WEBVTT - Bloomberg Daybreak: December 2, 2022 - Hour 1 (Radio) 0:00:01.960 --> 0:00:05.400 Markets, headlines and breaking news twenty four hours a day 0:00:05.519 --> 0:00:08.479 at Bloomberg dot Com, The Bloomberg Business at and at 0:00:08.480 --> 0:00:18.520 Bloomberg Quicktape. This is a Bloomberg Business Flash. Nathan Hagar 0:00:18.760 --> 0:00:21.760 was kind of cautious in markets this morning after recent 0:00:21.920 --> 0:00:25.600 sharp games. Stocks are holding steadies. Traders await the monthly 0:00:25.760 --> 0:00:29.360 US jobs report. We check the markets every fifteen minutes 0:00:29.400 --> 0:00:32.080 during the trading day. On Bloomberg SMP futures are down 0:00:32.120 --> 0:00:35.199 one point right now down futures down twenty four, Nasdaq 0:00:35.240 --> 0:00:37.960 futures down ten points, little changed all around ten. Your 0:00:38.000 --> 0:00:40.720 treasury is down to thirty seconds. The old three point 0:00:40.840 --> 0:00:43.160 five one percent yield on the two year four point 0:00:43.200 --> 0:00:46.320 one eight percent. Nim X screwed is little changed as well, 0:00:46.400 --> 0:00:49.199 up six cents eighty one dollars twenty eight cents for 0:00:49.280 --> 0:00:51.600 a barrel of West Texas Intermediate comex s Gold is 0:00:51.600 --> 0:00:55.160 little changed. Down to dollar ten eighteen fourteen ten announced 0:00:55.160 --> 0:00:57.760 the euro one point zero five to two against the dollar. 0:00:58.080 --> 0:00:59.920 The yen is at one thirty four point one one. 0:01:00.480 --> 0:01:03.120 Bitcoin is up two tenths per cent, so little change 0:01:03.120 --> 0:01:05.720 there as well. Just shive seventeen thousand. That's a Bloomberg 0:01:05.800 --> 0:01:08.640 Business Flash. Now here's Michael Barr with more on what's 0:01:08.640 --> 0:01:11.240 going on around the world. Un Nathan, thank you very much. 0:01:11.280 --> 0:01:14.360 It is a victory for the Justice Department's criminal investigation 0:01:14.400 --> 0:01:17.840 into Donald Trump's handling at White House documents. The Federal 0:01:17.880 --> 0:01:20.560 appeal scored rule the judge was wrong by appointing a 0:01:20.640 --> 0:01:24.560 special master to review material sees from the former president's 0:01:24.600 --> 0:01:28.360 Mowerla Go Home. Congress has avoided what President Biden says 0:01:28.400 --> 0:01:31.360 could have been a Christmas catastrophe. The sent had voted 0:01:31.400 --> 0:01:34.440 to pass a bill to avert a looming rail strike NFL. 0:01:34.520 --> 0:01:38.600 The Bills beat the Patriot NHL. Both the Devils and 0:01:38.720 --> 0:01:41.680 Capitals lost in no t at the World Cup. Four 0:01:41.720 --> 0:01:45.640 games today, including Cameroon against Brazil. Global News twenty four 0:01:45.640 --> 0:01:48.800 hours a day on air and on Bloomberg Quicktake, powered 0:01:48.800 --> 0:01:51.520 by more than twenty seven under journalist and analysts and 0:01:51.640 --> 0:01:54.120 more than a hundred twenty countries. I'm Michael Barr. This 0:01:54.280 --> 0:01:57.200 is Bloomberg aaming all right, Thank you, Michael. We are 0:01:57.280 --> 0:02:00.600 waiting for the jobs numbers this morning. Experts are watching 0:02:00.640 --> 0:02:03.760 for the trend of slower hiring to continue. And we're 0:02:03.840 --> 0:02:07.120 joined live now by Wells Fargo senior economist Sarah House 0:02:07.320 --> 0:02:09.680 to give us a free view of jobs. Stay Sarah, 0:02:09.680 --> 0:02:11.520 good morning, Thanks for taking the time with us. What 0:02:11.600 --> 0:02:15.519 are you watching for today? So obviously that headline will 0:02:15.639 --> 0:02:18.400 be a big focal point just given that overall trend 0:02:18.440 --> 0:02:20.840 pace of hiring, So we're looking for a game just 0:02:20.880 --> 0:02:24.640 a little bit below consensus of around a hundred ninety thousand, 0:02:24.720 --> 0:02:27.120 So that would be certainly a step down from what 0:02:27.200 --> 0:02:29.959 we saw in October as well as just the average 0:02:30.000 --> 0:02:32.480 this year. But I think another big local point will 0:02:32.520 --> 0:02:36.120 be what's happening on wages, given that inflation is the 0:02:36.440 --> 0:02:39.919 utmost priority and they are worried about the inflationary pressures 0:02:39.960 --> 0:02:42.880 coming from the labor market, how much of a slowdown 0:02:42.919 --> 0:02:45.120 and hiring is the FED also looking for what's it 0:02:45.120 --> 0:02:48.639 going to take for a pivot. So I think we're 0:02:48.680 --> 0:02:52.240 already set for the FED to slow the pace of tightening. 0:02:52.240 --> 0:02:56.720 But I think in terms of potentially stopping rate hikes 0:02:56.760 --> 0:02:59.480 and you know, eventually reversing, I think we're still a 0:02:59.520 --> 0:03:02.960 long way off from from that. So I think if 0:03:03.000 --> 0:03:05.720 you get a sub two number, you know, but not 0:03:06.160 --> 0:03:08.360 you know, still still within the hundreds. I think they 0:03:08.400 --> 0:03:11.640 would be perfectly content with that, so suggesting that you 0:03:11.680 --> 0:03:14.880 are seeing some some moderation, but the labor market isn't 0:03:15.040 --> 0:03:18.320 isn't falling apart, and you mentioned way, does what are 0:03:18.320 --> 0:03:20.760 you watching for their specifically and how crucial is that 0:03:20.840 --> 0:03:24.840 data before the Fed's next meeting. Right, So we're looking 0:03:24.880 --> 0:03:28.320 for a zero point three percent monthly increase, which would 0:03:28.400 --> 0:03:31.119 be somewhat slower from what we're seeing earlier in the year, 0:03:31.400 --> 0:03:33.919 but that's still four percent annualized rate over the past 0:03:33.960 --> 0:03:36.480 three months, So still too hot, I think as far 0:03:36.520 --> 0:03:38.720 as the Fed's concerned when they're thinking about it against 0:03:38.720 --> 0:03:41.400 a two percent inflation target and even making some pretty 0:03:41.440 --> 0:03:45.560 reasonable assumptions about productivity growth. So I think there's still 0:03:45.600 --> 0:03:47.400 some some work to be done, but it would certainly 0:03:47.440 --> 0:03:50.040 be an encouraging sign that we are starting to see 0:03:50.280 --> 0:03:52.880 some of those inflationary pressures begin to slow, and I 0:03:52.920 --> 0:03:56.040 think keep the Fed on track to moderate that pace 0:03:56.080 --> 0:03:58.839 of tightening at a coming meetings. Now, when it comes 0:03:58.880 --> 0:04:01.280 to the labor market, if we drilled down just a 0:04:01.320 --> 0:04:03.800 little bit, we've seen a wave of layoffs, especially in 0:04:03.840 --> 0:04:06.920 the tech sector. Does that signal anything for you? Is 0:04:06.920 --> 0:04:10.200 that concerning at all? Well? I think it does signal 0:04:10.280 --> 0:04:14.440 that the broader environment is getting tougher for for businesses, 0:04:14.520 --> 0:04:17.000 so as we are starting to see demand slow, as 0:04:17.000 --> 0:04:20.640 we're seeing consumer preferences shifts, as financing costs are are 0:04:20.720 --> 0:04:23.520 getting higher, and so I think it is a bit 0:04:23.600 --> 0:04:26.719 of a bell weather. So maybe not completely indicative of 0:04:26.880 --> 0:04:29.359 the broader jobs market when you still have, for example, 0:04:29.360 --> 0:04:31.960 a lot of small businesses saying that they are having 0:04:31.960 --> 0:04:35.320 trouble to find filling positions right now. But I think 0:04:35.320 --> 0:04:38.120 it does suggest that we are in for for tougher chime. 0:04:38.320 --> 0:04:40.120 So I think some of the way off and NOWNCNQ 0:04:40.240 --> 0:04:42.599 seen recently might be a little bit too early to 0:04:42.640 --> 0:04:45.680 show up in in today's data, but I think they 0:04:45.720 --> 0:04:47.760 do point to the fact that we'll see job growth 0:04:47.800 --> 0:04:51.440 continue to slow on Trent, despite you know, potential surprises 0:04:51.480 --> 0:04:54.520 that we see, perhaps in twoday's report in the headline number. 0:04:55.080 --> 0:04:57.040 You know, sometimes the data can be a little bit 0:04:57.080 --> 0:04:59.480 skewed because of the holiday season, and we're right there 0:04:59.520 --> 0:05:01.640 in the middle of it. How has the holiday season 0:05:01.680 --> 0:05:05.960 impacted the data? Well, I think that could be a 0:05:06.800 --> 0:05:09.680 headwind for today's data, and the fact that retailers have 0:05:09.720 --> 0:05:11.760 announced that they're not looking to hire quite so many 0:05:11.760 --> 0:05:15.000 workers as as last year. And if you think about 0:05:15.200 --> 0:05:18.520 the holiday related industries and not just retail, but also 0:05:18.640 --> 0:05:22.560 transportation and warehousing, so those industries are seeing, I think, 0:05:22.640 --> 0:05:25.919 particular cyclical headwinds, and so I think the fact that 0:05:25.960 --> 0:05:29.040 the seasonal factors are are looking for a nice uptick 0:05:29.120 --> 0:05:31.520 there might be a little bit disappointed. And so I 0:05:31.520 --> 0:05:35.040 think that's also contributing to the notable mo oration and 0:05:35.120 --> 0:05:37.479 job growth that we're expecting today versus what we've seen 0:05:37.520 --> 0:05:41.120 over the past few months. We have about thirty seconds here, Sarah, 0:05:41.160 --> 0:05:42.640 but I want to ask what you are going to 0:05:42.680 --> 0:05:47.440 be watching for incoming weeks. What's got your attention? So 0:05:47.480 --> 0:05:50.160 I think it's it's still very much focused around inflation 0:05:50.200 --> 0:05:53.680 the labor market to the extent that it's it's impacting inflation. 0:05:54.120 --> 0:05:56.359 I think we are seeing signs that the trend is 0:05:56.440 --> 0:06:01.719 moderating for price growth on on net, but I think, um, 0:06:01.800 --> 0:06:04.800 there's there's still a lot of of data that actually 0:06:04.839 --> 0:06:07.480 needs to confirm that to keep the FED on this 0:06:08.120 --> 0:06:11.480 on this path of moderating the pace of rehis all right, 0:06:11.560 --> 0:06:13.960 Sarah House, thank you so much. Sarah House, a senior 0:06:13.960 --> 0:06:17.800 economist with Wells Fargo and Will Blake break down those 0:06:17.880 --> 0:06:20.719 numbers with US Labor Secretary Marty Walsh. That's coming up 0:06:20.760 --> 0:06:24.480 at this morning at Wall Street Time on Bloomberg Radio 0:06:24.640 --> 0:06:28.080 and Television. Nathan, They're going to be a very interesting conversation. 0:06:28.120 --> 0:06:30.760 Thank you, Amy. It's five fifty three on Wall Street Time. 0:06:30.760 --> 0:06:33.039 Now for our Bloomberg Law Report, Let's get to the 0:06:33.080 --> 0:06:36.240 legal stories were watching this morning. Here's Bloomberg's Steff Bellinger. 0:06:40.000 --> 0:06:43.200 Nike filed trademark suits against two companies in New York 0:06:43.240 --> 0:06:46.919 federal court. The defendants are accused of selling knockoffs of 0:06:47.000 --> 0:06:51.960 Nike's Air Jordan and dunk sneakers. Treasury Watchdog found there 0:06:52.120 --> 0:06:55.200 was no misconduct in connection with i R S audits 0:06:55.200 --> 0:06:59.320 of two former FBI officials, and the XFL has hired 0:06:59.440 --> 0:07:02.720 veterans Warts lawyer Wendy Bass as its chief business and 0:07:02.920 --> 0:07:06.160 legal officer. The XFL was making a third attempt at 0:07:06.279 --> 0:07:11.240 establishing a non NFL football league. Bloomberg Law everything you need, 0:07:11.400 --> 0:07:15.760 all on one legal research platform, including guidance analysis and 0:07:15.840 --> 0:07:21.600 Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Now, 0:07:21.600 --> 0:07:23.680 another legal story we're watching for the first time in 0:07:23.720 --> 0:07:26.760 almost thirty years, the Justice Department has convinced a jury 0:07:26.800 --> 0:07:31.480 to convict American citizens of seditious conspiracy against the United States. 0:07:31.720 --> 0:07:34.520 Two members of the far right group the Oath Keepers, 0:07:34.600 --> 0:07:37.640 are found guilty of conspiring to oppose by force the 0:07:37.680 --> 0:07:41.720 peaceful transfer of presidential power on January six of last year. 0:07:41.920 --> 0:07:44.640 So I those verdicts being for future cases and on 0:07:44.680 --> 0:07:48.480 the investigation into the Capital riots for more Bloomberg June 0:07:48.480 --> 0:07:51.920 Grosso spoke with former federal prosecutor Jimmy Garoli, a professor 0:07:51.960 --> 0:07:55.120 at Notre Dame Law School. Jimmy, what's the impact of 0:07:55.160 --> 0:07:58.200 this verdict? I think it's important on a couple of levels. First, 0:07:58.280 --> 0:08:01.480 I think it's a very powerful rebuttal to the narrative 0:08:01.640 --> 0:08:06.400 that the January six rioters were so called patriots. What 0:08:06.560 --> 0:08:09.880 this verdict proves is in instead of patriots, many of 0:08:09.920 --> 0:08:14.000 these individuals, certainly these five individuals that were convicted, are criminals. 0:08:14.200 --> 0:08:16.480 And these individuals have been convicted of some of the 0:08:16.520 --> 0:08:19.800 most serious crimes against the government, including to of them 0:08:20.040 --> 0:08:24.000 convicted of seditious conspiracy, which is second only in terms 0:08:24.040 --> 0:08:27.880 of its severity and importance, second only to treason. And 0:08:28.080 --> 0:08:31.880 I think the other important takeaway is whether or not 0:08:32.280 --> 0:08:36.560 the convictions are going to motivate any of the five 0:08:36.559 --> 0:08:41.239 defendants to cooperate with the government. So all five defendants 0:08:41.280 --> 0:08:44.800 were convicted of obstructing an official proceeding. That's a very 0:08:44.840 --> 0:08:47.080 serious offense that carries a penalty of up to twenty 0:08:47.160 --> 0:08:50.840 years in prison. So these individuals have a real incentive 0:08:51.160 --> 0:08:55.480 to try to reduce their criminal liability and term of 0:08:55.559 --> 0:08:58.880 imprisonment by cooperating with the government. So we'll have to 0:08:58.880 --> 0:09:02.800 wait and see what happens there, and then lastly, whether 0:09:02.880 --> 0:09:05.200 or not these verdicts are going to encourage others to 0:09:05.240 --> 0:09:08.360 cooperate with the government. So there are several individuals that 0:09:08.440 --> 0:09:12.319 have trials that are pending and again involving very serious 0:09:12.360 --> 0:09:15.920 felony charges, and it will be interesting to see whether 0:09:15.920 --> 0:09:18.480 they're motivated to cooperate with the government as well. The 0:09:18.600 --> 0:09:22.520 verdicts were in a slam dunk for the prosecution how 0:09:22.600 --> 0:09:27.320 much of a conspiracy with only two people convicted of 0:09:27.720 --> 0:09:32.960 seditious conspiracy, So more people were acquitted than convicted of it. Yeah, 0:09:33.000 --> 0:09:36.120 that's true. There are ten counts that the jury considered, 0:09:36.440 --> 0:09:38.520 and the method to take away the fact that that 0:09:38.640 --> 0:09:41.840 some were acquitted some were convicted. What does suggest to 0:09:41.880 --> 0:09:44.240 me is that it was a jury that really took 0:09:44.280 --> 0:09:49.200 its responsibilities seriously with respect to each count and the 0:09:49.280 --> 0:09:52.240 evidence as it retained to each individual. So they really 0:09:52.280 --> 0:09:55.760 called through the evidence and applied the evidence defended by defendant, 0:09:55.800 --> 0:09:57.920 and in some cases they just found that there was 0:09:58.000 --> 0:10:01.439 not sufficient evidence beyond a recent doubt of an agreement, 0:10:01.520 --> 0:10:06.280 which is the central, you know, key element to establish conspiracy, 0:10:06.320 --> 0:10:09.600 including seditious conspiracy, and we saw that not only with 0:10:09.679 --> 0:10:12.920 the seditious conspiracy count, but also the conspiracy to obstruction 0:10:13.000 --> 0:10:17.400 official proceedings. To the defendants were convicted of that conspiracy 0:10:17.559 --> 0:10:19.520 and then three were not. But then at the same 0:10:19.559 --> 0:10:22.200 time and you look at the obstruction of official proceeding, 0:10:22.200 --> 0:10:25.400 you know, all five defendants were convicted of that count. 0:10:25.440 --> 0:10:28.720 And so again I think it suggests that jury really 0:10:29.000 --> 0:10:32.280 very meticulously, you know, examine the evidence and applied it 0:10:32.320 --> 0:10:35.880 to each dependent. That's Jimmy Garouli, a professor at Notre 0:10:35.960 --> 0:10:38.600 Dame Law School, speaking with Bloomberg's June Grosso. You can 0:10:38.600 --> 0:10:41.000 catch more of that interview plus analysis of the latest 0:10:41.080 --> 0:10:44.120 legal news by subscribing to the Bloomberg Law Podcast or 0:10:44.160 --> 0:10:47.280 downloading the show at Bloomberg dot com, Slash podcasts, and 0:10:47.320 --> 0:10:51.319 attorneys can find exceptional legal research and business development tools 0:10:51.600 --> 0:10:54.320 at Bloomberg Law dot com and on the Bloomberg terminal 0:10:54.679 --> 0:10:58.040 at b law Go. Ahead of the November jobs reports, 0:10:58.160 --> 0:11:01.320 futures are in weight and mode. S ANDP futures are 0:11:01.360 --> 0:11:04.280 little changed right now. Down futures are down thirteen points, 0:11:04.480 --> 0:11:08.080 NASCAC futures are down eight Tenure treasuries down to thirty seconds. 0:11:08.080 --> 0:11:12.920 The yield three point five one percent. Bloomberg Daybreak continues. 0:11:13.080 --> 0:11:20.120 This is Bloomberg broadcasting live from the Bloomberg Interactive Broker 0:11:20.240 --> 0:11:23.920 Studio in New York. Bloomberg Eving Freed to Washington, d C. 0:11:24.120 --> 0:11:28.839 Bloomberg to Boston, Bloomberg What A six one to San Francisco, 0:11:28.880 --> 0:11:32.360 Bloomberg nine sixteen to the country, Sirius XM H one 0:11:32.440 --> 0:11:35.560 nineteen and around the globe, the Bloomberg Business apt and 0:11:35.600 --> 0:11:45.640 Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 0:11:45.679 --> 0:11:48.440 thirty on Wall Street. Good Friday morning. I'm Amy Morris, 0:11:48.559 --> 0:11:50.880 I'm Nathan Hager. We're about four hours away from the 0:11:50.880 --> 0:11:52.839 open of US trading. Let's get you up to date 0:11:52.880 --> 0:11:54.520 on the news. You need to know at this Our 0:11:54.640 --> 0:11:57.000 futures are kind of holding steady this morning ahead of 0:11:57.000 --> 0:12:00.320 the monthly jobs report. So far SMP future as they're 0:12:00.320 --> 0:12:04.439 holding onto November's gains. Morgan Stanley chief US equity strategist 0:12:04.520 --> 0:12:07.480 Mike Wilson thinks December could see gains as well. For 0:12:07.559 --> 0:12:11.079 a trade, okay, we think it's NASAC or long Derratian 0:12:11.120 --> 0:12:13.880 stocks will will like that move in race lower. I 0:12:13.880 --> 0:12:16.480 think for the investment community and for asset owners, it's 0:12:16.520 --> 0:12:20.800 basically bonds. Morgan Stanley's Mike Wilson says this bear market 0:12:20.880 --> 0:12:23.520 rally could be sustained over the next month. To the 0:12:23.559 --> 0:12:26.720 banking sector now where credits we is in focus. Chairman 0:12:26.720 --> 0:12:30.720 Actual Lehman spoke exclusively with Bloomberg News this morning, saying 0:12:30.760 --> 0:12:34.439 the bank has mostly stemmed the huge outflow of clients assets. 0:12:34.640 --> 0:12:37.240 When I speak to clients, I know there will be 0:12:37.240 --> 0:12:41.320 in flos. We already see it partially happening, So we 0:12:41.400 --> 0:12:44.760 have plans to continue to reach out to two clients. 0:12:44.760 --> 0:12:47.120 It might take a little bit of time, but it will. 0:12:47.240 --> 0:12:49.880 You know, it will come back. Chairs of gret Suite 0:12:49.960 --> 0:12:52.480 appeared to be getting a boost from our interview with chairman, 0:12:52.520 --> 0:12:55.640 Actual Leman, They're higher by six point three percent in Zurich. 0:12:55.760 --> 0:12:58.080 Turning into Twitter, now, Amy the artists formerly known as 0:12:58.160 --> 0:13:01.080 Kanye West is in trouble again or another offensive post 0:13:01.200 --> 0:13:04.439 on the platform. Bloomberg Steve Rappaport joins us Live with that, Steve, 0:13:04.840 --> 0:13:07.680 Good morning, Nathan and Amy. Kanye West appears to be 0:13:07.760 --> 0:13:11.240 the litmus test for Elon Musk's lacks approach to moderating content. 0:13:11.440 --> 0:13:14.040 The rapper earned himself a Twitter time out for posting 0:13:14.040 --> 0:13:17.240 a Jewish star of David combined with a swastika Musk 0:13:17.320 --> 0:13:21.400 saying Yea's account broke the platform's policy against inciting violence. 0:13:21.600 --> 0:13:24.600 Earlier in the day, you told conspiracy theorist Alex Jones 0:13:24.640 --> 0:13:27.680 that he loves Jews but also loves Nazis. He also 0:13:27.760 --> 0:13:30.640 praised Adolf Hitler as an innovator. Live in New York, 0:13:30.679 --> 0:13:33.840 I'm Steve Rappaport, Bloomberg Daybreak, All right, thank you, Steve. 0:13:33.880 --> 0:13:36.839 To politics Now. Former President Donald Trump has lost another 0:13:36.960 --> 0:13:40.920 legal battle. Bloomberg contributor Jeanie she and Zo says a 0:13:41.000 --> 0:13:44.520 court ruling ended the special master review of documents seized 0:13:44.559 --> 0:13:47.319 from his Moral Lago estate. This is a big win 0:13:47.440 --> 0:13:49.760 for the d o J. It really puts their case 0:13:49.920 --> 0:13:53.600 and their ability to investigate and potentially if they want 0:13:53.640 --> 0:13:56.560 to file charges against the former president, they're able to 0:13:56.600 --> 0:13:58.920 do that. They're no longer going to be delayed by 0:13:58.920 --> 0:14:02.079 the Special Master. That it's what they were seeking. Jenny, 0:14:02.160 --> 0:14:05.280 she and Zano made those comments on Bloomberg's sound on, 0:14:05.600 --> 0:14:08.520 which you can catch weekdays at five pm. Wall Street Time. 0:14:08.600 --> 0:14:12.439 Here on Bloomberg Radio. Checking futures now. S and P 0:14:12.640 --> 0:14:16.640 futures down two points, Dell futures down twenty six, Nasdaq 0:14:16.720 --> 0:14:21.320 futures down thirteen. The Nimex crewed now trading to one 0:14:21.400 --> 0:14:24.920 hundreds of a percent lower, that's about two cents trading 0:14:24.920 --> 0:14:27.720 now at eight one dollars at nineteen cents per barrel. 0:14:27.920 --> 0:14:35.400 This is Bloomberg on Wall Street. Let's bring in Michael 0:14:35.440 --> 0:14:37.320 Barr with more on what else is going on in 0:14:37.360 --> 0:14:39.800 New York and around the world. Good morning, Michael, Good 0:14:39.800 --> 0:14:42.480 morning Amy. The U. S. Supreme Court kept President Joe 0:14:42.520 --> 0:14:45.840 Biden's student loan relief plan on hold. The High Court 0:14:45.840 --> 0:14:49.200 agree to hear arguments in February that will likely produce 0:14:49.240 --> 0:14:53.280 a definitive ruling by June. The justices declined for now 0:14:53.400 --> 0:14:57.000 to lift federal appeals court decision that is blocking the program. 0:14:57.160 --> 0:15:00.320 Six Republican led states suit accusing the pres an end 0:15:00.320 --> 0:15:03.640 of overstepping his authority. Congress has voted to a vert 0:15:03.680 --> 0:15:06.960 of rail strike that many had predicted would have a 0:15:07.040 --> 0:15:11.320 huge negative impact on the economy. The Senate has passed 0:15:11.320 --> 0:15:14.200 a bill to buying railroads and tens of thousands of 0:15:14.200 --> 0:15:17.680 workers to a propose contract settlement. It had been rejected 0:15:17.720 --> 0:15:21.480 by four of the twelve unions involved. Gregory de Young 0:15:21.600 --> 0:15:26.360 teaches operations management at Southern Illinois University in Carbondale. It 0:15:26.440 --> 0:15:28.600 was approved by most of the unions, even though it 0:15:28.600 --> 0:15:31.200 wasn't actually approved by a majority of the voters within 0:15:31.240 --> 0:15:34.680 the unions, so it's probably a pretty good compromise overall 0:15:34.880 --> 0:15:39.320 operations management experts, Gregory de Young. President Biden is poised 0:15:39.320 --> 0:15:42.680 to sign the bill. New York City's transit chief and 0:15:42.840 --> 0:15:46.400 three other top police officials announced their retirements on Thursday. 0:15:46.840 --> 0:15:50.120 The departures coming that a push announced by Mayor Eric 0:15:50.160 --> 0:15:54.480 Adams this week to involuntarily hospitalized people who are considered 0:15:54.520 --> 0:15:57.920 too mentally ill to take care of themselves. The Biden 0:15:57.960 --> 0:16:01.480 administration's first state dinner was held last night with more 0:16:01.480 --> 0:16:04.800 than three hundred thirty invited guests on hand to honor 0:16:04.840 --> 0:16:08.600 France's first couple as part of his chose to President Biden. 0:16:08.680 --> 0:16:12.800 French President Emmanuel mccron spoke about friendship between the two 0:16:12.880 --> 0:16:16.760 nations that started during the American Revolution, and when Lafayette 0:16:16.840 --> 0:16:21.200 came here indeed to fight. He fought for his principles 0:16:21.960 --> 0:16:26.520 and to have people here living in democracy and freedom. 0:16:26.560 --> 0:16:30.200 And this is the same, the same thing. Today. President 0:16:30.240 --> 0:16:34.280 mccram will head to Louisiana Global News twenty four hours 0:16:34.280 --> 0:16:37.560 a day on air and on Bloomberg Quicktake, powered by 0:16:37.600 --> 0:16:40.520 more than hundred journalists and analysts and more than a 0:16:40.600 --> 0:16:44.960 hundred twenty countries. Michael Barr and this is Bloomberg. Amy, 0:16:45.040 --> 0:16:51.040 all right, thank you, Michael. On Wall Street. Time now 0:16:51.080 --> 0:16:53.640 for the sports report, brought to you by Try State. Audie. 0:16:53.680 --> 0:16:57.040 Here's John stash Our. Alright, Amy, the Patriots dominated the 0:16:57.080 --> 0:16:59.480 a f C East for two decades. Now that title 0:16:59.520 --> 0:17:02.360 belongs to Affalo. Bills won in Foxboro to ten. They've 0:17:02.400 --> 0:17:04.280 now beaten the pat six and the last seven meetings, 0:17:04.359 --> 0:17:07.760 the Bills had three long touchdown drives. The Pats offense 0:17:07.760 --> 0:17:10.439 struggled after the first quarter TV SO Buffalo Now night 0:17:10.520 --> 0:17:14.160 in three Miami eight and three. Jets are seven and four, 0:17:14.200 --> 0:17:17.160 getting ready for a visit to Minnesota. New England drops 0:17:17.160 --> 0:17:19.720 to six and six. Pats will own a potential tiebreaker 0:17:19.800 --> 0:17:22.800 with the Jets having beaten them twice in Newark. Devils 0:17:22.840 --> 0:17:25.520 ten seconds from victory, ended up losing to Nashville four 0:17:25.600 --> 0:17:28.320 three and overtime college hoops Seaton Hall blown out by 0:17:28.440 --> 0:17:32.680 Kansas sixty five. The big World Cup winners yesterday Morocco 0:17:32.840 --> 0:17:36.960 and Japan both surprising group winner as Croatia and Spain 0:17:37.119 --> 0:17:40.440 also advanced. Germany, four time World Cup champion and now 0:17:40.720 --> 0:17:43.240 heading home. The US heading to a knockout round game 0:17:43.280 --> 0:17:46.760 tomorrow morning with the Netherlands. US star Christian Polizic hopes 0:17:46.800 --> 0:17:49.520 to play despite the injury suffered while scoring the only 0:17:49.600 --> 0:17:52.560 goal against Irand when the game was over, Holistic was 0:17:52.600 --> 0:18:00.959 in the hospital. I was able to follow it on 0:18:01.119 --> 0:18:03.919 the you know, with me on his phone on and 0:18:03.960 --> 0:18:06.320 it was like the hardest thing, um, you know, I 0:18:06.320 --> 0:18:08.960 think they were they were checking my you know, my 0:18:09.000 --> 0:18:11.080 blood sugar and everything and I was flying through the roof. 0:18:11.160 --> 0:18:13.399 But it wasn't because of anything. It's just me stress 0:18:13.440 --> 0:18:16.920 watching the games. Cleared underdogs tomorrow against the Dutch. Since 0:18:17.880 --> 0:18:21.480 has played teams from Europe nineteen times, has won only once. 0:18:21.600 --> 0:18:23.840 Gay Lord Perry has died at eighty four. Made it 0:18:23.880 --> 0:18:26.640 to the Hall of Famous Fight, admitting he was sometimes 0:18:26.720 --> 0:18:30.760 doctor the baseball. John stash Hower Bloomberg Sports. All right, 0:18:30.800 --> 0:18:33.680 thank you, John, it's five thirty seven on Wall straight time. 0:18:33.760 --> 0:18:36.199 Now for the Tri State Business Report. Here was that 0:18:36.520 --> 0:18:39.960 with that is Bloomberg's Joan Donnager. This won't be a 0:18:40.000 --> 0:18:43.280 happy bonus season at Goldman Sachs. The company's traders are 0:18:43.320 --> 0:18:45.480 on the way to posting their biggest revenue hall in 0:18:45.520 --> 0:18:48.640 more than ten years, but the firm says cost pressures 0:18:48.680 --> 0:18:51.359 are forcing a cut to your end bonuses in the 0:18:51.400 --> 0:18:54.919 firm's Global Markets division, with a bonus pool facing a 0:18:55.000 --> 0:18:57.840 cut that could reach a low double digit percentage that 0:18:57.920 --> 0:19:01.520 contrasts with industry wide projects in the unit's own performance. 0:19:02.080 --> 0:19:06.080 New York State is looking at charging licensed cryptocurrency businesses 0:19:06.320 --> 0:19:09.080 for the cost of regulating them. The Department of Financial 0:19:09.119 --> 0:19:12.520 Services is suggesting the idea. It is standard practice for 0:19:12.560 --> 0:19:16.479 the Department to tax regulated non crypto financial organizations for 0:19:16.480 --> 0:19:20.320 those costs, and after twenty six years, the Ripley's Believe 0:19:20.320 --> 0:19:23.359 It or Not Museum in Atlantic City will close at 0:19:23.359 --> 0:19:26.280 the end of the year. It's last day, December thirty one. 0:19:26.520 --> 0:19:30.200 The museum's manager says it's local franchise e has reached 0:19:30.200 --> 0:19:32.560 the end of its agreement with Ripley, so the space 0:19:32.600 --> 0:19:36.640 will be reimagined. That's the Bloomberg Tri State Business Report. 0:19:36.880 --> 0:19:39.920 I'm Joan Donneager. All right, thank you, Joan. It's five 0:19:39.960 --> 0:19:42.480 thirty eight on Wall Street. Bloomberg Radio is on the 0:19:42.520 --> 0:19:45.520 air from San Francisco to New York, London to Hong Kong. 0:19:45.800 --> 0:19:47.919 Let's check in with our global news team for some 0:19:48.000 --> 0:19:50.440 of the top stories heard on our three hundred affiliate 0:19:50.520 --> 0:19:57.680 radio stations around the world. I'm Steve Podisc on wfl A, 0:19:57.920 --> 0:20:01.320 Tampa Bay. We're talking about tamp ranking as one of 0:20:01.359 --> 0:20:05.080 the best college cities in the nation. I'm Debs Peligrini 0:20:05.240 --> 0:20:08.160 and for KTR at Houston. I'm reporting on McDonald's small 0:20:08.200 --> 0:20:12.520 format restaurant in Texas. I'm Genus Servetti in for Double 0:20:12.640 --> 0:20:16.359 U BBM in Chicago. I'm reporting that Illinois is supercharging 0:20:16.400 --> 0:20:20.600 its lineup of tax incentives for electric vehicle makers. I'm 0:20:20.680 --> 0:20:24.200 Jeff Bellinger and on w l W in Cincinnati. I'm 0:20:24.240 --> 0:20:28.280 reporting the CEO of Kroger says food inflation has started 0:20:28.280 --> 0:20:31.080 to ease, those supermarket shoppers will have to wait a 0:20:31.080 --> 0:20:35.680 while for significant price declines. I'm Joan Donnager telling w 0:20:35.680 --> 0:20:38.880 w J listeners in Detroit the CEO of General Motors 0:20:39.160 --> 0:20:42.760 banks efforts to unionize the battery flat in Lordstown, Ohio. 0:20:45.480 --> 0:20:48.560 Those are some of the stories our d Bloomberg journalists 0:20:48.600 --> 0:20:51.560 and analysts are working on this morning around the world. 0:20:51.720 --> 0:20:54.639 It's five thirty nine on Wall Street. The following is 0:20:54.680 --> 0:20:58.680 an editorial from Bloomberg Opinion. This editorial was written by 0:20:58.680 --> 0:21:02.119 the Bloomberg Editorial Board. Since the start of the pandemic, 0:21:02.160 --> 0:21:06.439 Congress has provided public school districts with one billion dollars 0:21:06.440 --> 0:21:08.960 in aid, yet far too many are in danger of 0:21:09.000 --> 0:21:12.439 squandering it. A recent McKinsey report found that districts have 0:21:12.520 --> 0:21:14.679 yet to spend or even budget one third of the 0:21:14.680 --> 0:21:18.080 funds they've received. At this rate, schools could wind up 0:21:18.119 --> 0:21:20.880 with as much as twenty billion dollars unspent by September, 0:21:22.200 --> 0:21:25.280 the deadline for using the funds. School officials need to 0:21:25.320 --> 0:21:28.240 recognize that this may be their only chance to reverse 0:21:28.320 --> 0:21:31.520 the harms of the pandemic. Policymakers also need to get 0:21:31.560 --> 0:21:35.159 serious by ensuring that funds go to classroom instruction and 0:21:35.200 --> 0:21:39.439 requiring that districts publicize their spending plans. The academic damage 0:21:39.520 --> 0:21:42.919 caused by the pandemic is immense. Failing to use all 0:21:42.960 --> 0:21:46.000 available resources to address it would be a tragic mistake. 0:21:46.680 --> 0:21:49.800 This editorial was written by the Bloomberg Editorial Board. For 0:21:49.880 --> 0:21:52.760 more Bloomberg opinion, please go to Bloomberg dot com, slash 0:21:52.800 --> 0:21:55.760 opinion or op i end go on the Bloomberg terminal. 0:21:55.960 --> 0:22:00.240 This has been Bloomberg Opinion. Bloomberg Opinion editorials can be 0:22:00.320 --> 0:22:03.120 heard every weekday at this time, and terminal customers can 0:22:03.200 --> 0:22:06.440 read more at O, P I n GO. Futures are 0:22:06.440 --> 0:22:08.720 lower s and P futures down to point. DAL futures 0:22:08.720 --> 0:22:12.600 down twenty three points, nasdat futures down eight. Much more 0:22:12.640 --> 0:22:18.320 still to come. This is Bloomberg. The Bloomberg Sports Report 0:22:18.359 --> 0:22:20.400 was brought to you by Audie. Don't let someone else 0:22:20.480 --> 0:22:22.840 drive off in the Audi Model. You've always wanted to 0:22:22.880 --> 0:22:25.040 visit your local Tri state autie dealer to get behind 0:22:25.080 --> 0:22:27.360 the wheel of yours today, or visit Autie Offers dot 0:22:27.400 --> 0:22:34.760 com for more information, markets, headlines and breaking news twenty 0:22:34.760 --> 0:22:37.639 four hours a day at Bloomberg dot com, the Bloomberg 0:22:37.640 --> 0:22:40.600 Business at and at Bloomberg Quick Tape. Chris is a 0:22:40.640 --> 0:22:50.480