1 00:00:03,920 --> 00:00:07,280 Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg 2 00:00:07,360 --> 00:00:10,920 Speaker 1: Daybreak for Wednesday, May four two. Coming up this hour, 3 00:00:11,280 --> 00:00:15,120 Speaker 1: Investors brace for the biggest FED decision in decades. Vice 4 00:00:15,120 --> 00:00:19,120 Speaker 1: President Kamala Harris says women's rights are under attack by Republicans. 5 00:00:19,480 --> 00:00:23,000 Speaker 1: A Trump backed candidate wins in Ohio, and Elon Musk 6 00:00:23,040 --> 00:00:26,240 Speaker 1: reportedly planned to take Twitter public again in a few years. 7 00:00:27,000 --> 00:00:30,680 Speaker 1: North Korea has launched another missile, Plus, comedian Dave Chappelle 8 00:00:30,720 --> 00:00:34,519 Speaker 1: was attacked on stage. I'm Michael blar More Ahead, I'm 9 00:00:34,600 --> 00:00:37,400 Speaker 1: John Stashow. Sports double header sweep for the max eleventh 10 00:00:37,400 --> 00:00:39,959 Speaker 1: straight win for the Yankees. The Rangers lost Game one 11 00:00:39,960 --> 00:00:45,640 Speaker 1: of the Penguins and triple overtime. That's all train ahead 12 00:00:45,680 --> 00:00:49,240 Speaker 1: on Bloomberg day Break on Bloomberg Eleving Free on New York, 13 00:00:49,440 --> 00:00:54,120 Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston, 14 00:00:54,400 --> 00:00:59,120 Speaker 1: Bloomberg nine sixties and Francisco Syrius Exam one nineteen and 15 00:00:59,200 --> 00:01:02,440 Speaker 1: around the world Bloomberg Radio dot Com and via the 16 00:01:02,440 --> 00:01:09,399 Speaker 1: Bloomberg Business app. Good Morning, I'm Nathan Hagar and I'm 17 00:01:09,480 --> 00:01:12,200 Speaker 1: Karen Moscow and US Dock Index Futures are on the 18 00:01:12,319 --> 00:01:14,360 Speaker 1: rises morning. We're coming up to six o one on 19 00:01:14,400 --> 00:01:16,600 Speaker 1: Wall Street, and we check the markets every fifteen minutes 20 00:01:16,640 --> 00:01:18,800 Speaker 1: throughout the trading day. On Bloomberg, U S and P 21 00:01:19,000 --> 00:01:22,319 Speaker 1: Future is up eighteen points down futures of one thirty 22 00:01:22,360 --> 00:01:24,759 Speaker 1: two and ASDAG future is up thirty nine. Ten year 23 00:01:24,760 --> 00:01:28,440 Speaker 1: Treasury four thirty seconds held two point nine five percent, 24 00:01:28,520 --> 00:01:30,679 Speaker 1: and they yield on the two year two point seven 25 00:01:30,760 --> 00:01:33,640 Speaker 1: eight percent and nine X screwed oil up three point 26 00:01:33,720 --> 00:01:36,920 Speaker 1: six percent. Nathan Karen, we begin this busy morning with 27 00:01:36,959 --> 00:01:40,560 Speaker 1: the most widely anticipated FED decision in years. Today's rate 28 00:01:40,640 --> 00:01:43,399 Speaker 1: hike is just the beginning. According to former I m 29 00:01:43,440 --> 00:01:46,600 Speaker 1: F Chief economist Kenneth Rogoff, I think the idea that 30 00:01:46,720 --> 00:01:51,040 Speaker 1: just to three percent would be enough really unlikely. I 31 00:01:51,080 --> 00:01:53,400 Speaker 1: think they're going to have to raise interest rates to 32 00:01:53,480 --> 00:01:57,200 Speaker 1: four or five percent to bring inflation down to two 33 00:01:57,240 --> 00:01:59,520 Speaker 1: and a half or three percent. Former I m F 34 00:01:59,600 --> 00:02:02,400 Speaker 1: chief on Mimous Kinneth Rogoff says inflation is now running 35 00:02:02,400 --> 00:02:05,520 Speaker 1: it more than three times the central banks two percent target. 36 00:02:05,600 --> 00:02:08,360 Speaker 1: We get more on this afternoons FED decision from Bloomberg's 37 00:02:08,400 --> 00:02:11,160 Speaker 1: Michael McKee. There may be more questions about how the 38 00:02:11,200 --> 00:02:13,840 Speaker 1: markets will react to the FED than about what the 39 00:02:13,880 --> 00:02:16,679 Speaker 1: FED will do. A half percentage point rate hike is 40 00:02:16,720 --> 00:02:19,160 Speaker 1: all but certain. The FED will also outline how and 41 00:02:19,240 --> 00:02:21,919 Speaker 1: when it will begin reducing the size of its balance sheet, 42 00:02:22,160 --> 00:02:24,480 Speaker 1: but it already put most of those details into the 43 00:02:24,520 --> 00:02:27,800 Speaker 1: minutes of their March meeting. Investors have already priced in 44 00:02:27,880 --> 00:02:31,400 Speaker 1: both outcomes, so any market move likely depends on the FED, 45 00:02:31,480 --> 00:02:36,560 Speaker 1: particularly Chairman J Powell offering specific future guidance saying perhaps 46 00:02:36,720 --> 00:02:38,960 Speaker 1: the Central Bank will raise rates by the same amount 47 00:02:39,000 --> 00:02:43,120 Speaker 1: several times in a row, or Powell delivering a surprise, say, 48 00:02:43,360 --> 00:02:46,880 Speaker 1: suggesting seventy five bases point hikes could be on the horizon. 49 00:02:47,240 --> 00:02:50,160 Speaker 1: Michael McKee Bloomberg Debris. Alright, Mike, thanks. Of course, we 50 00:02:50,240 --> 00:02:52,680 Speaker 1: will have full coverage and analysis of the FED decision 51 00:02:52,680 --> 00:02:55,160 Speaker 1: beginning at one pm Wall Street Time on a special 52 00:02:55,280 --> 00:02:58,280 Speaker 1: edition of Bloomberg Surveillance. On the other big issue in 53 00:02:58,320 --> 00:03:01,680 Speaker 1: Washington right now, Nathan is your abortion rights, and following 54 00:03:01,680 --> 00:03:04,160 Speaker 1: news that the Supreme Court may strike down Roe v. Wade, 55 00:03:04,240 --> 00:03:07,440 Speaker 1: Vice President Kamala Harris is warning that women's rights are 56 00:03:07,520 --> 00:03:10,400 Speaker 1: under attack. How dare they tell a woman what she 57 00:03:10,480 --> 00:03:14,560 Speaker 1: can do? And cannot do with her own body. How 58 00:03:14,680 --> 00:03:19,239 Speaker 1: dare they? How dare they try to stop her from 59 00:03:19,280 --> 00:03:23,280 Speaker 1: determining her own future. Vice President Harris spoke at the 60 00:03:23,280 --> 00:03:26,600 Speaker 1: annual Emily's List conference in Washington. John de la Volpi 61 00:03:26,800 --> 00:03:29,720 Speaker 1: is director of polling at the Harvard Kennedy School Institute 62 00:03:29,720 --> 00:03:33,040 Speaker 1: of Politics, and he says the leaked opinion could reshape 63 00:03:33,040 --> 00:03:36,800 Speaker 1: the midterm elections. This is likely to be highly motivational 64 00:03:37,240 --> 00:03:40,440 Speaker 1: for specifically young people who are unsure whether or not 65 00:03:40,480 --> 00:03:43,520 Speaker 1: they're going to participate, because, um, they can now see 66 00:03:43,680 --> 00:03:48,280 Speaker 1: in very tangible ways the difference than engagements. Mix and 67 00:03:48,360 --> 00:03:50,720 Speaker 1: John de la Volpi of Harvard spoke with our Washington 68 00:03:50,720 --> 00:03:53,800 Speaker 1: correspondent Joe Matthew on Bloomberg Sound on Catch the show 69 00:03:53,840 --> 00:03:56,760 Speaker 1: weekdays at five pm Eastern on Bloomberg Radio, and we 70 00:03:56,800 --> 00:03:59,760 Speaker 1: should not. The Supreme Court has confirmed the leaked opinion 71 00:04:00,080 --> 00:04:03,760 Speaker 1: so authentic, but says it's not the Justice's final decision. 72 00:04:03,880 --> 00:04:06,400 Speaker 1: We have another major political story this morning. Karen a 73 00:04:06,480 --> 00:04:09,520 Speaker 1: candidate backed by former President Donald Trump, has won the 74 00:04:09,520 --> 00:04:13,200 Speaker 1: Ohio Senate Republican primary. Amy Morris has details from our 75 00:04:13,200 --> 00:04:18,039 Speaker 1: Bloomberg newsroom in Washington. Venture capitalist j D Vance won 76 00:04:18,080 --> 00:04:21,240 Speaker 1: the GOP primary in Ohio after trailing in the polls 77 00:04:21,320 --> 00:04:23,960 Speaker 1: just three weeks ago, and he knew who to thank. 78 00:04:24,080 --> 00:04:28,360 Speaker 1: I have absolutely got to thank the President United States, 79 00:04:28,360 --> 00:04:32,360 Speaker 1: Donald J. Trump. Ladies and gentlemen. Vance had called Trump 80 00:04:32,520 --> 00:04:36,080 Speaker 1: unfit and noxious in sixteen Now he fully embraces him 81 00:04:36,080 --> 00:04:39,320 Speaker 1: and his views. Analysts caution against reading too much into 82 00:04:39,360 --> 00:04:42,320 Speaker 1: the outcome of just one race. Trump's endorsements will be 83 00:04:42,360 --> 00:04:46,279 Speaker 1: tested in coming weeks with GOP primaries and states including Pennsylvania, 84 00:04:46,360 --> 00:04:50,480 Speaker 1: North Carolina, and Georgia. In Washington on maybe Morris Bloomberg daybreak, 85 00:04:50,600 --> 00:04:53,080 Speaker 1: Amy thank you now the latest on the war in Europe. 86 00:04:53,240 --> 00:04:56,240 Speaker 1: Russia is shifting direction and its approach to the invasion 87 00:04:56,240 --> 00:04:59,760 Speaker 1: of Ukraine, and Bloomberg said Master reports this is nearly 88 00:04:59,800 --> 00:05:02,200 Speaker 1: ten weeks into the war. On whether it's military stalled 89 00:05:02,240 --> 00:05:05,400 Speaker 1: in many areas, including just marginal games in the East, 90 00:05:05,800 --> 00:05:08,800 Speaker 1: Russia is now focused on annexation of the areas it 91 00:05:08,920 --> 00:05:13,440 Speaker 1: is occupied. The Kremlin is installing occupation governments, ordering locals 92 00:05:13,480 --> 00:05:17,080 Speaker 1: to use rules for transactions, and in some cases organizing 93 00:05:17,120 --> 00:05:21,479 Speaker 1: referendums to open the way for full annexation. In public, 94 00:05:21,520 --> 00:05:24,880 Speaker 1: the Kremlin says their advance will pick up, but for now, 95 00:05:25,320 --> 00:05:29,320 Speaker 1: this action is necessary. In San Francisco, I'm at Baxter 96 00:05:29,400 --> 00:05:32,040 Speaker 1: Bloomberg Daybreak, All right, and thanks On Wall Street Today, 97 00:05:32,040 --> 00:05:34,320 Speaker 1: earnings continue rolling in, and for a look at some 98 00:05:34,360 --> 00:05:37,000 Speaker 1: stocks on the move following yesterday's reports, you bring in 99 00:05:37,040 --> 00:05:40,200 Speaker 1: Bloomberg's John Tucker, Good morning, John, Good morning, Nathan. Lift 100 00:05:40,440 --> 00:05:42,640 Speaker 1: poised to wipe off more than a quarter of its 101 00:05:42,680 --> 00:05:46,600 Speaker 1: market valuation after the Ryan Heeling Company second quarter outlook disappointed. 102 00:05:46,720 --> 00:05:51,279 Speaker 1: Lift down over tent of the pre market planned increase 103 00:05:51,320 --> 00:05:55,440 Speaker 1: in driver incentives could weigh on profits. Advanced micro Devices 104 00:05:55,520 --> 00:05:58,680 Speaker 1: delivering a strong sales forecast for the current quarter, the 105 00:05:58,720 --> 00:06:02,320 Speaker 1: shipmaker continues to make gains, and computer data centers a 106 00:06:02,520 --> 00:06:06,080 Speaker 1: m D up six percent in early trading at Starbucks 107 00:06:06,120 --> 00:06:10,120 Speaker 1: reported US results that topped estimates. Shares are up six percent. 108 00:06:10,640 --> 00:06:13,520 Speaker 1: Live in New York on John Tucker Bloomberg Daybreak, All right, John, 109 00:06:13,520 --> 00:06:16,080 Speaker 1: thank you. More news this morning on Elon Musk and Twitter. 110 00:06:16,240 --> 00:06:19,080 Speaker 1: Musk reportedly wants to eventually take Twitter public again, and 111 00:06:19,200 --> 00:06:21,320 Speaker 1: we get the latest line from Bloomberg's Need a Young 112 00:06:21,360 --> 00:06:23,560 Speaker 1: Good Morning, Renny Down, Good morning Care, and Elon Musk 113 00:06:23,640 --> 00:06:25,919 Speaker 1: says he's planning to stage an I p O of 114 00:06:25,960 --> 00:06:29,120 Speaker 1: Twitter as little as three years after buying it. That's 115 00:06:29,120 --> 00:06:33,080 Speaker 1: according to Dow Jones, which reports Musk is talking with investors, 116 00:06:33,160 --> 00:06:36,520 Speaker 1: including private equity firms, to help lower his twenty one 117 00:06:36,560 --> 00:06:40,320 Speaker 1: billion dollar contribution to the deal. Private equity firms typically 118 00:06:40,360 --> 00:06:44,159 Speaker 1: take publicly traded companies private to fix them out of 119 00:06:44,160 --> 00:06:47,680 Speaker 1: the limelight, then within five years they take them public again. 120 00:06:48,080 --> 00:06:50,200 Speaker 1: Live in New York, I'm gonna need a young Bloomberg 121 00:06:50,279 --> 00:06:52,760 Speaker 1: day break. All right, we need to thank you programming. No, 122 00:06:52,960 --> 00:06:55,320 Speaker 1: please join us this morning when we speak live with 123 00:06:55,520 --> 00:06:59,240 Speaker 1: JP Morgan CEO Jamie Diamond. That conversation is coming up 124 00:06:59,520 --> 00:07:02,520 Speaker 1: in just about twenty five minutes right here on Bloomberg 125 00:07:02,600 --> 00:07:06,840 Speaker 1: Radio and on Bloomberg Television. SMP futures moving higher now 126 00:07:06,880 --> 00:07:09,400 Speaker 1: about by nineteen points, Staff futures up a hundred forty 127 00:07:09,440 --> 00:07:13,120 Speaker 1: NASTAC futures up forty two points, the tenure treasury yield 128 00:07:13,160 --> 00:07:16,680 Speaker 1: two point nine. Straight ahead, your latest local headlines and 129 00:07:16,760 --> 00:07:23,760 Speaker 1: the check of sports. This is Bloomberg now, six oh 130 00:07:23,800 --> 00:07:26,720 Speaker 1: seven on Wall Street, Word fifty degrees in Central Park 131 00:07:26,800 --> 00:07:28,720 Speaker 1: and Michael Bars here with more on what's going on 132 00:07:28,760 --> 00:07:30,960 Speaker 1: in New York and around the world. Michael, thank you 133 00:07:31,040 --> 00:07:33,520 Speaker 1: very much, Nathan. Protests were held in the trying state 134 00:07:33,600 --> 00:07:37,000 Speaker 1: area over the League Supreme Court draft decision that, if final, 135 00:07:37,480 --> 00:07:41,040 Speaker 1: would overturn Roe v. Wade. Sonia A. Storio, president of 136 00:07:41,080 --> 00:07:43,880 Speaker 1: the New York chapiter of the National Organization for Women, 137 00:07:44,200 --> 00:07:48,320 Speaker 1: says state lawmakers they're legalized abortion several years ago, knowing 138 00:07:48,480 --> 00:07:52,640 Speaker 1: this day would come. Reproductive rights activists in Governor Puoma, 139 00:07:52,760 --> 00:07:56,280 Speaker 1: we worked very hard on that. In we finally passed 140 00:07:56,320 --> 00:07:59,280 Speaker 1: that after several years of hard work, and we did 141 00:07:59,280 --> 00:08:03,720 Speaker 1: that in an to spatient of this week document and 142 00:08:03,760 --> 00:08:07,640 Speaker 1: what is ahead of us? Sonia Surio with now says 143 00:08:07,720 --> 00:08:10,920 Speaker 1: men need to do their part to support abortion rights. 144 00:08:10,960 --> 00:08:14,120 Speaker 1: Women do not get pregnant on their own. New York 145 00:08:14,120 --> 00:08:17,360 Speaker 1: Attorney General, a teacher James, has long been outspoken about 146 00:08:17,400 --> 00:08:21,640 Speaker 1: defending abortion rights. Now she has publicly disclosed that she 147 00:08:21,760 --> 00:08:25,600 Speaker 1: had an abortion herself almost two decades ago. The Democrat 148 00:08:25,720 --> 00:08:28,680 Speaker 1: told an abortion rights rally that she chose to do 149 00:08:28,760 --> 00:08:31,520 Speaker 1: so when she was a newly elected New York City 150 00:08:31,520 --> 00:08:34,959 Speaker 1: Council member. New York Governor Kathy Hokel reacted to the 151 00:08:35,040 --> 00:08:38,280 Speaker 1: League opinion, this is something that we have fought against 152 00:08:38,360 --> 00:08:41,400 Speaker 1: for my entire life. In fact, this is a battle 153 00:08:41,640 --> 00:08:46,360 Speaker 1: my mother's generation, it's a battle from my generation, my 154 00:08:46,440 --> 00:08:50,640 Speaker 1: daughter's generation, and it seems like even my three day 155 00:08:50,679 --> 00:08:54,720 Speaker 1: old grandchild, Sophia's generation, will have to be fighting this 156 00:08:54,880 --> 00:08:56,880 Speaker 1: same fight, something that we had thought we had put 157 00:08:56,920 --> 00:08:59,280 Speaker 1: to bed a long time ago, and I refused to 158 00:08:59,280 --> 00:09:04,160 Speaker 1: go backward. Governor HOCl spoke while announcing Representative Antonio Delgado 159 00:09:04,480 --> 00:09:08,400 Speaker 1: will serve as New York's next Lieutenant governor. North Korea 160 00:09:08,480 --> 00:09:11,520 Speaker 1: has fired a ballistic missile toward the East Sea from 161 00:09:11,520 --> 00:09:15,160 Speaker 1: pyong Yang. South Korea will inaugurate a new president next week, 162 00:09:15,200 --> 00:09:18,280 Speaker 1: who is known to be hardline against the North. Analysts 163 00:09:18,280 --> 00:09:21,360 Speaker 1: say North Korea's military provocations are likely to grow in 164 00:09:21,400 --> 00:09:25,800 Speaker 1: the near future. Comedian Dave Chappelle was tackled on stage 165 00:09:25,800 --> 00:09:28,720 Speaker 1: at the Hollywood Bowl in Los Angeles. It happened at 166 00:09:28,800 --> 00:09:32,240 Speaker 1: Chappelle was just wrapping up his performance. The man was 167 00:09:32,320 --> 00:09:36,120 Speaker 1: grabbed and punched by security guards. Global News twenty four 168 00:09:36,120 --> 00:09:38,880 Speaker 1: hours a day on air and on Bloomberg Quick Tank, 169 00:09:39,120 --> 00:09:42,360 Speaker 1: powered by more than twenty seven hundred journalists and analysts 170 00:09:42,360 --> 00:09:45,080 Speaker 1: in more than one twenty countries. I'm Michael Barr and 171 00:09:45,200 --> 00:09:53,079 Speaker 1: this is Bloomberg, Nathan. Alright, Michael, thank you six o 172 00:09:53,280 --> 00:09:55,800 Speaker 1: nine on Wall Street. Time for the Bloomberg Sports Update 173 00:09:55,800 --> 00:09:58,679 Speaker 1: with John Stanshown. Hi Nathan. The Rangers first playoff game 174 00:09:58,720 --> 00:10:01,160 Speaker 1: with the Garden in five years. It was a long one. 175 00:10:01,160 --> 00:10:03,440 Speaker 1: Blue Shirts, quite a strong first period, not so good 176 00:10:03,440 --> 00:10:05,960 Speaker 1: in the second. They let Pittsburgh take twenty five shots 177 00:10:05,960 --> 00:10:08,800 Speaker 1: on goal and score three times some Ranger penalties. Late 178 00:10:08,800 --> 00:10:11,160 Speaker 1: in that period Chris Twyer actually scored shorthanded, but in 179 00:10:11,200 --> 00:10:13,959 Speaker 1: the Penguins tied the game, scoring with the two man advantage, 180 00:10:13,960 --> 00:10:16,200 Speaker 1: so it was three to three and it stayed that 181 00:10:16,280 --> 00:10:19,520 Speaker 1: way for the next sixty seven minutes of hockey until 182 00:10:19,600 --> 00:10:22,839 Speaker 1: six minutes into the third overtime capping it drifts to 183 00:10:22,880 --> 00:10:24,920 Speaker 1: the far quarter with it up the wall. Now back 184 00:10:24,960 --> 00:10:30,000 Speaker 1: to the point for Melino where shot scos get Evolki 185 00:10:30,160 --> 00:10:34,240 Speaker 1: plays hero the Flexi pascious circuit and you can slap 186 00:10:34,240 --> 00:10:37,840 Speaker 1: it on the Broadway marquee. The Penguins take Game one 187 00:10:38,120 --> 00:10:41,079 Speaker 1: and lead this series. One game did nothing w x 188 00:10:41,160 --> 00:10:43,640 Speaker 1: t X in Pittsburgh four three the final. That goal 189 00:10:43,720 --> 00:10:46,199 Speaker 1: came on the penguins eighty third shot of the night. 190 00:10:46,280 --> 00:10:48,319 Speaker 1: Rangers and their fans thinking about what happened with three 191 00:10:48,360 --> 00:10:51,560 Speaker 1: minutes left in regulation, A Ranger goal taken away after 192 00:10:51,600 --> 00:10:54,720 Speaker 1: the Penguins challenge, and the officials agreed there was goalie interference. 193 00:10:54,760 --> 00:10:56,560 Speaker 1: Seemed like some evidence that it may have been caused 194 00:10:56,559 --> 00:10:59,480 Speaker 1: by the Pittsburgh defense mood. But they will rest today 195 00:10:59,480 --> 00:11:01,800 Speaker 1: and they'll leave after the Garden for Game two tomorrow. 196 00:11:01,800 --> 00:11:04,160 Speaker 1: The Yankees back in Toronto tonight. They'll be going for 197 00:11:04,200 --> 00:11:06,640 Speaker 1: another sweep, a h twelve win in a row. They 198 00:11:06,640 --> 00:11:09,559 Speaker 1: pulled away last night one nine to one, scoring all 199 00:11:09,640 --> 00:11:12,079 Speaker 1: nine runs over the last four innings. Aaron Judge got 200 00:11:12,120 --> 00:11:14,320 Speaker 1: him going. His eight pm were on in the last 201 00:11:14,360 --> 00:11:17,319 Speaker 1: ten games. Yanks put it away with six in the seventh. 202 00:11:17,320 --> 00:11:19,760 Speaker 1: The doubleheader sweep for the Mets over Atlanta verse five 203 00:11:19,800 --> 00:11:23,240 Speaker 1: to four, then three, upping behind Carlos Carrasco NBA Playoffs 204 00:11:23,240 --> 00:11:26,600 Speaker 1: Boston routed Milwaukee, Memphis feed Golden State, John morand Sport 205 00:11:26,679 --> 00:11:29,880 Speaker 1: forty seven points both series. That's high to one down 206 00:11:29,920 --> 00:11:32,760 Speaker 1: station at wear Bloomberg Sports, Lincoln all right, John, Thanks, 207 00:11:32,760 --> 00:11:35,360 Speaker 1: looking ahead to the market open, looking ahead to the Fed. 208 00:11:35,480 --> 00:11:38,600 Speaker 1: We have futures moving higher, with SMP futures up seventeen 209 00:11:38,640 --> 00:11:42,120 Speaker 1: points down futures up a hundred thirty nan stack futures 210 00:11:42,160 --> 00:11:45,360 Speaker 1: are highed by thirty seven points. The tenure Treasury is 211 00:11:45,440 --> 00:11:47,839 Speaker 1: up four thirty seconds, with the yield now two point 212 00:11:47,960 --> 00:11:51,400 Speaker 1: nine five percent, yield on the two year two point 213 00:11:51,480 --> 00:11:55,320 Speaker 1: seven eight percent. Just how hawkish will the Federal Reserve 214 00:11:55,400 --> 00:11:58,360 Speaker 1: be as we await that may decision. We check in 215 00:11:58,440 --> 00:12:02,559 Speaker 1: next with Bloomberg e can Nomics correspondent Michael McKee. This 216 00:12:03,520 --> 00:12:09,839 Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Rain will ender 217 00:12:09,880 --> 00:12:11,760 Speaker 1: on midday today. It will turn partly sunny with a 218 00:12:11,800 --> 00:12:15,800 Speaker 1: high ner sixty five this afternoon, low seventies Tomorrow. Showers 219 00:12:15,840 --> 00:12:18,080 Speaker 1: return Friday, with a high back in the low sixties, 220 00:12:18,080 --> 00:12:24,400 Speaker 1: currently fifty and rainy. Markets headlines and breaking news twenty 221 00:12:24,400 --> 00:12:27,280 Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg 222 00:12:27,280 --> 00:12:31,319 Speaker 1: Business at and at Bloomberg Ricktape. He's a Bloomberg Business 223 00:12:31,360 --> 00:12:40,040 Speaker 1: Flash and I'm Karen moscow U Stock index futures on 224 00:12:40,080 --> 00:12:42,520 Speaker 1: the rise this morning as investors raced for the biggest 225 00:12:42,520 --> 00:12:45,280 Speaker 1: Federal Reserve interest rate hikes since two thousand and a. 226 00:12:45,360 --> 00:12:47,760 Speaker 1: Wait more clues and to have aggressively the federal tackle 227 00:12:47,800 --> 00:12:50,400 Speaker 1: inflation We checked the markets every fifteen minutes throughout the 228 00:12:50,400 --> 00:12:53,880 Speaker 1: training day on bloomberg S and P futures up eighteen points, 229 00:12:53,880 --> 00:12:56,960 Speaker 1: STAW futures up a hundred thirty three nasday futures up 230 00:12:56,960 --> 00:12:59,480 Speaker 1: thirty nine, the ten year treasury up four thirty seconds. 231 00:12:59,480 --> 00:13:02,280 Speaker 1: He'll two percent. They yield on the two year two 232 00:13:02,320 --> 00:13:05,319 Speaker 1: point seven eight percent. Nimex fruit oil is at three 233 00:13:05,320 --> 00:13:07,559 Speaker 1: point six percent of three dollars seventy one cents and 234 00:13:07,600 --> 00:13:10,360 Speaker 1: a hundred six dollars eight cents of Barrel comic school 235 00:13:10,400 --> 00:13:13,400 Speaker 1: this it'll change. In eighteen sixty nine, eighty announced the 236 00:13:13,440 --> 00:13:16,120 Speaker 1: euro one pot five two six against the dollar. British 237 00:13:16,160 --> 00:13:19,400 Speaker 1: found one zero the end at one thirty point oh one, 238 00:13:19,840 --> 00:13:23,240 Speaker 1: and bitcoin is up about three percent at thirty eight thousand, 239 00:13:23,360 --> 00:13:26,240 Speaker 1: nine hundred dollars because of Bloomberg business flash. Now here's 240 00:13:26,280 --> 00:13:28,800 Speaker 1: Michael Barr with more on what's going on around the world. 241 00:13:28,840 --> 00:13:32,280 Speaker 1: Michael Karen, thank you very much. Protests were held across 242 00:13:32,320 --> 00:13:34,960 Speaker 1: the country over the League's U. S. Supreme Court draft 243 00:13:35,000 --> 00:13:38,600 Speaker 1: opinion that would throw out Roe v. Wade. In Los Angeles, 244 00:13:38,600 --> 00:13:41,760 Speaker 1: a skirmish injured one officer. A new study founds of 245 00:13:41,800 --> 00:13:45,720 Speaker 1: here COVID nineteen may cause long lasting cognitive impairments, similar 246 00:13:45,720 --> 00:13:49,040 Speaker 1: to how much brain power seventy year olds typically have 247 00:13:49,160 --> 00:13:52,559 Speaker 1: lost compared to age fifty. In a couple of game ones. 248 00:13:52,600 --> 00:13:55,240 Speaker 1: In the NHL playoffs, the Rangers lost in triple over 249 00:13:55,280 --> 00:13:59,200 Speaker 1: time to the Penguins for three. Rangers goalie Igor Schstergan 250 00:13:59,240 --> 00:14:02,480 Speaker 1: talk about the tough Laws finished with seventy nine save 251 00:14:02,679 --> 00:14:06,959 Speaker 1: second n h L record of five. The Capitols beat 252 00:14:07,000 --> 00:14:09,920 Speaker 1: the Panthers for two NBA playoffs. The Celtics are tied 253 00:14:10,000 --> 00:14:13,880 Speaker 1: at a game each after beating the Bucks one six. 254 00:14:13,960 --> 00:14:16,240 Speaker 1: Warriors lost to the Grizzlies in Game two one oh six, 255 00:14:16,280 --> 00:14:18,400 Speaker 1: one o one. That series even at a game a 256 00:14:18,440 --> 00:14:22,000 Speaker 1: piece as well. Baseball Yankees won eleven straight wins now 257 00:14:22,040 --> 00:14:24,560 Speaker 1: the Mets swept the Double Ledder against the Braves, The 258 00:14:24,560 --> 00:14:28,000 Speaker 1: Red Sox Nationals won the Orioles eighties, and Giants lost. 259 00:14:28,320 --> 00:14:30,880 Speaker 1: Global news twenty four hours a day on here and 260 00:14:31,080 --> 00:14:34,240 Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred 261 00:14:34,280 --> 00:14:37,080 Speaker 1: journalist analysts more than a hundred twenty countries. Michael bar 262 00:14:37,280 --> 00:14:40,480 Speaker 1: this is Bloomberg, Nathan Michael, thank you. It is six 263 00:14:40,600 --> 00:14:43,840 Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. 264 00:14:43,920 --> 00:14:47,840 Speaker 1: This is Bloomberg Daybreak on a very important Federal Reserve 265 00:14:47,880 --> 00:14:51,320 Speaker 1: decision day. We are joined live from Washington by Bloomberg 266 00:14:51,360 --> 00:14:55,120 Speaker 1: Economics correspondent Michael McKee. Mike, good morning. We know we're 267 00:14:55,160 --> 00:14:58,840 Speaker 1: in a hiking cycle. We know their laser focused on 268 00:14:58,960 --> 00:15:01,960 Speaker 1: tackling in flay Shin, And I guess the question for 269 00:15:02,000 --> 00:15:08,040 Speaker 1: investors is just how hawkish well the FED signal it is? Now? Well, 270 00:15:08,040 --> 00:15:10,640 Speaker 1: I have to say, it's nice to be back in Washington. 271 00:15:10,720 --> 00:15:14,560 Speaker 1: March was the last FED meeting that was in person. 272 00:15:14,720 --> 00:15:18,360 Speaker 1: Now they met uh in March of this year in person, 273 00:15:18,480 --> 00:15:21,040 Speaker 1: but the press wasn't there this year's. This is the 274 00:15:21,040 --> 00:15:23,760 Speaker 1: first time we've been all back together. It's it's interesting 275 00:15:23,800 --> 00:15:26,920 Speaker 1: because usually I'll come in and I'll say, uh, Nathan, 276 00:15:27,040 --> 00:15:29,720 Speaker 1: it's not what the Fed is going to do, it's 277 00:15:29,800 --> 00:15:34,120 Speaker 1: when they say. In this case, it's what j Pale 278 00:15:34,400 --> 00:15:38,800 Speaker 1: does when he dodges the question on everyone's mind. Okay, 279 00:15:38,840 --> 00:15:42,360 Speaker 1: how does he present the possibility of moving faster than 280 00:15:42,400 --> 00:15:45,120 Speaker 1: even fifty basis points? You know he'll get asked about it. 281 00:15:45,400 --> 00:15:49,040 Speaker 1: And the markets are almost pricing in seventy five for 282 00:15:49,400 --> 00:15:52,280 Speaker 1: June and it's kind of a feeling like, well, you've 283 00:15:52,280 --> 00:15:54,040 Speaker 1: told us you need to get to the neutral rate 284 00:15:54,160 --> 00:15:55,800 Speaker 1: two and a half to three percent by the end 285 00:15:55,840 --> 00:15:57,600 Speaker 1: of the year, so what are you waiting for. So 286 00:15:57,640 --> 00:16:00,360 Speaker 1: it'll be interesting to see how specific he gets in 287 00:16:00,520 --> 00:16:03,720 Speaker 1: laying out the future path. That is interesting because we 288 00:16:03,720 --> 00:16:07,160 Speaker 1: were just speaking moments ago with Tom Porcelli over at 289 00:16:07,200 --> 00:16:10,560 Speaker 1: OURBC saying that it's not clear at this point, at 290 00:16:10,600 --> 00:16:14,160 Speaker 1: least to him, what the FED wants to achieve when 291 00:16:14,160 --> 00:16:17,360 Speaker 1: it comes to getting inflation down to target, or whether 292 00:16:17,440 --> 00:16:20,960 Speaker 1: target is the goal at this point, and his point 293 00:16:21,120 --> 00:16:25,560 Speaker 1: was that that the Chairman needs to at least talk 294 00:16:25,880 --> 00:16:29,840 Speaker 1: toward market expectations. You're thinking he's not going to go 295 00:16:29,880 --> 00:16:33,720 Speaker 1: there potentially, Well, I don't think he's going to be specific. 296 00:16:33,920 --> 00:16:37,480 Speaker 1: He will probably want to leave himself some wiggle room, 297 00:16:37,600 --> 00:16:41,960 Speaker 1: some openings if the market, uh starts to get too 298 00:16:42,000 --> 00:16:45,080 Speaker 1: aggressive and then the FED feels like it's locked into 299 00:16:45,120 --> 00:16:48,720 Speaker 1: something that you know, there may be a change in 300 00:16:48,760 --> 00:16:51,440 Speaker 1: the economic outlook. We don't know what's gonna happen with 301 00:16:51,480 --> 00:16:55,640 Speaker 1: the war Beijing today extending hits lockdown, so obviously more 302 00:16:56,080 --> 00:16:59,840 Speaker 1: problems from China for supply chains. So the FED doesn't 303 00:16:59,840 --> 00:17:02,680 Speaker 1: want to be pinned down until it gets much closer 304 00:17:02,720 --> 00:17:07,520 Speaker 1: to the next meeting, so Power will probably say were 305 00:17:07,680 --> 00:17:10,280 Speaker 1: everything's on the table, but we're not going to commit 306 00:17:10,280 --> 00:17:13,600 Speaker 1: to anything yet. What are you expecting in terms of 307 00:17:14,040 --> 00:17:17,679 Speaker 1: potential changes to the language in the statement? Are you 308 00:17:17,720 --> 00:17:21,360 Speaker 1: looking for any major moves? There? Not? Nothing major. They're 309 00:17:21,359 --> 00:17:25,240 Speaker 1: gonna have to acknowledge that inflation is higher than they expected, 310 00:17:25,359 --> 00:17:32,320 Speaker 1: and they'll take out the idea that the FED maybe 311 00:17:32,320 --> 00:17:34,600 Speaker 1: one and done or something like that. They'll have some 312 00:17:34,680 --> 00:17:37,720 Speaker 1: language in there referring to the idea that the FED 313 00:17:37,760 --> 00:17:44,719 Speaker 1: will continue interest rate moves. They last time had interest 314 00:17:44,800 --> 00:17:50,800 Speaker 1: rate sort of catchphrase in there of significant time over 315 00:17:51,560 --> 00:17:55,199 Speaker 1: the two percent target before the FED would start moving. 316 00:17:55,280 --> 00:17:57,359 Speaker 1: Now they're going to have to have something that says 317 00:17:57,920 --> 00:18:01,720 Speaker 1: we're gonna continue moving because we think that inflation is 318 00:18:02,280 --> 00:18:05,880 Speaker 1: out of control. They won't say out of control, but 319 00:18:06,000 --> 00:18:07,920 Speaker 1: we we think inflation is too high and we want 320 00:18:07,920 --> 00:18:10,600 Speaker 1: to continue attacking it. And it's gonna take some time 321 00:18:10,680 --> 00:18:15,200 Speaker 1: before we get to the point where it's acceptable. And 322 00:18:15,240 --> 00:18:18,600 Speaker 1: to your point, Mike, about being back in Washington for 323 00:18:18,640 --> 00:18:22,520 Speaker 1: the first time since the pandemic, obviously a big change 324 00:18:23,080 --> 00:18:27,720 Speaker 1: coming past COVID. What could we hear from the Fed 325 00:18:27,960 --> 00:18:31,240 Speaker 1: when it comes to how they're thinking about how the 326 00:18:31,280 --> 00:18:35,400 Speaker 1: economy is changing coming out of COVID. Well, I think 327 00:18:36,240 --> 00:18:39,760 Speaker 1: Power will re emphasize, as he has uh several times 328 00:18:40,000 --> 00:18:42,480 Speaker 1: in recent months, that the economy is very strong. And 329 00:18:42,640 --> 00:18:46,080 Speaker 1: we got those Jolts numbers yesterday, the job openings numbers, 330 00:18:46,080 --> 00:18:48,960 Speaker 1: and there's still at a record level of more than 331 00:18:49,000 --> 00:18:51,680 Speaker 1: eleven million, and that just tells you at this point 332 00:18:51,680 --> 00:18:55,600 Speaker 1: there's a lot of competition for employees, which means probably 333 00:18:55,640 --> 00:18:59,879 Speaker 1: pay raises and so uh that adds to the inflationary pressure. 334 00:18:59,880 --> 00:19:02,840 Speaker 1: So the Feds going to reassure people the market in 335 00:19:02,880 --> 00:19:06,160 Speaker 1: the market, and uh, the American people that they don't 336 00:19:06,160 --> 00:19:08,719 Speaker 1: think there's gonna be a recession, that they think they 337 00:19:08,760 --> 00:19:11,800 Speaker 1: have scope to move. They're just thirty seconds left here. 338 00:19:11,840 --> 00:19:14,120 Speaker 1: The question I always ask you around FED decision day. 339 00:19:14,119 --> 00:19:16,960 Speaker 1: Looking forward to hearing your question to Chairman Powell, what 340 00:19:17,040 --> 00:19:19,679 Speaker 1: do you want to ask him? Well, I would like 341 00:19:19,720 --> 00:19:22,600 Speaker 1: to know how aggressive they could get. I think that 342 00:19:22,760 --> 00:19:26,680 Speaker 1: the main question from everyone is going to be will 343 00:19:26,720 --> 00:19:30,680 Speaker 1: you speed up the process by raising rates even faster? 344 00:19:31,480 --> 00:19:35,520 Speaker 1: They cut rates very quickly, do they raise rates very quickly. 345 00:19:36,200 --> 00:19:40,480 Speaker 1: Mike McKee, Bloomberg Economics correspondent. Part of our Fed decision 346 00:19:40,560 --> 00:19:45,280 Speaker 1: day coverage kicks off live one pm Wall Street Time, 347 00:19:45,320 --> 00:19:48,560 Speaker 1: an hour ahead of the decision, with a special edition 348 00:19:48,600 --> 00:19:52,760 Speaker 1: of Bloomberg Surveillance coming up on Bloomberg Radio and Television. Again. 349 00:19:52,800 --> 00:19:56,760 Speaker 1: That's at one pm Wall Street Time. SMP Future is 350 00:19:56,840 --> 00:19:59,560 Speaker 1: higher by seventeen points, Staff futures up a hundred twenty one, 351 00:19:59,640 --> 00:20:02,800 Speaker 1: nasty features up thirty seven ahead of the FED decision. 352 00:20:02,920 --> 00:20:10,680 Speaker 1: This is Bloomberg Street. Stay with us for a live 353 00:20:10,760 --> 00:20:14,359 Speaker 1: conversation with Jamie Diamond coming up in just a few minutes, 354 00:20:14,400 --> 00:20:18,119 Speaker 1: live from the JP Morgan's CEO Summit in London. This 355 00:20:18,680 --> 00:20:25,840 Speaker 1: is Bloomberg broadcasting live from the Bloomberg Interactive Broker Studio 356 00:20:25,960 --> 00:20:29,119 Speaker 1: in New York. Bloomberg Living Freedom to Washington, d C, 357 00:20:29,320 --> 00:20:34,040 Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco, 358 00:20:34,080 --> 00:20:37,800 Speaker 1: Bloomberg Non sixteen to the country, Sirius xm Cho one nine, 359 00:20:38,160 --> 00:20:41,680 Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio 360 00:20:41,800 --> 00:20:51,000 Speaker 1: dot Com. This is Bloomberg Daybreak six thirty on Wall Street. 361 00:20:51,000 --> 00:20:54,200 Speaker 1: Good Morning. I'm Nathan Hagar, and I'm Karen Moscow and Bloomberg. 362 00:20:54,280 --> 00:20:57,720 Speaker 1: Daybreak is brought to you by Interactive Broker's. Interactive Brokers 363 00:20:57,760 --> 00:21:00,359 Speaker 1: Charges margin loan race from zero point eight three percent 364 00:21:00,440 --> 00:21:02,800 Speaker 1: to one point eight three percent rates subject to change. 365 00:21:02,920 --> 00:21:05,720 Speaker 1: Learn more at ib k R dot com. Slash compare 366 00:21:06,200 --> 00:21:08,359 Speaker 1: some of the stories we are following. The Federal Reserves 367 00:21:08,359 --> 00:21:12,359 Speaker 1: expected to raise interest rates fifty basis points today. Barrenberg 368 00:21:12,440 --> 00:21:15,639 Speaker 1: Chief Economist Holger sch Meeting says, the markets already looking 369 00:21:15,680 --> 00:21:19,000 Speaker 1: for what's coming next. The market will listen very closely 370 00:21:19,040 --> 00:21:22,200 Speaker 1: to anything that could give a point to to what 371 00:21:22,320 --> 00:21:25,520 Speaker 1: the Fed does in June and what it may be 372 00:21:25,640 --> 00:21:28,760 Speaker 1: doing there raft which, of course, in these uncertain times 373 00:21:29,119 --> 00:21:31,320 Speaker 1: we may not get all that much to your guidance. 374 00:21:31,640 --> 00:21:34,800 Speaker 1: That's what the market will look out for, any guidance 375 00:21:34,800 --> 00:21:38,560 Speaker 1: on what happens next. And Barrenberg Chief Economist holders Meeting, 376 00:21:38,600 --> 00:21:41,400 Speaker 1: speaking to Bloomberg yesterday. Fill coverage of the Fed decision 377 00:21:41,400 --> 00:21:44,480 Speaker 1: beginning at one pm Wall Street time on Bloomberg Radio 378 00:21:44,600 --> 00:21:48,000 Speaker 1: and television. Definitely looking forward to that coverage. Karen right 379 00:21:48,000 --> 00:21:51,479 Speaker 1: now at six thirty one on Wall Street eleven thirty 380 00:21:51,520 --> 00:21:57,040 Speaker 1: one in London, where the JP Morgan's CEO summit is underway. 381 00:21:57,119 --> 00:22:01,120 Speaker 1: Bloomberg's Francy Lakwix is sitting down now for conversation with 382 00:22:01,200 --> 00:22:05,480 Speaker 1: the cel Jamie Diamond. Let's listen, and now this is Bloomberg. 383 00:22:08,600 --> 00:22:10,399 Speaker 1: Thank you so much. John. Yes, we're in London and 384 00:22:10,440 --> 00:22:12,760 Speaker 1: we could not be more pleased, I say, the Royal Weak. 385 00:22:12,920 --> 00:22:14,879 Speaker 1: We're really delighted. Speak to Jamie Diamond. Thank you so 386 00:22:15,000 --> 00:22:17,639 Speaker 1: much for taking the time Walster in London to speak 387 00:22:17,680 --> 00:22:19,520 Speaker 1: to us. So the Fed, the Fed, the Fed today, 388 00:22:19,560 --> 00:22:23,199 Speaker 1: we're expecting fifty basis points. What happens to inflation? Here? 389 00:22:23,240 --> 00:22:26,080 Speaker 1: Is this your biggest concern? First? So francaying happy to 390 00:22:26,119 --> 00:22:28,879 Speaker 1: be here and give a little perspective. We have and 391 00:22:28,920 --> 00:22:31,200 Speaker 1: this this is contradicting about to say, but both are true, 392 00:22:31,640 --> 00:22:35,040 Speaker 1: very strongly US economy. They because consumers in great shape, 393 00:22:35,080 --> 00:22:38,399 Speaker 1: lots of money spending the money, jobs a plentiful, wages 394 00:22:38,400 --> 00:22:40,560 Speaker 1: of going up. Though everything is distorted by inflation and 395 00:22:40,600 --> 00:22:43,320 Speaker 1: all that, but those are good news. And business are 396 00:22:43,320 --> 00:22:45,280 Speaker 1: in very good shape. And the Fed is going to 397 00:22:45,320 --> 00:22:47,800 Speaker 1: have to raise rates in reverse Q week and they're gonna, 398 00:22:47,840 --> 00:22:49,200 Speaker 1: you know, if they can, they're gonna try to slow 399 00:22:49,200 --> 00:22:52,560 Speaker 1: down the economy enough. Eight percent starts to come down 400 00:22:52,600 --> 00:22:55,600 Speaker 1: over time, and I wish him the best. We're a 401 00:22:55,600 --> 00:22:57,600 Speaker 1: little late, but you remember two years ago we have 402 00:22:57,680 --> 00:23:00,560 Speaker 1: fifteen percent unemployment and no vaccine. So I think people 403 00:23:00,560 --> 00:23:02,720 Speaker 1: should take a deep breath, give him a chance. And 404 00:23:02,720 --> 00:23:04,600 Speaker 1: I think they're gonna move. I think the sooner they move, 405 00:23:04,680 --> 00:23:07,680 Speaker 1: the better. So yeah, they're gonna be raising race breath. 406 00:23:07,760 --> 00:23:10,000 Speaker 1: But can they engineer a soft landing or is there 407 00:23:10,000 --> 00:23:12,199 Speaker 1: a worry of recession? Of course, but none of us 408 00:23:12,240 --> 00:23:14,600 Speaker 1: will ever know, right, But if I had to, I'm 409 00:23:14,600 --> 00:23:16,480 Speaker 1: not a betting man. I just the odds of the 410 00:23:16,480 --> 00:23:19,399 Speaker 1: following something like, yes, they can engineer soft landing a 411 00:23:19,400 --> 00:23:21,840 Speaker 1: third of percent chance, probably a third of percent chance. 412 00:23:21,880 --> 00:23:24,600 Speaker 1: The can engineer a mild recession. Think of we've had 413 00:23:24,840 --> 00:23:28,080 Speaker 1: mild FED induced recessions before. You know, where inflation goes 414 00:23:28,119 --> 00:23:30,720 Speaker 1: up one in air for two percent, everything slows down, 415 00:23:30,920 --> 00:23:33,480 Speaker 1: places coming down, and it's six or nine months, and 416 00:23:33,520 --> 00:23:35,280 Speaker 1: then there's a chance it's could be much harder than that. 417 00:23:35,400 --> 00:23:37,199 Speaker 1: And then in the face of all of that, you 418 00:23:37,200 --> 00:23:40,639 Speaker 1: have Ukraine, which is a huge global issue. And do 419 00:23:40,680 --> 00:23:43,080 Speaker 1: you fear the FED, and do you fear a poulsing 420 00:23:43,080 --> 00:23:45,800 Speaker 1: mistake from the Fed? And what does does to consumers. 421 00:23:46,000 --> 00:23:49,280 Speaker 1: I'm not I'm not afraid of the FED. I you know, 422 00:23:49,320 --> 00:23:52,560 Speaker 1: I'll change this subject a little bit. I think America 423 00:23:52,760 --> 00:23:56,280 Speaker 1: needs very good domestic policy to improve the growth of 424 00:23:56,280 --> 00:23:59,240 Speaker 1: the economy, which makes the FED job easier. And that 425 00:23:59,400 --> 00:24:03,120 Speaker 1: is about regular lations and rules and policies and improving 426 00:24:03,240 --> 00:24:05,879 Speaker 1: projects and things like that. So you have increased the 427 00:24:05,880 --> 00:24:08,200 Speaker 1: supply side as opposed to, you know, do something the 428 00:24:08,240 --> 00:24:10,639 Speaker 1: demand side. So the FEDS job would be easier if 429 00:24:10,640 --> 00:24:13,960 Speaker 1: we had very rational thought economic policy. What could go wrong? 430 00:24:14,080 --> 00:24:15,840 Speaker 1: I mean, we talk about, you know, a strong US consume, 431 00:24:15,920 --> 00:24:19,439 Speaker 1: more strong business. He talked also about storm clouds. What 432 00:24:19,520 --> 00:24:22,560 Speaker 1: are those storm crowds? Clouds? What's worst case? Right? I 433 00:24:22,560 --> 00:24:25,240 Speaker 1: hate the word unprecedented, but there's kind of fiscal and 434 00:24:25,280 --> 00:24:28,840 Speaker 1: monetary induced unbelievable growth in the U S, which was 435 00:24:28,880 --> 00:24:31,920 Speaker 1: true around the world, though it's obviously slowing down in Europe. 436 00:24:32,240 --> 00:24:35,320 Speaker 1: That's abnormal. We've never really quite had that before. We've 437 00:24:35,400 --> 00:24:37,760 Speaker 1: never had q T before. So you know, you look 438 00:24:37,840 --> 00:24:40,200 Speaker 1: at QUEI, that's one of the greatest experiments ever done. 439 00:24:40,240 --> 00:24:42,159 Speaker 1: They're would be writing books for fifty years on it, 440 00:24:42,560 --> 00:24:44,560 Speaker 1: and we're gonna have to reverse it. And that's a 441 00:24:44,640 --> 00:24:46,760 Speaker 1: huge change in the flow of funds over time around 442 00:24:46,760 --> 00:24:49,040 Speaker 1: bonds and rates and stuff like that. My own view 443 00:24:49,040 --> 00:24:50,840 Speaker 1: is that Rachel probably will still have to go up 444 00:24:51,080 --> 00:24:53,960 Speaker 1: from here. Uh. And then you've got Ukraine, which you know, 445 00:24:54,040 --> 00:24:56,040 Speaker 1: I think is a potent. You know, when you look 446 00:24:56,080 --> 00:24:58,760 Speaker 1: at Ukraine, obviously the wishful thinking is that we have 447 00:24:58,760 --> 00:25:01,920 Speaker 1: a fed and deuced slow down works. The world is fine, 448 00:25:02,040 --> 00:25:04,600 Speaker 1: Ukraine resolves, but there's a chance that this goes on 449 00:25:04,720 --> 00:25:09,199 Speaker 1: for years and you completely rattle global energy markets, wheat markets, 450 00:25:09,200 --> 00:25:12,080 Speaker 1: commodity markets, and you know that, and we need, as 451 00:25:12,160 --> 00:25:13,879 Speaker 1: you know, the Western world needs to be prepared for 452 00:25:13,920 --> 00:25:16,280 Speaker 1: that and needs to take every action today to be 453 00:25:16,320 --> 00:25:19,320 Speaker 1: prepared that that can get really bad tomorrow. And you 454 00:25:19,320 --> 00:25:21,000 Speaker 1: know it gets really bad tomorrow, you don't have time. 455 00:25:21,200 --> 00:25:23,640 Speaker 1: So how do you handle that? How? What what's your 456 00:25:23,640 --> 00:25:26,439 Speaker 1: plan b if it does go shape? I like the 457 00:25:26,480 --> 00:25:29,280 Speaker 1: fact that it will deal with it, you know, I mean, 458 00:25:29,280 --> 00:25:32,240 Speaker 1: it's live. I mean I like that. In my view, 459 00:25:32,280 --> 00:25:35,720 Speaker 1: the most important thing is American growth and that America 460 00:25:36,200 --> 00:25:38,480 Speaker 1: and I call this Marshall Plan for Energy, that we 461 00:25:38,600 --> 00:25:41,920 Speaker 1: do everything we can and this doesn't violate climate change, 462 00:25:42,000 --> 00:25:45,040 Speaker 1: It doesn't change anything about long term objectives. But we 463 00:25:45,080 --> 00:25:47,560 Speaker 1: do everything you can to get oil and gas into 464 00:25:47,560 --> 00:25:49,760 Speaker 1: the hands of Europeans so they don't freeze in the winter, 465 00:25:50,240 --> 00:25:52,440 Speaker 1: you know. And again I'm not saying it's going to happen, 466 00:25:52,480 --> 00:25:54,560 Speaker 1: but you know, you have a couple of problems out 467 00:25:54,600 --> 00:25:57,960 Speaker 1: there that the national energy stuff is, the global energy 468 00:25:58,040 --> 00:26:01,359 Speaker 1: is precarious, and if you know, oil goes, that's a 469 00:26:01,440 --> 00:26:03,280 Speaker 1: huge problem for people. And we should do everything we 470 00:26:03,320 --> 00:26:06,000 Speaker 1: can today. We need to put moral and gas. We 471 00:26:07,560 --> 00:26:09,520 Speaker 1: I feel like at the users they could drill mar 472 00:26:09,720 --> 00:26:13,000 Speaker 1: We get confused about policy and that somehow doing that 473 00:26:13,080 --> 00:26:15,280 Speaker 1: as bad for the climate. It's not. You know, we 474 00:26:15,359 --> 00:26:18,440 Speaker 1: need if you want transitioning gas to replace call and 475 00:26:18,480 --> 00:26:20,600 Speaker 1: we should approve all the gleen stuff too, even the 476 00:26:20,640 --> 00:26:22,640 Speaker 1: green stuff takes five years to ten years to approve. 477 00:26:22,640 --> 00:26:24,880 Speaker 1: In the United States, I mean, Americans need to get 478 00:26:24,920 --> 00:26:26,960 Speaker 1: us act together and they should have a war room. 479 00:26:27,040 --> 00:26:29,439 Speaker 1: They should get everyone involved, get all the people and 480 00:26:29,480 --> 00:26:31,160 Speaker 1: say what do we need to do in a consistent, 481 00:26:31,200 --> 00:26:35,120 Speaker 1: coherent way. We need to get more gas to LERG terminals. 482 00:26:35,160 --> 00:26:37,600 Speaker 1: We can't do that without a gas pipeline, you know. 483 00:26:37,640 --> 00:26:40,440 Speaker 1: And so we're just not rational anymore. We we we 484 00:26:40,440 --> 00:26:43,240 Speaker 1: we have misconceived notions about how we can get things done, 485 00:26:43,240 --> 00:26:47,040 Speaker 1: and so we're trying. But the roll of Europe and this, 486 00:26:47,520 --> 00:26:50,040 Speaker 1: could Europe see a recession because of the energy prices? Absolutely, 487 00:26:50,040 --> 00:26:52,040 Speaker 1: you know, our condoms would say that Europe had slowed 488 00:26:52,080 --> 00:26:55,359 Speaker 1: down to two percent of something. But the problem with 489 00:26:55,560 --> 00:26:57,720 Speaker 1: right now the economs would agree with me. We're looking 490 00:26:57,760 --> 00:27:01,080 Speaker 1: at a static analysis that if stay the way they are, 491 00:27:01,400 --> 00:27:03,280 Speaker 1: but you and I know for certain things don't stay 492 00:27:03,320 --> 00:27:05,719 Speaker 1: the way they are. And my view is is a 493 00:27:05,840 --> 00:27:08,240 Speaker 1: very high chance that oil go higher. It only takes 494 00:27:08,240 --> 00:27:10,040 Speaker 1: a million to two million barrels off the market a 495 00:27:10,119 --> 00:27:12,719 Speaker 1: day that can drive prices up thirty or forty dollars, 496 00:27:13,080 --> 00:27:17,360 Speaker 1: and so we should prepare for that today. And uh so, 497 00:27:17,840 --> 00:27:20,280 Speaker 1: but but but I like, I think it's great that 498 00:27:20,320 --> 00:27:22,600 Speaker 1: the Western world has gotten together and who would have 499 00:27:22,640 --> 00:27:27,720 Speaker 1: thought problem would get Sweden, Finland, Germany, Switzerland, all of 500 00:27:27,800 --> 00:27:30,320 Speaker 1: us too. But that working together part we need to 501 00:27:30,359 --> 00:27:34,000 Speaker 1: make permanent for global security. First of all, just going 502 00:27:34,000 --> 00:27:35,800 Speaker 1: back to the European econtent, how quickly could we see 503 00:27:35,800 --> 00:27:38,040 Speaker 1: a recession and how deep could it be? I don't know, 504 00:27:39,320 --> 00:27:40,879 Speaker 1: I mean, you know, I hate to guess the future. 505 00:27:41,000 --> 00:27:42,680 Speaker 1: No one really knows the future. I've never seen any 506 00:27:42,760 --> 00:27:45,400 Speaker 1: really guess it. Well. But again if you have, if 507 00:27:45,520 --> 00:27:47,720 Speaker 1: Ukraine gets worse, I would assume that you're gonna go 508 00:27:47,720 --> 00:27:49,560 Speaker 1: to a recession and may take a couple of quarters. 509 00:27:49,560 --> 00:27:51,680 Speaker 1: But I would assume that as sanctions working. So are 510 00:27:51,720 --> 00:27:54,320 Speaker 1: the sanctions trying to deter Russia from continuing the war 511 00:27:54,359 --> 00:27:56,320 Speaker 1: and you crying? Or is it just to try and 512 00:27:56,320 --> 00:27:58,679 Speaker 1: put the Russian Conno there, well sanks, she is not 513 00:27:58,720 --> 00:28:02,120 Speaker 1: the same as having tamed and airplanes, okay, but they 514 00:28:02,160 --> 00:28:04,240 Speaker 1: are working to the extent that you know, the Russian 515 00:28:04,280 --> 00:28:07,000 Speaker 1: GDP is gonna drop by ten or fIF with the 516 00:28:07,080 --> 00:28:10,680 Speaker 1: current sanctions. Remember there are sanctions and also the export 517 00:28:10,720 --> 00:28:13,359 Speaker 1: controls and stuff like that. And you know the next round, 518 00:28:13,400 --> 00:28:15,520 Speaker 1: if you're really stop stops oil and you can really 519 00:28:15,520 --> 00:28:18,359 Speaker 1: stop oil being delivered you know Europe, I mean Russia, 520 00:28:18,480 --> 00:28:20,720 Speaker 1: you can get another ten percent down. So it's a 521 00:28:20,760 --> 00:28:24,360 Speaker 1: tool in the tool kit. It's not definitive, which definitive 522 00:28:24,480 --> 00:28:26,800 Speaker 1: is tanks. So you know we're not don't They don't 523 00:28:26,840 --> 00:28:28,920 Speaker 1: confuse the two, but you know one is a pretty 524 00:28:28,920 --> 00:28:31,159 Speaker 1: powerful The sanctions are pretty powerful tool. But if you 525 00:28:31,160 --> 00:28:33,440 Speaker 1: expect this to last for I think you said years, 526 00:28:33,520 --> 00:28:35,600 Speaker 1: I don't expect it. I said, we should be prepared 527 00:28:35,640 --> 00:28:37,680 Speaker 1: for it too. I don't know what's going to happen. 528 00:28:38,200 --> 00:28:40,200 Speaker 1: But how do you see this ending? And I see 529 00:28:40,240 --> 00:28:42,080 Speaker 1: if you're if, if you're a president of the US, 530 00:28:42,160 --> 00:28:44,560 Speaker 1: if you're a president of the Commission, if you're the FED. 531 00:28:44,720 --> 00:28:47,120 Speaker 1: Right now, you need to game theory and it could 532 00:28:47,120 --> 00:28:50,320 Speaker 1: go either way. It's like a three way system. So 533 00:28:50,360 --> 00:28:53,480 Speaker 1: what do you do all three of them? I think 534 00:28:53,520 --> 00:28:55,160 Speaker 1: it's a mistake to guess at which one will be. 535 00:28:55,400 --> 00:28:56,920 Speaker 1: It should be all three of them. And I think, 536 00:28:57,240 --> 00:28:59,680 Speaker 1: you know, I think basically the Cold Wars back. I 537 00:28:59,680 --> 00:29:01,680 Speaker 1: think the home world learned something that we always knew 538 00:29:01,680 --> 00:29:04,920 Speaker 1: that national security is always the most important thing, but 539 00:29:04,960 --> 00:29:07,280 Speaker 1: it kind of recedes in the background. We're all doing well, 540 00:29:07,600 --> 00:29:09,600 Speaker 1: but now it's the most important thing. It should be 541 00:29:09,640 --> 00:29:11,600 Speaker 1: the most important thing for the rest of our lives. 542 00:29:11,600 --> 00:29:14,000 Speaker 1: So maybe we all learned that that that is a 543 00:29:14,040 --> 00:29:16,800 Speaker 1: permanent date of affairs. The Cold War is back. Uh. 544 00:29:16,840 --> 00:29:19,960 Speaker 1: The Allies have to coalesce, and not just for military purposes, 545 00:29:20,000 --> 00:29:24,480 Speaker 1: but for global economic, strategic investment purposes, so that we've 546 00:29:24,480 --> 00:29:27,720 Speaker 1: got a safe world. If and if we don't do that. 547 00:29:28,000 --> 00:29:30,200 Speaker 1: You know you can. Would you see Ukraine? You can 548 00:29:30,240 --> 00:29:32,840 Speaker 1: see all around the world you will see forms of chaos. 549 00:29:33,000 --> 00:29:34,640 Speaker 1: So the impact on the economy, I mean, would you 550 00:29:34,680 --> 00:29:37,360 Speaker 1: go around a trading floor until the young kids that 551 00:29:37,400 --> 00:29:39,520 Speaker 1: I have never dealt with inflation that I think it 552 00:29:39,600 --> 00:29:43,000 Speaker 1: could be up at five percent shortly? Of course, of 553 00:29:43,040 --> 00:29:46,000 Speaker 1: course that's you know, things change, And I mean I 554 00:29:46,000 --> 00:29:48,960 Speaker 1: think you can easily see five percent bonds, the bonds 555 00:29:48,960 --> 00:29:51,880 Speaker 1: of ald ten. Your bonds are reacted dramatically, and hopefully 556 00:29:52,160 --> 00:29:53,880 Speaker 1: it won't go a lot. But I don't think it's 557 00:29:53,880 --> 00:29:56,000 Speaker 1: a disaster. I don't think a slowdown as a disaster. 558 00:29:56,040 --> 00:29:58,480 Speaker 1: I don't think many. Look when you say a many recession, 559 00:29:58,760 --> 00:30:01,080 Speaker 1: I feel for the people that hurting that, but it's 560 00:30:01,080 --> 00:30:03,320 Speaker 1: not a disaster for the world economy. I think the 561 00:30:03,360 --> 00:30:06,240 Speaker 1: potential outcomes of Ukraine are And you've got to just 562 00:30:06,280 --> 00:30:08,640 Speaker 1: separate the two and just remember when you talk about war. 563 00:30:09,000 --> 00:30:11,120 Speaker 1: We didn't know how bad Vietnam is gonna get. We 564 00:30:11,120 --> 00:30:13,680 Speaker 1: don't know how long gef Khaistan was gonna last. That Russians, 565 00:30:13,720 --> 00:30:15,840 Speaker 1: you know how long Gerfcanstin was gonna last, even go 566 00:30:15,920 --> 00:30:18,760 Speaker 1: war after war after war they were not predictable. You 567 00:30:18,760 --> 00:30:20,480 Speaker 1: didn't know the World War one was gonna be like that. 568 00:30:20,520 --> 00:30:22,280 Speaker 1: You didn't know that World War two was gonna start 569 00:30:22,480 --> 00:30:26,880 Speaker 1: in September of nine. So I think predicting the outcomes 570 00:30:26,920 --> 00:30:31,600 Speaker 1: war you've got to be very fair, relaxed. That's markets 571 00:30:31,600 --> 00:30:35,080 Speaker 1: you know, Uh, that can change just like that. Do 572 00:30:35,080 --> 00:30:37,200 Speaker 1: you think it will? Are we expecting a big coming? Guessing? 573 00:30:37,240 --> 00:30:39,440 Speaker 1: I don't know. I mean again, fancying my job in life, 574 00:30:39,920 --> 00:30:42,040 Speaker 1: I will serve our clients with thicker thin and our 575 00:30:42,080 --> 00:30:45,040 Speaker 1: country stuff like that. And of course we're always I mean, 576 00:30:45,160 --> 00:30:47,920 Speaker 1: as a rule of thumb, we're always prepared for bid outcomes, 577 00:30:47,920 --> 00:30:50,000 Speaker 1: not because we're predicting them. Because I need to say 578 00:30:50,040 --> 00:30:53,000 Speaker 1: to the shareholder of the American public, my regulators, you 579 00:30:53,040 --> 00:30:56,640 Speaker 1: know the UK, that JP Morgan will be safe and 580 00:30:56,760 --> 00:30:59,480 Speaker 1: sound and help your country and your people if things 581 00:30:59,560 --> 00:31:02,000 Speaker 1: get bad. And that is our job. Now we'd do 582 00:31:02,040 --> 00:31:04,040 Speaker 1: with a whole bunch of different things, and we're prepared. 583 00:31:04,080 --> 00:31:07,040 Speaker 1: You know, we have extraordinary capability and capital, but ernest 584 00:31:07,080 --> 00:31:11,880 Speaker 1: power And where's China in this right now? Look? I 585 00:31:12,160 --> 00:31:14,720 Speaker 1: my view is that China camp possibly like this and 586 00:31:14,720 --> 00:31:16,520 Speaker 1: they're playing if you look at them to plane a 587 00:31:16,600 --> 00:31:19,200 Speaker 1: very neutral role. They're not trying to anger the United States. 588 00:31:19,280 --> 00:31:22,440 Speaker 1: They know that the American Congress may very well, the Congress, 589 00:31:22,480 --> 00:31:24,160 Speaker 1: not just the President, can come in and put you know, 590 00:31:24,360 --> 00:31:28,040 Speaker 1: the secondary sanctions. They do three point five trillion dollars 591 00:31:28,080 --> 00:31:30,479 Speaker 1: of trade with the West, imports, and next points they 592 00:31:30,520 --> 00:31:34,800 Speaker 1: do a hundred fifty billion with Russia. Okay. One number 593 00:31:34,920 --> 00:31:37,240 Speaker 1: is Chris are up about sixteen points, and down Future 594 00:31:37,280 --> 00:31:39,680 Speaker 1: is up a hundred nine and Aztec Future is up 595 00:31:39,760 --> 00:31:42,160 Speaker 1: thirty eight. The decks in Germany's not about two tenths 596 00:31:42,200 --> 00:31:44,920 Speaker 1: of upper cent ten year treasury of five thirty seconds 597 00:31:45,000 --> 00:31:47,000 Speaker 1: yield two point nine five percent, and they yield on 598 00:31:47,040 --> 00:31:49,840 Speaker 1: the two year two point seven seven percent. Not In 599 00:31:49,880 --> 00:31:52,520 Speaker 1: mex Screwed oil is up about four percent, up four 600 00:31:52,520 --> 00:31:55,120 Speaker 1: dollars four cents and a hundred six dollars forty seven 601 00:31:55,120 --> 00:31:58,400 Speaker 1: cents of barrel. Comics School is little changed at eighteen 602 00:31:58,480 --> 00:32:01,160 Speaker 1: seventy announced the year row one point oh five two 603 00:32:01,240 --> 00:32:03,560 Speaker 1: four against the dollar. British found one point two five 604 00:32:03,600 --> 00:32:07,640 Speaker 1: one seven in the ene point nine seven Bitcoin this 605 00:32:07,760 --> 00:32:11,000 Speaker 1: morning higher up more than three percent at about thirty 606 00:32:11,080 --> 00:32:14,000 Speaker 1: nine thousand dollars and earnings this morning we heard from 607 00:32:14,000 --> 00:32:16,560 Speaker 1: CBS Health and raised its outlook for the year as 608 00:32:16,560 --> 00:32:20,480 Speaker 1: a health giants first quarter profit beat analysts estimates. We're 609 00:32:20,520 --> 00:32:22,719 Speaker 1: waiting for more earnings this morning. We're supposed to hear 610 00:32:22,720 --> 00:32:25,720 Speaker 1: from Maderna and Young Brands, among others. And that's a 611 00:32:25,720 --> 00:32:28,960 Speaker 1: Bloomberg business flash. Now here's Michael Barr with more. I'm 612 00:32:29,000 --> 00:32:31,880 Speaker 1: what's going on around the world, Michael Karen, thank you 613 00:32:32,000 --> 00:32:36,200 Speaker 1: very much. Vice President Kamala Harris spoke forcefully for abortion 614 00:32:36,320 --> 00:32:39,000 Speaker 1: rights and reaction to the League Supreme Court draft decision 615 00:32:39,240 --> 00:32:42,480 Speaker 1: threatening Roe v. Wade and Gallah. Hosted by the pro 616 00:32:42,640 --> 00:32:46,640 Speaker 1: democratic group Emily's List, Harris said Republican leaders are trying 617 00:32:46,640 --> 00:32:50,240 Speaker 1: to weaponize the legal system against women. How dare they 618 00:32:50,280 --> 00:32:52,479 Speaker 1: tell a woman what she can do and cannot do 619 00:32:52,560 --> 00:32:58,760 Speaker 1: with her own body? How dare they? How dare they 620 00:32:58,840 --> 00:33:03,960 Speaker 1: try to stop her? I'm determining her own future. Vice 621 00:33:03,960 --> 00:33:07,800 Speaker 1: President Harris called on voters to elect Democrats who support 622 00:33:07,880 --> 00:33:11,840 Speaker 1: legal access to abortion. Meanwhile, Kerry Severino, president of the 623 00:33:11,840 --> 00:33:15,720 Speaker 1: conservative leaning Judicial Crisis Network, said the Supreme Court should 624 00:33:15,760 --> 00:33:20,320 Speaker 1: respond to the League by releasing the opinion. Now, we 625 00:33:20,360 --> 00:33:23,040 Speaker 1: should just put this opinion out at this point, I 626 00:33:23,080 --> 00:33:25,880 Speaker 1: don't know how much editing the court wants to do anyway, 627 00:33:25,880 --> 00:33:27,640 Speaker 1: when you have a situation where people are gonna be 628 00:33:27,800 --> 00:33:30,920 Speaker 1: effectively comparing a red line version of the original and 629 00:33:31,040 --> 00:33:36,320 Speaker 1: the result. Severino, speaking to ABC, responded to Chief Justice 630 00:33:36,440 --> 00:33:39,440 Speaker 1: Roberts saying the League of the draft decision is a 631 00:33:39,440 --> 00:33:43,200 Speaker 1: betrayal in sports. A couple of game ones in the 632 00:33:43,320 --> 00:33:46,000 Speaker 1: NHL Playoffs, the Rangers lost in triple over time to 633 00:33:46,040 --> 00:33:49,920 Speaker 1: the Penguins for three. Rangers goalie Igor shstergan, boy, what 634 00:33:50,000 --> 00:33:53,920 Speaker 1: a tough loss, finished with seventy nine saves, second to 635 00:33:53,960 --> 00:33:58,400 Speaker 1: the NHL record of the Capital's beat the Panthers for too. 636 00:33:58,800 --> 00:34:01,240 Speaker 1: In the NBA Playoffs, the Celtics are tied to the 637 00:34:01,320 --> 00:34:05,400 Speaker 1: game each after beating Bucks one. Warriors lost to the 638 00:34:05,440 --> 00:34:08,279 Speaker 1: Grizzlies and game to that series even at a game 639 00:34:08,320 --> 00:34:10,759 Speaker 1: of piece. Global News twenty four hours a day on 640 00:34:10,880 --> 00:34:13,359 Speaker 1: air and all Bloomberg Quicktake, powered by more than twenty 641 00:34:13,400 --> 00:34:15,720 Speaker 1: seven hundred journalists and analysts, more than a d twenty 642 00:34:15,800 --> 00:34:18,840 Speaker 1: countries like Obar. This is Bloomberg camera, all right, michaelbar 643 00:34:18,920 --> 00:34:20,960 Speaker 1: thank you. At A sixty nine on Wall Street, and 644 00:34:20,960 --> 00:34:23,320 Speaker 1: we turned to news and science and technology Now with 645 00:34:23,360 --> 00:34:26,080 Speaker 1: a Bloomberg and j I T STEM Report brought to 646 00:34:26,120 --> 00:34:29,239 Speaker 1: you by New Jersey Institute of Technology and j i 647 00:34:29,320 --> 00:34:32,280 Speaker 1: T is dedicated to bolstering support for female and minority 648 00:34:32,360 --> 00:34:36,120 Speaker 1: students pursuing careers and high paying STEM industries. Learn more 649 00:34:36,160 --> 00:34:38,160 Speaker 1: at n j I T, dot, E d U and 650 00:34:38,200 --> 00:34:41,919 Speaker 1: now Here's It's making news and science, technology, engineering and math. 651 00:34:42,320 --> 00:34:45,799 Speaker 1: And Shanghai, the final exit from a punishing five week 652 00:34:45,880 --> 00:34:50,400 Speaker 1: coronavirus lockdown is being delayed. That's because of infections persistently 653 00:34:50,440 --> 00:34:53,680 Speaker 1: appearing in the community. Meanwhile, in Beijing, residents are being 654 00:34:53,760 --> 00:34:57,160 Speaker 1: urged not to leave the city unnecessarily and schools will 655 00:34:57,160 --> 00:35:00,040 Speaker 1: suspend in person classes. Beijing is trying to have with 656 00:35:00,160 --> 00:35:04,120 Speaker 1: a chaos caused by the Shanghai lockdowns. Airbnb says it 657 00:35:04,200 --> 00:35:08,000 Speaker 1: sees substantial demand for travel heading into the busy summer 658 00:35:08,040 --> 00:35:12,000 Speaker 1: season after more than two years of COVID nineteen restrictions. Airbnb, 659 00:35:12,120 --> 00:35:15,000 Speaker 1: along with its rival Expedia Group and Booking Holdings, have 660 00:35:15,120 --> 00:35:17,319 Speaker 1: said they expect this summer to be one of the 661 00:35:17,360 --> 00:35:20,720 Speaker 1: best the industry has ever seen, and the ocean shipping 662 00:35:20,719 --> 00:35:23,600 Speaker 1: industry among the world's biggest polluters, as asking a key 663 00:35:23,600 --> 00:35:27,280 Speaker 1: regulator to overhaul its admissions directives so that all carriers 664 00:35:27,280 --> 00:35:29,759 Speaker 1: are working off the same rule book as they make 665 00:35:29,800 --> 00:35:33,400 Speaker 1: the expensive changes needed to cut output of harmful carbons. 666 00:35:33,400 --> 00:35:37,440 Speaker 1: With roughly global trade transported by sea, the World Economic 667 00:35:37,480 --> 00:35:41,040 Speaker 1: Forum says the industry amidst more carbon annually as Germany 668 00:35:41,040 --> 00:35:43,880 Speaker 1: and the Netherlands combined. And if shipping were a country, 669 00:35:43,920 --> 00:35:47,640 Speaker 1: it would be the world's sixth biggest greenhouse gas emitter. 670 00:35:48,080 --> 00:35:50,840 Speaker 1: And that's a Bloomberg and j I t Stem report. Nathan, 671 00:35:51,080 --> 00:35:52,920 Speaker 1: all right, Karen, thank you. We are live from the 672 00:35:52,920 --> 00:35:56,279 Speaker 1: Bloomberg Interactive Broker's studios where it's six fifty one on 673 00:35:56,480 --> 00:35:58,600 Speaker 1: Wall Street. Let's take a look at some of the 674 00:35:58,719 --> 00:36:01,640 Speaker 1: names moving in the pre market. Bloomberg Radio and TV 675 00:36:01,719 --> 00:36:05,280 Speaker 1: Markets correspondent Creaty Gupta is with us on this FED 676 00:36:05,400 --> 00:36:07,840 Speaker 1: decision morning. But Creating, we got a lot of names 677 00:36:07,920 --> 00:36:11,000 Speaker 1: moving on earnings this morning, a lot of earnings moves. 678 00:36:11,000 --> 00:36:12,879 Speaker 1: For sure, Lift is really at the top of the list, 679 00:36:12,920 --> 00:36:15,719 Speaker 1: down twenty six percent. And this of course comes after 680 00:36:15,760 --> 00:36:18,279 Speaker 1: they're talking about a weaker than expected outlook and a 681 00:36:18,360 --> 00:36:22,160 Speaker 1: planned increase in spending on driver incentives that could weigh 682 00:36:22,160 --> 00:36:24,840 Speaker 1: on profits. Remember they're dealing with those higher jet higher 683 00:36:25,120 --> 00:36:27,759 Speaker 1: driving fuel costs as well that they were subsidizing. But 684 00:36:27,880 --> 00:36:30,960 Speaker 1: still it looks like that increase on spend really rattling investors. 685 00:36:31,040 --> 00:36:33,000 Speaker 1: We are also waiting for Uber this morning. You b 686 00:36:33,160 --> 00:36:36,280 Speaker 1: e er those shares down five percent in the pre market, 687 00:36:36,320 --> 00:36:39,080 Speaker 1: really coming up ahead of what they were expected to 688 00:36:39,280 --> 00:36:41,799 Speaker 1: report after the bell. They've moved up the earnings to 689 00:36:42,080 --> 00:36:43,719 Speaker 1: the top of the hour, so we will of course 690 00:36:43,800 --> 00:36:45,200 Speaker 1: keep you posted on that. The other one you want 691 00:36:45,200 --> 00:36:47,360 Speaker 1: to keep an eye on, Nathan, is Airbnb. A b 692 00:36:47,560 --> 00:36:49,960 Speaker 1: nb is your taker up five percent this morning, coming 693 00:36:49,960 --> 00:36:53,080 Speaker 1: off of a second quarter revenue. Be substantial travel demand 694 00:36:53,080 --> 00:36:56,040 Speaker 1: really helping that stock. And speaking of substantial demand, we 695 00:36:56,040 --> 00:36:58,359 Speaker 1: should talk about Starbucks s b u X as your 696 00:36:58,360 --> 00:37:01,360 Speaker 1: ticker up six point three percent. They did suspend guidance 697 00:37:01,360 --> 00:37:03,239 Speaker 1: for a third and fourth quarter due to lack of 698 00:37:03,320 --> 00:37:06,440 Speaker 1: visibility into Chinese markets, but they said those US results, 699 00:37:06,480 --> 00:37:10,000 Speaker 1: they're strong, and they're accelrator accelerating. E sees me those 700 00:37:10,040 --> 00:37:13,160 Speaker 1: store growth planned all right, Bloomberg Radio and TV Markets 701 00:37:13,160 --> 00:37:17,440 Speaker 1: correspondent Credi Gupta, as the earnings parade accelerates, Crety, thanks 702 00:37:17,440 --> 00:37:19,759 Speaker 1: for that six fifty two on Wall Street. Now we 703 00:37:19,760 --> 00:37:22,400 Speaker 1: want to check what's happening in d C. Some of 704 00:37:22,400 --> 00:37:25,280 Speaker 1: the top stories in our nation's capital include Vice President 705 00:37:25,400 --> 00:37:28,400 Speaker 1: Harris warning the women's rights are under attack after the 706 00:37:28,440 --> 00:37:32,120 Speaker 1: Supreme Court, Abortion League J D. Vance knocking a win 707 00:37:32,280 --> 00:37:35,320 Speaker 1: for Trump in the Ohio Senate primary, and President Biden 708 00:37:35,320 --> 00:37:38,439 Speaker 1: accusing China of trying to meddle with the Competitiveness Bill. 709 00:37:38,520 --> 00:37:40,680 Speaker 1: For more on all these stories were joined live by 710 00:37:40,719 --> 00:37:45,200 Speaker 1: Bloomberg Government reporter Emily Wilkins. Emily, Suddenly, abortion rights has 711 00:37:45,280 --> 00:37:49,000 Speaker 1: become topic a in Washington, as we certainly heard last 712 00:37:49,080 --> 00:37:53,240 Speaker 1: night from Vice President Kamala Harris. Oh. Yes, Vice President Harris, 713 00:37:53,239 --> 00:37:58,120 Speaker 1: she gave this really powerful passion speech um A criticizing 714 00:37:58,200 --> 00:38:03,640 Speaker 1: Republicans UH and criticizing their role in UH potentially rolling 715 00:38:03,640 --> 00:38:05,759 Speaker 1: back Roe v. Wade. I mean, of course, Nathan, this 716 00:38:05,880 --> 00:38:10,160 Speaker 1: all came about because political leaked a draft opinion UH 717 00:38:10,400 --> 00:38:14,360 Speaker 1: from Justice Alito basically saying that the Roe v. Wade 718 00:38:14,360 --> 00:38:17,680 Speaker 1: needed to be overturned in an upcoming decision. Now, the 719 00:38:17,719 --> 00:38:20,880 Speaker 1: Supreme Court has said that that document is authentic, but 720 00:38:20,960 --> 00:38:24,279 Speaker 1: has reminded everyone that that's not the final decision at 721 00:38:24,320 --> 00:38:27,120 Speaker 1: this point. This is a draft from February. We're not 722 00:38:27,239 --> 00:38:30,600 Speaker 1: expecting a decision until June. At the same point, Nathan, 723 00:38:30,640 --> 00:38:32,799 Speaker 1: I mean that's mattered very little, I think to a 724 00:38:32,800 --> 00:38:35,040 Speaker 1: lot of lawmakers who are expecting to see the end 725 00:38:35,040 --> 00:38:38,080 Speaker 1: of row anyway, and have kind of used this as 726 00:38:38,160 --> 00:38:41,040 Speaker 1: as a time sort of launched their launch, launch and 727 00:38:41,120 --> 00:38:43,279 Speaker 1: upper that we did expect to see come a little 728 00:38:43,280 --> 00:38:46,640 Speaker 1: bit later this year. Um. But Harris, you know, really 729 00:38:46,640 --> 00:38:49,640 Speaker 1: criticized Republicans saying how dare they tell a woman what 730 00:38:49,719 --> 00:38:52,160 Speaker 1: she can or can't do with their body, and also 731 00:38:52,280 --> 00:38:56,880 Speaker 1: warning that this particular leaked draft that we saw wouldn't 732 00:38:56,920 --> 00:39:00,480 Speaker 1: necessarily just stop at impacting abortion, but could also go 733 00:39:00,600 --> 00:39:03,440 Speaker 1: on to impact other Supreme Court rulings, such as the 734 00:39:03,480 --> 00:39:07,480 Speaker 1: ones on game marriage at the nineteen ruling that show 735 00:39:07,600 --> 00:39:10,040 Speaker 1: says couples that have a right to privacy in their 736 00:39:10,040 --> 00:39:13,520 Speaker 1: contraceptive choices. Yeah, so obviously this has the potential to 737 00:39:13,600 --> 00:39:17,400 Speaker 1: galvanize base voters on both sides. What kind of impact 738 00:39:17,480 --> 00:39:20,360 Speaker 1: could this have on midterm elections that, at least in 739 00:39:20,360 --> 00:39:23,759 Speaker 1: this primary season are now under way. Well, I think 740 00:39:23,800 --> 00:39:26,319 Speaker 1: one of the most interesting groups to watch here are 741 00:39:26,400 --> 00:39:28,799 Speaker 1: suburban woman that's been a group that's played a key 742 00:39:28,920 --> 00:39:32,640 Speaker 1: role in They've played a key role in eighteen. They 743 00:39:32,640 --> 00:39:35,840 Speaker 1: are swing voters and their voters that really both parties 744 00:39:36,040 --> 00:39:39,120 Speaker 1: have tried to message to and to talk to. And 745 00:39:39,160 --> 00:39:41,839 Speaker 1: you do have a large majority of women that say 746 00:39:41,880 --> 00:39:45,200 Speaker 1: abortion should be legal and either all or most cases. 747 00:39:45,440 --> 00:39:47,680 Speaker 1: But here's the turk, Nathan. Democrats are going to have 748 00:39:47,719 --> 00:39:51,640 Speaker 1: to convince these female voters that it's more pressing for 749 00:39:51,680 --> 00:39:54,279 Speaker 1: them to vote on abortion than it is for them 750 00:39:54,320 --> 00:39:57,959 Speaker 1: to vote on other issues like inflation, like supply chain 751 00:39:58,360 --> 00:40:01,319 Speaker 1: uh Biden's approval rating is pretty low right now, and 752 00:40:01,360 --> 00:40:04,920 Speaker 1: Republicans are planning to attack him, and we saw this 753 00:40:05,000 --> 00:40:07,799 Speaker 1: kind of play out last year in the Virginia governor's race. 754 00:40:08,000 --> 00:40:10,759 Speaker 1: Um certainly at the time we didn't have this this 755 00:40:10,880 --> 00:40:14,719 Speaker 1: leak draft, but at the time, Texas had just imposed 756 00:40:14,840 --> 00:40:17,640 Speaker 1: their six week abortion fan and that was something that 757 00:40:17,760 --> 00:40:21,279 Speaker 1: Democratic nominee really ran on, really talked about, and you 758 00:40:21,320 --> 00:40:24,160 Speaker 1: saw him lose to his Republican counterpart, who is more 759 00:40:24,200 --> 00:40:27,960 Speaker 1: focused on issues like the economy and COVID. And so 760 00:40:28,160 --> 00:40:31,120 Speaker 1: that's gonna be a real messaging challenge for Democrats. There's 761 00:40:31,160 --> 00:40:34,080 Speaker 1: certainly a lot of people who feel very strongly on 762 00:40:34,120 --> 00:40:36,239 Speaker 1: this issue. The question is is that going to be 763 00:40:36,239 --> 00:40:38,120 Speaker 1: the number one issue that turns them out to the 764 00:40:38,120 --> 00:40:41,960 Speaker 1: ballot box. It's interesting you bring up the Virginia governor's race. 765 00:40:42,040 --> 00:40:44,640 Speaker 1: That was one where the Republican who ended up winning 766 00:40:44,680 --> 00:40:47,680 Speaker 1: sort of kept former President Trump at arm's length. Overnight, 767 00:40:47,719 --> 00:40:51,920 Speaker 1: we had an Ohio Senate primary where the winner embraced 768 00:40:52,200 --> 00:40:55,360 Speaker 1: former President Trump. Yeah, it just shows to go that, 769 00:40:55,480 --> 00:40:58,600 Speaker 1: you know, different states got to have different different techniques. 770 00:40:58,680 --> 00:41:01,759 Speaker 1: But yes, venture Capital J D. Dance. If that means 771 00:41:01,760 --> 00:41:05,000 Speaker 1: sounds familiar, you've probably read or heard of hill Bill theology. 772 00:41:05,560 --> 00:41:07,960 Speaker 1: He had to come from behind victory for the U. S. 773 00:41:07,960 --> 00:41:11,600 Speaker 1: Senate seat in Ohio, and this is something where you know, 774 00:41:11,680 --> 00:41:14,400 Speaker 1: he wasn't necessarily leading in the polls, and then he 775 00:41:14,440 --> 00:41:19,120 Speaker 1: got the endorsement from former President Trump. UM advances really 776 00:41:19,200 --> 00:41:22,680 Speaker 1: run as a as a Trump like candidate. He's walked 777 00:41:22,719 --> 00:41:26,200 Speaker 1: back by his former criticisms of the President Um. And 778 00:41:26,239 --> 00:41:28,440 Speaker 1: this was a race where you had, you know, several 779 00:41:28,880 --> 00:41:32,000 Speaker 1: It was an interesting dynamic because you had a different candidate, 780 00:41:32,440 --> 00:41:37,080 Speaker 1: uh Josh Vandel, who was backed by a very conservative 781 00:41:37,120 --> 00:41:40,680 Speaker 1: Republican group called Club for Growth. Usually Club for Growth 782 00:41:40,680 --> 00:41:43,319 Speaker 1: and Trump are on the same page, but this time 783 00:41:43,320 --> 00:41:45,560 Speaker 1: they split. Club for Growth put a ton of money 784 00:41:45,560 --> 00:41:48,880 Speaker 1: behind this other candidate, and he lost to Trump's preferred choice. 785 00:41:48,920 --> 00:41:51,640 Speaker 1: And this really kind of shows the grip that Trump 786 00:41:51,680 --> 00:41:54,879 Speaker 1: continues to have on the Republican Party even after he's 787 00:41:54,960 --> 00:41:57,480 Speaker 1: left the White House. And we're gonna be watching throughout 788 00:41:57,520 --> 00:42:00,359 Speaker 1: this month. I think every Tuesday there is a port 789 00:42:00,400 --> 00:42:03,000 Speaker 1: of campaign in which Trump has an endorsed candidate, and 790 00:42:03,040 --> 00:42:06,160 Speaker 1: we'll see how they do. Alright. Bloomberg Government reporter Emily 791 00:42:06,200 --> 00:42:09,319 Speaker 1: Wilkins keeping on all things politics from Washington. Read more 792 00:42:09,360 --> 00:42:11,719 Speaker 1: at Bloomberg dot com or on the Bloomberg terminal, and 793 00:42:11,760 --> 00:42:15,560 Speaker 1: listen to Bloomberg Radio in the nation's capital Bloomberg and 794 00:42:15,640 --> 00:42:18,359 Speaker 1: one oh five point seven FM HD two. We are 795 00:42:18,360 --> 00:42:22,879 Speaker 1: watching shares of Maderna this morning, the pharmaceutical maker, the 796 00:42:22,920 --> 00:42:26,480 Speaker 1: COVID nineteen vaccine maker, out with a big first quarter 797 00:42:26,560 --> 00:42:29,760 Speaker 1: revenue beat. The shares are up four and a half 798 00:42:29,880 --> 00:42:33,759 Speaker 1: percent in the pre market on a FED decision day 799 00:42:33,800 --> 00:42:36,600 Speaker 1: where we're seeing futures move higher as well S and 800 00:42:36,640 --> 00:42:40,239 Speaker 1: P futures up sixteen points. Much more to come on 801 00:42:40,280 --> 00:42:44,200 Speaker 1: Bloomberg Surveillance with Tom Keene, Jonathan Farrell, and Lisa Abramowitz 802 00:42:44,239 --> 00:42:48,120 Speaker 1: for Karen Moscow I'm Nathan Hagar. This is Bloomberg