixty two degrees in Central Park on an accident 137 00:07:27,360 --> 00:07:30,840 Speaker 1: headed to JFK southbound Van Wick past Linden Boulevard. Details 138 00:07:30,840 --> 00:07:33,240 Speaker 1: coming up the traffic First. Michael Bars here with more 139 00:07:33,280 --> 00:07:35,240 Speaker 1: on what's going on in New York and around the world. 140 00:07:35,240 --> 00:07:38,280 Speaker 1: Good morning, Michael, Good morning Nathan. A federal appeals judge 141 00:07:38,320 --> 00:07:41,120 Speaker 1: put on hold a lower court ruling that struck down 142 00:07:41,160 --> 00:07:44,800 Speaker 1: many of New York's gun bands in public places as 143 00:07:44,880 --> 00:07:49,440 Speaker 1: constitutional judge granted New York Attorney General Letitia James a 144 00:07:49,520 --> 00:07:53,440 Speaker 1: temporary order preventing in October sixth decision by US District 145 00:07:53,520 --> 00:07:57,400 Speaker 1: Judge Glenn Suttoby and Syracuse from going into effect. A 146 00:07:57,480 --> 00:08:00,200 Speaker 1: three judge panel of the same appeal scored must old 147 00:08:00,200 --> 00:08:04,800 Speaker 1: decide whether to stay Sotoby's decision for the entire appeal process. 148 00:08:05,400 --> 00:08:08,120 Speaker 1: Abortion providers in New York are seeing such an influx 149 00:08:08,120 --> 00:08:11,040 Speaker 1: of pregnant women from other states that they are struggling 150 00:08:11,120 --> 00:08:14,640 Speaker 1: financially to meet demand. Governor Kathy Oakle says the state 151 00:08:14,720 --> 00:08:17,760 Speaker 1: is giving more than thirteen million dollars to organizations that 152 00:08:17,840 --> 00:08:21,200 Speaker 1: operate clinics throughout New York so they can continue to 153 00:08:21,200 --> 00:08:24,680 Speaker 1: serve women regardless of where they live. They include hospital 154 00:08:24,680 --> 00:08:28,480 Speaker 1: based providers, independent clinics, as well as many who are 155 00:08:28,480 --> 00:08:31,440 Speaker 1: receiving state assistance for the very first time because the 156 00:08:31,520 --> 00:08:35,160 Speaker 1: need is that dire. Governor Ocle says the state will 157 00:08:35,200 --> 00:08:38,080 Speaker 1: protect a woman's right to a safe and legal abortion. 158 00:08:38,520 --> 00:08:41,600 Speaker 1: New York's Health commissioner says monkey Bonts is no longer 159 00:08:41,679 --> 00:08:44,600 Speaker 1: the threat to the city that it initially was. Dr 160 00:08:44,800 --> 00:08:47,560 Speaker 1: Ashwyn Vassan, we have turned a corner that I hope 161 00:08:47,559 --> 00:08:51,360 Speaker 1: indicates that we now have the upper hand on this outbreak. Meanwhile, 162 00:08:51,480 --> 00:08:55,000 Speaker 1: Dr Pisan says as for polio, traces of the disease 163 00:08:55,000 --> 00:08:57,840 Speaker 1: were found in wastewater samples across the state, including New 164 00:08:57,920 --> 00:09:00,960 Speaker 1: York City. For the fourth day in a residents of 165 00:09:01,120 --> 00:09:04,360 Speaker 1: Kiev were awakened to the sound of Air Aid sirens 166 00:09:04,720 --> 00:09:09,240 Speaker 1: as Russian bombardment of Ukraine's critical infrastructure continues what he's 167 00:09:09,240 --> 00:09:11,200 Speaker 1: saying that a village was hit overnight by a so 168 00:09:11,400 --> 00:09:15,880 Speaker 1: called Kama Kaze drone, probably supplied by Iran. A Connecticut 169 00:09:15,920 --> 00:09:19,160 Speaker 1: jury as ordered conspiracy theorist Alex Jones to pay nine 170 00:09:19,240 --> 00:09:22,000 Speaker 1: hundred sixty five million dollars to the relatives of Sandy 171 00:09:22,040 --> 00:09:26,280 Speaker 1: Hook Elementary School shooting victims and an FBI agent. They 172 00:09:26,320 --> 00:09:29,320 Speaker 1: said Jones tormented their lives by promoting the live that 173 00:09:29,360 --> 00:09:32,520 Speaker 1: the rampage was a hoax. Robert Parker lost his daughter 174 00:09:32,559 --> 00:09:36,360 Speaker 1: Emily in the shooting. I couldn't be more proud to 175 00:09:36,440 --> 00:09:40,559 Speaker 1: stand here and with all of these people. And I've 176 00:09:40,600 --> 00:09:42,480 Speaker 1: really missed my wife and daughters right now and they 177 00:09:42,480 --> 00:09:45,199 Speaker 1: can't be here with me. Robert Parker's daughter, who was 178 00:09:45,280 --> 00:09:48,120 Speaker 1: one of twenty children and six adults killed in the massacre. 179 00:09:48,559 --> 00:09:51,040 Speaker 1: Global News twenty four hours a day on air and 180 00:09:51,160 --> 00:09:54,520 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 181 00:09:54,559 --> 00:09:57,480 Speaker 1: journalists and analyst more than a hundred twenty countries. Michael 182 00:09:57,480 --> 00:10:04,280 Speaker 1: Barr and this is Bloomberg, Nathan. Thanks Michael. Coming up 183 00:10:04,320 --> 00:10:06,040 Speaker 1: to five ten on Wall Street time for the Bloomberg 184 00:10:06,080 --> 00:10:08,200 Speaker 1: Sports up Take. Good morning, John stash All Right can 185 00:10:08,280 --> 00:10:11,360 Speaker 1: order Nathan. Unusual scheduling in the American League Division Series. 186 00:10:11,440 --> 00:10:14,080 Speaker 1: Yankees and Guardians, with a night off in between the 187 00:10:14,080 --> 00:10:17,360 Speaker 1: two games at the Stadium, schedule to resume their series tonight. 188 00:10:17,520 --> 00:10:19,880 Speaker 1: Rain is in the forecast. They can't play tonight. They'll 189 00:10:19,920 --> 00:10:23,720 Speaker 1: play tomorrow with Nestor Cortez going against Cleveland Shane Bieber. 190 00:10:23,880 --> 00:10:26,960 Speaker 1: Both n lds tied at one. Atlanta shout out the 191 00:10:26,960 --> 00:10:29,640 Speaker 1: Phillies three nothing behind Kyle Right twenty one game, winning 192 00:10:29,640 --> 00:10:32,480 Speaker 1: the regular season. The Pondres beat the Dodgers by the 193 00:10:32,480 --> 00:10:34,400 Speaker 1: same five to three score that l A won the 194 00:10:34,440 --> 00:10:36,640 Speaker 1: opener by Nix and Nets. Getting ready to tip off 195 00:10:36,640 --> 00:10:39,040 Speaker 1: those seasons next week. The Nicks lost at Indiana. The 196 00:10:39,080 --> 00:10:41,840 Speaker 1: Nets one in Milwaukee. Ben Simmons acquired last season, but 197 00:10:41,840 --> 00:10:44,680 Speaker 1: he never played. He is playing now and wal Simmons 198 00:10:44,720 --> 00:10:47,800 Speaker 1: doesn't score much Last night he at tennis Sis eight rebounds. 199 00:10:48,040 --> 00:10:50,439 Speaker 1: Can the Giants keep it? Going off to a surprising 200 00:10:50,480 --> 00:10:52,920 Speaker 1: four and one start, they host Baltimore Sunday as new 201 00:10:52,960 --> 00:10:56,000 Speaker 1: coach Brian Dable continues to be impressed by his quarterback 202 00:10:56,280 --> 00:10:58,840 Speaker 1: Daniel Jones. He comes in, he does a great job 203 00:10:58,880 --> 00:11:02,079 Speaker 1: with the players around him. Of of leading them of 204 00:11:02,120 --> 00:11:04,440 Speaker 1: helping them with the offense. And you know, each week 205 00:11:04,480 --> 00:11:06,120 Speaker 1: I think you get a little bit more comfortable again 206 00:11:07,440 --> 00:11:10,680 Speaker 1: for five weeks into really live competition. Um so, I 207 00:11:10,679 --> 00:11:12,960 Speaker 1: think you learn a lot about players, not just Daniel, 208 00:11:13,000 --> 00:11:15,640 Speaker 1: but everybody. And he's done. He's done a good job 209 00:11:15,679 --> 00:11:17,439 Speaker 1: for the Jones, led the Giants to the upset, went 210 00:11:17,440 --> 00:11:20,040 Speaker 1: over Green Bay. The Jets visit Green Based Sunday. Aaron 211 00:11:20,120 --> 00:11:22,920 Speaker 1: Rodgers heard his thumb when the Giants hit him on 212 00:11:22,960 --> 00:11:25,040 Speaker 1: the last play of that game in London. He didn't practice, 213 00:11:25,080 --> 00:11:26,920 Speaker 1: but he is going to face the Jets, as rookie 214 00:11:27,200 --> 00:11:30,440 Speaker 1: Skyler Thompson did last week. Miami's two a tongue below 215 00:11:30,520 --> 00:11:32,880 Speaker 1: remains out with the concussion. The Dolphins are gonna start 216 00:11:32,880 --> 00:11:36,280 Speaker 1: Thompson this week. Big game Sunday night, Dallas at Philadelphia Cowboys. 217 00:11:36,320 --> 00:11:39,040 Speaker 1: Expected to stick with Cooper Rush. He's four and oh 218 00:11:39,080 --> 00:11:42,880 Speaker 1: since Dak Prescott's thumb injury. Johns Dash Wear Bloomberg Sports, Nathan, 219 00:11:43,000 --> 00:11:45,920 Speaker 1: thank you, john SMP futures right now up seventeen points, 220 00:11:45,920 --> 00:11:48,320 Speaker 1: Staff features up a hundred thirty seven. Nest that futures 221 00:11:48,360 --> 00:11:51,720 Speaker 1: are higher by twenty nine points now ten Your treasuries 222 00:11:51,720 --> 00:11:54,679 Speaker 1: down to thirty seconds. He'll three point nine zero percent 223 00:11:54,800 --> 00:11:58,199 Speaker 1: ahead of the Consumer Price Index coming out eight thirty 224 00:11:58,200 --> 00:12:01,400 Speaker 1: Wall Street Time. We pre you next with Sarah House, 225 00:12:01,400 --> 00:12:08,240 Speaker 1: senior economist at Wells Fargo. This is Bloomberg Bloomberg eleven 226 00:12:08,240 --> 00:12:10,120 Speaker 1: three oh weather, rain and a breeze today with a 227 00:12:10,160 --> 00:12:13,679 Speaker 1: high near seventy degrees, mostly sunny Tomorrow and Saturday with 228 00:12:14,120 --> 00:12:17,160 Speaker 1: up for sixties. Clouds will increase on Sunday upper sixties 229 00:12:17,200 --> 00:12:23,480 Speaker 1: once again. Right now sixty two degrees. Markets, headlines and 230 00:12:23,640 --> 00:12:26,880 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com. 231 00:12:27,000 --> 00:12:30,559 Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape is 232 00:12:30,559 --> 00:12:39,760 Speaker 1: a Bloomberg business lash and I'm Karen Moscow. Equity is 233 00:12:39,800 --> 00:12:43,560 Speaker 1: extending to clients as caution prevails before highly anticipated US 234 00:12:43,600 --> 00:12:46,719 Speaker 1: inflation data later today. The dollar is edging higher. We 235 00:12:46,840 --> 00:12:49,280 Speaker 1: checked the markets every fifteen minutes to the trading day 236 00:12:49,280 --> 00:12:52,280 Speaker 1: on Bloomberg. Guess and P Future is up down futures 237 00:12:52,280 --> 00:12:54,800 Speaker 1: of A hundred fifty seven and nasday future is up 238 00:12:54,840 --> 00:12:56,959 Speaker 1: thirty eight. The decks in Germany's up eight tenths of 239 00:12:57,080 --> 00:12:59,920 Speaker 1: upper set ten. Your treasury little change your three point 240 00:13:00,160 --> 00:13:02,400 Speaker 1: nine percent They yield on the two year four point 241 00:13:02,400 --> 00:13:05,240 Speaker 1: three zero percent. Nine X frue oil is up six 242 00:13:05,240 --> 00:13:07,559 Speaker 1: tents percent or fifty two cents at eighty seven dollars 243 00:13:07,559 --> 00:13:10,080 Speaker 1: seventy nine cents a barrel. Comic schooled up third of 244 00:13:10,080 --> 00:13:12,880 Speaker 1: a percent, or five dollars sixty cents at sixteen eighty three. 245 00:13:12,920 --> 00:13:16,160 Speaker 1: Ten announced the euro point nine seven to three against 246 00:13:16,160 --> 00:13:18,560 Speaker 1: the dollar, British ground one point one to eight, and 247 00:13:18,600 --> 00:13:21,240 Speaker 1: the N one forty six point seven nine. And looking 248 00:13:21,240 --> 00:13:23,240 Speaker 1: at bit coin this morning, it's sound three quarters of 249 00:13:23,280 --> 00:13:26,560 Speaker 1: a percent. It's at nineteen thousand dollars. The consumer Price 250 00:13:26,600 --> 00:13:28,640 Speaker 1: Index at eight thirty Wall Street time, along with the 251 00:13:28,679 --> 00:13:32,520 Speaker 1: weekly report on initial John List claims and Walgreen, Spoots Alliance, 252 00:13:32,520 --> 00:13:35,520 Speaker 1: and black Rocker among companies scheduled to report earnings today. 253 00:13:35,840 --> 00:13:38,400 Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with 254 00:13:38,480 --> 00:13:41,000 Speaker 1: Moore on what's going on around the world. Muncle, Good morning, 255 00:13:41,040 --> 00:13:44,679 Speaker 1: Good morning, Karen how Select Committees, the members investigating the 256 00:13:44,760 --> 00:13:48,360 Speaker 1: January sixth attack on the Capitol, will hold its final 257 00:13:48,520 --> 00:13:52,840 Speaker 1: hearing today. Members are promising substantial new footage and significant 258 00:13:52,840 --> 00:13:56,800 Speaker 1: witness testimony. Since the last hearing, multiple members of Trump's 259 00:13:56,840 --> 00:14:01,520 Speaker 1: cabinet have testified behind closed doors millions of Social Security 260 00:14:01,520 --> 00:14:04,360 Speaker 1: recipients was soon learned just how high a boost they'll 261 00:14:04,400 --> 00:14:07,480 Speaker 1: get in their benefits next year. The increased to be 262 00:14:07,520 --> 00:14:10,600 Speaker 1: announced today is expected to be the highest and forty years, 263 00:14:10,720 --> 00:14:14,480 Speaker 1: maybe up to nine. In the NHL, the Bruins beat 264 00:14:14,520 --> 00:14:18,560 Speaker 1: the Capitols five to Baseball's n l DS playoffs. The 265 00:14:18,600 --> 00:14:21,400 Speaker 1: Braves beat the Phillies three zip to even their series 266 00:14:21,440 --> 00:14:24,080 Speaker 1: at a game of piece. The Padres beat the Dodgers 267 00:14:24,120 --> 00:14:27,440 Speaker 1: five three to tie their series at one. One. Global 268 00:14:27,440 --> 00:14:29,680 Speaker 1: News twenty four hours a day on air and on 269 00:14:29,760 --> 00:14:33,840 Speaker 1: Bloomberg Quicktake, powered by more than journalist and analysts, are 270 00:14:33,840 --> 00:14:37,840 Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg, Nathan. 271 00:14:37,880 --> 00:14:40,520 Speaker 1: Thanks Michael. It's five nineteen on Wall Street Life from 272 00:14:40,520 --> 00:14:44,480 Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak, and 273 00:14:44,520 --> 00:14:47,920 Speaker 1: it's not just a boost in social security benefits. Were 274 00:14:47,960 --> 00:14:49,840 Speaker 1: waiting to hear about how much of a boost are 275 00:14:49,840 --> 00:14:53,600 Speaker 1: we gonna get in inflation when the Consumer Price Index 276 00:14:53,680 --> 00:14:56,920 Speaker 1: comes out in just about three hours or so. Joining 277 00:14:56,960 --> 00:15:00,560 Speaker 1: us now, Sarah House, senior economist at well Is Fargo. 278 00:15:01,040 --> 00:15:03,280 Speaker 1: Great to speak with you. Sarah, And as we look 279 00:15:03,320 --> 00:15:06,440 Speaker 1: at the ECO screen on the Bloomberg terminal, pretty interesting 280 00:15:06,480 --> 00:15:11,640 Speaker 1: consensus here from economists that the headline inflation numbers expected 281 00:15:11,680 --> 00:15:15,000 Speaker 1: to take down two tenths percent while the core is 282 00:15:15,040 --> 00:15:20,720 Speaker 1: expected to take up two tenths percent. What's your view. Yeah, 283 00:15:20,760 --> 00:15:23,040 Speaker 1: so we're looking for a zero point two percent gain 284 00:15:23,120 --> 00:15:25,680 Speaker 1: on the headline, so that's in line with the consensus, 285 00:15:25,720 --> 00:15:27,960 Speaker 1: and that will help bring the year rear rate down 286 00:15:28,000 --> 00:15:30,880 Speaker 1: from eight three to eight one. And like we've seen 287 00:15:30,920 --> 00:15:33,480 Speaker 1: the past few months of big factor driving that is 288 00:15:33,840 --> 00:15:36,200 Speaker 1: lower gasoline prices, and we did see them take up 289 00:15:36,200 --> 00:15:37,920 Speaker 1: towards the end of the month, but for the month 290 00:15:37,920 --> 00:15:41,000 Speaker 1: on average they were down. But when we step back 291 00:15:41,040 --> 00:15:44,880 Speaker 1: from energy prices, we're still seeing very strong momentum in 292 00:15:44,960 --> 00:15:47,720 Speaker 1: the core component. So we're looking for a slightly strong 293 00:15:47,840 --> 00:15:50,880 Speaker 1: for gain there and what consensus is expecting so a 294 00:15:51,000 --> 00:15:54,240 Speaker 1: zero point five percent monthly increase, which would actually push 295 00:15:54,280 --> 00:15:57,280 Speaker 1: the year rear rate on core CPI up to a 296 00:15:57,320 --> 00:16:00,520 Speaker 1: fresh cycle hive at six point six percent. Now it 297 00:16:00,600 --> 00:16:03,160 Speaker 1: sounds like we keep the FED on course for the 298 00:16:03,320 --> 00:16:06,000 Speaker 1: seventy five basis point rate hike that a lot of 299 00:16:06,000 --> 00:16:08,960 Speaker 1: FED speakers have said that they are more than certainly 300 00:16:09,000 --> 00:16:13,200 Speaker 1: open to I think, so I think after the minutes yesterday, 301 00:16:13,280 --> 00:16:17,600 Speaker 1: the bar is even higher for stepping down to a 302 00:16:17,640 --> 00:16:19,960 Speaker 1: fifty basis point increase. So we're still looking for a 303 00:16:20,000 --> 00:16:22,760 Speaker 1: seventy five basis point increase even if you did have 304 00:16:22,920 --> 00:16:26,720 Speaker 1: at somewhat of of a downside miss. And I think 305 00:16:26,920 --> 00:16:29,400 Speaker 1: when you look at the core, there are some signs 306 00:16:29,400 --> 00:16:32,920 Speaker 1: of softening, particularly in goods prices, but that services component 307 00:16:33,000 --> 00:16:36,600 Speaker 1: is much slower, slower moving, and is looking like that's 308 00:16:36,600 --> 00:16:39,240 Speaker 1: going to remain fair fairly strong over the next few months, 309 00:16:39,280 --> 00:16:40,320 Speaker 1: and so I think the Fed is going to be 310 00:16:40,360 --> 00:16:43,920 Speaker 1: pretty hesitant to read too much into a softer print 311 00:16:43,960 --> 00:16:46,080 Speaker 1: to day, so they want to see a spate of 312 00:16:46,440 --> 00:16:48,960 Speaker 1: lower readings, which I just I think it's going to 313 00:16:49,040 --> 00:16:51,560 Speaker 1: take time to manifest. How much time do you think 314 00:16:51,560 --> 00:16:55,040 Speaker 1: it will take for higher interest rates to have some 315 00:16:55,120 --> 00:16:59,880 Speaker 1: kind of impact on the services component of inflation. Well 316 00:17:00,040 --> 00:17:02,440 Speaker 1: starting to see it now certainly in the housing market, 317 00:17:02,760 --> 00:17:05,440 Speaker 1: but I think that's going to take time to feed 318 00:17:05,480 --> 00:17:09,560 Speaker 1: into the actual CPI. So the owner's equivalent rent measure 319 00:17:09,720 --> 00:17:12,040 Speaker 1: lags what we're seeing in the housing market by almost 320 00:17:12,080 --> 00:17:15,200 Speaker 1: fifteen months. The rental portion of that it's a little 321 00:17:15,359 --> 00:17:18,000 Speaker 1: it's a little bit shorter, and we have seen rent 322 00:17:18,040 --> 00:17:21,240 Speaker 1: slow down quite noticeably since the start be here if 323 00:17:21,240 --> 00:17:23,480 Speaker 1: you're looking at private sector measures. So I think some 324 00:17:23,600 --> 00:17:27,440 Speaker 1: moderation in the services side is coming. Um. It will 325 00:17:27,480 --> 00:17:29,159 Speaker 1: be helped by the fact that we are seeing at 326 00:17:29,240 --> 00:17:32,240 Speaker 1: least a slight slow down in wages. We're gonna get 327 00:17:32,240 --> 00:17:35,240 Speaker 1: some help from just some some methodology quirks from things 328 00:17:35,280 --> 00:17:38,440 Speaker 1: like health insurance here in October. So I think we're 329 00:17:38,480 --> 00:17:41,120 Speaker 1: getting there. But on the services side, it's it's only 330 00:17:41,119 --> 00:17:43,600 Speaker 1: going to be incremental improvement. I think where you could 331 00:17:43,600 --> 00:17:47,359 Speaker 1: see more meaningful improvement and inflation over the next couple 332 00:17:47,359 --> 00:17:50,000 Speaker 1: of months is likely to be core good. Of course, 333 00:17:50,040 --> 00:17:53,359 Speaker 1: we did get a higher than expected producer price index yesterday. 334 00:17:53,400 --> 00:17:55,120 Speaker 1: Does that have any read through into what we could 335 00:17:55,119 --> 00:17:58,159 Speaker 1: get this morning? Well, I think it's consistent with this 336 00:17:58,280 --> 00:18:01,720 Speaker 1: general story that serves those inflations. Still where you're seeing 337 00:18:01,760 --> 00:18:04,840 Speaker 1: the general strength, and we certainly saw that in that 338 00:18:04,960 --> 00:18:08,840 Speaker 1: other services component. But where we did see softness was 339 00:18:08,960 --> 00:18:12,240 Speaker 1: in things like transportation warehousing costs, so that was down 340 00:18:12,280 --> 00:18:16,159 Speaker 1: for a third straight month. We also saw trade services, 341 00:18:16,200 --> 00:18:19,760 Speaker 1: so that's a gauge of retail and wholesale margins that 342 00:18:19,920 --> 00:18:22,240 Speaker 1: had the smallest increase we've seen in months. So I 343 00:18:22,240 --> 00:18:26,679 Speaker 1: think we are seeing disinflationary pressure coming from the good sector, 344 00:18:26,760 --> 00:18:29,959 Speaker 1: but still strength out of the services side. We got 345 00:18:29,960 --> 00:18:32,520 Speaker 1: about a minute left here, Sarah. We've heard a number 346 00:18:32,560 --> 00:18:35,359 Speaker 1: of FED speakers say that there's going to come a 347 00:18:35,440 --> 00:18:38,920 Speaker 1: point where we need to sort of wait and see 348 00:18:38,960 --> 00:18:42,600 Speaker 1: what kind of impact higher interest rates is having. When 349 00:18:42,640 --> 00:18:46,520 Speaker 1: do you think the FED gets to that point? So 350 00:18:46,600 --> 00:18:48,960 Speaker 1: we think that the FED is going to remain pretty 351 00:18:48,960 --> 00:18:51,600 Speaker 1: aggressive here through this year or so, looking for a 352 00:18:51,640 --> 00:18:54,800 Speaker 1: SETID five basis point I can November and then stepping 353 00:18:54,800 --> 00:18:58,199 Speaker 1: down to fifty in December, which is still historically strong. 354 00:18:58,760 --> 00:19:00,960 Speaker 1: But we look at where of the side funds rate 355 00:19:01,040 --> 00:19:04,600 Speaker 1: is likely to be a positive versus the core PC. 356 00:19:04,920 --> 00:19:08,480 Speaker 1: That's probably more of a fourth quarter even December event. 357 00:19:08,600 --> 00:19:10,919 Speaker 1: So that's what's employment our view that we're still going 358 00:19:10,960 --> 00:19:13,600 Speaker 1: to see some pretty strong rate hikes from the side 359 00:19:13,640 --> 00:19:16,119 Speaker 1: over the next two meetings. Great to speak with you 360 00:19:16,160 --> 00:19:19,879 Speaker 1: this morning, Sarah. Thanks for this. Sarah House, senior economist 361 00:19:19,960 --> 00:19:24,360 Speaker 1: at Wells Fargo, calling for month over month core inflation 362 00:19:24,400 --> 00:19:28,280 Speaker 1: to rise to a half percent. That's slightly higher than 363 00:19:28,280 --> 00:19:31,159 Speaker 1: the consensus in the Bloomberg survey as far as the 364 00:19:31,240 --> 00:19:34,280 Speaker 1: year over year numbers or consensus calls for eight point 365 00:19:34,320 --> 00:19:38,520 Speaker 1: one percent on the headline level six point five h 366 00:19:38,640 --> 00:19:41,560 Speaker 1: for Core cp I, we get the official numbers eight 367 00:19:41,640 --> 00:19:44,399 Speaker 1: thirty am. Wall Street Time. We will break them down 368 00:19:44,440 --> 00:19:48,919 Speaker 1: for you completely here on Bloomberg Radio. SMP futures right 369 00:19:49,000 --> 00:19:51,920 Speaker 1: now ahead of all that up a half percent of 370 00:19:52,080 --> 00:19:54,920 Speaker 1: nineteen points. Staff futures up a hundred fifty two points, 371 00:19:54,960 --> 00:19:58,080 Speaker 1: and NASTAC futures are higher by thirty six points ten 372 00:19:58,160 --> 00:20:01,720 Speaker 1: your treasury little change the yield three point eight nine percent. 373 00:20:01,800 --> 00:20:08,920 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh weather, rainy, 374 00:20:09,000 --> 00:20:12,639 Speaker 1: breezy today behind your seventy degrees upper sixties into the 375 00:20:12,720 --> 00:20:17,520 Speaker 1: weekend with mostly sunny skies on Saturday, increasing clouds on Sunday. 376 00:20:17,640 --> 00:20:23,600 Speaker 1: Right now sixty two in Central Park, broadcasting live from 377 00:20:23,600 --> 00:20:27,440 Speaker 1: the Bloomberg Interactive Broker Studio in New York. Bloomberg E 378 00:20:27,520 --> 00:20:31,440 Speaker 1: living free to Washington, d C, Bloomberg nine to Boston, 379 00:20:31,560 --> 00:20:34,800 Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg N 380 00:20:35,040 --> 00:20:37,880 Speaker 1: sixty to the country. Sirius XM to the one nine 381 00:20:37,920 --> 00:20:40,800 Speaker 1: team and around the globe, the Bloomberg Business at and 382 00:20:40,880 --> 00:20:50,400 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak and it's 383 00:20:50,400 --> 00:20:52,879 Speaker 1: my thirty on Wall Street. Good morning. I'm Nathan Hagar 384 00:20:53,440 --> 00:20:55,760 Speaker 1: and I'm fair in Moscow. We are just about four 385 00:20:55,800 --> 00:20:58,400 Speaker 1: hours away from the open of US trading. Let's get 386 00:20:58,440 --> 00:20:59,879 Speaker 1: you up to date on the news you need to 387 00:21:00,040 --> 00:21:02,800 Speaker 1: know at this hour. US features are higher headed today's 388 00:21:02,840 --> 00:21:06,960 Speaker 1: inflation report. The SNP five has declined for six straight days, 389 00:21:06,960 --> 00:21:09,159 Speaker 1: and stocks entered the session at their lowest levels in 390 00:21:09,200 --> 00:21:13,640 Speaker 1: November of Economist Hugh Johnson tells US it's unclear if 391 00:21:13,680 --> 00:21:16,400 Speaker 1: we're nearing a bottom. If we get into a recession 392 00:21:16,400 --> 00:21:18,360 Speaker 1: in the first and second quarter, which I think we're 393 00:21:18,359 --> 00:21:20,920 Speaker 1: gonna do, that's gonna be set up the time in 394 00:21:21,040 --> 00:21:23,119 Speaker 1: which we're gonna start to get better news or news 395 00:21:23,200 --> 00:21:25,720 Speaker 1: that the recession is going to end and the recovery 396 00:21:25,800 --> 00:21:27,800 Speaker 1: is going to begin. Maybe news that the Federal Reserve 397 00:21:27,880 --> 00:21:29,359 Speaker 1: is going to take its put off the brake, and 398 00:21:29,440 --> 00:21:32,600 Speaker 1: under those conditions you'll get a turn in the stock market. 399 00:21:33,040 --> 00:21:36,240 Speaker 1: And economist Hugh Johnson says he anticipates a hard landing 400 00:21:36,280 --> 00:21:38,560 Speaker 1: at a US recession. That's if the Fed holds to 401 00:21:38,640 --> 00:21:41,120 Speaker 1: its current rate hike path. Well, the Fed does appear 402 00:21:41,160 --> 00:21:43,600 Speaker 1: to be sticking to that path, Karen Minneapolis President and 403 00:21:43,680 --> 00:21:46,320 Speaker 1: Neil cash Car signaling a lot has to change before 404 00:21:46,359 --> 00:21:49,040 Speaker 1: the central Bank changes course. The bar for such a 405 00:21:49,160 --> 00:21:51,960 Speaker 1: change is very high, because we have not yet seen 406 00:21:52,040 --> 00:21:55,639 Speaker 1: much evidence that the underlying inflation, the services inflation, the 407 00:21:55,640 --> 00:21:58,760 Speaker 1: wage inflation, the labor market, that that is yet softening, 408 00:21:58,800 --> 00:22:01,000 Speaker 1: and so I think we're quite a ways away from 409 00:22:01,000 --> 00:22:04,080 Speaker 1: anything like that. Minneapolis Fed President Neil cash Carry made 410 00:22:04,080 --> 00:22:06,800 Speaker 1: the comments at a town hall in Wisconsin September. CPI 411 00:22:06,920 --> 00:22:09,480 Speaker 1: readings do out at eight thirty am Wall Street Time. 412 00:22:09,600 --> 00:22:13,840 Speaker 1: Stick with Bloomberg Radio and television for complete coverage all morning. Well, 413 00:22:13,840 --> 00:22:16,840 Speaker 1: another recession called now Nathan, this time from the CEO 414 00:22:16,960 --> 00:22:19,880 Speaker 1: of Bank of America, Brian Moynahan, says his bank only 415 00:22:19,920 --> 00:22:23,960 Speaker 1: expects a shallow contraction in the US, citing strong US consumers. 416 00:22:24,200 --> 00:22:27,680 Speaker 1: The consumers basically have more money and accounts by multiples 417 00:22:27,720 --> 00:22:30,240 Speaker 1: and it did pre pandemic. They're earning more money, their 418 00:22:30,400 --> 00:22:32,760 Speaker 1: credit qualities as high as ever been. They have more 419 00:22:32,840 --> 00:22:36,480 Speaker 1: excess capacity on their cabarring than they've had de delinquencies 420 00:22:36,520 --> 00:22:39,439 Speaker 1: are very low. Brian Monahan spoke at the Institute of 421 00:22:39,480 --> 00:22:42,560 Speaker 1: International Finance meeting in Washington State. Tuned for more from 422 00:22:42,640 --> 00:22:45,000 Speaker 1: Moynahan on Monday when we speak live with the Bank 423 00:22:45,000 --> 00:22:48,359 Speaker 1: of America's CEO on Bloomberg Radio and Television. On the 424 00:22:48,359 --> 00:22:51,440 Speaker 1: other hand, careing the international energy agencies warning the global 425 00:22:51,480 --> 00:22:54,480 Speaker 1: economy could enter a recession. That's after OPEC's decision to 426 00:22:54,600 --> 00:22:58,600 Speaker 1: sharply cut oil production prends to push crude heiss prior higher, 427 00:22:58,640 --> 00:23:00,399 Speaker 1: I should say, and they're moving that a now with 428 00:23:00,480 --> 00:23:03,120 Speaker 1: nimex screwed up two tenths percent at eighty seven forty four, 429 00:23:03,119 --> 00:23:06,240 Speaker 1: A barrel brent is hired by three tenths at seventy three. 430 00:23:06,640 --> 00:23:09,800 Speaker 1: And in Washington today, Nathan President Biden finds himself walking 431 00:23:09,840 --> 00:23:12,520 Speaker 1: a tide robe over the world's demand for oil and gas. 432 00:23:12,600 --> 00:23:15,240 Speaker 1: The White House is considering a price camp on Russian oil, 433 00:23:15,280 --> 00:23:19,000 Speaker 1: but sources tell Bloomberg administration officials are worried Russia may 434 00:23:19,040 --> 00:23:23,119 Speaker 1: retaliate by cutting offs. Applause. Russian President Vladimir Putin has 435 00:23:23,160 --> 00:23:26,680 Speaker 1: said he won't sell oil to any nation that participates 436 00:23:26,680 --> 00:23:30,200 Speaker 1: in the price camp plan. Straight ahead, your latest local headlines, 437 00:23:30,280 --> 00:23:38,160 Speaker 1: plus a check of sports, and this is Bloomberg. Thanks 438 00:23:38,160 --> 00:23:41,080 Speaker 1: Scaring on Wall Street, sixty two degrees in Central Park, 439 00:23:41,160 --> 00:23:43,720 Speaker 1: bad accident on Ruthree. Sacacus will say you about it. 440 00:23:43,720 --> 00:23:45,840 Speaker 1: In Traffic First Michael Barr with what else is going 441 00:23:45,840 --> 00:23:48,000 Speaker 1: on in New York and around the world. Michael Nathan, 442 00:23:48,040 --> 00:23:50,560 Speaker 1: thank you very much. A federal appeals court allowed New 443 00:23:50,640 --> 00:23:53,480 Speaker 1: York to continue in forcing its new gun law as 444 00:23:53,520 --> 00:23:56,920 Speaker 1: it considers a lower court ruling that would block key provisions. 445 00:23:57,280 --> 00:23:59,520 Speaker 1: The decision from the Second U. S. Circuit Court of 446 00:23:59,560 --> 00:24:03,360 Speaker 1: Appeals came after a federal district judge in Syracuse declared 447 00:24:03,440 --> 00:24:08,040 Speaker 1: multiple portions of the law unconstitutional. Attorney General Letitia James 448 00:24:08,040 --> 00:24:10,680 Speaker 1: says she would please the law would stay in effect. 449 00:24:11,119 --> 00:24:14,160 Speaker 1: Abortion providers in New York State are seeing an influx 450 00:24:14,160 --> 00:24:17,320 Speaker 1: of pregnant women from other states. Governor Kathy Hokel says 451 00:24:17,359 --> 00:24:19,360 Speaker 1: the state is giving more money in order to keep 452 00:24:19,440 --> 00:24:23,080 Speaker 1: up with financial demand. Day. I'm proud to announce thirteen 453 00:24:23,160 --> 00:24:26,760 Speaker 1: point four million dollars of grants going to abortion providers, 454 00:24:29,880 --> 00:24:34,760 Speaker 1: fifty fifty new organizations, and collectively they operate a hundred 455 00:24:34,840 --> 00:24:38,520 Speaker 1: twenty seven clinics together. Governor Ocle says the state of 456 00:24:38,520 --> 00:24:41,320 Speaker 1: New York will protect a woman's right to a safe 457 00:24:41,320 --> 00:24:44,960 Speaker 1: and legal abortion. The House elect committee investigating the January 458 00:24:45,040 --> 00:24:48,439 Speaker 1: sixth attack on the Capitol will hold its final hearing today. 459 00:24:48,800 --> 00:24:51,720 Speaker 1: Since the last hearing, multiple members of Trump's cabinet have 460 00:24:51,760 --> 00:24:56,040 Speaker 1: testified behind closed doors. Ukraine's capital region has been struck 461 00:24:56,080 --> 00:25:00,640 Speaker 1: by Iranian made kama kaze drones. Kiev's regional governors said 462 00:25:00,640 --> 00:25:04,160 Speaker 1: the strike early today occurred in an area around the capitol. 463 00:25:04,440 --> 00:25:07,800 Speaker 1: Attacks on Kiev had become rare before. The capital city 464 00:25:07,840 --> 00:25:12,000 Speaker 1: was hit at least four times during Monday's Russian strikes. Meanwhile, 465 00:25:12,080 --> 00:25:15,960 Speaker 1: Natal defense ministers are meeting again in Brussels today. They're 466 00:25:15,960 --> 00:25:18,720 Speaker 1: gathered to discuss their ongoing a to Ukraine in its 467 00:25:18,760 --> 00:25:22,720 Speaker 1: fight against Russia's invasion. Defense Secretary Lloyd Austin is saying 468 00:25:22,760 --> 00:25:25,880 Speaker 1: they're committed to the long haul. We're gonna stay with 469 00:25:26,400 --> 00:25:29,200 Speaker 1: our efforts to support Ukraine for as long as it takes, 470 00:25:29,240 --> 00:25:33,119 Speaker 1: Secretary Lloyd Hall. A Connecticut jury decided that Alex Jones 471 00:25:33,200 --> 00:25:36,160 Speaker 1: must pay nine hundred sixty five million dollars in damages 472 00:25:36,200 --> 00:25:40,040 Speaker 1: to families and an FBI agent ravaged by the inful 473 00:25:40,080 --> 00:25:43,760 Speaker 1: Wars Founders lie at the Sandy Hook Elementary School massacre 474 00:25:43,880 --> 00:25:46,800 Speaker 1: was a hoax. Global News twenty four hours a day 475 00:25:46,880 --> 00:25:50,000 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 476 00:25:50,040 --> 00:25:52,280 Speaker 1: twenty seven hundred journalists and analysts and more than a 477 00:25:52,320 --> 00:25:55,600 Speaker 1: hundred twenty countries. Michael bar this is Bloomberg. Nathan, thanks 478 00:26:00,760 --> 00:26:02,720 Speaker 1: thirty five on Wall Street time for the Bloomberg Sports 479 00:26:02,760 --> 00:26:05,679 Speaker 1: Update with John Stenshower. All right, Nathan, Yankees and Guardians 480 00:26:05,720 --> 00:26:08,200 Speaker 1: had last night off schedule to play game to tonight 481 00:26:08,240 --> 00:26:10,480 Speaker 1: at the stadium and have tomorrow off. Yanks, We're gonna 482 00:26:10,520 --> 00:26:12,600 Speaker 1: stick with a three man rotation, but they can't play 483 00:26:12,640 --> 00:26:16,000 Speaker 1: tonight through to the expected rain and play games to tomorrow. 484 00:26:16,040 --> 00:26:18,040 Speaker 1: They would have to go to a court starter if 485 00:26:18,040 --> 00:26:20,879 Speaker 1: the series is extended. Yanks, of course won the opener 486 00:26:21,160 --> 00:26:23,879 Speaker 1: game two starters, you know tonight or tomorrow. Nestor Cortez 487 00:26:23,920 --> 00:26:26,760 Speaker 1: and Cleveland seen Bieber and the nld S Phillies Embraves 488 00:26:26,760 --> 00:26:29,040 Speaker 1: sat through a three hour rain delay in Atlanta, then 489 00:26:29,080 --> 00:26:32,240 Speaker 1: scoreless until the sixth inning. Atlanta scored three times and 490 00:26:32,320 --> 00:26:35,000 Speaker 1: won three nothing only seven hits in the game. It's 491 00:26:35,040 --> 00:26:37,040 Speaker 1: the Phil's first loss of the postseason. In l A, 492 00:26:37,160 --> 00:26:40,000 Speaker 1: San Diego got home runs for Manning China. Jake Croninworth 493 00:26:40,280 --> 00:26:42,880 Speaker 1: Padres beat the Dodgers five to three, l A three 494 00:26:42,920 --> 00:26:45,159 Speaker 1: solo home runs and the lost. Both these series A 495 00:26:45,280 --> 00:26:48,280 Speaker 1: tied of one preseason NBA Nicks lost in Indiana. R J. 496 00:26:48,359 --> 00:26:51,159 Speaker 1: Barrett scorts twenty one points twenty three for Kyrie Irving 497 00:26:51,200 --> 00:26:54,000 Speaker 1: and the next win at Milwaukee. The Islanders beginning season 498 00:26:54,320 --> 00:26:57,159 Speaker 1: tonight they host Florida. The Devil's play game one at 499 00:26:57,200 --> 00:26:59,760 Speaker 1: Philadelphia and the one of no Rangers at a road 500 00:26:59,760 --> 00:27:03,320 Speaker 1: trip tonight in Minnesota. Jets on Sunday take their two 501 00:27:03,359 --> 00:27:06,119 Speaker 1: game went in straight to Green Bay, facing Aaron Rodgers. 502 00:27:06,240 --> 00:27:08,879 Speaker 1: Rob Sala, the coach of the improved Jet, that you 503 00:27:08,960 --> 00:27:11,000 Speaker 1: think we're better on the world year ago obviously, but 504 00:27:12,119 --> 00:27:15,359 Speaker 1: you know it still comes back to us, and you 505 00:27:15,400 --> 00:27:17,000 Speaker 1: know it's it's exciting just to be able to go 506 00:27:17,000 --> 00:27:19,359 Speaker 1: out there and play a championship team, which is what 507 00:27:19,880 --> 00:27:21,680 Speaker 1: which is what they are, championship team, Hall of Fame 508 00:27:21,760 --> 00:27:25,800 Speaker 1: quarterback um. But it still comes back to us and 509 00:27:25,800 --> 00:27:28,320 Speaker 1: and performing with the best. Barge Lady Packers last Sunday 510 00:27:28,320 --> 00:27:30,240 Speaker 1: in London, who that big lad and lots of the 511 00:27:30,280 --> 00:27:32,520 Speaker 1: giants who are back home now. They're going for three 512 00:27:32,600 --> 00:27:35,120 Speaker 1: wins in a row. Sunday taking on Baltimore. Week six 513 00:27:35,240 --> 00:27:39,200 Speaker 1: begins tonight. It's Washington at Chicago. John actually are Bloomberg Sports. 514 00:27:39,200 --> 00:27:41,640 Speaker 1: Thank you, Thank you, John seven on All Street. Time 515 00:27:41,640 --> 00:27:44,440 Speaker 1: for the Tri State Business to report with Bloomberg Scott Carr. 516 00:27:44,760 --> 00:27:46,960 Speaker 1: While the rest of the rental market has begun to 517 00:27:47,080 --> 00:27:50,680 Speaker 1: cool off, New York's most expensive apartments got even costlier 518 00:27:50,720 --> 00:27:54,080 Speaker 1: in September. The median rent on new leases in September 519 00:27:54,119 --> 00:27:57,200 Speaker 1: it was four thousand, twenty two dollars, down nearly two 520 00:27:57,200 --> 00:28:00,280 Speaker 1: percent from August and down three percent from the record 521 00:28:00,359 --> 00:28:03,320 Speaker 1: high set in July. A report from New York State 522 00:28:03,359 --> 00:28:06,600 Speaker 1: Comptroller Thomas and Napoli shows New York City's blooming tech 523 00:28:06,680 --> 00:28:10,919 Speaker 1: industry helped offset job losses and other sectors during the pandemic. 524 00:28:11,200 --> 00:28:13,800 Speaker 1: The report says the tech industry saw growth of nine 525 00:28:13,840 --> 00:28:18,879 Speaker 1: point four percent, in the largest growth since largely because 526 00:28:18,920 --> 00:28:22,399 Speaker 1: people became more reliant on technology during the lockdown and 527 00:28:22,560 --> 00:28:25,679 Speaker 1: working from home i r S. Tax data analyzed by 528 00:28:25,680 --> 00:28:28,600 Speaker 1: the Tax Foundation shows New Jersey is one of twenty 529 00:28:28,640 --> 00:28:31,480 Speaker 1: two states that saw a net loss of adjusted gross 530 00:28:31,520 --> 00:28:35,320 Speaker 1: income between twenty nineteen and twenty, including a net loss 531 00:28:35,359 --> 00:28:38,760 Speaker 1: of more than eighteen hundred taxpayers. That's the Bloomberg Tri 532 00:28:38,880 --> 00:28:42,520 Speaker 1: State Business Report. I'm Scott Carr. Thanks Scott eight on 533 00:28:42,560 --> 00:28:44,560 Speaker 1: Wall Street. Bloomberg Radio is on the air from San 534 00:28:44,600 --> 00:28:47,360 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 535 00:28:47,400 --> 00:28:49,040 Speaker 1: in with our global news team for some of the 536 00:28:49,080 --> 00:28:52,200 Speaker 1: top stories heard on our three hundred affiliate radio stations 537 00:28:52,200 --> 00:28:58,240 Speaker 1: around the world. I'm Steve Poscan Chen Chen Wins in 538 00:28:58,320 --> 00:29:02,520 Speaker 1: New York. We're talking about how Manhattan's priceest departments keep 539 00:29:02,560 --> 00:29:07,080 Speaker 1: getting costlier. Um Corney Donahoe on wh S and Loulsville Divide. 540 00:29:07,080 --> 00:29:09,800 Speaker 1: An administration is said to be considering a complete ban 541 00:29:09,960 --> 00:29:13,320 Speaker 1: on Russian aluminum. I'm Ginas Servetti in for w c 542 00:29:13,440 --> 00:29:16,280 Speaker 1: CEO in Minneapolis. I'm reporting that the city comes in 543 00:29:16,360 --> 00:29:18,840 Speaker 1: forty two on a list of the two hundred best 544 00:29:18,840 --> 00:29:21,960 Speaker 1: cities for remote workers. I'm Caroline heap Go on bloom 545 00:29:21,960 --> 00:29:24,959 Speaker 1: Big Dab Digital Media, blandon webbit Puting on the Government 546 00:29:25,040 --> 00:29:27,800 Speaker 1: and the Bank of England at odds with the Governor 547 00:29:27,960 --> 00:29:30,520 Speaker 1: sticking to the Friday deadline for the end of the 548 00:29:30,560 --> 00:29:35,400 Speaker 1: emergency bomb buying program. I'm Scott Carr. I'm KFBK and Sacramento. 549 00:29:35,800 --> 00:29:39,320 Speaker 1: I'm reporting a Microsoft's new app helping workers and managers 550 00:29:39,400 --> 00:29:42,280 Speaker 1: better balance life in the office and working from home. 551 00:29:43,080 --> 00:29:45,280 Speaker 1: And those are some of the stories our twenty undred 552 00:29:45,320 --> 00:29:48,320 Speaker 1: Bloomberg journalists and analysts working on this morning around the world. 553 00:29:48,400 --> 00:29:52,120 Speaker 1: It's thirty nine on Wall Street. The following commentary is 554 00:29:52,160 --> 00:29:56,840 Speaker 1: from Bloomberg Opinion. Feeling pinched, Sometimes you're four. One cake 555 00:29:56,880 --> 00:30:00,360 Speaker 1: can help. I'm Alexis Leean. This a calumnist for Bloomberg Opinion. 556 00:30:01,000 --> 00:30:05,280 Speaker 1: With rents, food prices, and childcare costs all rising, coming 557 00:30:05,360 --> 00:30:08,320 Speaker 1: up with the cash to cover unexpected expenses is becoming 558 00:30:08,360 --> 00:30:11,520 Speaker 1: more difficult. When interest rates were low, borring money to 559 00:30:11,600 --> 00:30:14,480 Speaker 1: make up for a temporary shortfall was relatively easy and 560 00:30:14,560 --> 00:30:18,000 Speaker 1: didn't come at such a price. That's changed. Credit card 561 00:30:18,080 --> 00:30:21,480 Speaker 1: rates are approaching twenty percent, personal loan rates are north 562 00:30:21,520 --> 00:30:24,239 Speaker 1: of ten percent, and home equity lines of credit can 563 00:30:24,280 --> 00:30:27,720 Speaker 1: be hard to come by for some people. Reducing retirement 564 00:30:27,840 --> 00:30:31,560 Speaker 1: contributions temporarily or even borrowing from a four O one 565 00:30:31,640 --> 00:30:35,160 Speaker 1: K maybe smarter than piling up high interests debt, but 566 00:30:35,280 --> 00:30:37,480 Speaker 1: you have to do it the right way. If you're 567 00:30:37,480 --> 00:30:40,560 Speaker 1: going to reduce your contribution amount, limit how many months 568 00:30:40,640 --> 00:30:43,080 Speaker 1: you plan to do it for, and use future razors 569 00:30:43,160 --> 00:30:45,640 Speaker 1: or bonuses to get back on track. If you have 570 00:30:45,840 --> 00:30:48,120 Speaker 1: to borrow from your retirement account, make sure you know 571 00:30:48,240 --> 00:30:51,480 Speaker 1: the rules around repayment. Ultimately, any tweaks to a four 572 00:30:51,600 --> 00:30:53,880 Speaker 1: one K plan should really be thought of as a 573 00:30:53,920 --> 00:30:57,800 Speaker 1: stop gap fixed. I'm lexis Leondest. For more opinion, please 574 00:30:57,800 --> 00:31:00,640 Speaker 1: go to Bloomberg dot com, slash opinion or opi and 575 00:31:00,720 --> 00:31:04,120 Speaker 1: go on the Bloomberg terminal. This has been Bloomberg opinion. 576 00:31:04,360 --> 00:31:07,440 Speaker 1: You can hear Bloomberg opinion editorials every weekday at this time. 577 00:31:07,560 --> 00:31:10,880 Speaker 1: Terminal customers can read more at O, P I n GO. 578 00:31:11,560 --> 00:31:15,520 Speaker 1: Futures are moving higher, so our crude prices about prices 579 00:31:15,800 --> 00:31:19,440 Speaker 1: on a stark warning from the International Energy Agency. This 580 00:31:19,680 --> 00:31:24,720 Speaker 1: is Bloomberg Bloomberg eleven three oh Weather. Rainy, breezy today 581 00:31:24,760 --> 00:31:27,080 Speaker 1: with a high near seventy degrees, mostly Sunday Tomorrow. Up 582 00:31:27,080 --> 00:31:29,520 Speaker 1: for sixties will be in the sunshine Saturday as well. 583 00:31:29,640 --> 00:31:33,160 Speaker 1: Up for sixties. Clouds increase on Sunday. Right now sixty 584 00:31:33,240 --> 00:31:39,760 Speaker 1: two in Central Park markets, headlines and breaking news twenty 585 00:31:39,800 --> 00:31:42,640 Speaker 1: four hours a day. At Bloomberg dot com, the Bloomberg 586 00:31:42,680 --> 00:31:45,640 Speaker 1: Business at and at Bloomberg Quick Tape. This is a 587 00:31:45,680 --> 00:31:55,120 Speaker 1: Bloomberg business clash, and I'm Karen Moscow. Equity is extending 588 00:31:55,160 --> 00:31:59,040 Speaker 1: to clients as caution prevails before highly anticipated US inflation 589 00:31:59,160 --> 00:32:01,680 Speaker 1: data later today. The dollar edging higher. We checked the 590 00:32:01,720 --> 00:32:05,000 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg. 591 00:32:05,120 --> 00:32:07,520 Speaker 1: Right now, S and P futures are up about twenty 592 00:32:07,560 --> 00:32:09,520 Speaker 1: points and down features up a hundred fifty four and 593 00:32:09,600 --> 00:32:13,320 Speaker 1: nasday futures up thirties six then ten. Your treasury, that'll change, 594 00:32:13,360 --> 00:32:15,440 Speaker 1: you'll three point eight nine percent. They yield on the 595 00:32:15,480 --> 00:32:19,000 Speaker 1: two year four point to nine percent. NIMEX screwed oil 596 00:32:19,120 --> 00:32:21,440 Speaker 1: is about half percent, or forty cents at eighty seven 597 00:32:21,480 --> 00:32:24,320 Speaker 1: dollars sixty seven cents a barrel. Comic school is up 598 00:32:24,360 --> 00:32:26,800 Speaker 1: three ten percent or five dollars ten cents a sixteen 599 00:32:26,840 --> 00:32:30,120 Speaker 1: eighty two sixty announced. The euro point at nine seven 600 00:32:30,200 --> 00:32:32,560 Speaker 1: three five against the dollar, British pound one point one 601 00:32:32,640 --> 00:32:34,840 Speaker 1: one four six and the yen one forty six point 602 00:32:34,920 --> 00:32:38,120 Speaker 1: seven eight. Bitcoin is at nineteen thousand dollars, down eight 603 00:32:38,160 --> 00:32:40,440 Speaker 1: tens of a percent, and that's a Bloomberg Business Flash. 604 00:32:40,480 --> 00:32:42,480 Speaker 1: Now here's Michael Barr with more on what's going on 605 00:32:42,600 --> 00:32:44,960 Speaker 1: around the world. Michael Karen, thank you very much. The 606 00:32:45,040 --> 00:32:48,040 Speaker 1: American public will get an opportunity to learn more about 607 00:32:48,040 --> 00:32:51,480 Speaker 1: the attack on the US Capitol later today. This is 608 00:32:51,600 --> 00:32:54,120 Speaker 1: expected to be the final hearing, as the House elect 609 00:32:54,160 --> 00:32:58,760 Speaker 1: Committee investigating January six returns for another hearing today, it's 610 00:32:58,800 --> 00:33:02,080 Speaker 1: first since July uh The committee is expected to present 611 00:33:02,200 --> 00:33:05,840 Speaker 1: Secret Service documents sub poenut following a report that the 612 00:33:05,960 --> 00:33:10,040 Speaker 1: agency text messages from the day of the insurrection were deleted. 613 00:33:10,520 --> 00:33:13,200 Speaker 1: In the NHL, the Bruins beat the Capitols five two 614 00:33:13,600 --> 00:33:17,080 Speaker 1: in Baseball's n l DS Playoffs. The Braves beat the 615 00:33:17,120 --> 00:33:19,880 Speaker 1: Phillies three zip to even their series at a game 616 00:33:19,960 --> 00:33:22,840 Speaker 1: of piece. The Padres beat the Dodgers five three to 617 00:33:22,920 --> 00:33:26,959 Speaker 1: tie their series at one. One. Global News twenty four 618 00:33:27,040 --> 00:33:30,280 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 619 00:33:30,320 --> 00:33:33,000 Speaker 1: by more than seven hundred journalists and analyst and more 620 00:33:33,000 --> 00:33:36,200 Speaker 1: than a hundred twenty countries. Michael bar this is Bloomberg, Nathan. 621 00:33:36,280 --> 00:33:38,280 Speaker 1: Thank you, Michael. We're coming up to five forty nine 622 00:33:38,320 --> 00:33:41,400 Speaker 1: on Wall Street Life. In the Bloomberg Interactive Brooker Studios. 623 00:33:41,560 --> 00:33:44,600 Speaker 1: This is Bloomberg Day Break. Well, it's all about inflation 624 00:33:44,880 --> 00:33:48,280 Speaker 1: this morning. We're also keeping an eye on the oil market. 625 00:33:48,440 --> 00:33:52,000 Speaker 1: Prices there are edging higher with a new warning that 626 00:33:52,120 --> 00:33:56,560 Speaker 1: OPEX production cut announcement could tip the global economy into 627 00:33:56,600 --> 00:33:59,840 Speaker 1: a recession. Joining us now, Will Kennedy, Senior Executive at 628 00:33:59,880 --> 00:34:03,120 Speaker 1: A for Energy and Commodities for Bloomberg News. Well, this 629 00:34:03,280 --> 00:34:06,479 Speaker 1: was a pretty direct warning that came in overnight from 630 00:34:06,520 --> 00:34:09,800 Speaker 1: the International Energy Agency. Tell us more about it and 631 00:34:10,080 --> 00:34:12,200 Speaker 1: your read on the reaction we're seeing in the oil 632 00:34:12,280 --> 00:34:15,920 Speaker 1: market this morning. Good morning. Yes, the world is still 633 00:34:15,960 --> 00:34:19,040 Speaker 1: adjusting to the two million bowler cut that OPEC plus 634 00:34:19,080 --> 00:34:22,400 Speaker 1: announced last week. It was a surprise to many people 635 00:34:22,520 --> 00:34:26,240 Speaker 1: and it will tighten the oil market. And the argument 636 00:34:26,280 --> 00:34:28,000 Speaker 1: that the i A Is making this morning is that 637 00:34:28,160 --> 00:34:31,399 Speaker 1: tightening the oil market may drive prices higher. As you said, 638 00:34:31,520 --> 00:34:33,920 Speaker 1: prices are now settled well above ninety dollars a bowl 639 00:34:34,360 --> 00:34:37,680 Speaker 1: on the important benchmark um and that will have an 640 00:34:37,719 --> 00:34:42,239 Speaker 1: effect on economic growth and probably accentuate the slowdown and 641 00:34:42,320 --> 00:34:46,600 Speaker 1: make it harder to fight inflation, perhaps meaning tighter monete 642 00:34:46,719 --> 00:34:49,680 Speaker 1: policy monetary policy than we would have had without it. 643 00:34:49,760 --> 00:34:52,680 Speaker 1: So for all those reasons. The i A revised down 644 00:34:52,800 --> 00:34:58,680 Speaker 1: it's growth forecast for oil consumption next year and made 645 00:34:58,719 --> 00:35:01,480 Speaker 1: this warning about prospects for economy. As you say, we 646 00:35:01,600 --> 00:35:05,120 Speaker 1: are still sort of trying to sort out the implications 647 00:35:05,360 --> 00:35:08,080 Speaker 1: of this OPEC plus production kind I think last time 648 00:35:08,200 --> 00:35:12,560 Speaker 1: we spoke, we talked about the fact that most OPEC 649 00:35:12,600 --> 00:35:16,799 Speaker 1: producing nations aren't meeting their quotas anyway. So the two 650 00:35:16,840 --> 00:35:20,759 Speaker 1: million barrel cut is kind of on paper, isn't it 651 00:35:20,920 --> 00:35:23,719 Speaker 1: is this sort of turning into a self fulfilling prophecy 652 00:35:23,800 --> 00:35:26,240 Speaker 1: that the idea is talking about here. Yeah, it won't 653 00:35:26,280 --> 00:35:29,239 Speaker 1: be two million barrels, but it will be meaningful. So 654 00:35:29,320 --> 00:35:31,759 Speaker 1: those countries that can product cut production in a in 655 00:35:31,800 --> 00:35:34,040 Speaker 1: a big way, principally Saudi of Abit also the night 656 00:35:34,080 --> 00:35:37,200 Speaker 1: of that moments perhaps Q. Wait, there's trios trio of 657 00:35:37,280 --> 00:35:40,160 Speaker 1: Gulf countries that make up the core of OPEC. They 658 00:35:40,200 --> 00:35:42,520 Speaker 1: will cut production, and I think estimates for the real 659 00:35:42,600 --> 00:35:45,560 Speaker 1: cut probably look at somewhere between seven hundred thousands to 660 00:35:45,600 --> 00:35:47,400 Speaker 1: million bollers a day. And in the market, which in 661 00:35:47,520 --> 00:35:50,160 Speaker 1: some ways is already tight where there isn't a lot 662 00:35:50,239 --> 00:35:54,200 Speaker 1: of spare production outside that Middle East region, that's a 663 00:35:54,239 --> 00:35:57,839 Speaker 1: pretty meaningful adjustment which will probably keep oil prices high, 664 00:35:57,880 --> 00:36:01,000 Speaker 1: and they would otherwise have been I guess adding to 665 00:36:01,080 --> 00:36:04,279 Speaker 1: these concerns reporting that we're doing here Bloomberg News that 666 00:36:04,360 --> 00:36:07,080 Speaker 1: the White House is starting to get worried that this 667 00:36:07,280 --> 00:36:11,160 Speaker 1: push for a cap on prices for Russian oil could 668 00:36:11,280 --> 00:36:16,600 Speaker 1: end up backfiring for them. How could all these developments 669 00:36:17,200 --> 00:36:20,080 Speaker 1: play out in the oil market. Well, the price cap 670 00:36:20,239 --> 00:36:24,720 Speaker 1: was a solution that Washington's, especially the U. S. Treasury, 671 00:36:24,760 --> 00:36:27,480 Speaker 1: had been pushing as a way to punish Russia for 672 00:36:27,600 --> 00:36:32,640 Speaker 1: its invasion Ukraine, to cap Russia's export revenues from oil 673 00:36:33,400 --> 00:36:37,239 Speaker 1: without constraining the exports of Russian oil and there by 674 00:36:37,320 --> 00:36:40,640 Speaker 1: causing a really bad spike and vices over the winter. Now, 675 00:36:41,560 --> 00:36:44,960 Speaker 1: what that idea didn't perhaps take account of is Russian reaction, 676 00:36:45,239 --> 00:36:48,400 Speaker 1: and it also seems opaque reactions. So one of the 677 00:36:49,280 --> 00:36:51,959 Speaker 1: things going on in the background of OPEC policymaker's mind 678 00:36:52,200 --> 00:36:55,000 Speaker 1: is the idea of a price cap. No matter what 679 00:36:55,120 --> 00:36:58,600 Speaker 1: the lights and wongs are about punishing Russia, the very 680 00:36:58,680 --> 00:37:01,800 Speaker 1: idea of a ice cap is a fairly extraordinary moved 681 00:37:01,840 --> 00:37:04,920 Speaker 1: by consuming countries in the oil market, and how the 682 00:37:04,960 --> 00:37:07,720 Speaker 1: oil market operates and there were many people in OPEC 683 00:37:07,760 --> 00:37:10,520 Speaker 1: who are not comfortable with that idea. And then we 684 00:37:10,560 --> 00:37:13,200 Speaker 1: look at Russia, and Russia clearly said last week that 685 00:37:13,280 --> 00:37:16,000 Speaker 1: if the price cap comes into play, they may well 686 00:37:16,560 --> 00:37:20,680 Speaker 1: retaliate by cutting their production. So there you see that 687 00:37:21,040 --> 00:37:23,120 Speaker 1: there is a little bit of concern at the price cap. 688 00:37:23,600 --> 00:37:28,200 Speaker 1: Policy designed to keep oil flowing to to cap Russian 689 00:37:28,280 --> 00:37:32,359 Speaker 1: revenues while making sure that international prices don't get out 690 00:37:32,400 --> 00:37:36,000 Speaker 1: of hand, may not have that impact and may politically 691 00:37:36,719 --> 00:37:39,200 Speaker 1: contribute to a scenario where we get more constraints and 692 00:37:39,280 --> 00:37:42,880 Speaker 1: supply and higher prices. Now, lot's of bright red warnings 693 00:37:43,160 --> 00:37:45,799 Speaker 1: for the oil market as we watch green As far 694 00:37:45,880 --> 00:37:49,280 Speaker 1: as the prices, girl, Will Kennedy of Bloomberg News, thanks 695 00:37:49,320 --> 00:37:51,960 Speaker 1: for this great getting your insights this morning and just 696 00:37:52,080 --> 00:37:55,160 Speaker 1: checking the prices now Karen name x Screwed is hired 697 00:37:55,200 --> 00:37:57,480 Speaker 1: by a half percent at eighty seven seventy of Barrel 698 00:37:58,000 --> 00:38:03,279 Speaker 1: as well mentioned Brent Is of ninety Well. Nathan is 699 00:38:03,800 --> 00:38:06,320 Speaker 1: three on Wall Street. Time for our Bloomberg Law report. 700 00:38:06,400 --> 00:38:08,239 Speaker 1: Let's get at the legal stories we are watching this 701 00:38:08,440 --> 00:38:14,759 Speaker 1: morning from Bloomberg's Jeff Bellinger, Morgan Stanley Unit and other 702 00:38:14,880 --> 00:38:18,120 Speaker 1: previous owners of Tops Friendly Markets will face claims that 703 00:38:18,239 --> 00:38:22,600 Speaker 1: they rendered the grocery chain insolvent while paying dividends to themselves. 704 00:38:22,880 --> 00:38:26,200 Speaker 1: Zoe Top Business and e Commerce fashion retailer will pay 705 00:38:26,280 --> 00:38:29,040 Speaker 1: nearly two million dollars to New York State from mishandling. 706 00:38:29,080 --> 00:38:32,279 Speaker 1: A twenty eighteen data breach. Personal information on more than 707 00:38:32,360 --> 00:38:36,520 Speaker 1: forty five million shoppers was exposed. Royal Caribbean Cruises settled 708 00:38:36,560 --> 00:38:39,440 Speaker 1: claims by a honeymooning couple who were burned while on 709 00:38:39,560 --> 00:38:43,080 Speaker 1: an excursion to enactive volcano that erupted during their trip. 710 00:38:43,160 --> 00:38:48,000 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 711 00:38:48,160 --> 00:38:52,799 Speaker 1: including guidance analysis and Bloomberg market intelligence. Find out more 712 00:38:52,840 --> 00:38:57,319 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thanks, Now, 713 00:38:57,360 --> 00:39:00,239 Speaker 1: another legal story we're watching. The Department of Education aation 714 00:39:00,320 --> 00:39:02,880 Speaker 1: has not even put out the application to receive student 715 00:39:02,960 --> 00:39:06,320 Speaker 1: loan forgiveness yet, but there are already five lawsuits challenging 716 00:39:06,360 --> 00:39:10,080 Speaker 1: President Biden student loan relief plan. Two of those lawsuits 717 00:39:10,160 --> 00:39:15,759 Speaker 1: are being brought by Republican attorneys general in Arizona, Arkansas, Iowa, Kansas, Missouri, Nebraska, 718 00:39:15,840 --> 00:39:18,719 Speaker 1: and South Carolina. But the first hurdle for the plaintiffs 719 00:39:18,760 --> 00:39:21,000 Speaker 1: starts before a judge can even get a question of 720 00:39:21,160 --> 00:39:24,640 Speaker 1: whether Biden has the power to forgive billions of dollars 721 00:39:24,719 --> 00:39:27,160 Speaker 1: in student debt. The plantiffs have to show they are 722 00:39:27,320 --> 00:39:29,480 Speaker 1: standing or that the program will have them and a 723 00:39:29,800 --> 00:39:32,719 Speaker 1: harm them rather in a concrete way. For more Bloombergy 724 00:39:32,719 --> 00:39:35,520 Speaker 1: student Grosso speaks to Mark Canterrawitz, an expert in student 725 00:39:35,600 --> 00:39:38,440 Speaker 1: loans and financial aid. It's hard to keep track of 726 00:39:38,640 --> 00:39:42,120 Speaker 1: the lawsuits because they keep on coming. How tough will 727 00:39:42,200 --> 00:39:45,600 Speaker 1: it be for the opponents to get over the standing 728 00:39:45,719 --> 00:39:48,480 Speaker 1: issue that they'll be harmed by the plan? Well, I 729 00:39:48,560 --> 00:39:51,920 Speaker 1: think that is the key issue that the plaintiffs are 730 00:39:51,960 --> 00:39:54,960 Speaker 1: going to have a lot of difficulty demonstrating that they 731 00:39:55,000 --> 00:39:58,239 Speaker 1: have the legal standing to file a lawsuit. First of all, 732 00:39:58,520 --> 00:40:01,920 Speaker 1: you have to demonstrate that you are harmed, and there 733 00:40:01,960 --> 00:40:05,640 Speaker 1: are certain categories of harm that don't establish legal standing. 734 00:40:05,680 --> 00:40:09,440 Speaker 1: For example, taxpayers do not have the legal standing to 735 00:40:09,640 --> 00:40:12,919 Speaker 1: file lawsuit against the federal government because they play two 736 00:40:13,000 --> 00:40:16,880 Speaker 1: thousand seven U. S. Supreme Court ruling. And also bowers 737 00:40:16,960 --> 00:40:20,759 Speaker 1: who do not qualify for student loan forgiveness can't demonstrate 738 00:40:21,239 --> 00:40:24,640 Speaker 1: that they were harmed because you're not getting something that 739 00:40:24,760 --> 00:40:28,960 Speaker 1: does mean you're worse off. Arizona said that this plan 740 00:40:29,080 --> 00:40:32,520 Speaker 1: will harm the state's economy, increase its cost of borrowing, 741 00:40:32,920 --> 00:40:35,960 Speaker 1: and limit the ability of the State Attorney General's office 742 00:40:36,040 --> 00:40:40,680 Speaker 1: to recruit legal talent. That sounds like they're really reaching. Well, 743 00:40:41,120 --> 00:40:43,960 Speaker 1: there's kind of throwing the entire kitchens think at this 744 00:40:44,160 --> 00:40:47,960 Speaker 1: hoping that something makes it through to demonstrate legal standing, 745 00:40:47,960 --> 00:40:51,040 Speaker 1: because once one of these laws who demonstrates legal standing, 746 00:40:51,560 --> 00:40:54,680 Speaker 1: then the arguments they can bring about the legality of 747 00:40:54,760 --> 00:40:58,680 Speaker 1: the president's plan are much more powerful. And I believe 748 00:40:58,800 --> 00:41:01,200 Speaker 1: that if they can make it to the u. S. 749 00:41:01,239 --> 00:41:05,520 Speaker 1: Supreme Court, the President's student will forgiveness plan will ultimately 750 00:41:05,600 --> 00:41:10,000 Speaker 1: get blocked. But the challenges in demonstrating legal standing you 751 00:41:10,120 --> 00:41:15,960 Speaker 1: have to establish that the farm was direct and not speculative, 752 00:41:16,120 --> 00:41:20,680 Speaker 1: not vague, and most of these lawsuits don't satisfy that. Now, 753 00:41:20,960 --> 00:41:24,759 Speaker 1: with the sixth State Attorney General lawsuit, they're trying to 754 00:41:24,960 --> 00:41:30,239 Speaker 1: argue that the state is harmed because one aspect of 755 00:41:30,280 --> 00:41:33,880 Speaker 1: the President's plan was allowing bowers in the f f 756 00:41:34,000 --> 00:41:38,120 Speaker 1: E L program to consolidate their loans into the direct 757 00:41:38,239 --> 00:41:41,760 Speaker 1: loan program, and that would then reduce the loan volume 758 00:41:42,200 --> 00:41:45,840 Speaker 1: that the state manages and services in the FVL program, 759 00:41:46,040 --> 00:41:49,360 Speaker 1: therefore causing financial harm. And that would have been a 760 00:41:49,760 --> 00:41:54,040 Speaker 1: good argument except the U S part of Education responded 761 00:41:54,280 --> 00:41:58,080 Speaker 1: by saying, Okay, the program bowers are no longer eligible. 762 00:41:58,440 --> 00:42:02,640 Speaker 1: And this demonst rates a flawed legal strategy in the 763 00:42:03,080 --> 00:42:05,560 Speaker 1: five lawsuits and the file to date, which is they 764 00:42:05,640 --> 00:42:10,279 Speaker 1: jumped the gun. They decided to file lawsuit before the U. 765 00:42:10,400 --> 00:42:13,279 Speaker 1: S Department of Education and given any loans or even 766 00:42:13,400 --> 00:42:19,000 Speaker 1: publish the student Loan forgiveness application. And as Mark Hantra, 767 00:42:19,080 --> 00:42:21,800 Speaker 1: with an expert in student loans and financial aid, speaking 768 00:42:21,840 --> 00:42:24,480 Speaker 1: with the Bloomberg Student Grosso, catch more of that interview 769 00:42:24,560 --> 00:42:27,239 Speaker 1: plus analysis of the latest legal news by subscribing to 770 00:42:27,239 --> 00:42:30,400 Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg 771 00:42:30,440 --> 00:42:33,680 Speaker 1: dot com slash podcast. Attorneys can find exceptional legal research 772 00:42:33,760 --> 00:42:36,680 Speaker 1: and business development tools at Bloomberg Law dot com and 773 00:42:36,719 --> 00:42:39,960 Speaker 1: on the Bloomberg terminal at b Law Go. And we 774 00:42:40,120 --> 00:42:42,480 Speaker 1: have our top stories straight ahead on a day when 775 00:42:42,560 --> 00:42:45,719 Speaker 1: futures are on the rise. This is Bloomberg