1
00:00:01,840 --> 00:00:05,200
Speaker 1: Markets, headlines and breaking news twenty four hours a day

2
00:00:05,320 --> 00:00:08,320
Speaker 1: at Bloomberg dot Com, The Bloomberg Business at Land at

3
00:00:08,320 --> 00:00:18,240
Speaker 1: Bloomberg Quicktake, this is a Bloomberg business lives and I'm Karen.

4
00:00:18,280 --> 00:00:21,200
Speaker 1: Moscow futures are lower this morning. We checked the markets

5
00:00:21,239 --> 00:00:23,880
Speaker 1: all day long here on Bloomberg with SMP down and

6
00:00:23,960 --> 00:00:26,279
Speaker 1: NASDAG future is on down more than three tenths of

7
00:00:26,360 --> 00:00:29,360
Speaker 1: upper cent. SMP futures down about thirteen points and down

8
00:00:29,360 --> 00:00:32,320
Speaker 1: features down a hundred and NASDAG futures down thirty three.

9
00:00:32,400 --> 00:00:34,680
Speaker 1: The decks in Germany's down three quarters of a percent.

10
00:00:34,960 --> 00:00:37,760
Speaker 1: Ten year treasury down eight thirty seconds, yield three point

11
00:00:37,840 --> 00:00:40,120
Speaker 1: eight four percent. That yield on the two year four

12
00:00:40,159 --> 00:00:42,879
Speaker 1: point three eight percent. Nine mex screwed oil is down

13
00:00:42,920 --> 00:00:45,400
Speaker 1: a quarter percent, or nineteen cents at seventy eight dollars

14
00:00:45,400 --> 00:00:47,960
Speaker 1: twenty one cents a barrel. Comex school down two tenths

15
00:00:47,960 --> 00:00:50,240
Speaker 1: per cent or three dollars fifty cents at eighteen twenty

16
00:00:50,280 --> 00:00:53,200
Speaker 1: two seventy announced. The euro one point oh six seven

17
00:00:53,280 --> 00:00:55,720
Speaker 1: zero against the dollar, British pound one point to zero

18
00:00:55,800 --> 00:00:58,840
Speaker 1: four or five the end one thirty one point eight five.

19
00:00:59,200 --> 00:01:02,160
Speaker 1: And that's a Bloomberg Business Flash John all right, Karen, Thanks.

20
00:01:02,280 --> 00:01:04,640
Speaker 1: It is now fifties six on Wall Street. Time for

21
00:01:04,640 --> 00:01:08,760
Speaker 1: our Bloomberg Law Brief, exploring legal issues in the news. Today,

22
00:01:08,800 --> 00:01:12,880
Speaker 1: we're looking at the legalization of recreational marijuana. New York

23
00:01:12,959 --> 00:01:16,600
Speaker 1: has opened its first legal retail weed shop in Manhattan.

24
00:01:16,880 --> 00:01:20,480
Speaker 1: A Bloomberg's Caroline Hynd spoke with Ken Shay, cannabis analysts

25
00:01:20,520 --> 00:01:24,200
Speaker 1: for Bloomberg Intelligence about what this means for the New

26
00:01:24,280 --> 00:01:27,640
Speaker 1: York area and the country overall. It is really a

27
00:01:27,680 --> 00:01:29,800
Speaker 1: big deal. I mean New York, it's a huge market.

28
00:01:29,800 --> 00:01:31,760
Speaker 1: It's a highly visible market, and I think a lot

29
00:01:31,800 --> 00:01:34,880
Speaker 1: of other populous areas in the United States that haven't

30
00:01:34,920 --> 00:01:37,040
Speaker 1: legalized are gonna be watching this closely to see how

31
00:01:37,080 --> 00:01:40,440
Speaker 1: it pulls it off. How it does. Um, New York's

32
00:01:40,440 --> 00:01:42,720
Speaker 1: a large market and it has high hopes and no

33
00:01:42,840 --> 00:01:46,200
Speaker 1: pun attended. It looks to its neighbor New Jersey. New Jersey,

34
00:01:46,520 --> 00:01:50,120
Speaker 1: you know, legalized recreational only back in April. It's already

35
00:01:50,160 --> 00:01:52,480
Speaker 1: up to a one billion dollar run rate in sales.

36
00:01:52,960 --> 00:01:55,840
Speaker 1: New York's are twice the population. So if you put

37
00:01:55,840 --> 00:01:58,800
Speaker 1: the mass together and you have a really big industry

38
00:01:59,040 --> 00:02:00,840
Speaker 1: out of the gate that and is going to be there.

39
00:02:01,240 --> 00:02:04,680
Speaker 1: Products been around a long time, um, and so yeah,

40
00:02:04,680 --> 00:02:07,080
Speaker 1: all eyes around New York. It's well, the VIMO is

41
00:02:07,080 --> 00:02:09,359
Speaker 1: a visible market to really get a sense of what's

42
00:02:09,400 --> 00:02:11,440
Speaker 1: going on. You do some great analysis for us, and

43
00:02:11,480 --> 00:02:13,520
Speaker 1: we always love it that sort of bringing together some

44
00:02:13,560 --> 00:02:16,840
Speaker 1: of the issues that perhaps still the spending bill didn't

45
00:02:16,840 --> 00:02:19,360
Speaker 1: have the marijuana banking element to it, and we saw

46
00:02:19,400 --> 00:02:20,800
Speaker 1: a lot of potstocks fall in the back of that.

47
00:02:20,800 --> 00:02:22,960
Speaker 1: That many still say to really grow this industry, they

48
00:02:22,960 --> 00:02:24,320
Speaker 1: need to be able to get bank climbs, They need

49
00:02:24,360 --> 00:02:26,760
Speaker 1: to be able to get a more easier access to capital.

50
00:02:26,800 --> 00:02:29,079
Speaker 1: But I'm interested in your perspective of why we've already

51
00:02:29,080 --> 00:02:31,440
Speaker 1: seen the ability when I walk outside of Bloomberg to

52
00:02:31,480 --> 00:02:33,840
Speaker 1: cross the street and I can go and get edibles,

53
00:02:33,840 --> 00:02:37,200
Speaker 1: I can go and buy sat marijuana related food and consumption.

54
00:02:37,600 --> 00:02:40,680
Speaker 1: What is that still doing now and why has it

55
00:02:40,720 --> 00:02:43,160
Speaker 1: been able to do that ahead of this sort of legalization. Well,

56
00:02:43,280 --> 00:02:46,400
Speaker 1: New York has taken a different approach, put it that

57
00:02:46,440 --> 00:02:50,200
Speaker 1: way than many markets and allowing, you know, the social

58
00:02:50,240 --> 00:02:53,440
Speaker 1: justice theme to allow some flexibility and put it that

59
00:02:53,520 --> 00:02:57,040
Speaker 1: way to some operators that won't exist in many other markets.

60
00:02:57,600 --> 00:03:01,160
Speaker 1: And that's gonna at the consternation of the legal operators

61
00:03:01,200 --> 00:03:03,440
Speaker 1: and the legal operators. And look, we're paying all these taxes,

62
00:03:03,520 --> 00:03:05,560
Speaker 1: we're going jumping through all these hoops. We're doing a

63
00:03:05,600 --> 00:03:08,560
Speaker 1: lot of things here. Help us out by enforcing the

64
00:03:08,800 --> 00:03:11,280
Speaker 1: laws on the books that you know, you can't have

65
00:03:11,320 --> 00:03:14,079
Speaker 1: someone down the street selling it legally and avoiding taxes.

66
00:03:14,160 --> 00:03:18,000
Speaker 1: If you're going if they're regulated, I'm going to compete. Well,

67
00:03:18,720 --> 00:03:21,400
Speaker 1: So that's that's really gonna be a key issue going forward.

68
00:03:21,440 --> 00:03:25,359
Speaker 1: And it also made uh, you know, also discourage some

69
00:03:25,520 --> 00:03:27,720
Speaker 1: other big entities from getting into the New York, New

70
00:03:27,800 --> 00:03:32,040
Speaker 1: York market until they enforce those rules. And that's Bloomberg

71
00:03:32,080 --> 00:03:36,080
Speaker 1: Intelligence sandalist Kench speaking with Caroline Hyde. Catch Caroline and

72
00:03:36,120 --> 00:03:39,680
Speaker 1: Paul Sweeney for a special signulcast Bloomberg Markets Today that

73
00:03:39,760 --> 00:03:41,640
Speaker 1: starts at ten am Wall Street time. Right here on

74
00:03:41,680 --> 00:03:46,120
Speaker 1: Bloomberg Radio. Attorneys can find exceptional legal research and business

75
00:03:46,120 --> 00:03:50,840
Speaker 1: development tools Bloomberg Law dot com and the Bloomberg terminal

76
00:03:51,120 --> 00:03:54,640
Speaker 1: at b Law. Go Karen well John, here's another legal

77
00:03:54,640 --> 00:03:58,360
Speaker 1: story we're watching. Canada's merger court ruled in favor of

78
00:03:58,440 --> 00:04:02,760
Speaker 1: Roger's Communications and Shawn Communications and a key antitrust case

79
00:04:03,120 --> 00:04:05,120
Speaker 1: that clears one of the final hurdles to the union

80
00:04:05,120 --> 00:04:08,520
Speaker 1: of two of the nation's largest telecommunications firms. The Federal

81
00:04:08,520 --> 00:04:11,480
Speaker 1: Antitrust Commissioner failed to prove that the deal would cause

82
00:04:11,520 --> 00:04:15,680
Speaker 1: significant harm to competition in the industry. Where are watching

83
00:04:15,720 --> 00:04:18,680
Speaker 1: futures this morning? They're lower, with S and P futures

84
00:04:18,720 --> 00:04:21,920
Speaker 1: down twelve points or three tenths of up percent now

85
00:04:22,080 --> 00:04:24,680
Speaker 1: and NASDAG futures don't both down about three tents of

86
00:04:24,760 --> 00:04:27,359
Speaker 1: uppercent as well, with DOWN futures down ninety four points

87
00:04:27,400 --> 00:04:30,320
Speaker 1: and NASDAG futures down thirty and the tenure treasury down

88
00:04:30,400 --> 00:04:32,880
Speaker 1: nine thirty seconds, you know, three point eight five percent,

89
00:04:32,960 --> 00:04:35,279
Speaker 1: and they yield on the two year four point three

90
00:04:35,560 --> 00:04:39,000
Speaker 1: nine percent. Straight ahead, we have a check on the

91
00:04:39,040 --> 00:04:42,200
Speaker 1: business headlines and all the news you need to start

92
00:04:42,279 --> 00:04:44,760
Speaker 1: your day again on a day when futures are lower.

93
00:04:45,320 --> 00:04:52,440
Speaker 1: This as our to a Bloomberg daybreak begins right now, markets,

94
00:04:52,520 --> 00:04:55,600
Speaker 1: headlines and breaking news twenty four hours a day at

95
00:04:55,600 --> 00:04:59,040
Speaker 1: Bloomberg dot com, the Bloomberg Business at Land at Bloomberg

96
00:04:59,080 --> 00:05:07,960
Speaker 1: Quick taples three. He's a Bloomberg Business Flash, and I'm

97
00:05:08,000 --> 00:05:11,480
Speaker 1: Karen Moscow European stocks declining along with US stock index.

98
00:05:11,520 --> 00:05:13,560
Speaker 1: Future is on the final trading day of the year,

99
00:05:13,560 --> 00:05:15,279
Speaker 1: and we checked the markets all day long here on

100
00:05:15,320 --> 00:05:18,320
Speaker 1: Bloomberg with SNP Future is down eleven points down, Future

101
00:05:18,360 --> 00:05:21,320
Speaker 1: is down eighty and NASDAG futures down to thirty two.

102
00:05:21,880 --> 00:05:23,960
Speaker 1: The decks in Germany is down about six tenths of

103
00:05:24,000 --> 00:05:26,640
Speaker 1: a percent. Ten year treasury down ten thirty seconds. You

104
00:05:26,720 --> 00:05:28,560
Speaker 1: have three point eight five percent the yield on the

105
00:05:28,600 --> 00:05:31,480
Speaker 1: two year four point three nine percent. Nine X Screwed

106
00:05:31,520 --> 00:05:33,240
Speaker 1: oil is down a tenth of a percent or ten

107
00:05:33,320 --> 00:05:36,080
Speaker 1: cents at seventy eight dollars thirty cents of Barrel comic

108
00:05:36,080 --> 00:05:38,400
Speaker 1: school down a quarter percent or four dollars twenty cents

109
00:05:38,400 --> 00:05:41,760
Speaker 1: at eighteen eighty announced. The euro one point oh six

110
00:05:41,760 --> 00:05:44,240
Speaker 1: seven zero against the dollar. British found one point two

111
00:05:44,279 --> 00:05:46,559
Speaker 1: zero four or five. The end is at one thirty

112
00:05:46,560 --> 00:05:49,920
Speaker 1: one point nine four and Bitcoin this morning down half

113
00:05:49,960 --> 00:05:53,320
Speaker 1: percent at about sixteen thousand, five hundred dollars U s

114
00:05:53,360 --> 00:05:56,120
Speaker 1: n P five hundred down more than nineteen percent. This year,

115
00:05:56,160 --> 00:05:58,440
Speaker 1: the NASDAC has lost about a third of its value.

116
00:05:58,640 --> 00:06:01,080
Speaker 1: That's a Bloomberg business flash. Now here's Nuchael Bar with

117
00:06:01,120 --> 00:06:03,599
Speaker 1: more on les's going on around the world. Michael Karen.

118
00:06:03,640 --> 00:06:05,800
Speaker 1: A House committee is set to release six years of

119
00:06:05,880 --> 00:06:09,400
Speaker 1: Donald Trump's tax returns today, holding back the curtain on

120
00:06:09,480 --> 00:06:12,520
Speaker 1: financial records that the former president fought for years to

121
00:06:12,600 --> 00:06:15,880
Speaker 1: keep secret. Southwest Airlines says it expects to return to

122
00:06:15,920 --> 00:06:19,920
Speaker 1: her normal flight schedule today. The declaration comes after nearly

123
00:06:19,960 --> 00:06:23,760
Speaker 1: a week of cancelations and delays for travelers. Thursday Night football,

124
00:06:23,839 --> 00:06:27,880
Speaker 1: the Cowboys be the Titans thirteen in the NBA. The

125
00:06:27,880 --> 00:06:31,080
Speaker 1: next loss the Celtics won. In the NHL. The Rangers

126
00:06:31,080 --> 00:06:33,640
Speaker 1: lost in a shootout to the Lightning to one. The

127
00:06:33,760 --> 00:06:36,920
Speaker 1: Islanders won, the Capitals lost in overtime to the Senators

128
00:06:36,960 --> 00:06:40,200
Speaker 1: for three, and soccer legend Pale has died after a

129
00:06:40,240 --> 00:06:43,480
Speaker 1: battle with cancer. He was eighty two Global news twenty

130
00:06:43,480 --> 00:06:46,080
Speaker 1: four hours a day on air and on Bloomberg Quicktake,

131
00:06:46,240 --> 00:06:49,080
Speaker 1: powered by more than twenty seven hundred journalists analysts more

132
00:06:49,080 --> 00:06:52,920
Speaker 1: than a hundred twenty countries. Michael Barr, this is Bloomberg, John, Michael,

133
00:06:52,920 --> 00:06:54,880
Speaker 1: thank you. It is now five forty two on the

134
00:06:54,920 --> 00:06:59,000
Speaker 1: Wall Street. This is Bloomberg Daybreak. I'm John Tucker alongside

135
00:06:59,040 --> 00:07:00,880
Speaker 1: Karen Bosco. Le's take a look at some of the

136
00:07:00,880 --> 00:07:05,040
Speaker 1: other stories that are making news this morning. TC Energy

137
00:07:05,200 --> 00:07:09,160
Speaker 1: says it's restarted the ruptured segment of its Keystone oil pipeline,

138
00:07:09,520 --> 00:07:12,360
Speaker 1: as follows a spill that forced a conduits shot for

139
00:07:12,400 --> 00:07:15,040
Speaker 1: more than three weeks. Let's get the story from Bloomberg's

140
00:07:15,080 --> 00:07:17,800
Speaker 1: Charlie Pillett. The company put out a statement saying the

141
00:07:17,880 --> 00:07:22,520
Speaker 1: Keystone pipeline is now operational to all delivery points. The

142
00:07:22,640 --> 00:07:26,240
Speaker 1: massive crude pipeline, which can carry more than six hundred

143
00:07:26,240 --> 00:07:29,640
Speaker 1: thousand barrels a day, is a major conduit linking oil

144
00:07:29,680 --> 00:07:33,320
Speaker 1: fields in Canada to refiners in the Gulf Coast. A

145
00:07:33,400 --> 00:07:36,000
Speaker 1: leak on a section of the pipeline that extends to

146
00:07:36,040 --> 00:07:40,280
Speaker 1: the Cushing, Oklahoma storage hub spilled fourteen thousand barrels of

147
00:07:40,280 --> 00:07:43,400
Speaker 1: oil in Kansas in early December, becoming one of the

148
00:07:43,520 --> 00:07:48,080
Speaker 1: largest onshore US oil spills since two thousand ten, according

149
00:07:48,120 --> 00:07:52,760
Speaker 1: to government data. In New York, Charlie Pellet Bloomberg Daybreak, Great, Charlie,

150
00:07:52,760 --> 00:07:55,280
Speaker 1: thank you well. Let's stick with energy. Oil is set

151
00:07:55,320 --> 00:07:59,080
Speaker 1: to end a volatile year modestly higher as investors expect

152
00:07:59,120 --> 00:08:01,520
Speaker 1: a rebound in sh on ease demand and race for

153
00:08:01,720 --> 00:08:05,239
Speaker 1: less Russian crewde demand for oil and China is in question,

154
00:08:05,280 --> 00:08:08,360
Speaker 1: and traders are racing for more reaction from Russia to

155
00:08:08,480 --> 00:08:11,080
Speaker 1: sanctions on its energy exports. We take a look at

156
00:08:11,080 --> 00:08:13,280
Speaker 1: oil right now and nine night screwed is down about

157
00:08:13,280 --> 00:08:15,400
Speaker 1: two tents of a percent, down twelve cents. It's it's

158
00:08:15,440 --> 00:08:18,640
Speaker 1: seventy eight dollars twenty eight cents a barrel. And taking

159
00:08:18,640 --> 00:08:22,080
Speaker 1: a closer look at China, new data reveals economic activity

160
00:08:22,560 --> 00:08:26,600
Speaker 1: rebounding in several cities where COVID infections likely already peaked.

161
00:08:27,000 --> 00:08:29,360
Speaker 1: That's in spite of many parts of the country grappling

162
00:08:29,400 --> 00:08:33,240
Speaker 1: with staring cases. The number of passengers using subways in

163
00:08:33,320 --> 00:08:37,800
Speaker 1: major cities like Beijing, Wuhan, and shane Do rose sharply

164
00:08:38,000 --> 00:08:41,280
Speaker 1: in the week through Wednesday. That's assigned residents are returning

165
00:08:41,320 --> 00:08:44,520
Speaker 1: to work, shopping and eating at restaurants, a measure of

166
00:08:44,520 --> 00:08:48,200
Speaker 1: traffic congestion that also increased significantly with the same period

167
00:08:48,679 --> 00:08:51,360
Speaker 1: well John meantime, China could see as many as twenty

168
00:08:51,360 --> 00:08:54,520
Speaker 1: five thousand deaths a day from COVID nineteen next month.

169
00:08:54,520 --> 00:08:57,560
Speaker 1: As according to Air Affinity, which expects deaths to peak

170
00:08:57,600 --> 00:09:00,320
Speaker 1: around January twenty three. It says daily infect into all

171
00:09:00,440 --> 00:09:03,360
Speaker 1: likely peaked ten days before that had around three point

172
00:09:03,480 --> 00:09:06,959
Speaker 1: seven million cases. Yeah. Right, now, let's turn to the

173
00:09:07,000 --> 00:09:10,280
Speaker 1: crypto space and talk digital tokens. In the wake of

174
00:09:10,360 --> 00:09:13,320
Speaker 1: the ft X collapse of the past year has seen

175
00:09:13,320 --> 00:09:17,360
Speaker 1: crypto prices drown in the sludge of an extended crypto

176
00:09:17,400 --> 00:09:20,000
Speaker 1: winter and the fd X to baccle that is for

177
00:09:20,120 --> 00:09:23,800
Speaker 1: the future of the space maybe in question. So what's next?

178
00:09:23,880 --> 00:09:26,880
Speaker 1: We are joined by our execuest Everett Millman, the chief

179
00:09:26,920 --> 00:09:30,280
Speaker 1: market analyst at Gainesville Coins, has that for an introduction

180
00:09:30,360 --> 00:09:33,719
Speaker 1: the Everett Um. After the fraud and bankruptcies, is there

181
00:09:34,480 --> 00:09:39,240
Speaker 1: light at the end of the tunnel? Well will almost

182
00:09:39,280 --> 00:09:42,160
Speaker 1: certainly go down as the worst year on record for

183
00:09:42,200 --> 00:09:45,320
Speaker 1: crypto um and I think in the wake of the

184
00:09:45,440 --> 00:09:49,160
Speaker 1: fd X fallout, we have seen that major institutions are

185
00:09:49,200 --> 00:09:52,600
Speaker 1: beginning to dip their toe back into the crypto space.

186
00:09:53,080 --> 00:09:57,040
Speaker 1: Fidelity has opened crypto trading, Goldman Sacks have been buying

187
00:09:57,120 --> 00:10:00,240
Speaker 1: up some of those distressed with the currency companies, and

188
00:10:00,559 --> 00:10:04,720
Speaker 1: both HSBC and JP Morgan have trademarked UM their own

189
00:10:04,800 --> 00:10:09,200
Speaker 1: crypto wallets or crypto exchanges. So we are seeing institutions

190
00:10:09,559 --> 00:10:12,640
Speaker 1: at least come back into the fold as the sell

191
00:10:12,720 --> 00:10:16,439
Speaker 1: off has continued, And also governments both Russia and Japan

192
00:10:16,880 --> 00:10:20,680
Speaker 1: are exploring removing their bands on crypto, and the Bank

193
00:10:20,760 --> 00:10:25,160
Speaker 1: for International Settlements is finalizing a regulation that banks can

194
00:10:25,160 --> 00:10:28,400
Speaker 1: now hold two percent of their reserves in bitcoin. So

195
00:10:28,520 --> 00:10:31,200
Speaker 1: I don't think, even with all of the fear and

196
00:10:31,280 --> 00:10:34,600
Speaker 1: uncertainty and doubt um, that cryptocurrency is going to be

197
00:10:35,200 --> 00:10:37,480
Speaker 1: completely wiped off the face of the earth anytime soon.

198
00:10:37,720 --> 00:10:40,920
Speaker 1: I can you separate the space between the actual tokens

199
00:10:41,000 --> 00:10:46,080
Speaker 1: and the coins and the platforms. Oh, that's a fascinating

200
00:10:46,160 --> 00:10:48,920
Speaker 1: question because as is now, we've still see that the

201
00:10:49,040 --> 00:10:52,679
Speaker 1: major use cases for a lot of these tokens is

202
00:10:52,720 --> 00:10:56,439
Speaker 1: simply for speculative trading vehicles, you know, trading back and forth.

203
00:10:56,840 --> 00:10:59,720
Speaker 1: But the on Shaine data for bitcoin in particular shows

204
00:10:59,800 --> 00:11:04,079
Speaker 1: that the majority of wallets have been holding lately. Um

205
00:11:04,120 --> 00:11:06,439
Speaker 1: It's been at least six months since any bitcoin is

206
00:11:06,520 --> 00:11:09,200
Speaker 1: mood in or out of those wallets. So that does

207
00:11:09,400 --> 00:11:13,640
Speaker 1: somewhat lend credence to the idea that perhaps bitcoin good

208
00:11:13,640 --> 00:11:17,199
Speaker 1: operate as a store of value if this lack of

209
00:11:17,280 --> 00:11:20,240
Speaker 1: volatility that we've seen at the bitcoin price continues. But

210
00:11:20,280 --> 00:11:23,680
Speaker 1: there's still a major problem, obviously a major political issue

211
00:11:24,040 --> 00:11:27,040
Speaker 1: with how to regulate these exchanges UM and kind of

212
00:11:27,120 --> 00:11:30,560
Speaker 1: unlock the value of this new technology and innovation in

213
00:11:30,600 --> 00:11:34,120
Speaker 1: a way that does not promote kind of these black

214
00:11:34,240 --> 00:11:37,600
Speaker 1: box operations like we're happening at at fd X and

215
00:11:37,679 --> 00:11:40,920
Speaker 1: and perhaps at finance. Well, you mentioned bitcoin and the

216
00:11:41,840 --> 00:11:45,480
Speaker 1: h I would argue that there's a degree of stability

217
00:11:45,600 --> 00:11:50,800
Speaker 1: with with that particular token relatively to the others. Um,

218
00:11:51,080 --> 00:11:54,920
Speaker 1: why is that so relatively stable? And how many of

219
00:11:54,960 --> 00:12:00,880
Speaker 1: those other coins are total bologna? Well, Um, there's certainly

220
00:12:00,920 --> 00:12:04,440
Speaker 1: some bologne out there, to be sure. UM. And bitcoin

221
00:12:04,520 --> 00:12:09,240
Speaker 1: does distinguish itself by having some underlying fundamental to the

222
00:12:09,280 --> 00:12:13,760
Speaker 1: fact that it does convert electricity and energy into a

223
00:12:13,880 --> 00:12:16,559
Speaker 1: type of currency. UM. And the fact that there's only

224
00:12:16,559 --> 00:12:19,319
Speaker 1: going to be twenty million total bitcoin, so that that

225
00:12:19,440 --> 00:12:21,800
Speaker 1: sort of digital scarcity gives it a bit of a

226
00:12:21,920 --> 00:12:26,199
Speaker 1: leg up on other less mature crypto projects. But again,

227
00:12:26,240 --> 00:12:29,760
Speaker 1: I do think that regulation is going to be key here. UM.

228
00:12:29,840 --> 00:12:32,439
Speaker 1: Bitcoin is a bit of a tricky case because it

229
00:12:32,559 --> 00:12:37,000
Speaker 1: sort of operates under its own sovereignty. UM. But if

230
00:12:37,040 --> 00:12:41,040
Speaker 1: governments decide that they'd like to take a harsher um

231
00:12:41,080 --> 00:12:46,320
Speaker 1: approach to regulating bitcoin and other other tokens. Um, it's

232
00:12:46,320 --> 00:12:50,199
Speaker 1: simply going to push that activity and that innovation into

233
00:12:50,400 --> 00:12:53,640
Speaker 1: safer jurisdictions, um to push it into a black market.

234
00:12:53,960 --> 00:12:56,600
Speaker 1: And so I don't think that exactly solves the problem,

235
00:12:56,679 --> 00:12:59,480
Speaker 1: but it is obviously something that policymakers are going to

236
00:12:59,520 --> 00:13:03,160
Speaker 1: continued to look at. Um. It's not simply going away

237
00:13:03,280 --> 00:13:07,199
Speaker 1: all right. Advocates of the space have argued certainly against regulation.

238
00:13:07,280 --> 00:13:09,800
Speaker 1: That's that's out the window at this point. What's the

239
00:13:09,840 --> 00:13:14,959
Speaker 1: regulatory landscape ahead? Well, there has to be some sort

240
00:13:15,000 --> 00:13:20,439
Speaker 1: of oversight akin to what already goes on in financial markets. Um.

241
00:13:20,520 --> 00:13:23,679
Speaker 1: We've seen with the fd X the bottle that a

242
00:13:23,720 --> 00:13:27,800
Speaker 1: lot of what was going on was not particularly crypto

243
00:13:27,920 --> 00:13:32,360
Speaker 1: specific fraud. It was just sort of simply plane vanilla fraud,

244
00:13:32,720 --> 00:13:35,240
Speaker 1: if there is such a thing. UM. So obviously the

245
00:13:35,280 --> 00:13:38,360
Speaker 1: failures there is because of the lack of regulation, I

246
00:13:38,640 --> 00:13:41,440
Speaker 1: would argue, UM. And so again it raises this question,

247
00:13:41,840 --> 00:13:45,160
Speaker 1: do we simply want to push all the activity into

248
00:13:45,400 --> 00:13:49,439
Speaker 1: other countries or into kind of black markets where regulators

249
00:13:49,480 --> 00:13:52,360
Speaker 1: don't have a clear view of what's going on, or

250
00:13:52,440 --> 00:13:57,000
Speaker 1: will the cryptocurrency community UM accept some level of regulation

251
00:13:57,120 --> 00:14:02,040
Speaker 1: that will engender more confident because clear that trust and

252
00:14:02,080 --> 00:14:05,160
Speaker 1: confidence in this space has been decimated UM and even

253
00:14:05,200 --> 00:14:09,160
Speaker 1: with some of the UH the major institutions coming back in,

254
00:14:09,400 --> 00:14:12,680
Speaker 1: it's going to take months and perhaps years to build

255
00:14:12,760 --> 00:14:16,559
Speaker 1: back that trust UM and I think allowing regulation or

256
00:14:16,800 --> 00:14:20,080
Speaker 1: embracing regulations would be probably the biggest step for doing that.

257
00:14:21,600 --> 00:14:24,040
Speaker 1: And Everett thanks a lot for joining us this morning.

258
00:14:24,040 --> 00:14:28,440
Speaker 1: Everett Milma, the chief market analyst at Gainesville Coins. As

259
00:14:28,480 --> 00:14:31,120
Speaker 1: look at the price of bitcoin this morning, down about

260
00:14:31,160 --> 00:14:34,560
Speaker 1: six tenths of a percent to sixteen thousand, four hundred

261
00:14:34,920 --> 00:14:38,320
Speaker 1: eight and down. Future is right now down seventy three

262
00:14:38,560 --> 00:14:42,240
Speaker 1: smp E many futures they're down ten, but AzaC futures

263
00:14:42,240 --> 00:14:54,880
Speaker 1: down twenty six Markets headlines and breaking news twenty four

264
00:14:54,920 --> 00:14:57,920
Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business

265
00:14:58,000 --> 00:15:07,600
Speaker 1: apt and at Bloomberg Quicktape. He's a Bloomberg Business Flash

266
00:15:08,040 --> 00:15:11,320
Speaker 1: and I'm Karen Moscow. European stocks declining along with US

267
00:15:11,320 --> 00:15:14,520
Speaker 1: stock index futures on the final trading day of the year,

268
00:15:14,600 --> 00:15:16,680
Speaker 1: which again would close out the worst year in more

269
00:15:16,720 --> 00:15:19,280
Speaker 1: than a decade for global equities and bonds, and We

270
00:15:19,360 --> 00:15:21,640
Speaker 1: checked the markets all day long year on Bloomberg SMP

271
00:15:21,800 --> 00:15:25,080
Speaker 1: futures down fifteen points or four tents of uppercent, Down,

272
00:15:25,120 --> 00:15:27,320
Speaker 1: futures down three tens of upper cent or a hundred

273
00:15:27,320 --> 00:15:30,160
Speaker 1: five points, and NASDAG futures down four tens of uppercent

274
00:15:30,440 --> 00:15:32,880
Speaker 1: for forty three points. The decks in Germany's down six

275
00:15:32,880 --> 00:15:35,880
Speaker 1: tenths of uppercent ten. Your treasury down nine thirty seconds,

276
00:15:35,960 --> 00:15:37,880
Speaker 1: yield three point eight four percent, the yield on the

277
00:15:37,920 --> 00:15:40,800
Speaker 1: two year four point three nine percent. Nine Next, Screwed

278
00:15:40,840 --> 00:15:42,880
Speaker 1: oil is down three tens of upper cent or twenty

279
00:15:42,880 --> 00:15:45,240
Speaker 1: two cents, and seventy eight dollars eighteen cents of barrel

280
00:15:45,440 --> 00:15:48,120
Speaker 1: comic school down a quarter percent or four dollars forty cents.

281
00:15:48,120 --> 00:15:51,120
Speaker 1: At eighteen twenty one, sixty announced the euro one point

282
00:15:51,280 --> 00:15:53,640
Speaker 1: six six five against the dollar, British pound one point

283
00:15:53,680 --> 00:15:56,320
Speaker 1: to zero four one, they had one thirty two point

284
00:15:56,320 --> 00:15:59,840
Speaker 1: oh three and bitcoins down half percent at sixteen thousand,

285
00:16:00,040 --> 00:16:02,920
Speaker 1: five hundred dollars. And that's a Bloomberg business flash. Now

286
00:16:02,960 --> 00:16:05,520
Speaker 1: here's Michael Barr with more on what's going on around

287
00:16:05,520 --> 00:16:08,200
Speaker 1: the world. Michael did Morning, Good Morning Karen. A House

288
00:16:08,240 --> 00:16:11,920
Speaker 1: committee will release six years of Donald Trump's tax returns today.

289
00:16:12,400 --> 00:16:14,960
Speaker 1: The Ways and Means COMMITTEEVO did last week to release

290
00:16:15,040 --> 00:16:18,960
Speaker 1: the returns with some redactions of sensitive and information. Southwest

291
00:16:18,960 --> 00:16:21,760
Speaker 1: Airline says it expects to return to her normal flight

292
00:16:21,840 --> 00:16:25,360
Speaker 1: schedule today. The declaration comes after nearly a week of

293
00:16:25,400 --> 00:16:29,160
Speaker 1: cancelations and delanyees for travelers and Thursday night football, the

294
00:16:29,160 --> 00:16:32,880
Speaker 1: Cowboys beat the Titans twenty seven thirteen in the NBA.

295
00:16:33,000 --> 00:16:35,480
Speaker 1: The Knicks lost the Celtics one in the NHL, the

296
00:16:35,600 --> 00:16:37,960
Speaker 1: Rangers lost in a shootout to the Lightning to one.

297
00:16:38,280 --> 00:16:40,800
Speaker 1: The Islanders won the Capitals lost in overtime to the

298
00:16:40,840 --> 00:16:44,440
Speaker 1: Senators for three, and soccer legend Pelee has died after

299
00:16:44,480 --> 00:16:47,480
Speaker 1: a battle with cancer. He was eighty two Global News

300
00:16:47,480 --> 00:16:49,960
Speaker 1: twenty four hours a day on air and on Bloomberg

301
00:16:50,040 --> 00:16:53,080
Speaker 1: Quick Take, powered by more than twenty seven hundred journalists

302
00:16:53,080 --> 00:16:55,880
Speaker 1: and analysts and more than a hundred twenty countries. Michael

303
00:16:55,880 --> 00:16:58,920
Speaker 1: Barr and this is Bloomberg, John Michael twenty three on

304
00:16:59,000 --> 00:17:01,720
Speaker 1: Wall Street on Johnson Record, This is Bloomberg Day Break.

305
00:17:01,960 --> 00:17:05,240
Speaker 1: Let's turn to politics now, where Democrats turn over control

306
00:17:05,359 --> 00:17:08,199
Speaker 1: of the House to Republicans in the new year. That

307
00:17:08,359 --> 00:17:11,760
Speaker 1: raises another of questions about Ukraine funding and who will

308
00:17:11,800 --> 00:17:16,000
Speaker 1: be Majority Leader of the House. US Representative Brendan Boyle,

309
00:17:16,320 --> 00:17:19,879
Speaker 1: a Democrat from Pennsylvania, Vania. He is addressing those questions

310
00:17:20,240 --> 00:17:24,840
Speaker 1: and the controversy surrounding Representative elected George Santos. He spoke

311
00:17:24,880 --> 00:17:28,119
Speaker 1: with Bloomberg's Madison Mills. I do want to talk about

312
00:17:28,640 --> 00:17:33,000
Speaker 1: Ukraine Fundane. I wonder is is there potentially a danger

313
00:17:33,160 --> 00:17:37,120
Speaker 1: of US draining funding and investment for something like Ukraine.

314
00:17:37,640 --> 00:17:39,439
Speaker 1: Are you concerned about that or do you think that

315
00:17:39,480 --> 00:17:44,640
Speaker 1: potentially Zelenski's visit, you know, mitigated any concerns from Republicans

316
00:17:44,680 --> 00:17:49,040
Speaker 1: about diving deep into that funding was President Lensky said

317
00:17:49,200 --> 00:17:51,960
Speaker 1: in his speech, and I was present for it in

318
00:17:52,000 --> 00:17:54,359
Speaker 1: the House chamber. This is not charity. This is in

319
00:17:54,480 --> 00:17:58,280
Speaker 1: American interests that we are aiding Ukraine in this fight.

320
00:17:59,040 --> 00:18:02,840
Speaker 1: The United States has proudly led the free world ever

321
00:18:02,920 --> 00:18:05,800
Speaker 1: since the end of World War Two in standing up

322
00:18:05,840 --> 00:18:09,560
Speaker 1: to first Soviet and now Russian aggression. UM. I'm very

323
00:18:09,600 --> 00:18:13,000
Speaker 1: proud of the fact that so far support for helping

324
00:18:13,080 --> 00:18:16,720
Speaker 1: Ukraine has been bipartisan, especially in the Senate. Obviously on

325
00:18:16,760 --> 00:18:20,320
Speaker 1: the House side, you do have a vocal minority of

326
00:18:20,359 --> 00:18:24,400
Speaker 1: House Republicans that have been against supporting aid to Ukraine.

327
00:18:24,840 --> 00:18:27,879
Speaker 1: My concern is as we get into next year, that

328
00:18:27,960 --> 00:18:32,080
Speaker 1: if Kevin McCarthy somehow holds on by his fingernails being speaker,

329
00:18:32,600 --> 00:18:36,600
Speaker 1: he will be so beholden to the ultra magic extremists

330
00:18:36,640 --> 00:18:40,240
Speaker 1: like Marjorie Taylor Green Um that in fact he may

331
00:18:40,359 --> 00:18:43,959
Speaker 1: be looking at a way out in terms of supporting Ukraine.

332
00:18:44,080 --> 00:18:47,520
Speaker 1: Are you planning to object to seating George Santos on

333
00:18:47,640 --> 00:18:51,040
Speaker 1: January three? Um? I think the real question here is

334
00:18:51,240 --> 00:18:55,520
Speaker 1: what will Republican Conference leader Kevin McCarthy do. He has

335
00:18:55,560 --> 00:18:59,200
Speaker 1: been totally silent typically when although there is not really

336
00:18:59,240 --> 00:19:02,520
Speaker 1: been a situation as dramatic as Santos, but in other

337
00:19:03,080 --> 00:19:06,200
Speaker 1: instances in which you've had members of the House they misbehaving,

338
00:19:06,440 --> 00:19:10,000
Speaker 1: it's typically disciplined on your own side. Um, you have

339
00:19:10,160 --> 00:19:13,879
Speaker 1: seen a few Congressional Republicans speak out stating the obvious

340
00:19:13,880 --> 00:19:17,040
Speaker 1: that this is beyond the pail. It demands an investigation.

341
00:19:17,480 --> 00:19:21,200
Speaker 1: Kevin McCarthy has been totally silent. Is he so desperate

342
00:19:21,240 --> 00:19:24,639
Speaker 1: and craven to become speaker that he will just silently

343
00:19:24,680 --> 00:19:28,840
Speaker 1: accept Santos's vote and really not say anything about this

344
00:19:28,960 --> 00:19:32,679
Speaker 1: complete fraud. If you had degrade Kevin McCarthy's response to

345
00:19:32,720 --> 00:19:35,080
Speaker 1: this so far, what what letter of grade would you

346
00:19:35,080 --> 00:19:37,760
Speaker 1: give him? Well, it's either an incomplete or an s

347
00:19:37,880 --> 00:19:41,480
Speaker 1: It's been completely nothing. He hasn't said one word. Uh,

348
00:19:41,720 --> 00:19:45,040
Speaker 1: it's quite embarrassing actually. And you know, when you look

349
00:19:45,040 --> 00:19:48,159
Speaker 1: at the Republican majority, it's it's very thin. It's the

350
00:19:48,200 --> 00:19:51,600
Speaker 1: exact same slim majority that we Democrats after the last

351
00:19:51,600 --> 00:19:54,880
Speaker 1: two years. As you look into know, as you look

352
00:19:54,920 --> 00:19:57,920
Speaker 1: ahead two years and you consider so many Republicans will

353
00:19:57,920 --> 00:20:02,000
Speaker 1: be running, especially his first term members and challenging districts,

354
00:20:02,480 --> 00:20:04,720
Speaker 1: I can't imagine they feel great about the fact that

355
00:20:04,760 --> 00:20:07,479
Speaker 1: they have a Republican leader who can't even do the

356
00:20:07,560 --> 00:20:11,040
Speaker 1: right thing and stand up and speak out against Santas.

357
00:20:11,520 --> 00:20:14,760
Speaker 1: I gotta wonder on Santas to whether and what his

358
00:20:14,800 --> 00:20:17,800
Speaker 1: committee assignments might look like. What do you think about that?

359
00:20:18,440 --> 00:20:20,760
Speaker 1: I think Mr Santos probably should worry a little bit

360
00:20:20,840 --> 00:20:24,480
Speaker 1: more about the criminal investigations that are happening now in

361
00:20:24,520 --> 00:20:29,280
Speaker 1: New York into him, as well as potential further investigations.

362
00:20:29,520 --> 00:20:33,000
Speaker 1: I'm very curious to find out how exactly his campaign

363
00:20:33,040 --> 00:20:35,920
Speaker 1: was funded. He has a lot of questions to answer.

364
00:20:37,720 --> 00:20:42,399
Speaker 1: And uh. That was Democratic Congress from Brendan Boyle speaking

365
00:20:42,440 --> 00:20:44,960
Speaker 1: with Madison Mills on Bloomberg South on Catch of the

366
00:20:44,960 --> 00:20:48,600
Speaker 1: program weekdays, five pm Eastern on Bloomberg Radio, and here

367
00:20:48,640 --> 00:20:51,400
Speaker 1: the full interview on the daily high pressure off shore

368
00:20:51,440 --> 00:20:54,360
Speaker 1: should result in some sunshine developing across the Tristate area

369
00:20:54,400 --> 00:20:56,280
Speaker 1: today and that will lead to temperatures climbing up to

370
00:20:56,320 --> 00:20:58,760
Speaker 1: about fifty fifty five this afternoon as we go well

371
00:20:58,800 --> 00:21:03,600
Speaker 1: above normal, increasingly Cloudie tonight, Cloudie tomorrow, with rain late

372
00:21:03,640 --> 00:21:06,040
Speaker 1: to day fifty to fifty five. Unfortunately, rains in the

373
00:21:06,080 --> 00:21:08,960
Speaker 1: forecast for New Year's evelos forty five to fifty clearing

374
00:21:08,960 --> 00:21:11,760
Speaker 1: though on New Year's Day. I'm Rob Carolvin with your

375
00:21:11,760 --> 00:21:18,639
Speaker 1: three day forecast on Bloomberg eleven three oh broadcasting live

376
00:21:18,800 --> 00:21:22,760
Speaker 1: from the Bloomberg Interactive Broker Studio in New York, Bloomberg

377
00:21:22,760 --> 00:21:26,840
Speaker 1: eleving free to Washington, d C. Bloomberg one to Boston,

378
00:21:26,960 --> 00:21:30,400
Speaker 1: Bloomberg one oh six, one to San Francisco, Bloomberg nine

379
00:21:30,440 --> 00:21:33,240
Speaker 1: sixty to the Country, Sirius XM Chad A one nine

380
00:21:33,640 --> 00:21:36,800
Speaker 1: and around the globe. The Bloomberg Business at and Bloomberg

381
00:21:36,880 --> 00:21:46,399
Speaker 1: Radio dot com. This is Bloomberg Daybreak and good morning.

382
00:21:46,440 --> 00:21:48,639
Speaker 1: We are coming up to five thirty on Wall Street.

383
00:21:48,680 --> 00:21:51,600
Speaker 1: I'm Karen Moscow ant I'm John Tucker. Were brought to

384
00:21:51,600 --> 00:21:54,960
Speaker 1: you by your daily reminder from Innovation Refunds to apply

385
00:21:55,040 --> 00:21:58,400
Speaker 1: for a payroll tax refund if you're a smaller medium

386
00:21:58,480 --> 00:22:02,720
Speaker 1: sized business was impact to by COVID nineteen Innovation Refunds.

387
00:22:02,720 --> 00:22:06,440
Speaker 1: Clients already claimed over two billion dollars in payroll tax refunds.

388
00:22:06,640 --> 00:22:09,879
Speaker 1: Get started at get refunds dot com. And we are

389
00:22:09,960 --> 00:22:12,359
Speaker 1: just about four hours away from the open of US trading.

390
00:22:12,440 --> 00:22:13,760
Speaker 1: Let's geet you up to date on the news you

391
00:22:13,800 --> 00:22:16,320
Speaker 1: need to know at this hour. US futures are lower

392
00:22:16,359 --> 00:22:18,600
Speaker 1: this morning as we enter the final trading day of

393
00:22:18,640 --> 00:22:22,119
Speaker 1: the year, mark the worst year in more than a

394
00:22:22,200 --> 00:22:25,680
Speaker 1: decade for global equities and bonds. Fed tightening and hot

395
00:22:25,720 --> 00:22:30,200
Speaker 1: inflation weight on sentiment. David Bohnson, chief investment officer at

396
00:22:30,200 --> 00:22:32,720
Speaker 1: the Bohnson Group, says to heat to look for some

397
00:22:33,000 --> 00:22:35,600
Speaker 1: gains in the new year, even if there is a recession.

398
00:22:36,160 --> 00:22:38,480
Speaker 1: You can have a recession, you can have a bear

399
00:22:38,600 --> 00:22:41,560
Speaker 1: market and still have some things in the market do well.

400
00:22:41,920 --> 00:22:44,640
Speaker 1: When other things are not that's really what I expect

401
00:22:44,640 --> 00:22:47,840
Speaker 1: going into twenty three. And David Boonson with the Bonson

402
00:22:47,880 --> 00:22:50,600
Speaker 1: Group sees prices coming down next year, but still thinks

403
00:22:50,640 --> 00:22:53,280
Speaker 1: caution is warranted. And to the latest now of the

404
00:22:53,280 --> 00:22:56,200
Speaker 1: war in Ukraine, Russia launched one of its heaviest barrages

405
00:22:56,240 --> 00:22:59,960
Speaker 1: on major cities in Kiev, aiming to destroy civilian target

406
00:23:00,440 --> 00:23:03,119
Speaker 1: At the same time, President Biden signed a government funding

407
00:23:03,160 --> 00:23:06,800
Speaker 1: bill that includes forty seven billion dollars in aid for Ukraine.

408
00:23:07,119 --> 00:23:10,560
Speaker 1: The US is also considering sending Bradley fighting vehicles to

409
00:23:10,600 --> 00:23:13,760
Speaker 1: the country. Well News this morning, John tied to collapse

410
00:23:13,800 --> 00:23:17,120
Speaker 1: Crypto Exchange f t X meetings between White House officials

411
00:23:17,119 --> 00:23:21,200
Speaker 1: and former CEO Sam Bankman Freed are coming under scrutiny Bloomberg.

412
00:23:21,200 --> 00:23:24,280
Speaker 1: Steve Rappaport joins US Live with that story. Steve, good Morning,

413
00:23:24,359 --> 00:23:27,399
Speaker 1: Good morning, Karen, and John Bankman. Freed was banking on

414
00:23:27,480 --> 00:23:30,600
Speaker 1: making connections with the Biden administration to promote his company

415
00:23:30,600 --> 00:23:34,520
Speaker 1: and the crypto industry. Previously disclosed visitor logs show SPF

416
00:23:34,600 --> 00:23:37,320
Speaker 1: had three meetings with top White House officials, a source

417
00:23:37,320 --> 00:23:39,880
Speaker 1: confirms to Bloomberg. There was a fourth meeting with one

418
00:23:39,880 --> 00:23:43,680
Speaker 1: of President Biden's senior advisers. Those connections ultimately fell apart

419
00:23:43,760 --> 00:23:46,080
Speaker 1: after the collapse of f t X and bankman Freed's

420
00:23:46,080 --> 00:23:49,320
Speaker 1: subsequent arrest in the Bahamas. We're also learning that Bahamian

421
00:23:49,359 --> 00:23:51,800
Speaker 1: government quickly took action when f t X went under,

422
00:23:51,960 --> 00:23:54,480
Speaker 1: having seized three and a half billion dollars in digital

423
00:23:54,520 --> 00:23:56,800
Speaker 1: assets by the next day. Live in New York, I'm

424
00:23:56,840 --> 00:24:00,240
Speaker 1: Steve Rappaport Bloomberg Daybreak. Let see thanks on Campito Hill today,

425
00:24:00,280 --> 00:24:03,080
Speaker 1: House Committee sent to release six years of Donald Trump's

426
00:24:03,080 --> 00:24:07,000
Speaker 1: tax returns. In response, Republicans, who soon take control of

427
00:24:07,040 --> 00:24:10,840
Speaker 1: the House threatening to release tax returns of Democrats. But

428
00:24:11,040 --> 00:24:14,600
Speaker 1: US Representative Branded Boyle says that might not have the

429
00:24:14,680 --> 00:24:18,160
Speaker 1: intended effect. There has been sort of a threat from

430
00:24:18,160 --> 00:24:20,960
Speaker 1: the other side that this created new precedent. That's just

431
00:24:21,040 --> 00:24:24,120
Speaker 1: not so. For two reasons. Every president, says Nixon has

432
00:24:24,280 --> 00:24:29,400
Speaker 1: voluntarily released their tax returns every single year. That Republicans

433
00:24:29,400 --> 00:24:33,040
Speaker 1: are threatening to say, release Joe Biden's tax returns, well great,

434
00:24:33,160 --> 00:24:36,840
Speaker 1: they're already public Democratic Congress. When Brended Boyle spoke with

435
00:24:36,880 --> 00:24:40,800
Speaker 1: Madison Mills on Bloomberg's sal Dot Catch That program, Weekday's

436
00:24:40,840 --> 00:24:44,399
Speaker 1: five pm Eastern on Bloomberg Radio, ahead of the cash

437
00:24:44,400 --> 00:24:47,080
Speaker 1: open on Wall Street today, s and p Emity futures.

438
00:24:47,280 --> 00:24:54,280
Speaker 1: They are down twelve points. This is Bloomberg and that

439
00:24:54,359 --> 00:24:57,640
Speaker 1: brings us to five thirty one on Wall Street. Let's

440
00:24:57,680 --> 00:25:00,040
Speaker 1: gonna look at news from around the world and in

441
00:25:00,080 --> 00:25:02,480
Speaker 1: New York and for that, Good morning, Michael Bark, Good

442
00:25:02,480 --> 00:25:06,640
Speaker 1: morning John. The anger toward Congressman elect George Santos is growing.

443
00:25:06,760 --> 00:25:10,080
Speaker 1: Dozens of his constituents in New York held demonstration in

444
00:25:10,119 --> 00:25:15,600
Speaker 1: the congressional district yesterday. Absolutely to and we do not

445
00:25:15,720 --> 00:25:18,879
Speaker 1: want this representation in your district three. They called on

446
00:25:18,920 --> 00:25:21,840
Speaker 1: the New York Republican to resign. Santos has been under

447
00:25:21,840 --> 00:25:24,880
Speaker 1: fire for lying about his education, work experience, and even

448
00:25:24,920 --> 00:25:28,120
Speaker 1: his faith and family. The city of Buffalo is trying

449
00:25:28,119 --> 00:25:30,280
Speaker 1: to get back on its feet from a destructive storm.

450
00:25:30,600 --> 00:25:33,480
Speaker 1: Snow reached as high as four feet in the city,

451
00:25:33,480 --> 00:25:37,000
Speaker 1: contributing to dozens of deaths now the weather warming up,

452
00:25:37,040 --> 00:25:40,760
Speaker 1: there are concerns of flooding from melting snow. President Joe

453
00:25:40,800 --> 00:25:43,200
Speaker 1: Biden has signed to one point seven trillion dollar bill

454
00:25:43,280 --> 00:25:47,960
Speaker 1: funding government operations through September, of the end of the

455
00:25:48,040 --> 00:25:52,440
Speaker 1: federal budget year. New York's first legal we dispensary is

456
00:25:52,480 --> 00:25:56,040
Speaker 1: now open for business. Long lines formed outside the Housing

457
00:25:56,040 --> 00:26:00,280
Speaker 1: Works New Dispensary and Grantedge Village yesterday afternoon. The first

458
00:26:00,280 --> 00:26:04,639
Speaker 1: sales of legal cannabis took place at four twenty pm.

459
00:26:04,640 --> 00:26:07,360
Speaker 1: This man was among the customers standing in line for hours.

460
00:26:07,760 --> 00:26:09,960
Speaker 1: This is the social equity we look for, hope for.

461
00:26:10,280 --> 00:26:12,120
Speaker 1: But you know we are still need out of components,

462
00:26:12,160 --> 00:26:13,720
Speaker 1: so we hope not to still be squeezed out in

463
00:26:13,800 --> 00:26:16,480
Speaker 1: other manners. I see some people don't have the capitol,

464
00:26:16,800 --> 00:26:20,639
Speaker 1: some people don't have the properties. They did the confetti

465
00:26:20,760 --> 00:26:23,840
Speaker 1: test ahead of the New Year's eve Ball Drop tomorrow

466
00:26:23,920 --> 00:26:26,960
Speaker 1: nine in Times Square New Year's Eve Ball Drop co

467
00:26:27,200 --> 00:26:30,680
Speaker 1: producer Jeffrey Strauss, this is gonna be the best time

468
00:26:30,720 --> 00:26:35,840
Speaker 1: I ever. We're gonna start together, ready, five four three

469
00:26:36,359 --> 00:26:43,439
Speaker 1: two one. Three thousand pounds of colorful paper were rained

470
00:26:43,440 --> 00:26:46,320
Speaker 1: down on the city street Saturday night. Global Team is

471
00:26:46,359 --> 00:26:48,520
Speaker 1: twenty four hours a day on air and on Bloomberg

472
00:26:48,600 --> 00:26:51,199
Speaker 1: quick Take, powered by more than seven hundred journalist analysts

473
00:26:51,200 --> 00:26:54,600
Speaker 1: more than a hundred twenty countries. Michael bar this is Bloomberg, John, Michael,

474
00:26:54,640 --> 00:26:59,960
Speaker 1: thank you, Thank that brings us to five thirty four

475
00:27:00,400 --> 00:27:03,439
Speaker 1: Wolves free. Yeah, let's get the Bloomberg Sports Report being

476
00:27:03,480 --> 00:27:05,159
Speaker 1: brought to you by your Trench state. How are you

477
00:27:05,200 --> 00:27:08,280
Speaker 1: the others? Good morning, Dan Schwartzman, Good morning John. The

478
00:27:08,320 --> 00:27:11,120
Speaker 1: Knicks losing on the road in San Antonio, Spurs good

479
00:27:11,160 --> 00:27:13,320
Speaker 1: at tip from the time I started giving up your

480
00:27:13,320 --> 00:27:22,040
Speaker 1: Tony shot talk to her belt Josh match courtesy the

481
00:27:22,080 --> 00:27:24,679
Speaker 1: Spurs Radio Network, and Nike's falling to the Spurs one

482
00:27:25,480 --> 00:27:28,520
Speaker 1: fifteen despite forty one points eleven revest from Julius Randall

483
00:27:28,760 --> 00:27:31,920
Speaker 1: and thirty six points from themannual quickly Caldon Johnson leading

484
00:27:31,920 --> 00:27:34,240
Speaker 1: the Spurs to thirty points in the wind, the Rangers

485
00:27:34,240 --> 00:27:36,080
Speaker 1: falling to the Lightning in Tampa Bay two to one

486
00:27:36,080 --> 00:27:38,760
Speaker 1: in a shootout despite thirty nine cities from Negors Shostak

487
00:27:38,800 --> 00:27:40,399
Speaker 1: and his New York has now lost two games in

488
00:27:40,400 --> 00:27:42,679
Speaker 1: a row. Meanwhile, the Islanders have been past the Columbus

489
00:27:42,680 --> 00:27:44,640
Speaker 1: Blue jack Is two to one as New York gets

490
00:27:44,680 --> 00:27:47,800
Speaker 1: ghols from bars Elmpezo. The Dallas Cowboys improved to twelve

491
00:27:47,880 --> 00:27:50,159
Speaker 1: and fourth and thirteen win on the road at the

492
00:27:50,200 --> 00:27:53,560
Speaker 1: Tennessee Titans on Thursday Night Football as Dak Prescott throws

493
00:27:53,560 --> 00:27:56,800
Speaker 1: two second half touchdowns, both to tight end Dalton Schiltz. Meanwhile,

494
00:27:56,800 --> 00:27:59,000
Speaker 1: the Jets and Giants in action on Sunday with playoff

495
00:27:59,040 --> 00:28:01,040
Speaker 1: hopes on the line. Jets are on the road the

496
00:28:01,080 --> 00:28:04,040
Speaker 1: Scattle Seahawks when the Giants are home for the Indianapolis Colts.

497
00:28:04,240 --> 00:28:06,000
Speaker 1: Both teams will make up laoffs if they win the

498
00:28:06,040 --> 00:28:09,119
Speaker 1: remaining two games on their schedules. Big loss in soccer

499
00:28:09,240 --> 00:28:11,200
Speaker 1: is legend Pelly passes away at the age of eighty

500
00:28:11,240 --> 00:28:13,800
Speaker 1: two from complications due to calling cancer, which he had

501
00:28:13,840 --> 00:28:16,520
Speaker 1: battled since last year. Hally won a record three World

502
00:28:16,560 --> 00:28:19,200
Speaker 1: Cups and played his entire career with Brazilian club Santos

503
00:28:19,240 --> 00:28:21,600
Speaker 1: before playing three seasons for the New York Cosmos of

504
00:28:21,680 --> 00:28:25,439
Speaker 1: the North American Soccer League. On Dan Schwartzman with Bloomberg Sports,

505
00:28:25,560 --> 00:28:28,040
Speaker 1: John all right, Dan, thanks a lot, and the sports

506
00:28:28,119 --> 00:28:30,640
Speaker 1: report on Bloomberg brought to you by Alley. Don't let

507
00:28:30,640 --> 00:28:33,480
Speaker 1: someone else drive off in the Audi model you've always wanted.

508
00:28:33,840 --> 00:28:36,240
Speaker 1: Visit your local tryin State Audi the other to get

509
00:28:36,280 --> 00:28:38,840
Speaker 1: behind the wheel of yours today, or visit autie Offers

510
00:28:38,880 --> 00:28:42,520
Speaker 1: dot com for more information. Ahead of the cash open

511
00:28:42,560 --> 00:28:46,200
Speaker 1: on Wall Street SMP Futures. Right now thirteen points floor.

512
00:28:46,760 --> 00:28:51,880
Speaker 1: You're listening to Bloomberg Daybreak, and that brings us to

513
00:28:51,920 --> 00:28:54,400
Speaker 1: five thirty five on Wall Street. And it's time now

514
00:28:54,480 --> 00:28:56,640
Speaker 1: for the Try and State Business Report. And with that,

515
00:28:56,840 --> 00:29:00,280
Speaker 1: here's Bloomberg's Gina Serveti. New Yorkers will be the first

516
00:29:00,280 --> 00:29:02,680
Speaker 1: in the nation to legally choose whether to fix their

517
00:29:02,720 --> 00:29:05,760
Speaker 1: own digital devices or take them to a local repair shop.

518
00:29:05,840 --> 00:29:08,720
Speaker 1: Governor Kathy Hocal signed the first of its kind Digital

519
00:29:08,760 --> 00:29:12,080
Speaker 1: Fair Repair Acts, which takes effect in July of three.

520
00:29:12,320 --> 00:29:16,240
Speaker 1: An industrial property on Connecticut Avenue and Bridgeport is changing hands.

521
00:29:16,520 --> 00:29:19,800
Speaker 1: The Fairfield County Business Journal reports that Alpha Real Estate

522
00:29:19,840 --> 00:29:22,760
Speaker 1: Partners is paying just over one point eight million to

523
00:29:22,800 --> 00:29:26,760
Speaker 1: buy the property from thirteen thirteen Connecticut Avenue. L l

524
00:29:26,840 --> 00:29:30,200
Speaker 1: C and corporate entities that own and operated Times Square

525
00:29:30,240 --> 00:29:33,280
Speaker 1: building and an attached Crown Plaza hotel have filed for

526
00:29:33,360 --> 00:29:36,760
Speaker 1: Chapter eleven bankruptcy. Court papers showed that the building at

527
00:29:36,800 --> 00:29:40,240
Speaker 1: six five Broadway has struggled for years under a licensing

528
00:29:40,280 --> 00:29:44,440
Speaker 1: deal with Intercontinental Hotels Group Resources, and that the pandemic

529
00:29:44,480 --> 00:29:47,520
Speaker 1: forced the building to close until last month. The controlling

530
00:29:47,640 --> 00:29:51,320
Speaker 1: entities are ultimately owned by affiliates of Hornado Realty Trust.

531
00:29:51,520 --> 00:29:55,240
Speaker 1: That's the Bloomberg Tri State Business Reports. I'm Gina Servetti. Thanks.

532
00:29:55,720 --> 00:29:58,880
Speaker 1: It is now thirty seven on Wall Street. The following

533
00:29:58,960 --> 00:30:02,720
Speaker 1: is an editorial from Bloomberg Opinion. This editorial was written

534
00:30:02,760 --> 00:30:06,800
Speaker 1: by the Bloomberg Editorial Board. Even before the coronavirus pandemic,

535
00:30:07,040 --> 00:30:09,880
Speaker 1: more than half of very low income US households had

536
00:30:09,920 --> 00:30:14,400
Speaker 1: severe housing problems. Yet, due to insufficient funding, just one

537
00:30:14,400 --> 00:30:18,920
Speaker 1: in five eligible Americans receives federal rental assistance. The rest,

538
00:30:19,280 --> 00:30:23,320
Speaker 1: some eight million households, are relegated to conditions that undermine

539
00:30:23,360 --> 00:30:27,200
Speaker 1: their children's future and the country's productive potential. It would

540
00:30:27,200 --> 00:30:29,680
Speaker 1: cost a lot to help everyone who needs it, but

541
00:30:29,800 --> 00:30:34,000
Speaker 1: the money can be found for starters. Stop showering the

542
00:30:34,080 --> 00:30:36,800
Speaker 1: rich with subsidies in the form of tax breaks that

543
00:30:36,840 --> 00:30:40,479
Speaker 1: favor wealthy homeowners. That would free up tens of billions

544
00:30:40,480 --> 00:30:43,240
Speaker 1: of dollars a year, money that could be redirected to

545
00:30:43,280 --> 00:30:46,040
Speaker 1: housing vouchers for the poor, which have proven effective at

546
00:30:46,040 --> 00:30:49,400
Speaker 1: averting homelessness and lifting children out of poverty. For far

547
00:30:49,440 --> 00:30:52,600
Speaker 1: too long, the U. S Government hasn't fulfilled its promise

548
00:30:52,800 --> 00:30:56,600
Speaker 1: of providing adequate shelter for all it can and it should.

549
00:30:56,920 --> 00:31:00,160
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For

550
00:31:00,280 --> 00:31:03,200
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com slash

551
00:31:03,200 --> 00:31:06,560
Speaker 1: opinion or opi and go on the Bloomberg terminal. This

552
00:31:06,840 --> 00:31:10,480
Speaker 1: has been Bloomberg Opinion and Bloomberg Opinion editorial is going

553
00:31:10,520 --> 00:31:12,800
Speaker 1: to be heard every week day at this time terminal

554
00:31:12,800 --> 00:31:15,560
Speaker 1: customers could read more at O, P, I, N GO.

555
00:31:16,880 --> 00:31:19,880
Speaker 1: No Doubt of Asia This morning Bank of Japan announcing

556
00:31:19,920 --> 00:31:24,960
Speaker 1: an unprecedented third day of unscheduled bond purchases overnight, the

557
00:31:25,040 --> 00:31:28,000
Speaker 1: b o J battling speculation it's going to add super

558
00:31:28,040 --> 00:31:32,480
Speaker 1: accommodated monetary policy. These purchases boosted this month's buying to

559
00:31:32,560 --> 00:31:36,040
Speaker 1: about one twenty eight billion dollars worth of bonds as

560
00:31:36,080 --> 00:31:41,280
Speaker 1: a monthly record, according to data compiled by Bloomberg. And

561
00:31:41,320 --> 00:31:43,760
Speaker 1: as we check out currencies right now the end at

562
00:31:43,880 --> 00:31:47,320
Speaker 1: one thirty two oh one, that is up eight tens

563
00:31:47,320 --> 00:31:50,280
Speaker 1: of a percent against the US dollar vs. Is Bloomberg

564
00:31:52,280 --> 00:31:55,560
Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

565
00:31:55,640 --> 00:31:59,760
Speaker 1: day Break for Friday December. Coming up this hour, we

566
00:32:00,080 --> 00:32:03,400
Speaker 1: to the last trading day of a year that stock

567
00:32:03,440 --> 00:32:06,360
Speaker 1: investors would like to forget. The US sends billions in

568
00:32:06,440 --> 00:32:09,560
Speaker 1: a to Ukraine as Russia ramps up attacks on the country.

569
00:32:09,760 --> 00:32:12,760
Speaker 1: Meetings between Sam Bank and Freed and White House officials

570
00:32:12,840 --> 00:32:16,200
Speaker 1: draw scrutiny, and Democrats repaired to release years of former

571
00:32:16,240 --> 00:32:19,280
Speaker 1: President Trump's tacher turns. Calls are in louder for New

572
00:32:19,320 --> 00:32:23,000
Speaker 1: York Representative elect George Santos to step down. Plus Buffalo

573
00:32:23,320 --> 00:32:25,040
Speaker 1: is trying to get back on its feet after a

574
00:32:25,080 --> 00:32:28,600
Speaker 1: deadly blizzard. I'm Michael barn more ahead and on Dan Schwartzman.

575
00:32:28,600 --> 00:32:30,719
Speaker 1: The Knicks lose on the road at the San Antonio Spurs.

576
00:32:30,880 --> 00:32:35,120
Speaker 1: I'll have that more coming up in sports. That's all

577
00:32:35,160 --> 00:32:38,960
Speaker 1: straight ahead on Bloomberg Daybreak on Bloomberg Eleving Free on

578
00:32:39,040 --> 00:32:43,400
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one, O

579
00:32:43,520 --> 00:32:48,320
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius XAM

580
00:32:48,360 --> 00:32:51,440
Speaker 1: one nine team and around the world on Bloomberg Radio,

581
00:32:51,520 --> 00:32:58,440
Speaker 1: dot com and via the Bloomberg Business App. Hey, good morning,

582
00:32:58,440 --> 00:33:01,360
Speaker 1: I'm John Tucker and I'm or in Muscow. Anyway. Stock

583
00:33:01,440 --> 00:33:04,360
Speaker 1: index futures are lower this morning, and we checked the

584
00:33:04,360 --> 00:33:06,400
Speaker 1: markets all day long year on bloomberg S and p

585
00:33:06,560 --> 00:33:09,280
Speaker 1: Future is down fifteen points or four tenths of uppercent,

586
00:33:09,360 --> 00:33:11,400
Speaker 1: down futures down a third of upper cent or one

587
00:33:11,480 --> 00:33:14,600
Speaker 1: up eleven points, and NASTAC futures down four tens of

588
00:33:14,680 --> 00:33:17,680
Speaker 1: uppercent or forty four points, and the tenure treasury down

589
00:33:17,680 --> 00:33:20,280
Speaker 1: eight thirty seconds. You have three point eight four percent

590
00:33:20,520 --> 00:33:24,120
Speaker 1: John and two Karen mark the worst year in more

591
00:33:24,120 --> 00:33:27,480
Speaker 1: than a decade for global stocks and bonds. The NASDAK

592
00:33:27,560 --> 00:33:30,120
Speaker 1: in particular, hands taken a beating, losing a third of

593
00:33:30,160 --> 00:33:33,480
Speaker 1: its value. This all comes as the fat Titans policy

594
00:33:33,560 --> 00:33:37,680
Speaker 1: to bring down the highest inflation scene in decades. David Vanson,

595
00:33:37,720 --> 00:33:41,040
Speaker 1: the chief investment officer at Banson Group, sees prices coming

596
00:33:41,080 --> 00:33:44,640
Speaker 1: down next year, but still thinks cautition is warranted. The

597
00:33:44,680 --> 00:33:48,240
Speaker 1: inflation aspect is going to surprise to the downside, and

598
00:33:48,360 --> 00:33:53,360
Speaker 1: yet the valuations of high growth stocks remained too high

599
00:33:53,480 --> 00:33:57,320
Speaker 1: historically to put a lot of optimism and indexes or

600
00:33:57,360 --> 00:34:01,600
Speaker 1: the growth side the fangs story. Therefore, we remain value

601
00:34:01,640 --> 00:34:06,000
Speaker 1: investors and cash flow investors. David Banson with the Advancing

602
00:34:06,040 --> 00:34:08,840
Speaker 1: Group believes there will be more opportunity for some gains

603
00:34:08,840 --> 00:34:11,640
Speaker 1: in the new year, even if there is a recession

604
00:34:12,239 --> 00:34:15,400
Speaker 1: well overseas. Today John European stocks are lower. It's a

605
00:34:15,440 --> 00:34:18,040
Speaker 1: shortened day in the UK, with the London Stock Exchange

606
00:34:18,080 --> 00:34:21,360
Speaker 1: closing early. Stocks in Asia, meantime, moved in the other direction,

607
00:34:21,440 --> 00:34:25,440
Speaker 1: posting modest gains overnight. Bloomberg Daybreak Asia anchor Brian Curtis.

608
00:34:25,440 --> 00:34:28,759
Speaker 1: As the details from Hong Kong, most Asian equity benchmarks

609
00:34:28,880 --> 00:34:32,719
Speaker 1: edged higher. China vowed more stimulus in twenty three and

610
00:34:32,800 --> 00:34:36,719
Speaker 1: an improved relationship with the private sector, and economic activity

611
00:34:36,800 --> 00:34:41,160
Speaker 1: rebounded in several Chinese cities where COVID infections have likely peaked.

612
00:34:41,360 --> 00:34:44,280
Speaker 1: The DATTA was steady, while treasury yields picked up a little.

613
00:34:44,480 --> 00:34:46,960
Speaker 1: The end rallied as the Bank of Japan unveiled a

614
00:34:47,040 --> 00:34:50,600
Speaker 1: third day of unscheduled bond purchases. No big end of

615
00:34:50,640 --> 00:34:53,799
Speaker 1: the year rally here, but no heavy selling either in

616
00:34:53,880 --> 00:34:56,840
Speaker 1: Hong Kong. Brian Curtis Bloomberg day Break Brian Thanks and

617
00:34:56,920 --> 00:34:59,600
Speaker 1: now the latest of the war in Ukraine, Russia continuing

618
00:34:59,600 --> 00:35:03,120
Speaker 1: attack son major cities. In Kiev, scores of missiles accounted

619
00:35:03,120 --> 00:35:05,960
Speaker 1: for one of its heaviest barrages of the war, pressing

620
00:35:06,000 --> 00:35:09,880
Speaker 1: further with a campaign to destroy civilian targets. Ukraine's President

621
00:35:09,920 --> 00:35:13,400
Speaker 1: Vladimir Zolenski says he expects Russia to launch more attacks

622
00:35:13,760 --> 00:35:16,759
Speaker 1: before New Year's Eve. Back here in the US, John,

623
00:35:16,800 --> 00:35:19,960
Speaker 1: President Biden is sending more money to Ukraine. He signed

624
00:35:19,960 --> 00:35:22,840
Speaker 1: at one point seven trillion dollar government funding bill that

625
00:35:22,880 --> 00:35:26,440
Speaker 1: includes forty seven billion in aid for the war torn country.

626
00:35:26,760 --> 00:35:30,040
Speaker 1: The US is also considering sending Bradley fighting vehicles to

627
00:35:30,160 --> 00:35:33,320
Speaker 1: Ukraine as part of a further package of military support.

628
00:35:33,600 --> 00:35:36,880
Speaker 1: And now to the latest odd collapse, Crypto Exchange f

629
00:35:37,040 --> 00:35:40,920
Speaker 1: t X meetings between White House officials and the former CEO,

630
00:35:41,040 --> 00:35:45,160
Speaker 1: Sam Bankman Freed are coming under scrutiny. Bloomberg Steve Rappaport

631
00:35:45,239 --> 00:35:48,000
Speaker 1: joins is Live this morning with that story. Steve, good morning,

632
00:35:48,000 --> 00:35:51,120
Speaker 1: Good morning, John, and Karen. White House officials confirmed Bankman

633
00:35:51,200 --> 00:35:54,680
Speaker 1: Freed met with one of President Biden's senior advisors in September.

634
00:35:55,040 --> 00:35:57,880
Speaker 1: Visitor logs show SPF had at least three other meetings

635
00:35:57,880 --> 00:36:00,680
Speaker 1: with top officials in a push to build belt connections

636
00:36:00,719 --> 00:36:03,400
Speaker 1: before his crypto firm went belly up. While living in

637
00:36:03,440 --> 00:36:06,799
Speaker 1: the Bahamas, SPF made frequent trips to Washington, testifying the

638
00:36:06,800 --> 00:36:10,320
Speaker 1: four Congress and meeting regulators. We're also learning the Bahamian

639
00:36:10,320 --> 00:36:13,760
Speaker 1: government took swift action after FTX collapsed on November eleven.

640
00:36:13,960 --> 00:36:16,319
Speaker 1: By the next day, regulators say they had seized three

641
00:36:16,360 --> 00:36:18,880
Speaker 1: and a half billion dollars of digital assets. Live in

642
00:36:18,880 --> 00:36:21,759
Speaker 1: New York, I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve,

643
00:36:21,840 --> 00:36:24,239
Speaker 1: thank you. On Capitol Hill today, a House committee is

644
00:36:24,239 --> 00:36:27,080
Speaker 1: set to release six years of Donald Trump's tax returns.

645
00:36:27,080 --> 00:36:29,640
Speaker 1: The Democratic controlled House Ways and Means Committee voted to

646
00:36:29,680 --> 00:36:32,799
Speaker 1: release the returns last week. Republicans who will soon take

647
00:36:32,840 --> 00:36:35,560
Speaker 1: charge of that committee are threatening to retaliate by publishing

648
00:36:35,600 --> 00:36:39,520
Speaker 1: tax records of Democrats and their allies. US Representative Brandon Boyle,

649
00:36:39,560 --> 00:36:43,240
Speaker 1: a Democrat from Pennsylvania, voted to release the former president's taxes.

650
00:36:43,680 --> 00:36:47,640
Speaker 1: The courts four different times found in our favor, including

651
00:36:47,680 --> 00:36:50,720
Speaker 1: the United States Supreme Court. They found that we had

652
00:36:50,760 --> 00:36:55,040
Speaker 1: a legislative purpose in going after these tax returns, and

653
00:36:55,120 --> 00:36:57,560
Speaker 1: sure enough looked at what we found. I mean already

654
00:36:57,800 --> 00:37:00,640
Speaker 1: the two reports, and they show that in fact, the

655
00:37:00,680 --> 00:37:02,520
Speaker 1: I R S was not doing what they were supposed

656
00:37:02,560 --> 00:37:05,279
Speaker 1: to do. They were not doing the annual audit of

657
00:37:05,360 --> 00:37:09,560
Speaker 1: the President's taxes. Democratic Congressmen Brandon Boyle spoke with Madison

658
00:37:09,640 --> 00:37:13,080
Speaker 1: Mills on Bloomberg Sound on Catch the program weekdays at

659
00:37:13,120 --> 00:37:16,480
Speaker 1: five pm Eastern on Bloomberg Radio. The last week has

660
00:37:16,520 --> 00:37:19,879
Speaker 1: been a nightmare for travelers across the country, especially if

661
00:37:19,880 --> 00:37:22,800
Speaker 1: you traveled on Southwest. Now, the airline says it plans

662
00:37:22,840 --> 00:37:26,960
Speaker 1: to return to a normal schedule today. Bloombergs Charlie Pillett

663
00:37:27,040 --> 00:37:30,640
Speaker 1: has the latest. The airline says it does expect quote

664
00:37:30,760 --> 00:37:35,560
Speaker 1: normal operations with minimal disruptions. The carrier has been operating

665
00:37:35,600 --> 00:37:39,160
Speaker 1: a significantly reduced schedule for several days as it recovers

666
00:37:39,200 --> 00:37:44,239
Speaker 1: from disruption caused by winter storms and overwhelmed scheduling technology.

667
00:37:44,760 --> 00:37:48,920
Speaker 1: Southwest says, with another holiday weekend full of important connections

668
00:37:48,960 --> 00:37:52,719
Speaker 1: for our valued customers and employees, we are eager to

669
00:37:52,800 --> 00:37:56,960
Speaker 1: return to a state of normalcy in New York. Charlie Pellett,

670
00:37:57,040 --> 00:38:01,080
Speaker 1: Bloomberg Daybreak, Very Charlie, thank you anytime. In COVID infections

671
00:38:01,120 --> 00:38:04,120
Speaker 1: are expected to continue rising into January as the country

672
00:38:04,160 --> 00:38:08,279
Speaker 1: pulls back on strict virus policies. Infections and mortalities are

673
00:38:08,280 --> 00:38:10,919
Speaker 1: projected to peak in January, according to the research firm

674
00:38:10,960 --> 00:38:13,879
Speaker 1: air affinity, which China potentially seeing up to twenty five

675
00:38:13,880 --> 00:38:16,719
Speaker 1: thousand deaths a day next month that will cast a

676
00:38:16,760 --> 00:38:19,000
Speaker 1: shadow over the start of the first lunar New Year

677
00:38:19,080 --> 00:38:23,919
Speaker 1: festivities without pandemic restrictions, but one note may ease concerns.

678
00:38:24,239 --> 00:38:28,280
Speaker 1: No novel COVID nineteen variants have emerged in China, according

679
00:38:28,280 --> 00:38:33,359
Speaker 1: to a global consortium that's tracking coronavirus mutations. Futures this

680
00:38:33,440 --> 00:38:37,400
Speaker 1: morning are moving lower. SMP futures down about sixteen points

681
00:38:37,400 --> 00:38:41,000
Speaker 1: this morning, down features down a hundred, NASDAG futures are

682
00:38:41,040 --> 00:38:44,520
Speaker 1: down forty three and straight ahead. We have your latest

683
00:38:44,680 --> 00:38:48,759
Speaker 1: local headlines plus the check of sports, and this is

684
00:38:48,800 --> 00:38:55,919
Speaker 1: Bloomberg right thanks to ances to five oh seven odd

685
00:38:55,920 --> 00:38:58,600
Speaker 1: Wall Street. Let's going to look at the news around

686
00:38:58,640 --> 00:39:00,799
Speaker 1: the world in Canada York. For that, we are joined

687
00:39:00,840 --> 00:39:04,279
Speaker 1: by bloombergs. Michael Barron, Good morning, Good morning John. New

688
00:39:04,360 --> 00:39:07,200
Speaker 1: York Congressman elect George Santos is said to be telling

689
00:39:07,280 --> 00:39:10,520
Speaker 1: local Republican leaders that he will not seek re election

690
00:39:10,560 --> 00:39:14,520
Speaker 1: in twenty four as his background comes under even more fire.

691
00:39:15,040 --> 00:39:17,880
Speaker 1: The chair of the Nassau County Republican Party wrote in

692
00:39:17,880 --> 00:39:20,919
Speaker 1: a statement, I don't know what party would endorse him

693
00:39:21,000 --> 00:39:24,320
Speaker 1: as a candidate, as more possible lies about his schooling

694
00:39:24,360 --> 00:39:27,440
Speaker 1: and family come to light. In May of twenty he

695
00:39:27,520 --> 00:39:33,280
Speaker 1: reported no earned income on his federal returns. In twenty two,

696
00:39:33,719 --> 00:39:36,840
Speaker 1: he loaned his campaign more than a half million dollars

697
00:39:36,840 --> 00:39:40,040
Speaker 1: after reporting being part of a consulting company with a

698
00:39:40,040 --> 00:39:45,080
Speaker 1: salary of seven hundred fifty thousand dollars. Dan Wiener, a

699
00:39:45,160 --> 00:39:49,799
Speaker 1: former federal Election commission attorney who now leads the Elections

700
00:39:49,840 --> 00:39:53,240
Speaker 1: and Government Center at n y Use Brennan Center, spoke

701
00:39:53,280 --> 00:39:57,160
Speaker 1: to NBC four this is an exceptional case, primarily not

702
00:39:57,280 --> 00:39:59,600
Speaker 1: because he loaned his campaign lots of money. In many

703
00:39:59,640 --> 00:40:04,160
Speaker 1: minute the candidates do that because all the other details

704
00:40:04,200 --> 00:40:07,600
Speaker 1: of his story about where he thought that money have

705
00:40:07,960 --> 00:40:11,440
Speaker 1: proven to be false. Santos Is sent the tank office

706
00:40:11,480 --> 00:40:14,600
Speaker 1: next week and refuses to step aside despite calls for

707
00:40:14,680 --> 00:40:17,840
Speaker 1: him to resign. Fans in New York of paying tribute

708
00:40:17,840 --> 00:40:21,000
Speaker 1: to soccer legend Pale. He died yesterday at a j

709
00:40:21,160 --> 00:40:24,440
Speaker 1: D two after battling colon cancer. People flocked to the

710
00:40:24,520 --> 00:40:28,320
Speaker 1: Pale store in Times Square. I'm from Renzio. I'm said

711
00:40:28,480 --> 00:40:32,000
Speaker 1: we lost our biggest idol, the Grace men of our history.

712
00:40:32,360 --> 00:40:35,640
Speaker 1: Pale Pale, and I'm in New York today. It's so

713
00:40:35,680 --> 00:40:39,800
Speaker 1: crazy to see in Times Square, the most important place

714
00:40:39,880 --> 00:40:42,759
Speaker 1: in the world, and you see name. He spoke to

715
00:40:42,800 --> 00:40:45,160
Speaker 1: ABC seven. We'll have more on the death of Pale

716
00:40:45,280 --> 00:40:49,440
Speaker 1: and sports. Shortly. Rhodes have reopened and storm besieged Buffalo,

717
00:40:49,560 --> 00:40:53,400
Speaker 1: as authorities continue searching for people who may have died

718
00:40:53,480 --> 00:40:57,320
Speaker 1: or remain stranded after last week's blizzard. Mayor Byron Brown

719
00:40:57,400 --> 00:41:00,600
Speaker 1: says significant progress has been made on snow willbo, but

720
00:41:00,680 --> 00:41:03,319
Speaker 1: he's still asking residents not to drive if they don't

721
00:41:03,360 --> 00:41:07,880
Speaker 1: have to. Buffalo Niagara International Airport is also open again.

722
00:41:08,280 --> 00:41:12,120
Speaker 1: Erie County Executive Mark Poland cards power has been restored

723
00:41:12,160 --> 00:41:14,480
Speaker 1: to all your county residents. I want to thank the

724
00:41:14,560 --> 00:41:18,600
Speaker 1: men and women of National Grid and Nice sig Eric Counties.

725
00:41:18,640 --> 00:41:21,040
Speaker 1: Mark Poland car says at least forty deaths have been

726
00:41:21,080 --> 00:41:24,600
Speaker 1: reported in Western New York from the blizzard. And finally

727
00:41:24,800 --> 00:41:27,960
Speaker 1: they did the confetti test in New York's Times Square

728
00:41:28,000 --> 00:41:31,319
Speaker 1: ahead of the ball drop that will take place Saturday night.

729
00:41:31,480 --> 00:41:34,200
Speaker 1: Always do the Confederate drop. You know they got to

730
00:41:34,239 --> 00:41:37,760
Speaker 1: clean up this that. Yeah. Global News twenty more hours

731
00:41:37,760 --> 00:41:39,799
Speaker 1: a day on air and on Bloomberg Quick Take by

732
00:41:40,040 --> 00:41:43,400
Speaker 1: by more than twenties seven journalist analysts more than twenty countries.

733
00:41:43,400 --> 00:41:51,040
Speaker 1: I'm Michael bar This is Bloomberg done, Michael, thank you. Yeah,

734
00:41:51,080 --> 00:41:53,560
Speaker 1: it's now five. Tan of Welsley, that's time for the

735
00:41:53,760 --> 00:41:56,600
Speaker 1: Bloomberg Sports Report. Being brunt you by here try state

736
00:41:56,680 --> 00:42:00,160
Speaker 1: out of Dealer's a good boarding, Dan Swarshman, Good morning. Down.

737
00:42:00,239 --> 00:42:03,240
Speaker 1: The Conboys improving to twelve and four has on second

738
00:42:03,320 --> 00:42:06,960
Speaker 1: down seven, Prescott back looking left, throwing it in the

739
00:42:06,960 --> 00:42:09,040
Speaker 1: back of the ends up for shots, got a cramp?

740
00:42:11,120 --> 00:42:14,840
Speaker 1: Did he get it? Touchdown and shoots. That's courtesy of

741
00:42:14,880 --> 00:42:17,840
Speaker 1: Amazon Prime. The Cowboys with the or thirteen went on

742
00:42:17,880 --> 00:42:20,280
Speaker 1: the road at the Tennessee Titans on Thursday Night Football

743
00:42:20,480 --> 00:42:22,880
Speaker 1: as Dak Prescott throws two second half touchdowns, both to

744
00:42:22,920 --> 00:42:25,360
Speaker 1: tight end Dalton Schultz. Both the Jets and Giants in

745
00:42:25,440 --> 00:42:27,839
Speaker 1: action on Sunday with playoff holks on the line, as

746
00:42:27,840 --> 00:42:29,680
Speaker 1: the Jets are on the road to Seattle Seahawks, well,

747
00:42:29,680 --> 00:42:32,200
Speaker 1: the Giants are home for the Indianapolis Colts. Both teams

748
00:42:32,200 --> 00:42:34,000
Speaker 1: will make the playoffs if they win the remaining two

749
00:42:34,080 --> 00:42:36,640
Speaker 1: games on their schedules. The Nakes lose on the road

750
00:42:36,719 --> 00:42:40,480
Speaker 1: to s Antonio Spurs one fifteen despite forty one points

751
00:42:40,480 --> 00:42:43,160
Speaker 1: and eleven rebounds from Julius Randall and thirty six points

752
00:42:43,160 --> 00:42:46,319
Speaker 1: are Emmanuel Quickly. Rangers meanwhile falling to the Lightning in

753
00:42:46,360 --> 00:42:48,759
Speaker 1: Tampa Bay two to one in a shootout despite thirty

754
00:42:48,840 --> 00:42:51,319
Speaker 1: nine states from Ego shastaircin As New York has now

755
00:42:51,360 --> 00:42:53,879
Speaker 1: lost two games in a row. Islanders those slipping past

756
00:42:53,880 --> 00:42:56,120
Speaker 1: the Columbus Blue Jackets two to one as New York

757
00:42:56,160 --> 00:42:59,080
Speaker 1: gets goes from Barzel and Pegou find the soccer legend

758
00:42:59,080 --> 00:43:01,760
Speaker 1: pel passing away the age of eighty two from complications

759
00:43:01,960 --> 00:43:04,640
Speaker 1: due to Cohen cancer, which she had battle since last year.

760
00:43:04,920 --> 00:43:07,000
Speaker 1: Pali won a record three World Cups and played his

761
00:43:07,120 --> 00:43:10,160
Speaker 1: entire career of Brazilian club Santos before playing three seasons

762
00:43:10,160 --> 00:43:13,520
Speaker 1: for the New York Cosmos. On Dan Schwartzman with Bloomberg Sports,

763
00:43:13,640 --> 00:43:16,360
Speaker 1: John all Right, thanks Dan, and the Bloomberg Sports Report

764
00:43:16,520 --> 00:43:19,080
Speaker 1: was brought to you by Audie. Don't let someone else

765
00:43:19,160 --> 00:43:21,360
Speaker 1: drive off of the Audi model. You've always wanted to

766
00:43:21,440 --> 00:43:23,520
Speaker 1: visit your local Try and State Audie Dealer to get

767
00:43:23,520 --> 00:43:26,400
Speaker 1: behind the wheel of yours today, or visit Audi offers

768
00:43:26,440 --> 00:43:30,960
Speaker 1: dot com for more information. And as we look at

769
00:43:31,000 --> 00:43:33,279
Speaker 1: the futures right now ahead of the yet open on

770
00:43:33,320 --> 00:43:35,640
Speaker 1: the Wall Street, down futures right now one hundred seven

771
00:43:35,680 --> 00:43:38,760
Speaker 1: points slower, that's down three tents of eight percent, SMP

772
00:43:38,960 --> 00:43:42,520
Speaker 1: evenute futures fifteen points slower, down about four tens of percent.

773
00:43:43,120 --> 00:43:47,480
Speaker 1: And after yesterday's strong rally, nasday futures right now indicate

774
00:43:47,560 --> 00:43:54,040
Speaker 1: a lower open, down forty three points. Live from coast

775
00:43:54,080 --> 00:43:57,719
Speaker 1: to coast, from New York to San Francisco, Boston to Washington,

776
00:43:57,800 --> 00:44:01,720
Speaker 1: d C. Nationwide on Syrias to the Bloomberg Business Appen

777
00:44:01,800 --> 00:44:07,160
Speaker 1: Bloomberg dot com. This is Bloomberg Daybreak. Good morning. I'm

778
00:44:07,239 --> 00:44:10,600
Speaker 1: John Tucker. It is the final trading day of two,

779
00:44:11,040 --> 00:44:13,960
Speaker 1: closing out the worst year in more than a decade

780
00:44:13,960 --> 00:44:17,799
Speaker 1: for global equities and bonds. So what's they had? We're

781
00:44:17,880 --> 00:44:20,480
Speaker 1: joined out by Ben Emma's the head of fixed income

782
00:44:20,520 --> 00:44:25,840
Speaker 1: and macro strategy at New Edge Wealth Better Pleasure. Um,

783
00:44:25,880 --> 00:44:28,680
Speaker 1: maybe we got our Santa Claus rally during yesterday's sessions.

784
00:44:28,800 --> 00:44:33,279
Speaker 1: That's something that might be sustainable for risk assets by

785
00:44:33,320 --> 00:44:35,520
Speaker 1: and John, Yeah, you would hope so, right, because as

786
00:44:35,560 --> 00:44:38,880
Speaker 1: you say, it's it's the worst of records. So you know,

787
00:44:39,000 --> 00:44:41,840
Speaker 1: the Santa Claus Valley has been ambiguous. But okay, we

788
00:44:41,920 --> 00:44:44,400
Speaker 1: sall have a few days left. I'm not sure if

789
00:44:44,480 --> 00:44:47,279
Speaker 1: you can you know, extrapolate out for the entire year

790
00:44:47,320 --> 00:44:50,000
Speaker 1: and and and the real reasons John, the set we

791
00:44:50,080 --> 00:44:52,960
Speaker 1: do deal with inflation that is still very high and

792
00:44:53,040 --> 00:44:56,680
Speaker 1: it's unclear how much it's going to decline because it's

793
00:44:56,680 --> 00:44:59,000
Speaker 1: we now reading the news of China coat used to

794
00:44:59,040 --> 00:45:02,040
Speaker 1: come online. It is a fact that next year that

795
00:45:02,080 --> 00:45:05,960
Speaker 1: will be influencing inflation quite a bit, I think. So

796
00:45:06,520 --> 00:45:09,720
Speaker 1: we may have still challenges in the first half. Further

797
00:45:09,760 --> 00:45:11,879
Speaker 1: out is difficult to see because really in the first

798
00:45:11,880 --> 00:45:15,000
Speaker 1: half it will be will the fat enter tining cycle

799
00:45:15,040 --> 00:45:18,759
Speaker 1: as inflash and really moderates, and that seems to be uncertain,

800
00:45:18,840 --> 00:45:22,000
Speaker 1: so I stay stay defensive at this moment. Yeah, on

801
00:45:22,040 --> 00:45:25,600
Speaker 1: the data front, then you have jobless claims CPI data.

802
00:45:25,760 --> 00:45:30,560
Speaker 1: They seem to indicate that policy is working. But is

803
00:45:30,600 --> 00:45:34,680
Speaker 1: that a false dawn And we had one of those

804
00:45:34,680 --> 00:45:38,120
Speaker 1: false dawnce in June July it looked like it was working,

805
00:45:38,480 --> 00:45:41,959
Speaker 1: claim sticking up in flash she started a decline, only

806
00:45:42,000 --> 00:45:45,320
Speaker 1: for that to come back. And so it is maybe

807
00:45:45,320 --> 00:45:48,800
Speaker 1: incremental that that we have. We need another quarter or

808
00:45:48,840 --> 00:45:51,799
Speaker 1: two to see that policy really coming through. And I

809
00:45:51,840 --> 00:45:53,919
Speaker 1: think of like if you think of not just United

810
00:45:53,920 --> 00:45:56,840
Speaker 1: States as a country, but different local big states, this

811
00:45:57,040 --> 00:45:59,600
Speaker 1: slow down and slow down happening on the ground. So

812
00:46:00,160 --> 00:46:03,040
Speaker 1: I always think of jobless claims and headline CPI suld

813
00:46:03,040 --> 00:46:06,040
Speaker 1: be broadest measures of what the fact would actually look at.

814
00:46:06,600 --> 00:46:09,239
Speaker 1: And if it does start to incommonly slow down and

815
00:46:09,320 --> 00:46:12,799
Speaker 1: see higher claims every week you see slower inflation, the

816
00:46:12,880 --> 00:46:16,240
Speaker 1: FATS indeed succeeding in the policy, it could change his policy.

817
00:46:16,320 --> 00:46:19,920
Speaker 1: But at this moment we may need face not the

818
00:46:20,000 --> 00:46:22,640
Speaker 1: fall is done because broadly the last number of weeks,

819
00:46:22,680 --> 00:46:24,799
Speaker 1: see the data has been good. For the next week,

820
00:46:24,840 --> 00:46:28,360
Speaker 1: I SN data for example, will really important to watch. Yeah,

821
00:46:28,400 --> 00:46:30,600
Speaker 1: I like your research about them because you look at

822
00:46:30,760 --> 00:46:34,600
Speaker 1: you get pretty granular. You're looking at tax receipts at

823
00:46:34,640 --> 00:46:38,919
Speaker 1: some localities. What what does that indicate to you? Yeah,

824
00:46:38,960 --> 00:46:41,160
Speaker 1: I picked this up from one of our our research

825
00:46:41,239 --> 00:46:43,879
Speaker 1: providers that that that showed us to me that they

826
00:46:43,880 --> 00:46:46,760
Speaker 1: were looking at different states and how text re seats

827
00:46:46,800 --> 00:46:50,200
Speaker 1: were coming in and no normally you know, really pay

828
00:46:50,239 --> 00:46:52,640
Speaker 1: attention to that, but they look they show me long

829
00:46:52,680 --> 00:46:55,600
Speaker 1: to statistics, and it does show that that if you

830
00:46:55,719 --> 00:46:59,080
Speaker 1: have the big states you know by GDP, California, New

831
00:46:59,160 --> 00:47:02,359
Speaker 1: York and Illinois and Florida and a few orders, If

832
00:47:02,360 --> 00:47:05,480
Speaker 1: you have those and you track those against the United

833
00:47:05,480 --> 00:47:08,520
Speaker 1: States tax receeats, it does show that they're leading. And

834
00:47:08,640 --> 00:47:11,319
Speaker 1: it seems that texaciats are really slowing down. It's like

835
00:47:11,360 --> 00:47:15,080
Speaker 1: a negative yearing a growth rate, so they slow down.

836
00:47:15,200 --> 00:47:18,200
Speaker 1: Going on, John, it's uh, it's it's spreading itself through

837
00:47:18,440 --> 00:47:21,840
Speaker 1: through the US. Now, doesn't mean it's immediately recession, but

838
00:47:21,920 --> 00:47:25,400
Speaker 1: it does indicate that, yeah, activity is being slowed down

839
00:47:25,800 --> 00:47:28,799
Speaker 1: I think likely by the by the Fellows policy. If

840
00:47:28,840 --> 00:47:31,719
Speaker 1: we use the yield curve as some indicator, the inversion

841
00:47:31,760 --> 00:47:34,600
Speaker 1: is lessened between well, between the twos and tents right

842
00:47:34,600 --> 00:47:37,360
Speaker 1: now negative fifty five, So I guess we'll call that

843
00:47:37,480 --> 00:47:41,520
Speaker 1: something steepening there. What does that indicate to you? Actually

844
00:47:41,520 --> 00:47:45,120
Speaker 1: important one, because you know we've been saying for a

845
00:47:45,120 --> 00:47:47,960
Speaker 1: while now that yes, yields are going to continue the

846
00:47:48,600 --> 00:47:51,319
Speaker 1: climate think because the FED hasn't finished his job yet,

847
00:47:51,640 --> 00:47:55,120
Speaker 1: but it should lead to an inverted you potentially even

848
00:47:55,160 --> 00:47:58,160
Speaker 1: deeper than we've had recently, which is negative eighty five

849
00:47:58,200 --> 00:48:00,960
Speaker 1: base points between the two year entertain year, but now

850
00:48:01,120 --> 00:48:04,840
Speaker 1: something like negative fifty five or so fifty. But that

851
00:48:05,040 --> 00:48:08,800
Speaker 1: that recent change is what we call bear steepenings entertaining

852
00:48:08,840 --> 00:48:11,399
Speaker 1: you rises more than a two years. That does say

853
00:48:11,480 --> 00:48:15,480
Speaker 1: something about expectations in the treasury market of economic growth

854
00:48:15,560 --> 00:48:18,400
Speaker 1: at the moment. And yes, GDP now from the Atlantic

855
00:48:18,440 --> 00:48:23,320
Speaker 1: feats again quite high. The CPI now from the Cleveland

856
00:48:23,320 --> 00:48:26,520
Speaker 1: feathers moderated but not as much show it does think

857
00:48:26,560 --> 00:48:29,040
Speaker 1: I think the thing that held is maybe going to

858
00:48:29,120 --> 00:48:33,160
Speaker 1: move towards ten four percent on just interim better economy

859
00:48:33,160 --> 00:48:35,680
Speaker 1: at the moment. That's what that's saying. That that's steepening

860
00:48:36,719 --> 00:48:39,239
Speaker 1: real quick in the thirty seconds we have left. Does

861
00:48:39,239 --> 00:48:41,720
Speaker 1: the FAT have the torpedo the U S jobs market

862
00:48:42,280 --> 00:48:46,919
Speaker 1: to reach its goals? Yeah, that's unclear John. Because of

863
00:48:47,320 --> 00:48:49,720
Speaker 1: that we do have a COVID effect on the jobs

864
00:48:49,840 --> 00:48:52,600
Speaker 1: market and a lot of people still sidelines and as

865
00:48:52,719 --> 00:48:55,760
Speaker 1: there is I think that that jobs kept that Powell

866
00:48:55,840 --> 00:48:59,359
Speaker 1: spoke to, it's not that easy to torpedo for that matter.

867
00:48:59,719 --> 00:49:01,880
Speaker 1: So it comes more down to what you've see in

868
00:49:02,000 --> 00:49:04,359
Speaker 1: coming through the big banks and others that are are

869
00:49:04,440 --> 00:49:07,560
Speaker 1: doing all these layoffs. Is that going to accelerate? From me?

870
00:49:07,760 --> 00:49:09,759
Speaker 1: Is you sent you the business the clients as a

871
00:49:09,760 --> 00:49:13,000
Speaker 1: result of FAT policy, And that's I guess the torpedo

872
00:49:13,080 --> 00:49:16,040
Speaker 1: aspect of fat polls showing job market. All right, we'll

873
00:49:16,040 --> 00:49:19,000
Speaker 1: get a clearer picture maybe next Friday when we get

874
00:49:19,000 --> 00:49:22,600
Speaker 1: the December payrolls report. Ben always a pleasure, Ben Emmons

875
00:49:22,600 --> 00:49:25,959
Speaker 1: that had a fixed income at macro Strategy at New

876
00:49:26,120 --> 00:49:29,319
Speaker 1: Edge Wealth with this this morning, comeing up on five

877
00:49:29,360 --> 00:49:31,799
Speaker 1: eighteen on Wall Street, still a hand on Bloomberg day Berg.

878
00:49:31,800 --> 00:49:34,040
Speaker 1: We're gonna check the markets, of course, and bringing the

879
00:49:34,120 --> 00:49:38,200
Speaker 1: latest news and business economics and finance. Right now, we

880
00:49:38,280 --> 00:49:41,759
Speaker 1: have S and P emity futures fifteen points lower after

881
00:49:41,800 --> 00:49:45,680
Speaker 1: gainst day's rally, the Nanzack emnity futures downy six. This

882
00:49:46,560 --> 00:49:47,680
Speaker 1: is Bloomberg day Break