1 00:00:03,480 --> 00:00:06,760 Speaker 1: Live from the Bloomberg Interactive Burger Studios is his Bloomberg 2 00:00:06,840 --> 00:00:10,280 Speaker 1: Daybreak for a Monday, May nine two Coming up this hour, 3 00:00:10,600 --> 00:00:13,360 Speaker 1: stocks fall and the dollar extends its rally as we 4 00:00:13,440 --> 00:00:16,880 Speaker 1: begin a new trading week. Vladimir Putin justifies his invasion 5 00:00:16,880 --> 00:00:20,160 Speaker 1: of Ukraine at the annual Victory Day celebration in Russia, 6 00:00:20,360 --> 00:00:23,520 Speaker 1: and President Biden plants SWAF for free Internet to millions 7 00:00:23,520 --> 00:00:26,960 Speaker 1: of homes. New York Governor Kathy Hocle test positive for 8 00:00:27,080 --> 00:00:29,960 Speaker 1: COVID plus. Democrats held the pass legislation to preserve a 9 00:00:30,040 --> 00:00:34,120 Speaker 1: Borgian rights protections. I'm Michael Barr. More ahead, I'm John 10 00:00:34,120 --> 00:00:37,040 Speaker 1: stash Hour. In sports, Mets and Yankees with doubleheaders split 11 00:00:37,120 --> 00:00:40,240 Speaker 1: the NBA playoff wins for Dallas and Philadelphia. The Rangers 12 00:00:40,240 --> 00:00:45,280 Speaker 1: have Game four in Pittsburgh tonight. That's all s train 13 00:00:45,360 --> 00:00:48,720 Speaker 1: ahead on Bloomberg Daybreak on Bloomberg E Live in free 14 00:00:48,720 --> 00:00:53,159 Speaker 1: on New York, Bloomberg one, Washington, d C, Bloomberg one 15 00:00:53,200 --> 00:00:57,680 Speaker 1: oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius 16 00:00:57,720 --> 00:01:00,920 Speaker 1: Exam one nineteen and around the world Old on Bloomberg 17 00:01:01,000 --> 00:01:08,160 Speaker 1: Radio dot Com and via the Bloomberg Business app. Good morning. 18 00:01:08,160 --> 00:01:11,520 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. US DOT index 19 00:01:11,600 --> 00:01:15,440 Speaker 1: futures are following this morning, led by technology. Shares were 20 00:01:15,480 --> 00:01:17,000 Speaker 1: coming up to five o one on Wall Street, and 21 00:01:17,000 --> 00:01:19,319 Speaker 1: we checked the markets every fifteen minutes throughout the trading 22 00:01:19,400 --> 00:01:23,160 Speaker 1: day on Bloomberg. Right now, SNP futures are down fifty 23 00:01:23,200 --> 00:01:26,880 Speaker 1: six points down, futures down three hundred seventy two, NASTAG 24 00:01:27,000 --> 00:01:29,800 Speaker 1: futures are down two hundred three that's down one point 25 00:01:29,880 --> 00:01:33,480 Speaker 1: six percent. Ten year Treasury down thirteen thirty seconds, held 26 00:01:33,520 --> 00:01:36,560 Speaker 1: three point one seven percent, and the yield on the 27 00:01:36,600 --> 00:01:39,560 Speaker 1: two year two point seven two percent. Nathan, Well, Karen, 28 00:01:39,560 --> 00:01:41,360 Speaker 1: it sounds like more of the same as we enter 29 00:01:41,400 --> 00:01:44,520 Speaker 1: a new trading week. Stock slumping. The dollar is trading 30 00:01:44,520 --> 00:01:47,480 Speaker 1: at a two year high as the feds aggressive tightening 31 00:01:47,480 --> 00:01:51,520 Speaker 1: path and China's COVID lockdowns hit the economic outlook. Steve 32 00:01:51,520 --> 00:01:55,440 Speaker 1: Brown is senior portfolio manager at American Century Investment Management. 33 00:01:55,640 --> 00:01:58,200 Speaker 1: The Fed's gonna continue to raise rates till they get 34 00:01:58,200 --> 00:02:01,000 Speaker 1: the results they want, and I think one the after 35 00:02:01,040 --> 00:02:03,360 Speaker 1: effects of their rate hikes would be at a slowdown 36 00:02:03,360 --> 00:02:05,120 Speaker 1: and g d P in the second half the year. 37 00:02:05,120 --> 00:02:07,480 Speaker 1: In the United States, as well as the reduction and 38 00:02:07,560 --> 00:02:10,400 Speaker 1: earned myths for many compries within the SMP five hundred 39 00:02:10,480 --> 00:02:13,600 Speaker 1: American Century. Steve Brown notes the SMP five hundreds coming 40 00:02:13,600 --> 00:02:16,920 Speaker 1: off it's fifth straight weekly dropped. That is the longest 41 00:02:16,960 --> 00:02:21,040 Speaker 1: losing streak since there is heavy selling in Asia. Over night, 42 00:02:21,120 --> 00:02:24,240 Speaker 1: Nathan Japan's NICK dropped two and a half percent, while 43 00:02:24,320 --> 00:02:27,239 Speaker 1: stocks in Hong Kong plunge three point eight percent. But 44 00:02:27,400 --> 00:02:30,640 Speaker 1: at the recap from Bloomberg's Juliette Sally and Singapore Good Morning, 45 00:02:30,720 --> 00:02:33,240 Speaker 1: Juliet Good Morning Karen, China's on shore you un slid 46 00:02:33,240 --> 00:02:35,200 Speaker 1: past six spots seven to the dollar for the first 47 00:02:35,200 --> 00:02:38,560 Speaker 1: time since twenty twenty a mid data showing stagnating imports 48 00:02:38,560 --> 00:02:41,800 Speaker 1: and the slowest export growth in dollar term since the pandemic. 49 00:02:42,040 --> 00:02:44,800 Speaker 1: Premier Li Ka Chung warned about the employment situation as 50 00:02:44,880 --> 00:02:48,440 Speaker 1: Beijing and Shanghai tight and virus curbs sending stocks low. 51 00:02:48,520 --> 00:02:52,519 Speaker 1: ERM Australia's dollars slumped against the green back, testing seventy 52 00:02:52,639 --> 00:02:55,280 Speaker 1: U s sens. Indonesian stocks fell the most since in 53 00:02:55,320 --> 00:02:58,679 Speaker 1: November twenty twenty as markets reopened after the week long 54 00:02:58,720 --> 00:03:03,640 Speaker 1: eight holiday. In Singapore, Juliette Sally Bloomberg, debreak All right, Juliet. Thanks. 55 00:03:03,680 --> 00:03:05,240 Speaker 1: We now turned to the war in Europe, and as 56 00:03:05,320 --> 00:03:08,680 Speaker 1: Russia's invasion of Ukraine enters its tenth week, President Vladimir 57 00:03:08,680 --> 00:03:11,400 Speaker 1: Putin is presiding over his annual display of military might 58 00:03:11,760 --> 00:03:14,760 Speaker 1: on Moscow's Red Square. Let's get the very latest live 59 00:03:14,800 --> 00:03:18,000 Speaker 1: with Bloomberg's un Potts. Good Morning Euen, Good morning counter Nathan. 60 00:03:18,040 --> 00:03:20,720 Speaker 1: Russia's president has justified his war in Ukraine as a 61 00:03:20,760 --> 00:03:24,600 Speaker 1: battle comparable to the fight against Nazi Germany. Has Putin's 62 00:03:24,639 --> 00:03:27,760 Speaker 1: faltering ten weeks old military action rumbles on. He's been 63 00:03:27,800 --> 00:03:32,400 Speaker 1: speaking at Russia's annual Victory Day celebration on Moscow's Red Square. 64 00:03:32,760 --> 00:03:36,720 Speaker 1: This year's dislay included eleven thousand troops and weaponry, including tanks, 65 00:03:36,800 --> 00:03:40,000 Speaker 1: air defense systems, and nuclear missile launches, but this year 66 00:03:40,160 --> 00:03:43,680 Speaker 1: former leaders were not invited. In London, i'mun Parts Bloomberg, 67 00:03:43,680 --> 00:03:46,000 Speaker 1: debreak you and thank you. Back here in the US, 68 00:03:46,120 --> 00:03:49,160 Speaker 1: the government is adding more sanctions on Russia, including a 69 00:03:49,200 --> 00:03:52,400 Speaker 1: ban on American accounting and consulting firms, and Bloomberg's and 70 00:03:52,440 --> 00:03:56,280 Speaker 1: Baxter has that story. The measures also include new export 71 00:03:56,360 --> 00:03:59,280 Speaker 1: controls on industrial goods lements on three of Russia's pop 72 00:03:59,320 --> 00:04:03,760 Speaker 1: state controlled TV stations and additional visa restrictions. Now the 73 00:04:03,800 --> 00:04:07,920 Speaker 1: Accounting part imposes the first sanctions on gas prom Bank, 74 00:04:08,280 --> 00:04:12,440 Speaker 1: encompassing twenty seven sanctions. It is a first there because 75 00:04:12,440 --> 00:04:15,320 Speaker 1: the US was afraid of disrupting oil shipments, but now 76 00:04:15,360 --> 00:04:18,000 Speaker 1: that the G seven has approved cutting those shipments, it 77 00:04:18,120 --> 00:04:21,440 Speaker 1: decided to go ahead. In San Francisco, I'm at Baxter 78 00:04:21,480 --> 00:04:24,080 Speaker 1: Bloomberg Gay break all right ed, thank you. President Biden 79 00:04:24,160 --> 00:04:26,760 Speaker 1: is also working on his political agenda back home. He's 80 00:04:26,800 --> 00:04:29,960 Speaker 1: about to make high speed internet more widely available across 81 00:04:30,040 --> 00:04:33,280 Speaker 1: the United States, even for households that normally can't afford it. 82 00:04:33,480 --> 00:04:37,000 Speaker 1: Amy Morris has more from our Bloomberg News room in Washington. 83 00:04:37,400 --> 00:04:40,320 Speaker 1: It is part of the infrastructure law that passed last year. 84 00:04:40,400 --> 00:04:44,120 Speaker 1: Twenty internet providers, including A T and T, Comcast, and Verizon, 85 00:04:44,360 --> 00:04:47,400 Speaker 1: agreed to offer high speed connections at essentially no cost 86 00:04:47,640 --> 00:04:51,320 Speaker 1: to millions of low income households. Sources tell Bloomberg News. 87 00:04:51,320 --> 00:04:54,440 Speaker 1: Some companies will drop the prices of existing plans, others 88 00:04:54,480 --> 00:04:57,400 Speaker 1: will raise their speed. The companies were't offered anything, and 89 00:04:57,400 --> 00:05:00,440 Speaker 1: they won't get additional government funding. The government is also 90 00:05:00,520 --> 00:05:03,480 Speaker 1: launching a website called get Internet dot gov to get 91 00:05:03,520 --> 00:05:06,680 Speaker 1: more people involved in the program. President Biden will formally 92 00:05:06,680 --> 00:05:09,440 Speaker 1: announce the plan today in Washington. I maybe more as 93 00:05:09,440 --> 00:05:11,880 Speaker 1: Bloomberg daybreak. All right, Amy, thank you a while staying 94 00:05:11,920 --> 00:05:14,600 Speaker 1: in Washington. Now, it looks like the US government had 95 00:05:14,600 --> 00:05:17,440 Speaker 1: a record tax all this spring. Some of the credit 96 00:05:17,480 --> 00:05:21,200 Speaker 1: goes to the surgeon individual stock trading by Americans. According 97 00:05:21,200 --> 00:05:24,200 Speaker 1: to Treasury Department data, tax collection since the start of 98 00:05:24,240 --> 00:05:27,440 Speaker 1: the fiscal year at October are running at a record high, 99 00:05:27,520 --> 00:05:31,280 Speaker 1: up some forty three percent over the same period. That 100 00:05:31,440 --> 00:05:35,039 Speaker 1: surprised Wall Street and is helping to shrink the budget deficit. Well, 101 00:05:35,120 --> 00:05:38,279 Speaker 1: tax collections rise, Karen, so is the price of gas. 102 00:05:38,400 --> 00:05:41,640 Speaker 1: In fact, the average price of regular grade gasoline jumped 103 00:05:41,680 --> 00:05:44,679 Speaker 1: fifteen cents over the past two weeks to four dollars 104 00:05:44,720 --> 00:05:48,120 Speaker 1: thirty eight cents a gallon. Industry analyst Troby Lundberg says 105 00:05:48,200 --> 00:05:50,359 Speaker 1: that's a dollar thirty eight higher than it was a 106 00:05:50,440 --> 00:05:54,359 Speaker 1: year ago. Nationwide. The highest average price for regular grade 107 00:05:54,360 --> 00:05:57,520 Speaker 1: gases in the San Francisco Bay Area at five eighty 108 00:05:57,600 --> 00:06:01,120 Speaker 1: five per gallon. Well, Nathan, another four or Trump administration 109 00:06:01,160 --> 00:06:04,000 Speaker 1: official is telling all about the inner workings of the 110 00:06:04,040 --> 00:06:08,120 Speaker 1: White House. Former Defense Secretary Mark Sper says he prevented 111 00:06:08,200 --> 00:06:11,200 Speaker 1: dangerous things from happening during his time at the Pentagon, 112 00:06:11,279 --> 00:06:15,839 Speaker 1: like attacking Venezuela and blockading Cuba. Sper says President Trump 113 00:06:15,880 --> 00:06:20,440 Speaker 1: even suggested military action closer to home. The President pulls 114 00:06:20,440 --> 00:06:22,920 Speaker 1: me aside on at least a couple occasions and suggests 115 00:06:22,920 --> 00:06:26,400 Speaker 1: that maybe we have the U. S Military shoot missiles 116 00:06:26,400 --> 00:06:29,920 Speaker 1: into Mexico, shoot missiles into Mexico. For what he would 117 00:06:29,960 --> 00:06:33,400 Speaker 1: say to go after the cartel's Former Defense Secretary Mark 118 00:06:33,560 --> 00:06:37,240 Speaker 1: Esper tells CBS is sixty minutes the former president told him, 119 00:06:37,240 --> 00:06:39,760 Speaker 1: and no one would know the attack came from the US. 120 00:06:40,160 --> 00:06:43,840 Speaker 1: Trump responded to Esper's claim in a statement, writing, quote 121 00:06:44,000 --> 00:06:47,400 Speaker 1: no comment. Listeners in the Washington area can hear sixty 122 00:06:47,480 --> 00:06:51,120 Speaker 1: minutes every Sunday night at ten on Bloomberg and a 123 00:06:51,160 --> 00:06:54,240 Speaker 1: programming note across Bloomberg Radio. Join us later this morning 124 00:06:54,240 --> 00:06:57,440 Speaker 1: on Bloomberg Surveillance when we speak live with Atlanta Fed 125 00:06:57,520 --> 00:07:00,960 Speaker 1: President Raphael Bostick. That's coming up at eight am Wall 126 00:07:01,000 --> 00:07:05,360 Speaker 1: Street time on both Bloomberg Radio and Bloomberg Television. Right now, 127 00:07:05,480 --> 00:07:08,160 Speaker 1: SMP futures are down fifty seven points, drop of one 128 00:07:08,200 --> 00:07:10,920 Speaker 1: point four percent. Down. Futures down three to two points. 129 00:07:11,000 --> 00:07:14,680 Speaker 1: Nasdaq futures leading the declines, down two hundred six points. 130 00:07:14,720 --> 00:07:17,760 Speaker 1: Straight ahead, your latest local headlines and the check of sports. 131 00:07:17,800 --> 00:07:24,600 Speaker 1: This is Bloomberg and it's now five oh seven on 132 00:07:24,600 --> 00:07:27,440 Speaker 1: Wall Street. Were forty seven degrees in Central park dealing 133 00:07:27,440 --> 00:07:30,360 Speaker 1: with an accident investigation on the westbound Belt Parkway. Will 134 00:07:30,360 --> 00:07:32,800 Speaker 1: get you to details coming up in traffic. First Michael 135 00:07:32,840 --> 00:07:34,720 Speaker 1: Barr with more on what's going on in New York 136 00:07:34,760 --> 00:07:37,120 Speaker 1: and around the world. Good morning, Michael, Good morning Nathan. 137 00:07:37,160 --> 00:07:40,880 Speaker 1: New York Governor Kathy Hokel has tested positive for COVID nineteen. 138 00:07:41,360 --> 00:07:44,600 Speaker 1: The governor made the announcement in a tweet yesterday afternoon. 139 00:07:45,080 --> 00:07:48,160 Speaker 1: Governor Hokel says she is vaccinated and boosted against the 140 00:07:48,240 --> 00:07:52,160 Speaker 1: virus and is feeling a symptomatic due to the positive 141 00:07:52,200 --> 00:07:55,440 Speaker 1: test results. You will isolate and work remotely this week. 142 00:07:55,840 --> 00:07:58,960 Speaker 1: Democrats are working to force a vote to codify abortion 143 00:07:59,080 --> 00:08:02,400 Speaker 1: rights for women, but experts believe that vote will likely 144 00:08:02,440 --> 00:08:06,600 Speaker 1: be blocked and the Court's ruling will stand. Senator Amy 145 00:08:06,680 --> 00:08:10,200 Speaker 1: Klobuchar of Minnesota says that if the Democrats are unable 146 00:08:10,240 --> 00:08:14,000 Speaker 1: to successfully pass this legislation. The voters will respond, if 147 00:08:14,040 --> 00:08:17,240 Speaker 1: we are not successful, then we go to the ballot box. 148 00:08:17,480 --> 00:08:19,960 Speaker 1: We march straight to the ballot box, and the women 149 00:08:20,120 --> 00:08:22,920 Speaker 1: of this country and the men who stand with them 150 00:08:23,080 --> 00:08:26,720 Speaker 1: will vote like they've never voted before. Lawmakers in several 151 00:08:26,720 --> 00:08:30,000 Speaker 1: states are already beginning to put in place their legislations 152 00:08:30,040 --> 00:08:34,120 Speaker 1: restricting abortions. In Arkansas, Governor Asa Hutchinson signed a bill 153 00:08:34,240 --> 00:08:37,560 Speaker 1: last year that prohibits abortion in all cases except to 154 00:08:37,559 --> 00:08:40,960 Speaker 1: save the line of the mother. We wanted the reverses 155 00:08:41,040 --> 00:08:43,840 Speaker 1: wade reversed, and the authority to return to the states, 156 00:08:44,480 --> 00:08:48,080 Speaker 1: and and so as a matter of principle, that's where 157 00:08:48,080 --> 00:08:51,880 Speaker 1: it should be. Governor Hutchinson and Senator Clobuchar and spoke 158 00:08:51,960 --> 00:08:53,920 Speaker 1: on a v c S this week, which can be 159 00:08:53,960 --> 00:08:57,880 Speaker 1: heard Sundays on Bloomberg. Dangerous gusty winds are expected to 160 00:08:57,920 --> 00:09:01,840 Speaker 1: continue across northeast New Mexican code today. That's likely to 161 00:09:01,880 --> 00:09:06,200 Speaker 1: complicate the fight against wildfires that's threatened thousands of homes 162 00:09:06,240 --> 00:09:10,600 Speaker 1: in mountainous rural communities. A growing number of parents nationwide 163 00:09:10,600 --> 00:09:14,760 Speaker 1: faces shortage of baby formula due to supply chain issues 164 00:09:14,840 --> 00:09:19,400 Speaker 1: and a February recall of three popular brands made by Abbot. 165 00:09:19,559 --> 00:09:23,040 Speaker 1: Dr A Lock Patel is with Stanford Children's Hospital. For 166 00:09:23,120 --> 00:09:25,120 Speaker 1: parents out there right now who are struggling to find 167 00:09:25,120 --> 00:09:27,160 Speaker 1: a formula, one easy thing you can do is try 168 00:09:27,240 --> 00:09:29,840 Speaker 1: to switch formulas. See if your child can tolerate that. 169 00:09:30,800 --> 00:09:34,440 Speaker 1: Dr Purtell spoke to ABC. An earthquake centered northeast of 170 00:09:34,480 --> 00:09:38,240 Speaker 1: South Carolina's capital city jolted large numbers of state residents 171 00:09:38,240 --> 00:09:41,800 Speaker 1: awake already say the quake overnight had a luminary three 172 00:09:41,840 --> 00:09:45,000 Speaker 1: point three magnitude. Global News twenty four hours a day 173 00:09:45,040 --> 00:09:48,080 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 174 00:09:48,160 --> 00:09:50,840 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 175 00:09:50,840 --> 00:09:54,320 Speaker 1: twenty countries. Michael barn this is Bloomberg, Nathan, thank you, 176 00:09:54,360 --> 00:10:01,480 Speaker 1: Michael five on on Wall Street time for the Bloomberg 177 00:10:01,520 --> 00:10:03,480 Speaker 1: Sports up taking, Morney, John Stan Shark, and one in 178 00:10:03,559 --> 00:10:05,880 Speaker 1: Major Let's play two Yankees and Mets. Due to all 179 00:10:05,920 --> 00:10:08,199 Speaker 1: the rain at the stadium, Yankees won the opener of 180 00:10:08,320 --> 00:10:10,160 Speaker 1: Texas to the one on the labor tore his home 181 00:10:10,240 --> 00:10:11,839 Speaker 1: run leaving off the bottom of the the ninth that went 182 00:10:11,880 --> 00:10:15,560 Speaker 1: to right center field Chris Woodward. The Rangers manager said 183 00:10:15,559 --> 00:10:17,280 Speaker 1: it would not have been a home run in any 184 00:10:17,280 --> 00:10:21,120 Speaker 1: other ballpark, and he called Yankee Stadium a little league ballpark. 185 00:10:21,240 --> 00:10:24,800 Speaker 1: Tore As was asked Tob that I like both team 186 00:10:24,840 --> 00:10:28,400 Speaker 1: play in the symbol park and this INDI nation. Uh. 187 00:10:29,320 --> 00:10:32,319 Speaker 1: I think I feel good to to hit walk off 188 00:10:32,360 --> 00:10:37,200 Speaker 1: homer in the little liberal par and I mean happy 189 00:10:37,240 --> 00:10:40,120 Speaker 1: to the first game tour as the second welko off 190 00:10:40,160 --> 00:10:42,240 Speaker 1: head of the season. Yanks denied the swift. They led 191 00:10:42,280 --> 00:10:44,280 Speaker 1: to nothing with the John Carlos Stanton home run, but 192 00:10:44,320 --> 00:10:47,320 Speaker 1: Brad Miller two run shot off Michael King in the 193 00:10:47,320 --> 00:10:49,600 Speaker 1: seventh inning the Rangers one four to two. King took 194 00:10:49,600 --> 00:10:51,959 Speaker 1: the loss. He came in having not allowed to run 195 00:10:52,000 --> 00:10:54,840 Speaker 1: in his last thirteen innings. In Philadelphia, the Mets lost 196 00:10:54,880 --> 00:10:57,240 Speaker 1: three to two. Max Scherzer struck act and but suffered 197 00:10:57,280 --> 00:10:59,800 Speaker 1: his first Met loss. Is now born and one Chris 198 00:11:00,000 --> 00:11:02,040 Speaker 1: asked it then got his fourth win. Mets took to 199 00:11:02,120 --> 00:11:04,719 Speaker 1: night Caps six to one thanks to Pete Alonzo to 200 00:11:04,920 --> 00:11:06,840 Speaker 1: run over in the first name three run shot. In 201 00:11:06,840 --> 00:11:09,360 Speaker 1: the fifth n b A and NHL playoffs, there were 202 00:11:09,360 --> 00:11:12,840 Speaker 1: a total of six games played. All six were Game four's, 203 00:11:13,000 --> 00:11:15,160 Speaker 1: and all six won by the home team in all 204 00:11:15,160 --> 00:11:17,400 Speaker 1: six series are out tied to two. That's after Dallas 205 00:11:17,800 --> 00:11:20,600 Speaker 1: beat Phoenix in the NBA, Philadelphia Top in Miami, and 206 00:11:20,640 --> 00:11:24,360 Speaker 1: Stanley Cup WOP wins for Boston, Tampa, Bay St. Louis, 207 00:11:24,480 --> 00:11:26,960 Speaker 1: and l A. Rangers hoping to be too two with 208 00:11:27,000 --> 00:11:29,720 Speaker 1: the Penguins after tonight's Game four in Pittsburgh. The Rangers 209 00:11:29,720 --> 00:11:32,800 Speaker 1: two losses have been tough ones, one of triple overtime 210 00:11:32,840 --> 00:11:35,480 Speaker 1: and then Saturday they lost after coming from three goals 211 00:11:35,480 --> 00:11:38,600 Speaker 1: down to tie the game. John stash Award Bloomberg Sports, 212 00:11:39,040 --> 00:11:41,120 Speaker 1: All right, John, thank you. S and P futures down 213 00:11:41,200 --> 00:11:43,160 Speaker 1: down fifty five points to drop of one of the 214 00:11:43,200 --> 00:11:45,679 Speaker 1: third percent. Own futures down one point one percent or 215 00:11:45,679 --> 00:11:48,800 Speaker 1: three sixty three points. NASTAC futures are lower by one 216 00:11:48,840 --> 00:11:51,800 Speaker 1: point six percent to drop of two hundred three points. 217 00:11:51,800 --> 00:11:55,040 Speaker 1: The tenure treasury is down thirteen thirty seconds, yield three 218 00:11:55,080 --> 00:11:58,640 Speaker 1: point one eight percent. Dennis Gartman, former publisher of The 219 00:11:58,640 --> 00:12:02,520 Speaker 1: Gartman Letter, joins us next on this market. You're listening 220 00:12:02,559 --> 00:12:10,640 Speaker 1: to Bloomberg Daybreak Bloomberger eleven three oh weather partly mostly sunny, breezy, 221 00:12:10,679 --> 00:12:13,120 Speaker 1: mid sixties. Today will be sunny and breezy with a 222 00:12:13,200 --> 00:12:16,120 Speaker 1: high near seventy tomorrow high near seventy in the sunshine 223 00:12:16,120 --> 00:12:18,520 Speaker 1: on Wednesday as well. Right now forty seven degrees in 224 00:12:18,559 --> 00:12:24,960 Speaker 1: Central Park. Markets headlines and breaking news twenty four hours 225 00:12:24,960 --> 00:12:28,160 Speaker 1: a day at Bloomberg dot Com, the Bloomberg Business Outland 226 00:12:28,280 --> 00:12:38,120 Speaker 1: at Bloomberg Victape. She's a Bloomberg Business flash and I'm 227 00:12:38,200 --> 00:12:42,000 Speaker 1: Cameron Moscow. And investors are rushing to the safety of 228 00:12:42,000 --> 00:12:45,160 Speaker 1: the US dollar about global stock slide ever closer to 229 00:12:45,200 --> 00:12:47,960 Speaker 1: a bear market as the Federal reserves aggressive tightening path 230 00:12:48,040 --> 00:12:51,360 Speaker 1: in China's COVID lockdown's worse in the outlook for economic growth. 231 00:12:51,640 --> 00:12:54,240 Speaker 1: The dollar are extending at two year high, rising against 232 00:12:54,240 --> 00:12:56,320 Speaker 1: all of its major peers. And we checked the markets 233 00:12:56,320 --> 00:12:59,400 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right 234 00:12:59,400 --> 00:13:02,720 Speaker 1: now isn't P futures are down fifty five points down, 235 00:13:02,720 --> 00:13:06,520 Speaker 1: futures down three hundred fifty nine. NASDACK futures down one 236 00:13:06,800 --> 00:13:09,240 Speaker 1: D ninety five. That's down one and a half percent. 237 00:13:09,600 --> 00:13:12,559 Speaker 1: The decks in Germany's down eight tenths percent. Ten year 238 00:13:12,600 --> 00:13:16,240 Speaker 1: treasury down fourteen thirty seconds. He'll three point one eight percent. 239 00:13:16,320 --> 00:13:18,800 Speaker 1: The yield on the two year two point seven two percent. 240 00:13:19,200 --> 00:13:21,240 Speaker 1: Not a mex scret oil is down one point two 241 00:13:21,280 --> 00:13:23,400 Speaker 1: percent on a dollar twenty seven at a hundred eight 242 00:13:23,400 --> 00:13:26,319 Speaker 1: dollars forty six cents of barrel comex school down nine 243 00:13:26,320 --> 00:13:28,960 Speaker 1: tenths per cent, or sixteen dollars seventy cents at eighteen 244 00:13:29,040 --> 00:13:31,800 Speaker 1: sixty six an ounce. The Euro one point oh five 245 00:13:31,800 --> 00:13:34,040 Speaker 1: one five against the dollar, British bound one point to 246 00:13:34,200 --> 00:13:36,880 Speaker 1: two nine zero the end at one thirty one point 247 00:13:36,960 --> 00:13:40,800 Speaker 1: one two and Bitcoin this morning down one percent at 248 00:13:40,880 --> 00:13:44,319 Speaker 1: thirty three thousand, six hundred dollars. Today we are watching 249 00:13:44,320 --> 00:13:46,960 Speaker 1: for a report on wholesale inventories at at ten o'clock 250 00:13:46,960 --> 00:13:50,040 Speaker 1: Wall Street Time, and Tyson Foods among companies scheduled to 251 00:13:50,120 --> 00:13:53,360 Speaker 1: report earnings today. That's a Bloomberg business flash. Now here's 252 00:13:53,400 --> 00:13:56,199 Speaker 1: Michael Barr with more on what's going on around the world. Michael, 253 00:13:56,200 --> 00:13:59,800 Speaker 1: Good morning, Good morning, Karen. Russia commemorated Victory Day with 254 00:13:59,840 --> 00:14:03,400 Speaker 1: a military parade this morning. Russia's Victory Day marks the 255 00:14:03,480 --> 00:14:06,760 Speaker 1: end of World War Two. President Vladimir Putin addressed the 256 00:14:06,760 --> 00:14:10,600 Speaker 1: parade and Red Square as Ukraine's military warns of a 257 00:14:10,679 --> 00:14:14,280 Speaker 1: high probability of missile strukes ahead of the expected Senate 258 00:14:14,360 --> 00:14:17,920 Speaker 1: vote this week on an abortion rights bill. Catholic churches 259 00:14:17,960 --> 00:14:21,800 Speaker 1: and cities across the country are increasing security. In baseball, 260 00:14:21,840 --> 00:14:24,240 Speaker 1: the Yankees split a double header with the Rangers. The 261 00:14:24,320 --> 00:14:26,720 Speaker 1: Mets split a double header with the Phillies. The Orioles 262 00:14:26,800 --> 00:14:30,040 Speaker 1: won a double header against the Royals. The Red Sox Nationals, 263 00:14:30,040 --> 00:14:32,840 Speaker 1: and he has lost the Giants one NHL Playoffs. The 264 00:14:32,840 --> 00:14:36,000 Speaker 1: Bruins beat the Hurricanes to even the series at two games. 265 00:14:36,000 --> 00:14:39,160 Speaker 1: Apiece Global News twenty four hours a day on air 266 00:14:39,280 --> 00:14:42,280 Speaker 1: and on Bloomberg Quick Take, powered by more than twenty 267 00:14:42,360 --> 00:14:44,920 Speaker 1: seven under journalists an analyist in more than a hundred 268 00:14:45,000 --> 00:14:48,240 Speaker 1: twenty countries. I'm Michael Barren. This is Bloomberg, Nathan Now. 269 00:14:48,240 --> 00:14:51,080 Speaker 1: A lot of baseball players got their working yesterday. Thank you, Michael. 270 00:14:51,080 --> 00:14:53,000 Speaker 1: And we're coming up to five twenty on Wall Street 271 00:14:53,000 --> 00:14:56,320 Speaker 1: Life from the Bloomberg Interactive Broker Studios. This is Bloomberg 272 00:14:56,400 --> 00:14:58,720 Speaker 1: daybreaking with us for the hour this morning, as we 273 00:14:58,800 --> 00:15:01,680 Speaker 1: kick off a new trading week. Dennis Gartman, chairman of 274 00:15:01,720 --> 00:15:04,600 Speaker 1: the University of Akron and Dowmint Investment Committee and former 275 00:15:04,640 --> 00:15:07,080 Speaker 1: publisher of the Gartment Letter. As we watch the bleeding 276 00:15:07,160 --> 00:15:10,000 Speaker 1: continue on Wall Street this morning. Dennis. I know you've 277 00:15:10,000 --> 00:15:12,520 Speaker 1: been calling for a bear market for some time now. 278 00:15:12,560 --> 00:15:15,240 Speaker 1: I wonder if you have any idea or any insights 279 00:15:15,240 --> 00:15:21,680 Speaker 1: into when this this slide might stop. Nate and I've 280 00:15:21,680 --> 00:15:23,520 Speaker 1: been at this for forty five years, and the best 281 00:15:23,520 --> 00:15:26,160 Speaker 1: that I've learned is this the trend that's in place 282 00:15:26,200 --> 00:15:29,360 Speaker 1: will continue until it stops. That's the best that I've learned. 283 00:15:29,840 --> 00:15:31,600 Speaker 1: So to put some number on it, it would be 284 00:15:32,040 --> 00:15:36,080 Speaker 1: ill advised. I've been bearissed since January. I continue to 285 00:15:36,080 --> 00:15:38,520 Speaker 1: be bearish of share prices. I think that the this 286 00:15:38,600 --> 00:15:41,240 Speaker 1: is something that's going on globally, not just domestically here 287 00:15:41,240 --> 00:15:43,800 Speaker 1: in the United States. Look at the look at your 288 00:15:43,800 --> 00:15:46,480 Speaker 1: screens this morning. It's read everywhere. It's read in in Japan, 289 00:15:46,520 --> 00:15:48,920 Speaker 1: it's read in Europe, it's read here in the early 290 00:15:49,960 --> 00:15:52,320 Speaker 1: futures markets here and in the United States. It's read 291 00:15:52,360 --> 00:15:55,840 Speaker 1: in Canada, it's read in Australia. This is something that's 292 00:15:55,880 --> 00:15:58,600 Speaker 1: happening around the world, and it's predicated upon the fact 293 00:15:58,600 --> 00:16:01,520 Speaker 1: that the monetary authorities, especially here in the United States, 294 00:16:01,560 --> 00:16:03,680 Speaker 1: that have been so expansionary for such a long period 295 00:16:03,680 --> 00:16:06,160 Speaker 1: of time right now being contractionary and they're going to 296 00:16:06,240 --> 00:16:09,800 Speaker 1: remain contractionary, trying to fight against the inflationary pressures that 297 00:16:09,840 --> 00:16:13,400 Speaker 1: they themselves have engendered do their own expansionary policies over 298 00:16:13,440 --> 00:16:16,280 Speaker 1: the course of the past near decades. So this is 299 00:16:16,280 --> 00:16:20,600 Speaker 1: a bear market, and the best that is be less involved, 300 00:16:20,640 --> 00:16:23,960 Speaker 1: to be less long, trying to be as uh as 301 00:16:24,160 --> 00:16:27,040 Speaker 1: conservative as one can be. I was lucky enough as 302 00:16:27,040 --> 00:16:28,720 Speaker 1: the chairman of the University of Akron to get us 303 00:16:28,720 --> 00:16:31,680 Speaker 1: out of twelve to fifteen percent of our our equities 304 00:16:31,720 --> 00:16:33,080 Speaker 1: at the end of the last year. Right on the 305 00:16:33,160 --> 00:16:36,600 Speaker 1: last day of the year last February, I actually moved 306 00:16:36,640 --> 00:16:39,040 Speaker 1: us out of three percent of our our equities and 307 00:16:39,040 --> 00:16:41,720 Speaker 1: moved us into three percent gold. And I'm comfortable with 308 00:16:41,760 --> 00:16:43,560 Speaker 1: doing that. And in a bear market, as I like 309 00:16:43,640 --> 00:16:46,600 Speaker 1: to say here, she who loses the league shall be 310 00:16:46,640 --> 00:16:49,280 Speaker 1: the winner. And that's the that's sadly, that's the attitude 311 00:16:49,280 --> 00:16:51,240 Speaker 1: that one should have at this point. So, as you say, 312 00:16:51,280 --> 00:16:53,320 Speaker 1: you've been a participant in this market for some time, 313 00:16:53,360 --> 00:16:57,760 Speaker 1: obviously you've seen contractionary central banks in the past. What 314 00:16:57,840 --> 00:17:02,280 Speaker 1: do you make of the violence of this of I'm 315 00:17:02,320 --> 00:17:04,920 Speaker 1: not sure it's that violent. Yet we're only going down 316 00:17:04,960 --> 00:17:08,000 Speaker 1: one percent a day, which after the course of a 317 00:17:08,000 --> 00:17:10,160 Speaker 1: week he adds up. But it's not as if we're 318 00:17:10,160 --> 00:17:13,719 Speaker 1: taking out five in the course of one session, so 319 00:17:13,760 --> 00:17:17,320 Speaker 1: it's not terribly violent. The market will end in in 320 00:17:17,480 --> 00:17:20,120 Speaker 1: a violent downward movement, will have one day when we'll 321 00:17:20,160 --> 00:17:22,399 Speaker 1: be down five or six percent, and that will be 322 00:17:22,440 --> 00:17:26,119 Speaker 1: a that'll be the final selling pressure that will that 323 00:17:26,160 --> 00:17:28,840 Speaker 1: will end the bear market. But until then, I'm not 324 00:17:28,840 --> 00:17:31,120 Speaker 1: sure that it's been that terribly violent. The VIX has 325 00:17:31,119 --> 00:17:33,120 Speaker 1: not been that high yet, it's not been that strong. 326 00:17:33,160 --> 00:17:35,560 Speaker 1: It's up in the thirties. I guess we'll get it 327 00:17:35,640 --> 00:17:37,639 Speaker 1: up into the forties and that that that'll mark the 328 00:17:37,720 --> 00:17:39,360 Speaker 1: end of the mor of the move. But until then, 329 00:17:39,840 --> 00:17:42,560 Speaker 1: it's a bear market, and prices are moving from the 330 00:17:42,640 --> 00:17:44,399 Speaker 1: upper left to the lower right and will continue to 331 00:17:44,840 --> 00:17:47,359 Speaker 1: do so until they stop. That's that's all I've learned. 332 00:17:47,760 --> 00:17:50,960 Speaker 1: What's the biggest culprit behind this steady slide that we 333 00:17:51,040 --> 00:17:55,200 Speaker 1: have seen in markets The fact that the monetary authorities 334 00:17:55,440 --> 00:17:59,359 Speaker 1: who have been so expansionary uh as as made evident 335 00:17:59,440 --> 00:18:02,040 Speaker 1: by the the fact that the Fed's balance sheet had 336 00:18:02,080 --> 00:18:04,800 Speaker 1: gone from less than a trillion dollars to nine trillion 337 00:18:04,800 --> 00:18:06,879 Speaker 1: dollars in the course of what seven or eight years 338 00:18:07,520 --> 00:18:10,000 Speaker 1: that was. That was fuel adding to a bull market 339 00:18:10,000 --> 00:18:12,639 Speaker 1: all all along the while, and now they're they're taking 340 00:18:12,640 --> 00:18:15,320 Speaker 1: that fuel away. It's as if the automobile has been 341 00:18:15,400 --> 00:18:18,159 Speaker 1: starved for fuel and now it's sputtering to a close. 342 00:18:18,200 --> 00:18:21,240 Speaker 1: And that's to to make the metaphor complete, that's the 343 00:18:21,240 --> 00:18:22,919 Speaker 1: easiest way to look at it. The the fuel that 344 00:18:22,960 --> 00:18:24,960 Speaker 1: had been the sponsor of the bull market is now 345 00:18:25,000 --> 00:18:28,080 Speaker 1: being taken away and the automobile is running out of gas. 346 00:18:28,560 --> 00:18:30,600 Speaker 1: Our last minute of this segment, Dennis, do you think 347 00:18:30,680 --> 00:18:34,440 Speaker 1: the FED continues on the tightening path that it's laid 348 00:18:34,480 --> 00:18:38,520 Speaker 1: out here multiple uh fifty basis point hikes or could 349 00:18:38,600 --> 00:18:41,000 Speaker 1: the financial conditions that we're seeing sort of do some 350 00:18:41,040 --> 00:18:43,639 Speaker 1: of the work of the Fed for it. Well, the 351 00:18:43,680 --> 00:18:46,280 Speaker 1: Fed has to stay with this new policy that has 352 00:18:46,320 --> 00:18:49,320 Speaker 1: put into effect only at this past meeting. It has 353 00:18:49,359 --> 00:18:51,399 Speaker 1: to stay in that way for about a year or 354 00:18:51,400 --> 00:18:54,720 Speaker 1: so just to be consistent. So I think that fifty fifty, fifty, 355 00:18:54,760 --> 00:18:57,480 Speaker 1: fifty and fifty is almost a given. They have no choice. 356 00:18:57,520 --> 00:19:00,000 Speaker 1: They have to otherwise they look far too and consists. 357 00:19:00,080 --> 00:19:02,320 Speaker 1: And so yes, this is the FED is going to 358 00:19:02,440 --> 00:19:05,040 Speaker 1: remain in a in a tightening monetary policy for quite 359 00:19:05,080 --> 00:19:07,960 Speaker 1: some period of time going forward. Dennis Gartman, as I say, 360 00:19:08,000 --> 00:19:10,200 Speaker 1: with us for the hour here, the first hour here 361 00:19:10,240 --> 00:19:12,439 Speaker 1: on Boomberg daybreaks, we'll be checking back in with the 362 00:19:12,440 --> 00:19:14,560 Speaker 1: next in the with Dennis in the next half hour. 363 00:19:14,600 --> 00:19:17,200 Speaker 1: I want to get your thoughts as well on the 364 00:19:17,240 --> 00:19:20,080 Speaker 1: outlook for inflation now that the FED is getting more 365 00:19:20,119 --> 00:19:22,960 Speaker 1: aggressive on this market. So Dennis Scartman will be back 366 00:19:22,960 --> 00:19:26,000 Speaker 1: with us later this hour as we kick off this 367 00:19:26,160 --> 00:19:28,679 Speaker 1: new trading week, and looking at head to the market 368 00:19:28,720 --> 00:19:32,879 Speaker 1: open more losses look like they are in the offing 369 00:19:32,880 --> 00:19:35,720 Speaker 1: here with SMP futures now down fifty five points or 370 00:19:35,800 --> 00:19:38,600 Speaker 1: one point three percent down, futures down three sixty nine, 371 00:19:38,640 --> 00:19:41,280 Speaker 1: that's a drop of one point one percent, the Nasdaq 372 00:19:41,400 --> 00:19:44,520 Speaker 1: futures down one point six percent, a drop of one 373 00:19:44,680 --> 00:19:47,360 Speaker 1: hundred ninety eight points, and the tenure treasury is down 374 00:19:47,359 --> 00:19:50,679 Speaker 1: twelve thirty seconds, the yield three point one seven percent, 375 00:19:50,760 --> 00:19:54,160 Speaker 1: yield on the two year two point seven one percent. 376 00:19:54,640 --> 00:19:59,400 Speaker 1: More analysis of this market slide and Vladimir Putin's address 377 00:19:59,640 --> 00:20:03,879 Speaker 1: on Moscow's victory day. All that's straight ahead on Bloomberg 378 00:20:03,960 --> 00:20:09,919 Speaker 1: Day right Bloomberg eleven three oh weather partly the mostly sunny, 379 00:20:09,960 --> 00:20:12,840 Speaker 1: breezy mid sixties today. We'll get up to near seventy 380 00:20:12,920 --> 00:20:15,320 Speaker 1: tomorrow with sunshine and a breeze. It will be sunny 381 00:20:15,359 --> 00:20:17,919 Speaker 1: with a high near seventy Wednesday as well, currently forty 382 00:20:17,960 --> 00:20:24,360 Speaker 1: seven degrees in Central Park. Broadcasting live from the Bloomberg 383 00:20:24,400 --> 00:20:28,040 Speaker 1: Interactive Broker Studio in New York, Bloomberg Elving Free on 384 00:20:28,240 --> 00:20:32,399 Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O 385 00:20:32,600 --> 00:20:35,679 Speaker 1: six one to San Francisco, Bloomberg nine sixty to the 386 00:20:35,680 --> 00:20:39,200 Speaker 1: Country Sirius XM to one nineteen and around the globe 387 00:20:39,280 --> 00:20:42,880 Speaker 1: the Bloomberg Business app in Bloomberg Radio dot Com. This 388 00:20:43,200 --> 00:20:51,480 Speaker 1: is Bloomberg day Break. It's five thirty on Wall Street. 389 00:20:51,520 --> 00:20:54,320 Speaker 1: Good morning. I'm Nathan Hagar and I'm Karen Moscow. We 390 00:20:54,400 --> 00:20:56,879 Speaker 1: are just about four hours away from the open of 391 00:20:57,000 --> 00:20:58,679 Speaker 1: US trading. Let's catch you up to date in the 392 00:20:58,680 --> 00:21:01,040 Speaker 1: news you need to know at this hour. While stocks 393 00:21:01,119 --> 00:21:03,400 Speaker 1: are lower, as the dollar trades at a two year 394 00:21:03,520 --> 00:21:05,679 Speaker 1: high to begin the week, the S and P has 395 00:21:05,760 --> 00:21:09,120 Speaker 1: dropped for five straight weeks, and global stocks continue their 396 00:21:09,119 --> 00:21:12,320 Speaker 1: downward shread. This all comes as rising interest rates in 397 00:21:12,400 --> 00:21:16,600 Speaker 1: China's COVID lockdowns pressure markets. Katrina L's, senior economist with 398 00:21:16,680 --> 00:21:21,560 Speaker 1: Moody's Analytics, says lockdowns are significantly impacting exports from China 399 00:21:21,640 --> 00:21:25,040 Speaker 1: and economies across the globe. It is disrupting the pots, 400 00:21:25,040 --> 00:21:28,960 Speaker 1: it is disrupting manufacturing, it and more broadly, it's really 401 00:21:29,040 --> 00:21:33,679 Speaker 1: hurting China's economic recovery because consumers and businesses a you know, 402 00:21:33,720 --> 00:21:36,840 Speaker 1: a force basically back into hibernation, and that's in stock 403 00:21:36,920 --> 00:21:40,040 Speaker 1: contrast to the rest of the world. Moody's Analytics senior 404 00:21:40,080 --> 00:21:43,960 Speaker 1: economist Katrina l says economic prospects for China are dim 405 00:21:44,040 --> 00:21:46,440 Speaker 1: due to lockdowns. Kind of quick programming. Now we're gonna 406 00:21:46,440 --> 00:21:49,399 Speaker 1: speak live with Atlanta Fed President Raphael Bostick about the 407 00:21:49,440 --> 00:21:51,719 Speaker 1: economy this morning. Karen, So, I want to invite our 408 00:21:51,720 --> 00:21:53,920 Speaker 1: listeners to join us at eight am Wall Street time 409 00:21:54,000 --> 00:21:57,000 Speaker 1: for that on both Bloomberg Radio and television. Well, turning 410 00:21:57,000 --> 00:21:59,880 Speaker 1: to Russia now, Nathan, we're President Vladimir Putin is attempting 411 00:21:59,920 --> 00:22:02,840 Speaker 1: to justify his invasion of Ukraine. He spoke at the 412 00:22:02,880 --> 00:22:08,960 Speaker 1: country's annual Victory Day parade in Moscow, started capturing the 413 00:22:09,119 --> 00:22:13,520 Speaker 1: territories of which so so on a planned basis there 414 00:22:13,680 --> 00:22:17,479 Speaker 1: was a threat which was totally unacceptable to US. Russia 415 00:22:17,560 --> 00:22:21,080 Speaker 1: President Vladimir Putin said the invasion as comparable to Russia's 416 00:22:21,119 --> 00:22:24,560 Speaker 1: fight against Nazi Germany. Back in the US, Karen, President 417 00:22:24,600 --> 00:22:26,920 Speaker 1: Biden is about to make high speed internet more widely 418 00:22:26,920 --> 00:22:29,000 Speaker 1: available as a part of his infrastructure law of the 419 00:22:29,000 --> 00:22:31,879 Speaker 1: past last year. The President will discuss the plan later today. 420 00:22:32,240 --> 00:22:35,360 Speaker 1: Mustang in d C. Nathan. The US government is reporting 421 00:22:35,400 --> 00:22:38,359 Speaker 1: a record tax hall tax collections since it started the 422 00:22:38,359 --> 00:22:43,919 Speaker 1: fiscal year in October. Or upte p from and former 423 00:22:43,960 --> 00:22:48,080 Speaker 1: President Trump's former Defense secretary Mark Asper is revealing conversations 424 00:22:48,119 --> 00:22:52,880 Speaker 1: he had about possible military action against Mexico. As Per says, 425 00:22:52,920 --> 00:22:56,560 Speaker 1: then President Trump wanted to launch missiles to attack drug cartels. 426 00:22:56,760 --> 00:22:59,600 Speaker 1: We would have this private discussion where I'd say, Mr President, 427 00:22:59,760 --> 00:23:02,600 Speaker 1: you know, I understand the motive, because he was very 428 00:23:02,640 --> 00:23:05,040 Speaker 1: serious about dealing with drugs in America. I get that, 429 00:23:05,080 --> 00:23:07,640 Speaker 1: we we all understand. But I had explained to him, 430 00:23:07,640 --> 00:23:10,120 Speaker 1: we can't do that. It would violate in their national law. 431 00:23:10,200 --> 00:23:13,000 Speaker 1: The former Defense Secretary Mark Espert tell CBS IS sixty 432 00:23:13,000 --> 00:23:15,840 Speaker 1: minutes he persuaded President Trump not to take those actions. 433 00:23:16,080 --> 00:23:19,439 Speaker 1: Trump issued a statement saying no comment. Listeners in the 434 00:23:19,480 --> 00:23:22,199 Speaker 1: Washington area can hear sixty minutes every Sunday night at 435 00:23:22,240 --> 00:23:26,440 Speaker 1: ten on Bloomberg and SMP futures are lower this morning, 436 00:23:26,440 --> 00:23:29,119 Speaker 1: down sixty three points and down features down four nine, 437 00:23:29,400 --> 00:23:32,960 Speaker 1: nasdack futures down two two straight to head your local headlines, 438 00:23:33,040 --> 00:23:39,440 Speaker 1: And this is Bloomberg and it's now five thirty three 439 00:23:39,440 --> 00:23:41,199 Speaker 1: on Wall Street. Let's check in with Michael Barr with 440 00:23:41,200 --> 00:23:43,200 Speaker 1: what's going on in New York and around the world. Michael, 441 00:23:43,240 --> 00:23:45,679 Speaker 1: thank you very much. Nathan. New York Governor Kathy Oakl 442 00:23:46,000 --> 00:23:48,800 Speaker 1: has tested positive for COVID nineteen. The governor made the 443 00:23:48,840 --> 00:23:52,720 Speaker 1: announcement in that sweet yesterday afternoon. Governor Hokel says she 444 00:23:52,880 --> 00:23:56,439 Speaker 1: is vaccinated and boosted against the virus and is feeling 445 00:23:56,440 --> 00:23:59,880 Speaker 1: a symptomatic due to the positive test results. You will 446 00:24:00,000 --> 00:24:03,560 Speaker 1: isolate and work remotely this week. A new CBS News 447 00:24:03,560 --> 00:24:08,080 Speaker 1: poll shows majority of those surveyed do not want the 448 00:24:08,119 --> 00:24:11,080 Speaker 1: Supreme Court to overturn the Roe v. Wade. It comes 449 00:24:11,080 --> 00:24:13,720 Speaker 1: in the week of elite draft opinion from the High 450 00:24:13,720 --> 00:24:17,240 Speaker 1: courts majority calling for reverse and Row Democrats are now 451 00:24:17,280 --> 00:24:20,200 Speaker 1: working to force a vote to qualify abortion rights for 452 00:24:20,280 --> 00:24:24,560 Speaker 1: women nationwide next week, but experts believe that it will 453 00:24:24,640 --> 00:24:28,760 Speaker 1: likely be blocked and the Court's ruling will stand. Senate 454 00:24:28,760 --> 00:24:31,480 Speaker 1: Majority Leader Chuck Schumer of New York says every Senator 455 00:24:31,680 --> 00:24:34,320 Speaker 1: will have to go on record and vowed keep fighting 456 00:24:35,000 --> 00:24:39,080 Speaker 1: not on our watch. Will you take away women's rights? 457 00:24:39,160 --> 00:24:41,520 Speaker 1: Will you take away the right to choose? Will you 458 00:24:41,600 --> 00:24:45,840 Speaker 1: dismantle women's rights after fifty years fifty years of president? 459 00:24:46,359 --> 00:24:49,280 Speaker 1: Senator Schumer says if Republicans vote the bill down, it 460 00:24:49,359 --> 00:24:53,240 Speaker 1: will backfire. In Arkansas, Governor He's A. Hutchinson signed bill 461 00:24:53,359 --> 00:24:56,800 Speaker 1: last year that prohibits abortion in all cases except to 462 00:24:56,840 --> 00:24:59,960 Speaker 1: save the life of the mother. Hutchinson says he doesn't 463 00:25:00,000 --> 00:25:03,080 Speaker 1: agree with some of his GOP colleagues calling for a 464 00:25:03,160 --> 00:25:07,359 Speaker 1: nationwide abortion band, and state's gonna make different determinations of it, 465 00:25:07,440 --> 00:25:11,120 Speaker 1: but the people are going to express through their representative 466 00:25:11,200 --> 00:25:14,399 Speaker 1: exactly the direction they want to go, and to me, 467 00:25:14,760 --> 00:25:17,000 Speaker 1: that makes sense, and I think it makes sense under 468 00:25:17,000 --> 00:25:21,600 Speaker 1: our constitution. Governor Hutchinson made his comments on ABC's This Week, 469 00:25:21,640 --> 00:25:25,120 Speaker 1: which can be heard Sundays on Bloomberg. Italy's capital has 470 00:25:25,160 --> 00:25:29,040 Speaker 1: banned outdoor picnics. A woman in a Rome park recently 471 00:25:29,200 --> 00:25:32,400 Speaker 1: tried scaring awful wild boar that was charging her dog. 472 00:25:32,560 --> 00:25:36,400 Speaker 1: Another woman was recently knocked over by one while taking 473 00:25:36,480 --> 00:25:39,800 Speaker 1: to throwing her garbage in a street bin. There are 474 00:25:39,840 --> 00:25:42,520 Speaker 1: about twenty three thousand wild boards that live in and 475 00:25:42,560 --> 00:25:46,680 Speaker 1: around Rome, often seen eating on garbage. Global News twenty 476 00:25:46,720 --> 00:25:49,480 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 477 00:25:49,520 --> 00:25:52,399 Speaker 1: powered by more than hundred journalists and analysts more than 478 00:25:52,400 --> 00:25:55,160 Speaker 1: a hundred twenty countries. Michael barn this is Bloomberg, Nathan, 479 00:25:55,160 --> 00:26:03,080 Speaker 1: Thank you. Michael wall Street. John Stashire has a Bloomberg 480 00:26:03,119 --> 00:26:05,560 Speaker 1: Sports update. All right, Nathan, Yankees and Mets were both 481 00:26:05,600 --> 00:26:08,800 Speaker 1: running out twice. Yanks finally took the field doubleheader with Texas, 482 00:26:08,800 --> 00:26:11,520 Speaker 1: their first game since last Wednesday. They beat the Rangers 483 00:26:11,520 --> 00:26:13,280 Speaker 1: to the one on a Glabor tore As home run 484 00:26:13,359 --> 00:26:14,960 Speaker 1: leading off the bottom of the ninth inning. That made 485 00:26:14,960 --> 00:26:17,159 Speaker 1: a twelve wins in thirteen games and they had a 486 00:26:17,200 --> 00:26:19,480 Speaker 1: two not in Leader of the Nightcappa. Texas came back 487 00:26:19,520 --> 00:26:21,840 Speaker 1: to win four to two. They'll finish the series with 488 00:26:21,880 --> 00:26:24,280 Speaker 1: a makeup game this afternoon at the stadium. The Mets, 489 00:26:24,359 --> 00:26:26,919 Speaker 1: with a pair in Philadelphia, lost three to two and 490 00:26:26,920 --> 00:26:29,320 Speaker 1: then one six to one, with Peter Alonso doing the 491 00:26:29,400 --> 00:26:31,760 Speaker 1: damage to run Homer, then a three run shots of 492 00:26:31,800 --> 00:26:34,399 Speaker 1: the Mets win the series. They've yet to lose the 493 00:26:34,520 --> 00:26:37,800 Speaker 1: series this season. In Seattle's win over Tampa Bay, George 494 00:26:37,880 --> 00:26:41,040 Speaker 1: Kirby started for the Mariners. He's a top prospect and 495 00:26:41,080 --> 00:26:44,360 Speaker 1: in his big league debut six scoreless innings. Kirby grew 496 00:26:44,440 --> 00:26:48,919 Speaker 1: up in Westchester. NBA playoffs, Dallas beat Phoenix, Philadelphia beat Miami. 497 00:26:49,080 --> 00:26:51,399 Speaker 1: Both series now tied to two, with the home team 498 00:26:51,400 --> 00:26:54,000 Speaker 1: winning every game at home teams also one in the 499 00:26:54,119 --> 00:26:58,200 Speaker 1: NHL Boston, Tampa Bay, St. Louis, and Los Angeles. All 500 00:26:58,280 --> 00:27:01,120 Speaker 1: four of those first round series are tied at two. 501 00:27:01,200 --> 00:27:03,720 Speaker 1: Rangers hoping to be too too with the Penguins. After 502 00:27:03,760 --> 00:27:07,000 Speaker 1: tonight's Game four in Pittsburgh, Igor says dark it will 503 00:27:07,000 --> 00:27:09,159 Speaker 1: be back in the Ranger goal. After coach Rod go 504 00:27:09,280 --> 00:27:13,040 Speaker 1: In pulled him after a shaky first period Saturday exaction 505 00:27:13,080 --> 00:27:15,960 Speaker 1: of d H game. You know, he's you know, it's 506 00:27:15,960 --> 00:27:17,960 Speaker 1: a it's a one off for me like that. Stuff 507 00:27:18,000 --> 00:27:21,440 Speaker 1: happens like that, and again nobody's blaming him. And when 508 00:27:21,520 --> 00:27:24,240 Speaker 1: the now team was dominant, tored like we said last night, 509 00:27:24,240 --> 00:27:26,760 Speaker 1: so it's nothing on Egal. There was two lucky goals 510 00:27:26,760 --> 00:27:29,399 Speaker 1: at first two. The way we're going to the Rangers 511 00:27:29,400 --> 00:27:31,760 Speaker 1: two losses in the series. They have yet to score 512 00:27:31,800 --> 00:27:34,760 Speaker 1: a goal after the second period. Includes the three overtime 513 00:27:34,800 --> 00:27:38,480 Speaker 1: periods of Game one. Jox Dash were Bloomberg Sports. Thank you, John. 514 00:27:38,520 --> 00:27:40,399 Speaker 1: It's five thirty seven on Wall Street time for the 515 00:27:40,440 --> 00:27:44,120 Speaker 1: Tri State Business Report with Bloomberg Scott Carr. Amazon has 516 00:27:44,160 --> 00:27:47,639 Speaker 1: fired several managers at its New York JFK eight warehouse. 517 00:27:47,880 --> 00:27:50,560 Speaker 1: That's where workers voted in April to join the upstart 518 00:27:50,600 --> 00:27:53,640 Speaker 1: Amazon labor union. The company is not saying how many 519 00:27:53,640 --> 00:27:56,280 Speaker 1: managers were let go from the Staten Island warehouse, but 520 00:27:56,359 --> 00:27:58,480 Speaker 1: the New York Times reports it was six, and that 521 00:27:58,520 --> 00:28:00,960 Speaker 1: they were let go because the union and won the election. 522 00:28:01,240 --> 00:28:04,560 Speaker 1: Real estate investor Jamestown LP says it'll invest a half 523 00:28:04,640 --> 00:28:08,000 Speaker 1: billion dollars to redevelop One Time Square, the one d 524 00:28:08,119 --> 00:28:10,240 Speaker 1: eighteen year old building the site of the New Year's 525 00:28:10,240 --> 00:28:13,520 Speaker 1: eve Ball drop. Jamestown says they'll transform the twenty six 526 00:28:13,520 --> 00:28:17,520 Speaker 1: story building into a modern day visitors center with interactive experiences. 527 00:28:17,880 --> 00:28:20,040 Speaker 1: A grand opening has been held for the new sixteen 528 00:28:20,080 --> 00:28:23,080 Speaker 1: million dollar Camden athletic complex on the side of the 529 00:28:23,160 --> 00:28:27,160 Speaker 1: former Campbell's Field minor league baseball stadium on Camden Waterfront. 530 00:28:27,320 --> 00:28:29,639 Speaker 1: They demolished the old Campbell's Field and put in a 531 00:28:29,680 --> 00:28:32,720 Speaker 1: new turf baseball field, a multi purpose field and eight 532 00:28:32,800 --> 00:28:36,280 Speaker 1: lane track and clubhouse complete with locker and training rooms. 533 00:28:36,560 --> 00:28:40,080 Speaker 1: That's the Bloomberg tri State Business Report. I'm Scott Carr. 534 00:28:40,160 --> 00:28:42,200 Speaker 1: Thank you, Scott. It's five thirty eight on Wall Street. 535 00:28:42,200 --> 00:28:44,640 Speaker 1: Bloomberg Radio is on the air from San Francisco to 536 00:28:44,640 --> 00:28:46,800 Speaker 1: New York, London to Hong Kong. Let's check in with 537 00:28:46,840 --> 00:28:48,720 Speaker 1: our global news team for some of the top stories 538 00:28:48,760 --> 00:28:51,840 Speaker 1: heard on our three hundred affiliate radio stations around the world. 539 00:28:54,800 --> 00:28:57,680 Speaker 1: I'm John Tucker pretended Wins of New York. I'm reporting 540 00:28:57,880 --> 00:29:00,200 Speaker 1: New York hospitals are battling in a short je of 541 00:29:00,320 --> 00:29:04,040 Speaker 1: chemicals used in the imaging tests. I'm Courtney Donahoe on 542 00:29:04,200 --> 00:29:08,160 Speaker 1: Keral Dan Dallas. Business trips return as executives choose in 543 00:29:08,240 --> 00:29:12,640 Speaker 1: person over Zoom. I'm Gina Servettian for w BBM in Chicago. 544 00:29:12,920 --> 00:29:15,760 Speaker 1: I'm reporting that seven eleven is being sued again in 545 00:29:15,840 --> 00:29:20,480 Speaker 1: Illinois for collecting customers biometric data. I'm klin Head, Combombay, 546 00:29:20,560 --> 00:29:24,560 Speaker 1: Dave Disovedo in Lundon, Willie Push Computin's Victory Day parade 547 00:29:24,640 --> 00:29:28,640 Speaker 1: and speech justifying the ten week conflicts in Ukraine, Finles 548 00:29:28,680 --> 00:29:31,200 Speaker 1: Matteo and on cam O X and St. Louis. I'll 549 00:29:31,200 --> 00:29:34,480 Speaker 1: be reporting on a possible saving grace for the airline industry. 550 00:29:34,720 --> 00:29:37,080 Speaker 1: I'm Scott Carr on w b B R and New York. 551 00:29:37,160 --> 00:29:40,960 Speaker 1: I'm reporting on Amazon workers unionizing behind a cleaning house 552 00:29:41,000 --> 00:29:43,440 Speaker 1: in one of their New York warehouses. And those are 553 00:29:43,440 --> 00:29:46,000 Speaker 1: some of the stories our twenty hundred Bloomberg journalists and 554 00:29:46,000 --> 00:29:48,200 Speaker 1: analysts are working on this morning around the world. It's 555 00:29:48,480 --> 00:29:51,480 Speaker 1: thirty nine on Wall Street. The following is an editorial 556 00:29:51,600 --> 00:29:56,000 Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg 557 00:29:56,200 --> 00:30:00,440 Speaker 1: Editorial Board. With inflation skyrocketing, the Federal was herve is 558 00:30:00,480 --> 00:30:06,320 Speaker 1: taking an aggressive approach to tightening monetary poddlicy given current conditions. 559 00:30:06,400 --> 00:30:09,760 Speaker 1: This makes perfect sense. Still, it's worth keeping in mind 560 00:30:09,960 --> 00:30:13,600 Speaker 1: just how difficult the Fed's task is right now. After 561 00:30:13,640 --> 00:30:18,520 Speaker 1: the pandemics slammed output in the U S, economy recovered strongly, 562 00:30:18,880 --> 00:30:22,160 Speaker 1: too strongly, as it turned out, thanks to an unduly 563 00:30:22,200 --> 00:30:27,320 Speaker 1: powerful fiscal stimulus enacted by Congress. COVID's effects were still 564 00:30:27,480 --> 00:30:32,320 Speaker 1: complicating economic policy when Russia invaded Ukraine, causing the US 565 00:30:32,480 --> 00:30:36,800 Speaker 1: and its allies to impose sanctions that disrupted energy and 566 00:30:36,960 --> 00:30:41,680 Speaker 1: commodity markets all over again. Than China's initial success in 567 00:30:41,760 --> 00:30:45,840 Speaker 1: containing the virus gave way to massive new shutdowns, putting 568 00:30:45,920 --> 00:30:50,440 Speaker 1: yet more stress on global supply chains. Faced with such turbulence, 569 00:30:50,520 --> 00:30:54,640 Speaker 1: monetary poddlicy can only do so much. Investors would be 570 00:30:54,760 --> 00:30:59,560 Speaker 1: wise to temper their expectations. This editorial was written by 571 00:30:59,600 --> 00:31:03,320 Speaker 1: the blue Burgh Editorial Board. For more Bloomberg opinion, please 572 00:31:03,320 --> 00:31:07,480 Speaker 1: go to Bloomberg dot com, slash opinion or ope I 573 00:31:07,760 --> 00:31:12,040 Speaker 1: n go on the Bloomberg terminal. This has been Bloomberg opinion. 574 00:31:12,200 --> 00:31:15,160 Speaker 1: You can hear Bloomberg opinion editorials every week at this time. 575 00:31:15,240 --> 00:31:18,160 Speaker 1: Terminal customers can read more at O P I n go. 576 00:31:18,480 --> 00:31:24,440 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather. Sunshine in 577 00:31:24,480 --> 00:31:26,880 Speaker 1: the breeze today, highs in your sixty five degrees. We'll 578 00:31:26,880 --> 00:31:29,560 Speaker 1: get in your seventy tomorrow with a sunny and breezy conditions. 579 00:31:29,840 --> 00:31:32,920 Speaker 1: Sunshine high your seventy Wednesday right now forty seven degrees 580 00:31:32,960 --> 00:31:39,800 Speaker 1: in Central Park markets, headlines and breaking news twenty four 581 00:31:39,800 --> 00:31:42,880 Speaker 1: hours a day at Bloomberg dot Com, The Bloomberg Business 582 00:31:42,880 --> 00:31:46,080 Speaker 1: at Land at Bloomberg Quick Tape, this is a Bloomberg 583 00:31:46,160 --> 00:31:55,200 Speaker 1: business blash and I'm fair. In Moscow, investors rushing to 584 00:31:55,280 --> 00:31:58,200 Speaker 1: the safety of the US dollar while global stock slide 585 00:31:58,280 --> 00:32:00,960 Speaker 1: ever closer to a bear market as the federal reserves 586 00:32:00,960 --> 00:32:04,120 Speaker 1: aggressive tightening path in China's COVID lockdown so worse in 587 00:32:04,200 --> 00:32:06,880 Speaker 1: the outlook for economic growth. We checked the markets every 588 00:32:06,880 --> 00:32:10,600 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg SMP futures 589 00:32:10,640 --> 00:32:13,440 Speaker 1: down about sixty seven points this morning, Down futures down 590 00:32:13,440 --> 00:32:17,080 Speaker 1: four hundred forty two and NASDAG futures there down two 591 00:32:17,160 --> 00:32:20,120 Speaker 1: hundred fifty two. That's down two percent. The decks in 592 00:32:20,200 --> 00:32:22,840 Speaker 1: Germany's down one point one percent, the ten year treasury 593 00:32:22,840 --> 00:32:26,080 Speaker 1: down seventeen thirty seconds, heel three point one nine percent, 594 00:32:26,520 --> 00:32:29,040 Speaker 1: yield on the two year two point seven one percent. 595 00:32:29,440 --> 00:32:32,680 Speaker 1: Nimex Screwede oil is down one point nine percent, down 596 00:32:32,680 --> 00:32:35,240 Speaker 1: two dollars fifteen cents and a hundred seven dollars sixty 597 00:32:35,280 --> 00:32:38,160 Speaker 1: cents of barrel comes goal down one percent or nineteen 598 00:32:38,200 --> 00:32:41,440 Speaker 1: dollars thirty cents at eighteen sixty three fifty announced the 599 00:32:41,560 --> 00:32:44,840 Speaker 1: euro one point oh five to zero against the dollar, 600 00:32:44,880 --> 00:32:48,000 Speaker 1: British found one point to nine four the end at 601 00:32:48,000 --> 00:32:51,040 Speaker 1: one thirty one point to three, and Bitcoin this morning 602 00:32:51,160 --> 00:32:53,840 Speaker 1: is down two point three percent at thirty three thousand, 603 00:32:53,920 --> 00:32:57,040 Speaker 1: four hundred forty dollars. That's a Bloomberg business flash. Now 604 00:32:57,040 --> 00:32:59,360 Speaker 1: here's Michael Barr with more on what's going on around 605 00:32:59,360 --> 00:33:02,280 Speaker 1: the world. Monk Karen, thank you very much. Russian forest 606 00:33:02,320 --> 00:33:05,120 Speaker 1: has pushed forward and they were sold on Ukraine, seeking 607 00:33:05,120 --> 00:33:07,960 Speaker 1: to capture the crucial southern port city of mary Upol. 608 00:33:08,440 --> 00:33:13,240 Speaker 1: As Moscow celebrated its Victory Day holiday, Russian troops pumbled 609 00:33:13,240 --> 00:33:16,520 Speaker 1: a steel mill where an estimated two thousand Ukrainian fighters 610 00:33:16,520 --> 00:33:19,720 Speaker 1: are making their last stand. Speaking today at a military 611 00:33:19,720 --> 00:33:23,400 Speaker 1: parade marking the holiday, Russian President Vladimir Putin sought to 612 00:33:23,520 --> 00:33:27,000 Speaker 1: justify his invasion. In baseball, the Yankees split a double 613 00:33:27,000 --> 00:33:29,120 Speaker 1: header with the Rangers, The Mets split a double header 614 00:33:29,120 --> 00:33:32,479 Speaker 1: with the Phillies. The Orioles swept a double header against 615 00:33:32,480 --> 00:33:35,040 Speaker 1: the Royals, The Red Sox Nationals and he has lost. 616 00:33:35,080 --> 00:33:38,520 Speaker 1: The Giants won NHL playoffs the Bruins beat the Hurricanes, 617 00:33:38,600 --> 00:33:41,600 Speaker 1: the even the series at two games. Apiece Global News 618 00:33:41,640 --> 00:33:44,880 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 619 00:33:44,960 --> 00:33:48,160 Speaker 1: powered by more than twenty seven hundred journalists and analysts 620 00:33:48,240 --> 00:33:51,560 Speaker 1: more than a hundred twenty countries. Michael barn this is Bloomberg, Nathan. 621 00:33:51,600 --> 00:33:53,600 Speaker 1: All right, Michael. Thanks, It's five forty nine on Wall 622 00:33:53,640 --> 00:33:56,600 Speaker 1: Street line from the Bloomberg Intractive Broker Studios. This is 623 00:33:56,640 --> 00:33:59,239 Speaker 1: Bloomberg Daybreak and Dennis Cartman is back with us now, 624 00:33:59,360 --> 00:34:02,520 Speaker 1: chairman of the University of acron Endowminant Investment Committee and 625 00:34:02,600 --> 00:34:05,480 Speaker 1: former publisher of the Garment Letter. Dennis, I know you've 626 00:34:05,520 --> 00:34:08,839 Speaker 1: been barished onto this market for months now. For those 627 00:34:08,880 --> 00:34:12,000 Speaker 1: listeners who may have just joined us, do you see 628 00:34:12,080 --> 00:34:19,640 Speaker 1: this five week slide in stocks having further room to run? Nathan, 629 00:34:19,680 --> 00:34:21,440 Speaker 1: I'm afraid that it has a great good deal for 630 00:34:21,520 --> 00:34:23,400 Speaker 1: the to run to the downside. The fact that they 631 00:34:23,520 --> 00:34:26,279 Speaker 1: take the FED is taken away the fuel that had 632 00:34:26,320 --> 00:34:29,080 Speaker 1: supplied most of the bull market for the past several years. 633 00:34:29,560 --> 00:34:33,880 Speaker 1: The aggressively and I think comregiously and I think wrongly, 634 00:34:33,880 --> 00:34:37,759 Speaker 1: expansionary monetary policy has been ended, and now we have 635 00:34:37,840 --> 00:34:39,919 Speaker 1: a FED that is going to air upon the side 636 00:34:39,960 --> 00:34:43,120 Speaker 1: of tighter monetary policies with it for the near term, 637 00:34:43,160 --> 00:34:46,480 Speaker 1: probably from quite some period of future. So the fuel 638 00:34:46,520 --> 00:34:49,280 Speaker 1: has been taken away in the to make the metaphor complete, 639 00:34:49,600 --> 00:34:52,359 Speaker 1: the automobile is running out of gasoline. The automobiles running 640 00:34:52,360 --> 00:34:54,520 Speaker 1: out of fuel. The fuel that had supplied the bull 641 00:34:54,560 --> 00:34:57,480 Speaker 1: market is being taken away. And again, as I like 642 00:34:57,560 --> 00:34:59,520 Speaker 1: to say, in a bear market, he or she who 643 00:34:59,600 --> 00:35:02,760 Speaker 1: loses least shall be the winner. That's the sad reality 644 00:35:02,760 --> 00:35:05,600 Speaker 1: of against. Everybody loses money in a bear market. Very 645 00:35:05,600 --> 00:35:08,160 Speaker 1: few people will to actually be net short. And the 646 00:35:08,200 --> 00:35:09,600 Speaker 1: best that I can do is the chairman of the 647 00:35:09,680 --> 00:35:12,759 Speaker 1: University of Akrans Endowment was to reduce our position by 648 00:35:12,760 --> 00:35:14,879 Speaker 1: twelve to fifteen percent at the end of last year. 649 00:35:15,400 --> 00:35:17,399 Speaker 1: So we're still gonna be losing money, but we're gonna 650 00:35:17,400 --> 00:35:19,440 Speaker 1: be losing a lot less than most endowments are going 651 00:35:19,480 --> 00:35:21,279 Speaker 1: to be losing. So he or she who loses the 652 00:35:21,360 --> 00:35:25,000 Speaker 1: least in a bear market winner. That's the harsh reality. 653 00:35:25,719 --> 00:35:29,080 Speaker 1: What will the more aggressive FED mean for inflation? You 654 00:35:29,120 --> 00:35:31,640 Speaker 1: say that the FED has been behind the curve when 655 00:35:31,719 --> 00:35:35,840 Speaker 1: it comes to inflation. Well, the moves that it's projected 656 00:35:35,880 --> 00:35:40,239 Speaker 1: out there get the Fed back ahead of inflation at 657 00:35:40,320 --> 00:35:42,560 Speaker 1: some point in the future, and I'm afraid it's probably 658 00:35:42,600 --> 00:35:45,400 Speaker 1: several years in true. That's that'll that will be the truth. 659 00:35:45,440 --> 00:35:48,160 Speaker 1: But the fact is they have been expansionary for far 660 00:35:48,200 --> 00:35:49,919 Speaker 1: too long. The FED did the right thing in two 661 00:35:49,920 --> 00:35:52,160 Speaker 1: thousand seven, two thousand and eight, two thousand nine, two 662 00:35:52,200 --> 00:35:55,879 Speaker 1: thousand ten by being expansionary, but they stayed far too 663 00:35:55,880 --> 00:35:58,560 Speaker 1: expansionary for far too long a period of time. They 664 00:35:58,560 --> 00:36:01,040 Speaker 1: are the ones that have engendered inflation that we are 665 00:36:01,040 --> 00:36:04,920 Speaker 1: now feeling rather outly. And the fact that they are 666 00:36:05,000 --> 00:36:10,279 Speaker 1: beginning the process of becoming less expansionary, becoming contractionary. UH. 667 00:36:10,480 --> 00:36:13,759 Speaker 1: Monetary policy always lags behind or the economy and in 668 00:36:13,800 --> 00:36:17,200 Speaker 1: the stock market lag behind where the monetary officials actually 669 00:36:17,320 --> 00:36:20,240 Speaker 1: end up acting, so it shall be a delayed reaction. 670 00:36:20,320 --> 00:36:25,680 Speaker 1: Eventually they're they're they're less aggressive um policy, their actual 671 00:36:25,760 --> 00:36:29,200 Speaker 1: mood to being tighter monetary policies will have a deleterious 672 00:36:29,280 --> 00:36:32,120 Speaker 1: and and and deflationary impact. But that's several years in 673 00:36:32,200 --> 00:36:34,560 Speaker 1: the future. The inflation that we're now feeling is the 674 00:36:34,560 --> 00:36:36,520 Speaker 1: effect of the expansion that has gone on for the 675 00:36:36,560 --> 00:36:39,680 Speaker 1: previous several years, and it'll be a delayed reaction. So 676 00:36:40,080 --> 00:36:42,000 Speaker 1: it's going to be some period of time before we 677 00:36:42,120 --> 00:36:46,880 Speaker 1: see actually a deflationary impact of of a more constrictive 678 00:36:46,920 --> 00:36:50,000 Speaker 1: and and tighter monetary policy. So don't think inflation is 679 00:36:50,040 --> 00:36:52,359 Speaker 1: going away anytime soon. It shall be years. It will 680 00:36:52,440 --> 00:36:54,560 Speaker 1: It'll be with us for years into the future. So 681 00:36:54,600 --> 00:36:58,000 Speaker 1: you don't think that the lockdowns in China, the commodity 682 00:36:58,080 --> 00:37:01,960 Speaker 1: prices moving higher have had as much of an impact 683 00:37:02,080 --> 00:37:05,440 Speaker 1: or have had any impact compared to the FED. They 684 00:37:05,480 --> 00:37:08,280 Speaker 1: will have some impact, no question about it. The lockdown 685 00:37:08,280 --> 00:37:11,200 Speaker 1: in China will have a delatarious impact upon the global 686 00:37:11,239 --> 00:37:14,680 Speaker 1: economy generally, no question about that. But there'll be a 687 00:37:14,680 --> 00:37:17,799 Speaker 1: delayed impact. And the fact that in our markets we 688 00:37:17,880 --> 00:37:19,799 Speaker 1: live from Tuesday to Tuesday, as I like to say, 689 00:37:19,840 --> 00:37:21,640 Speaker 1: so it will be a number of tuesdays before we 690 00:37:21,640 --> 00:37:26,719 Speaker 1: actually see any deflationary implications to be drawn. Inflationary implications 691 00:37:26,719 --> 00:37:30,760 Speaker 1: are still extant, and the FED is becoming contractionary, doing 692 00:37:30,760 --> 00:37:32,799 Speaker 1: what it needed to do and to what it should 693 00:37:32,840 --> 00:37:35,560 Speaker 1: have done several years ago by being less expansionary. So 694 00:37:35,600 --> 00:37:37,479 Speaker 1: it'll be a while yet before we see any any 695 00:37:37,560 --> 00:37:39,560 Speaker 1: real impact. The inflation is going to be with us 696 00:37:39,560 --> 00:37:41,600 Speaker 1: for a long period of time. I'm afraid to say that. 697 00:37:41,920 --> 00:37:44,719 Speaker 1: I don't like saying that. I don't feel comfortable saying that, 698 00:37:44,760 --> 00:37:48,120 Speaker 1: but that's the reality. We have about a minute left here, Dennis, 699 00:37:48,280 --> 00:37:50,480 Speaker 1: As I say, you've been embarished on this market for 700 00:37:50,600 --> 00:37:54,000 Speaker 1: some time, and given your forecast that inflation is going 701 00:37:54,040 --> 00:37:55,680 Speaker 1: to be with us for some time, what needs to 702 00:37:55,760 --> 00:37:59,840 Speaker 1: change in this market for you to get bullish? A 703 00:38:00,040 --> 00:38:02,759 Speaker 1: wash out a day when we take prices down three, 704 00:38:02,800 --> 00:38:04,799 Speaker 1: four or five six percent and one day one fell 705 00:38:04,880 --> 00:38:08,759 Speaker 1: swoop and and they throwing up at the hands. When 706 00:38:09,040 --> 00:38:10,920 Speaker 1: when it's time to buy stocks, you don't want to 707 00:38:10,920 --> 00:38:13,560 Speaker 1: buy them. And that's the reality right now. People still 708 00:38:13,600 --> 00:38:16,120 Speaker 1: feel comfortable buying the dip. And until they give up 709 00:38:16,160 --> 00:38:18,360 Speaker 1: buying the dip until three or four or five percent 710 00:38:18,440 --> 00:38:21,319 Speaker 1: decline in one day and another washout, I'll have to 711 00:38:21,320 --> 00:38:24,719 Speaker 1: stay barished. Dennis Gartman as always good to have you 712 00:38:24,760 --> 00:38:27,520 Speaker 1: with us. Dennis Gartman, the former publisher of the Gartment Letter, 713 00:38:27,560 --> 00:38:31,800 Speaker 1: now chairman of the University of Akron Endowment Investment Committee. Karen, 714 00:38:32,480 --> 00:38:35,000 Speaker 1: all right, Nathan, thank you, and it is five fifty 715 00:38:35,120 --> 00:38:38,080 Speaker 1: three on Wall Street. Now to a legal story where 716 00:38:38,160 --> 00:38:41,759 Speaker 1: Following this morning, and light of the unprecedented league of 717 00:38:41,840 --> 00:38:45,040 Speaker 1: the Supreme Court of draft opinion reversing Roe v. Wade 718 00:38:45,160 --> 00:38:48,279 Speaker 1: last week, little noticed was an opinion in which the 719 00:38:48,360 --> 00:38:52,480 Speaker 1: justices were unanimous. The Court decided that Boston violated the 720 00:38:52,520 --> 00:38:56,840 Speaker 1: Constitution by refusing to fly a Christian civic groups flag 721 00:38:56,880 --> 00:38:59,840 Speaker 1: at City Hall while raising the banners of fifty of 722 00:39:00,000 --> 00:39:03,640 Speaker 1: our organizations for more. Bloomberg student Grosso speaks to First 723 00:39:03,680 --> 00:39:07,279 Speaker 1: Amendment law expert Timothy Zick, a professor ed Williams and 724 00:39:07,360 --> 00:39:11,160 Speaker 1: Mary Law School. Justice Brian wrote the majority opinion and 725 00:39:11,200 --> 00:39:14,719 Speaker 1: said the central question was whether the city had created 726 00:39:14,800 --> 00:39:18,600 Speaker 1: a public forum for private speech. Can you explain that 727 00:39:18,680 --> 00:39:21,840 Speaker 1: for us? Sure? So, when the government opens up a 728 00:39:21,920 --> 00:39:24,960 Speaker 1: public space, the a plaza or something like that, for 729 00:39:25,160 --> 00:39:27,920 Speaker 1: private speakers to come in a sort of diversity of views, 730 00:39:28,120 --> 00:39:30,760 Speaker 1: to let them communicate in that space, then it's opened 731 00:39:30,840 --> 00:39:35,320 Speaker 1: up essentially a forum for private speakers. And that's distinguished 732 00:39:35,400 --> 00:39:39,200 Speaker 1: from the government using a space or a property to 733 00:39:39,280 --> 00:39:43,560 Speaker 1: communicate its own messages. And that's the essential dividing line 734 00:39:43,640 --> 00:39:46,680 Speaker 1: in this case. If the government was using the flagpole 735 00:39:46,960 --> 00:39:49,799 Speaker 1: to send out its own messages, then it would be 736 00:39:49,880 --> 00:39:54,200 Speaker 1: government speech. And it would be immune from First Amendment concerns. 737 00:39:54,680 --> 00:39:57,960 Speaker 1: Exactly when the government speaks, it gets to decide what 738 00:39:58,040 --> 00:40:01,000 Speaker 1: it wants to say, what viewpoint us to express, what 739 00:40:01,160 --> 00:40:04,120 Speaker 1: message it wants to communicate, which is quite different from 740 00:40:04,200 --> 00:40:07,080 Speaker 1: when the government regulates private speakers. It has to sort 741 00:40:07,080 --> 00:40:09,400 Speaker 1: of obey the opposite rule, which is to say, it 742 00:40:09,520 --> 00:40:13,359 Speaker 1: cannot discriminate based on what a private speaker wants to say, 743 00:40:13,400 --> 00:40:16,920 Speaker 1: what viewpoint they want to communicate. It nothing prevents Boston 744 00:40:17,200 --> 00:40:20,799 Speaker 1: from changing its policies going forward, and the city has 745 00:40:20,840 --> 00:40:23,720 Speaker 1: said that in the event of a loss at the court, 746 00:40:24,239 --> 00:40:28,440 Speaker 1: it will probably change its policy. What would a policy 747 00:40:28,560 --> 00:40:32,680 Speaker 1: change entail that would make this government speech. I think 748 00:40:32,719 --> 00:40:35,439 Speaker 1: they have to make it clearer or clear. I guess 749 00:40:35,480 --> 00:40:37,680 Speaker 1: one would say that this is not a forum for 750 00:40:37,880 --> 00:40:41,920 Speaker 1: just any comers. Anyone who wants to display a flag. 751 00:40:42,000 --> 00:40:44,640 Speaker 1: They've got to exercise the kind of control that the 752 00:40:44,680 --> 00:40:48,279 Speaker 1: court says is missing, the editorial control in their policy. 753 00:40:48,719 --> 00:40:52,280 Speaker 1: And the court actually points to different flag flying policies 754 00:40:52,280 --> 00:40:55,320 Speaker 1: from other jurisdictions like San Jose, where they make clear 755 00:40:55,320 --> 00:40:57,880 Speaker 1: that flagpoles are not intended to serve as a forum 756 00:40:57,880 --> 00:41:00,000 Speaker 1: for free expression by the public. And then they live 757 00:41:00,080 --> 00:41:03,000 Speaker 1: to prove flags that can be flown as an expression 758 00:41:03,000 --> 00:41:06,160 Speaker 1: of the city's official sentiment. And that's not what the 759 00:41:06,239 --> 00:41:08,840 Speaker 1: City of Boston was doing, is opening up this space 760 00:41:08,960 --> 00:41:11,360 Speaker 1: and inviting speakers of all kinds to come in and 761 00:41:11,400 --> 00:41:14,520 Speaker 1: then shutting the door to just this one particular speaker. 762 00:41:15,080 --> 00:41:17,680 Speaker 1: I mean, the easiest thing for Boston to do is 763 00:41:17,680 --> 00:41:20,560 Speaker 1: simply to fly its own city flag on that third 764 00:41:20,600 --> 00:41:22,480 Speaker 1: flag pole and be done with it. But if they 765 00:41:22,520 --> 00:41:25,840 Speaker 1: do want to open that flag up two different flags 766 00:41:25,880 --> 00:41:28,880 Speaker 1: of you know, non city entities, they're going to have 767 00:41:28,960 --> 00:41:32,359 Speaker 1: to be much more selective and much clearer about what 768 00:41:32,400 --> 00:41:35,560 Speaker 1: it is they're trying to communicate to the public. And 769 00:41:35,640 --> 00:41:39,120 Speaker 1: as Timothy Zake, a professor at William and Mary Law School, 770 00:41:39,160 --> 00:41:41,960 Speaker 1: speaking with the Bloomberg Student Grass Show. Catch more of 771 00:41:42,000 --> 00:41:45,560 Speaker 1: that interview plus analysis of the latest legal news by 772 00:41:45,600 --> 00:41:48,560 Speaker 1: listening to the Bloomberg Law Show at ten pm Eastern 773 00:41:48,600 --> 00:41:52,280 Speaker 1: Time or subscribing to the Bloomberg Law Podcast, and attorneys 774 00:41:52,280 --> 00:41:55,600 Speaker 1: can find exceptional legal research and business development tools at 775 00:41:55,640 --> 00:41:59,680 Speaker 1: Bloomberg Law dot com. Again. Futures this morning are a 776 00:41:59,719 --> 00:42:03,240 Speaker 1: fall laing led by technology shares, S and P Futures 777 00:42:03,280 --> 00:42:06,320 Speaker 1: down about sixty eight points down, futures down four hundred 778 00:42:06,480 --> 00:42:09,800 Speaker 1: forty eight and NASDAG futures are down two hundred and 779 00:42:09,920 --> 00:42:13,480 Speaker 1: sixty that's down more than two percent. The tenure Treasury 780 00:42:13,800 --> 00:42:17,480 Speaker 1: is down eighteen thirty seconds, the three point one nine percent, 781 00:42:17,880 --> 00:42:20,240 Speaker 1: and the yield on the two year two point seven 782 00:42:20,360 --> 00:42:24,359 Speaker 1: one percent. NIMEX scrude oil is down two percent, down 783 00:42:24,360 --> 00:42:27,200 Speaker 1: two dollars sixteen cents and a hundred and seven dollars 784 00:42:27,200 --> 00:42:30,399 Speaker 1: sixty four cents, and barrel comexs gold is down one 785 00:42:30,440 --> 00:42:34,480 Speaker 1: point one percent, down twenty dollars eighty cents at one thousand, 786 00:42:34,520 --> 00:42:38,520 Speaker 1: eight hundred sixty two dollars announce and still ahead. On 787 00:42:38,600 --> 00:42:41,759 Speaker 1: Bloomberg Daybreak, we have a check on the business headlines 788 00:42:41,840 --> 00:42:44,279 Speaker 1: and all the news you need to start your day. 789 00:42:44,840 --> 00:42:46,520 Speaker 1: And this is Bloomberg