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Speaker 1: Live from the Bloomberg Interactive Berger Studios is Bloomberg Day

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Speaker 1: Right for Thursday, October two. Coming up this shower, Investors

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Speaker 1: brace for this morning's reading on inflation. The International Energy

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Speaker 1: Agency warns about global recession. US official sphere. They're planned

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Speaker 1: to cap Russian oil prices made backfire, and the deadline

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Speaker 1: approaches for the Bank of England to end its emergency

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Speaker 1: bond buying program. New York's gunlog it's a reprieve from

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Speaker 1: a federal appeals court. Plus Russia is at Ukraine's key

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Speaker 1: area by Iranian made Kamikaze drone. I'm Michael war More.

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Speaker 1: I'm trying stash our In sports, the Braves and Padres

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Speaker 1: one of the nationally playoffs Yankees and Guardians scheduled to

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Speaker 1: play game two tonight. That's all's train ahead on Bloomberg

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Speaker 1: Daybreak on Bloomberg eleven, Free on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one oh six one, Boston, Bloomberg nine sixties,

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Speaker 1: San Francisco, Sirius x M one nineteen and around the world.

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Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg

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Speaker 1: Business APT And Good Morning, I'm Kared Moscow. I'm Nathan Haygar.

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Speaker 1: Bloomberg Day Break brought to you by Interactive Brokers. Interactive

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Speaker 1: Brokers charges marginal rates from three point five eights of

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Speaker 1: four point five eight percent rates subject to change. Learn

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Speaker 1: more at ib k R, dot com, slash Compare and

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Speaker 1: US dot Index. Future is on the rise this morning,

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Speaker 1: six so went on Wall Street. We checked the markets

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Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP

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Speaker 1: future is up sixteen points down, futures have a hundred

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Speaker 1: thirty five and NASDAG features up twenty two. The ten

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Speaker 1: year treasury little change yield three point eight to nine percent,

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Speaker 1: yield on the two year four point to nine percent.

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Speaker 1: Nathan Karen Well, we wait for today's inflation reports. Stocks

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Speaker 1: under the session at their lowest level since November twenty

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Speaker 1: The S and P five hundreds declined for six straight

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Speaker 1: days now. Victoria Green is chief investment officer at G

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Speaker 1: Squared Private Wealth. The biggest thing an investor can do

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Speaker 1: is don't panic or don't need jerk on data. We've

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Speaker 1: seen wild moves off of some of these data releases

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Speaker 1: or fed moves, and a lot of times it's a

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Speaker 1: one or two day move and comes back to trent.

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Speaker 1: So I would say, like one day, one week, does

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Speaker 1: not a market make like be a little bit patient

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Speaker 1: g squared Private Wealth. Victoria Green says she does not

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Speaker 1: expect the Fed to pivot anytime soon. Still, Nathan, the

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Speaker 1: Fed will be watching today's inflation data closely. The Consumer

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Speaker 1: Price Indix for September comes out at eight thirty am

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Speaker 1: All Street time, and we get a preview from Bloomberg Economics.

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Speaker 1: Corresponded Michael McKee. Only minor progress on inflation is forecast,

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Speaker 1: with headline CPI rising at a faster rate in September,

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Speaker 1: while core inflation slows but only to a still strong level.

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Speaker 1: Housing is the biggest problem. Shelter makes up about a

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Speaker 1: third of the overall basket of consumer prices and an

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Speaker 1: even larger share of the core overall Rents have only

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Speaker 1: started to stabilize. Some categories should see pullbacks, particularly used cars.

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Speaker 1: Retailers are also discounting to clear out inventory ahead of

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Speaker 1: the holidays. But the ultimate message to the Fed will

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Speaker 1: be keep raising interest rates. Michael McKee, Bloomberg Daybreak. Alright, Mike, thanks,

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Speaker 1: speaking of interest rates, more big hikes are on the

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Speaker 1: way from the FED unless there's a significant change in

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Speaker 1: the data. That's according to Fed Governor Michelle Bowman. If

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Speaker 1: we do not see signs that inflation is moving down,

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Speaker 1: my view continues to be that sizeable increases in the

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Speaker 1: target range for the Federal funds rate should remain on

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Speaker 1: the table. However, if inflation starts to decline, I believe

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Speaker 1: a slower pace of rate increases would be appropriate. FED

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Speaker 1: Governor Michelle Bowman's comment suggests she supports another seventy five

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Speaker 1: basis point move when officials meet next month. Well, I

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Speaker 1: s are on the Fed, Nathan, But starting tomorrow earnings

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Speaker 1: come back into play. To Bank of America reports on Monday,

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Speaker 1: and CEO Brian moynahan is out with optimistic words ahead

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Speaker 1: of the results. He says consumers are in good shape

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Speaker 1: and his bank only expects a slight recession in the US.

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Speaker 1: They have this court positive real GDP next quarter just

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Speaker 1: above zero positive and three straight quarters of negative and

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Speaker 1: so effectively, depending what the NVR does, you know, that's

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Speaker 1: that's a slight recession, but it's shallow. And Ryan Monahan

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Speaker 1: spoke at the Institute of International Finance meeting in Washington.

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Speaker 1: Stay tuned for more from Moynahan on Monday when we

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Speaker 1: speak live with the Bank of America CEO on Bloomberg

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Speaker 1: Radio and Television. Bank of America at leastees a slight recession, Karen,

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Speaker 1: the International Energy Agencies warning about a worldwide contraction. I

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Speaker 1: A says OPEC decision to cut oil production threatens to

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Speaker 1: push prices two levels that tipped the global economy into

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Speaker 1: a downturn. In checking prices down NIMEX s crews up

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Speaker 1: three tenths per cent at eighty seven dollars fifty eight

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Speaker 1: cents of barrel meantime, Nathan President Biden finds himself walking

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Speaker 1: a tiderope over the world's demand for oil and gas,

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Speaker 1: and that says the administration considers a price camp on

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Speaker 1: Russian oil. Bloomberg's Amy Morris has a look at the

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Speaker 1: strategy from our newsroom in Washington. The idea is to

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Speaker 1: keep enough Russian supplies on the global market to prevent

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Speaker 1: a spike in oil prices, but the move by OPEC

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Speaker 1: plus to slash production by two million barrels a day

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Speaker 1: could undermine the plan. Sources tell Bloomberg that administration officials

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Speaker 1: are worried Russia may retaliate by cutting off supplies Russia.

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Speaker 1: President Putin has said he will not sell oil to

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Speaker 1: any nation that participates in the price cap plan. Still,

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Speaker 1: the US is going ahead with it, seen as the

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Speaker 1: best choice among bad options to curb Russia's oil revenues.

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Speaker 1: In Washington, I mayby Moore as Bloomberg Daybreak, Thanks Amy

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Speaker 1: on Capitol Hill the House January six committees getting ready

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Speaker 1: to present new evidence. Today's hearing will focus on Donald

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Speaker 1: Trump's state of mind the day of the attack of

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Speaker 1: the Capitol, Bloomberg said. Baxter has more. This is the

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Speaker 1: last hearing before the midterms, and the committee is endeavoring

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Speaker 1: to reinforce its contention that Donald Trump remains what they

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Speaker 1: are saying is a clear and present danger to democracy.

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Speaker 1: Congresswoman Zoe Loughran says what they discovered through their work

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Speaker 1: this summer make clear Donald Trump's intentions, what he knew,

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Speaker 1: what he did, what others did. She says there will

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Speaker 1: be no live witnesses, but they will have testimony from

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Speaker 1: new witnesses. In San Francisco, I'm at Baxter Bloomberg Daybreak.

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Speaker 1: All Right, at Thanks in Europe this morning, it's all

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Speaker 1: about the turmoil and financial markets. The deadline is nearing

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Speaker 1: for the Bank of Land to end its bond buying program,

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Speaker 1: and we go to London and get the latest of

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Speaker 1: Bloomberg's un pots. Good Morning You and good morning Nathan

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Speaker 1: and Karen. Investors having watching this story all week, but

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Speaker 1: tomorrow afternoon, the UK's Central Bank will finally end its

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Speaker 1: support for the country's bond markets. Ahead of that deadline,

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Speaker 1: the government now appears to be at loggerheads with the

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Speaker 1: Bank of England's. Asked about any fresh market turmoil, the

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Speaker 1: government's chance that said that would be a matter for

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Speaker 1: the governor in London. On you in Ports bloom Boke,

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Speaker 1: day Break, You and thanks. In corporate news this morning,

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Speaker 1: shares of applied Materials are down seven tenths per cent.

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Speaker 1: The maker of chip manufacturing equipment is slashing its forecast

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Speaker 1: for the fourth quarter, says new export regulations will hurt

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Speaker 1: sales to China. And this update is run to you

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Speaker 1: by b n Y Melons Pershing. Learn why the world's

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Speaker 1: most sophisticated wealth management and institutional firms rely on Pershing

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Speaker 1: to help them improve profitability, create efficiency, attract talent, and

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Speaker 1: manage risk at pershing dot Com. Futures this morning are

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Speaker 1: on the rise. SMP futures at fourteen points down. Futures

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Speaker 1: have a hundred team NASDAG features up fifteen ten. Your

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Speaker 1: treasury little change you'll three point nine percent they yield

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Speaker 1: on the two year four point two and nine percent.

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Speaker 1: Looking at the euro at point in nine seven two

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Speaker 1: six against the dollar British found one point five three

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Speaker 1: straight ahead, your latest local headlines plus the check of sports. Sam.

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Speaker 1: This is Bloomberg. Thanks Karen. Six O seven on Wall

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Speaker 1: Street sixty three degrees in Central Park. Still dealing with

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Speaker 1: the accident investigation in Secaucus. Westbound three is closed at

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Speaker 1: Harmon Metal Bull of our details come up in traffic.

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Speaker 1: Michael Barr is here with more on what's going on

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Speaker 1: in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Nathan. A federal appeals judge put on hold

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Speaker 1: of lower court ruling that's struck down many of New

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Speaker 1: York's gun bands and public places as constitutional. The judge

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Speaker 1: granted New York Attorney General Letitia James a temporary order

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Speaker 1: preventing in October sixth decision by US District Judge Glenn

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Speaker 1: Suttoby in Syracuse from going into effect, a three judge

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Speaker 1: panel of the same Appeals Corps must still decide whether

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Speaker 1: to state Sonaby's decision for the entire appeal process. Abortion

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Speaker 1: providers in New York are seeing such an influx of

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Speaker 1: pregnant women from other states that they are struggling financially

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Speaker 1: to meet demand. Governor Kathy Hokeles has the state is

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Speaker 1: giving more than thirteen million dollars to organizations that operate

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Speaker 1: clinics throughout New York. They include hospital based providers, independent clinics,

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Speaker 1: as well as many who are receiving state assistance for

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Speaker 1: the very first time because the need is that dire.

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Speaker 1: Governor Hocle says the state will protect a woman's right

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Speaker 1: to a safe and legal abortion. Meanwhile, the new poll

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Speaker 1: shows Governor Hocle retaining a lead over her opponent in

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Speaker 1: the gubernatorial race. According to Amerist College Pole, hocal leads

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Speaker 1: a Republican challenger, Congressman LEAs Elden, by ten points. It's

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Speaker 1: the narrowest in the New York governor's race in about

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Speaker 1: three decades. New York's Health commissioner says monkey pox is

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Speaker 1: no longer the threat to the city that it initially was.

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Speaker 1: Dr Ashewan Bassan, we have turned a corner that I

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Speaker 1: hope indicates that we now have the upper hand on

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Speaker 1: this outbreak. Meanwhile, Dr Vasan says asked for polio traces

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Speaker 1: of the disease were found in wastewater samples in the

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Speaker 1: city and across the state. For the fourth day in

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Speaker 1: a row, residence of Key were awakened to the sound

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Speaker 1: of Air AID sirens as Russian bombardment of Ukraine's critical

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Speaker 1: infrastructure continues. What he's saying that a village was hit

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Speaker 1: overnight by a so called kamikaze drone, probably supplied by Iran.

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Speaker 1: A Connecticut jury has ordered conspiracy theorist Alex Jones to

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Speaker 1: pay nine sixty five million dollars to the relatives of

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Speaker 1: Sandy Hook Elementary School shooting victims and an FBI agent.

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Speaker 1: They said Jones tormented their lives by promoting the lie

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Speaker 1: that the rampage was a hoax. Robert Parker lost his

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Speaker 1: daughter Emily in the shooting. I couldn't be more proud

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Speaker 1: to stand here and with all of these people, and

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Speaker 1: I've really missed my wife and daughters right now they

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Speaker 1: can't be here with me. Robert Parker's daughter was one

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Speaker 1: of twenty children and six adults killed in the massacre.

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Speaker 1: Global News twenty four hours a day on air, rand

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Speaker 1: on Bloomberg Quick Take, powered by more than journalists and

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Speaker 1: analysts more than a hundred twenty countries. Michael Barr, this

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Speaker 1: is Bloomberg, Nathan, Thank you, Michael. Almost six ten on

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Speaker 1: Wall Street. Time for the Bloomberg Sports Update with John

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Speaker 1: stash Our. All right, Nathan, A little unusual schedule in

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Speaker 1: the American League Division Series. Yankees and Guardians with a

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Speaker 1: night off in between the two games of the stadium

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Speaker 1: schedule to resume their series tonight, rains in the forecast.

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Speaker 1: They can't play tonight. They'll play tomorrow with Nestor Cortez

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Speaker 1: going against Cleveland Shane Baber. Both nlds or tied to one.

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Speaker 1: Atlanta shut out the Phillies three nothing behind Kyle Right

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Speaker 1: twenty one game, winning the regular season. The Padres beat

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Speaker 1: the Dodgers by the same five to three score that

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Speaker 1: l A won. The Openers bought, Nix and Nets getting

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Speaker 1: ready to tip off their seasons next week. Nicks lost

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Speaker 1: at Indiana, the Nets one in Milwaukee. Ben Simmons acquired

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Speaker 1: last season, but he never played. He is playing now

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Speaker 1: and while Simmons doesn't score much last night, he had

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Speaker 1: tennisis eight emails. Can the Giants keep it going? Off

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Speaker 1: to us surprising four and one start? They host Baltimore

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Speaker 1: Sunday as new coach Brian day Ball continues to be

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Speaker 1: impressed by his quarterback Daniel Jones. And he comes in.

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Speaker 1: He does a great job with the players around him

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Speaker 1: of of leading game, of of helping them with the offense.

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Speaker 1: And you know, each week I think you get a

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Speaker 1: little bit more comfortable again for five weeks into really

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Speaker 1: live competition. Um so, I think you learn a lot

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Speaker 1: about players, not just Daniel, but everybody. And he's done.

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Speaker 1: He's done a good job for us. Jones led the

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Speaker 1: Giants to that upset win in London over Green Bay,

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Speaker 1: and now the Jets visit Green Bay this Sunday. Aaron

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Speaker 1: Rodgers heard his thumb in that game with the Giants.

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Speaker 1: They hit him on that last play. He didn't practice.

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Speaker 1: He is gonna play Sunday as rookie Skyler Thompson faced

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Speaker 1: the Jets last week to a time to below. The

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Speaker 1: remains out in Miami with the kid cushion. The Dolphins

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Speaker 1: are gonna start Thompson against Minnesota Big Games Sunday night,

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Speaker 1: Dallas at Philadelphia. The Cowboys expected to stick with Cooper Rush.

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Speaker 1: He's four no Dak Prescott's does that with a thumbing dream.

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Speaker 1: Johns dashwar of Bloomberg Sports, Nathan, thank you, john SMP

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Speaker 1: futures are higher by fourteen point. Stuff features up a

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Speaker 1: hundred sixteen nants that features up nineteen points ahead of

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Speaker 1: cp HY data. Bloomberg's Michael McKee previews the numbers. Next.

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Speaker 1: This is Bloomberg Bloomberg eleven three oh weather rainy, breezy

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Speaker 1: today with a high near seventy degrees. It will be

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Speaker 1: mostly sunny up for sixties tomorrow. Same deal Saturday. Clouds

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Speaker 1: will increase by Sunday with high still in the upper sixties.

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Speaker 1: Right now sixty three in Central Park Markets. Headlines and

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Speaker 1: is a Bloomberg Business slash and I'm Karen Moscow. This

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Speaker 1: US stock index futures on the is this morning ahead

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Speaker 1: of key US inflation data that could determine how much

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Speaker 1: further the federal reserves policying tightening cycle will run, and

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Speaker 1: we check the markets every fifteen minutes throughout the trading day.

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Speaker 1: On bloomberg S and P future is up about fifteen

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Speaker 1: points down. Futures have a hundred thirteen NASTAG futures up

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Speaker 1: eighteen the decks in Germany's up six tenths of up percent.

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Speaker 1: Ten year treasury down one thirty second heal three point

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Speaker 1: eight nine percent. They yield on the two year four

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Speaker 1: point to nine percent. Ninemex screwed oil is up tenth

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Speaker 1: of upper cent or ten cents at eighty seven dollars

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Speaker 1: thirty eight cents of barrel call makes gold up a

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Speaker 1: quarter percent or four dollars fifty cents at sixteen eighty two. Announced.

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Speaker 1: The euro point nine seven three one against the dollar.

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Speaker 1: British found one point one five nine, and they had

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Speaker 1: one forty six point eight one and Bitcoin down one

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Speaker 1: percent at eighteen thousand, nine hundred dollars. And that's a

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Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on

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Speaker 1: what's going on around the world. Michael Karen, thank you

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Speaker 1: very much. The House Select Committee investigating the January sixth

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Speaker 1: attack on the Capitol will hold its final hearing today.

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Speaker 1: Members are promised substantial new footage and significant witness testimony.

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Speaker 1: Since the last hearing, multiple members of Trump's cabinet have

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Speaker 1: testified behind closed doors. Millions of Social Security recipients will

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Speaker 1: soon learned just how high a boost they'll get in

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Speaker 1: their benefits next year. The increase to be announced today

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Speaker 1: is expected to be the highest and forty years, maybe

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Speaker 1: up to nine. In the NHL, the Bruins beat the

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Speaker 1: Capitols five two. In Baseball's n LDS Playoffs, the Braves

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Speaker 1: beat the Phillies three zip to even their series at

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Speaker 1: a game of piece. The Padres beat the Dodgers five

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Speaker 1: three to tie their series at one. One. Global News

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Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

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Speaker 1: is Bloomberg, Nathan. Thank you, Michael. We're coming up to

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Speaker 1: six twenty on Wall Street Life from the Bloomberg Interactive

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Speaker 1: Brokers Studios. This is Bloomberg Daybreak. It's brought to you

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Speaker 1: So we're just about two hours, ten minutes away from

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Speaker 1: the latest reading on inflation. September consumer prices do out

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Speaker 1: at eight thirty Wall Street time. Ahead of it, We're

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Speaker 1: joined this morning by Bloomberg International Economics and Policy correspondent

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Speaker 1: Michael McKee. So, Mike, the consensus from the economists we've

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Speaker 1: surveyed calls for a dip in the headline, but a

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Speaker 1: slight increase in the core. Where's that going to leave

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Speaker 1: the FED? Leaves the Fed where they are today. We've

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Speaker 1: talked about how the all CPI is all important, but

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Speaker 1: it's not really in the sense that the Fed is

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Speaker 1: pretty much decided they're going to do seventy five basis

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Speaker 1: points because we see the tight labor market, they see

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Speaker 1: energy prices with the possibility of going up again after

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Speaker 1: OPEC plus, and so they've pretty much told us that's

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Speaker 1: what they want to do. The real question is what

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Speaker 1: do they do after that at the December meeting, And

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Speaker 1: that will depend on the trajectory of inflation, particularly core inflation,

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Speaker 1: which according to the economist we've surveying, is likely to

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Speaker 1: go up this month UH, at least a slightly slower pace,

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Speaker 1: but way above where the FED wants to be. And

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Speaker 1: of course that is the metric that the FED is

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Speaker 1: focused like a laser on. Where what Let's get a

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Speaker 1: little bit deeper into the numbers that we're expecting though,

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Speaker 1: where are we expecting to see potential signs that we

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Speaker 1: could have hit peak inflation? Well, energy is going to

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Speaker 1: be a big drag on the index once again because

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Speaker 1: gasoline prices did go down in September. But the concern

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Speaker 1: is what about the ancillary things that you profinde by

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Speaker 1: jet fuel and heating oil. UH? Did those go up

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Speaker 1: or down? And what about natural gas? Uh? The problem

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Speaker 1: is there are just as many things that could go down.

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Speaker 1: Air pairs because the summer travel season is over and

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Speaker 1: use cars. But beyond that, a lot of service services

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Speaker 1: are going up in price. Uh. And that's what worries

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Speaker 1: defend at this point is that there was supposed to

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Speaker 1: be a handoff two services and services would slow down,

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Speaker 1: but they're not at the moment. Well, how does that

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Speaker 1: plan to inflation expectations? We got the Fed minutes yesterday

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Speaker 1: and that's seemed to be a pretty big concern for

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Speaker 1: central anchors. It's been their concern overall. It's underlying belief

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Speaker 1: that inflation expectations shape future inflation. If you think that

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Speaker 1: inflation is going to keep going up, you're going to

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Speaker 1: ask your boss for a bigger raise. But so far,

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Speaker 1: surveys show inflation expectations are relatively contained. We're waiting until

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Speaker 1: Friday to get the latest University of Michigan survey, but

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Speaker 1: the New York Fed survey came out earlier this week,

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Speaker 1: and so that inflation over a one year period, expectations

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Speaker 1: had dropped. Over a three year period, they've gone up

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Speaker 1: attempts so not very much. And market purpising tips at

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Speaker 1: this point, yields are still restrained. There's not a feeling that,

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Speaker 1: at least how Wall Street, but the Fed isn't going

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Speaker 1: to get this under control. The only question is how

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Speaker 1: is when? Of course, when it comes to consumer prices,

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Speaker 1: one of the biggest pieces in the basket is housing.

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Speaker 1: When are we going to start to see the effect

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Speaker 1: of higher interest rates on housing prices that have been

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Speaker 1: so high for quite some time? Unfortunately, that's going to

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Speaker 1: take a while. The housing component of the CPI has

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Speaker 1: been going up about seven tenths per cent per month

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Speaker 1: for a while, and let's think if that's going to

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Speaker 1: continue into next year because our prices turned over so slowly. Uh,

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Speaker 1: they're only now just beginning to fall with the impact

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Speaker 1: of higher mortgage rates. And it will take a while

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Speaker 1: because you don't buy a house every day for that

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Speaker 1: to get into the CPI. Now, the FAT knows that.

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Speaker 1: And while it may lead to slightly higher CPI numbers

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Speaker 1: that worry the public or worry Wall Street, it won't

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Speaker 1: worry the FED as much as long as they see

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Speaker 1: the trajectory is down. Only about thirty seconds left here, Mike.

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Speaker 1: But are we expecting that the higher and expected producer

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Speaker 1: prices that we saw yesterday to have a read through

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Speaker 1: into this morning's print. They don't have a direct read

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Speaker 1: through their middlemen in the way that have their own markups, etcetera.

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Speaker 1: But it does tell you the trajectory of inflation hasn't

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Speaker 1: changed all that much yet. And yesterday I spoke with

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Speaker 1: a number of economists who said, basically, all it's telling

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Speaker 1: us is this is going to continue. Yeah, that's been

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Speaker 1: the drumbeat from Fed officials. Thanks Mike, as always, Bloomberg

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Speaker 1: International Economics and Policy correspondent Michael McKee, who will be

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Speaker 1: back with us throughout the morning as we await those

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Speaker 1: CPI numbers. He'll be breaking them down for us at

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Speaker 1: eight thirty am Wall Street time. So check back with

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Speaker 1: Bloomberg Radio and Television for complete coverage of the inflation

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Speaker 1: story and its effect on markets. Futures right now are

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Speaker 1: moving higher ahead of cp I s, and P futures

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Speaker 1: are up sixteen point, Staff futures up a DRED twenty five,

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Speaker 1: and NASTAC futures are higher by twenty three points. Little

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Speaker 1: change to the tenure Treasury the yield their three point

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Speaker 1: eight nine per cent. And you're listening to Bloomberg Daybreak,

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Speaker 1: Bloomberg eleven three oh weather today is gonna be the

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Speaker 1: rainy day. We'll get up to seventy degrees. Sunshine returns tomorrow,

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Speaker 1: u last into the weekend, with highs each day in

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Speaker 1: the upper sixties. Right now sixty three degrees in Central Park.

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Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York,

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Speaker 1: Bloomberg E Living free to Washington, d C, Bloomberg nine

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Speaker 1: to Boston, Bloomberg one O six one to San Francisco,

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Speaker 1: Bloomberg nine sixty to the Country, Sirius XM Chado one

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Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg

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Speaker 1: Radio dot com. This is Bloomberg Daybreak six thirty on

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Speaker 1: Wall Street. Good morning, I'm Nathan Hagar and I'm Karen Moscow.

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Speaker 1: We are just about three hours away from the open

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Speaker 1: of US trading. Time for the five things that you

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Speaker 1: need to notice start your a Brought to you by

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Speaker 1: First US futures are higher ahead of today's inflation report.

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Speaker 1: Stocks entered the session at their lowest levels in November

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Speaker 1: of Economist Hugh Johnson tells US it's unclear if we're

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Speaker 1: nearing a bottom. If we get into a recession in

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Speaker 1: the first and second quarter, which I think we're gonna do,

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Speaker 1: that's gonna be set up the time at which we're

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Speaker 1: gonna start to get better news or news that the

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Speaker 1: recession is going to end and the recovery is going

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Speaker 1: to begin, maybe news that the Federal Reserve is going

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Speaker 1: to take its put off the brake, and under those

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Speaker 1: conditions you'll get a cern in the stock market. Economist

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Speaker 1: Hugh Johnson says he anticipates a hard landing and a

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Speaker 1: US recession as if the FAN holds to its current

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Speaker 1: rate hike path. Well, Karen, the Fed appears to be

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Speaker 1: sticking to that path. According to Minneapolis President Neil cash Cary,

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Speaker 1: the bar for such a change is very high because

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Speaker 1: we have not yet seen much evidence that the underlying inflation,

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Speaker 1: the services inflation, the wage inflation, the labor market, that

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Speaker 1: that is yet softening, and so I think we're quite

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Speaker 1: a ways away from anything like that. Minneapolis Fed President

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Speaker 1: Neil cash Cary made the comments at a town hall

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Speaker 1: event in Wisconsin, September. CPI readings do out at eight

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Speaker 1: thirty am Wall Street Time. Stick with Bloomberg Radio and

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Speaker 1: Television for complete coverage all morning. Another recession called now Nathan.

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Speaker 1: Bank of America CEO Brian moynahan says his bank expects

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Speaker 1: a shallow contraction in the US. The consumers basically have

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Speaker 1: more money and accounts find multiples and they did pre pandemic.

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Speaker 1: They're earning more money, their credit qualities as high as

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Speaker 1: ever been. They have more excess capacity on their cabarring

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Speaker 1: than they've had de delinquencies are very low. Prian Monahan

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Speaker 1: spoke at the Institute of International Finance meeting in Washington State.

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Speaker 1: Tuned for more from Moynahan on Monday when we speak

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Speaker 1: live at the Bank of America CEO on Bloomberg Radio

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Speaker 1: and Television. I meantime caring the international energy agencies warning

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Speaker 1: the global economy could enter a recession. That's after OPEX

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Speaker 1: decision into sharply cut oil production. Checking prices now nime

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Speaker 1: X crews moving lower now down a tenth percent at

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00:23:05,640 --> 00:23:08,800
Speaker 1: eighty seven dollars eighteen cents a barrel, and in Washington

430
00:23:08,840 --> 00:23:11,359
Speaker 1: today Nathan the White House is considering a price cap

431
00:23:11,359 --> 00:23:14,880
Speaker 1: on Russian oil, but sources style Bloomberg administration officials are

432
00:23:14,920 --> 00:23:19,000
Speaker 1: worried Russia may retaliate by cutting off supplause. Russian President

433
00:23:19,040 --> 00:23:21,680
Speaker 1: Vladimir Putin has said he won't sell oil to any

434
00:23:21,760 --> 00:23:25,160
Speaker 1: nation that participates in the price cap plan. And as

435
00:23:25,160 --> 00:23:27,200
Speaker 1: the five things that you need to notice start your day,

436
00:23:27,200 --> 00:23:30,480
Speaker 1: brought to you by Interactive Brokers, trying ahead your latest

437
00:23:30,560 --> 00:23:34,320
Speaker 1: local headlines, plus a check of sports. And this is Bloomberg.

438
00:23:38,359 --> 00:23:41,280
Speaker 1: Thanks Scaring sixte on Wall Street sixty two degrees now

439
00:23:41,320 --> 00:23:43,280
Speaker 1: in Central Park, got an accent on the southbound to

440
00:23:43,320 --> 00:23:45,800
Speaker 1: Conic at Route eighty four. Details coming up in traffic.

441
00:23:45,840 --> 00:23:47,840
Speaker 1: First Michael Barr with what else is going on in

442
00:23:47,880 --> 00:23:50,360
Speaker 1: New York and around the world. Good morning Michael, Good

443
00:23:50,400 --> 00:23:53,399
Speaker 1: morning Nathan. A federal appeals court allowed New York to

444
00:23:53,440 --> 00:23:56,240
Speaker 1: continue in forcing its new gun laws it considers a

445
00:23:56,280 --> 00:23:59,840
Speaker 1: lower court ruling that would block key provisions that This

446
00:24:00,040 --> 00:24:02,560
Speaker 1: vision from the Second U. S. Circuit Court of Appeals

447
00:24:02,600 --> 00:24:06,120
Speaker 1: came six days after a federal district judge in Syracuse

448
00:24:06,119 --> 00:24:09,920
Speaker 1: declared multiple portions of the law unconstitutional. In place to

449
00:24:10,000 --> 00:24:13,720
Speaker 1: temporary behold on them, Attorney General Letitia James said she

450
00:24:13,840 --> 00:24:17,040
Speaker 1: was pleased the law with stay in effect. Abortion providers

451
00:24:17,040 --> 00:24:19,480
Speaker 1: in New York State are seeing an influx of pregnant

452
00:24:19,520 --> 00:24:22,880
Speaker 1: women from other states. Governor Kathy Oakele says the state

453
00:24:22,920 --> 00:24:25,040
Speaker 1: is giving more money in order to keep up with

454
00:24:25,160 --> 00:24:29,040
Speaker 1: financial demand. Day, I'm proud to announce thirteen point four

455
00:24:29,119 --> 00:24:36,720
Speaker 1: million dollars of grants going to abortion providers, fifty fifty

456
00:24:36,760 --> 00:24:41,000
Speaker 1: new organizations, and collectively they operate a hundred twenty seven

457
00:24:41,000 --> 00:24:44,560
Speaker 1: clinics together. Governor Hokel says the state will protect a

458
00:24:44,600 --> 00:24:48,240
Speaker 1: woman's right to a safe and legal abortion. A Newmeris

459
00:24:48,280 --> 00:24:51,160
Speaker 1: College polls shows Governor Hokel as a ten point lead

460
00:24:51,200 --> 00:24:55,360
Speaker 1: over her Republican challenger, Congressman Lee Zelden, and the gubernatorial race.

461
00:24:55,800 --> 00:24:58,960
Speaker 1: The House Select Committee investigating the January six attack on

462
00:24:59,040 --> 00:25:02,480
Speaker 1: the Capitol will hold its final hearing today. Since the

463
00:25:02,560 --> 00:25:06,399
Speaker 1: last hearing, multiple members of Trump's cabinet have testified behind

464
00:25:06,400 --> 00:25:09,800
Speaker 1: closed doors, along with Jenny Thomas, the wife of Supreme

465
00:25:09,800 --> 00:25:13,000
Speaker 1: Court Justice Clarence Thomas. She told the committee she still

466
00:25:13,040 --> 00:25:16,320
Speaker 1: believes the election was stolen, but insisted she had nothing

467
00:25:16,359 --> 00:25:20,280
Speaker 1: to do with violence. On January six, Ukraine's Capitol region

468
00:25:20,320 --> 00:25:24,320
Speaker 1: has been struck by Iranian made kama Kaze drones. Kiev's

469
00:25:24,400 --> 00:25:27,119
Speaker 1: regional directors have The strike early today occurred in the

470
00:25:27,320 --> 00:25:31,320
Speaker 1: area around the capitol. Meanwhile, NATO defense ministers a meeting

471
00:25:31,320 --> 00:25:34,680
Speaker 1: again in Brussels today. They're gathered to discuss more aid

472
00:25:34,760 --> 00:25:38,960
Speaker 1: to Ukraine as Russia continues it's Rajah missiles. NATO Secretary

473
00:25:39,000 --> 00:25:43,400
Speaker 1: General Yen Stoltenberg. We will stand by Ukraine for as

474
00:25:43,400 --> 00:25:46,400
Speaker 1: long as it takes it, will step up our support,

475
00:25:46,600 --> 00:25:50,520
Speaker 1: and in particular we will provide more air defense systems

476
00:25:50,800 --> 00:25:55,280
Speaker 1: to Ukraine. NATO Jenn Stoltenberg. A Connecticut jury decided that

477
00:25:55,320 --> 00:25:58,600
Speaker 1: Alex Jones must pay nine hundred sixty five million dollars

478
00:25:58,600 --> 00:26:02,080
Speaker 1: and damages to families and an FBI agent ravaged by

479
00:26:02,119 --> 00:26:05,560
Speaker 1: the Infull Wars founders lie at the Sandy Hook Elementary

480
00:26:05,560 --> 00:26:08,920
Speaker 1: School massacre was a hoax. Global News twenty four hours

481
00:26:08,960 --> 00:26:12,560
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

482
00:26:12,560 --> 00:26:15,280
Speaker 1: more than twenty seven hundred journalists and analysts more than

483
00:26:15,320 --> 00:26:18,840
Speaker 1: a hundred twenty countries. Michael Barr and this is Bloomberg, Nathan,

484
00:26:18,840 --> 00:26:25,680
Speaker 1: Thank you, Michael. Almost six thirty six on Wall Street

485
00:26:25,720 --> 00:26:28,679
Speaker 1: John Stasher has the Bloomberg Sports Update. NAFAN Yankees and

486
00:26:28,680 --> 00:26:31,400
Speaker 1: Guardians had last night off scheduled to play game to

487
00:26:31,400 --> 00:26:33,959
Speaker 1: tonight at the Stadium, then a tomorrow off. Yanks, we're

488
00:26:33,960 --> 00:26:36,720
Speaker 1: gonna stick with a three man rotation in that format.

489
00:26:36,760 --> 00:26:39,240
Speaker 1: If they can't play tonight through to the expected rain

490
00:26:39,400 --> 00:26:41,240
Speaker 1: and play game to tomorrow, they would have to go

491
00:26:41,280 --> 00:26:44,320
Speaker 1: to a fourth starter if the series is extended. Yank Yanks,

492
00:26:44,359 --> 00:26:45,960
Speaker 1: of course won the opener the game two starters you

493
00:26:46,000 --> 00:26:49,520
Speaker 1: know tonight or tomorrow. Nestor Cortez, Cleveland, Stean Beaver and

494
00:26:49,720 --> 00:26:52,359
Speaker 1: LDS Phillies and Braves. After a three hour rain delay

495
00:26:52,359 --> 00:26:55,760
Speaker 1: in Atlanta and scoreless until the sixth inning, Atlanta scored

496
00:26:55,800 --> 00:26:58,080
Speaker 1: three times in the sixth one three nothing, only seven

497
00:26:58,119 --> 00:27:00,680
Speaker 1: hits in this game, the field's first lost the postseason

498
00:27:00,760 --> 00:27:02,720
Speaker 1: in l A. San Diego got home runs from Manny

499
00:27:02,760 --> 00:27:06,119
Speaker 1: Machano Jake Croninworth beat the Dodgers five three l A

500
00:27:06,240 --> 00:27:08,160
Speaker 1: at three solo home runs in the lost. Both these

501
00:27:08,160 --> 00:27:11,400
Speaker 1: series are now tied at one. Preseason NBA Nicks lost

502
00:27:11,400 --> 00:27:14,080
Speaker 1: in Indiana r J. Barrett twenty one points twenty three

503
00:27:14,080 --> 00:27:16,840
Speaker 1: for Kyrie Irving and the next win at Milwaukee. Regular

504
00:27:16,880 --> 00:27:19,800
Speaker 1: season starts next week. Islanders begin their season tonight. They

505
00:27:19,800 --> 00:27:22,200
Speaker 1: host Florida. The Devil's play Game one at Philadelphia. The

506
00:27:22,359 --> 00:27:25,320
Speaker 1: one and oh Rangers start a road trip tonight in Minnesota.

507
00:27:25,320 --> 00:27:27,440
Speaker 1: The Jets Sunday take their two game winning streak to

508
00:27:27,520 --> 00:27:32,600
Speaker 1: Green Bay, facing Aaron Rodgers. Rob Sella coaches clearly improved Jets.

509
00:27:32,640 --> 00:27:34,800
Speaker 1: I do think we're better than a war year ago, obviously,

510
00:27:34,840 --> 00:27:37,760
Speaker 1: but you know it, it still comes back to us,

511
00:27:38,119 --> 00:27:40,720
Speaker 1: and you know it's it's exciting just to be able

512
00:27:40,760 --> 00:27:43,080
Speaker 1: to go out there and play a championship team, which

513
00:27:43,080 --> 00:27:45,240
Speaker 1: is what which is what they are, championship team, the

514
00:27:45,240 --> 00:27:49,120
Speaker 1: Hall of Fame quarterback um. But it still comes back

515
00:27:49,119 --> 00:27:50,720
Speaker 1: to us and and performing to the best of our

516
00:27:50,760 --> 00:27:53,400
Speaker 1: Theolott Hackers last Sunday in London blew that big league

517
00:27:53,400 --> 00:27:55,160
Speaker 1: loss of the Giants, who are back home now going

518
00:27:55,200 --> 00:27:57,800
Speaker 1: for three wins in a row Sunday taking on Baltimore.

519
00:27:57,840 --> 00:28:01,600
Speaker 1: Week six begins tonight with Washington at Chicago. Actually we're

520
00:28:01,600 --> 00:28:04,480
Speaker 1: Bloomberg Schools. Nathan, Sorry, John, thank you. It is sixty

521
00:28:04,520 --> 00:28:06,359
Speaker 1: seven on Wall Street. Time to take a look at stock.

522
00:28:06,440 --> 00:28:08,399
Speaker 1: Some of the names moving in the pre market with

523
00:28:08,440 --> 00:28:12,639
Speaker 1: Bloomberg Radio and TV Markets correspondent Kretty Gupta watching earnings

524
00:28:12,680 --> 00:28:17,160
Speaker 1: news cross the Bloomberg terminal, including this morning from Delta Airlines. Yeah,

525
00:28:17,240 --> 00:28:20,600
Speaker 1: a lot of anticipation here. Specifically when you're looking at Delta.

526
00:28:20,800 --> 00:28:24,400
Speaker 1: This has everything to do with the business travel rebound.

527
00:28:24,520 --> 00:28:26,159
Speaker 1: Nathan D. A. L is the taker you want to

528
00:28:26,200 --> 00:28:28,840
Speaker 1: keep an eye on pre market. It is trading up

529
00:28:28,840 --> 00:28:32,080
Speaker 1: by five point two percent, and it's that business travel

530
00:28:32,119 --> 00:28:34,400
Speaker 1: that actually gives you more margins in the airline space.

531
00:28:34,400 --> 00:28:36,800
Speaker 1: So the idea here being that if Delta is actually

532
00:28:36,840 --> 00:28:39,520
Speaker 1: able to not only be casual positive, but make up

533
00:28:39,560 --> 00:28:41,400
Speaker 1: for some of the losses that it's been having in

534
00:28:41,440 --> 00:28:44,600
Speaker 1: the last two years, given that business travel, then you

535
00:28:44,680 --> 00:28:47,280
Speaker 1: will have actually that perhaps flow into the rest of

536
00:28:47,280 --> 00:28:50,000
Speaker 1: the sector as well. American Airlines, for example, yesterday came

537
00:28:50,000 --> 00:28:51,400
Speaker 1: out or I once say two days ago came out

538
00:28:51,440 --> 00:28:53,840
Speaker 1: with a similar call, not on business travel, but they

539
00:28:53,840 --> 00:28:56,160
Speaker 1: did say that they were actually doing much much better

540
00:28:56,600 --> 00:28:58,880
Speaker 1: when it comes to their forecast. They were lifted their

541
00:28:58,920 --> 00:29:00,280
Speaker 1: own forecast for the end of the year or up

542
00:29:00,280 --> 00:29:02,800
Speaker 1: two point four percent. Looks like American Airlines following in

543
00:29:02,840 --> 00:29:06,080
Speaker 1: Delta's path this morning and as far as earnings go.

544
00:29:06,160 --> 00:29:09,200
Speaker 1: What are you looking at in terms of analysts recommendations

545
00:29:09,280 --> 00:29:11,120
Speaker 1: this morning, creating, well, there's a lot going on. I

546
00:29:11,120 --> 00:29:13,600
Speaker 1: want to start off with some of these broadcast companies

547
00:29:13,640 --> 00:29:18,240
Speaker 1: because Nathan two years and eyes much happiness. Broadcast is

548
00:29:18,280 --> 00:29:21,840
Speaker 1: not dead. And yeah, it's always goods to hear that

549
00:29:22,120 --> 00:29:24,400
Speaker 1: c M C A S C s A excuse me,

550
00:29:24,480 --> 00:29:25,800
Speaker 1: is the ticker that you want to keep an eye on?

551
00:29:25,920 --> 00:29:28,280
Speaker 1: These are This is calm cash shares UM and all

552
00:29:28,320 --> 00:29:30,760
Speaker 1: tise as well. City upgrading the stocks to a buy

553
00:29:30,960 --> 00:29:33,880
Speaker 1: from a neutral, saying it sees a quote silver lining

554
00:29:33,920 --> 00:29:37,720
Speaker 1: to recent underperformance for cable companies broadly in their ability

555
00:29:37,760 --> 00:29:41,080
Speaker 1: to generate annual cash flow. Media broadly has been, of

556
00:29:41,120 --> 00:29:43,760
Speaker 1: course under pressure. City looks like it's kind of the

557
00:29:43,760 --> 00:29:46,040
Speaker 1: contrarian take here and saying, well, actually, maybe you should

558
00:29:46,040 --> 00:29:48,040
Speaker 1: bet on these stocks as c M C S A

559
00:29:48,160 --> 00:29:50,760
Speaker 1: for Comcast up about two and a half percent, and

560
00:29:50,760 --> 00:29:52,440
Speaker 1: we left to look at all tis as well. A

561
00:29:52,640 --> 00:29:55,160
Speaker 1: t U S is the ticker there though, shares up

562
00:29:55,760 --> 00:29:58,840
Speaker 1: a whopping five point seven percent. As long as people

563
00:29:58,880 --> 00:30:02,360
Speaker 1: keep hiding the scissor, all right, And there's also a

564
00:30:02,360 --> 00:30:04,959
Speaker 1: new sign of pressure in the chip industry. We've been

565
00:30:04,960 --> 00:30:07,719
Speaker 1: talking about this, of course for days. We absolutely have.

566
00:30:07,840 --> 00:30:10,520
Speaker 1: So Applied Materials is the one that actually in put

567
00:30:10,520 --> 00:30:14,280
Speaker 1: out in earnings warning down one point two percent in

568
00:30:14,320 --> 00:30:16,400
Speaker 1: the pre market. A M. A. T is your taker,

569
00:30:16,680 --> 00:30:19,240
Speaker 1: and it's it's kind of having a ripple effect across

570
00:30:19,240 --> 00:30:20,640
Speaker 1: all of the chip stocks. You want to keep an

571
00:30:20,640 --> 00:30:23,600
Speaker 1: eye on companies like LAMB Research for example, r L

572
00:30:23,800 --> 00:30:26,680
Speaker 1: r c X excuse me, is the taker those years

573
00:30:26,680 --> 00:30:28,440
Speaker 1: actually up about four tenths of one percent, but if

574
00:30:28,480 --> 00:30:31,840
Speaker 1: significantly paired the games earlier in the session, So you

575
00:30:31,840 --> 00:30:33,680
Speaker 1: do want to keep an eye on those chip stocks.

576
00:30:33,680 --> 00:30:34,960
Speaker 1: It looks like there's a lot of pain when it

577
00:30:34,960 --> 00:30:38,640
Speaker 1: comes to how they're positioning for the future. Applied Materials

578
00:30:38,720 --> 00:30:42,080
Speaker 1: was following kind of the lead of Intel, which yesterday

579
00:30:42,120 --> 00:30:44,640
Speaker 1: it said it's actually pausing, it's hiring, it's going to

580
00:30:45,000 --> 00:30:47,080
Speaker 1: lay off some of its workers because of PC demand

581
00:30:47,080 --> 00:30:51,280
Speaker 1: as well. Applied Materials no exception there. Comprehensive as always,

582
00:30:51,280 --> 00:30:53,760
Speaker 1: pretty thank you both for Gradi on TV Markets correspondent

583
00:30:53,800 --> 00:30:56,840
Speaker 1: Pretty Gupta watching the movers in the pre market. As

584
00:30:56,840 --> 00:30:59,600
Speaker 1: for stocks as a whole, they're moving a higher. SMP

585
00:30:59,680 --> 00:31:01,840
Speaker 1: future dro up eighteen points, stown futures up a D

586
00:31:02,000 --> 00:31:05,120
Speaker 1: thirty seven. Nastac features are higher by thirty points ten.

587
00:31:05,160 --> 00:31:08,080
Speaker 1: Your treasury is up one thirty second yield three point

588
00:31:08,120 --> 00:31:10,360
Speaker 1: eight nine percent, the yield on the two year four

589
00:31:10,440 --> 00:31:14,040
Speaker 1: point to eight as we await that inflation data now

590
00:31:14,120 --> 00:31:17,000
Speaker 1: do out in less than two hours. Stay with us.

591
00:31:17,240 --> 00:31:22,960
Speaker 1: You're listening to Bloomberg Day right, Bloomberg eleven three oh

592
00:31:22,960 --> 00:31:25,680
Speaker 1: Weather rainy, breezy today with a high near seventy degrees.

593
00:31:25,920 --> 00:31:28,800
Speaker 1: Sunshine returns tomorrow. Stays with us for most of the weekend.

594
00:31:28,800 --> 00:31:32,240
Speaker 1: We'll have highs tomorrow, Saturday and Sunday in the upper

595
00:31:32,280 --> 00:31:39,320
Speaker 1: sixties currently sixty three degrees. Markets, headlines and breaking news

596
00:31:39,440 --> 00:31:42,040
Speaker 1: twenty four hours a day at Bloomberg dot com, the

597
00:31:42,080 --> 00:31:45,600
Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. She's a

598
00:31:45,640 --> 00:31:54,800
Speaker 1: Bloomberg Business Flash and I'm camerin Moscow. This updates Brown

599
00:31:54,840 --> 00:31:57,960
Speaker 1: Too You by ib KR Investment Advisors switched to Interactive

600
00:31:57,960 --> 00:32:00,320
Speaker 1: Brokers for lowist cost global trading and turn and key

601
00:32:00,320 --> 00:32:03,480
Speaker 1: custody solutions, no ticket charges and no conflex of your

602
00:32:03,480 --> 00:32:05,680
Speaker 1: interest at I v k R dot com slash r

603
00:32:05,840 --> 00:32:08,880
Speaker 1: I A future is on the rise this morning. Let's

604
00:32:08,880 --> 00:32:10,959
Speaker 1: go to the first Word Breaking news desk for today's

605
00:32:10,960 --> 00:32:14,480
Speaker 1: morning call, and here's Bill Maloney, Bill, good morning, Hey,

606
00:32:14,520 --> 00:32:16,760
Speaker 1: good morning, Careen. That's right. US fugues with a bid

607
00:32:16,840 --> 00:32:18,760
Speaker 1: right now with Doubt futures up a hundred and fifty

608
00:32:18,760 --> 00:32:21,840
Speaker 1: two points, SCAPES Game twenty and NASDA futures are higher

609
00:32:22,040 --> 00:32:25,280
Speaker 1: by thirty seven. The US ten yield at three point

610
00:32:25,360 --> 00:32:28,480
Speaker 1: nine percent, Gold is hired by two, Oil is little changed,

611
00:32:28,720 --> 00:32:31,920
Speaker 1: and Bitcoin is sinking by two point nine percent. Hong

612
00:32:32,000 --> 00:32:34,640
Speaker 1: Kong fell one point nine percent overnight, while up markets

613
00:32:34,640 --> 00:32:36,840
Speaker 1: are trading in the green and back in the US

614
00:32:36,920 --> 00:32:39,640
Speaker 1: on the Economic Frinday thirty, the consumer price in next

615
00:32:39,920 --> 00:32:43,000
Speaker 1: and initial job as claims Regarding earnings this morning, a

616
00:32:43,080 --> 00:32:46,120
Speaker 1: black rockyps beat estimates and Delta is trading higher by

617
00:32:46,160 --> 00:32:49,520
Speaker 1: five percent after its numbers. And wrapping things up, Colgate

618
00:32:49,560 --> 00:32:52,040
Speaker 1: Palm all have raised Overwight at JP Morgan, I'll t

619
00:32:52,200 --> 00:32:53,800
Speaker 1: s U s A raised to buy its City Group

620
00:32:54,040 --> 00:32:56,760
Speaker 1: and Bologen was raised to buy over at Steve Hole

621
00:32:57,280 --> 00:32:59,640
Speaker 1: Live on the First Breaking News Desk, gom Bill Maloney,

622
00:32:59,680 --> 00:33:01,880
Speaker 1: care right, Bill, thank you to hear live breaking news

623
00:33:01,920 --> 00:33:04,520
Speaker 1: over your Bloombery Times Squawk on your terminal s U

624
00:33:04,640 --> 00:33:06,600
Speaker 1: U A w K. Just a little more on black

625
00:33:06,680 --> 00:33:09,520
Speaker 1: Rock here now black Rocks amsets under management. They fell

626
00:33:09,640 --> 00:33:12,880
Speaker 1: six in the third quarter, along with equity and vawn markets,

627
00:33:13,120 --> 00:33:16,640
Speaker 1: as central banks continued raising interest rates to counter searching inflation.

628
00:33:16,880 --> 00:33:20,440
Speaker 1: The firm oversaw seven point nine six trillion dollars as

629
00:33:20,440 --> 00:33:24,080
Speaker 1: of September thirty. That was the lowest since that's a

630
00:33:24,080 --> 00:33:26,680
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on

631
00:33:26,800 --> 00:33:29,640
Speaker 1: what's going on around the world. Uncle Karen, thank you

632
00:33:29,760 --> 00:33:32,160
Speaker 1: very much. The American public will get an opportunity to

633
00:33:32,160 --> 00:33:34,360
Speaker 1: need to learn more about the attack on the US

634
00:33:34,440 --> 00:33:37,760
Speaker 1: Capitol later today. This is expected to be the final

635
00:33:37,840 --> 00:33:42,160
Speaker 1: hearing as the House elect Committee investigating January sixth returns

636
00:33:42,400 --> 00:33:46,440
Speaker 1: for another hearing today, it's first since July. The committee

637
00:33:46,480 --> 00:33:49,760
Speaker 1: is expected to present Secret Service documents subpoena following a

638
00:33:49,840 --> 00:33:53,080
Speaker 1: report that the agency's text messages from the day of

639
00:33:53,080 --> 00:33:56,320
Speaker 1: the riot were deleted. In the NHL, the Bruins beat

640
00:33:56,320 --> 00:34:00,200
Speaker 1: the Capitol's five too. In Baseball's n LDS playoff, the

641
00:34:00,200 --> 00:34:03,160
Speaker 1: Braves beat the Phillies three ZIP to even their series

642
00:34:03,200 --> 00:34:06,200
Speaker 1: at a game apiece. The Padres beat the Dodgers five

643
00:34:06,240 --> 00:34:09,560
Speaker 1: three to tie their series at one one Global News

644
00:34:09,640 --> 00:34:13,320
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,

645
00:34:13,600 --> 00:34:17,040
Speaker 1: powered by more than twenty seven hundred journalists and analysts

646
00:34:17,040 --> 00:34:19,560
Speaker 1: in more than a hundred twenty countries. I'm Michael Barr,

647
00:34:19,600 --> 00:34:22,640
Speaker 1: and this is Bloomberg. Karen. Allright, michaelbar thank you. Six

648
00:34:22,719 --> 00:34:24,680
Speaker 1: forty nine on Wall Street, we turned to news and

649
00:34:24,719 --> 00:34:27,400
Speaker 1: science and technology Now with the Bloomberg and j I T.

650
00:34:27,560 --> 00:34:30,319
Speaker 1: Stammer Report, brought to you buy New Jersey Institute of

651
00:34:30,400 --> 00:34:33,719
Speaker 1: Technology n j I T makes industry ready engineers and

652
00:34:33,719 --> 00:34:36,120
Speaker 1: more than twenty fields. If it's engineering, it's at n

653
00:34:36,200 --> 00:34:38,759
Speaker 1: j I T. What will you make at n j

654
00:34:38,920 --> 00:34:41,200
Speaker 1: I T. Learn more at n j I T DOT

655
00:34:41,200 --> 00:34:44,279
Speaker 1: A d U And here's what's making news and science, technology,

656
00:34:44,320 --> 00:34:47,480
Speaker 1: engineering and math. I new electric car company that brings

657
00:34:47,480 --> 00:34:51,520
Speaker 1: together too big names in Japanese business, Honda and Sony

658
00:34:51,520 --> 00:34:55,680
Speaker 1: officially kicked off today. The electric vehicle from Sony Honda

659
00:34:55,719 --> 00:34:59,560
Speaker 1: Mobility will go on sale in in March. Sony Group

660
00:34:59,560 --> 00:35:02,320
Speaker 1: and Han agreed to set up the fifty fifty joint venture,

661
00:35:02,560 --> 00:35:05,560
Speaker 1: but the idea of bringing together Honda's expertise and Auto's

662
00:35:05,600 --> 00:35:09,880
Speaker 1: mobility technology and sales with Sony's imaging, network, sensor and

663
00:35:10,040 --> 00:35:14,680
Speaker 1: entertainment expertise. Amazon dot Com is shutting down a virtual

664
00:35:14,800 --> 00:35:19,120
Speaker 1: tour feature called Amazon Explore. It's the latest belt tightening

665
00:35:19,120 --> 00:35:22,440
Speaker 1: move by the online giant as it adjust to slowing sales.

666
00:35:22,800 --> 00:35:27,160
Speaker 1: Amazon launched Explore in targeting those suffering cabin fever during

667
00:35:27,160 --> 00:35:30,520
Speaker 1: pandemic lockdowns. Users could pay seven dollars fifty cents for

668
00:35:30,600 --> 00:35:33,360
Speaker 1: a fifty minute guided tour of sites such as animal

669
00:35:33,400 --> 00:35:36,480
Speaker 1: sanctuaries in Costa Rica, or fifty dollars for an hour

670
00:35:36,560 --> 00:35:40,800
Speaker 1: long virtual stroll through the markets of venice and Cryptocurrencies

671
00:35:40,880 --> 00:35:43,000
Speaker 1: may have crashed this year, but they remain a digital

672
00:35:43,080 --> 00:35:47,240
Speaker 1: cash machine for one potent constituency, hackers. According to blockchain

673
00:35:47,360 --> 00:35:51,040
Speaker 1: specialist Chain Analysis, at least seven eighteen million dollars has

674
00:35:51,040 --> 00:35:54,400
Speaker 1: been stolen so far in October alone, taking the gross

675
00:35:54,440 --> 00:35:57,560
Speaker 1: tally for the year past three billion. And that's a

676
00:35:57,560 --> 00:36:00,800
Speaker 1: Bloomberg and j I t Stem report. Nathan, Thank you, Karen.

677
00:36:00,880 --> 00:36:03,480
Speaker 1: We are live from the Bloomberg Interactive Brokers studios where

678
00:36:03,480 --> 00:36:05,920
Speaker 1: it's six fifty one on Wall Street time now to

679
00:36:06,000 --> 00:36:08,040
Speaker 1: check what's going on in d C. Some of the

680
00:36:08,040 --> 00:36:10,640
Speaker 1: top stories in our nation's capital, include the January six

681
00:36:10,640 --> 00:36:13,080
Speaker 1: committee to focus on Trump's state of mind and what

682
00:36:13,160 --> 00:36:16,440
Speaker 1: maybe it's a final public hearing US officials hearing a

683
00:36:16,480 --> 00:36:19,440
Speaker 1: camp on Russian oil prices could fail after opex move

684
00:36:19,880 --> 00:36:22,040
Speaker 1: and a couple moves from the Biden administration on the

685
00:36:22,080 --> 00:36:25,759
Speaker 1: immigration front. Let's bring in Bloomberg Government congressional reporter Jack

686
00:36:25,800 --> 00:36:29,200
Speaker 1: Fitzpatrick for more on these stories. So, Jack, what should

687
00:36:29,200 --> 00:36:32,799
Speaker 1: we be watching for in this afternoon's possibly final House

688
00:36:32,880 --> 00:36:36,759
Speaker 1: January six committee hearing. Yeah, we don't know if it'll

689
00:36:36,800 --> 00:36:39,120
Speaker 1: be final or exactly when they're gonna wrap things up,

690
00:36:39,160 --> 00:36:41,239
Speaker 1: but today's hearing is going to take a bit of

691
00:36:41,320 --> 00:36:46,000
Speaker 1: a broader view. Uh, It's it's not going to focus

692
00:36:46,040 --> 00:36:49,520
Speaker 1: on just one specific time period. Uh. An Aid with

693
00:36:49,560 --> 00:36:52,400
Speaker 1: the committee told reporters that some of the information that

694
00:36:52,640 --> 00:36:56,600
Speaker 1: comes out is going to be pre January sixth, pre

695
00:36:56,719 --> 00:37:00,560
Speaker 1: election in fact, uh, and some will be after January

696
00:37:00,640 --> 00:37:04,960
Speaker 1: six They are going to focus on former President Donald

697
00:37:05,000 --> 00:37:08,480
Speaker 1: Trump's role in the events in the build up. There

698
00:37:08,480 --> 00:37:13,600
Speaker 1: will the information on, uh, the the developing understanding on

699
00:37:13,760 --> 00:37:17,040
Speaker 1: January sixth of the level of violence that occurred. Uh,

700
00:37:17,280 --> 00:37:19,680
Speaker 1: we don't have all the details yet on on what

701
00:37:19,719 --> 00:37:21,759
Speaker 1: they're going to bring out, But we do know that

702
00:37:21,880 --> 00:37:25,359
Speaker 1: they got thousands of documents from the Secret Service in

703
00:37:25,840 --> 00:37:28,839
Speaker 1: response to their subpoena of the Secret Service, so they

704
00:37:28,840 --> 00:37:31,479
Speaker 1: have a lot of information to work with there. And

705
00:37:31,520 --> 00:37:36,200
Speaker 1: this is not not going to have a live testimony

706
00:37:36,239 --> 00:37:38,840
Speaker 1: from anybody who's there in person. This is going to

707
00:37:38,880 --> 00:37:41,880
Speaker 1: be the multimedia approach where they show video clips of

708
00:37:41,920 --> 00:37:45,840
Speaker 1: people they've interviewed, uh and and in other ways bring

709
00:37:45,840 --> 00:37:48,680
Speaker 1: in information that they've gathered. So this will be more

710
00:37:49,360 --> 00:37:51,880
Speaker 1: one of those hearings that they've done that's essentially a

711
00:37:51,960 --> 00:37:57,160
Speaker 1: multimedia presentation rather than a live interview. So, as you say,

712
00:37:57,200 --> 00:37:59,080
Speaker 1: we don't know whether this will be the final word

713
00:37:59,160 --> 00:38:01,480
Speaker 1: from the January six committee, but we are less than

714
00:38:01,560 --> 00:38:04,520
Speaker 1: four weeks away from a mid term election here. We

715
00:38:04,600 --> 00:38:06,640
Speaker 1: have to be thinking at this point about what kind

716
00:38:06,640 --> 00:38:11,360
Speaker 1: of impact these hearings have had on voters. Yeah, you know,

717
00:38:11,480 --> 00:38:14,759
Speaker 1: I when we speak to aids with the committee or

718
00:38:14,960 --> 00:38:18,280
Speaker 1: or lawmakers on the committee, and just watching their hearings,

719
00:38:18,920 --> 00:38:21,560
Speaker 1: it does not strike me that this is a committee

720
00:38:21,600 --> 00:38:25,960
Speaker 1: that is particularly focused specifically on these mid terms. It

721
00:38:26,080 --> 00:38:29,040
Speaker 1: could have an effect on these mid terms. There's been

722
00:38:29,040 --> 00:38:31,560
Speaker 1: plenty of information that's come out that has not looked

723
00:38:31,600 --> 00:38:35,640
Speaker 1: good for uh, some Republicans, for the former president, for

724
00:38:35,760 --> 00:38:38,960
Speaker 1: some congressional Republicans though, people who are not necessarily in

725
00:38:39,040 --> 00:38:42,400
Speaker 1: swing districts. But really the focus for the committee seems

726
00:38:42,440 --> 00:38:45,440
Speaker 1: to be, you know, the question of what happens if

727
00:38:45,520 --> 00:38:49,839
Speaker 1: a president tries to overturn the results of an election, uh,

728
00:38:49,840 --> 00:38:54,080
Speaker 1: and there is violence involved and there's no system of accountability.

729
00:38:54,120 --> 00:38:56,000
Speaker 1: Their their focus seems to be a bit more of

730
00:38:56,040 --> 00:39:01,120
Speaker 1: a long term response rather than specifically on these mid terms.

731
00:39:01,200 --> 00:39:03,400
Speaker 1: And so I wouldn't want to play up, you know,

732
00:39:03,440 --> 00:39:07,400
Speaker 1: the the impact that this hearing specifically, or even the

733
00:39:07,400 --> 00:39:09,680
Speaker 1: the group of hearings that they're doing, or the final

734
00:39:09,760 --> 00:39:12,480
Speaker 1: report would have uh in an election that's going to

735
00:39:12,560 --> 00:39:15,120
Speaker 1: happen in a month, because that does not seem to

736
00:39:15,200 --> 00:39:18,359
Speaker 1: be their main focus with this. All right, let's turn

737
00:39:18,360 --> 00:39:20,560
Speaker 1: to this current White House, where the focus is on

738
00:39:20,640 --> 00:39:23,960
Speaker 1: the economy, the war in Ukraine and its potential impact

739
00:39:24,400 --> 00:39:28,040
Speaker 1: on global market. Some very interesting reporting this morning from

740
00:39:28,080 --> 00:39:30,920
Speaker 1: our colleagues of Bloomberg News about concerned building within the

741
00:39:30,920 --> 00:39:36,600
Speaker 1: White House about the Russian oil price cap plan potentially backfiring. Yes,

742
00:39:37,000 --> 00:39:40,399
Speaker 1: there's concern essentially that you know, they don't know how

743
00:39:40,440 --> 00:39:45,120
Speaker 1: that could drive volatility internationally. UH. You cannot guarantee that

744
00:39:45,120 --> 00:39:49,200
Speaker 1: that would lead to a broad lowering of prices. It

745
00:39:49,200 --> 00:39:52,920
Speaker 1: could lead to a spike in prices. UH. At this point,

746
00:39:53,000 --> 00:39:57,480
Speaker 1: it is seen as the best among bad options. UH,

747
00:39:57,520 --> 00:40:01,040
Speaker 1: and a lot of the conser learners about the extent

748
00:40:01,080 --> 00:40:05,040
Speaker 1: to which the ball is in Russia's court. UM. The obviously,

749
00:40:05,080 --> 00:40:08,200
Speaker 1: we've heard Vladimir Putin say that Russia would refuse to

750
00:40:08,280 --> 00:40:12,160
Speaker 1: sell at all to anyone who participates in the price

751
00:40:12,200 --> 00:40:14,919
Speaker 1: cap scheme. There was still hope that it would work

752
00:40:15,040 --> 00:40:19,000
Speaker 1: because if a number of countries participate, it would reduce

753
00:40:19,080 --> 00:40:23,120
Speaker 1: demand UH at least at higher levels, and broadly reduced

754
00:40:23,200 --> 00:40:27,680
Speaker 1: revenue that Russia can take in. But really, considering the

755
00:40:27,760 --> 00:40:32,880
Speaker 1: global nature and the complexity of the availability of oil,

756
00:40:33,200 --> 00:40:37,120
Speaker 1: there is concern about exactly how effective it will be UH,

757
00:40:37,239 --> 00:40:40,959
Speaker 1: the extent to which it drives volatility UH, and how

758
00:40:41,040 --> 00:40:43,480
Speaker 1: much success they're actually going to be able to have

759
00:40:43,719 --> 00:40:47,399
Speaker 1: in denying revenue to Russia. In our last minute, here Jack,

760
00:40:47,440 --> 00:40:49,920
Speaker 1: a couple moves on the immigration front. Tell us more

761
00:40:49,920 --> 00:40:53,520
Speaker 1: about that. Yeah, For one, UH, there is going to

762
00:40:53,560 --> 00:40:57,919
Speaker 1: be nearly a doubling of the available availability of non

763
00:40:57,960 --> 00:41:01,799
Speaker 1: agricultural H two B visa is UH. In addition to

764
00:41:01,840 --> 00:41:04,880
Speaker 1: the usual sixty six thousand each year, they're adding almost

765
00:41:05,000 --> 00:41:08,440
Speaker 1: sixty five thousand according to the Department of Homeland Security.

766
00:41:08,880 --> 00:41:12,319
Speaker 1: UH that really is aimed at addressing an increase in

767
00:41:12,400 --> 00:41:17,640
Speaker 1: need for seasonal workers. And then venez Venezuela specific that

768
00:41:17,680 --> 00:41:22,840
Speaker 1: the Biden administration is implementing a humanitarian plan to allow

769
00:41:22,960 --> 00:41:26,959
Speaker 1: Venezuelans fleeing their country into the US. UH it could

770
00:41:27,000 --> 00:41:31,440
Speaker 1: create a new legal pathway. UH. It involves new checkpoints

771
00:41:31,440 --> 00:41:34,120
Speaker 1: that says that if people cross the border illegally, they

772
00:41:34,160 --> 00:41:38,840
Speaker 1: will not be eligible, but thousands of twenty four thousand

773
00:41:38,920 --> 00:41:43,200
Speaker 1: Venezuelans could be eligible for that, so to significant moves

774
00:41:43,200 --> 00:41:46,319
Speaker 1: in terms of people coming into the US. Thanks for this, Jack,

775
00:41:46,320 --> 00:41:48,440
Speaker 1: great have you go on with a Bloomberg Government congressional

776
00:41:48,440 --> 00:41:52,040
Speaker 1: reporter Jack Fitzpatrick. You can read more about these stories

777
00:41:52,080 --> 00:41:54,760
Speaker 1: on Bloomberg dot com or on the Bloomberg terminal. Follow

778
00:41:54,760 --> 00:41:58,960
Speaker 1: all the latest on Bloomberg Radio in Washington Bloomberg one

779
00:41:59,000 --> 00:42:02,840
Speaker 1: and one oh five point seven FM HD two focus

780
00:42:02,920 --> 00:42:05,640
Speaker 1: for markets out of Washington. This morning, the Consumer Price

781
00:42:05,680 --> 00:42:07,920
Speaker 1: Index DO out at eight thirty Wall Street time, a

782
00:42:07,920 --> 00:42:09,640
Speaker 1: little more than an hour and a half from now.

783
00:42:09,680 --> 00:42:12,000
Speaker 1: Ahead of it, markets are moving a bit higher. SMP

784
00:42:12,160 --> 00:42:15,360
Speaker 1: futures are about eighteen points down, futures up a hundred

785
00:42:15,360 --> 00:42:19,080
Speaker 1: forty three, and NASTAC futures are moving higher by thirty points.

786
00:42:19,120 --> 00:42:22,080
Speaker 1: Tenure Treasury is up three thirty seconds. The yield three

787
00:42:22,120 --> 00:42:24,160
Speaker 1: point eight eight percent yield on the two year four

788
00:42:24,200 --> 00:42:27,880
Speaker 1: point to eight NIMEX crude little changed, up almost a

789
00:42:27,960 --> 00:42:31,080
Speaker 1: tenth percent at eighty seven dollars thirty four cents of barrel,

790
00:42:31,400 --> 00:42:33,640
Speaker 1: and comic gold is hired by two tenths percent of

791
00:42:33,680 --> 00:42:37,320
Speaker 1: three dollars fifty cents at six eighty one. Announced. Bloomberg

792
00:42:37,400 --> 00:42:41,040
Speaker 1: Surveillance is next with Tom Keene, Jonathan Faroh, and Lisa

793
00:42:41,120 --> 00:42:46,160
Speaker 1: Abramowitz for Karen Moscow. I'm Nathan Hagar, and this is

794
00:42:46,239 --> 00:42:46,879
Speaker 1: Bloomberg