1 00:00:02,920 --> 00:00:06,279 Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg 2 00:00:06,360 --> 00:00:10,680 Speaker 1: Daybreak for Thursday, March three. Coming up this hour, Russia 3 00:00:10,760 --> 00:00:13,920 Speaker 1: presses ahead in Ukraine as the war enters its second week. 4 00:00:14,120 --> 00:00:17,079 Speaker 1: Boyle continues, It's March higher, hitting the highest level since 5 00:00:17,120 --> 00:00:19,880 Speaker 1: two thousand eight. J Pali stands pad On plants for 6 00:00:19,920 --> 00:00:22,600 Speaker 1: a rate hike this month, and the January six Panel 7 00:00:22,640 --> 00:00:26,080 Speaker 1: says evidence suggests crimes committed by Donald Trump. New York 8 00:00:26,120 --> 00:00:29,280 Speaker 1: school chancellor says he wants to stop the exodus of students. 9 00:00:29,320 --> 00:00:32,280 Speaker 1: Plus Supreme Court nominee Brown Jackson is making the Browns 10 00:00:32,280 --> 00:00:35,520 Speaker 1: on Capitol Hill. I'm Michael Blarm. We're ahead of John 11 00:00:35,520 --> 00:00:38,400 Speaker 1: Stage Shower Sports, the Nick Laws in Philadelphia, the Rangers 12 00:00:38,400 --> 00:00:41,320 Speaker 1: beat the Blues College who wins for St? John, Seaton 13 00:00:41,400 --> 00:00:46,559 Speaker 1: Hall and Rutger. That's all straight ahead on Bloomberg day 14 00:00:46,560 --> 00:00:51,560 Speaker 1: Break on Bloomberg eleven, Treo, New York, Bloomberg one, Washington, 15 00:00:51,640 --> 00:00:55,760 Speaker 1: d C, Bloomberg one O six one, Boston, Bloomberg nine sixties, 16 00:00:55,760 --> 00:00:59,720 Speaker 1: San Francisco, Sirius x M one nineteen and around the 17 00:00:59,760 --> 00:01:02,560 Speaker 1: world Old on Bloomberg Radio dot Com and via the 18 00:01:02,640 --> 00:01:09,760 Speaker 1: Bloomberg Business A good morning. I'm Nathan Hagar and I'm Karen. 19 00:01:09,840 --> 00:01:12,920 Speaker 1: Moscow and US Dock index futures are little changed to 20 00:01:13,040 --> 00:01:15,319 Speaker 1: lower this morning. We're coming up to five oh one 21 00:01:15,319 --> 00:01:17,240 Speaker 1: on Wall Street, and we check the markets every fifteen 22 00:01:17,280 --> 00:01:20,120 Speaker 1: minutes throughout the trading day. On Bloomberg right now, S 23 00:01:20,200 --> 00:01:22,920 Speaker 1: and P futures are down two and a half points 24 00:01:22,920 --> 00:01:25,120 Speaker 1: and DOWN futures are down four, so they're both pretty 25 00:01:25,160 --> 00:01:28,640 Speaker 1: much little changed. Nasdack futures lower, down thirty seven. The 26 00:01:28,760 --> 00:01:31,800 Speaker 1: decks in Germany's down about seven tenths of upper set ten. 27 00:01:31,880 --> 00:01:34,560 Speaker 1: Your treasury up one thirty second, the yield one point 28 00:01:34,600 --> 00:01:37,160 Speaker 1: eight seven percent, the yield on the two year one 29 00:01:37,160 --> 00:01:40,920 Speaker 1: point five zero percent, and Nimex screwde oil is up 30 00:01:40,959 --> 00:01:43,840 Speaker 1: too and a half percent. Nathan Karen will have more 31 00:01:43,840 --> 00:01:45,640 Speaker 1: on the markets in a minute, but first, the war 32 00:01:45,680 --> 00:01:48,960 Speaker 1: in Ukraine is now into its second week. Russian forces 33 00:01:49,000 --> 00:01:51,720 Speaker 1: are pressing head with their offensive, firing missiles at the 34 00:01:51,760 --> 00:01:54,920 Speaker 1: capital of Kiev. Moscow's also stepped up a campaign to 35 00:01:54,960 --> 00:01:58,480 Speaker 1: take cities in the south. Ukraine's president Vladimir Zelinski says 36 00:01:58,560 --> 00:02:03,080 Speaker 1: Russian troops will be met with force. Wherever they go. 37 00:02:03,600 --> 00:02:07,000 Speaker 1: They will be destroyed they will not have common they 38 00:02:07,040 --> 00:02:09,839 Speaker 1: will not have food, They will not have one quiet moment, 39 00:02:11,480 --> 00:02:17,600 Speaker 1: Receive only one thing. Resist fifth resistant President Vladimir z 40 00:02:17,639 --> 00:02:20,720 Speaker 1: Linski's telling Russian troops to go home. Ukraine is set 41 00:02:20,760 --> 00:02:23,840 Speaker 1: for a second round of talks with Moscow today. Meantime, 42 00:02:23,919 --> 00:02:27,160 Speaker 1: Nathan United Nations is ramping up its rhetoric on Russia. 43 00:02:27,240 --> 00:02:30,760 Speaker 1: The U n Secretary General is demanding Moscow removed troops 44 00:02:30,840 --> 00:02:34,760 Speaker 1: from Ukraine. Bloomberg said, Baxter has the story. An overwhelming 45 00:02:34,760 --> 00:02:39,320 Speaker 1: majority of the General Assembly back Russian condemnation one four 46 00:02:39,480 --> 00:02:43,600 Speaker 1: five against thirty five abstain. Secretary General Antonio Guterres says 47 00:02:43,639 --> 00:02:49,760 Speaker 1: the world demands peace. People in Ukraine desperately needs peace, 48 00:02:50,560 --> 00:02:55,800 Speaker 1: and people around the world this is Representatives from Ukraine 49 00:02:55,800 --> 00:02:58,600 Speaker 1: and Russia are headed to the Belarus Poland border today 50 00:02:58,639 --> 00:03:01,400 Speaker 1: for a second round of talks, and Secretary of State 51 00:03:01,440 --> 00:03:04,120 Speaker 1: Anthony Blinkol has headed to Europe for talks with NATO 52 00:03:04,200 --> 00:03:07,880 Speaker 1: allies in San Francisco. I'm at Baxetor Bloomberg daybreak. Thanks 53 00:03:07,880 --> 00:03:10,520 Speaker 1: sad Russian finances, they're feeling more pain this morning. The 54 00:03:10,560 --> 00:03:13,200 Speaker 1: country's credit rating has been cut to junk by both 55 00:03:13,280 --> 00:03:16,400 Speaker 1: moodies and Fitch ratings. Both wren that sanctions could undermine 56 00:03:16,440 --> 00:03:20,240 Speaker 1: Russia's capability and willingness to service debt. Well, oil continues. 57 00:03:20,280 --> 00:03:23,440 Speaker 1: It's march higher this morning, Nathan, hitting levels we haven't 58 00:03:23,480 --> 00:03:26,120 Speaker 1: seen in fourteen years, and we get the latest live 59 00:03:26,240 --> 00:03:29,799 Speaker 1: from Bloomberg's John Tucker, johnkle Mornay Karen. Buyers continue to 60 00:03:29,880 --> 00:03:33,079 Speaker 1: shun Russian crude and traders are betting that prices will 61 00:03:33,160 --> 00:03:36,880 Speaker 1: keep rising. Don't expect any help from OPEC plus after 62 00:03:36,920 --> 00:03:39,920 Speaker 1: a thirteen minute meeting, they stuck to just a mild 63 00:03:40,080 --> 00:03:43,200 Speaker 1: increase in production and don't expect much help from US 64 00:03:43,240 --> 00:03:47,160 Speaker 1: shale producers. They say labor and material shortages are hurting 65 00:03:47,200 --> 00:03:50,800 Speaker 1: their production. And it's not just oil. Commodities are rising 66 00:03:50,840 --> 00:03:54,680 Speaker 1: across the board. Bloomberg's gage of raw materials is closing 67 00:03:54,720 --> 00:03:58,480 Speaker 1: in on the biggest weekly gain in sixty years. Aluminum 68 00:03:58,560 --> 00:04:02,720 Speaker 1: hit a record, we prices extended their meteoric rally. These 69 00:04:02,760 --> 00:04:05,840 Speaker 1: commodities are not subject to sanctions, but surging freight and 70 00:04:05,920 --> 00:04:09,440 Speaker 1: insurance costs are keeping buyers away. Laden New York. I'm 71 00:04:09,520 --> 00:04:12,640 Speaker 1: John Tucker, Bloomberg Daybreak. Okay, John, thank you, And despite 72 00:04:12,720 --> 00:04:15,560 Speaker 1: risks from Russia's invasion of Ukraine. J Powell is making 73 00:04:15,560 --> 00:04:18,839 Speaker 1: the fight against inflation his top priority. The FED chair 74 00:04:18,880 --> 00:04:21,760 Speaker 1: testified before a House panel yesterday, saying he supports the 75 00:04:21,880 --> 00:04:24,200 Speaker 1: rate hike later this month. I do think it will 76 00:04:24,200 --> 00:04:26,920 Speaker 1: be appropriate to raise our target range for the Feller 77 00:04:26,920 --> 00:04:29,320 Speaker 1: funds rate at the March meeting in a couple of weeks, 78 00:04:29,600 --> 00:04:31,800 Speaker 1: and I'm inclined to propose and support a twenty five 79 00:04:31,800 --> 00:04:34,840 Speaker 1: basis point rate hike. And to the extent inflation comes 80 00:04:34,839 --> 00:04:38,119 Speaker 1: in higher or is more persistently high than that, then 81 00:04:38,240 --> 00:04:41,800 Speaker 1: we would be prepared to move more aggressively by by 82 00:04:42,000 --> 00:04:44,000 Speaker 1: raising the Fellow funds rate by more than twenty five 83 00:04:44,040 --> 00:04:48,240 Speaker 1: basis point. FED Chair J. Powells testifies before Congress again today, 84 00:04:48,279 --> 00:04:51,359 Speaker 1: this time to the Senate Banking Committee, Nathan. The next 85 00:04:51,480 --> 00:04:54,240 Speaker 1: major event for J. Powell and the Fed is Friday's 86 00:04:54,320 --> 00:04:57,640 Speaker 1: jobs report. Over the past year, rapid wage growth left 87 00:04:57,640 --> 00:05:00,400 Speaker 1: businesses scrambling to keep up, and in the like that 88 00:05:00,440 --> 00:05:03,240 Speaker 1: trend will continue. Bloomberg's Rnida Young joins us now at 89 00:05:03,279 --> 00:05:06,400 Speaker 1: the details. Good morning, Randa, Good morning Karen. The February 90 00:05:06,520 --> 00:05:10,160 Speaker 1: jobs report is expected to show average hourly earnings rose 91 00:05:10,200 --> 00:05:13,240 Speaker 1: a half a percent last month, pushing year over year 92 00:05:13,279 --> 00:05:16,440 Speaker 1: games close to six percent, and if you exclude two 93 00:05:16,480 --> 00:05:20,719 Speaker 1: pandemic distorted prints in the annual increase would be the 94 00:05:20,800 --> 00:05:25,440 Speaker 1: strongest in data going back fifteen years. Some slowing is expected, 95 00:05:25,640 --> 00:05:29,320 Speaker 1: but wage growth is poised to remain exceptionally strong this year. 96 00:05:29,800 --> 00:05:32,440 Speaker 1: High labor costs are yet another factor the Fed will 97 00:05:32,480 --> 00:05:34,919 Speaker 1: have to contend with as it works to cool the 98 00:05:34,960 --> 00:05:39,360 Speaker 1: hottest inflation in a generation. In New York, I'm Nita Young, 99 00:05:39,360 --> 00:05:42,440 Speaker 1: Bloomberg Daybreak. Thanks Nita, turning to politics now, we have 100 00:05:42,520 --> 00:05:45,599 Speaker 1: new developments involving the January six attack on the Capitol. 101 00:05:45,839 --> 00:05:48,880 Speaker 1: The Congressional committee investigating the incident says it may have 102 00:05:49,000 --> 00:05:53,160 Speaker 1: evidence that former President Trump was part of a criminal conspiracy. 103 00:05:53,200 --> 00:05:56,560 Speaker 1: Amy Morris reports from our Bloomberg nine one newsroom in Washington. 104 00:05:56,839 --> 00:06:00,400 Speaker 1: The committee says Trump advisor John Eastman's emails device President 105 00:06:00,440 --> 00:06:03,560 Speaker 1: Mike Pence's lawyer show evidence of obstruction of an official 106 00:06:03,600 --> 00:06:06,880 Speaker 1: proceeding a felony that carries a maximum of twenty years 107 00:06:06,920 --> 00:06:09,479 Speaker 1: in prison, and the emails he blames Pence for the 108 00:06:09,600 --> 00:06:12,520 Speaker 1: riot and says, quote, I implore you to consider one 109 00:06:12,560 --> 00:06:16,000 Speaker 1: more relatively minor violation of the Electoral Count Act and 110 00:06:16,040 --> 00:06:19,040 Speaker 1: adjourned for ten days. In a court filing, the committee 111 00:06:19,040 --> 00:06:22,119 Speaker 1: says Eastman knew what he was proposing would violate the law, 112 00:06:22,320 --> 00:06:25,719 Speaker 1: but pushed the Vice President to do it anyway. In Washington, 113 00:06:25,800 --> 00:06:28,440 Speaker 1: I'm Amy Morris Bloomberg day break. All right, Amy, thank you, 114 00:06:28,440 --> 00:06:30,200 Speaker 1: But let's turn back to the markets now as some 115 00:06:30,320 --> 00:06:33,560 Speaker 1: corporate items of note this morning, Shares of Snowflake are 116 00:06:33,600 --> 00:06:36,080 Speaker 1: plunging their down more than twenty one percent after the 117 00:06:36,160 --> 00:06:39,640 Speaker 1: software company projected slowing sales growth is expected to fall 118 00:06:39,680 --> 00:06:42,920 Speaker 1: from a previous triple digit percentage base ment. Tesla is 119 00:06:42,960 --> 00:06:45,600 Speaker 1: back in the news. Carreen CEO Elon Musk is challenging 120 00:06:45,640 --> 00:06:48,160 Speaker 1: the United Auto Workers Union to hold a vote at 121 00:06:48,200 --> 00:06:51,479 Speaker 1: his California factory. Musk says Tesla will do nothing to 122 00:06:51,480 --> 00:06:55,320 Speaker 1: stop union organizers. The challenge comes after President Biden again 123 00:06:55,520 --> 00:06:58,839 Speaker 1: failed to mention Tesla while promoting electric vehicles in his 124 00:06:58,920 --> 00:07:01,240 Speaker 1: State of the Union address. The White House is a 125 00:07:01,279 --> 00:07:04,840 Speaker 1: big supporter of labor unions. Right now, SMP futures are 126 00:07:04,880 --> 00:07:07,760 Speaker 1: down almost five points, STOUT futures down twenty NASTAC futures 127 00:07:07,800 --> 00:07:10,320 Speaker 1: lower by forty four points. The tenure Treasury is up 128 00:07:10,360 --> 00:07:13,320 Speaker 1: to thirty seconds. The yield right now one point eight 129 00:07:13,440 --> 00:07:16,520 Speaker 1: six per cent. Straight ahead, your latest local headlines and 130 00:07:16,520 --> 00:07:23,800 Speaker 1: a check of sports. This is Bloomberg. It's now five 131 00:07:23,800 --> 00:07:25,920 Speaker 1: oh seven on Wall Street. Got some showers this morning. 132 00:07:25,960 --> 00:07:28,680 Speaker 1: Forty four degrees in Central Partners crash on the Harlem 133 00:07:28,760 --> 00:07:32,320 Speaker 1: River drives southbound by h Details on that coming up 134 00:07:32,320 --> 00:07:35,240 Speaker 1: in traffic. First Michael Barr with more on what's going 135 00:07:35,240 --> 00:07:37,240 Speaker 1: on in New York into rappid world. Good morning, Michael, 136 00:07:37,320 --> 00:07:40,000 Speaker 1: Good morning Nathan. People in New York are coming together 137 00:07:40,080 --> 00:07:43,880 Speaker 1: to show support for Ukraine as the Russian invasion continues. 138 00:07:44,080 --> 00:07:47,480 Speaker 1: Hundreds of people gathered at St. George, Ukrainian Catholic Church 139 00:07:47,520 --> 00:07:50,600 Speaker 1: in the East Village last night to sing and pray. 140 00:07:51,080 --> 00:07:53,800 Speaker 1: The church has become a focal point for the humanitarian 141 00:07:53,800 --> 00:07:57,960 Speaker 1: effort by raising funds from everything from food and clothing 142 00:07:57,960 --> 00:08:07,120 Speaker 1: to medical supplies. Among the worshippers, New York Governor Kathy Hokele. 143 00:08:11,520 --> 00:08:15,280 Speaker 1: New York City has the largest Ukrainian population in the US. 144 00:08:15,560 --> 00:08:18,840 Speaker 1: President Biden's picked to replace Supreme Court Justice Stephen Bryan, 145 00:08:19,040 --> 00:08:22,520 Speaker 1: is making the rounds on Capitol Hill. Judge Katangi Brown 146 00:08:22,640 --> 00:08:26,240 Speaker 1: Jackson met with lawmakers her confirmation. Hearings could begin soon. 147 00:08:26,800 --> 00:08:30,240 Speaker 1: Japanese scientists say the omicron strain of COVID nineteen is 148 00:08:30,280 --> 00:08:34,800 Speaker 1: at least more lethal than seasonal flu. Countries around the 149 00:08:34,800 --> 00:08:39,920 Speaker 1: world have been relaxing mask mandates and testing requirements. Visibly annoyed, 150 00:08:39,920 --> 00:08:43,640 Speaker 1: Florida Governor Rhonda Santis admonished a group of students for 151 00:08:43,760 --> 00:08:48,040 Speaker 1: wearing face masks at an indoor news conference. It happened 152 00:08:48,040 --> 00:08:51,959 Speaker 1: before he spoke about cybersecurity and education at the University 153 00:08:52,000 --> 00:08:59,160 Speaker 1: of South Florida in Tampa. To think, we got to 154 00:08:59,200 --> 00:09:03,000 Speaker 1: stop with this. The theater want fine, but this isn't 155 00:09:03,080 --> 00:09:05,920 Speaker 1: This is ridiculous. Some of the students took their masks 156 00:09:06,000 --> 00:09:09,040 Speaker 1: off before Governor to Santists took the podium. New Jersey 157 00:09:09,040 --> 00:09:11,520 Speaker 1: Governor Phil Murphy received some good news about the state 158 00:09:11,520 --> 00:09:15,160 Speaker 1: a credit rating upgrade story from Bloomberg's Charlie call It. 159 00:09:15,480 --> 00:09:19,760 Speaker 1: Moody's Investors Service raised New Jersey's credit rating, giving the 160 00:09:19,800 --> 00:09:24,160 Speaker 1: state its first upgrade since two thousand five after years 161 00:09:24,240 --> 00:09:28,400 Speaker 1: of pension under funding and benefit increases. An upgrade can 162 00:09:28,480 --> 00:09:32,200 Speaker 1: lead to reduce borrowing costs for states, as bond investors 163 00:09:32,200 --> 00:09:36,360 Speaker 1: are willing to accept lower yields from issuers considered less 164 00:09:36,400 --> 00:09:40,720 Speaker 1: likely to default. In New York Charlie Pellet Bloomberg pay Break, 165 00:09:40,840 --> 00:09:44,080 Speaker 1: New York City School's Chancellor David Bank's pledge to bring 166 00:09:44,080 --> 00:09:46,800 Speaker 1: a new normal to the U s as largest school system. 167 00:09:47,000 --> 00:09:49,640 Speaker 1: He outlined a plan to reverse an exodus of students 168 00:09:49,640 --> 00:09:54,640 Speaker 1: by improving digital learning, reducing bureaucracy, and expanding gifted programs. 169 00:09:54,840 --> 00:09:57,080 Speaker 1: Global News twenty four hours a day on air and 170 00:09:57,200 --> 00:10:00,400 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 171 00:10:00,480 --> 00:10:03,199 Speaker 1: hundred journalists and analysts in more than a hundred twenty countries. 172 00:10:03,480 --> 00:10:11,120 Speaker 1: Michael BARRD this is Bloomberg, Nathan. Thanks Michael, coming. It's 173 00:10:11,120 --> 00:10:12,840 Speaker 1: a five ten on Wall Street. Time for the Bloomberg 174 00:10:12,880 --> 00:10:15,760 Speaker 1: Sports Updated Morning. John Stanshower All, good morning, Nathan. Familiar 175 00:10:15,800 --> 00:10:18,280 Speaker 1: script for the next good start, not a good finished. 176 00:10:18,280 --> 00:10:22,240 Speaker 1: Another loss now sixteen losses in the last nineteen games. 177 00:10:22,240 --> 00:10:24,680 Speaker 1: In Philadelphia, Nicks didn't trail until the third quarter, but 178 00:10:25,120 --> 00:10:27,600 Speaker 1: the Sixers one at once to one oh eight. They 179 00:10:27,600 --> 00:10:30,079 Speaker 1: sweep the home at home. Joe l MB twenty seven twints. 180 00:10:30,120 --> 00:10:33,360 Speaker 1: He took thirteen free throws. That's down from the twenty 181 00:10:33,480 --> 00:10:35,480 Speaker 1: seven that he took in Sunday's game at the Garden, 182 00:10:35,559 --> 00:10:38,319 Speaker 1: James Harden and his home debut in Philly twenty six 183 00:10:38,360 --> 00:10:40,240 Speaker 1: points in near triple double. R J. Barrett that the 184 00:10:40,280 --> 00:10:43,160 Speaker 1: Knicks with thirty Julius Randol at twenty four, but Alec 185 00:10:43,200 --> 00:10:46,839 Speaker 1: Burk's and Evan four together shot three of nineteen nets. 186 00:10:46,880 --> 00:10:50,439 Speaker 1: Home tonight from Miami, Kevin Durant makes his return from 187 00:10:50,440 --> 00:10:52,120 Speaker 1: the knee injury that's kept him that from more than 188 00:10:52,200 --> 00:10:54,440 Speaker 1: six weeks. The East eating heat last night in Milwaukee, 189 00:10:54,960 --> 00:10:57,520 Speaker 1: led by fourteen, was six minutes to go to Buck's 190 00:10:57,600 --> 00:11:00,560 Speaker 1: rally to win by one. At the Garden, Rangers led St. 191 00:11:00,559 --> 00:11:02,840 Speaker 1: Louis to nothing, then trail three two and the third 192 00:11:04,640 --> 00:11:07,280 Speaker 1: hunt toward that girl stroll a little too deep, but 193 00:11:07,360 --> 00:11:09,840 Speaker 1: he puts it on call stop right off sick score 194 00:11:10,800 --> 00:11:15,640 Speaker 1: Patrick Denneth from the point bit set it off barbarashop 195 00:11:16,440 --> 00:11:20,240 Speaker 1: Patrick's the game at three vp MM called Chris Cryer 196 00:11:20,240 --> 00:11:22,280 Speaker 1: would add a power play goal. Is thirty fifth toll 197 00:11:22,360 --> 00:11:24,480 Speaker 1: the season. The Rangers beat the Blues five to three, 198 00:11:24,800 --> 00:11:27,360 Speaker 1: big forty eight point second half for St. John's Red 199 00:11:27,400 --> 00:11:30,280 Speaker 1: Storm beat Xaver eighty one sixty six, also the big 200 00:11:30,280 --> 00:11:34,120 Speaker 1: East Seaton Hall down Georgetown sev the Hoyas r O 201 00:11:34,360 --> 00:11:36,400 Speaker 1: N eighteen in the Big East, and yet the school 202 00:11:36,400 --> 00:11:39,080 Speaker 1: says it is committed to it's coach, who happens to 203 00:11:39,080 --> 00:11:42,480 Speaker 1: be greatest player in school history. Patrick Ewing Rutgers helped 204 00:11:42,480 --> 00:11:44,400 Speaker 1: at ten C double A helps with a win at Indiana. 205 00:11:44,800 --> 00:11:47,160 Speaker 1: The Giants shed some payroll they cut running back to 206 00:11:47,200 --> 00:11:49,920 Speaker 1: Monte Booker and tight end Kyle Rudolf, John Stash Even 207 00:11:49,960 --> 00:11:52,920 Speaker 1: Bloomberg Sports neither all right, John, thanks SMP future is 208 00:11:52,960 --> 00:11:55,600 Speaker 1: down down seven points down, futures down thirty four, NASTAC 209 00:11:55,640 --> 00:11:57,640 Speaker 1: Future is lower by fifty four points to ten. Your 210 00:11:57,640 --> 00:12:01,360 Speaker 1: treasury yield one point eight six sent you're listening to 211 00:12:01,440 --> 00:12:09,240 Speaker 1: Bloomberg Daybreak, Bloomberg eleven three or other. Showers will end 212 00:12:09,280 --> 00:12:10,800 Speaker 1: this morning. We'll get up to the low forties with 213 00:12:10,880 --> 00:12:13,760 Speaker 1: a breeze mostly Sunday Tomorrow up for thirties. Will be 214 00:12:13,800 --> 00:12:16,280 Speaker 1: in the mid forties, mostly cloudy by Saturday. Right now 215 00:12:16,440 --> 00:12:23,160 Speaker 1: showers and forty four degrees in Central Park Markets. Headlines 216 00:12:23,200 --> 00:12:26,160 Speaker 1: and breaking news twenty four hours a day at Bloomberg 217 00:12:26,240 --> 00:12:29,640 Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quick Tape. 218 00:12:29,840 --> 00:12:39,120 Speaker 1: This is a Bloomberg Business Flash and I'm Karen. Moscow 219 00:12:39,200 --> 00:12:42,360 Speaker 1: stocks reversed earlier gains, with europe Stock six hundred index 220 00:12:42,480 --> 00:12:45,800 Speaker 1: lower along with US stock index, futures oil soaring to 221 00:12:45,840 --> 00:12:47,959 Speaker 1: the highest levels in two thousand eight, and we checked 222 00:12:48,000 --> 00:12:50,640 Speaker 1: the markets every fifteen minutes throughout the trading day on 223 00:12:50,720 --> 00:12:53,520 Speaker 1: bloomberg S and P Future is down eight points down, 224 00:12:53,559 --> 00:12:56,560 Speaker 1: futures down forty six and nasdack Future is down fifty 225 00:12:56,559 --> 00:12:59,240 Speaker 1: fo The decks in Germany's down nine tenths of upper 226 00:12:59,320 --> 00:13:01,800 Speaker 1: set ten your treasury up to thirty seconds he had 227 00:13:01,840 --> 00:13:03,920 Speaker 1: one point at six percent. That yield on the two 228 00:13:04,000 --> 00:13:06,960 Speaker 1: year one point five percent. NIMEX Screwed oil is up 229 00:13:06,960 --> 00:13:09,439 Speaker 1: two point four percent, up two dollars seventy five cents 230 00:13:09,440 --> 00:13:12,640 Speaker 1: at a hundred thirteen dollars thirty five cents of barrel comexs. 231 00:13:12,679 --> 00:13:15,040 Speaker 1: Gold is up six tenths per center, eleven dollars forty 232 00:13:15,120 --> 00:13:18,360 Speaker 1: cents at nineteen thirty three seventy ounce. The euro one 233 00:13:18,360 --> 00:13:20,920 Speaker 1: point one zero eight five against a dollar British found 234 00:13:20,920 --> 00:13:23,079 Speaker 1: one point three three eight eight, the ends at one 235 00:13:23,120 --> 00:13:26,320 Speaker 1: fifteen point seven three and Bitcoin moving lower at forty 236 00:13:26,320 --> 00:13:29,200 Speaker 1: three thousand, two hundred fifty dollars today We are looking 237 00:13:29,200 --> 00:13:31,560 Speaker 1: for the weekly report on initial jobless claims at any 238 00:13:31,600 --> 00:13:34,320 Speaker 1: thirty Wall Street, time at tenants, factory orders and durable 239 00:13:34,360 --> 00:13:36,880 Speaker 1: goods orders, as well as a look at service industries 240 00:13:37,080 --> 00:13:40,120 Speaker 1: and best buying gap among companies. Schedule to report earnings today. 241 00:13:40,400 --> 00:13:42,840 Speaker 1: As a Bloomberg Business Flash, now here's Munchael Barr with 242 00:13:42,920 --> 00:13:45,280 Speaker 1: more unless going on around the world. Muncle, Good morning, 243 00:13:45,720 --> 00:13:49,040 Speaker 1: Good morning Karen. The UN Refugee Agency says one million 244 00:13:49,040 --> 00:13:51,920 Speaker 1: people have fled Ukraine sense Russia invaded the country a 245 00:13:51,920 --> 00:13:56,679 Speaker 1: week ago. Bemal Russia fired missiles at Pieve overnight and 246 00:13:56,800 --> 00:13:59,880 Speaker 1: stepped up their campaign to take cities and the coastal south. 247 00:14:00,520 --> 00:14:04,280 Speaker 1: In a reversal, Russian and Belarusian athletes have been banned 248 00:14:04,320 --> 00:14:06,960 Speaker 1: from the Paralympics for their country's roles in the war 249 00:14:07,000 --> 00:14:11,319 Speaker 1: in Ukraine. The International Paralympic Committee announced the about face 250 00:14:11,679 --> 00:14:14,080 Speaker 1: less than twenty four hours after saying it would allow 251 00:14:14,160 --> 00:14:18,240 Speaker 1: Russian and Belarusian athletes to compete when the game's open tomorrow. 252 00:14:18,600 --> 00:14:20,880 Speaker 1: In the NBA, the Knicks lost. In the NHL, the 253 00:14:20,960 --> 00:14:23,880 Speaker 1: Rangers won. Global news twenty four hours a day on 254 00:14:24,080 --> 00:14:27,680 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 255 00:14:27,760 --> 00:14:30,320 Speaker 1: seven hundred journalist and analysts in more than one d 256 00:14:30,440 --> 00:14:33,840 Speaker 1: twenty countries. I'm Michael bar This is Bloomberg Nathan. Thanks Michael. 257 00:14:33,880 --> 00:14:36,280 Speaker 1: It's five nineteen on Wall Street Line from the Bloomberg 258 00:14:36,320 --> 00:14:40,080 Speaker 1: Intracted Broker Studios. This is Bloomberg Daybreak, and our executive 259 00:14:40,160 --> 00:14:43,200 Speaker 1: editor for International Government, Rosalind Matheson is with us this 260 00:14:43,280 --> 00:14:45,640 Speaker 1: morning as the war in Ukraine enters its second week. 261 00:14:46,120 --> 00:14:48,320 Speaker 1: Ros Good morning, if you could get us up to 262 00:14:48,400 --> 00:14:51,000 Speaker 1: speed on the latest we're hearing on developments on the ground. 263 00:14:52,080 --> 00:14:55,560 Speaker 1: What we're hearing is again a sustained and concentration of 264 00:14:55,680 --> 00:14:59,120 Speaker 1: effort in the southern part of Ukraine, the city of 265 00:14:59,120 --> 00:15:04,000 Speaker 1: Tisson of cool falling, and now reports that Russian naval 266 00:15:04,120 --> 00:15:07,480 Speaker 1: vessels are moving towards the port of Odessa. Of course, 267 00:15:07,480 --> 00:15:11,040 Speaker 1: that's a really key city and port um in the 268 00:15:11,080 --> 00:15:14,280 Speaker 1: south of Ukraine, that's really the gateway for trade in 269 00:15:14,320 --> 00:15:18,240 Speaker 1: commodities and other things into many other parts of Europe. 270 00:15:18,280 --> 00:15:22,480 Speaker 1: And very sustained fighting going on in the vicinity of 271 00:15:22,520 --> 00:15:26,440 Speaker 1: Odessa and Mario Paul another city that's also there. So 272 00:15:26,880 --> 00:15:30,120 Speaker 1: we're seeing signs of progress one of a better world 273 00:15:30,160 --> 00:15:33,400 Speaker 1: by Russian forces on the ground in the south. That's 274 00:15:33,480 --> 00:15:36,720 Speaker 1: even as they remain quite bogged down in the north, 275 00:15:37,200 --> 00:15:41,440 Speaker 1: still no movement closer to Kiev, the capital, even though 276 00:15:41,480 --> 00:15:44,880 Speaker 1: there's been shelling overnight in both the capital Kiev and 277 00:15:45,040 --> 00:15:49,480 Speaker 1: the second biggest city in Ukraine, Hakiv. So we're seeing 278 00:15:49,960 --> 00:15:53,560 Speaker 1: movement in the south pretty much the status quo in 279 00:15:53,600 --> 00:15:56,520 Speaker 1: the north, but certainly the sense that Russia is making 280 00:15:56,560 --> 00:15:59,600 Speaker 1: some progress in capturing some key cities here. Well. With 281 00:15:59,720 --> 00:16:02,320 Speaker 1: Russia making that kind of progress, particularly in the south, 282 00:16:02,400 --> 00:16:06,320 Speaker 1: what could it tell us about the potential strategy from 283 00:16:06,480 --> 00:16:09,640 Speaker 1: Russia as it continues this campaign. What could be coming next. 284 00:16:11,200 --> 00:16:15,320 Speaker 1: What we're expecting is further aerial bombardment, in particular efforts 285 00:16:15,400 --> 00:16:19,000 Speaker 1: to squeeze these cities. It's very clear that Ukrainians who 286 00:16:19,000 --> 00:16:21,560 Speaker 1: are based in the south in these places are unable 287 00:16:22,000 --> 00:16:24,320 Speaker 1: to get out or certainly struggling to get out. At 288 00:16:24,320 --> 00:16:27,320 Speaker 1: this point. There's no corridor really for them to leave 289 00:16:27,400 --> 00:16:30,840 Speaker 1: safely and for food and medicine to come the other way. 290 00:16:30,960 --> 00:16:33,560 Speaker 1: So what you're seeing is these cities coming into sort 291 00:16:33,560 --> 00:16:36,920 Speaker 1: of states a relative desperation at this point as we 292 00:16:37,040 --> 00:16:40,360 Speaker 1: enter the second week of this conflict, many smaller towns 293 00:16:40,640 --> 00:16:43,840 Speaker 1: in the east of Ukraine have been destroyed and villages 294 00:16:44,240 --> 00:16:47,920 Speaker 1: bombed and destroyed altogether, so people are there unable to go. 295 00:16:48,120 --> 00:16:50,760 Speaker 1: So do you get a point where things become so 296 00:16:50,840 --> 00:16:53,560 Speaker 1: desperate in those places that people decide to give up 297 00:16:53,840 --> 00:16:56,520 Speaker 1: the fight? So far, the resilience of the Ukrainian people 298 00:16:56,560 --> 00:16:59,840 Speaker 1: and their military has probably shocked the Russians in terms 299 00:16:59,840 --> 00:17:01,960 Speaker 1: of what they thought their progress would be so far, 300 00:17:02,320 --> 00:17:05,640 Speaker 1: and we're certainly seeing that desperation signs of that playing out, 301 00:17:05,720 --> 00:17:09,480 Speaker 1: as more than a million refugees have now fled the country. 302 00:17:09,640 --> 00:17:12,760 Speaker 1: Is Europe ready for this kind of influx these crowds 303 00:17:12,840 --> 00:17:17,680 Speaker 1: of Ukrainians heading their way? Certainly, the the European Union 304 00:17:17,680 --> 00:17:20,320 Speaker 1: seems to be doing as much as it can, funneling 305 00:17:20,359 --> 00:17:23,680 Speaker 1: resources and help further to the east to assist those 306 00:17:23,680 --> 00:17:26,679 Speaker 1: countries who are receiving the bulk of people. That includes 307 00:17:26,720 --> 00:17:29,920 Speaker 1: countries like Poland, of course, but also the EU centrally 308 00:17:30,000 --> 00:17:32,760 Speaker 1: doing things like expert out in the ability of Ukrainians 309 00:17:32,800 --> 00:17:35,359 Speaker 1: to work in the European Union, to be able to 310 00:17:35,359 --> 00:17:38,800 Speaker 1: move around without too much difficulty, and that's a little 311 00:17:38,800 --> 00:17:41,080 Speaker 1: bit unusual for the EU, we should say, which as 312 00:17:41,119 --> 00:17:43,480 Speaker 1: often as a block rappled with how to take a 313 00:17:43,480 --> 00:17:47,800 Speaker 1: collective approach to migration crisis that we've seen come in 314 00:17:47,880 --> 00:17:51,480 Speaker 1: previous years and indeed decades, and a tendency in some 315 00:17:51,520 --> 00:17:54,000 Speaker 1: countries at least to say, well, we don't want to 316 00:17:54,040 --> 00:17:56,560 Speaker 1: have too many people come here because of the economic 317 00:17:56,600 --> 00:17:59,000 Speaker 1: burden that would place on us. At least in this 318 00:17:59,119 --> 00:18:02,399 Speaker 1: early stage, it's very much open arms or around. Whether 319 00:18:02,480 --> 00:18:07,120 Speaker 1: that continues, particularly the exodus picks up even more, remains 320 00:18:07,160 --> 00:18:09,520 Speaker 1: to be seen. But right now it's doing as much 321 00:18:09,560 --> 00:18:12,320 Speaker 1: as they can, and of course we're watching the impact 322 00:18:12,400 --> 00:18:15,760 Speaker 1: of sanctions as well, the credit reading of Russia being 323 00:18:15,800 --> 00:18:19,920 Speaker 1: cut and assets of oligarchs being seized. Are we seeing 324 00:18:19,960 --> 00:18:24,560 Speaker 1: any evidence that this financial war that's taking place with 325 00:18:24,680 --> 00:18:28,919 Speaker 1: Russia's having any impact on the ground. Doesn't appear to be. 326 00:18:29,000 --> 00:18:32,280 Speaker 1: If anything, it's expediting things, because that's the Russian president 327 00:18:32,359 --> 00:18:38,080 Speaker 1: wants to get his stated goals in Ukraine achieved sooner 328 00:18:38,160 --> 00:18:41,160 Speaker 1: rather than later. So if it makes him perhaps more erratic, 329 00:18:41,760 --> 00:18:45,480 Speaker 1: more dangerous, more willing to do things, that might be 330 00:18:45,560 --> 00:18:48,800 Speaker 1: a repercussion on the ground. In Russia. You're seeing a 331 00:18:48,840 --> 00:18:53,359 Speaker 1: strong sense of resignation amongst ordinary Russians that the difficulties 332 00:18:53,359 --> 00:18:57,000 Speaker 1: they're now facing in their daily lives to access certain goods, 333 00:18:57,000 --> 00:18:59,560 Speaker 1: to make certain purchases, to even move around the train 334 00:18:59,600 --> 00:19:02,120 Speaker 1: station with their bank cards which may not be working 335 00:19:02,680 --> 00:19:05,040 Speaker 1: at the moment. There seems to be quite a lot 336 00:19:05,080 --> 00:19:08,960 Speaker 1: of disquiet amongst the upper echelons in terms of oligarchs, 337 00:19:08,960 --> 00:19:11,520 Speaker 1: but no sign at least so far that that's translating 338 00:19:11,640 --> 00:19:15,280 Speaker 1: into immediate risk for putting himself. Thanks for keeping us 339 00:19:15,359 --> 00:19:18,320 Speaker 1: up to speed on all this rose as always Rosalind Mathison, 340 00:19:18,359 --> 00:19:21,359 Speaker 1: our executive editor for International Government for Bloomberg News, as 341 00:19:21,400 --> 00:19:25,000 Speaker 1: we continue monitoring developments in the war in Ukraine. Now 342 00:19:25,080 --> 00:19:28,280 Speaker 1: intoday eight, looking ahead to the market open this morning 343 00:19:28,280 --> 00:19:30,399 Speaker 1: on Wall Street, futures are moving a bit lower. We 344 00:19:30,440 --> 00:19:33,240 Speaker 1: have SMP futures now down nine and a half point, 345 00:19:33,280 --> 00:19:36,400 Speaker 1: Staff futures are lower by sixty six and NASTAC futures 346 00:19:36,440 --> 00:19:39,200 Speaker 1: on the decline by almost sixty two points. The tenure 347 00:19:39,240 --> 00:19:41,640 Speaker 1: treasury is now up one thirty second the yield one 348 00:19:41,680 --> 00:19:44,960 Speaker 1: point eight seven percent. The surge in crude continues, with 349 00:19:45,040 --> 00:19:48,040 Speaker 1: Brent a one a hundred fifteen dollars eight cents of 350 00:19:48,040 --> 00:19:51,159 Speaker 1: barrel for the international benchmark. West Texas Intermediate's up two 351 00:19:51,200 --> 00:19:54,280 Speaker 1: point three percent a hundred thirteen dollars twelve cents. We'll 352 00:19:54,280 --> 00:19:56,360 Speaker 1: have more on the oil surge and will we see 353 00:19:56,400 --> 00:19:59,720 Speaker 1: a wage surge in the February jobs report. All that 354 00:20:00,000 --> 00:20:01,960 Speaker 1: it up as we check your top stories of the morning. 355 00:20:02,280 --> 00:20:08,720 Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh Whether 356 00:20:08,800 --> 00:20:10,760 Speaker 1: this rain will end early this morning. We'll have clearing, 357 00:20:10,800 --> 00:20:14,960 Speaker 1: breezy conditions low forties for highs upper thirties tomorrow, mostly 358 00:20:15,000 --> 00:20:18,119 Speaker 1: cloudie by Saturday, mid forties. Right now, rain in forty 359 00:20:18,160 --> 00:20:24,960 Speaker 1: four in Central Park. Broadcasting live from the Bloomberg Interactive 360 00:20:25,000 --> 00:20:28,880 Speaker 1: Broker Studio in New York. Bloomberg eving freo to Washington, 361 00:20:28,960 --> 00:20:32,280 Speaker 1: d C, Bloomberg ninety nine one to Boston, Bloomberg one 362 00:20:32,359 --> 00:20:35,520 Speaker 1: O six one does San Francisco, Bloomberg NAM sixty to 363 00:20:35,600 --> 00:20:38,800 Speaker 1: the country, Sirius XM Chadle one nineteen and around the 364 00:20:38,840 --> 00:20:42,920 Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This 365 00:20:43,200 --> 00:20:51,760 Speaker 1: is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 366 00:20:51,760 --> 00:20:54,720 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We're just about 367 00:20:54,720 --> 00:20:57,080 Speaker 1: four hours away from the open of US trading. Let's 368 00:20:57,119 --> 00:20:58,480 Speaker 1: catch you up to date on the news you need 369 00:20:58,520 --> 00:21:00,639 Speaker 1: to know. At this hour, the war in Ukraine is 370 00:21:00,760 --> 00:21:04,479 Speaker 1: entering its second week. Russian forces are pressing ahead, firing 371 00:21:04,520 --> 00:21:07,879 Speaker 1: missiles at the capital city of Kiev. They're also stepping 372 00:21:07,960 --> 00:21:11,280 Speaker 1: up campaigns to take cities in the south. Ukraine's President 373 00:21:11,359 --> 00:21:14,800 Speaker 1: Vladimir Zelenski says Russian troops are being met with force. 374 00:21:15,760 --> 00:21:19,439 Speaker 1: I don't sam our army is doing everything to fully 375 00:21:19,480 --> 00:21:23,280 Speaker 1: break the enemy. Nearly nine thousand Russians have been killed 376 00:21:23,440 --> 00:21:27,600 Speaker 1: in one week. President Vladimir Zelenski is telling Russian troops 377 00:21:27,600 --> 00:21:30,000 Speaker 1: to go home. Karen, We're seeing the war continue to 378 00:21:30,040 --> 00:21:33,200 Speaker 1: have a massive impact on commodities. Let's get the latest 379 00:21:33,240 --> 00:21:36,399 Speaker 1: on that line from Bloomberg's John Tucker. John Nathan Bloomberg's 380 00:21:36,400 --> 00:21:38,959 Speaker 1: gauge of raw Materials is closing in on the biggest 381 00:21:39,000 --> 00:21:42,920 Speaker 1: weekly game in sixty years as banks, importers, and shippers 382 00:21:43,240 --> 00:21:46,800 Speaker 1: steer clear of Russian exports. Brant crude stared to near 383 00:21:46,840 --> 00:21:50,560 Speaker 1: one D twenty of barrel aluminium hit a record, wheat 384 00:21:50,680 --> 00:21:53,280 Speaker 1: rallied to the highest level since two thousand and eight, 385 00:21:53,640 --> 00:21:56,479 Speaker 1: and the decision by OPEK plots to leave output plans 386 00:21:56,640 --> 00:22:00,960 Speaker 1: unchanged as to the risk that inflation will slow the economy. 387 00:22:01,119 --> 00:22:04,800 Speaker 1: Even before the invasion, US retail gasoline was at its 388 00:22:04,840 --> 00:22:08,120 Speaker 1: highest level since two thousand fourteen. Live in New York. 389 00:22:08,160 --> 00:22:10,560 Speaker 1: I'm John Tucker, Bloomberg Daybreak. All right, John, thank you 390 00:22:10,640 --> 00:22:13,840 Speaker 1: for speaking of inflation. J Powell addresses the topic today 391 00:22:13,840 --> 00:22:16,639 Speaker 1: and another round of congressional testimony. The FED share is 392 00:22:16,680 --> 00:22:19,720 Speaker 1: making the fight against prices his top priority, saying he 393 00:22:19,800 --> 00:22:22,240 Speaker 1: supports a right high later this month and next to 394 00:22:22,240 --> 00:22:24,880 Speaker 1: the Fed after that. Karen will be Friday's jobs report. 395 00:22:25,080 --> 00:22:28,320 Speaker 1: Rapid wage growth has left business is scrambling to keep up. 396 00:22:28,480 --> 00:22:31,120 Speaker 1: Looks like that trend is going to continue. Bloomberg's Grenita 397 00:22:31,160 --> 00:22:33,480 Speaker 1: Young joins us, but the details on that. Good morning, Granita, 398 00:22:33,640 --> 00:22:36,800 Speaker 1: Good morning. The February jobs report is expected to show 399 00:22:36,840 --> 00:22:39,960 Speaker 1: average hourly earnings rose a half a percent last month, 400 00:22:40,200 --> 00:22:43,560 Speaker 1: pushing year over year games close to six percent, and 401 00:22:43,600 --> 00:22:47,720 Speaker 1: if you exclude two pandemic distorted prints in the annual 402 00:22:47,760 --> 00:22:51,919 Speaker 1: increase would be the strongest in data going back fifteen years. 403 00:22:51,960 --> 00:22:55,000 Speaker 1: Some slowing is expected, but wage growth is poised to 404 00:22:55,080 --> 00:22:59,000 Speaker 1: remain exceptionally strong this year. In New York, I'm reneed 405 00:22:59,080 --> 00:23:01,159 Speaker 1: a Young Bloomberg Day Week I need to thank you. 406 00:23:01,160 --> 00:23:04,879 Speaker 1: And in politics this morning, the January sixth Congressional Panel 407 00:23:04,960 --> 00:23:08,520 Speaker 1: says evidence suggests crimes were committed by former President Trump. 408 00:23:08,680 --> 00:23:11,600 Speaker 1: That's according to a filing in federal court. The panel 409 00:23:11,600 --> 00:23:15,000 Speaker 1: says emails from Trump advisor John Eastman may contain evidence 410 00:23:15,040 --> 00:23:18,240 Speaker 1: of obstruction of an official proceeding. Eastman is sued to 411 00:23:18,280 --> 00:23:22,000 Speaker 1: block release of the emails. Futures are lower this morning. 412 00:23:22,119 --> 00:23:25,040 Speaker 1: S and P Futures down about ten points down. Futures 413 00:23:25,080 --> 00:23:28,560 Speaker 1: down fifty eight. Nasdaq Future is also down about fifty eight. 414 00:23:28,760 --> 00:23:32,160 Speaker 1: Straight ahead your latest local headlines, plus a check of sports, 415 00:23:32,240 --> 00:23:39,480 Speaker 1: and this is Bloomberg by thirty three on Wall Street, 416 00:23:39,520 --> 00:23:42,040 Speaker 1: showers forty three degrees in Central Park northbound Root one 417 00:23:42,040 --> 00:23:44,760 Speaker 1: and nine is closed to Grant Street and Elizabeth Michael 418 00:23:44,760 --> 00:23:46,280 Speaker 1: bars here with more on what's going on in New 419 00:23:46,359 --> 00:23:48,600 Speaker 1: York and around the world. Michael, thank you very much, Nathan. 420 00:23:48,640 --> 00:23:51,640 Speaker 1: People around the world are coming together to show support 421 00:23:51,680 --> 00:23:55,800 Speaker 1: for Ukraine as the Russian invasion continues. In New York City, 422 00:23:55,840 --> 00:23:59,199 Speaker 1: which has the largest Ukrainian population in the US, hundreds 423 00:23:59,240 --> 00:24:02,800 Speaker 1: of people gathered at St. George, Ukrainian Catholic Church in 424 00:24:02,800 --> 00:24:05,600 Speaker 1: the East Village last night to sing and pray. I 425 00:24:05,640 --> 00:24:08,720 Speaker 1: will try home. I will cry when I pray, but 426 00:24:08,840 --> 00:24:12,560 Speaker 1: not now, because this is my battle. I'm fighting. Everyone 427 00:24:12,640 --> 00:24:15,000 Speaker 1: is strained right now and soldier, and I'm soldier, so 428 00:24:15,280 --> 00:24:18,639 Speaker 1: that's not a place to pry. I'll Another one of 429 00:24:18,680 --> 00:24:21,280 Speaker 1: the worshippers at the church was New York Governor Kathy 430 00:24:21,320 --> 00:24:25,600 Speaker 1: HOCl Supreme Court Nominiqueatanji Brown Jackson has begun courting Senators 431 00:24:25,600 --> 00:24:29,160 Speaker 1: on Capitol Hill, making your case for confirmation. In private 432 00:24:29,200 --> 00:24:32,479 Speaker 1: meeting Senate Majority Leader Chuck Schumer, I am just so 433 00:24:32,600 --> 00:24:37,520 Speaker 1: pleased that the President has nominated someone amazing qualification and 434 00:24:37,560 --> 00:24:41,080 Speaker 1: breath of experience. Democrats are working to move our nomination 435 00:24:41,160 --> 00:24:43,879 Speaker 1: through the Senate within weeks. The a c l U 436 00:24:43,960 --> 00:24:47,040 Speaker 1: has filed a lawsuit against the Texas Department for Family 437 00:24:47,080 --> 00:24:50,359 Speaker 1: and Protective Services and Governor Greg Abbott for implementing a 438 00:24:50,400 --> 00:24:54,919 Speaker 1: directive to investigate parents that provide gender affirming care to 439 00:24:55,040 --> 00:24:59,280 Speaker 1: transgender children. Meanwhile, a state district judge issued a temporary 440 00:24:59,440 --> 00:25:02,480 Speaker 1: order halting the child abuse investigation the family of a 441 00:25:02,520 --> 00:25:06,840 Speaker 1: sixteen year old receiving gender affirming care. The famili's attorney, 442 00:25:06,920 --> 00:25:11,560 Speaker 1: Shelley Scheme, every major medical Association says the gender of 443 00:25:11,680 --> 00:25:17,200 Speaker 1: farming care is medically necessary. Attorney Shelley Scheme. New York 444 00:25:17,200 --> 00:25:20,520 Speaker 1: City School's chancellor wants to make remote learning an option again. 445 00:25:20,880 --> 00:25:23,760 Speaker 1: David Banks outline to plan to reverse an exodus of 446 00:25:23,880 --> 00:25:30,000 Speaker 1: students by improving digital learning, reducing bureaucracy, and expanding gifted programs. 447 00:25:30,280 --> 00:25:33,440 Speaker 1: Banks also wants to expand the number of safety officers 448 00:25:33,480 --> 00:25:37,199 Speaker 1: patrolling hallways. Global News twenty four hours a day on 449 00:25:37,359 --> 00:25:40,760 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 450 00:25:40,840 --> 00:25:43,840 Speaker 1: seven hundred journalists and analysts in more than one hundred 451 00:25:43,880 --> 00:25:47,440 Speaker 1: twenty countries. I'm Michael Barr, and this is Bloomberg, Nathan. 452 00:25:47,600 --> 00:25:55,159 Speaker 1: Thank you, Michael wall Street. Here's John Stanshow with the 453 00:25:55,160 --> 00:25:57,560 Speaker 1: Bloomberg Sports Updated. All right, Nathan. The last six seven 454 00:25:57,560 --> 00:25:59,800 Speaker 1: weeks I've been rough for the to New York City 455 00:26:00,080 --> 00:26:02,960 Speaker 1: VA teams than Nets led the East into Kevin Duran's 456 00:26:03,000 --> 00:26:05,520 Speaker 1: knee injury. Without him, they've lost fifteen of their last 457 00:26:05,600 --> 00:26:08,959 Speaker 1: eighteen games. The good news Durant returns tonight in Brooklyn 458 00:26:08,960 --> 00:26:11,119 Speaker 1: against the East. Lead in Miami heat the Knicks in 459 00:26:11,200 --> 00:26:14,120 Speaker 1: mid January, We're over five hundred, look like a playoff team. 460 00:26:14,119 --> 00:26:18,000 Speaker 1: They've lost sixteen of their last nineteen. In Philadelphia, Sixers 461 00:26:18,040 --> 00:26:21,400 Speaker 1: took the lead third quarter, pulled away once one oh eight. 462 00:26:21,480 --> 00:26:24,000 Speaker 1: James Harden twenty six points in the near triple double 463 00:26:24,280 --> 00:26:27,960 Speaker 1: and his home debut. A seamless adjustment to Harden's new team. 464 00:26:28,320 --> 00:26:30,359 Speaker 1: Very comfortable with a lot of a lot of situations 465 00:26:30,400 --> 00:26:33,680 Speaker 1: where there's basketball or just in life. UM, I feel 466 00:26:33,680 --> 00:26:35,960 Speaker 1: like I'm you can put me anywhere in the room 467 00:26:36,000 --> 00:26:39,600 Speaker 1: and I can fit in. Um so here is no different, 468 00:26:39,880 --> 00:26:42,879 Speaker 1: you know, just surveying room, see who's in, you know, 469 00:26:42,920 --> 00:26:45,600 Speaker 1: see what you have, and uh, you know, try your 470 00:26:45,640 --> 00:26:47,560 Speaker 1: best to fit. It's not gonna get any easier for 471 00:26:47,600 --> 00:26:50,480 Speaker 1: the next six more games on the road tomorrow in Phoenix. 472 00:26:50,560 --> 00:26:52,800 Speaker 1: The Sons have the best record in the NBA. Rangers 473 00:26:52,800 --> 00:26:54,760 Speaker 1: with three goals third period beat St. Louis at the 474 00:26:54,760 --> 00:26:57,120 Speaker 1: Garden five to three, Chris Crider to go ahead goal 475 00:26:57,200 --> 00:26:59,800 Speaker 1: on the power players thirty fifth goal the season. Three 476 00:26:59,880 --> 00:27:02,880 Speaker 1: is cists for Adam Fox. He's got forty six assists. 477 00:27:03,080 --> 00:27:05,560 Speaker 1: Bigge's Tournament next week at the Garden. Last night, St. 478 00:27:05,640 --> 00:27:10,320 Speaker 1: John's beat Xavier sixty six, Seaton Hall down Georgetown seventy eight. 479 00:27:10,359 --> 00:27:13,120 Speaker 1: Patrick Ewing's hoyas o N eighteen in the Big East. 480 00:27:13,359 --> 00:27:15,240 Speaker 1: Looks like Seaton Hall will be in the n C 481 00:27:15,359 --> 00:27:17,719 Speaker 1: Double A tournament. Rutgers, said to be on the bubble, 482 00:27:18,000 --> 00:27:20,200 Speaker 1: helped its cause with a three point win at Indiana. 483 00:27:20,240 --> 00:27:23,440 Speaker 1: Fordham dropped back under five hundred, losing at UMass Northeast 484 00:27:23,440 --> 00:27:26,760 Speaker 1: Conference Tournament quarterfinal wins for Wagner and l i U. 485 00:27:27,000 --> 00:27:30,240 Speaker 1: The season over for St. Francis, lost by thirty John 486 00:27:30,280 --> 00:27:33,560 Speaker 1: stash award Bloomberg Sports. Nathan thanks John at seven on 487 00:27:33,600 --> 00:27:35,840 Speaker 1: Wall Street in time for the Tri State Business Report 488 00:27:35,880 --> 00:27:39,359 Speaker 1: with Bloomberg's ad Corey. As the pandemic drags on, employees 489 00:27:39,400 --> 00:27:42,159 Speaker 1: who moved to New York City suburbs or even farther 490 00:27:42,520 --> 00:27:46,080 Speaker 1: are becoming fixtures in city hotels. The Times reports some 491 00:27:46,200 --> 00:27:49,080 Speaker 1: hotels eager to tap into this new market or crafting 492 00:27:49,119 --> 00:27:53,400 Speaker 1: new packages designed specifically for them, with amenities like parking, 493 00:27:53,480 --> 00:27:57,080 Speaker 1: conference rooms, and low midweek rates to sweeten the deal. 494 00:27:57,280 --> 00:27:59,840 Speaker 1: New Jersey Governor Phil Murphy just got the one reward 495 00:28:00,000 --> 00:28:02,760 Speaker 1: he's been after since taking off as four years ago, 496 00:28:03,359 --> 00:28:07,719 Speaker 1: a credit rating upgrade. On Wednesday, Moody's Investors Service raised 497 00:28:07,840 --> 00:28:11,159 Speaker 1: New Jersey's credit rating giving the state its first upgrade 498 00:28:11,200 --> 00:28:15,440 Speaker 1: since two thousand five. Wegman's Food Markets is expanding to 499 00:28:15,600 --> 00:28:18,760 Speaker 1: yet another state. Grocery chain plans to open its first 500 00:28:18,760 --> 00:28:22,920 Speaker 1: location in Connecticut in Norwalk. The thousand square foot two 501 00:28:22,960 --> 00:28:25,760 Speaker 1: level store will be on an eleven acre site off 502 00:28:25,800 --> 00:28:30,800 Speaker 1: Connecticut Avenue, near Connecticut's interstate. According to a company announcement 503 00:28:31,040 --> 00:28:35,480 Speaker 1: that your Bloomberg Dry State Business Report IMD Corey on 504 00:28:35,480 --> 00:28:37,560 Speaker 1: Wall Street. Bloomberg Radio is on the air from San 505 00:28:37,600 --> 00:28:40,400 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 506 00:28:40,440 --> 00:28:42,000 Speaker 1: in with our global news team for some of the 507 00:28:42,000 --> 00:28:44,719 Speaker 1: top stories heard on our three hundred affiliate radio stations 508 00:28:44,760 --> 00:28:50,160 Speaker 1: around the world. Steve pots on K and X in 509 00:28:50,280 --> 00:28:53,880 Speaker 1: Los Angeles, we're talking about Elon musk darrectly United Auto 510 00:28:53,920 --> 00:29:00,560 Speaker 1: Workers Union to try and unionized testas California factory um WAT. 511 00:29:00,600 --> 00:29:03,560 Speaker 1: Some Louisville vodka drinkers are changing brands in the wake 512 00:29:03,600 --> 00:29:06,760 Speaker 1: of the Ukrainian invasion. I'm killing hit COMPLIM, Big Davy 513 00:29:06,880 --> 00:29:11,160 Speaker 1: Distional Radio and ontobodforce on russhipping ostracized, but not quickly enough. 514 00:29:11,360 --> 00:29:13,960 Speaker 1: MP's want the Prime Minister here to do more to 515 00:29:14,120 --> 00:29:17,320 Speaker 1: end the era of poligons. I'm d Gory on w 516 00:29:17,600 --> 00:29:20,680 Speaker 1: w J and destroyed. I'm reporting g M Telanda Chairs 517 00:29:20,760 --> 00:29:23,520 Speaker 1: rose wed day after Ford said it'll split off its 518 00:29:23,560 --> 00:29:26,520 Speaker 1: selectric vehicle business. And those are some of the stories 519 00:29:26,560 --> 00:29:29,280 Speaker 1: our twenty seven hundred Bloomberg journalists and analysts are working 520 00:29:29,280 --> 00:29:31,440 Speaker 1: on this morning around the world. It's just about five 521 00:29:31,520 --> 00:29:34,560 Speaker 1: thirty nine on Wall Street. The following is an editorial 522 00:29:34,720 --> 00:29:39,200 Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg 523 00:29:39,400 --> 00:29:44,800 Speaker 1: Editorial Board. Some eight million metric tons of plastic end 524 00:29:44,920 --> 00:29:47,880 Speaker 1: up in the ocean each year, the equivalent of a 525 00:29:48,000 --> 00:29:52,480 Speaker 1: garbage truck every minute. At this pace, the seas may 526 00:29:52,600 --> 00:29:56,560 Speaker 1: have more plastic than fish by mid century. The good 527 00:29:56,640 --> 00:29:59,920 Speaker 1: news is at nearly two hundred countries have just degree 528 00:30:00,160 --> 00:30:02,880 Speaker 1: to hammer out a treaty cleaning up the plastic mess, 529 00:30:03,280 --> 00:30:07,520 Speaker 1: and businesses and policymakers don't need to wait to take action. 530 00:30:08,040 --> 00:30:12,080 Speaker 1: Manufacturers can start by boosting the amount of recycled content 531 00:30:12,160 --> 00:30:16,959 Speaker 1: they use and by producing simpler packaging that's easier to recycle, 532 00:30:17,360 --> 00:30:21,120 Speaker 1: and governments can aim to make inventive replacements for plastic 533 00:30:21,360 --> 00:30:25,680 Speaker 1: made from materials such as algae more cost competitive. The 534 00:30:25,840 --> 00:30:31,240 Speaker 1: plastic emergency has been building for years. Unfortunately, the world 535 00:30:31,360 --> 00:30:34,760 Speaker 1: doesn't have the luxury of time in solving it. The 536 00:30:34,960 --> 00:30:39,200 Speaker 1: sooner these efforts start, the better. This editorial was written 537 00:30:39,240 --> 00:30:43,080 Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please 538 00:30:43,120 --> 00:30:46,480 Speaker 1: go to Bloomberg dot com, slash opinion or ope I 539 00:30:46,760 --> 00:30:50,920 Speaker 1: n go on the Bloomberg terminal. This has been Bloomberg opinion. 540 00:30:51,040 --> 00:30:53,480 Speaker 1: You can hear Bloomberg opinion editorials every weekday at this 541 00:30:53,600 --> 00:30:56,120 Speaker 1: time in terminal. Customers can read more at O P 542 00:30:56,320 --> 00:30:59,320 Speaker 1: I n go this red headline just across the Bloomberg terminal. 543 00:30:59,360 --> 00:31:01,840 Speaker 1: Another major your company is cutting off ties to the 544 00:31:01,920 --> 00:31:05,600 Speaker 1: Russian economy. Volkswagen says it will stop production and halt 545 00:31:05,760 --> 00:31:09,120 Speaker 1: exports to Russia. With the war in Ukraine now into 546 00:31:09,200 --> 00:31:12,360 Speaker 1: a second week. SMP futures down down eight points, SOUND 547 00:31:12,400 --> 00:31:15,840 Speaker 1: futures down thirty four, NASTACK futures down fifty five points. 548 00:31:15,920 --> 00:31:18,560 Speaker 1: The tenure Treasury yield one point eight six percent. This 549 00:31:19,120 --> 00:31:24,800 Speaker 1: is Bloomberg Bloomberg eleventh three oh weather rain ending early 550 00:31:24,880 --> 00:31:28,160 Speaker 1: this morning, clearing, breezy, low forties for highs. Today will 551 00:31:28,200 --> 00:31:30,880 Speaker 1: be in the upper thirties, mostly sunny. Tomorrow mostly cloudy 552 00:31:30,920 --> 00:31:33,640 Speaker 1: mid forties by Saturday. Right now raining forty three in 553 00:31:33,720 --> 00:31:40,360 Speaker 1: Central Park Markets, headlines and breaking news twenty four hours 554 00:31:40,440 --> 00:31:43,160 Speaker 1: a day at Bloomberg dot Com for the Bloomberg Business 555 00:31:43,200 --> 00:31:47,280 Speaker 1: at and at Bloomberg Quicktape. He's a Bloomberg Business Flash 556 00:31:53,120 --> 00:31:56,320 Speaker 1: and I'm fair in Moscow's doctor falling, commodity surging as 557 00:31:56,360 --> 00:31:58,920 Speaker 1: the war in Ukraine enters its second week. We check 558 00:31:59,000 --> 00:32:01,680 Speaker 1: the markets every fifteen minutes throughout the trading day on 559 00:32:01,800 --> 00:32:05,280 Speaker 1: Bloomberg SNP. Futurist down six points this morning, down, futures 560 00:32:05,360 --> 00:32:09,120 Speaker 1: down nineteen nasdack Future is down forty six the decks 561 00:32:09,160 --> 00:32:12,680 Speaker 1: in Germany's down one point one percent. Ten year treasury 562 00:32:12,760 --> 00:32:15,080 Speaker 1: up four thirty seconds. He had one point eight six percent. 563 00:32:15,200 --> 00:32:17,760 Speaker 1: They yield on the two year one point four nine percent. 564 00:32:18,240 --> 00:32:20,800 Speaker 1: Nine X scret oil is up two point seven percent, 565 00:32:20,920 --> 00:32:23,520 Speaker 1: up three dollars six cents at a hundred thirteen dollars 566 00:32:23,600 --> 00:32:26,280 Speaker 1: sixty seven cents of barrel. Comic Schold is up six 567 00:32:26,320 --> 00:32:29,040 Speaker 1: tents percent, or twelve dollars fifty cents at nineteen thirty 568 00:32:29,120 --> 00:32:32,360 Speaker 1: four eighty announced the euro one point one zero nine 569 00:32:32,400 --> 00:32:34,960 Speaker 1: two against the dollar British pound one point three three 570 00:32:35,040 --> 00:32:38,560 Speaker 1: eight eight begins at one fifteen point seven four. Bitcoin 571 00:32:38,800 --> 00:32:41,520 Speaker 1: is down one and a half percent at forty three thousand, 572 00:32:41,600 --> 00:32:44,720 Speaker 1: four hundred fifty dollars and as a Bloomberg Business Flash, 573 00:32:44,800 --> 00:32:46,800 Speaker 1: now here's Michael bar with more on what's going on 574 00:32:46,880 --> 00:32:51,000 Speaker 1: around the world. Michael Karen, thank you kindly. A hercules 575 00:32:51,160 --> 00:32:54,400 Speaker 1: See one thirty transport aircraft with about two thousand anti 576 00:32:54,520 --> 00:32:57,880 Speaker 1: tank missiles for Ukraine has taken off from Oslow. The 577 00:32:57,960 --> 00:33:01,440 Speaker 1: weapons are to help Ukrainian forces to resist Russia's invasion, 578 00:33:01,520 --> 00:33:05,800 Speaker 1: which began last week. Meanwhile, French customs officials have mobilized 579 00:33:05,840 --> 00:33:09,040 Speaker 1: a yacht owned by ross ne F chief executive officer 580 00:33:09,120 --> 00:33:13,600 Speaker 1: Igor Section, asked part of EU sanctions against Russia. The 581 00:33:13,680 --> 00:33:16,920 Speaker 1: House panel investigating the January six ryant at the US 582 00:33:17,000 --> 00:33:20,840 Speaker 1: Capital said it's evidence suggest crimes may have been committed 583 00:33:20,920 --> 00:33:24,440 Speaker 1: by former President Trump and his associates in the failed 584 00:33:24,440 --> 00:33:28,240 Speaker 1: effort to overturn the outcome of the presidential election. In 585 00:33:28,320 --> 00:33:31,120 Speaker 1: the NBA, the Knicks lost in the NHL, the Rangers 586 00:33:31,200 --> 00:33:34,080 Speaker 1: won Global News twenty four hours a day on air 587 00:33:34,200 --> 00:33:37,360 Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven 588 00:33:37,440 --> 00:33:39,840 Speaker 1: hundred journalist and analysts, in more than a hundred twenty 589 00:33:39,880 --> 00:33:43,200 Speaker 1: countries on Michael bar This is Bloomberg Karring. Alright, Michael, 590 00:33:43,240 --> 00:33:46,160 Speaker 1: thank you. It is five on Wall Street. It's time 591 00:33:46,200 --> 00:33:48,560 Speaker 1: for the Bloomberg Law Report, brought to you by American 592 00:33:48,680 --> 00:33:52,680 Speaker 1: Arbitration Association. Business disputes are inevitable, resolve faster with the 593 00:33:52,720 --> 00:33:56,880 Speaker 1: American Arbitration Association, the global leader in alternative dispute resolution 594 00:33:56,960 --> 00:33:59,959 Speaker 1: for over ninety years. More at a d R dot org. 595 00:34:00,280 --> 00:34:02,640 Speaker 1: Let's get to the legal stories we're watching this morning. 596 00:34:02,680 --> 00:34:10,000 Speaker 1: From Bloomberg's Jeff Bellinger, the big four international accounting firms 597 00:34:10,080 --> 00:34:13,080 Speaker 1: are being pressured to drop some of their big Russian clients. 598 00:34:13,400 --> 00:34:16,800 Speaker 1: Sanctions over the invasion of Ukraine have highlighted the firm's 599 00:34:16,880 --> 00:34:19,879 Speaker 1: links to pronies of President Boutin. A group of lift 600 00:34:19,960 --> 00:34:23,520 Speaker 1: drivers in California asked the Ninth Circuit to reconsider its 601 00:34:23,600 --> 00:34:26,719 Speaker 1: ruling that they must arbitrate sickly even wage claims. The 602 00:34:26,800 --> 00:34:30,399 Speaker 1: federal judge in Alabama throughout a race and sex discrimination 603 00:34:30,520 --> 00:34:34,160 Speaker 1: case against Liberty National Life Insurance, a black ex worker 604 00:34:34,239 --> 00:34:37,240 Speaker 1: had alleged she was harassed by a white male agent. 605 00:34:37,440 --> 00:34:42,280 Speaker 1: Bloomberg Law Everything you need, all on one legal research platform, 606 00:34:42,440 --> 00:34:47,040 Speaker 1: including guidance Analysis and Bloomberg Market Intelligence. Find out more 607 00:34:47,120 --> 00:34:51,279 Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you. Now, 608 00:34:51,360 --> 00:34:54,359 Speaker 1: another legal story we're watching brings us to the war 609 00:34:54,560 --> 00:34:57,760 Speaker 1: in Ukraine. Nations around the world. They're ramping up sanctions 610 00:34:57,760 --> 00:35:01,319 Speaker 1: against Russia. The Treasury and cam most departments have been 611 00:35:01,320 --> 00:35:04,719 Speaker 1: trying to quickly implement the first phase of these restrictions 612 00:35:04,800 --> 00:35:07,680 Speaker 1: through new rules. That means companies are trying to figure 613 00:35:07,680 --> 00:35:10,280 Speaker 1: out how the restrictions apply to them, and their attorney's 614 00:35:10,320 --> 00:35:12,880 Speaker 1: phones are ringing off the hook for more. In this situation, 615 00:35:13,000 --> 00:35:16,520 Speaker 1: Bloomberg's June Grasso speaks to Chase k Nikki, a partner 616 00:35:16,600 --> 00:35:19,520 Speaker 1: at Cleary gold Labe, who's been getting many of these calls. 617 00:35:20,200 --> 00:35:22,640 Speaker 1: So what are your clients calling you about or what 618 00:35:22,760 --> 00:35:25,920 Speaker 1: are they most confused about. We do get questions all 619 00:35:26,000 --> 00:35:28,320 Speaker 1: over the map, and you know, some are easier than others. 620 00:35:28,480 --> 00:35:31,680 Speaker 1: Some require judgment calls because there's just, you know, lack 621 00:35:31,800 --> 00:35:35,239 Speaker 1: of clarity. There's potentially some uncertainty with respect to whether 622 00:35:35,280 --> 00:35:38,640 Speaker 1: a particular activity is covered by sanctions. But we usually 623 00:35:38,719 --> 00:35:41,680 Speaker 1: start with the basics. In the basics are along the 624 00:35:41,760 --> 00:35:46,040 Speaker 1: lines of, well, what jurisdiction does this particular activity or 625 00:35:46,120 --> 00:35:50,799 Speaker 1: this transaction fall under if it falls under U S jurisdiction, 626 00:35:50,960 --> 00:35:54,320 Speaker 1: For example, it involves a US company, or the transaction 627 00:35:54,400 --> 00:35:57,080 Speaker 1: is going to be processed in US dollars, here's the 628 00:35:57,160 --> 00:36:01,040 Speaker 1: set of rules that apply as of today. The transaction 629 00:36:01,120 --> 00:36:04,440 Speaker 1: doesn't involve US jurisdiction, but it involves UK jurisdiction or 630 00:36:04,520 --> 00:36:08,840 Speaker 1: EU jurisdiction. It's helping companies understand exactly what set of 631 00:36:08,960 --> 00:36:12,040 Speaker 1: rules apply to them on a case by case basis. 632 00:36:12,480 --> 00:36:14,360 Speaker 1: And then once we kind of have an understanding of 633 00:36:14,440 --> 00:36:18,239 Speaker 1: what those particular rules that apply are, does this transaction 634 00:36:18,400 --> 00:36:21,439 Speaker 1: or some party that's involved in the transaction trip any 635 00:36:21,520 --> 00:36:23,520 Speaker 1: of these sanctions? And if so, what do we do 636 00:36:23,640 --> 00:36:25,759 Speaker 1: about it? Is it a nonstarter? Can we just not 637 00:36:25,920 --> 00:36:29,000 Speaker 1: complete the transaction or their ways the transaction can be 638 00:36:29,080 --> 00:36:32,320 Speaker 1: completed that are undertaken in compliance with you know, the 639 00:36:32,400 --> 00:36:35,600 Speaker 1: applicable sanctions regime. So would you say that usually you 640 00:36:35,760 --> 00:36:39,759 Speaker 1: have a slower ramp up of sanctions over time, but 641 00:36:39,920 --> 00:36:43,760 Speaker 1: here you have several stages within a compressed period of time, 642 00:36:44,239 --> 00:36:47,960 Speaker 1: and more escalations are possible. Exactly, That's right. I mean 643 00:36:48,080 --> 00:36:49,719 Speaker 1: it used to be the case you know, look at 644 00:36:49,760 --> 00:36:53,000 Speaker 1: the programs that apply to countries like Iran, and in 645 00:36:53,360 --> 00:36:56,880 Speaker 1: even North Korea and Cuba, those countries are just completely 646 00:36:56,960 --> 00:37:00,080 Speaker 1: awfu limits for US persons. The U s government, at 647 00:37:00,120 --> 00:37:02,399 Speaker 1: least in recent years, hasn't really been taking that kind 648 00:37:02,440 --> 00:37:06,399 Speaker 1: of broader, comprehensive approach, but instead is imposing at least 649 00:37:06,440 --> 00:37:10,400 Speaker 1: what I call sort of smart sanctions, narrowly tailored sanctions. 650 00:37:10,520 --> 00:37:13,520 Speaker 1: In your right, you typically do see those in a 651 00:37:13,600 --> 00:37:17,080 Speaker 1: more piecemeal way, where you know, a sanction will be imposed, 652 00:37:17,360 --> 00:37:19,759 Speaker 1: the US government will see whether that sanction is having 653 00:37:19,840 --> 00:37:22,160 Speaker 1: the impact that they wanted to, and then if it's not, 654 00:37:22,360 --> 00:37:24,640 Speaker 1: you know, an additional sanction might be imposed. But you're 655 00:37:24,640 --> 00:37:26,880 Speaker 1: absolutely right here. In the last week or so with 656 00:37:26,960 --> 00:37:30,520 Speaker 1: the Russia's sanctions program, it's just been a deluge of 657 00:37:30,840 --> 00:37:34,080 Speaker 1: individual sanctions, but all kind of at the same time, 658 00:37:34,680 --> 00:37:36,920 Speaker 1: and you know, having to wrap your arms around exactly 659 00:37:37,000 --> 00:37:39,400 Speaker 1: what all those mean and what's the landscape look like 660 00:37:39,840 --> 00:37:43,360 Speaker 1: from various perspectives. It's not just US sanctions, it's e 661 00:37:43,520 --> 00:37:46,600 Speaker 1: used stanctions, it's UK sanctions. Countries around the world are 662 00:37:46,640 --> 00:37:49,320 Speaker 1: imposing sanctions on Russia, and so it really is a 663 00:37:49,440 --> 00:37:52,359 Speaker 1: multinational effort that you need to be thinking about when 664 00:37:52,400 --> 00:37:55,760 Speaker 1: you're thinking about multinational companies engaging in transactions with Russia, 665 00:37:56,200 --> 00:37:58,560 Speaker 1: and that Chase Knniky, a partner at clear A gaunt 666 00:37:58,640 --> 00:38:01,120 Speaker 1: Lep spregaing at the Bloombergs Your Grosso. Catch more of 667 00:38:01,200 --> 00:38:03,719 Speaker 1: that interview, plus analysis of the latest legal news, by 668 00:38:03,760 --> 00:38:06,839 Speaker 1: subscribing to the Bloomberg Law Podcast or downloading the show 669 00:38:07,120 --> 00:38:10,600 Speaker 1: at Bloomberg dot com slash podcast. Attorneys can find exceptional 670 00:38:10,719 --> 00:38:13,640 Speaker 1: legal research and business development tools at Bloomberg Law dot 671 00:38:13,719 --> 00:38:17,160 Speaker 1: com and on the Bloomberg terminal at b Law Go. Nathan. 672 00:38:17,440 --> 00:38:19,680 Speaker 1: All right, Karen, thank you. It's five fifty three on 673 00:38:19,800 --> 00:38:22,680 Speaker 1: Wall Street live from the Bloomberg Intractor Brokers Studios. This 674 00:38:23,040 --> 00:38:26,440 Speaker 1: is Bloomberg Daybreak, and we're watching for FED chair Jerome 675 00:38:26,480 --> 00:38:28,359 Speaker 1: Powell heading back to Capitol Hill in just a few 676 00:38:28,440 --> 00:38:31,640 Speaker 1: hours for a second day of testimony, this time before 677 00:38:31,680 --> 00:38:34,359 Speaker 1: the Senate Banking Committee. But the Chairman has already had 678 00:38:34,400 --> 00:38:37,799 Speaker 1: plenty to say about policy, as we heard yesterday when 679 00:38:37,840 --> 00:38:41,760 Speaker 1: he spoke before the House Financial Services Committee. Our monetary 680 00:38:41,840 --> 00:38:44,880 Speaker 1: policy has been adapting to the evolving economic environment and 681 00:38:44,960 --> 00:38:47,960 Speaker 1: it will continue to do so. We phased out our 682 00:38:48,040 --> 00:38:50,920 Speaker 1: net asset purchases. With inflation will above two percent and 683 00:38:51,000 --> 00:38:53,719 Speaker 1: a strong labor market, we expect it will be appropriate 684 00:38:53,800 --> 00:38:55,960 Speaker 1: to raise the target range for the federal funds rate 685 00:38:56,480 --> 00:38:59,279 Speaker 1: at our meeting later this month. And here with more 686 00:38:59,280 --> 00:39:01,880 Speaker 1: on what the Chairman's had to say is our economics correspondent, 687 00:39:01,920 --> 00:39:04,440 Speaker 1: Bloomberg's Michael McKee. Might good to have you with us 688 00:39:04,680 --> 00:39:07,759 Speaker 1: this morning. And it sounds as though is not only 689 00:39:07,840 --> 00:39:11,640 Speaker 1: the March meeting live, it's all but penciled in now. Yeah. 690 00:39:12,280 --> 00:39:15,279 Speaker 1: J Paul told Wall Street what they already thought they knew, 691 00:39:15,480 --> 00:39:18,960 Speaker 1: and so there won't be much suspense going into the meeting, 692 00:39:19,040 --> 00:39:24,040 Speaker 1: except we do get new forecasts for unemployment and inflation 693 00:39:24,760 --> 00:39:28,239 Speaker 1: and interest rates, and so we'll see how much they 694 00:39:28,320 --> 00:39:31,799 Speaker 1: think inflation is going to fall. Paul yesterday suggested they 695 00:39:31,840 --> 00:39:34,880 Speaker 1: still anticipate a drop in inflation as the year goes on, 696 00:39:35,040 --> 00:39:37,080 Speaker 1: but how far do they think it will go now 697 00:39:37,320 --> 00:39:40,279 Speaker 1: because of the war and the elevated oil prices. Are 698 00:39:40,320 --> 00:39:44,319 Speaker 1: we is there any chance we get a to handle? Yeah, 699 00:39:44,400 --> 00:39:48,520 Speaker 1: the transitory is definitely by the wayside at this point. 700 00:39:48,600 --> 00:39:51,560 Speaker 1: It seems like the terminology has gone from transitory now 701 00:39:51,680 --> 00:39:54,560 Speaker 1: to humble and nimble. What's that going to mean for 702 00:39:54,640 --> 00:39:57,160 Speaker 1: policy going forward for the rest of the year. Well, 703 00:39:57,280 --> 00:40:01,600 Speaker 1: unfortunately for people on trading desks, probably means uncertainty as 704 00:40:01,680 --> 00:40:04,279 Speaker 1: they go into every meeting. Every meeting will probably be live, 705 00:40:04,920 --> 00:40:07,759 Speaker 1: but we won't really have a good idea going into 706 00:40:07,800 --> 00:40:11,360 Speaker 1: the meetings. Uh the path going forward. A lot of 707 00:40:11,480 --> 00:40:15,000 Speaker 1: analysts decided that we were going to see a UH 708 00:40:15,200 --> 00:40:18,560 Speaker 1: six or seven move FED this year, and I think 709 00:40:18,680 --> 00:40:20,880 Speaker 1: that's gone by the boards. The FED is going to 710 00:40:20,960 --> 00:40:23,680 Speaker 1: be prepared to go more or less depending on how 711 00:40:23,719 --> 00:40:26,839 Speaker 1: the economy evolves, in large part due to the uncertainty 712 00:40:26,960 --> 00:40:29,200 Speaker 1: over the Russian War, because we don't know what's going 713 00:40:29,280 --> 00:40:31,960 Speaker 1: to happen with commodity prices and oil prices, how long 714 00:40:32,000 --> 00:40:36,280 Speaker 1: they'll remain elevated, and how much that hits into corporate 715 00:40:36,320 --> 00:40:40,440 Speaker 1: earnings and consumer confidence. And that's certainly something we heard 716 00:40:40,480 --> 00:40:43,120 Speaker 1: a lot from the chairman yesterday saying it's too soon 717 00:40:43,200 --> 00:40:46,160 Speaker 1: to tell the effect of the war what it'll have 718 00:40:46,520 --> 00:40:48,560 Speaker 1: on the US economy, but I mean, if we get 719 00:40:48,600 --> 00:40:53,920 Speaker 1: an energy shock from the effects on the commodities markets, 720 00:40:53,960 --> 00:40:56,960 Speaker 1: I mean that's gonna have an inflationary impact, isn't Oh, 721 00:40:57,160 --> 00:41:00,120 Speaker 1: certainly we're going to see we we had thought we 722 00:41:00,239 --> 00:41:02,960 Speaker 1: might be plateauing in terms of energy prices, and as 723 00:41:03,200 --> 00:41:05,520 Speaker 1: long as we're not seeing a rise every month, and 724 00:41:05,680 --> 00:41:10,000 Speaker 1: inflation mathematically pauses and maybe even starts to go down. 725 00:41:10,080 --> 00:41:12,479 Speaker 1: But now, with oil prices where they are, it's gonna 726 00:41:12,560 --> 00:41:14,359 Speaker 1: keep rising for a couple of months, and that feeds 727 00:41:14,400 --> 00:41:17,560 Speaker 1: into gasoline prices, and then that feeds into how much 728 00:41:17,640 --> 00:41:19,839 Speaker 1: you have left over to spend other places. So we'll 729 00:41:19,840 --> 00:41:22,520 Speaker 1: be watching retail sales as well to see what kind 730 00:41:22,560 --> 00:41:26,719 Speaker 1: of impact that has. It sounds like uber data dependence. 731 00:41:27,080 --> 00:41:30,520 Speaker 1: How much impact is the job's report coming out tomorrow 732 00:41:30,600 --> 00:41:32,439 Speaker 1: gonna have do you think? I don't think it's gonna 733 00:41:32,440 --> 00:41:34,439 Speaker 1: have a lot of impact. The Fed will be looking 734 00:41:34,520 --> 00:41:38,840 Speaker 1: to see that, uh, employment growth continued. They'll be interested 735 00:41:38,920 --> 00:41:42,680 Speaker 1: to see what the pay situation was, what happened with 736 00:41:42,719 --> 00:41:45,800 Speaker 1: average hourly earnings. But this is February data, and the 737 00:41:45,880 --> 00:41:50,279 Speaker 1: war didn't start until March basically, So, uh, what is 738 00:41:50,320 --> 00:41:52,319 Speaker 1: it really going to tell the Fed about where we're going? 739 00:41:52,440 --> 00:41:54,879 Speaker 1: Not a whole lot. It'll be interesting, but it will 740 00:41:54,920 --> 00:41:58,319 Speaker 1: be probably quickly forgotten. Just about thirty seconds left here, Mike, 741 00:41:58,360 --> 00:42:00,840 Speaker 1: are there any unanswered question the Powell left on the 742 00:42:00,880 --> 00:42:03,880 Speaker 1: table that you'll be looking for the uh uh Senate 743 00:42:03,960 --> 00:42:07,040 Speaker 1: hearing later this morning, not anything that he's going to answer. 744 00:42:07,280 --> 00:42:09,840 Speaker 1: Put it that way, we'd like to know more about 745 00:42:09,920 --> 00:42:12,520 Speaker 1: what the path going forward is and when they might 746 00:42:12,600 --> 00:42:15,040 Speaker 1: start reducing the balance sheet, but they want to keep 747 00:42:15,120 --> 00:42:18,000 Speaker 1: that in reserve and make those decisions as they go along. 748 00:42:18,280 --> 00:42:20,120 Speaker 1: And it sounds like from a lot of what we've 749 00:42:20,160 --> 00:42:22,680 Speaker 1: heard from the Chairman is they simply just have a 750 00:42:22,760 --> 00:42:26,720 Speaker 1: lot of uncertainty with the war continuing. Mike McKee, as always, 751 00:42:26,760 --> 00:42:29,760 Speaker 1: thanks for being with us, Bloomberg Economics Correspondent, Michael McKee. 752 00:42:29,800 --> 00:42:32,040 Speaker 1: As we get set for that second round of testimony 753 00:42:32,040 --> 00:42:35,279 Speaker 1: from Chairman Powell the Senate Banking Committee later on this morning, 754 00:42:35,320 --> 00:42:38,080 Speaker 1: we will have full coverage for you here on Bloomberg Radio. 755 00:42:38,239 --> 00:42:41,960 Speaker 1: Futures moving lower as we march toward the open on 756 00:42:42,080 --> 00:42:45,920 Speaker 1: Wall Street. Stay with us as Bloomberg Day Break continues. 757 00:42:46,000 --> 00:42:48,360 Speaker 1: You're listening to Bloomberg Radio. Good morning,