1 00:00:02,120 --> 00:00:05,320 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is is Bloomberg 2 00:00:05,400 --> 00:00:09,240 Speaker 1: Day Bright for Wednesday, September two. Coming up this sour 3 00:00:09,520 --> 00:00:12,680 Speaker 1: evacuations are underway and theme parks are shutting their doors 4 00:00:12,720 --> 00:00:15,920 Speaker 1: as hurricaney and aims at Florida. Global stocks are heading 5 00:00:15,920 --> 00:00:18,640 Speaker 1: for the lowest level in almost two years. Ten year 6 00:00:18,680 --> 00:00:22,200 Speaker 1: treasury yields breached four percent, and the dollar rises after 7 00:00:22,239 --> 00:00:25,080 Speaker 1: the White House tops down the prospect of a currency agreement, 8 00:00:25,239 --> 00:00:27,960 Speaker 1: mixed reaction to the so called tent City for migrants 9 00:00:27,960 --> 00:00:31,840 Speaker 1: and the Bronx plus Ukrainian President Zelenski dismisses the Krumlin 10 00:00:32,000 --> 00:00:35,400 Speaker 1: run referendum as a farce. I'm Michael blar more a hand, 11 00:00:35,479 --> 00:00:38,560 Speaker 1: I'm John Stash Edwards, the Yankees one ofto and clips 12 00:00:38,600 --> 00:00:41,040 Speaker 1: the Al East. The Met's lost in an outide for 13 00:00:41,159 --> 00:00:46,680 Speaker 1: first with Atlanta. That's all Strady Ahead on Bloomberg Day 14 00:00:46,720 --> 00:00:51,600 Speaker 1: Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington, 15 00:00:51,720 --> 00:00:55,840 Speaker 1: d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, 16 00:00:55,840 --> 00:00:59,600 Speaker 1: San Francisco, Sirius x M one nine Team and around 17 00:00:59,640 --> 00:01:02,360 Speaker 1: the World Old on Bloomberg Radio dot Com and via 18 00:01:02,440 --> 00:01:09,200 Speaker 1: the Bloomberg Business app. Good morning, I'm Nathan Hagar and 19 00:01:09,280 --> 00:01:13,080 Speaker 1: I'm Karen Moscow. US stock index futures are lower this morning, 20 00:01:13,200 --> 00:01:14,640 Speaker 1: and we are coming up to five out one on 21 00:01:14,680 --> 00:01:16,960 Speaker 1: Wall Street, and we checked the markets every fifteen minutes 22 00:01:17,000 --> 00:01:20,759 Speaker 1: throughout the trading day on Bloomberg. SNP futures down twenty five, 23 00:01:20,800 --> 00:01:23,520 Speaker 1: boys at own futures down a hundred forty nine, nasdack 24 00:01:23,600 --> 00:01:26,759 Speaker 1: futures down a hundred twenty two, and the tenure treasury 25 00:01:26,800 --> 00:01:29,880 Speaker 1: down ten thirty seconds. You know, three point nine eight percent. 26 00:01:30,000 --> 00:01:33,959 Speaker 1: They yield on the two year four point to three percent. Nathan, Karen. 27 00:01:34,000 --> 00:01:36,280 Speaker 1: We'll have much more on the market turmoil in just 28 00:01:36,400 --> 00:01:37,920 Speaker 1: a minute, but first you want to bring you up 29 00:01:37,920 --> 00:01:40,520 Speaker 1: to date on Hurricane Ian. It has just been upgraded 30 00:01:40,560 --> 00:01:43,399 Speaker 1: to a dangerous category four storm with top winds at 31 00:01:43,400 --> 00:01:47,160 Speaker 1: a hundred forty min taking him at Florida's Gulf coast. 32 00:01:47,400 --> 00:01:50,240 Speaker 1: Bloomberg Meteorologist Rob Carroll and joins US now with the 33 00:01:50,360 --> 00:01:52,480 Speaker 1: latest on the track of the storm. Good morning, Rob, 34 00:01:53,280 --> 00:01:56,560 Speaker 1: Nathan and Karen. Hurricane Ian continues to move north northeast 35 00:01:56,600 --> 00:01:58,720 Speaker 1: and around ten miles an hour this morning. Is a 36 00:01:58,920 --> 00:02:01,920 Speaker 1: dangerous hurricane. The winds in excess of a hundred and 37 00:02:02,040 --> 00:02:04,080 Speaker 1: twenty miles an hour. We were seeing wind gus over 38 00:02:04,160 --> 00:02:06,360 Speaker 1: sixty miles an hour earlier this morning in Key West. 39 00:02:06,760 --> 00:02:09,359 Speaker 1: The store will make landfall later today somewhere north of 40 00:02:09,440 --> 00:02:12,200 Speaker 1: Fort Myers, who as far north as Tampa, and then 41 00:02:12,240 --> 00:02:14,760 Speaker 1: it will start to move inland. We're expecting the hurricane 42 00:02:14,800 --> 00:02:16,840 Speaker 1: force winds to extend out at least forty five miles 43 00:02:16,880 --> 00:02:18,760 Speaker 1: from the center of circulation, so there's gonna be a 44 00:02:18,840 --> 00:02:21,560 Speaker 1: lot of damage across that portion of West Florida between 45 00:02:22,280 --> 00:02:25,400 Speaker 1: Fort Myers and the Tampa area. Storm surge is probably 46 00:02:25,400 --> 00:02:27,639 Speaker 1: going to be an excess of ten feet. We'll see 47 00:02:27,720 --> 00:02:30,200 Speaker 1: wind us over a hundred and twenty five miles an hour, 48 00:02:30,520 --> 00:02:32,480 Speaker 1: and along the path of the storm, anywhere from five 49 00:02:32,520 --> 00:02:34,920 Speaker 1: to ten inches of rain is likely to fall over 50 00:02:35,000 --> 00:02:37,560 Speaker 1: the course of the next forty eight hours. Nathan and 51 00:02:37,639 --> 00:02:40,200 Speaker 1: Karen alright, Rob, thank you, of course. He'll be checking 52 00:02:40,240 --> 00:02:43,639 Speaker 1: in with Bloomberg meteorologist robbed Caroline throughout the morning, well 53 00:02:43,639 --> 00:02:46,760 Speaker 1: ahead of the store, and Disney SeaWorld and Universal Orlando 54 00:02:46,919 --> 00:02:49,919 Speaker 1: have shut their Florida theme parks through at least tomorrow. 55 00:02:50,200 --> 00:02:53,679 Speaker 1: Tampa's main airport closed up yesterday. Orlando plans to do 56 00:02:53,760 --> 00:02:56,680 Speaker 1: the same later this morning. Governor Rhonda Santis says about 57 00:02:56,720 --> 00:02:59,320 Speaker 1: two and a half million Floridians need to get out 58 00:02:59,360 --> 00:03:02,760 Speaker 1: of harm's way. If you are in an evacuation zone, 59 00:03:02,840 --> 00:03:06,680 Speaker 1: particularly in those southwest Florida counties. Uh, you know your 60 00:03:06,720 --> 00:03:10,079 Speaker 1: time to evacuate is coming to an end. Uh. You 61 00:03:10,200 --> 00:03:13,679 Speaker 1: need to evacuate now. Governor around to Santas spoke with 62 00:03:13,720 --> 00:03:16,600 Speaker 1: the President Biden last night. The President says FEMA has 63 00:03:16,639 --> 00:03:19,480 Speaker 1: deployed seven hundred people to Florida and up to seven 64 00:03:19,560 --> 00:03:22,720 Speaker 1: thousand members of the National Guard are being activated. The 65 00:03:22,960 --> 00:03:25,760 Speaker 1: storm has also forced the House January six Committee to 66 00:03:25,800 --> 00:03:29,519 Speaker 1: postpone its latest public hearing this afternoon. No new date 67 00:03:29,600 --> 00:03:31,440 Speaker 1: has been set. All right, Karen, Let's get back to 68 00:03:31,480 --> 00:03:34,360 Speaker 1: the markets now. The equity sell off continues this morning. 69 00:03:34,400 --> 00:03:36,880 Speaker 1: Global stocks are heading for their lowest level in almost 70 00:03:36,920 --> 00:03:40,400 Speaker 1: two years. The yield on tenure treasuries breached four percent 71 00:03:40,520 --> 00:03:42,720 Speaker 1: for the first time since two thousand eight, and the 72 00:03:42,880 --> 00:03:45,600 Speaker 1: dollar is soaring After the White House talked down the 73 00:03:45,680 --> 00:03:48,840 Speaker 1: prospect of a currency agreement to weaken the green back. 74 00:03:49,120 --> 00:03:52,200 Speaker 1: White House National Economic Council Director Briand says he does 75 00:03:52,280 --> 00:03:56,040 Speaker 1: not expect another five type deal among major economies to 76 00:03:56,200 --> 00:03:59,360 Speaker 1: counter dollar strength. Do you see any possibility of a 77 00:03:59,480 --> 00:04:02,680 Speaker 1: global cord to kind of adjust uh currency values the 78 00:04:02,720 --> 00:04:04,880 Speaker 1: way there was with the Plaza qarders. That's just not 79 00:04:05,040 --> 00:04:09,000 Speaker 1: something you're focused on. I don't anticipate that. That's UH. 80 00:04:09,160 --> 00:04:11,560 Speaker 1: That that's that, that's where we're headed. White House National 81 00:04:11,640 --> 00:04:14,760 Speaker 1: Economic Council Director Brian d spoke there with David Rubinstein 82 00:04:14,920 --> 00:04:18,799 Speaker 1: on peer to peer conversations on Bloomberg Television. Well Naked. 83 00:04:18,839 --> 00:04:21,680 Speaker 1: An aggressive FED has also a few of the dollars rally. 84 00:04:21,760 --> 00:04:24,000 Speaker 1: A chorus of central bankers is doubling down in the 85 00:04:24,080 --> 00:04:26,600 Speaker 1: need to keep raising rates in the face of inflation. 86 00:04:26,920 --> 00:04:29,960 Speaker 1: San Francisco FED President Mary Daley says the hikes could 87 00:04:30,080 --> 00:04:32,720 Speaker 1: have an impact on the labor market gap. To balance 88 00:04:32,800 --> 00:04:35,480 Speaker 1: that off with our dual mandate with full employment and 89 00:04:35,560 --> 00:04:39,320 Speaker 1: trying to navigate that to bring inflation down while we 90 00:04:39,520 --> 00:04:44,360 Speaker 1: do so as gently as possible, not to tip unnecessarily 91 00:04:44,480 --> 00:04:48,720 Speaker 1: the economy into a downturn that actually influences the full 92 00:04:48,760 --> 00:04:52,160 Speaker 1: employment part of our mandate is a struggle in San Francisco. 93 00:04:52,240 --> 00:04:55,080 Speaker 1: FED President Mary Daily is currently not a voting member 94 00:04:55,160 --> 00:04:57,200 Speaker 1: on the f O m C well the dollars. Recent 95 00:04:57,240 --> 00:05:00,280 Speaker 1: gains against the euro and the pound accelerated after the 96 00:05:00,440 --> 00:05:04,159 Speaker 1: UK announced massive tax cuts last week. Bank of England 97 00:05:04,240 --> 00:05:08,040 Speaker 1: chief economist Hugh Phill says a significant monetary policy response 98 00:05:08,240 --> 00:05:12,400 Speaker 1: is needed in a context where there is a rebalancing 99 00:05:12,520 --> 00:05:16,400 Speaker 1: of the macro policy environment and an anticipation of loose, 100 00:05:16,720 --> 00:05:20,400 Speaker 1: looser fiscal policy. I think it's hard not to draw 101 00:05:20,480 --> 00:05:26,200 Speaker 1: the conclusion that all this will require a significant monetary 102 00:05:26,279 --> 00:05:29,680 Speaker 1: policy response. Bo e's chief economist hub Phill says the 103 00:05:29,760 --> 00:05:32,440 Speaker 1: best time to act is at the institution's next meeting 104 00:05:32,520 --> 00:05:36,839 Speaker 1: in November. Meanwhile, Nathan, global criticism of the UK's fiscal 105 00:05:36,960 --> 00:05:39,599 Speaker 1: plan is growing this morning, and let's go to London 106 00:05:39,640 --> 00:05:42,440 Speaker 1: and get the details from Bloomberg's un parts. Good morning U, 107 00:05:42,600 --> 00:05:44,520 Speaker 1: and good morning Nathan and Karen. The i m F 108 00:05:44,640 --> 00:05:47,680 Speaker 1: has delivered a stinging rebuke of the UK's new unfunded 109 00:05:47,760 --> 00:05:50,960 Speaker 1: tax plans. The International Monetary Funds says the government's package 110 00:05:51,000 --> 00:05:54,080 Speaker 1: of tax cuts, the biggest in fifty years, are excessive 111 00:05:54,400 --> 00:05:57,719 Speaker 1: and in need of revision. It says physical policy should 112 00:05:57,760 --> 00:06:01,359 Speaker 1: not work across purposes with monetary to see Charles Laquasi 113 00:06:01,400 --> 00:06:04,440 Speaker 1: Quos meets with top Bullstreet bankers in London. Later today, 114 00:06:04,680 --> 00:06:07,040 Speaker 1: Hill sets up by his UK gowth plan is still 115 00:06:07,120 --> 00:06:09,600 Speaker 1: the right thing to do in London, Amun puts splin 116 00:06:09,600 --> 00:06:11,679 Speaker 1: Bok day break, Are you and thanks? Back in the US, 117 00:06:11,760 --> 00:06:13,640 Speaker 1: the White House may be getting ready to shake up 118 00:06:13,640 --> 00:06:17,400 Speaker 1: its economic team. According to Axios, officials are preparing for 119 00:06:17,480 --> 00:06:21,200 Speaker 1: Treasury Secretary Janet Yelling to depart after the midterms. A 120 00:06:21,279 --> 00:06:24,320 Speaker 1: White House spokesperson says the Secretary does not plan to leave, 121 00:06:24,360 --> 00:06:27,320 Speaker 1: and top economic advisor Brian Deese also says he has 122 00:06:27,400 --> 00:06:30,560 Speaker 1: no plans to depart either. Melon Capitol Hill Nathan House 123 00:06:30,600 --> 00:06:33,520 Speaker 1: Democrats have released a bill that would restrict stock ownership 124 00:06:33,600 --> 00:06:37,000 Speaker 1: for high ranking government officials that includes members of Congress, 125 00:06:37,160 --> 00:06:41,160 Speaker 1: the president, vice president, Supreme Court justices, and their spouses 126 00:06:41,320 --> 00:06:45,360 Speaker 1: and dependent children. It covers commodities, futures, cryptocurrency, or other 127 00:06:45,400 --> 00:06:48,440 Speaker 1: digital assets. Public officials would have to put them in 128 00:06:48,520 --> 00:06:51,320 Speaker 1: a blind trust or divest their whol things. And we're 129 00:06:51,320 --> 00:06:53,960 Speaker 1: watching shares of Biogen this morning. They are soaring up 130 00:06:54,040 --> 00:06:57,200 Speaker 1: forty six percent in the pre market. Biogen and its partner, 131 00:06:57,320 --> 00:07:01,359 Speaker 1: as I say, they're drugs significantly slow to Alzheimer's disease. 132 00:07:01,680 --> 00:07:04,200 Speaker 1: That would make it the first medicine to blunt progression 133 00:07:04,240 --> 00:07:07,479 Speaker 1: of the most common dementia in a definitive, large scale trial. 134 00:07:07,960 --> 00:07:10,000 Speaker 1: Bloomber day Break is brought to you by se I 135 00:07:10,160 --> 00:07:13,840 Speaker 1: Imagine your asset management firms. Operational infrastructure is a competitive 136 00:07:13,840 --> 00:07:16,400 Speaker 1: advantage that see I show you how at se I 137 00:07:16,440 --> 00:07:19,520 Speaker 1: c dot com slash I m s. This is Bloomberg. 138 00:07:23,480 --> 00:07:25,480 Speaker 1: Thank you, Karen. It's five oh seven on wall Stream. 139 00:07:25,480 --> 00:07:27,200 Speaker 1: We got an accident on the South New York State 140 00:07:27,240 --> 00:07:29,720 Speaker 1: through a It's close to the tapan Zee Bridge and 141 00:07:29,800 --> 00:07:32,720 Speaker 1: it's fifty four degrees in Central Park. Michael Barr has 142 00:07:32,800 --> 00:07:34,559 Speaker 1: more on what's going on in New York and around 143 00:07:34,560 --> 00:07:37,280 Speaker 1: the world. Good morning, Michael, Good morning Nathan. This controversy 144 00:07:37,360 --> 00:07:40,720 Speaker 1: over a temporary humanitarian relief center being built in the 145 00:07:40,760 --> 00:07:44,400 Speaker 1: Bronx as more immigrants arrived from Texas. The so called 146 00:07:44,440 --> 00:07:47,320 Speaker 1: Tent City and Orchard Beach will be heated and can 147 00:07:47,400 --> 00:07:50,680 Speaker 1: house up to a thousand migrants. Mayor Eric Adams says 148 00:07:50,760 --> 00:07:53,320 Speaker 1: the tents are supposed to be a temporary stopped from migrants. 149 00:07:53,320 --> 00:07:55,360 Speaker 1: Says they get on their feet. We want to make 150 00:07:55,400 --> 00:07:59,920 Speaker 1: sure that we bring people into a safe, clean environment 151 00:08:00,280 --> 00:08:03,320 Speaker 1: as we process them for a few days to figure 152 00:08:03,320 --> 00:08:05,360 Speaker 1: out their knees and move them to the right location. 153 00:08:06,040 --> 00:08:09,120 Speaker 1: But immigrant rights advocates say this is a terrible location, 154 00:08:09,280 --> 00:08:13,080 Speaker 1: far from mass transit or other services the migrants might need, 155 00:08:13,480 --> 00:08:16,600 Speaker 1: and some residents say they are fearful. New York Mayor 156 00:08:16,880 --> 00:08:19,680 Speaker 1: Eric Adams talked about his return from Puerto Rico and 157 00:08:19,800 --> 00:08:23,440 Speaker 1: the Dominican Republic and the aftermath of Hurricane Fiona. New 158 00:08:23,520 --> 00:08:26,200 Speaker 1: York lawmakers are calling for more federal aid to help 159 00:08:26,280 --> 00:08:29,160 Speaker 1: with recovery for the island. New York City Council Member 160 00:08:29,280 --> 00:08:32,920 Speaker 1: Oswald pholice, what's happening in Puerto Rico and the Dominican 161 00:08:33,000 --> 00:08:37,640 Speaker 1: Republic is extremely sad. It's a horrible tragedy. These are 162 00:08:37,760 --> 00:08:41,880 Speaker 1: communities that have worked for everything that they have, those 163 00:08:41,920 --> 00:08:46,040 Speaker 1: small businesses, those homes, they have worked for it. Council 164 00:08:46,120 --> 00:08:48,559 Speaker 1: Member Police says the City of New York will be 165 00:08:48,800 --> 00:08:52,040 Speaker 1: with Puerto Rico and the Dominican Republic every step of 166 00:08:52,080 --> 00:08:56,079 Speaker 1: the way. Moscow backed officials declared that all four occupied 167 00:08:56,120 --> 00:09:00,280 Speaker 1: regions in Ukraine voted in favor of joining Russia. Ussia 168 00:09:00,360 --> 00:09:04,479 Speaker 1: conducted what Ukrainian leader Voladimir Zelenski called a sham referendum. 169 00:09:04,880 --> 00:09:09,000 Speaker 1: US Ambassador Linda Thomas Greenfield the United States will never 170 00:09:09,200 --> 00:09:14,560 Speaker 1: recognize any territory Russia attempts to seize are allegedly annex 171 00:09:14,920 --> 00:09:19,360 Speaker 1: as anything other than part of Ukraine. Ambassador Thomas Greenfield 172 00:09:19,720 --> 00:09:23,520 Speaker 1: the US will allow a limited number of refugees in three. 173 00:09:23,640 --> 00:09:26,280 Speaker 1: President Biden said he would welcome up to a hundred 174 00:09:26,280 --> 00:09:28,800 Speaker 1: twenty five thousand refugees this year and will let in 175 00:09:28,880 --> 00:09:31,880 Speaker 1: the same number in the next one of the January 176 00:09:32,000 --> 00:09:35,240 Speaker 1: sixth rioters who attack police officer Michael Phone has been 177 00:09:35,320 --> 00:09:38,400 Speaker 1: sentenced more than seven years in prison. Kyle Young a 178 00:09:38,480 --> 00:09:42,000 Speaker 1: Vama began crying and begging for forgiveness during his sentencing. 179 00:09:42,520 --> 00:09:44,920 Speaker 1: Global News twenty four hours a day on air and 180 00:09:45,120 --> 00:09:48,439 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 181 00:09:48,480 --> 00:09:51,280 Speaker 1: journalists and analysts in more than a hundred twenty countries. 182 00:09:51,320 --> 00:09:53,959 Speaker 1: How Michael Barr and this is Bloomberg, Nathan, Thank you, 183 00:09:54,080 --> 00:10:01,160 Speaker 1: Michael five O nine on Street Time for the Blueberg 184 00:10:01,240 --> 00:10:03,840 Speaker 1: Sports Update. Good Morning, John stenshow in Morning Night. Then 185 00:10:03,840 --> 00:10:06,559 Speaker 1: the Yankees open last night's celebration in Toronto not the 186 00:10:06,640 --> 00:10:08,439 Speaker 1: only one they'll have. They beat the Blue Jays five 187 00:10:08,480 --> 00:10:10,840 Speaker 1: to two. Is Labor Torres at three hit three RBIs, 188 00:10:10,880 --> 00:10:13,160 Speaker 1: and Jamison ti Own pitched into the eighth inning, got 189 00:10:13,200 --> 00:10:16,360 Speaker 1: his team leading fourteenth win for Aaron Judge, a line 190 00:10:16,400 --> 00:10:19,559 Speaker 1: out in the first inning, then four straight walks. So again, 191 00:10:19,720 --> 00:10:22,280 Speaker 1: no home run numbers sixty one, but a division title 192 00:10:22,640 --> 00:10:25,559 Speaker 1: for the Yanks there twenty, and they take advantage of 193 00:10:25,559 --> 00:10:28,120 Speaker 1: the new format where the top two teams get a 194 00:10:28,200 --> 00:10:30,400 Speaker 1: first round by into the division series. So in the 195 00:10:30,440 --> 00:10:32,959 Speaker 1: a L, that's the Yanks and Astros. In the NL, 196 00:10:33,040 --> 00:10:36,360 Speaker 1: the Dodgers will be joined by whoever wins the NL East. 197 00:10:36,400 --> 00:10:38,599 Speaker 1: And right now that's a flat footed tie between the 198 00:10:38,679 --> 00:10:41,199 Speaker 1: Mets and Bray's Atlanta one eight two at Washington. The 199 00:10:41,280 --> 00:10:44,120 Speaker 1: Mets lost at City Field in Miami, six to four. 200 00:10:44,200 --> 00:10:47,200 Speaker 1: Carlos Carrasco lasted just three innings, gave up four runs, 201 00:10:47,480 --> 00:10:50,240 Speaker 1: Trevor Williams allowed two more, peele Lonzo and defeat a 202 00:10:50,320 --> 00:10:53,160 Speaker 1: three run homer is forty. He leads the majors with 203 00:10:53,200 --> 00:10:55,600 Speaker 1: a hundred and thirty one rb I seven games ago, 204 00:10:56,160 --> 00:10:58,920 Speaker 1: including three this weekend in Atlanta. If the two teams 205 00:10:59,000 --> 00:11:01,640 Speaker 1: finished in a tie, it's the Mets who will almost 206 00:11:01,679 --> 00:11:03,480 Speaker 1: certainly won the tie break. For the only way Atlanta 207 00:11:03,520 --> 00:11:06,079 Speaker 1: wins the season series is if they sweep this weekend, 208 00:11:06,120 --> 00:11:08,640 Speaker 1: and if they do, it's unlikely the two teams will 209 00:11:08,679 --> 00:11:11,280 Speaker 1: finished tie. The Giants made official the knee injury suffered 210 00:11:11,280 --> 00:11:14,040 Speaker 1: by Sterling Shepard Monday night is a season and being 211 00:11:14,080 --> 00:11:17,040 Speaker 1: torn intl all as well in Brooklyn after at Turtlene 212 00:11:17,040 --> 00:11:19,240 Speaker 1: off season where Kevin Rant demand of the Nets trader 213 00:11:19,440 --> 00:11:22,240 Speaker 1: unless they fire coach neednt knowing Kevin, as long as 214 00:11:22,280 --> 00:11:24,839 Speaker 1: I haven't didn't really bother me the way, maybe everyone 215 00:11:24,880 --> 00:11:27,760 Speaker 1: would think, you know, that's a part of being competitors. 216 00:11:27,840 --> 00:11:32,280 Speaker 1: I wasn't like um overly surprised, and I wasn't even 217 00:11:33,360 --> 00:11:35,400 Speaker 1: said the next are like a family, and all families 218 00:11:35,480 --> 00:11:38,880 Speaker 1: have issues, John Stature, that were Bloomberg Sports all right, John, 219 00:11:38,920 --> 00:11:41,880 Speaker 1: thanks SMP futures right now down thirty five points, Sound 220 00:11:41,920 --> 00:11:44,600 Speaker 1: Futures down two and at thirty three. Nastack futures leading 221 00:11:44,640 --> 00:11:47,680 Speaker 1: the declines this morning, down one or a hundred forty 222 00:11:47,760 --> 00:11:51,120 Speaker 1: nine points. Tenure Treasury down fourteen thirty seconds. The yield 223 00:11:51,160 --> 00:11:53,319 Speaker 1: back at four percent yield on the two year four 224 00:11:53,400 --> 00:11:58,160 Speaker 1: to five. As we continue to track Category four Hurricane 225 00:11:58,280 --> 00:12:01,319 Speaker 1: Ian taking aim at Fars Gulf Coast. We check in 226 00:12:01,400 --> 00:12:08,240 Speaker 1: next with Bloomberg senior insurance analist, Matthew Palazola Bloomberg eleven 227 00:12:08,280 --> 00:12:10,319 Speaker 1: three oh weather sunny today in New York I near 228 00:12:10,360 --> 00:12:14,600 Speaker 1: seventy degrees up for sixties tomorrow and Friday. Right now, 229 00:12:14,679 --> 00:12:17,920 Speaker 1: it's fifty four under a clear sky in Central Park. 230 00:12:18,080 --> 00:12:25,200 Speaker 1: Good morning, markets, headlines and breaking news twenty four hours 231 00:12:25,240 --> 00:12:28,199 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business at 232 00:12:28,320 --> 00:12:31,680 Speaker 1: and at Bloomberg Quick Tape. This is a Bloomberg Business 233 00:12:31,720 --> 00:12:40,520 Speaker 1: Flash and I'm Karen Moscow. The dollars soaring into another 234 00:12:40,640 --> 00:12:42,920 Speaker 1: record after the White House talked down the prospect of 235 00:12:43,040 --> 00:12:46,360 Speaker 1: weakening the currency, the continuing global bond route, pushing ten 236 00:12:46,440 --> 00:12:48,600 Speaker 1: year treasury yields to the highest and S two thousand 237 00:12:48,720 --> 00:12:51,760 Speaker 1: eight and UK thirty year yields to the highest. Since 238 00:12:53,080 --> 00:12:55,319 Speaker 1: we checked the markets every fifteen minutes throughout the trading 239 00:12:55,440 --> 00:12:59,480 Speaker 1: day on Bloomberg, and futures are lower. SNP futures down 240 00:12:59,600 --> 00:13:02,520 Speaker 1: forty two points down, futures down two hundred seventy four, 241 00:13:03,000 --> 00:13:06,319 Speaker 1: nasdack futures down one hundred seventy seven. The decks in 242 00:13:06,400 --> 00:13:09,720 Speaker 1: Germany is down two point one percent ten Your treasury 243 00:13:09,760 --> 00:13:12,520 Speaker 1: down fourteen thirty seconds yield four percent. The yield on 244 00:13:12,600 --> 00:13:15,280 Speaker 1: the two year four point to five percent. Nine X 245 00:13:15,280 --> 00:13:18,040 Speaker 1: Screwed oil is down to ten percent or thirteen cents 246 00:13:18,080 --> 00:13:20,720 Speaker 1: and seventy eight dollars thirty eight cents of barrel comes 247 00:13:20,760 --> 00:13:23,080 Speaker 1: goal down seven tenths per cent or ten dollars seventy 248 00:13:23,120 --> 00:13:27,000 Speaker 1: cents at sixteen twenty five fifty announce. The euro is 249 00:13:27,080 --> 00:13:29,880 Speaker 1: at point nine five four two against the dollar British 250 00:13:29,920 --> 00:13:33,360 Speaker 1: found one point oh six seven zero and the yen 251 00:13:34,360 --> 00:13:37,880 Speaker 1: four point seven nine. Looking at bitcoin, it's down two 252 00:13:37,880 --> 00:13:42,120 Speaker 1: and a half percent at eighteen thousand, five hundred eighty dollars. 253 00:13:42,200 --> 00:13:44,640 Speaker 1: That's a bloomberg business flash. Now here's Michael Barr with 254 00:13:44,720 --> 00:13:47,160 Speaker 1: more on what's going on around the world. Michael, thank 255 00:13:47,200 --> 00:13:49,559 Speaker 1: you very much. Timer and hurricane and it's churning in 256 00:13:49,600 --> 00:13:52,160 Speaker 1: the Gulf of Mexico and is about seventy five miles 257 00:13:52,240 --> 00:13:55,760 Speaker 1: from Naples, Florida. The National Hurricane Center says e n 258 00:13:55,880 --> 00:14:00,160 Speaker 1: has strengthened to a category four storm. Thousands of nights 259 00:14:00,200 --> 00:14:03,520 Speaker 1: have been canceled At the United Nations stop diplomats are 260 00:14:03,559 --> 00:14:08,320 Speaker 1: dismissing the results of staged referendums in Russia's occupied areas 261 00:14:08,360 --> 00:14:11,160 Speaker 1: of Ukraine. Some Ukrainians say they were forced to vote 262 00:14:11,200 --> 00:14:14,960 Speaker 1: at gunpoint. In baseball, the Yankees clinched the A L East, 263 00:14:15,040 --> 00:14:18,120 Speaker 1: beating the Blue Jay's five to Aaron Judge was walked 264 00:14:18,160 --> 00:14:21,360 Speaker 1: four times and remains at sixty home runs, one shy 265 00:14:21,480 --> 00:14:25,280 Speaker 1: of Rojermari's one a L record. The Mats lost, the 266 00:14:25,360 --> 00:14:28,760 Speaker 1: Red Sox down, the Orioles thirteen nine, the Nationals and 267 00:14:28,960 --> 00:14:32,680 Speaker 1: A's lost. The Giants won Global news twenty four hours 268 00:14:32,720 --> 00:14:35,160 Speaker 1: a day on air and on Bloomberg Quick Take, powered 269 00:14:35,200 --> 00:14:37,920 Speaker 1: by more than twenty seven hundred journalists and analysts and 270 00:14:37,960 --> 00:14:40,400 Speaker 1: more than a hundred twenty countries. Michael Barr and this 271 00:14:40,640 --> 00:14:42,840 Speaker 1: is Bloomberg. Nathan all right, Michael, thank you. It's five 272 00:14:42,920 --> 00:14:46,000 Speaker 1: nineteen on Wall Street Life from the Bloomberg Interactive Brokers Studios. 273 00:14:46,080 --> 00:14:48,520 Speaker 1: This is Bloomberg Daybreak. Also want to pass along some 274 00:14:48,600 --> 00:14:51,840 Speaker 1: headlines crossing the Bloomberg terminal from Japan and South Korea 275 00:14:51,920 --> 00:14:56,160 Speaker 1: saying that North Korea has apparently fired an unidentified ballistic 276 00:14:56,240 --> 00:14:59,800 Speaker 1: missile towards the East Sea off the Korean peninsula. Will 277 00:14:59,800 --> 00:15:03,200 Speaker 1: can can you monitoring those developments for you. Let you 278 00:15:03,280 --> 00:15:05,240 Speaker 1: know any further details as soon as we get them. 279 00:15:05,440 --> 00:15:07,520 Speaker 1: In the meantime, we do want to keep our focus 280 00:15:07,680 --> 00:15:10,880 Speaker 1: on hurricane in taking aim at the Florida Gulf Coast. 281 00:15:11,160 --> 00:15:14,440 Speaker 1: Joining us now is Matthew Palazzola. He's a senior insurance 282 00:15:14,480 --> 00:15:18,240 Speaker 1: analyst for Bloomberg Intelligence, and we bring him on this 283 00:15:18,360 --> 00:15:22,400 Speaker 1: morning because this storm is shaping up to be one 284 00:15:22,440 --> 00:15:26,760 Speaker 1: of the costliest potentially in US history. Particularly we're talking 285 00:15:26,760 --> 00:15:29,560 Speaker 1: about a Category four storm. If it keeps up that 286 00:15:29,640 --> 00:15:32,960 Speaker 1: strength and takes him at a center of population, we're 287 00:15:33,000 --> 00:15:38,760 Speaker 1: talking serious potential damages here. Matthew. Yeah. So you know, 288 00:15:38,960 --> 00:15:41,680 Speaker 1: there's there's a slight bit of good news just this morning. 289 00:15:41,760 --> 00:15:45,200 Speaker 1: There's the five am forecast from the National Hurricane Center. 290 00:15:45,360 --> 00:15:47,880 Speaker 1: And if we're talking you know, this is certainly going 291 00:15:47,920 --> 00:15:50,400 Speaker 1: to be a large event, but if we're talking dollar 292 00:15:50,600 --> 00:15:54,480 Speaker 1: value property damage, it looks like the path is shifted 293 00:15:54,680 --> 00:15:57,760 Speaker 1: even further south. So the worst case scenario was a 294 00:15:57,840 --> 00:16:00,440 Speaker 1: direct hit on Tampa Bay from a property much point 295 00:16:00,440 --> 00:16:02,800 Speaker 1: of view, and it looks like at least, you know, 296 00:16:02,960 --> 00:16:05,880 Speaker 1: as of five am this morning, we might avoid that 297 00:16:06,200 --> 00:16:10,560 Speaker 1: worst case scenario people were talking about in the industry. Uh, 298 00:16:11,400 --> 00:16:15,200 Speaker 1: property values and damages in the hundred billion dollar range 299 00:16:15,440 --> 00:16:17,640 Speaker 1: in a in a worst case scenario. But it looks 300 00:16:17,680 --> 00:16:19,960 Speaker 1: like we're actually going to avoid that, all right, So 301 00:16:20,160 --> 00:16:24,720 Speaker 1: what's the base case scenario? Based on the forecast that 302 00:16:24,800 --> 00:16:27,360 Speaker 1: we're getting now the current track of the storm. Are 303 00:16:27,400 --> 00:16:31,240 Speaker 1: we still expecting that it could touchdown make landfall on 304 00:16:31,360 --> 00:16:35,480 Speaker 1: the Gulf coast to Florida as a category for I 305 00:16:35,640 --> 00:16:38,640 Speaker 1: think these storms usually weekend kind of right before they 306 00:16:38,680 --> 00:16:41,360 Speaker 1: get there. But it still looks like the forecast is 307 00:16:41,360 --> 00:16:45,160 Speaker 1: a category three or four as it makes landfall um 308 00:16:45,760 --> 00:16:49,600 Speaker 1: south of Tampa. So yes, definitely going to make landfall there. Um. 309 00:16:50,160 --> 00:16:52,600 Speaker 1: What we try to do is insurance analysts is look 310 00:16:52,680 --> 00:16:56,120 Speaker 1: at analog storm, So what what storms took a similar path? 311 00:16:56,240 --> 00:16:59,560 Speaker 1: How much do they cost insurance companies? Uh, what I'm 312 00:16:59,600 --> 00:17:03,560 Speaker 1: looking now is two thousand four Hurricane Charlie, which took 313 00:17:03,800 --> 00:17:06,879 Speaker 1: a pretty similar path. It was a category four when 314 00:17:06,920 --> 00:17:09,320 Speaker 1: it made landfall. It was actually a little further south 315 00:17:09,840 --> 00:17:15,359 Speaker 1: at that time. It costs insures eleven billion dollars um. 316 00:17:16,119 --> 00:17:19,640 Speaker 1: There's estimates out there from insurance brokers that say similar 317 00:17:19,680 --> 00:17:23,119 Speaker 1: events could be in the fifteen to thirty five billion 318 00:17:23,200 --> 00:17:27,320 Speaker 1: dollar range. Now, that's that's the kind of level that 319 00:17:27,560 --> 00:17:30,879 Speaker 1: the insurance industry in Florida can handle, isn't it. I 320 00:17:30,960 --> 00:17:33,760 Speaker 1: mean it's not like hurricanes or anything new for the 321 00:17:33,840 --> 00:17:38,119 Speaker 1: Sunshine Stain certainly not. So. These are companies. This is 322 00:17:38,119 --> 00:17:40,800 Speaker 1: their bread and butter um. I would say at the 323 00:17:40,960 --> 00:17:43,919 Speaker 1: high end of that, the thirty five billion dollar lock. Uh. 324 00:17:44,000 --> 00:17:48,760 Speaker 1: The California market is made up of mutual players like 325 00:17:48,880 --> 00:17:51,480 Speaker 1: State Farm, It's made up of a state fund which 326 00:17:51,600 --> 00:17:54,600 Speaker 1: is essentially funded by the taxpayers, and then you have 327 00:17:54,840 --> 00:17:59,160 Speaker 1: large national players and small regional players. At the thirty 328 00:17:59,240 --> 00:18:03,720 Speaker 1: five billion dollar are lost. The small regional players could 329 00:18:03,760 --> 00:18:07,520 Speaker 1: be in trouble, but the large companies that I cover, 330 00:18:08,000 --> 00:18:11,960 Speaker 1: like All State, chub Progressive, this is not going to 331 00:18:12,000 --> 00:18:14,360 Speaker 1: be a small thing for them, but a very manageable 332 00:18:14,400 --> 00:18:16,320 Speaker 1: ef that even at the high end. You got about 333 00:18:16,320 --> 00:18:19,080 Speaker 1: a minute left here, Matthew. How long of a recovery 334 00:18:19,200 --> 00:18:21,600 Speaker 1: could we be looking at from this? And talk a 335 00:18:21,640 --> 00:18:24,119 Speaker 1: little bit more about the reinsurance market, because they've been 336 00:18:24,160 --> 00:18:27,240 Speaker 1: having some struggles in Florida, haven't they. Yeah, there's been 337 00:18:27,359 --> 00:18:32,000 Speaker 1: a significant problem in Florida with being able to obtain reinsurance, 338 00:18:32,280 --> 00:18:36,120 Speaker 1: which is insurance for insurance companies. So the smaller companies 339 00:18:36,160 --> 00:18:38,840 Speaker 1: that I talked about have not been able to get 340 00:18:38,920 --> 00:18:42,480 Speaker 1: affordable reinsurance and some of them have actually gone insolvent 341 00:18:42,640 --> 00:18:45,159 Speaker 1: or left the state. And what this has done is 342 00:18:45,440 --> 00:18:48,560 Speaker 1: caused problems for homeowners in the States, so they can't 343 00:18:48,600 --> 00:18:52,719 Speaker 1: even get insurance if their insurance company can't get reinsurance. UM. 344 00:18:53,280 --> 00:18:55,639 Speaker 1: As far as the recovery, you know, the insurers are 345 00:18:55,960 --> 00:18:59,320 Speaker 1: on the ground almost immediately right away trying to work 346 00:18:59,359 --> 00:19:02,200 Speaker 1: with people like this is a home business, is a 347 00:19:02,320 --> 00:19:06,800 Speaker 1: short tail business. Insurers are are complaying out pretty soon. 348 00:19:07,000 --> 00:19:10,560 Speaker 1: So you know, I, without seeing where it's hitting and 349 00:19:10,680 --> 00:19:13,480 Speaker 1: how strong, I can't really talk too much about the recovery, 350 00:19:13,640 --> 00:19:16,720 Speaker 1: but you know, certainly going to be a big event. Yeah, 351 00:19:16,840 --> 00:19:20,119 Speaker 1: we're going to continue monitoring it, of course. Matthew Palazola, 352 00:19:20,200 --> 00:19:22,800 Speaker 1: thanks again for being with us necessarily morning hour. Matthew 353 00:19:22,840 --> 00:19:26,200 Speaker 1: Palazola as a senior insurance analyst for Bloomberg Intelligence who 354 00:19:26,200 --> 00:19:28,360 Speaker 1: will be very busy for the next several days here 355 00:19:28,400 --> 00:19:32,840 Speaker 1: with Hurricane Ian now a dangerous category four store maximum 356 00:19:32,920 --> 00:19:35,440 Speaker 1: wins a hundred forty miles an hour according to the 357 00:19:35,560 --> 00:19:39,640 Speaker 1: National Hurricane Center Last Check Center about seventy five miles 358 00:19:39,960 --> 00:19:43,640 Speaker 1: away from Naples, Florida, and it is currently on track 359 00:19:43,760 --> 00:19:47,040 Speaker 1: to come ashore on the Florida Gulf Coast near the 360 00:19:47,119 --> 00:19:51,639 Speaker 1: Tampa Bay area sometime late today. Looking at the market's 361 00:19:51,880 --> 00:19:55,359 Speaker 1: futures are selling off. S and P futures down forty 362 00:19:55,440 --> 00:19:59,399 Speaker 1: four points, Dow futures down two NASDAC futures down a 363 00:19:59,520 --> 00:20:08,400 Speaker 1: hundred seventy eight points. This is Bloomberg Bloomberg eleven three 364 00:20:08,440 --> 00:20:10,879 Speaker 1: oh weather for the city. Nice for the rest of 365 00:20:10,920 --> 00:20:13,080 Speaker 1: the week. Sunshine near seventy today, will be in the 366 00:20:13,200 --> 00:20:16,600 Speaker 1: upper sixties of sunny skies tomorrow and Friday. Right now 367 00:20:16,720 --> 00:20:24,320 Speaker 1: fifty four in Central Park, broadcasting live from the Bloomberg 368 00:20:24,400 --> 00:20:27,960 Speaker 1: Interactive Brook Studio in New York. Bloomberg E living freed 369 00:20:28,240 --> 00:20:32,119 Speaker 1: to Washington, d C, Bloomberg N one to Boston, Bloomberg 370 00:20:32,160 --> 00:20:35,520 Speaker 1: one O six one does San Francisco, Bloomberg sixt to 371 00:20:35,600 --> 00:20:38,240 Speaker 1: the country, Sirius XM chant A one nine te and 372 00:20:38,359 --> 00:20:41,680 Speaker 1: around the globe the Bloomberg Business app in Bloomberg Radio 373 00:20:41,800 --> 00:20:50,760 Speaker 1: dot Com. This is Bloomberg Daybreak and it's five thirty 374 00:20:50,800 --> 00:20:53,399 Speaker 1: on Wall Street. Good morning. I'm Nathan Hager, and I'm 375 00:20:53,480 --> 00:20:56,200 Speaker 1: Karen Moscow. We are just about four hours away from 376 00:20:56,240 --> 00:20:58,040 Speaker 1: the open of US trading. Let's get you up to 377 00:20:58,119 --> 00:20:59,800 Speaker 1: date in the news. You need to know what the shower. 378 00:21:00,240 --> 00:21:04,240 Speaker 1: Hurricane Ian is now a dangerous Category four storm taking 379 00:21:04,280 --> 00:21:08,040 Speaker 1: aim at Florida's Gulf coast and threatening to do serious damage. 380 00:21:08,200 --> 00:21:12,520 Speaker 1: Bloomberg meteorologists Robbed Caroline is tracking the storm. Rob Karen 381 00:21:12,560 --> 00:21:15,040 Speaker 1: and Nathan. The eye of the hurricane very apparent on 382 00:21:15,080 --> 00:21:17,439 Speaker 1: the radar out of the Key West area. We can 383 00:21:17,480 --> 00:21:20,720 Speaker 1: see it working its way north northeast. It's paralleling the 384 00:21:20,800 --> 00:21:23,400 Speaker 1: coast of western Florida. At some point today it will 385 00:21:23,440 --> 00:21:25,919 Speaker 1: turn more towards the northeast and that allow it across 386 00:21:25,960 --> 00:21:28,720 Speaker 1: the coast somewhere north of Fort Myers to as far 387 00:21:28,880 --> 00:21:31,840 Speaker 1: north as about Tampa. Looks like the storm surge is 388 00:21:31,880 --> 00:21:33,320 Speaker 1: going to be in excess of ten feet. Will be 389 00:21:33,320 --> 00:21:35,320 Speaker 1: seeing wind gusts probably over a hundred and twenty five 390 00:21:35,359 --> 00:21:38,000 Speaker 1: miles now with the storm, and excessive rain of five 391 00:21:38,040 --> 00:21:40,320 Speaker 1: to ten inches along the path over the next twenty 392 00:21:40,359 --> 00:21:43,160 Speaker 1: four hours. Karen and Nathan. Okay, Rob, Thanks, We're gonna 393 00:21:43,160 --> 00:21:45,320 Speaker 1: be checking back with you throughout the morning. Ahead of 394 00:21:45,400 --> 00:21:48,680 Speaker 1: the storm, thousands of flights have been canceled. Disney SeaWorld 395 00:21:48,720 --> 00:21:51,560 Speaker 1: and Universal Orlando are all shutting their theme parks through 396 00:21:51,560 --> 00:21:54,359 Speaker 1: at least tomorrow, and Florida Governor round the Santas is 397 00:21:54,400 --> 00:21:57,560 Speaker 1: activating five thousand members of the National Guard. Another two 398 00:21:57,680 --> 00:22:00,239 Speaker 1: thousand are coming in from out of state Nate Now 399 00:22:00,320 --> 00:22:02,879 Speaker 1: to the turbulent markets, the dollar is trading at a 400 00:22:03,000 --> 00:22:05,359 Speaker 1: record after the White House talked down the prospect of 401 00:22:05,440 --> 00:22:08,440 Speaker 1: weakening the currency. The on shore you want has fallen 402 00:22:08,480 --> 00:22:10,960 Speaker 1: to the weakest level against the dollars since the financial 403 00:22:11,000 --> 00:22:13,320 Speaker 1: crisis in two thousand and eight, and the global bond 404 00:22:13,359 --> 00:22:16,280 Speaker 1: route continues as a tenure. Treasury yields touched the highest 405 00:22:16,359 --> 00:22:18,960 Speaker 1: level since two thousand and eight. A slew of hawkish 406 00:22:19,000 --> 00:22:22,560 Speaker 1: Federal Reserve speakers, including Minneapolis Fed President Neil cash cry 407 00:22:22,880 --> 00:22:26,480 Speaker 1: are stoking fears about the economicccount. Look, we are moving very, 408 00:22:26,560 --> 00:22:29,200 Speaker 1: very aggressively. There's a lot of tightening in the pipeline. 409 00:22:29,600 --> 00:22:32,160 Speaker 1: We are committed to restoring price stability, but we're also 410 00:22:32,359 --> 00:22:35,880 Speaker 1: we also recognize, given these lags, there is the risk 411 00:22:35,920 --> 00:22:39,440 Speaker 1: of overdoing it. Minneapolis Fed President Neil cash Cary said 412 00:22:39,440 --> 00:22:41,880 Speaker 1: the Fed is united and getting inflation back to two 413 00:22:42,560 --> 00:22:45,239 Speaker 1: in Europe, hearing a stinging rebuke of the UK's new 414 00:22:45,320 --> 00:22:49,000 Speaker 1: unfunded tax cuts, the International Monetary Fund calls an excessive 415 00:22:49,200 --> 00:22:51,800 Speaker 1: and in need of revision. And in corporate news, Nathan 416 00:22:51,880 --> 00:22:55,280 Speaker 1: Bloomberg News has learned that Apple is back off plans 417 00:22:55,359 --> 00:22:58,560 Speaker 1: to increase production of its new iPhones this year. The 418 00:22:58,600 --> 00:23:02,080 Speaker 1: company had expected to serve gin demand, but that hasn't happened. 419 00:23:02,119 --> 00:23:04,840 Speaker 1: Apple aimed to produce ninety million handsets in the second 420 00:23:04,880 --> 00:23:08,120 Speaker 1: half of the year, roughly the same level as last year, 421 00:23:08,800 --> 00:23:11,800 Speaker 1: and futures this morning are lower. SNP Future is down 422 00:23:11,920 --> 00:23:14,760 Speaker 1: forty one points down, futures down two hundred seventy one 423 00:23:14,800 --> 00:23:18,119 Speaker 1: and NASDACK futures down one hundred seventy four ten. Your 424 00:23:18,200 --> 00:23:21,399 Speaker 1: treasury down twelve thirty seconds, you'll three point nine they 425 00:23:21,480 --> 00:23:24,160 Speaker 1: yield on the two year four point to four percent, 426 00:23:24,640 --> 00:23:27,920 Speaker 1: and NIMEX screwed oil is down a quarter percent. And 427 00:23:28,200 --> 00:23:31,560 Speaker 1: as straight ahead, we have your latest local headlines plus 428 00:23:31,680 --> 00:23:38,840 Speaker 1: a check of sports. And this is Bloomberg. Thank you Caring. 429 00:23:38,880 --> 00:23:40,960 Speaker 1: It's five thirty three and Wall Street fifty four degrees 430 00:23:41,080 --> 00:23:43,000 Speaker 1: in Central Park at that accident on the South and 431 00:23:43,080 --> 00:23:46,040 Speaker 1: New York State thru Way near the Cuomos Happenzee Bridge. 432 00:23:46,200 --> 00:23:48,480 Speaker 1: More coming up in traffic. First Michael Barr with what 433 00:23:48,560 --> 00:23:50,280 Speaker 1: else is going on in New York and around the world. 434 00:23:50,359 --> 00:23:53,240 Speaker 1: Michael Nathan, thank you very much. There's sharp debate as 435 00:23:53,359 --> 00:23:56,880 Speaker 1: New York City officials say a humanitarian relief center will 436 00:23:56,880 --> 00:24:00,399 Speaker 1: be built in the Bronx as more immigrants arrived from Texas. 437 00:24:00,760 --> 00:24:03,360 Speaker 1: It's being built in the Orchard Beach, but some Africans 438 00:24:03,400 --> 00:24:07,480 Speaker 1: say the shelters location could create issues. This Orchard Beach 439 00:24:07,560 --> 00:24:10,560 Speaker 1: resident had some words for the city. If you want 440 00:24:10,600 --> 00:24:14,640 Speaker 1: to put something in our community, you need permission from us. 441 00:24:15,800 --> 00:24:18,520 Speaker 1: The so called ten city being built will be heated 442 00:24:18,560 --> 00:24:21,720 Speaker 1: and can house up to a thousand migrants. New York 443 00:24:21,840 --> 00:24:24,639 Speaker 1: Mayor Eric Adams discussed his trip to Puerto Rico and 444 00:24:24,720 --> 00:24:29,040 Speaker 1: the Dominican Republic ravaged by Hurricane Fiona. Adams says Puerto 445 00:24:29,160 --> 00:24:32,119 Speaker 1: Rico has a significant population in the city, and what 446 00:24:32,240 --> 00:24:36,720 Speaker 1: affects Puerto Rico affects New York. This is the international city. 447 00:24:36,880 --> 00:24:39,399 Speaker 1: This is America's city. People like it or not, this 448 00:24:39,560 --> 00:24:43,760 Speaker 1: is America's city. What we do is going to impact 449 00:24:44,200 --> 00:24:47,040 Speaker 1: what happens across the globe and how people are going 450 00:24:47,119 --> 00:24:50,119 Speaker 1: to perceive us across the across the globe. Mayor Adams 451 00:24:50,119 --> 00:24:52,199 Speaker 1: says about half of the people in Puerto Rico are 452 00:24:52,280 --> 00:24:56,480 Speaker 1: still without power and fresh water. Russian leaders declared victory 453 00:24:56,520 --> 00:25:00,200 Speaker 1: in a series of u N condemned referendums as the 454 00:25:00,240 --> 00:25:05,360 Speaker 1: Crumblin moved to annex a large chunk of occupied Ukrainian territory. Meanwhile, 455 00:25:05,440 --> 00:25:08,639 Speaker 1: the White House says Russian men fleeing the military draft 456 00:25:09,000 --> 00:25:11,960 Speaker 1: are welcome to apply for asylum in the US Press 457 00:25:12,000 --> 00:25:15,359 Speaker 1: Secretary Kerin Jean Pierre, we are seeing protests in the 458 00:25:15,440 --> 00:25:18,920 Speaker 1: streets of Russia. We are seeing people sign petitions, and 459 00:25:19,000 --> 00:25:21,200 Speaker 1: I think the message that they're sending to us very 460 00:25:21,280 --> 00:25:24,880 Speaker 1: clearly is that this war that Putin started, this war 461 00:25:25,040 --> 00:25:27,840 Speaker 1: that was started by the Kremlin, is unpopular. White House 462 00:25:27,840 --> 00:25:32,200 Speaker 1: spokesperson Karaine Jean Pierre. A January six rioter who attacked 463 00:25:32,240 --> 00:25:35,320 Speaker 1: the police officer, was sentenced to eighty six months in prison. 464 00:25:35,800 --> 00:25:38,119 Speaker 1: Kyle Young, who is thirty eight, was captured on the 465 00:25:38,160 --> 00:25:41,760 Speaker 1: body cam a former DC police officer, Michael Phone, as 466 00:25:41,840 --> 00:25:45,120 Speaker 1: the violent mob pushed towards him. Young and Court broke 467 00:25:45,160 --> 00:25:48,640 Speaker 1: down in tears and begged for forgiveness. Global News twenty 468 00:25:48,680 --> 00:25:51,920 Speaker 1: four hours a day on air and on Bloomberg Quicktake, 469 00:25:52,160 --> 00:25:54,960 Speaker 1: powered by more than twenty seven hundred journalists and analysts 470 00:25:54,960 --> 00:25:57,399 Speaker 1: and more than a hundred twenty countries. Michael Barrn, this 471 00:25:57,480 --> 00:26:05,560 Speaker 1: is Bloomberg, Nathan. Thanks Michael on Wall Street. John Stashower 472 00:26:05,600 --> 00:26:07,800 Speaker 1: has a Bloomberg Sports Sunday. All right, Nathan. Mets and 473 00:26:07,920 --> 00:26:10,800 Speaker 1: Yankees both heading to the MLB postseason. The Yanks as 474 00:26:10,840 --> 00:26:13,560 Speaker 1: a division Champa. Will the Mets win the NL East? 475 00:26:13,640 --> 00:26:16,360 Speaker 1: It's the only division still up for grabs. The Cardinals 476 00:26:16,440 --> 00:26:18,719 Speaker 1: last night clints the NL Central. The Mets lost at 477 00:26:18,760 --> 00:26:21,719 Speaker 1: home to Miami six to four, a pet Alonzo three 478 00:26:21,800 --> 00:26:24,399 Speaker 1: run homer is forty if not enough to overcome a 479 00:26:24,480 --> 00:26:27,200 Speaker 1: rough start by Carlos Carrasco Atlanta one eighth to two 480 00:26:27,200 --> 00:26:30,639 Speaker 1: at Washington. The Mets and Braves have identical records now 481 00:26:30,720 --> 00:26:33,480 Speaker 1: of nineties seven and fifty eight, seven games to go, 482 00:26:34,040 --> 00:26:36,879 Speaker 1: and including the three game series this weekend in Atlanta. 483 00:26:36,960 --> 00:26:40,680 Speaker 1: The Yankee Division clinching win was five to two at Toronto. 484 00:26:40,800 --> 00:26:43,840 Speaker 1: The Red Hunt labor Torres with three hits, three RBIs 485 00:26:43,880 --> 00:26:46,280 Speaker 1: to back the pitching of Jamison Tyon. He served up 486 00:26:46,280 --> 00:26:49,359 Speaker 1: a leadoff homer to George Springer, but dominated after that. 487 00:26:49,480 --> 00:26:52,080 Speaker 1: Aaron Judge had only one official at bat, he walked 488 00:26:52,520 --> 00:26:56,440 Speaker 1: four times, refuses to chase bad pitches even as he 489 00:26:56,520 --> 00:26:59,560 Speaker 1: tries to tie Roger Marris's home run record. Now seven 490 00:26:59,640 --> 00:27:03,000 Speaker 1: games without a homer. Judge still stuck on sixty, but 491 00:27:03,200 --> 00:27:05,400 Speaker 1: in a good mood as he was sprayed with champagne. 492 00:27:05,640 --> 00:27:08,640 Speaker 1: What are yours so far? Um, We're definitely not done, 493 00:27:09,400 --> 00:27:11,800 Speaker 1: but this is a great first step in to you know, 494 00:27:12,280 --> 00:27:13,920 Speaker 1: don't go you know, got out there and winning a 495 00:27:13,960 --> 00:27:16,320 Speaker 1: World Series and don't get a chance of you know, 496 00:27:16,400 --> 00:27:20,400 Speaker 1: clinching them into this room. Guy. Uh, there's definitely something 497 00:27:20,400 --> 00:27:23,480 Speaker 1: special Jets. Last night on the Yes Network, Sterling Shepherd's 498 00:27:23,520 --> 00:27:26,159 Speaker 1: season is indeed over a freak knee and dream Monday Night, 499 00:27:26,200 --> 00:27:27,920 Speaker 1: have the MetLife Turk where he was simply wanting a 500 00:27:27,960 --> 00:27:30,840 Speaker 1: pass pattern comes just as Shepherd made it back him 501 00:27:30,880 --> 00:27:33,920 Speaker 1: last year's Achilles injury. He was the Giants top receiver. 502 00:27:34,480 --> 00:27:37,040 Speaker 1: They were counting on Kenny Galladay, a high price free 503 00:27:37,080 --> 00:27:39,080 Speaker 1: agent and first round draft pick, and Darius Tony, but 504 00:27:39,160 --> 00:27:43,080 Speaker 1: so far those two had combined probably two catchers. John statually, 505 00:27:43,080 --> 00:27:45,480 Speaker 1: we're Bloomberg Sport Snapen. All right, John, thank you. It's 506 00:27:45,480 --> 00:27:47,479 Speaker 1: five thirty seven on Wall Street, time for the Tri 507 00:27:47,640 --> 00:27:51,320 Speaker 1: State Business Report with Bloomberg's Ed Corey. After surging in 508 00:27:51,359 --> 00:27:54,639 Speaker 1: the week following Labor Day, office occupancy dipped a bit 509 00:27:54,680 --> 00:27:57,760 Speaker 1: of New York last week. New York offices were forty 510 00:27:57,840 --> 00:28:01,359 Speaker 1: six percent fool for the weekended nuberwenty one, according to 511 00:28:01,520 --> 00:28:05,359 Speaker 1: Castle Systems. That's down slightly from close to forty seven 512 00:28:05,480 --> 00:28:08,920 Speaker 1: percent the previous week. The trend was the same across 513 00:28:09,119 --> 00:28:13,760 Speaker 1: the country. Manhattan based law firm Epstein, Becker and Green 514 00:28:13,920 --> 00:28:18,240 Speaker 1: is suing former client Princeton Holdings. It claims Princeton failed 515 00:28:18,280 --> 00:28:21,159 Speaker 1: to pay an early nine hundred thousand dollar bill. In 516 00:28:21,240 --> 00:28:25,399 Speaker 1: the lawsuit, Epstein claims Princeton CEO Don Williams hired the 517 00:28:25,440 --> 00:28:28,840 Speaker 1: firm in March two thousand twenty for work on various 518 00:28:28,960 --> 00:28:33,240 Speaker 1: corporate transactional matters. Governor Phil Murphy says New Jersey will 519 00:28:33,320 --> 00:28:36,480 Speaker 1: spend forty nine million dollars to renovate the new Brunswick 520 00:28:36,560 --> 00:28:39,440 Speaker 1: train station. Murphy says the new funding will be used 521 00:28:39,480 --> 00:28:44,160 Speaker 1: to extend and replace passenger platforms and revamp elevators and escalators. 522 00:28:44,440 --> 00:28:47,680 Speaker 1: That's your Bloomberg trying state business report. I'm in Corey. 523 00:28:47,840 --> 00:28:50,800 Speaker 1: Thanks on Wall Street. Bloomberg Radio is on the air 524 00:28:50,880 --> 00:28:53,280 Speaker 1: from San Francisco to New York, London to Hong Kong. 525 00:28:53,520 --> 00:28:55,280 Speaker 1: Let's check in with our global news team for some 526 00:28:55,360 --> 00:28:57,520 Speaker 1: of the top stories heard on our three hundred affiliate 527 00:28:57,640 --> 00:29:03,720 Speaker 1: radio stations around the world. I'm Steve Potasc on w 528 00:29:04,200 --> 00:29:06,840 Speaker 1: f L A, Tampa Bay. We're talking about the surge 529 00:29:06,920 --> 00:29:10,280 Speaker 1: in private jet flights out of Florida ahead of Hurricane. 530 00:29:10,960 --> 00:29:14,080 Speaker 1: I'm Corney's Nahoe on ktr H in Houston. Shall me 531 00:29:14,200 --> 00:29:18,120 Speaker 1: build two plants to produce sustainable aviation fuel. I'm Caroline 532 00:29:18,160 --> 00:29:21,160 Speaker 1: had Combloomberg d D Dishradio in London. We're reporting on 533 00:29:21,240 --> 00:29:23,560 Speaker 1: the I M s telling the UK to v think 534 00:29:23,680 --> 00:29:27,000 Speaker 1: it's tax cup plans as the thirty year guilt yields 535 00:29:27,080 --> 00:29:31,160 Speaker 1: it's the highest since I'm Ed Gory on w w 536 00:29:31,480 --> 00:29:35,720 Speaker 1: J in Detroit. I'm reporting Southfield's Jack's car Wash is 537 00:29:35,840 --> 00:29:39,280 Speaker 1: looking to expand. Those are some of the stories are 538 00:29:39,320 --> 00:29:42,480 Speaker 1: twenty hundred Bloomberg journalists and analysts working on this morning 539 00:29:42,520 --> 00:29:44,960 Speaker 1: around the world. It's five thirty nine on Wall Street. 540 00:29:45,320 --> 00:29:49,360 Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial 541 00:29:49,520 --> 00:29:52,680 Speaker 1: was written by the Bloomberg Editorial Board. Amid the stir 542 00:29:52,880 --> 00:29:56,240 Speaker 1: caused by President Biden's plan to cancel student loan debts, 543 00:29:56,400 --> 00:29:59,880 Speaker 1: too little attention has been paid to another far reaching reform, 544 00:30:00,280 --> 00:30:04,240 Speaker 1: the administration's change to a lending program known as income 545 00:30:04,360 --> 00:30:09,240 Speaker 1: driven Repayment. If widely applied, Biden's proposal would incentivize students 546 00:30:09,320 --> 00:30:13,480 Speaker 1: to take out bigger loans and increase overall student loan debt. Worse, 547 00:30:13,680 --> 00:30:17,560 Speaker 1: it would only encourage colleges to continue raising tuition. It 548 00:30:17,600 --> 00:30:20,200 Speaker 1: would be better for the government to expand targeted aid 549 00:30:20,280 --> 00:30:23,200 Speaker 1: through federal pell grants, which would limit the amount that 550 00:30:23,240 --> 00:30:26,440 Speaker 1: poor students have to borrow in the first place. Reducing 551 00:30:26,480 --> 00:30:30,080 Speaker 1: the cost of higher education, particularly for low income students, 552 00:30:30,440 --> 00:30:33,240 Speaker 1: is a goal worth pursuing, but this plan is the 553 00:30:33,360 --> 00:30:36,280 Speaker 1: wrong way to go about it. This editorial was written 554 00:30:36,320 --> 00:30:39,640 Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please 555 00:30:39,680 --> 00:30:42,640 Speaker 1: go to Bloomberg dot com, slash Opinion or O P 556 00:30:42,840 --> 00:30:45,640 Speaker 1: I N go on the Bloomberg terminal. This has been 557 00:30:45,760 --> 00:30:49,560 Speaker 1: Bloomberg Opinion. Listen for Bloomberg Opinion editorials every weekday. At 558 00:30:49,600 --> 00:30:52,640 Speaker 1: this time terminal. Customers can read more at O P 559 00:30:53,000 --> 00:30:56,000 Speaker 1: I n go. As the sell off continues around the world, 560 00:30:56,160 --> 00:30:59,360 Speaker 1: SMP futures or down forty two points now futures down 561 00:30:59,360 --> 00:31:01,880 Speaker 1: to it at seven, the Nasdaq futures down a hundred 562 00:31:01,960 --> 00:31:05,320 Speaker 1: seventy five points. The tenure Treasury is down eleven thirty seconds. 563 00:31:05,560 --> 00:31:08,720 Speaker 1: The yield just back below four percent at three ninety nine. 564 00:31:09,000 --> 00:31:11,920 Speaker 1: Yield on the two year four point to three, the 565 00:31:12,040 --> 00:31:15,680 Speaker 1: euro at point nine five five seven against the dollar. 566 00:31:15,760 --> 00:31:19,000 Speaker 1: Matt Mayleie of Miller Tabac joins us. Next. This is 567 00:31:19,160 --> 00:31:24,560 Speaker 1: Bloomberg Bloomberg eleven three oh weather sunny with a high 568 00:31:24,560 --> 00:31:27,480 Speaker 1: near seventy today, will be in the upper sixties tomorrow 569 00:31:27,680 --> 00:31:31,600 Speaker 1: and Friday, with sunshine expected through the rest of the week. 570 00:31:31,760 --> 00:31:37,720 Speaker 1: Right now fifty four and clear in Central Park Markets. 571 00:31:37,840 --> 00:31:40,920 Speaker 1: Headlines and breaking news twenty four hours a day at 572 00:31:40,960 --> 00:31:44,360 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 573 00:31:44,400 --> 00:31:54,560 Speaker 1: tricktakee He's a Bloomberg Business lash and I'm Karen Moscow. 574 00:31:54,640 --> 00:31:57,120 Speaker 1: The dollar staring into another record after the White House 575 00:31:57,200 --> 00:31:59,640 Speaker 1: talked down the prospect of weakening the currency and it 576 00:31:59,680 --> 00:32:02,640 Speaker 1: containing global bond route, pushing ten year treasury yields to 577 00:32:02,680 --> 00:32:05,479 Speaker 1: the highest its two thousand eight and UK thirty year 578 00:32:05,560 --> 00:32:08,360 Speaker 1: yields to the highest since nineteen and ninety eight. Check 579 00:32:08,400 --> 00:32:11,000 Speaker 1: the markets every fifteen minutes throughout the trading day on 580 00:32:11,120 --> 00:32:13,840 Speaker 1: Bloomberg Guess and p future is down thirty nine points down, 581 00:32:13,880 --> 00:32:16,880 Speaker 1: futures down two hundred forty seven and Nasdaq futures down 582 00:32:16,920 --> 00:32:19,840 Speaker 1: one hundred sixty seven. The decks in Germany's down one 583 00:32:19,840 --> 00:32:23,880 Speaker 1: point nine percent, ten year treasury down twelve thirty seconds. 584 00:32:23,960 --> 00:32:26,440 Speaker 1: You'll three point nine nine percent. They yield on the 585 00:32:26,520 --> 00:32:29,560 Speaker 1: two year four point two three percent. Nine Max screwed 586 00:32:29,560 --> 00:32:31,920 Speaker 1: oils down at thirty percent or twenty seven cents at 587 00:32:31,960 --> 00:32:34,520 Speaker 1: seventy eight dollars, twenty five cents a barrel co makes 588 00:32:34,560 --> 00:32:37,000 Speaker 1: goal down sixtents percent or ten dollars ten cents at 589 00:32:37,000 --> 00:32:39,840 Speaker 1: sixteen twenty six and ounce. The euro is at point 590 00:32:39,960 --> 00:32:42,480 Speaker 1: nine five six zero against the dollar, British found one 591 00:32:42,520 --> 00:32:45,280 Speaker 1: point oh six nine four and the end one four 592 00:32:45,360 --> 00:32:48,320 Speaker 1: point six eight. Bitcoin down two point two percent at 593 00:32:48,400 --> 00:32:51,840 Speaker 1: eighteen thousand, six hundred and sixty dollars. As a Bloomberg 594 00:32:51,880 --> 00:32:54,240 Speaker 1: Business flash, now here's Michael Barr with Moore on what's 595 00:32:54,280 --> 00:32:56,840 Speaker 1: going on around the world. Michael Karen, thank you very much. 596 00:32:56,920 --> 00:32:59,840 Speaker 1: Hurricane in is now a category four storm as it's 597 00:33:00,080 --> 00:33:02,960 Speaker 1: ends toward Florida, ME and it's about seventy five miles 598 00:33:03,000 --> 00:33:06,480 Speaker 1: from Naples. Storm knocked out power to the entire island 599 00:33:06,520 --> 00:33:09,719 Speaker 1: of Cuba. North Korea fire do ballistic missile off its 600 00:33:09,760 --> 00:33:13,400 Speaker 1: eastern coast today. A statement from South Korea's Joint Chief 601 00:33:13,480 --> 00:33:17,040 Speaker 1: of Staff comes a day before US Vice President Kamala 602 00:33:17,160 --> 00:33:20,600 Speaker 1: Harris is set to visit the de militarized zone dividing 603 00:33:20,640 --> 00:33:24,040 Speaker 1: the nation's In baseball, the Yankees clinched the a L East, 604 00:33:24,120 --> 00:33:27,520 Speaker 1: beating the Blue Jays five to Aaron Judge was walked 605 00:33:27,680 --> 00:33:30,920 Speaker 1: four times and remains at sixty home runs one shy 606 00:33:31,000 --> 00:33:34,240 Speaker 1: of Rojamaris sixty one, a L record. The Mats lost, 607 00:33:34,360 --> 00:33:37,440 Speaker 1: the rat Sox down, the Orioles thirteen nine, the Nationals 608 00:33:37,520 --> 00:33:40,800 Speaker 1: and A's lost the Giants. One. Global news twenty four 609 00:33:40,880 --> 00:33:43,800 Speaker 1: hours a day on air end on Bloomberg Quicktake power 610 00:33:43,880 --> 00:33:46,280 Speaker 1: by more than twenty seven hundred journalists and analysts and 611 00:33:46,320 --> 00:33:48,680 Speaker 1: more than a hundred twenty countries. Michael bar And this 612 00:33:48,960 --> 00:33:51,800 Speaker 1: is Bloomberg, Nathan. Thanks Michael. It's five forty nine on 613 00:33:51,880 --> 00:33:54,680 Speaker 1: Wall Street Life from the Bloomberg Interactive Broker Studios. This 614 00:33:55,000 --> 00:33:58,240 Speaker 1: is Bloomberg Daybreak and Matt Mayley joins US now chief 615 00:33:58,320 --> 00:34:01,200 Speaker 1: market strategist at Miller Taya, Matt, I want to get 616 00:34:01,280 --> 00:34:04,000 Speaker 1: your thoughts on this market sell off. But first, we've 617 00:34:04,080 --> 00:34:08,080 Speaker 1: got a storm headed Florida's way. What kind of economic 618 00:34:08,160 --> 00:34:12,719 Speaker 1: damage could we see from hurricanean Well, one of the things, uh, 619 00:34:13,200 --> 00:34:15,240 Speaker 1: that we have to worry about, Nathan. Of course, it's 620 00:34:15,280 --> 00:34:17,120 Speaker 1: all the damage that that will be done. And you know, 621 00:34:17,239 --> 00:34:19,800 Speaker 1: we obviously are our thoughts and prayers are with everybody 622 00:34:19,840 --> 00:34:22,399 Speaker 1: in Florida. Um. And and it's kind of funny because 623 00:34:22,440 --> 00:34:24,360 Speaker 1: I've been somebody who's been, you know, worried about the 624 00:34:24,400 --> 00:34:26,359 Speaker 1: economy for quite some time, saying that we were very 625 00:34:26,440 --> 00:34:29,680 Speaker 1: likely headed to recession. I was talking about that, you know, 626 00:34:29,800 --> 00:34:34,399 Speaker 1: in the winter and spring. However, this thing is it's 627 00:34:34,440 --> 00:34:37,960 Speaker 1: funny because even though the people are talking about demand destruction, 628 00:34:38,040 --> 00:34:40,480 Speaker 1: it will you know, cause even more demand destruction. Uh. 629 00:34:40,560 --> 00:34:42,759 Speaker 1: They have to rebuild. I mean, these hurricanes both through 630 00:34:42,880 --> 00:34:46,080 Speaker 1: rather quickly, uh, and it can cause all sorts of devastation, 631 00:34:46,440 --> 00:34:50,000 Speaker 1: but the rebuilding usually actually helps the economy at least 632 00:34:50,040 --> 00:34:52,880 Speaker 1: in the local economy, and of course Governor De Santis 633 00:34:53,080 --> 00:34:55,400 Speaker 1: is very much eyeing a run for the for the presidency, 634 00:34:55,800 --> 00:34:58,239 Speaker 1: so he knows all eyes are gonna be how and 635 00:34:58,320 --> 00:35:00,200 Speaker 1: how he reacts to this, and he's gonna want to 636 00:35:00,239 --> 00:35:02,280 Speaker 1: be able to turn things around as quickly as possible. 637 00:35:02,360 --> 00:35:04,560 Speaker 1: So I actually think this is gonna be something that's 638 00:35:04,600 --> 00:35:09,440 Speaker 1: be slightly bullish for the economy at least for over 639 00:35:09,480 --> 00:35:12,400 Speaker 1: a near term basis, and something that's gonna be a serious, 640 00:35:12,640 --> 00:35:15,920 Speaker 1: serious problem. So I guess I'm usually a contrary, and 641 00:35:16,000 --> 00:35:18,160 Speaker 1: I'm a little bit of a contrarian here too. Yeah. 642 00:35:18,360 --> 00:35:20,879 Speaker 1: I wonder whether just sort of looking under the hood 643 00:35:20,960 --> 00:35:24,200 Speaker 1: on a sector basis, whether you're thinking what like construction 644 00:35:24,320 --> 00:35:28,000 Speaker 1: stocks might do well after this exactly you know somebody 645 00:35:28,080 --> 00:35:30,320 Speaker 1: like home Depot Lows. These these are types of of 646 00:35:30,480 --> 00:35:33,319 Speaker 1: of of companies of that should do you actually did 647 00:35:33,360 --> 00:35:35,719 Speaker 1: should do quite well. And you look at both of 648 00:35:35,760 --> 00:35:38,719 Speaker 1: those stocks company home people on Lows, I mean they're 649 00:35:38,719 --> 00:35:41,480 Speaker 1: flat on their back though they're oversold on a technical basis, 650 00:35:41,880 --> 00:35:44,719 Speaker 1: and they look quite enticing here. So these you can 651 00:35:44,760 --> 00:35:47,480 Speaker 1: see a surprising rally in some of these names. What 652 00:35:47,600 --> 00:35:49,800 Speaker 1: about more broadly, are you are you looking at the 653 00:35:49,840 --> 00:35:52,319 Speaker 1: bottom for this market overall. I mean we're looking at 654 00:35:52,400 --> 00:35:55,799 Speaker 1: futures well below one percent and adding to the loss 655 00:35:55,840 --> 00:35:59,600 Speaker 1: as we've seen over the last several sessions. Yeah, I mean, 656 00:35:59,640 --> 00:36:01,200 Speaker 1: the one thing we have to worry about. I mean again, 657 00:36:01,280 --> 00:36:03,960 Speaker 1: I've I've been negative all all year long. I mean 658 00:36:04,000 --> 00:36:06,840 Speaker 1: I I starting in December, I was telling people to 659 00:36:06,920 --> 00:36:09,759 Speaker 1: raise cash and yet over and during the summer, during 660 00:36:09,760 --> 00:36:11,600 Speaker 1: the during the rally, I said it was a you know, 661 00:36:11,680 --> 00:36:13,600 Speaker 1: it was a bear market rally, and said raise cash 662 00:36:13,680 --> 00:36:16,320 Speaker 1: there too. The one thing that we worry about that, 663 00:36:16,520 --> 00:36:18,359 Speaker 1: you know, And I do think that that we will 664 00:36:18,400 --> 00:36:21,360 Speaker 1: eventually get down to the three thousand, probably three thousand, 665 00:36:21,920 --> 00:36:25,319 Speaker 1: certainly three thousand again, something I've been saying all year, 666 00:36:25,400 --> 00:36:28,319 Speaker 1: but uh, we should see, if not at some point soon. 667 00:36:28,360 --> 00:36:30,000 Speaker 1: The one thing I'm concerned about, of course, is we 668 00:36:30,080 --> 00:36:32,160 Speaker 1: need people say we need this people wash out trade 669 00:36:32,440 --> 00:36:33,840 Speaker 1: or we get some sort of a blow up with 670 00:36:33,880 --> 00:36:36,560 Speaker 1: a hedge fund blowing up or something like that. But 671 00:36:36,760 --> 00:36:39,560 Speaker 1: the market is is really starting to get quite oversold. 672 00:36:39,840 --> 00:36:42,080 Speaker 1: And it's not just the stock market. The bomb market 673 00:36:42,120 --> 00:36:44,680 Speaker 1: is very very oversold, and the dollar is just the 674 00:36:44,760 --> 00:36:48,759 Speaker 1: oppos getting extremely overbought. And the sentiment and all those things. 675 00:36:48,840 --> 00:36:50,960 Speaker 1: The sentiment for the bomb market and the stock market 676 00:36:51,000 --> 00:36:54,239 Speaker 1: are very very low. People are very bearish and very 677 00:36:54,360 --> 00:36:56,719 Speaker 1: very bullish on the dollar. These are the types of 678 00:36:56,840 --> 00:37:00,320 Speaker 1: things that usually, uh create at least short term release defense. 679 00:37:00,400 --> 00:37:02,719 Speaker 1: So I look for a rally at some point soon 680 00:37:03,120 --> 00:37:05,000 Speaker 1: in the bond market, in the stock market, you know, 681 00:37:05,040 --> 00:37:06,920 Speaker 1: the bond market. A rally would mean that race, of 682 00:37:07,000 --> 00:37:10,120 Speaker 1: course would come down and the dollar calling back. I 683 00:37:10,160 --> 00:37:12,920 Speaker 1: think it's gonna surprise some people. Uh, but there's just 684 00:37:13,040 --> 00:37:14,839 Speaker 1: everybody is on one side of the boat right now, 685 00:37:15,000 --> 00:37:17,640 Speaker 1: and uh, we're getting ripe for for at least a 686 00:37:17,719 --> 00:37:20,520 Speaker 1: relatively sharp even if it's even if it's a relatively 687 00:37:20,680 --> 00:37:24,399 Speaker 1: short term bounce. So are you saying fight the Fed, Matt? 688 00:37:24,600 --> 00:37:28,120 Speaker 1: I mean you hear from Fed officials. They're really doubling 689 00:37:28,200 --> 00:37:31,440 Speaker 1: down on the idea that if not rates going up 690 00:37:31,520 --> 00:37:33,800 Speaker 1: even further, that at least they're going to have to 691 00:37:33,960 --> 00:37:36,640 Speaker 1: stay high for quite some time to get a handle 692 00:37:36,719 --> 00:37:40,360 Speaker 1: on inflation. No I I I I don't want to 693 00:37:40,400 --> 00:37:42,879 Speaker 1: stay fight the Fed. The two things on this number one, 694 00:37:43,200 --> 00:37:45,560 Speaker 1: and I've been saying saying that, oh you're long, don't 695 00:37:45,600 --> 00:37:47,440 Speaker 1: fight the Fed. Don't fight the FED. Why people keep 696 00:37:47,480 --> 00:37:50,640 Speaker 1: fighting the Fed? Um, But I just so it's really 697 00:37:50,719 --> 00:37:52,920 Speaker 1: just more of a short term a rally and in 698 00:37:53,000 --> 00:37:55,560 Speaker 1: others I wouldn't be shorting the rally. Here, I wouldn't 699 00:37:55,560 --> 00:37:57,880 Speaker 1: be buying the dollar here, I wouldn't be shorting the 700 00:37:57,920 --> 00:38:01,160 Speaker 1: bond market here. I just think that that although we 701 00:38:01,239 --> 00:38:03,080 Speaker 1: could get one big wash out here in the next 702 00:38:03,120 --> 00:38:05,360 Speaker 1: few days, I think we're gonna see a bounce that 703 00:38:05,719 --> 00:38:08,480 Speaker 1: lasts for for a week or two or maybe even three. 704 00:38:09,160 --> 00:38:11,880 Speaker 1: But but but that will probably another opportunity to to 705 00:38:12,400 --> 00:38:15,600 Speaker 1: uh to to take you know, race race some cash. 706 00:38:15,840 --> 00:38:17,600 Speaker 1: But one thing I will say though about the FED 707 00:38:18,120 --> 00:38:20,279 Speaker 1: is that you know, definitely don't fight the FED. But 708 00:38:20,400 --> 00:38:22,239 Speaker 1: they are getting there's a few of them getting a 709 00:38:22,400 --> 00:38:25,280 Speaker 1: little bit less hawkish. I mean we saw that yesterday 710 00:38:25,360 --> 00:38:30,279 Speaker 1: with Evans and last night uh Sanrcisco president Daily saying 711 00:38:30,560 --> 00:38:32,040 Speaker 1: she's saying that, you know, we don't want to push 712 00:38:32,040 --> 00:38:35,200 Speaker 1: it into recession. So there, you know, sometimes they're a 713 00:38:35,200 --> 00:38:39,080 Speaker 1: little market markets, uh market dependent when it comes on 714 00:38:39,480 --> 00:38:41,480 Speaker 1: when it comes to the rhetoric, and some of them 715 00:38:41,520 --> 00:38:42,920 Speaker 1: are starting to ease off a little bit, so that 716 00:38:42,960 --> 00:38:44,799 Speaker 1: could give the market a little bit of relief at 717 00:38:44,840 --> 00:38:47,120 Speaker 1: some point soon as well. So it's just thirty seconds 718 00:38:47,200 --> 00:38:49,160 Speaker 1: left here. Matter. Are you looking for a FED pivot 719 00:38:49,239 --> 00:38:53,239 Speaker 1: to slower rates sometime this year? Definitely not. I think 720 00:38:53,320 --> 00:38:56,279 Speaker 1: anything we're saying now is just trying to calm things down. 721 00:38:56,320 --> 00:38:57,920 Speaker 1: They don't want the market to go straight night and 722 00:38:58,000 --> 00:39:00,640 Speaker 1: down on the straight line, but I would. I do 723 00:39:00,800 --> 00:39:03,279 Speaker 1: not see them pivoting at all. I think that if 724 00:39:03,320 --> 00:39:05,160 Speaker 1: we do get the bounce, and I'm talking about, it 725 00:39:05,160 --> 00:39:07,120 Speaker 1: will be another opportunity to raise cash. I think the 726 00:39:07,360 --> 00:39:10,600 Speaker 1: sp is headed, We're gonna we're headed towards three thousand 727 00:39:10,800 --> 00:39:12,520 Speaker 1: or very close to that level. So I do not 728 00:39:12,600 --> 00:39:15,280 Speaker 1: see a pivot at all. And again, the SMP closed 729 00:39:15,360 --> 00:39:18,920 Speaker 1: yesterday thirty six forty seven. Thanks for this as always, Matt, 730 00:39:18,960 --> 00:39:21,839 Speaker 1: good speaking with you. Matt Maylee, Chief market strategist at 731 00:39:21,880 --> 00:39:24,800 Speaker 1: Miller tay Back, Karen A. Ry Nathan, thank you. It 732 00:39:25,040 --> 00:39:27,160 Speaker 1: is five fifty four on Wall Street. Let's get to 733 00:39:27,160 --> 00:39:29,760 Speaker 1: a legal story where watching this morning while the Justice 734 00:39:29,800 --> 00:39:32,759 Speaker 1: Department is taking American Airlines in Jet Blue Airways to 735 00:39:32,880 --> 00:39:36,279 Speaker 1: court challenging their partnership, which allows the airlines to share 736 00:39:36,360 --> 00:39:39,320 Speaker 1: flights and customers. The d o J is under pressure 737 00:39:39,360 --> 00:39:42,040 Speaker 1: to have something to show for its trust busting efforts 738 00:39:42,280 --> 00:39:44,880 Speaker 1: after the collapse last week of two of its cases, 739 00:39:45,239 --> 00:39:48,120 Speaker 1: one targeting United Health Groups seven point eight billion dollar 740 00:39:48,160 --> 00:39:51,160 Speaker 1: acquisition of Change Healthcare and a second between two of 741 00:39:51,239 --> 00:39:55,440 Speaker 1: the US's largest sugar refiners for more Bloomberg's doing. Grosso 742 00:39:55,560 --> 00:40:00,359 Speaker 1: speaks to Bloomberg Intelligence senior litigation analyst Jennifer Ree. Did 743 00:40:00,400 --> 00:40:04,239 Speaker 1: anything stand out to you in the opening statements? You know? 744 00:40:04,360 --> 00:40:06,920 Speaker 1: I think what stands out to me in the opening 745 00:40:07,040 --> 00:40:11,640 Speaker 1: statements is just how they're really incompletely and totally opposite ends. 746 00:40:11,760 --> 00:40:14,400 Speaker 1: I mean, to hear the Department of Justice attorney, this 747 00:40:14,600 --> 00:40:17,399 Speaker 1: is absolutely the worst possible thing that could happen. It's 748 00:40:17,400 --> 00:40:21,000 Speaker 1: going to cost millions of dollars. It's a consolidation. It's 749 00:40:21,080 --> 00:40:24,000 Speaker 1: essentially a merger of two airlines in an industry where 750 00:40:24,040 --> 00:40:28,000 Speaker 1: we have terrible trouble now, too much consolidation already, far 751 00:40:28,120 --> 00:40:32,000 Speaker 1: too concentrated, passengers that are treated horribly, fares that are 752 00:40:32,080 --> 00:40:34,520 Speaker 1: going up, and this is only going to contribute to that. 753 00:40:34,680 --> 00:40:38,120 Speaker 1: And then to hear the other side, it's wildly pro competitive. 754 00:40:38,120 --> 00:40:40,440 Speaker 1: If it's going to be fantastic, we're going to be 755 00:40:40,560 --> 00:40:43,440 Speaker 1: able to compete much better against Delta and United. It's 756 00:40:43,480 --> 00:40:46,160 Speaker 1: going to cause everybody to compete. And then the Department 757 00:40:46,200 --> 00:40:48,960 Speaker 1: of Justice attorney has to ask, American is the biggest 758 00:40:49,000 --> 00:40:52,239 Speaker 1: airline in the United States, possibly in the world, So 759 00:40:52,520 --> 00:40:54,720 Speaker 1: why does it need Jet Blue in order to compete 760 00:40:54,719 --> 00:40:57,279 Speaker 1: against Delta and United? And I think, you know, there's 761 00:40:57,280 --> 00:40:59,680 Speaker 1: a really good point there, but they're they're just really 762 00:40:59,760 --> 00:41:02,719 Speaker 1: why at opposite ends of what the impact of this 763 00:41:02,840 --> 00:41:06,640 Speaker 1: alliance is. American and Jet Blue have a year and 764 00:41:06,680 --> 00:41:10,319 Speaker 1: a half of records to show what's happened so far, 765 00:41:10,920 --> 00:41:13,440 Speaker 1: even though they knew that they were under the microscope. 766 00:41:13,640 --> 00:41:16,480 Speaker 1: But the Justice Department is just going to have theory, 767 00:41:17,320 --> 00:41:20,040 Speaker 1: that's right, And that's absolutely the difficulty of it. Now 768 00:41:20,120 --> 00:41:22,680 Speaker 1: in every merger case, all they really have is theory. 769 00:41:23,239 --> 00:41:27,320 Speaker 1: Here to some extent, they have a presumption of potential 770 00:41:27,400 --> 00:41:30,440 Speaker 1: anti competitive effects because if you just purely look at 771 00:41:30,480 --> 00:41:33,279 Speaker 1: market shares and an airline deal, you know, the way 772 00:41:33,320 --> 00:41:35,840 Speaker 1: they look at them are the different numbers of airlines 773 00:41:35,880 --> 00:41:37,800 Speaker 1: and their share in city of the city. So you 774 00:41:37,840 --> 00:41:40,600 Speaker 1: look at a route, let's say it's New York to Miami, Florida. 775 00:41:40,840 --> 00:41:42,840 Speaker 1: You look at that route, you look at the competition 776 00:41:42,880 --> 00:41:44,880 Speaker 1: in the route, and that's how you basically look at 777 00:41:44,920 --> 00:41:47,520 Speaker 1: market shares. So there's this big table and long list 778 00:41:47,560 --> 00:41:51,320 Speaker 1: of market shares, and under the merger guidelines at the 779 00:41:51,360 --> 00:41:54,480 Speaker 1: Department of Justice uses you can do some basic maths 780 00:41:54,719 --> 00:41:57,960 Speaker 1: and the judges use those guidelines and they follow those guidelines. 781 00:41:58,320 --> 00:42:00,720 Speaker 1: So the DJ has I would say, just a tinge 782 00:42:00,800 --> 00:42:03,080 Speaker 1: more than just theory going in, because they do have 783 00:42:03,239 --> 00:42:06,440 Speaker 1: some market shares that show that these are concentrated markets 784 00:42:06,880 --> 00:42:09,960 Speaker 1: that of course will rely on or depend on whether 785 00:42:10,040 --> 00:42:12,120 Speaker 1: the judge actually views this as a merger or not. 786 00:42:13,000 --> 00:42:17,160 Speaker 1: And as Bloomberg Intelligence Senior litigation analyst Jennifer Rees speaking 787 00:42:17,200 --> 00:42:20,520 Speaker 1: with Bloomberg June Grasso. Catch more of that interview plus 788 00:42:20,520 --> 00:42:22,800 Speaker 1: analysis of the latest legal news by listening to the 789 00:42:22,800 --> 00:42:25,960 Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing 790 00:42:26,000 --> 00:42:28,920 Speaker 1: to the Bloomberg Law Podcast, and attorneys can find exceptional 791 00:42:29,000 --> 00:42:33,279 Speaker 1: legal research and business development tools at Bloomberg Law dot com. 792 00:42:33,880 --> 00:42:38,920 Speaker 1: Futures this morning moving lower, SMP futures down forty four points, 793 00:42:39,080 --> 00:42:42,520 Speaker 1: now futures down two hundred eighty two, nasday futures down 794 00:42:42,600 --> 00:42:45,319 Speaker 1: one eighty three and still ahead. On Bloomberg Day Break, 795 00:42:45,320 --> 00:42:47,120 Speaker 1: I check on the business headlines and all the news 796 00:42:47,200 --> 00:42:49,440 Speaker 1: you need to start your day. This is Bloomberg.