WEBVTT - Stocks Rally on Resilient Economy; Harris Economic Plans

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm John Tucker. Here

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<v Speaker 2>are these stories we're following today.

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<v Speaker 1>John, We are seeing stocks rise around the world on

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<v Speaker 1>growing optimism the US will avoid a recession. The latest

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<v Speaker 1>data from inflation to jobless claims and retail sales have

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<v Speaker 1>reassured investors that the world's biggest economy is headed for

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<v Speaker 1>a Goldilock scenario of contained inflation accompanied by resilient growth.

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<v Speaker 1>It's got traders lowering their expectations for aggressive FED rate

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<v Speaker 1>cuts this year. Ian Lincoln is head of US rates

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<v Speaker 1>strategy at Demo Capital Markets.

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<v Speaker 3>I think that what they want to do is they

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<v Speaker 3>want to prepare the market for a series of rate

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<v Speaker 3>cuts that are twenty five basis points each spread out

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<v Speaker 3>over the course of the next eighteen to twenty four months,

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<v Speaker 3>and they are not going to accomplish that by going fifty.

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<v Speaker 3>So we think that twenty five should be the baseline

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<v Speaker 3>assumption unless something goes very awry in the real economy

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<v Speaker 3>between now and the eighteenth of September, which it doesn't

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<v Speaker 3>appear to you, especially given the recent.

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<v Speaker 1>Dataan lingolned bing Mo notes that ninety basis points the

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<v Speaker 1>vising are expected by the end of the year.

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<v Speaker 4>Yeah.

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<v Speaker 2>The economy also in focus in Europe. Yeah, let's get

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<v Speaker 2>the very latest data point with Bloomberg's ew on Pots

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<v Speaker 2>in London here on good morning, Good.

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<v Speaker 5>Morning, John and Nathan. After retail sales came in hot

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<v Speaker 5>in the US, signs of an uptick in consumer spending.

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<v Speaker 5>Here in the UK, retail sales bounced back in July,

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<v Speaker 5>help by summer discounts, the euro Soccer Championship and at

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<v Speaker 5>last some decent weather. Sales climbed zero point five percent

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<v Speaker 5>with June's drop revised shallower. The macro backdrop is one

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<v Speaker 5>of rising real wages and lower inflation, lifting confidence. And

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<v Speaker 5>I can report the sun is still shining as we

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<v Speaker 5>head through August in London. I'm you in Pots Bloomberg Radio, and.

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<v Speaker 1>It gives us something to look forward to here in

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<v Speaker 1>the East Coast. Thank you Ewan. Well. The carry trade

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<v Speaker 1>is making a calmback the MUA holding set as a

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<v Speaker 1>variety of investors have started borrowing the Japanese yen again

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<v Speaker 1>to invest the proceeds elsewhere in higher yielding assets. The

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<v Speaker 1>enkerry trade blew up in spectacular fashion two weeks ago,

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<v Speaker 1>sending global markets tumbling. Traders wagered billions of dollars that

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<v Speaker 1>the end would weaken before the currency jumped.

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<v Speaker 6>Last month.

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<v Speaker 1>One portfolio manager summed up the Kerry trade comeback, saying,

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<v Speaker 1>people have pretty short memories.

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<v Speaker 2>Yeah, and now to the latest time of Middle East

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<v Speaker 2>Nathan International mediators holding a second day of negotiations with

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<v Speaker 2>Israel to pause the war with Hamas and Ganza. Let's

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<v Speaker 2>get more from Bloomberg's Ronsalin Matheson.

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<v Speaker 7>We know the sticking points are significant. It's a bit

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<v Speaker 7>hard to know what to make of the fact that

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<v Speaker 7>talks are going on today and they're were scheduled to

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<v Speaker 7>potentially do so. That could either mean that things are

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<v Speaker 7>really really stuck but they're trying really hard to find

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<v Speaker 7>a way through. Could also mean that they are seeing

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<v Speaker 7>little signs a progress. But we do know about those

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<v Speaker 7>fundamental sticking points. I mean, most broadly, the biggest one

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<v Speaker 7>is what does the ceasefire aim to achieve? Is it

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<v Speaker 7>a pathway to end the war?

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<v Speaker 2>Bloomberg's Ronsolin Matheson reports some months representatives are not expected

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<v Speaker 2>to be president of the talks, but mediators will briefly

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<v Speaker 2>r inback group on the latest developments.

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<v Speaker 1>And out of politics here in the US. John Vice

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<v Speaker 1>President Kamala Harris will give voters a better idea of

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<v Speaker 1>her economic policy during his speech later today in North Carolina.

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<v Speaker 1>Bloomberg Zamy Morris brings us a preview from Washington.

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<v Speaker 8>The Harris campaign is zeroing in on high food prices,

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<v Speaker 8>as inflation remains a big issue in the presidential race,

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<v Speaker 8>and she's expected to push for a federal ban on

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<v Speaker 8>price gouging on groceries. Harris is putting particular emphasis on

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<v Speaker 8>rising meat prices, which she says account for a large

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<v Speaker 8>part of rising grocery bills. Harris says she would aim

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<v Speaker 8>to enact the ban within her first one hundred days,

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<v Speaker 8>in part by directing the Federal Trade Commission to impose

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<v Speaker 8>harsh penalties on any firms that break new limits on

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<v Speaker 8>price gouging. In Washington, Amy Morris Bloomberg Radio, all.

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<v Speaker 1>Right, Amy, thank you. In the Harris campaign also says

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<v Speaker 1>the vice president will propose a benefit for first time

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<v Speaker 1>home buyers up to twenty five thousand dollars in down

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<v Speaker 1>payment support that builds on a proposal from President Biden

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<v Speaker 1>in his State of the Union address for a ten

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<v Speaker 1>thousand dollars tax credit for first time buyers.

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<v Speaker 2>And on the Republican side. Former President Donald Trump held

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<v Speaker 2>another news conference at his golf club in Bedminster, New Jersey,

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<v Speaker 2>trying to counter Harris's momentum. He says his strategy of

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<v Speaker 2>personal attacks against the vice president is working.

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<v Speaker 1>I think I'm entitled to personal attacks. I don't have

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<v Speaker 1>a lot of respect for I don't have a lot

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<v Speaker 1>of respect for her intelligence, and I think she'll be

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<v Speaker 1>a terrible president. And I think it's very important that

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<v Speaker 1>we win.

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<v Speaker 2>The former president to find critics in some allies who

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<v Speaker 2>say his rhetoric delves into racist and sexist sift stereotypes.

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<v Speaker 2>Trump supporters have urged him to focus on policy and

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<v Speaker 2>ty Harris to President Biden's unpocket record on the economy.

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<v Speaker 1>Meantime, John the former President's opening his records on his finances.

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<v Speaker 1>A two hundred and sixty five page financial disclosure includes

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<v Speaker 1>more than a half billion dollars in income from his

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<v Speaker 1>resorts and residential properties, and tens of millions in debts

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<v Speaker 1>and liabilities from his legal challenges. The document also lists

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<v Speaker 1>more than fifty million dollars from Trump's social media company,

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<v Speaker 1>more than seven million from licensing his image on non

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<v Speaker 1>fungible tokens and more than five million dollars in book sales.

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<v Speaker 2>And the White Houses walk back President Biden's comment on

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<v Speaker 2>the potential of a new Venezuelan election. That story this

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<v Speaker 2>morning from Bloomberg's Ed Baxter.

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<v Speaker 9>The president asked by reporters as he walked to board

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<v Speaker 9>his Marine Juan helicopter whether he supported new elections in Venezuela,

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<v Speaker 9>and he responded, I do well. There have been charges,

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<v Speaker 9>of course, that the Nicholas Madua election was rigged, but

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<v Speaker 9>now a spokesman for the National Security Council said Biden

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<v Speaker 9>intended to speak on the absurdity of Maduro failing to

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<v Speaker 9>come clean after claiming victory, spokesman of Sean Sabat saying

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<v Speaker 9>it is clear Maduro did not win. Maduro responded, the

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<v Speaker 9>US should not interfere that Venezuelans are in charge in

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<v Speaker 9>their home head. Baxter Bloomberg Radio, All.

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<v Speaker 1>Right, Ed, thanks, you've just gotten word. The Biden administration

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<v Speaker 1>is awarding Texas instruments, one point six billion dollars in

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<v Speaker 1>Chipack grants and three billion in loans. It's the latest

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<v Speaker 1>major award from a program designed to boost. American semiconductor

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<v Speaker 1>manufacturing and Texas Instruments stock is up one percent in

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<v Speaker 1>early trading, and on.

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<v Speaker 2>The flip side, shares of applied Materials down three percent

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<v Speaker 2>in early trading. The largest US maker of chip manufacturing

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<v Speaker 2>equipment delivered an inline sales for a cast. But that's

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<v Speaker 2>disappointing investors who've been looking for a bigger payoff from

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<v Speaker 2>AI spending. Yeah, that brings us to five h seven

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<v Speaker 2>All Wall Street toimedown for a look at some of

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<v Speaker 2>the other stories making news in New York and around

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<v Speaker 2>the world. For that, we're joined by Bloomberg's Michael Barr. Michael,

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<v Speaker 2>good morning, Good morning John.

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<v Speaker 4>We're learning New York City Mayor Eric Adams has been

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<v Speaker 4>hit with more federal subpoenas in a corruption probe. The

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<v Speaker 4>mayor telling ABC seven he is vowing to cooperate.

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<v Speaker 10>I hold myself beyond a reproach and when you receive

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<v Speaker 10>a subpoena, you respond.

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<v Speaker 4>Last November, the FBI served search warrants, including at the

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<v Speaker 4>Brooklyn home of Adam's fundraiser, Brianna Suggs, and agents also

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<v Speaker 4>approached the mayor on the streets using his electronic devices.

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<v Speaker 4>It is unclear what prompted the new subpoenas, which were

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<v Speaker 4>actually served last month, and Adam's attorney repeated the mayor

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<v Speaker 4>had done nothing wrong. Ernesto strengthened to a Category two

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<v Speaker 4>hurricane as implowed northward toward Bermuda, threatening to drench the

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<v Speaker 4>territory with heavy rain and unleashed flash floods. Its top

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<v Speaker 4>winds reached one hundred miles per hour. Ernesto is expected

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<v Speaker 4>to become a major Category three hurricane later today as

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<v Speaker 4>it approaches Bermuda. The track currently shows the storm passing

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<v Speaker 4>to the west of the island. Two California doctors are

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<v Speaker 4>among the five people charged in the overdose death of

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<v Speaker 4>actor Matthew Perry last year. Prosecutors at the center of

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<v Speaker 4>the case our doctor Salvador Placentia and Jazzvin Sega, An,

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<v Speaker 4>a leed prathicker known as the Ketamine Queen. US attorney

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<v Speaker 4>Martina Strata.

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<v Speaker 11>Defendant Placentia saw this as an opportunity to profit off

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<v Speaker 11>of mister Perry. He wrote in a text message in

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<v Speaker 11>September twenty twenty three, quote, I wonder how much this

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<v Speaker 11>moron will pay.

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<v Speaker 4>US attorney Martina Strata says if convicted Both Senga and

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<v Speaker 4>Placentia could spend the rest of their lives in prison.

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<v Speaker 4>Perry's assistant and two other suspects have pleaded guilty. The

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<v Speaker 4>New York City Council has approved a plan to allocate

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<v Speaker 4>five hundred million dollars to rezone parts of the Bronx

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<v Speaker 4>to facilitate construction of thousands of new homes as the

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<v Speaker 4>city struggles to address a shortage of affordable housing. The

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<v Speaker 4>decision will allow for approximately seven thousand new units across

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<v Speaker 4>dozens of blocks around new Metro North rail stations coming

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<v Speaker 4>to the East Bronx, including seventeen hundred that will have

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<v Speaker 4>income limits in place to keep them permanently affordable. Global

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<v Speaker 4>News twenty four hours a day and whenever you want

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<v Speaker 4>it with the Bloomberg News. Now, I'm Michael Barr, and

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<v Speaker 4>this is Bloomberg John Michael.

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<v Speaker 2>Thanks.

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<v Speaker 3>Yeah.

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<v Speaker 2>That brings us to five tenth off Bolsleet tests. Time

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<v Speaker 2>for the Bloomberg Sports Sunday man managers Don Stshower.

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<v Speaker 10>I'm mets of Ben streaky all season lately, not so

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<v Speaker 10>good A five losses the last six games. Thirty eight

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<v Speaker 10>runs allowed in those five losses at Cityfield, Mets had

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<v Speaker 10>a five to nothing lead before Oakland's JJ Bledet hit

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<v Speaker 10>a grand slam of Jose Quinton, and the A's went

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<v Speaker 10>on to win seven six to take the series. Mets

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<v Speaker 10>home tonight from Miami. Yankees will play the Tigers tonight

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<v Speaker 10>and tomorrow in Detroit and then Sunday night in Williamsport, Pennsylvania,

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<v Speaker 10>where the Little League World Series is going on. Yanks

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<v Speaker 10>tied for first with Baltimore. The Orioles beat the Red

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<v Speaker 10>Sox five to one. The Phillies crushed the Nationals thirteen

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<v Speaker 10>to three, as rookie Weston Wilson became the ninth Phil's

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<v Speaker 10>history to hit for the cycle and what would be

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<v Speaker 10>quite a rule change. MLB is reportedly at least discussing

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<v Speaker 10>the idea of making a starting pitcher go at least

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<v Speaker 10>six innings unless they get hurt, throw one hundred pitchers,

0:10:11.520 --> 0:10:13.520
<v Speaker 10>or allow four and more earned runs. The goal is

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<v Speaker 10>to make the starting picture more important like it used

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<v Speaker 10>to be. This is said to not be something that

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<v Speaker 10>would happen anytime soon. Giants play a preseason game tomorrow

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<v Speaker 10>afternoon in Houston and Daniel Jones will be the starting quarterback.

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<v Speaker 10>Went down last year with a torn acl update on

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<v Speaker 10>his training camp from Giants coach Bryan Dabo.

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<v Speaker 12>I think he's made he's made strides every day and

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<v Speaker 12>again it's some new guys that were thrown to It's

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<v Speaker 12>its first time he's been in team, so it's a

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<v Speaker 12>it's been a steady at stay, steady improvement from when

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<v Speaker 12>we started, when he had first go through team and

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<v Speaker 12>have people around his legs. You know, there's new things,

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<v Speaker 12>new pieces, new tight ends, new receiver, so that's always

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<v Speaker 12>that's always a work in progress.

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<v Speaker 10>Yet's played tomorrow night at Carolina. Last by in Foxborough

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<v Speaker 10>Patriots with the second straight game Who's four quarterbacks Drake

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<v Speaker 10>May who they took with the third pick of the draft,

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<v Speaker 10>win six for eleven to TD run. The Pats lost

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<v Speaker 10>to the Eagles fourteen thirteen. Jalen Herds and Sakuon Barkley

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<v Speaker 10>did not play.

0:11:05.760 --> 0:11:06.280
<v Speaker 3>WNBA.

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<v Speaker 10>The liberty back of the Olympic Break went to LA

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<v Speaker 10>one by thirty five and now twenty two and four.

0:11:11.120 --> 0:11:13.240
<v Speaker 10>Chris Kirk had a whole in one shot sixty four

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<v Speaker 10>Leeds West shot in Memphis. John Stashaway Bloomberg Sport.

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<v Speaker 6>Coast to Coast on Bloomberg Radio nationwide on Sirius XM

0:11:23.080 --> 0:11:26.000
<v Speaker 6>and around the world on Bloomberg dot Com and the

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<v Speaker 6>Bloomberg Business app. This is Bloomberg day Break.

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<v Speaker 4>Good morning.

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<v Speaker 1>I'm Nathan Hager, and the presidential race is really off

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<v Speaker 1>and running now, but not before one last symbolic passing

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<v Speaker 1>of the torch from President Biden to Vice President Kamala Harris.

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<v Speaker 6>I'm an incredible partner the progress we've made.

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<v Speaker 13>She's gonna make one hell of a president.

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<v Speaker 1>And the President shared a stage for the first time

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<v Speaker 1>with the new Democratic nominee since he ended his reelection

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<v Speaker 1>bid last month. Now Harris heads to swing state North

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<v Speaker 1>Carolina to talk about her plans to make her own

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<v Speaker 1>progress and joining us now for more in the is

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<v Speaker 1>Jennifer Wallace, Professor and chair of the Politics Department at

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<v Speaker 1>the University of Virginia. Jennifer, Good Morning. Is there a

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<v Speaker 1>challenge for Vice President Harris to sort of strike out

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<v Speaker 1>on her own, make her own economic policies without being

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<v Speaker 1>tied too much to some of the more unpopular policies

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<v Speaker 1>under President Biden?

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<v Speaker 13>Good morning, Good morning.

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<v Speaker 14>While that's certainly going to be what she tries to

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<v Speaker 14>do over the course of the next couple of months,

0:12:24.720 --> 0:12:26.920
<v Speaker 14>it's difficult because she wants to take credit for the

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<v Speaker 14>successes of the Biden administration but not be saddled by

0:12:30.880 --> 0:12:33.959
<v Speaker 14>the failures or the challenges. And I think that's why

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<v Speaker 14>it was before her economic speech that we saw her

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<v Speaker 14>with the current president on the campaign trail. At this point,

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<v Speaker 14>she'll begin to demonstrate that she's her own person.

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<v Speaker 1>And from what we've heard so far from the Harris campaign,

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<v Speaker 1>that demonstration will include ideas like a federal ban on

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<v Speaker 1>food price gounging twenty five thousand dollars in first time

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<v Speaker 1>home buyer assistance. Is that enough to assuage voters who

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<v Speaker 1>may still be feeling some pain from elevated rices over

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<v Speaker 1>the last several years.

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<v Speaker 14>It's something For those voters that are really going to

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<v Speaker 14>be voting exclusively on the economy and who feel like

0:13:08.880 --> 0:13:11.840
<v Speaker 14>the Biden administration failed, it's going to be difficult for

0:13:11.880 --> 0:13:14.439
<v Speaker 14>her to win them back anyway. It's not Those are

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<v Speaker 14>not the suburban voters with whom she's going to have sway.

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<v Speaker 13>So I think she just needs to put something out there.

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<v Speaker 14>She has to demonstrate some level of specificity, but she

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<v Speaker 14>doesn't have to do the impossible.

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<v Speaker 1>So what is the challenge then for Vice President Harris

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<v Speaker 1>to show that she, I guess, sort of feels the

0:13:31.400 --> 0:13:36.640
<v Speaker 1>pain of many voters still while still touting some of

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<v Speaker 1>the successes that President Biden has had. I mean, the

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<v Speaker 1>White House just put out a notice that it's been

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<v Speaker 1>two years since they passed the Inflation Reduction Act.

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<v Speaker 14>This is what's really difficult, because the Biden administration has

0:13:49.760 --> 0:13:52.520
<v Speaker 14>done quite a bit for the economy, and their messaging

0:13:52.920 --> 0:13:55.280
<v Speaker 14>just hasn't caught up with their actions, and so the

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<v Speaker 14>American people aren't feeling the broader macroeconomic improvement that the

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<v Speaker 14>country's experiencing. So what Kamala Harris needs to do first

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<v Speaker 14>is highlight that she grew up middle class, that she

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<v Speaker 14>understands the average pain that a typical family is experiencing,

0:14:10.920 --> 0:14:12.960
<v Speaker 14>and that she wants to put into policy. She wants

0:14:12.960 --> 0:14:14.880
<v Speaker 14>to put into effect policies that will help grow the

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<v Speaker 14>middle class.

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<v Speaker 13>But this is a really challenging time.

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<v Speaker 14>If people feel like they're not doing well, there's little

0:14:20.720 --> 0:14:22.360
<v Speaker 14>she can do to tell them that they are.

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<v Speaker 1>And of course, former President Trump held another news conference

0:14:25.520 --> 0:14:29.160
<v Speaker 1>that is Bedminster Golf Club yesterday sort of hammering Harris

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<v Speaker 1>and Biden over high prices. At the same time sort

0:14:32.320 --> 0:14:35.880
<v Speaker 1>of doubling down on the personal attacks, saying he's entitled

0:14:35.920 --> 0:14:38.480
<v Speaker 1>to make personal attacks. What do you make of the

0:14:38.600 --> 0:14:41.600
<v Speaker 1>evolving Trump's strategy against the vice president.

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<v Speaker 14>The idea that he was going to give an economic

0:14:45.640 --> 0:14:48.560
<v Speaker 14>policy speech yesterday seemed like the right idea for the

0:14:48.600 --> 0:14:52.240
<v Speaker 14>Republicans because he was going to preempt anything she would

0:14:52.240 --> 0:14:54.280
<v Speaker 14>say today. He was going to lay out a clear

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<v Speaker 14>plan and tell people what a Trump administration would mean

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<v Speaker 14>for them. The first couple of minutes of the speech

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<v Speaker 14>seemed to go in that direction, but when he doubled

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<v Speaker 14>down on the attacks, when he made it personal, when

0:15:05.720 --> 0:15:08.680
<v Speaker 14>he started talking about all of his grievances again, he

0:15:08.760 --> 0:15:13.640
<v Speaker 14>basically inoculated her from not having specific economic policies because

0:15:13.680 --> 0:15:16.440
<v Speaker 14>no one was talking about his economic plan. They were

0:15:16.480 --> 0:15:18.680
<v Speaker 14>talking about the fact that she's sort of making him

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<v Speaker 14>come undone.

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<v Speaker 1>Just thirty seconds left, Jennifer, how could today's event for

0:15:23.000 --> 0:15:25.640
<v Speaker 1>Vice President Harrison North Carolina set us up for what

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<v Speaker 1>we see at the convention next week?

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<v Speaker 14>My sense is that she will lay out broad contours

0:15:31.720 --> 0:15:34.240
<v Speaker 14>of an economic plan, and then the economy will be

0:15:34.280 --> 0:15:37.040
<v Speaker 14>one of the key themes at the convention next week.

0:15:37.280 --> 0:15:41.360
<v Speaker 14>So She doesn't want to test anything among an audience

0:15:41.480 --> 0:15:42.640
<v Speaker 14>of delegates next week.

0:15:42.800 --> 0:15:44.920
<v Speaker 13>She wants to begin speaking about these issues now.

0:15:44.960 --> 0:15:47.200
<v Speaker 14>She wants to get some coverage of these issues now,

0:15:47.360 --> 0:15:50.040
<v Speaker 14>so there are no surprises next Monday, Tuesday, or Wednesday.

0:15:52.960 --> 0:15:56.040
<v Speaker 1>This is Bloomberg Daybreak Today, your morning brief on the

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