Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: Daybreak for Thursday, March three. Coming up this hour, Russia
Speaker 1: presses ahead in Ukraine as the war enters its second week.
Speaker 1: Boyle continues, It's March higher, hitting the highest level since
Speaker 1: two thousand eight. J Pali stands pad On plants for
Speaker 1: a rate hike this month, and the January six Panel
Speaker 1: says evidence suggests crimes committed by Donald Trump. New York
Speaker 1: school chancellor says he wants to stop the exodus of students.
Speaker 1: Plus Supreme Court nominee Brown Jackson is making the Browns
Speaker 1: on Capitol Hill. I'm Michael Blarm. We're ahead of John
Speaker 1: Stage Shower Sports, the Nick Laws in Philadelphia, the Rangers
Speaker 1: beat the Blues College who wins for St? John, Seaton
Speaker 1: Hall and Rutger. That's all straight ahead on Bloomberg day
Speaker 1: Break on Bloomberg eleven, Treo, New York, Bloomberg one, Washington,
Speaker 1: d C, Bloomberg one O six one, Boston, Bloomberg nine sixties,
Speaker 1: San Francisco, Sirius x M one nineteen and around the
Speaker 1: world Old on Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business A good morning. I'm Nathan Hagar and I'm Karen.
Speaker 1: Moscow and US Dock index futures are little changed to
Speaker 1: lower this morning. We're coming up to five oh one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg right now, S
Speaker 1: and P futures are down two and a half points
Speaker 1: and DOWN futures are down four, so they're both pretty
Speaker 1: much little changed. Nasdack futures lower, down thirty seven. The
Speaker 1: decks in Germany's down about seven tenths of upper set ten.
Speaker 1: Your treasury up one thirty second, the yield one point
Speaker 1: eight seven percent, the yield on the two year one
Speaker 1: point five zero percent, and Nimex screwde oil is up
Speaker 1: too and a half percent. Nathan Karen will have more
Speaker 1: on the markets in a minute, but first, the war
Speaker 1: in Ukraine is now into its second week. Russian forces
Speaker 1: are pressing head with their offensive, firing missiles at the
Speaker 1: capital of Kiev. Moscow's also stepped up a campaign to
Speaker 1: take cities in the south. Ukraine's president Vladimir Zelinski says
Speaker 1: Russian troops will be met with force. Wherever they go.
Speaker 1: They will be destroyed they will not have common they
Speaker 1: will not have food, They will not have one quiet moment,
Speaker 1: Receive only one thing. Resist fifth resistant President Vladimir z
Speaker 1: Linski's telling Russian troops to go home. Ukraine is set
Speaker 1: for a second round of talks with Moscow today. Meantime,
Speaker 1: Nathan United Nations is ramping up its rhetoric on Russia.
Speaker 1: The U n Secretary General is demanding Moscow removed troops
Speaker 1: from Ukraine. Bloomberg said, Baxter has the story. An overwhelming
Speaker 1: majority of the General Assembly back Russian condemnation one four
Speaker 1: five against thirty five abstain. Secretary General Antonio Guterres says
Speaker 1: the world demands peace. People in Ukraine desperately needs peace,
Speaker 1: and people around the world this is Representatives from Ukraine
Speaker 1: and Russia are headed to the Belarus Poland border today
Speaker 1: for a second round of talks, and Secretary of State
Speaker 1: Anthony Blinkol has headed to Europe for talks with NATO
Speaker 1: allies in San Francisco. I'm at Baxetor Bloomberg daybreak. Thanks
Speaker 1: sad Russian finances, they're feeling more pain this morning. The
Speaker 1: country's credit rating has been cut to junk by both
Speaker 1: moodies and Fitch ratings. Both wren that sanctions could undermine
Speaker 1: Russia's capability and willingness to service debt. Well, oil continues.
Speaker 1: It's march higher this morning, Nathan, hitting levels we haven't
Speaker 1: seen in fourteen years, and we get the latest live
Speaker 1: from Bloomberg's John Tucker, johnkle Mornay Karen. Buyers continue to
Speaker 1: shun Russian crude and traders are betting that prices will
Speaker 1: keep rising. Don't expect any help from OPEC plus after
Speaker 1: a thirteen minute meeting, they stuck to just a mild
Speaker 1: increase in production and don't expect much help from US
Speaker 1: shale producers. They say labor and material shortages are hurting
Speaker 1: their production. And it's not just oil. Commodities are rising
Speaker 1: across the board. Bloomberg's gage of raw materials is closing
Speaker 1: in on the biggest weekly gain in sixty years. Aluminum
Speaker 1: hit a record, we prices extended their meteoric rally. These
Speaker 1: commodities are not subject to sanctions, but surging freight and
Speaker 1: insurance costs are keeping buyers away. Laden New York. I'm
Speaker 1: John Tucker, Bloomberg Daybreak. Okay, John, thank you, And despite
Speaker 1: risks from Russia's invasion of Ukraine. J Powell is making
Speaker 1: the fight against inflation his top priority. The FED chair
Speaker 1: testified before a House panel yesterday, saying he supports the
Speaker 1: rate hike later this month. I do think it will
Speaker 1: be appropriate to raise our target range for the Feller
Speaker 1: funds rate at the March meeting in a couple of weeks,
Speaker 1: and I'm inclined to propose and support a twenty five
Speaker 1: basis point rate hike. And to the extent inflation comes
Speaker 1: in higher or is more persistently high than that, then
Speaker 1: we would be prepared to move more aggressively by by
Speaker 1: raising the Fellow funds rate by more than twenty five
Speaker 1: basis point. FED Chair J. Powells testifies before Congress again today,
Speaker 1: this time to the Senate Banking Committee, Nathan. The next
Speaker 1: major event for J. Powell and the Fed is Friday's
Speaker 1: jobs report. Over the past year, rapid wage growth left
Speaker 1: businesses scrambling to keep up, and in the like that
Speaker 1: trend will continue. Bloomberg's Rnida Young joins us now at
Speaker 1: the details. Good morning, Randa, Good morning Karen. The February
Speaker 1: jobs report is expected to show average hourly earnings rose
Speaker 1: a half a percent last month, pushing year over year
Speaker 1: games close to six percent, and if you exclude two
Speaker 1: pandemic distorted prints in the annual increase would be the
Speaker 1: strongest in data going back fifteen years. Some slowing is expected,
Speaker 1: but wage growth is poised to remain exceptionally strong this year.
Speaker 1: High labor costs are yet another factor the Fed will
Speaker 1: have to contend with as it works to cool the
Speaker 1: hottest inflation in a generation. In New York, I'm Nita Young,
Speaker 1: Bloomberg Daybreak. Thanks Nita, turning to politics now, we have
Speaker 1: new developments involving the January six attack on the Capitol.
Speaker 1: The Congressional committee investigating the incident says it may have
Speaker 1: evidence that former President Trump was part of a criminal conspiracy.
Speaker 1: Amy Morris reports from our Bloomberg nine one newsroom in Washington.
Speaker 1: The committee says Trump advisor John Eastman's emails device President
Speaker 1: Mike Pence's lawyer show evidence of obstruction of an official
Speaker 1: proceeding a felony that carries a maximum of twenty years
Speaker 1: in prison, and the emails he blames Pence for the
Speaker 1: riot and says, quote, I implore you to consider one
Speaker 1: more relatively minor violation of the Electoral Count Act and
Speaker 1: adjourned for ten days. In a court filing, the committee
Speaker 1: says Eastman knew what he was proposing would violate the law,
Speaker 1: but pushed the Vice President to do it anyway. In Washington,
Speaker 1: I'm Amy Morris Bloomberg day break. All right, Amy, thank you,
Speaker 1: But let's turn back to the markets now as some
Speaker 1: corporate items of note this morning, Shares of Snowflake are
Speaker 1: plunging their down more than twenty one percent after the
Speaker 1: software company projected slowing sales growth is expected to fall
Speaker 1: from a previous triple digit percentage base ment. Tesla is
Speaker 1: back in the news. Carreen CEO Elon Musk is challenging
Speaker 1: the United Auto Workers Union to hold a vote at
Speaker 1: his California factory. Musk says Tesla will do nothing to
Speaker 1: stop union organizers. The challenge comes after President Biden again
Speaker 1: failed to mention Tesla while promoting electric vehicles in his
Speaker 1: State of the Union address. The White House is a
Speaker 1: big supporter of labor unions. Right now, SMP futures are
Speaker 1: down almost five points, STOUT futures down twenty NASTAC futures
Speaker 1: lower by forty four points. The tenure Treasury is up
Speaker 1: to thirty seconds. The yield right now one point eight
Speaker 1: six per cent. Straight ahead, your latest local headlines and
Speaker 1: a check of sports. This is Bloomberg. It's now five
Speaker 1: oh seven on Wall Street. Got some showers this morning.
Speaker 1: Forty four degrees in Central Partners crash on the Harlem
Speaker 1: River drives southbound by h Details on that coming up
Speaker 1: in traffic. First Michael Barr with more on what's going
Speaker 1: on in New York into rappid world. Good morning, Michael,
Speaker 1: Good morning Nathan. People in New York are coming together
Speaker 1: to show support for Ukraine as the Russian invasion continues.
Speaker 1: Hundreds of people gathered at St. George, Ukrainian Catholic Church
Speaker 1: in the East Village last night to sing and pray.
Speaker 1: The church has become a focal point for the humanitarian
Speaker 1: effort by raising funds from everything from food and clothing
Speaker 1: to medical supplies. Among the worshippers, New York Governor Kathy Hokele.
Speaker 1: New York City has the largest Ukrainian population in the US.
Speaker 1: President Biden's picked to replace Supreme Court Justice Stephen Bryan,
Speaker 1: is making the rounds on Capitol Hill. Judge Katangi Brown
Speaker 1: Jackson met with lawmakers her confirmation. Hearings could begin soon.
Speaker 1: Japanese scientists say the omicron strain of COVID nineteen is
Speaker 1: at least more lethal than seasonal flu. Countries around the
Speaker 1: world have been relaxing mask mandates and testing requirements. Visibly annoyed,
Speaker 1: Florida Governor Rhonda Santis admonished a group of students for
Speaker 1: wearing face masks at an indoor news conference. It happened
Speaker 1: before he spoke about cybersecurity and education at the University
Speaker 1: of South Florida in Tampa. To think, we got to
Speaker 1: stop with this. The theater want fine, but this isn't
Speaker 1: This is ridiculous. Some of the students took their masks
Speaker 1: off before Governor to Santists took the podium. New Jersey
Speaker 1: Governor Phil Murphy received some good news about the state
Speaker 1: a credit rating upgrade story from Bloomberg's Charlie call It.
Speaker 1: Moody's Investors Service raised New Jersey's credit rating, giving the
Speaker 1: state its first upgrade since two thousand five after years
Speaker 1: of pension under funding and benefit increases. An upgrade can
Speaker 1: lead to reduce borrowing costs for states, as bond investors
Speaker 1: are willing to accept lower yields from issuers considered less
Speaker 1: likely to default. In New York Charlie Pellet Bloomberg pay Break,
Speaker 1: New York City School's Chancellor David Bank's pledge to bring
Speaker 1: a new normal to the U s as largest school system.
Speaker 1: He outlined a plan to reverse an exodus of students
Speaker 1: by improving digital learning, reducing bureaucracy, and expanding gifted programs.
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven
Speaker 1: hundred journalists and analysts in more than a hundred twenty countries.
Speaker 1: Michael BARRD this is Bloomberg, Nathan. Thanks Michael, coming. It's
Speaker 1: a five ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports Updated Morning. John Stanshower All, good morning, Nathan. Familiar
Speaker 1: script for the next good start, not a good finished.
Speaker 1: Another loss now sixteen losses in the last nineteen games.
Speaker 1: In Philadelphia, Nicks didn't trail until the third quarter, but
Speaker 1: the Sixers one at once to one oh eight. They
Speaker 1: sweep the home at home. Joe l MB twenty seven twints.
Speaker 1: He took thirteen free throws. That's down from the twenty
Speaker 1: seven that he took in Sunday's game at the Garden,
Speaker 1: James Harden and his home debut in Philly twenty six
Speaker 1: points in near triple double. R J. Barrett that the
Speaker 1: Knicks with thirty Julius Randol at twenty four, but Alec
Speaker 1: Burk's and Evan four together shot three of nineteen nets.
Speaker 1: Home tonight from Miami, Kevin Durant makes his return from
Speaker 1: the knee injury that's kept him that from more than
Speaker 1: six weeks. The East eating heat last night in Milwaukee,
Speaker 1: led by fourteen, was six minutes to go to Buck's
Speaker 1: rally to win by one. At the Garden, Rangers led St.
Speaker 1: Louis to nothing, then trail three two and the third
Speaker 1: hunt toward that girl stroll a little too deep, but
Speaker 1: he puts it on call stop right off sick score
Speaker 1: Patrick Denneth from the point bit set it off barbarashop
Speaker 1: Patrick's the game at three vp MM called Chris Cryer
Speaker 1: would add a power play goal. Is thirty fifth toll
Speaker 1: the season. The Rangers beat the Blues five to three,
Speaker 1: big forty eight point second half for St. John's Red
Speaker 1: Storm beat Xaver eighty one sixty six, also the big
Speaker 1: East Seaton Hall down Georgetown sev the Hoyas r O
Speaker 1: N eighteen in the Big East, and yet the school
Speaker 1: says it is committed to it's coach, who happens to
Speaker 1: be greatest player in school history. Patrick Ewing Rutgers helped
Speaker 1: at ten C double A helps with a win at Indiana.
Speaker 1: The Giants shed some payroll they cut running back to
Speaker 1: Monte Booker and tight end Kyle Rudolf, John Stash Even
Speaker 1: Bloomberg Sports neither all right, John, thanks SMP future is
Speaker 1: down down seven points down, futures down thirty four, NASTAC
Speaker 1: Future is lower by fifty four points to ten. Your
Speaker 1: treasury yield one point eight six sent you're listening to
Speaker 1: Bloomberg Daybreak, Bloomberg eleven three or other. Showers will end
Speaker 1: this morning. We'll get up to the low forties with
Speaker 1: a breeze mostly Sunday Tomorrow up for thirties. Will be
Speaker 1: in the mid forties, mostly cloudy by Saturday. Right now
Speaker 1: showers and forty four degrees in Central Park Markets. Headlines
Speaker 1: and breaking news twenty four hours a day at Bloomberg
Speaker 1: dot Com, the Bloomberg Business at and at Bloomberg Quick Tape.
Speaker 1: This is a Bloomberg Business Flash and I'm Karen. Moscow
Speaker 1: stocks reversed earlier gains, with europe Stock six hundred index
Speaker 1: lower along with US stock index, futures oil soaring to
Speaker 1: the highest levels in two thousand eight, and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: bloomberg S and P Future is down eight points down,
Speaker 1: futures down forty six and nasdack Future is down fifty
Speaker 1: fo The decks in Germany's down nine tenths of upper
Speaker 1: set ten your treasury up to thirty seconds he had
Speaker 1: one point at six percent. That yield on the two
Speaker 1: year one point five percent. NIMEX Screwed oil is up
Speaker 1: two point four percent, up two dollars seventy five cents
Speaker 1: at a hundred thirteen dollars thirty five cents of barrel comexs.
Speaker 1: Gold is up six tenths per center, eleven dollars forty
Speaker 1: cents at nineteen thirty three seventy ounce. The euro one
Speaker 1: point one zero eight five against a dollar British found
Speaker 1: one point three three eight eight, the ends at one
Speaker 1: fifteen point seven three and Bitcoin moving lower at forty
Speaker 1: three thousand, two hundred fifty dollars today We are looking
Speaker 1: for the weekly report on initial jobless claims at any
Speaker 1: thirty Wall Street, time at tenants, factory orders and durable
Speaker 1: goods orders, as well as a look at service industries
Speaker 1: and best buying gap among companies. Schedule to report earnings today.
Speaker 1: As a Bloomberg Business Flash, now here's Munchael Barr with
Speaker 1: more unless going on around the world. Muncle, Good morning,
Speaker 1: Good morning Karen. The UN Refugee Agency says one million
Speaker 1: people have fled Ukraine sense Russia invaded the country a
Speaker 1: week ago. Bemal Russia fired missiles at Pieve overnight and
Speaker 1: stepped up their campaign to take cities and the coastal south.
Speaker 1: In a reversal, Russian and Belarusian athletes have been banned
Speaker 1: from the Paralympics for their country's roles in the war
Speaker 1: in Ukraine. The International Paralympic Committee announced the about face
Speaker 1: less than twenty four hours after saying it would allow
Speaker 1: Russian and Belarusian athletes to compete when the game's open tomorrow.
Speaker 1: In the NBA, the Knicks lost. In the NHL, the
Speaker 1: Rangers won. Global news twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalist and analysts in more than one d
Speaker 1: twenty countries. I'm Michael bar This is Bloomberg Nathan. Thanks Michael.
Speaker 1: It's five nineteen on Wall Street Line from the Bloomberg
Speaker 1: Intracted Broker Studios. This is Bloomberg Daybreak, and our executive
Speaker 1: editor for International Government, Rosalind Matheson is with us this
Speaker 1: morning as the war in Ukraine enters its second week.
Speaker 1: Ros Good morning, if you could get us up to
Speaker 1: speed on the latest we're hearing on developments on the ground.
Speaker 1: What we're hearing is again a sustained and concentration of
Speaker 1: effort in the southern part of Ukraine, the city of
Speaker 1: Tisson of cool falling, and now reports that Russian naval
Speaker 1: vessels are moving towards the port of Odessa. Of course,
Speaker 1: that's a really key city and port um in the
Speaker 1: south of Ukraine, that's really the gateway for trade in
Speaker 1: commodities and other things into many other parts of Europe.
Speaker 1: And very sustained fighting going on in the vicinity of
Speaker 1: Odessa and Mario Paul another city that's also there. So
Speaker 1: we're seeing signs of progress one of a better world
Speaker 1: by Russian forces on the ground in the south. That's
Speaker 1: even as they remain quite bogged down in the north,
Speaker 1: still no movement closer to Kiev, the capital, even though
Speaker 1: there's been shelling overnight in both the capital Kiev and
Speaker 1: the second biggest city in Ukraine, Hakiv. So we're seeing
Speaker 1: movement in the south pretty much the status quo in
Speaker 1: the north, but certainly the sense that Russia is making
Speaker 1: some progress in capturing some key cities here. Well. With
Speaker 1: Russia making that kind of progress, particularly in the south,
Speaker 1: what could it tell us about the potential strategy from
Speaker 1: Russia as it continues this campaign. What could be coming next.
Speaker 1: What we're expecting is further aerial bombardment, in particular efforts
Speaker 1: to squeeze these cities. It's very clear that Ukrainians who
Speaker 1: are based in the south in these places are unable
Speaker 1: to get out or certainly struggling to get out. At
Speaker 1: this point. There's no corridor really for them to leave
Speaker 1: safely and for food and medicine to come the other way.
Speaker 1: So what you're seeing is these cities coming into sort
Speaker 1: of states a relative desperation at this point as we
Speaker 1: enter the second week of this conflict, many smaller towns
Speaker 1: in the east of Ukraine have been destroyed and villages
Speaker 1: bombed and destroyed altogether, so people are there unable to go.
Speaker 1: So do you get a point where things become so
Speaker 1: desperate in those places that people decide to give up
Speaker 1: the fight? So far, the resilience of the Ukrainian people
Speaker 1: and their military has probably shocked the Russians in terms
Speaker 1: of what they thought their progress would be so far,
Speaker 1: and we're certainly seeing that desperation signs of that playing out,
Speaker 1: as more than a million refugees have now fled the country.
Speaker 1: Is Europe ready for this kind of influx these crowds
Speaker 1: of Ukrainians heading their way? Certainly, the the European Union
Speaker 1: seems to be doing as much as it can, funneling
Speaker 1: resources and help further to the east to assist those
Speaker 1: countries who are receiving the bulk of people. That includes
Speaker 1: countries like Poland, of course, but also the EU centrally
Speaker 1: doing things like expert out in the ability of Ukrainians
Speaker 1: to work in the European Union, to be able to
Speaker 1: move around without too much difficulty, and that's a little
Speaker 1: bit unusual for the EU, we should say, which as
Speaker 1: often as a block rappled with how to take a
Speaker 1: collective approach to migration crisis that we've seen come in
Speaker 1: previous years and indeed decades, and a tendency in some
Speaker 1: countries at least to say, well, we don't want to
Speaker 1: have too many people come here because of the economic
Speaker 1: burden that would place on us. At least in this
Speaker 1: early stage, it's very much open arms or around. Whether
Speaker 1: that continues, particularly the exodus picks up even more, remains
Speaker 1: to be seen. But right now it's doing as much
Speaker 1: as they can, and of course we're watching the impact
Speaker 1: of sanctions as well, the credit reading of Russia being
Speaker 1: cut and assets of oligarchs being seized. Are we seeing
Speaker 1: any evidence that this financial war that's taking place with
Speaker 1: Russia's having any impact on the ground. Doesn't appear to be.
Speaker 1: If anything, it's expediting things, because that's the Russian president
Speaker 1: wants to get his stated goals in Ukraine achieved sooner
Speaker 1: rather than later. So if it makes him perhaps more erratic,
Speaker 1: more dangerous, more willing to do things, that might be
Speaker 1: a repercussion on the ground. In Russia. You're seeing a
Speaker 1: strong sense of resignation amongst ordinary Russians that the difficulties
Speaker 1: they're now facing in their daily lives to access certain goods,
Speaker 1: to make certain purchases, to even move around the train
Speaker 1: station with their bank cards which may not be working
Speaker 1: at the moment. There seems to be quite a lot
Speaker 1: of disquiet amongst the upper echelons in terms of oligarchs,
Speaker 1: but no sign at least so far that that's translating
Speaker 1: into immediate risk for putting himself. Thanks for keeping us
Speaker 1: up to speed on all this rose as always Rosalind Mathison,
Speaker 1: our executive editor for International Government for Bloomberg News, as
Speaker 1: we continue monitoring developments in the war in Ukraine. Now
Speaker 1: intoday eight, looking ahead to the market open this morning
Speaker 1: on Wall Street, futures are moving a bit lower. We
Speaker 1: have SMP futures now down nine and a half point,
Speaker 1: Staff futures are lower by sixty six and NASTAC futures
Speaker 1: on the decline by almost sixty two points. The tenure
Speaker 1: treasury is now up one thirty second the yield one
Speaker 1: point eight seven percent. The surge in crude continues, with
Speaker 1: Brent a one a hundred fifteen dollars eight cents of
Speaker 1: barrel for the international benchmark. West Texas Intermediate's up two
Speaker 1: point three percent a hundred thirteen dollars twelve cents. We'll
Speaker 1: have more on the oil surge and will we see
Speaker 1: a wage surge in the February jobs report. All that
Speaker 1: it up as we check your top stories of the morning.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleven three oh Whether
Speaker 1: this rain will end early this morning. We'll have clearing,
Speaker 1: breezy conditions low forties for highs upper thirties tomorrow, mostly
Speaker 1: cloudie by Saturday, mid forties. Right now, rain in forty
Speaker 1: four in Central Park. Broadcasting live from the Bloomberg Interactive
Speaker 1: Broker Studio in New York. Bloomberg eving freo to Washington,
Speaker 1: d C, Bloomberg ninety nine one to Boston, Bloomberg one
Speaker 1: O six one does San Francisco, Bloomberg NAM sixty to
Speaker 1: the country, Sirius XM Chadle one nineteen and around the
Speaker 1: globe the Bloomberg Business and Bloomberg Radio dot Com. This
Speaker 1: is Bloomberg Daybreak. It's five thirty on Wall Street. Good morning.
Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. We're just about
Speaker 1: four hours away from the open of US trading. Let's
Speaker 1: catch you up to date on the news you need
Speaker 1: to know. At this hour, the war in Ukraine is
Speaker 1: entering its second week. Russian forces are pressing ahead, firing
Speaker 1: missiles at the capital city of Kiev. They're also stepping
Speaker 1: up campaigns to take cities in the south. Ukraine's President
Speaker 1: Vladimir Zelenski says Russian troops are being met with force.
Speaker 1: I don't sam our army is doing everything to fully
Speaker 1: break the enemy. Nearly nine thousand Russians have been killed
Speaker 1: in one week. President Vladimir Zelenski is telling Russian troops
Speaker 1: to go home. Karen, We're seeing the war continue to
Speaker 1: have a massive impact on commodities. Let's get the latest
Speaker 1: on that line from Bloomberg's John Tucker. John Nathan Bloomberg's
Speaker 1: gauge of raw Materials is closing in on the biggest
Speaker 1: weekly game in sixty years as banks, importers, and shippers
Speaker 1: steer clear of Russian exports. Brant crude stared to near
Speaker 1: one D twenty of barrel aluminium hit a record, wheat
Speaker 1: rallied to the highest level since two thousand and eight,
Speaker 1: and the decision by OPEK plots to leave output plans
Speaker 1: unchanged as to the risk that inflation will slow the economy.
Speaker 1: Even before the invasion, US retail gasoline was at its
Speaker 1: highest level since two thousand fourteen. Live in New York.
Speaker 1: I'm John Tucker, Bloomberg Daybreak. All right, John, thank you
Speaker 1: for speaking of inflation. J Powell addresses the topic today
Speaker 1: and another round of congressional testimony. The FED share is
Speaker 1: making the fight against prices his top priority, saying he
Speaker 1: supports a right high later this month and next to
Speaker 1: the Fed after that. Karen will be Friday's jobs report.
Speaker 1: Rapid wage growth has left business is scrambling to keep up.
Speaker 1: Looks like that trend is going to continue. Bloomberg's Grenita
Speaker 1: Young joins us, but the details on that. Good morning, Granita,
Speaker 1: Good morning. The February jobs report is expected to show
Speaker 1: average hourly earnings rose a half a percent last month,
Speaker 1: pushing year over year games close to six percent, and
Speaker 1: if you exclude two pandemic distorted prints in the annual
Speaker 1: increase would be the strongest in data going back fifteen years.
Speaker 1: Some slowing is expected, but wage growth is poised to
Speaker 1: remain exceptionally strong this year. In New York, I'm reneed
Speaker 1: a Young Bloomberg Day Week I need to thank you.
Speaker 1: And in politics this morning, the January sixth Congressional Panel
Speaker 1: says evidence suggests crimes were committed by former President Trump.
Speaker 1: That's according to a filing in federal court. The panel
Speaker 1: says emails from Trump advisor John Eastman may contain evidence
Speaker 1: of obstruction of an official proceeding. Eastman is sued to
Speaker 1: block release of the emails. Futures are lower this morning.
Speaker 1: S and P Futures down about ten points down. Futures
Speaker 1: down fifty eight. Nasdaq Future is also down about fifty eight.
Speaker 1: Straight ahead your latest local headlines, plus a check of sports,
Speaker 1: and this is Bloomberg by thirty three on Wall Street,
Speaker 1: showers forty three degrees in Central Park northbound Root one
Speaker 1: and nine is closed to Grant Street and Elizabeth Michael
Speaker 1: bars here with more on what's going on in New
Speaker 1: York and around the world. Michael, thank you very much, Nathan.
Speaker 1: People around the world are coming together to show support
Speaker 1: for Ukraine as the Russian invasion continues. In New York City,
Speaker 1: which has the largest Ukrainian population in the US, hundreds
Speaker 1: of people gathered at St. George, Ukrainian Catholic Church in
Speaker 1: the East Village last night to sing and pray. I
Speaker 1: will try home. I will cry when I pray, but
Speaker 1: not now, because this is my battle. I'm fighting. Everyone
Speaker 1: is strained right now and soldier, and I'm soldier, so
Speaker 1: that's not a place to pry. I'll Another one of
Speaker 1: the worshippers at the church was New York Governor Kathy
Speaker 1: HOCl Supreme Court Nominiqueatanji Brown Jackson has begun courting Senators
Speaker 1: on Capitol Hill, making your case for confirmation. In private
Speaker 1: meeting Senate Majority Leader Chuck Schumer, I am just so
Speaker 1: pleased that the President has nominated someone amazing qualification and
Speaker 1: breath of experience. Democrats are working to move our nomination
Speaker 1: through the Senate within weeks. The a c l U
Speaker 1: has filed a lawsuit against the Texas Department for Family
Speaker 1: and Protective Services and Governor Greg Abbott for implementing a
Speaker 1: directive to investigate parents that provide gender affirming care to
Speaker 1: transgender children. Meanwhile, a state district judge issued a temporary
Speaker 1: order halting the child abuse investigation the family of a
Speaker 1: sixteen year old receiving gender affirming care. The famili's attorney,
Speaker 1: Shelley Scheme, every major medical Association says the gender of
Speaker 1: farming care is medically necessary. Attorney Shelley Scheme. New York
Speaker 1: City School's chancellor wants to make remote learning an option again.
Speaker 1: David Banks outline to plan to reverse an exodus of
Speaker 1: students by improving digital learning, reducing bureaucracy, and expanding gifted programs.
Speaker 1: Banks also wants to expand the number of safety officers
Speaker 1: patrolling hallways. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts in more than one hundred
Speaker 1: twenty countries. I'm Michael Barr, and this is Bloomberg, Nathan.
Speaker 1: Thank you, Michael wall Street. Here's John Stanshow with the
Speaker 1: Bloomberg Sports Updated. All right, Nathan. The last six seven
Speaker 1: weeks I've been rough for the to New York City
Speaker 1: VA teams than Nets led the East into Kevin Duran's
Speaker 1: knee injury. Without him, they've lost fifteen of their last
Speaker 1: eighteen games. The good news Durant returns tonight in Brooklyn
Speaker 1: against the East. Lead in Miami heat the Knicks in
Speaker 1: mid January, We're over five hundred, look like a playoff team.
Speaker 1: They've lost sixteen of their last nineteen. In Philadelphia, Sixers
Speaker 1: took the lead third quarter, pulled away once one oh eight.
Speaker 1: James Harden twenty six points in the near triple double
Speaker 1: and his home debut. A seamless adjustment to Harden's new team.
Speaker 1: Very comfortable with a lot of a lot of situations
Speaker 1: where there's basketball or just in life. UM, I feel
Speaker 1: like I'm you can put me anywhere in the room
Speaker 1: and I can fit in. Um so here is no different,
Speaker 1: you know, just surveying room, see who's in, you know,
Speaker 1: see what you have, and uh, you know, try your
Speaker 1: best to fit. It's not gonna get any easier for
Speaker 1: the next six more games on the road tomorrow in Phoenix.
Speaker 1: The Sons have the best record in the NBA. Rangers
Speaker 1: with three goals third period beat St. Louis at the
Speaker 1: Garden five to three, Chris Crider to go ahead goal
Speaker 1: on the power players thirty fifth goal the season. Three
Speaker 1: is cists for Adam Fox. He's got forty six assists.
Speaker 1: Bigge's Tournament next week at the Garden. Last night, St.
Speaker 1: John's beat Xavier sixty six, Seaton Hall down Georgetown seventy eight.
Speaker 1: Patrick Ewing's hoyas o N eighteen in the Big East.
Speaker 1: Looks like Seaton Hall will be in the n C
Speaker 1: Double A tournament. Rutgers, said to be on the bubble,
Speaker 1: helped its cause with a three point win at Indiana.
Speaker 1: Fordham dropped back under five hundred, losing at UMass Northeast
Speaker 1: Conference Tournament quarterfinal wins for Wagner and l i U.
Speaker 1: The season over for St. Francis, lost by thirty John
Speaker 1: stash award Bloomberg Sports. Nathan thanks John at seven on
Speaker 1: Wall Street in time for the Tri State Business Report
Speaker 1: with Bloomberg's ad Corey. As the pandemic drags on, employees
Speaker 1: who moved to New York City suburbs or even farther
Speaker 1: are becoming fixtures in city hotels. The Times reports some
Speaker 1: hotels eager to tap into this new market or crafting
Speaker 1: new packages designed specifically for them, with amenities like parking,
Speaker 1: conference rooms, and low midweek rates to sweeten the deal.
Speaker 1: New Jersey Governor Phil Murphy just got the one reward
Speaker 1: he's been after since taking off as four years ago,
Speaker 1: a credit rating upgrade. On Wednesday, Moody's Investors Service raised
Speaker 1: New Jersey's credit rating giving the state its first upgrade
Speaker 1: since two thousand five. Wegman's Food Markets is expanding to
Speaker 1: yet another state. Grocery chain plans to open its first
Speaker 1: location in Connecticut in Norwalk. The thousand square foot two
Speaker 1: level store will be on an eleven acre site off
Speaker 1: Connecticut Avenue, near Connecticut's interstate. According to a company announcement
Speaker 1: that your Bloomberg Dry State Business Report IMD Corey on
Speaker 1: Wall Street. Bloomberg Radio is on the air from San
Speaker 1: Francisco to New York, London to Hong Kong. Let's check
Speaker 1: in with our global news team for some of the
Speaker 1: top stories heard on our three hundred affiliate radio stations
Speaker 1: around the world. Steve pots on K and X in
Speaker 1: Los Angeles, we're talking about Elon musk darrectly United Auto
Speaker 1: Workers Union to try and unionized testas California factory um WAT.
Speaker 1: Some Louisville vodka drinkers are changing brands in the wake
Speaker 1: of the Ukrainian invasion. I'm killing hit COMPLIM, Big Davy
Speaker 1: Distional Radio and ontobodforce on russhipping ostracized, but not quickly enough.
Speaker 1: MP's want the Prime Minister here to do more to
Speaker 1: end the era of poligons. I'm d Gory on w
Speaker 1: w J and destroyed. I'm reporting g M Telanda Chairs
Speaker 1: rose wed day after Ford said it'll split off its
Speaker 1: selectric vehicle business. And those are some of the stories
Speaker 1: our twenty seven hundred Bloomberg journalists and analysts are working
Speaker 1: on this morning around the world. It's just about five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. This editorial was written by the Bloomberg
Speaker 1: Editorial Board. Some eight million metric tons of plastic end
Speaker 1: up in the ocean each year, the equivalent of a
Speaker 1: garbage truck every minute. At this pace, the seas may
Speaker 1: have more plastic than fish by mid century. The good
Speaker 1: news is at nearly two hundred countries have just degree
Speaker 1: to hammer out a treaty cleaning up the plastic mess,
Speaker 1: and businesses and policymakers don't need to wait to take action.
Speaker 1: Manufacturers can start by boosting the amount of recycled content
Speaker 1: they use and by producing simpler packaging that's easier to recycle,
Speaker 1: and governments can aim to make inventive replacements for plastic
Speaker 1: made from materials such as algae more cost competitive. The
Speaker 1: plastic emergency has been building for years. Unfortunately, the world
Speaker 1: doesn't have the luxury of time in solving it. The
Speaker 1: sooner these efforts start, the better. This editorial was written
Speaker 1: by the Bloomberg Editorial Board. For more Bloomberg opinion, please
Speaker 1: go to Bloomberg dot com, slash opinion or ope I
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Speaker 1: You can hear Bloomberg opinion editorials every weekday at this
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Speaker 1: I n go this red headline just across the Bloomberg terminal.
Speaker 1: Another major your company is cutting off ties to the
Speaker 1: Russian economy. Volkswagen says it will stop production and halt
Speaker 1: exports to Russia. With the war in Ukraine now into
Speaker 1: a second week. SMP futures down down eight points, SOUND
Speaker 1: futures down thirty four, NASTACK futures down fifty five points.
Speaker 1: The tenure Treasury yield one point eight six percent. This
Speaker 1: is Bloomberg Bloomberg eleventh three oh weather rain ending early
Speaker 1: this morning, clearing, breezy, low forties for highs. Today will
Speaker 1: be in the upper thirties, mostly sunny. Tomorrow mostly cloudy
Speaker 1: mid forties by Saturday. Right now raining forty three in
Speaker 1: Central Park Markets, headlines and breaking news twenty four hours
Speaker 1: a day at Bloomberg dot Com for the Bloomberg Business
Speaker 1: at and at Bloomberg Quicktape. He's a Bloomberg Business Flash
Speaker 1: and I'm fair in Moscow's doctor falling, commodity surging as
Speaker 1: the war in Ukraine enters its second week. We check
Speaker 1: the markets every fifteen minutes throughout the trading day on
Speaker 1: Bloomberg SNP. Futurist down six points this morning, down, futures
Speaker 1: down nineteen nasdack Future is down forty six the decks
Speaker 1: in Germany's down one point one percent. Ten year treasury
Speaker 1: up four thirty seconds. He had one point eight six percent.
Speaker 1: They yield on the two year one point four nine percent.
Speaker 1: Nine X scret oil is up two point seven percent,
Speaker 1: up three dollars six cents at a hundred thirteen dollars
Speaker 1: sixty seven cents of barrel. Comic Schold is up six
Speaker 1: tents percent, or twelve dollars fifty cents at nineteen thirty
Speaker 1: four eighty announced the euro one point one zero nine
Speaker 1: two against the dollar British pound one point three three
Speaker 1: eight eight begins at one fifteen point seven four. Bitcoin
Speaker 1: is down one and a half percent at forty three thousand,
Speaker 1: four hundred fifty dollars and as a Bloomberg Business Flash,
Speaker 1: now here's Michael bar with more on what's going on
Speaker 1: around the world. Michael Karen, thank you kindly. A hercules
Speaker 1: See one thirty transport aircraft with about two thousand anti
Speaker 1: tank missiles for Ukraine has taken off from Oslow. The
Speaker 1: weapons are to help Ukrainian forces to resist Russia's invasion,
Speaker 1: which began last week. Meanwhile, French customs officials have mobilized
Speaker 1: a yacht owned by ross ne F chief executive officer
Speaker 1: Igor Section, asked part of EU sanctions against Russia. The
Speaker 1: House panel investigating the January six ryant at the US
Speaker 1: Capital said it's evidence suggest crimes may have been committed
Speaker 1: by former President Trump and his associates in the failed
Speaker 1: effort to overturn the outcome of the presidential election. In
Speaker 1: the NBA, the Knicks lost in the NHL, the Rangers
Speaker 1: won Global News twenty four hours a day on air
Speaker 1: and on Bloomberg Quicktake, powered by more than twenty seven
Speaker 1: hundred journalist and analysts, in more than a hundred twenty
Speaker 1: countries on Michael bar This is Bloomberg Karring. Alright, Michael,
Speaker 1: thank you. It is five on Wall Street. It's time
Speaker 1: for the Bloomberg Law Report, brought to you by American
Speaker 1: Arbitration Association. Business disputes are inevitable, resolve faster with the
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Speaker 1: for over ninety years. More at a d R dot org.
Speaker 1: Let's get to the legal stories we're watching this morning.
Speaker 1: From Bloomberg's Jeff Bellinger, the big four international accounting firms
Speaker 1: are being pressured to drop some of their big Russian clients.
Speaker 1: Sanctions over the invasion of Ukraine have highlighted the firm's
Speaker 1: links to pronies of President Boutin. A group of lift
Speaker 1: drivers in California asked the Ninth Circuit to reconsider its
Speaker 1: ruling that they must arbitrate sickly even wage claims. The
Speaker 1: federal judge in Alabama throughout a race and sex discrimination
Speaker 1: case against Liberty National Life Insurance, a black ex worker
Speaker 1: had alleged she was harassed by a white male agent.
Speaker 1: Bloomberg Law Everything you need, all on one legal research platform,
Speaker 1: including guidance Analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg Law dot com. All right, Jeff, thank you. Now,
Speaker 1: another legal story we're watching brings us to the war
Speaker 1: in Ukraine. Nations around the world. They're ramping up sanctions
Speaker 1: against Russia. The Treasury and cam most departments have been
Speaker 1: trying to quickly implement the first phase of these restrictions
Speaker 1: through new rules. That means companies are trying to figure
Speaker 1: out how the restrictions apply to them, and their attorney's
Speaker 1: phones are ringing off the hook for more. In this situation,
Speaker 1: Bloomberg's June Grasso speaks to Chase k Nikki, a partner
Speaker 1: at Cleary gold Labe, who's been getting many of these calls.
Speaker 1: So what are your clients calling you about or what
Speaker 1: are they most confused about. We do get questions all
Speaker 1: over the map, and you know, some are easier than others.
Speaker 1: Some require judgment calls because there's just, you know, lack
Speaker 1: of clarity. There's potentially some uncertainty with respect to whether
Speaker 1: a particular activity is covered by sanctions. But we usually
Speaker 1: start with the basics. In the basics are along the
Speaker 1: lines of, well, what jurisdiction does this particular activity or
Speaker 1: this transaction fall under if it falls under U S jurisdiction,
Speaker 1: For example, it involves a US company, or the transaction
Speaker 1: is going to be processed in US dollars, here's the
Speaker 1: set of rules that apply as of today. The transaction
Speaker 1: doesn't involve US jurisdiction, but it involves UK jurisdiction or
Speaker 1: EU jurisdiction. It's helping companies understand exactly what set of
Speaker 1: rules apply to them on a case by case basis.
Speaker 1: And then once we kind of have an understanding of
Speaker 1: what those particular rules that apply are, does this transaction
Speaker 1: or some party that's involved in the transaction trip any
Speaker 1: of these sanctions? And if so, what do we do
Speaker 1: about it? Is it a nonstarter? Can we just not
Speaker 1: complete the transaction or their ways the transaction can be
Speaker 1: completed that are undertaken in compliance with you know, the
Speaker 1: applicable sanctions regime. So would you say that usually you
Speaker 1: have a slower ramp up of sanctions over time, but
Speaker 1: here you have several stages within a compressed period of time,
Speaker 1: and more escalations are possible. Exactly, That's right. I mean
Speaker 1: it used to be the case you know, look at
Speaker 1: the programs that apply to countries like Iran, and in
Speaker 1: even North Korea and Cuba, those countries are just completely
Speaker 1: awfu limits for US persons. The U s government, at
Speaker 1: least in recent years, hasn't really been taking that kind
Speaker 1: of broader, comprehensive approach, but instead is imposing at least
Speaker 1: what I call sort of smart sanctions, narrowly tailored sanctions.
Speaker 1: In your right, you typically do see those in a
Speaker 1: more piecemeal way, where you know, a sanction will be imposed,
Speaker 1: the US government will see whether that sanction is having
Speaker 1: the impact that they wanted to, and then if it's not,
Speaker 1: you know, an additional sanction might be imposed. But you're
Speaker 1: absolutely right here. In the last week or so with
Speaker 1: the Russia's sanctions program, it's just been a deluge of
Speaker 1: individual sanctions, but all kind of at the same time,
Speaker 1: and you know, having to wrap your arms around exactly
Speaker 1: what all those mean and what's the landscape look like
Speaker 1: from various perspectives. It's not just US sanctions, it's e
Speaker 1: used stanctions, it's UK sanctions. Countries around the world are
Speaker 1: imposing sanctions on Russia, and so it really is a
Speaker 1: multinational effort that you need to be thinking about when
Speaker 1: you're thinking about multinational companies engaging in transactions with Russia,
Speaker 1: and that Chase Knniky, a partner at clear A gaunt
Speaker 1: Lep spregaing at the Bloombergs Your Grosso. Catch more of
Speaker 1: that interview, plus analysis of the latest legal news, by
Speaker 1: subscribing to the Bloomberg Law Podcast or downloading the show
Speaker 1: at Bloomberg dot com slash podcast. Attorneys can find exceptional
Speaker 1: legal research and business development tools at Bloomberg Law dot
Speaker 1: com and on the Bloomberg terminal at b Law Go. Nathan.
Speaker 1: All right, Karen, thank you. It's five fifty three on
Speaker 1: Wall Street live from the Bloomberg Intractor Brokers Studios. This
Speaker 1: is Bloomberg Daybreak, and we're watching for FED chair Jerome
Speaker 1: Powell heading back to Capitol Hill in just a few
Speaker 1: hours for a second day of testimony, this time before
Speaker 1: the Senate Banking Committee. But the Chairman has already had
Speaker 1: plenty to say about policy, as we heard yesterday when
Speaker 1: he spoke before the House Financial Services Committee. Our monetary
Speaker 1: policy has been adapting to the evolving economic environment and
Speaker 1: it will continue to do so. We phased out our
Speaker 1: net asset purchases. With inflation will above two percent and
Speaker 1: a strong labor market, we expect it will be appropriate
Speaker 1: to raise the target range for the federal funds rate
Speaker 1: at our meeting later this month. And here with more
Speaker 1: on what the Chairman's had to say is our economics correspondent,
Speaker 1: Bloomberg's Michael McKee. Might good to have you with us
Speaker 1: this morning. And it sounds as though is not only
Speaker 1: the March meeting live, it's all but penciled in now. Yeah.
Speaker 1: J Paul told Wall Street what they already thought they knew,
Speaker 1: and so there won't be much suspense going into the meeting,
Speaker 1: except we do get new forecasts for unemployment and inflation
Speaker 1: and interest rates, and so we'll see how much they
Speaker 1: think inflation is going to fall. Paul yesterday suggested they
Speaker 1: still anticipate a drop in inflation as the year goes on,
Speaker 1: but how far do they think it will go now
Speaker 1: because of the war and the elevated oil prices. Are
Speaker 1: we is there any chance we get a to handle? Yeah,
Speaker 1: the transitory is definitely by the wayside at this point.
Speaker 1: It seems like the terminology has gone from transitory now
Speaker 1: to humble and nimble. What's that going to mean for
Speaker 1: policy going forward for the rest of the year. Well,
Speaker 1: unfortunately for people on trading desks, probably means uncertainty as
Speaker 1: they go into every meeting. Every meeting will probably be live,
Speaker 1: but we won't really have a good idea going into
Speaker 1: the meetings. Uh the path going forward. A lot of
Speaker 1: analysts decided that we were going to see a UH
Speaker 1: six or seven move FED this year, and I think
Speaker 1: that's gone by the boards. The FED is going to
Speaker 1: be prepared to go more or less depending on how
Speaker 1: the economy evolves, in large part due to the uncertainty
Speaker 1: over the Russian War, because we don't know what's going
Speaker 1: to happen with commodity prices and oil prices, how long
Speaker 1: they'll remain elevated, and how much that hits into corporate
Speaker 1: earnings and consumer confidence. And that's certainly something we heard
Speaker 1: a lot from the chairman yesterday saying it's too soon
Speaker 1: to tell the effect of the war what it'll have
Speaker 1: on the US economy, but I mean, if we get
Speaker 1: an energy shock from the effects on the commodities markets,
Speaker 1: I mean that's gonna have an inflationary impact, isn't Oh,
Speaker 1: certainly we're going to see we we had thought we
Speaker 1: might be plateauing in terms of energy prices, and as
Speaker 1: long as we're not seeing a rise every month, and
Speaker 1: inflation mathematically pauses and maybe even starts to go down.
Speaker 1: But now, with oil prices where they are, it's gonna
Speaker 1: keep rising for a couple of months, and that feeds
Speaker 1: into gasoline prices, and then that feeds into how much
Speaker 1: you have left over to spend other places. So we'll
Speaker 1: be watching retail sales as well to see what kind
Speaker 1: of impact that has. It sounds like uber data dependence.
Speaker 1: How much impact is the job's report coming out tomorrow
Speaker 1: gonna have do you think? I don't think it's gonna
Speaker 1: have a lot of impact. The Fed will be looking
Speaker 1: to see that, uh, employment growth continued. They'll be interested
Speaker 1: to see what the pay situation was, what happened with
Speaker 1: average hourly earnings. But this is February data, and the
Speaker 1: war didn't start until March basically, So, uh, what is
Speaker 1: it really going to tell the Fed about where we're going?
Speaker 1: Not a whole lot. It'll be interesting, but it will
Speaker 1: be probably quickly forgotten. Just about thirty seconds left here, Mike,
Speaker 1: are there any unanswered question the Powell left on the
Speaker 1: table that you'll be looking for the uh uh Senate
Speaker 1: hearing later this morning, not anything that he's going to answer.
Speaker 1: Put it that way, we'd like to know more about
Speaker 1: what the path going forward is and when they might
Speaker 1: start reducing the balance sheet, but they want to keep
Speaker 1: that in reserve and make those decisions as they go along.
Speaker 1: And it sounds like from a lot of what we've
Speaker 1: heard from the Chairman is they simply just have a
Speaker 1: lot of uncertainty with the war continuing. Mike McKee, as always,
Speaker 1: thanks for being with us, Bloomberg Economics Correspondent, Michael McKee.
Speaker 1: As we get set for that second round of testimony
Speaker 1: from Chairman Powell the Senate Banking Committee later on this morning,
Speaker 1: we will have full coverage for you here on Bloomberg Radio.
Speaker 1: Futures moving lower as we march toward the open on
Speaker 1: Wall Street. Stay with us as Bloomberg Day Break continues.
Speaker 1: You're listening to Bloomberg Radio. Good morning,