Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg
Speaker 1: Daybreak for Wednesday, May four two. Coming up this hour,
Speaker 1: Investors brace for the biggest FED decision in decades. Vice
Speaker 1: President Kamala Harris says women's rights are under attack by Republicans.
Speaker 1: A Trump backed candidate wins in Ohio, and Elon Musk
Speaker 1: reportedly planned to take Twitter public again in a few years.
Speaker 1: North Korea has launched another missile, Plus, comedian Dave Chappelle
Speaker 1: was attacked on stage. I'm Michael blar More Ahead, I'm
Speaker 1: John Stashow. Sports double header sweep for the max eleventh
Speaker 1: straight win for the Yankees. The Rangers lost Game one
Speaker 1: of the Penguins and triple overtime. That's all train ahead
Speaker 1: on Bloomberg day Break on Bloomberg Eleving Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Syrius Exam one nineteen and
Speaker 1: around the world Bloomberg Radio dot Com and via the
Speaker 1: Bloomberg Business app. Good Morning, I'm Nathan Hagar and I'm
Speaker 1: Karen Moscow and US Dock Index Futures are on the
Speaker 1: rises morning. We're coming up to six o one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg, U S and P
Speaker 1: Future is up eighteen points down futures of one thirty
Speaker 1: two and ASDAG future is up thirty nine. Ten year
Speaker 1: Treasury four thirty seconds held two point nine five percent,
Speaker 1: and they yield on the two year two point seven
Speaker 1: eight percent and nine X screwed oil up three point
Speaker 1: six percent. Nathan Karen, we begin this busy morning with
Speaker 1: the most widely anticipated FED decision in years. Today's rate
Speaker 1: hike is just the beginning. According to former I m
Speaker 1: F Chief economist Kenneth Rogoff, I think the idea that
Speaker 1: just to three percent would be enough really unlikely. I
Speaker 1: think they're going to have to raise interest rates to
Speaker 1: four or five percent to bring inflation down to two
Speaker 1: and a half or three percent. Former I m F
Speaker 1: chief on Mimous Kinneth Rogoff says inflation is now running
Speaker 1: it more than three times the central banks two percent target.
Speaker 1: We get more on this afternoons FED decision from Bloomberg's
Speaker 1: Michael McKee. There may be more questions about how the
Speaker 1: markets will react to the FED than about what the
Speaker 1: FED will do. A half percentage point rate hike is
Speaker 1: all but certain. The FED will also outline how and
Speaker 1: when it will begin reducing the size of its balance sheet,
Speaker 1: but it already put most of those details into the
Speaker 1: minutes of their March meeting. Investors have already priced in
Speaker 1: both outcomes, so any market move likely depends on the FED,
Speaker 1: particularly Chairman J Powell offering specific future guidance saying perhaps
Speaker 1: the Central Bank will raise rates by the same amount
Speaker 1: several times in a row, or Powell delivering a surprise, say,
Speaker 1: suggesting seventy five bases point hikes could be on the horizon.
Speaker 1: Michael McKee Bloomberg Debris. Alright, Mike, thanks. Of course, we
Speaker 1: will have full coverage and analysis of the FED decision
Speaker 1: beginning at one pm Wall Street Time on a special
Speaker 1: edition of Bloomberg Surveillance. On the other big issue in
Speaker 1: Washington right now, Nathan is your abortion rights, and following
Speaker 1: news that the Supreme Court may strike down Roe v. Wade,
Speaker 1: Vice President Kamala Harris is warning that women's rights are
Speaker 1: under attack. How dare they tell a woman what she
Speaker 1: can do? And cannot do with her own body. How
Speaker 1: dare they? How dare they try to stop her from
Speaker 1: determining her own future. Vice President Harris spoke at the
Speaker 1: annual Emily's List conference in Washington. John de la Volpi
Speaker 1: is director of polling at the Harvard Kennedy School Institute
Speaker 1: of Politics, and he says the leaked opinion could reshape
Speaker 1: the midterm elections. This is likely to be highly motivational
Speaker 1: for specifically young people who are unsure whether or not
Speaker 1: they're going to participate, because, um, they can now see
Speaker 1: in very tangible ways the difference than engagements. Mix and
Speaker 1: John de la Volpi of Harvard spoke with our Washington
Speaker 1: correspondent Joe Matthew on Bloomberg Sound on Catch the show
Speaker 1: weekdays at five pm Eastern on Bloomberg Radio, and we
Speaker 1: should not. The Supreme Court has confirmed the leaked opinion
Speaker 1: so authentic, but says it's not the Justice's final decision.
Speaker 1: We have another major political story this morning. Karen a
Speaker 1: candidate backed by former President Donald Trump, has won the
Speaker 1: Ohio Senate Republican primary. Amy Morris has details from our
Speaker 1: Bloomberg newsroom in Washington. Venture capitalist j D Vance won
Speaker 1: the GOP primary in Ohio after trailing in the polls
Speaker 1: just three weeks ago, and he knew who to thank.
Speaker 1: I have absolutely got to thank the President United States,
Speaker 1: Donald J. Trump. Ladies and gentlemen. Vance had called Trump
Speaker 1: unfit and noxious in sixteen Now he fully embraces him
Speaker 1: and his views. Analysts caution against reading too much into
Speaker 1: the outcome of just one race. Trump's endorsements will be
Speaker 1: tested in coming weeks with GOP primaries and states including Pennsylvania,
Speaker 1: North Carolina, and Georgia. In Washington on maybe Morris Bloomberg daybreak,
Speaker 1: Amy thank you now the latest on the war in Europe.
Speaker 1: Russia is shifting direction and its approach to the invasion
Speaker 1: of Ukraine, and Bloomberg said Master reports this is nearly
Speaker 1: ten weeks into the war. On whether it's military stalled
Speaker 1: in many areas, including just marginal games in the East,
Speaker 1: Russia is now focused on annexation of the areas it
Speaker 1: is occupied. The Kremlin is installing occupation governments, ordering locals
Speaker 1: to use rules for transactions, and in some cases organizing
Speaker 1: referendums to open the way for full annexation. In public,
Speaker 1: the Kremlin says their advance will pick up, but for now,
Speaker 1: this action is necessary. In San Francisco, I'm at Baxter
Speaker 1: Bloomberg Daybreak, All right, and thanks On Wall Street Today,
Speaker 1: earnings continue rolling in, and for a look at some
Speaker 1: stocks on the move following yesterday's reports, you bring in
Speaker 1: Bloomberg's John Tucker, Good morning, John, Good morning, Nathan. Lift
Speaker 1: poised to wipe off more than a quarter of its
Speaker 1: market valuation after the Ryan Heeling Company second quarter outlook disappointed.
Speaker 1: Lift down over tent of the pre market planned increase
Speaker 1: in driver incentives could weigh on profits. Advanced micro Devices
Speaker 1: delivering a strong sales forecast for the current quarter, the
Speaker 1: shipmaker continues to make gains, and computer data centers a
Speaker 1: m D up six percent in early trading at Starbucks
Speaker 1: reported US results that topped estimates. Shares are up six percent.
Speaker 1: Live in New York on John Tucker Bloomberg Daybreak, All right, John,
Speaker 1: thank you. More news this morning on Elon Musk and Twitter.
Speaker 1: Musk reportedly wants to eventually take Twitter public again, and
Speaker 1: we get the latest line from Bloomberg's Need a Young
Speaker 1: Good Morning, Renny Down, Good morning Care, and Elon Musk
Speaker 1: says he's planning to stage an I p O of
Speaker 1: Twitter as little as three years after buying it. That's
Speaker 1: according to Dow Jones, which reports Musk is talking with investors,
Speaker 1: including private equity firms, to help lower his twenty one
Speaker 1: billion dollar contribution to the deal. Private equity firms typically
Speaker 1: take publicly traded companies private to fix them out of
Speaker 1: the limelight, then within five years they take them public again.
Speaker 1: Live in New York, I'm gonna need a young Bloomberg
Speaker 1: day break. All right, we need to thank you programming. No,
Speaker 1: please join us this morning when we speak live with
Speaker 1: JP Morgan CEO Jamie Diamond. That conversation is coming up
Speaker 1: in just about twenty five minutes right here on Bloomberg
Speaker 1: Radio and on Bloomberg Television. SMP futures moving higher now
Speaker 1: about by nineteen points, Staff futures up a hundred forty
Speaker 1: NASTAC futures up forty two points, the tenure treasury yield
Speaker 1: two point nine. Straight ahead, your latest local headlines and
Speaker 1: the check of sports. This is Bloomberg now, six oh
Speaker 1: seven on Wall Street, Word fifty degrees in Central Park
Speaker 1: and Michael Bars here with more on what's going on
Speaker 1: in New York and around the world. Michael, thank you
Speaker 1: very much, Nathan. Protests were held in the trying state
Speaker 1: area over the League Supreme Court draft decision that, if final,
Speaker 1: would overturn Roe v. Wade. Sonia A. Storio, president of
Speaker 1: the New York chapiter of the National Organization for Women,
Speaker 1: says state lawmakers they're legalized abortion several years ago, knowing
Speaker 1: this day would come. Reproductive rights activists in Governor Puoma,
Speaker 1: we worked very hard on that. In we finally passed
Speaker 1: that after several years of hard work, and we did
Speaker 1: that in an to spatient of this week document and
Speaker 1: what is ahead of us? Sonia Surio with now says
Speaker 1: men need to do their part to support abortion rights.
Speaker 1: Women do not get pregnant on their own. New York
Speaker 1: Attorney General, a teacher James, has long been outspoken about
Speaker 1: defending abortion rights. Now she has publicly disclosed that she
Speaker 1: had an abortion herself almost two decades ago. The Democrat
Speaker 1: told an abortion rights rally that she chose to do
Speaker 1: so when she was a newly elected New York City
Speaker 1: Council member. New York Governor Kathy Hokel reacted to the
Speaker 1: League opinion, this is something that we have fought against
Speaker 1: for my entire life. In fact, this is a battle
Speaker 1: my mother's generation, it's a battle from my generation, my
Speaker 1: daughter's generation, and it seems like even my three day
Speaker 1: old grandchild, Sophia's generation, will have to be fighting this
Speaker 1: same fight, something that we had thought we had put
Speaker 1: to bed a long time ago, and I refused to
Speaker 1: go backward. Governor HOCl spoke while announcing Representative Antonio Delgado
Speaker 1: will serve as New York's next Lieutenant governor. North Korea
Speaker 1: has fired a ballistic missile toward the East Sea from
Speaker 1: pyong Yang. South Korea will inaugurate a new president next week,
Speaker 1: who is known to be hardline against the North. Analysts
Speaker 1: say North Korea's military provocations are likely to grow in
Speaker 1: the near future. Comedian Dave Chappelle was tackled on stage
Speaker 1: at the Hollywood Bowl in Los Angeles. It happened at
Speaker 1: Chappelle was just wrapping up his performance. The man was
Speaker 1: grabbed and punched by security guards. Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quick Tank,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: in more than one twenty countries. I'm Michael Barr and
Speaker 1: this is Bloomberg, Nathan. Alright, Michael, thank you six o
Speaker 1: nine on Wall Street. Time for the Bloomberg Sports Update
Speaker 1: with John Stanshown. Hi Nathan. The Rangers first playoff game
Speaker 1: with the Garden in five years. It was a long one.
Speaker 1: Blue Shirts, quite a strong first period, not so good
Speaker 1: in the second. They let Pittsburgh take twenty five shots
Speaker 1: on goal and score three times some Ranger penalties. Late
Speaker 1: in that period Chris Twyer actually scored shorthanded, but in
Speaker 1: the Penguins tied the game, scoring with the two man advantage,
Speaker 1: so it was three to three and it stayed that
Speaker 1: way for the next sixty seven minutes of hockey until
Speaker 1: six minutes into the third overtime capping it drifts to
Speaker 1: the far quarter with it up the wall. Now back
Speaker 1: to the point for Melino where shot scos get Evolki
Speaker 1: plays hero the Flexi pascious circuit and you can slap
Speaker 1: it on the Broadway marquee. The Penguins take Game one
Speaker 1: and lead this series. One game did nothing w x
Speaker 1: t X in Pittsburgh four three the final. That goal
Speaker 1: came on the penguins eighty third shot of the night.
Speaker 1: Rangers and their fans thinking about what happened with three
Speaker 1: minutes left in regulation, A Ranger goal taken away after
Speaker 1: the Penguins challenge, and the officials agreed there was goalie interference.
Speaker 1: Seemed like some evidence that it may have been caused
Speaker 1: by the Pittsburgh defense mood. But they will rest today
Speaker 1: and they'll leave after the Garden for Game two tomorrow.
Speaker 1: The Yankees back in Toronto tonight. They'll be going for
Speaker 1: another sweep, a h twelve win in a row. They
Speaker 1: pulled away last night one nine to one, scoring all
Speaker 1: nine runs over the last four innings. Aaron Judge got
Speaker 1: him going. His eight pm were on in the last
Speaker 1: ten games. Yanks put it away with six in the seventh.
Speaker 1: The doubleheader sweep for the Mets over Atlanta verse five
Speaker 1: to four, then three, upping behind Carlos Carrasco NBA Playoffs
Speaker 1: Boston routed Milwaukee, Memphis feed Golden State, John morand Sport
Speaker 1: forty seven points both series. That's high to one down
Speaker 1: station at wear Bloomberg Sports, Lincoln all right, John, Thanks,
Speaker 1: looking ahead to the market open, looking ahead to the Fed.
Speaker 1: We have futures moving higher, with SMP futures up seventeen
Speaker 1: points down futures up a hundred thirty nan stack futures
Speaker 1: are highed by thirty seven points. The tenure Treasury is
Speaker 1: up four thirty seconds, with the yield now two point
Speaker 1: nine five percent, yield on the two year two point
Speaker 1: seven eight percent. Just how hawkish will the Federal Reserve
Speaker 1: be as we await that may decision. We check in
Speaker 1: next with Bloomberg e can Nomics correspondent Michael McKee. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather. Rain will ender
Speaker 1: on midday today. It will turn partly sunny with a
Speaker 1: high ner sixty five this afternoon, low seventies Tomorrow. Showers
Speaker 1: return Friday, with a high back in the low sixties,
Speaker 1: currently fifty and rainy. Markets headlines and breaking news twenty
Speaker 1: four hours a day at Bloomberg dot Com, the Bloomberg
Speaker 1: Business at and at Bloomberg Ricktape. He's a Bloomberg Business
Speaker 1: Flash and I'm Karen moscow U Stock index futures on
Speaker 1: the rise this morning as investors raced for the biggest
Speaker 1: Federal Reserve interest rate hikes since two thousand and a.
Speaker 1: Wait more clues and to have aggressively the federal tackle
Speaker 1: inflation We checked the markets every fifteen minutes throughout the
Speaker 1: training day on bloomberg S and P futures up eighteen points,
Speaker 1: STAW futures up a hundred thirty three nasday futures up
Speaker 1: thirty nine, the ten year treasury up four thirty seconds.
Speaker 1: He'll two percent. They yield on the two year two
Speaker 1: point seven eight percent. Nimex fruit oil is at three
Speaker 1: point six percent of three dollars seventy one cents and
Speaker 1: a hundred six dollars eight cents of Barrel comic school
Speaker 1: this it'll change. In eighteen sixty nine, eighty announced the
Speaker 1: euro one pot five two six against the dollar. British
Speaker 1: found one zero the end at one thirty point oh one,
Speaker 1: and bitcoin is up about three percent at thirty eight thousand,
Speaker 1: nine hundred dollars because of Bloomberg business flash. Now here's
Speaker 1: Michael Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Protests were held across
Speaker 1: the country over the League's U. S. Supreme Court draft
Speaker 1: opinion that would throw out Roe v. Wade. In Los Angeles,
Speaker 1: a skirmish injured one officer. A new study founds of
Speaker 1: here COVID nineteen may cause long lasting cognitive impairments, similar
Speaker 1: to how much brain power seventy year olds typically have
Speaker 1: lost compared to age fifty. In a couple of game ones.
Speaker 1: In the NHL playoffs, the Rangers lost in triple over
Speaker 1: time to the Penguins for three. Rangers goalie Igor Schstergan
Speaker 1: talk about the tough Laws finished with seventy nine save
Speaker 1: second n h L record of five. The Capitols beat
Speaker 1: the Panthers for two NBA playoffs. The Celtics are tied
Speaker 1: at a game each after beating the Bucks one six.
Speaker 1: Warriors lost to the Grizzlies in Game two one oh six,
Speaker 1: one o one. That series even at a game a
Speaker 1: piece as well. Baseball Yankees won eleven straight wins now
Speaker 1: the Mets swept the Double Ledder against the Braves, The
Speaker 1: Red Sox Nationals won the Orioles eighties, and Giants lost.
Speaker 1: Global news twenty four hours a day on here and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalist analysts more than a hundred twenty countries. Michael bar
Speaker 1: this is Bloomberg, Nathan Michael, thank you. It is six
Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak on a very important Federal Reserve
Speaker 1: decision day. We are joined live from Washington by Bloomberg
Speaker 1: Economics correspondent Michael McKee. Mike, good morning. We know we're
Speaker 1: in a hiking cycle. We know their laser focused on
Speaker 1: tackling in flay Shin, And I guess the question for
Speaker 1: investors is just how hawkish well the FED signal it is? Now? Well,
Speaker 1: I have to say, it's nice to be back in Washington.
Speaker 1: March was the last FED meeting that was in person.
Speaker 1: Now they met uh in March of this year in person,
Speaker 1: but the press wasn't there this year's. This is the
Speaker 1: first time we've been all back together. It's it's interesting
Speaker 1: because usually I'll come in and I'll say, uh, Nathan,
Speaker 1: it's not what the Fed is going to do, it's
Speaker 1: when they say. In this case, it's what j Pale
Speaker 1: does when he dodges the question on everyone's mind. Okay,
Speaker 1: how does he present the possibility of moving faster than
Speaker 1: even fifty basis points? You know he'll get asked about it.
Speaker 1: And the markets are almost pricing in seventy five for
Speaker 1: June and it's kind of a feeling like, well, you've
Speaker 1: told us you need to get to the neutral rate
Speaker 1: two and a half to three percent by the end
Speaker 1: of the year, so what are you waiting for. So
Speaker 1: it'll be interesting to see how specific he gets in
Speaker 1: laying out the future path. That is interesting because we
Speaker 1: were just speaking moments ago with Tom Porcelli over at
Speaker 1: OURBC saying that it's not clear at this point, at
Speaker 1: least to him, what the FED wants to achieve when
Speaker 1: it comes to getting inflation down to target, or whether
Speaker 1: target is the goal at this point, and his point
Speaker 1: was that that the Chairman needs to at least talk
Speaker 1: toward market expectations. You're thinking he's not going to go
Speaker 1: there potentially, Well, I don't think he's going to be specific.
Speaker 1: He will probably want to leave himself some wiggle room,
Speaker 1: some openings if the market, uh starts to get too
Speaker 1: aggressive and then the FED feels like it's locked into
Speaker 1: something that you know, there may be a change in
Speaker 1: the economic outlook. We don't know what's gonna happen with
Speaker 1: the war Beijing today extending hits lockdown, so obviously more
Speaker 1: problems from China for supply chains. So the FED doesn't
Speaker 1: want to be pinned down until it gets much closer
Speaker 1: to the next meeting, so Power will probably say were
Speaker 1: everything's on the table, but we're not going to commit
Speaker 1: to anything yet. What are you expecting in terms of
Speaker 1: potential changes to the language in the statement? Are you
Speaker 1: looking for any major moves? There? Not? Nothing major. They're
Speaker 1: gonna have to acknowledge that inflation is higher than they expected,
Speaker 1: and they'll take out the idea that the FED maybe
Speaker 1: one and done or something like that. They'll have some
Speaker 1: language in there referring to the idea that the FED
Speaker 1: will continue interest rate moves. They last time had interest
Speaker 1: rate sort of catchphrase in there of significant time over
Speaker 1: the two percent target before the FED would start moving.
Speaker 1: Now they're going to have to have something that says
Speaker 1: we're gonna continue moving because we think that inflation is
Speaker 1: out of control. They won't say out of control, but
Speaker 1: we we think inflation is too high and we want
Speaker 1: to continue attacking it. And it's gonna take some time
Speaker 1: before we get to the point where it's acceptable. And
Speaker 1: to your point, Mike, about being back in Washington for
Speaker 1: the first time since the pandemic, obviously a big change
Speaker 1: coming past COVID. What could we hear from the Fed
Speaker 1: when it comes to how they're thinking about how the
Speaker 1: economy is changing coming out of COVID. Well, I think
Speaker 1: Power will re emphasize, as he has uh several times
Speaker 1: in recent months, that the economy is very strong. And
Speaker 1: we got those Jolts numbers yesterday, the job openings numbers,
Speaker 1: and there's still at a record level of more than
Speaker 1: eleven million, and that just tells you at this point
Speaker 1: there's a lot of competition for employees, which means probably
Speaker 1: pay raises and so uh that adds to the inflationary pressure.
Speaker 1: So the Feds going to reassure people the market in
Speaker 1: the market, and uh, the American people that they don't
Speaker 1: think there's gonna be a recession, that they think they
Speaker 1: have scope to move. They're just thirty seconds left here.
Speaker 1: The question I always ask you around FED decision day.
Speaker 1: Looking forward to hearing your question to Chairman Powell, what
Speaker 1: do you want to ask him? Well, I would like
Speaker 1: to know how aggressive they could get. I think that
Speaker 1: the main question from everyone is going to be will
Speaker 1: you speed up the process by raising rates even faster?
Speaker 1: They cut rates very quickly, do they raise rates very quickly.
Speaker 1: Mike McKee, Bloomberg Economics correspondent. Part of our Fed decision
Speaker 1: day coverage kicks off live one pm Wall Street Time,
Speaker 1: an hour ahead of the decision, with a special edition
Speaker 1: of Bloomberg Surveillance coming up on Bloomberg Radio and Television. Again.
Speaker 1: That's at one pm Wall Street Time. SMP Future is
Speaker 1: higher by seventeen points, Staff futures up a hundred twenty one,
Speaker 1: nasty features up thirty seven ahead of the FED decision.
Speaker 1: This is Bloomberg Street. Stay with us for a live
Speaker 1: conversation with Jamie Diamond coming up in just a few minutes,
Speaker 1: live from the JP Morgan's CEO Summit in London. This
Speaker 1: is Bloomberg broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York. Bloomberg Living Freedom to Washington, d C,
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg Non sixteen to the country, Sirius xm Cho one nine,
Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak six thirty on Wall Street.
Speaker 1: Good Morning. I'm Nathan Hagar, and I'm Karen Moscow and Bloomberg.
Speaker 1: Daybreak is brought to you by Interactive Broker's. Interactive Brokers
Speaker 1: Charges margin loan race from zero point eight three percent
Speaker 1: to one point eight three percent rates subject to change.
Speaker 1: Learn more at ib k R dot com. Slash compare
Speaker 1: some of the stories we are following. The Federal Reserves
Speaker 1: expected to raise interest rates fifty basis points today. Barrenberg
Speaker 1: Chief Economist Holger sch Meeting says, the markets already looking
Speaker 1: for what's coming next. The market will listen very closely
Speaker 1: to anything that could give a point to to what
Speaker 1: the Fed does in June and what it may be
Speaker 1: doing there raft which, of course, in these uncertain times
Speaker 1: we may not get all that much to your guidance.
Speaker 1: That's what the market will look out for, any guidance
Speaker 1: on what happens next. And Barrenberg Chief Economist holders Meeting,
Speaker 1: speaking to Bloomberg yesterday. Fill coverage of the Fed decision
Speaker 1: beginning at one pm Wall Street time on Bloomberg Radio
Speaker 1: and television. Definitely looking forward to that coverage. Karen right
Speaker 1: now at six thirty one on Wall Street eleven thirty
Speaker 1: one in London, where the JP Morgan's CEO summit is underway.
Speaker 1: Bloomberg's Francy Lakwix is sitting down now for conversation with
Speaker 1: the cel Jamie Diamond. Let's listen, and now this is Bloomberg.
Speaker 1: Thank you so much. John. Yes, we're in London and
Speaker 1: we could not be more pleased, I say, the Royal Weak.
Speaker 1: We're really delighted. Speak to Jamie Diamond. Thank you so
Speaker 1: much for taking the time Walster in London to speak
Speaker 1: to us. So the Fed, the Fed, the Fed today,
Speaker 1: we're expecting fifty basis points. What happens to inflation? Here?
Speaker 1: Is this your biggest concern? First? So francaying happy to
Speaker 1: be here and give a little perspective. We have and
Speaker 1: this this is contradicting about to say, but both are true,
Speaker 1: very strongly US economy. They because consumers in great shape,
Speaker 1: lots of money spending the money, jobs a plentiful, wages
Speaker 1: of going up. Though everything is distorted by inflation and
Speaker 1: all that, but those are good news. And business are
Speaker 1: in very good shape. And the Fed is going to
Speaker 1: have to raise rates in reverse Q week and they're gonna,
Speaker 1: you know, if they can, they're gonna try to slow
Speaker 1: down the economy enough. Eight percent starts to come down
Speaker 1: over time, and I wish him the best. We're a
Speaker 1: little late, but you remember two years ago we have
Speaker 1: fifteen percent unemployment and no vaccine. So I think people
Speaker 1: should take a deep breath, give him a chance. And
Speaker 1: I think they're gonna move. I think the sooner they move,
Speaker 1: the better. So yeah, they're gonna be raising race breath.
Speaker 1: But can they engineer a soft landing or is there
Speaker 1: a worry of recession? Of course, but none of us
Speaker 1: will ever know, right, But if I had to, I'm
Speaker 1: not a betting man. I just the odds of the
Speaker 1: following something like, yes, they can engineer soft landing a
Speaker 1: third of percent chance, probably a third of percent chance.
Speaker 1: The can engineer a mild recession. Think of we've had
Speaker 1: mild FED induced recessions before. You know, where inflation goes
Speaker 1: up one in air for two percent, everything slows down,
Speaker 1: places coming down, and it's six or nine months, and
Speaker 1: then there's a chance it's could be much harder than that.
Speaker 1: And then in the face of all of that, you
Speaker 1: have Ukraine, which is a huge global issue. And do
Speaker 1: you fear the FED, and do you fear a poulsing
Speaker 1: mistake from the Fed? And what does does to consumers.
Speaker 1: I'm not I'm not afraid of the FED. I you know,
Speaker 1: I'll change this subject a little bit. I think America
Speaker 1: needs very good domestic policy to improve the growth of
Speaker 1: the economy, which makes the FED job easier. And that
Speaker 1: is about regular lations and rules and policies and improving
Speaker 1: projects and things like that. So you have increased the
Speaker 1: supply side as opposed to, you know, do something the
Speaker 1: demand side. So the FEDS job would be easier if
Speaker 1: we had very rational thought economic policy. What could go wrong?
Speaker 1: I mean, we talk about, you know, a strong US consume,
Speaker 1: more strong business. He talked also about storm clouds. What
Speaker 1: are those storm crowds? Clouds? What's worst case? Right? I
Speaker 1: hate the word unprecedented, but there's kind of fiscal and
Speaker 1: monetary induced unbelievable growth in the U S, which was
Speaker 1: true around the world, though it's obviously slowing down in Europe.
Speaker 1: That's abnormal. We've never really quite had that before. We've
Speaker 1: never had q T before. So you know, you look
Speaker 1: at QUEI, that's one of the greatest experiments ever done.
Speaker 1: They're would be writing books for fifty years on it,
Speaker 1: and we're gonna have to reverse it. And that's a
Speaker 1: huge change in the flow of funds over time around
Speaker 1: bonds and rates and stuff like that. My own view
Speaker 1: is that Rachel probably will still have to go up
Speaker 1: from here. Uh. And then you've got Ukraine, which you know,
Speaker 1: I think is a potent. You know, when you look
Speaker 1: at Ukraine, obviously the wishful thinking is that we have
Speaker 1: a fed and deuced slow down works. The world is fine,
Speaker 1: Ukraine resolves, but there's a chance that this goes on
Speaker 1: for years and you completely rattle global energy markets, wheat markets,
Speaker 1: commodity markets, and you know that, and we need, as
Speaker 1: you know, the Western world needs to be prepared for
Speaker 1: that and needs to take every action today to be
Speaker 1: prepared that that can get really bad tomorrow. And you
Speaker 1: know it gets really bad tomorrow, you don't have time.
Speaker 1: So how do you handle that? How? What what's your
Speaker 1: plan b if it does go shape? I like the
Speaker 1: fact that it will deal with it, you know, I mean,
Speaker 1: it's live. I mean I like that. In my view,
Speaker 1: the most important thing is American growth and that America
Speaker 1: and I call this Marshall Plan for Energy, that we
Speaker 1: do everything we can and this doesn't violate climate change,
Speaker 1: It doesn't change anything about long term objectives. But we
Speaker 1: do everything you can to get oil and gas into
Speaker 1: the hands of Europeans so they don't freeze in the winter,
Speaker 1: you know. And again I'm not saying it's going to happen,
Speaker 1: but you know, you have a couple of problems out
Speaker 1: there that the national energy stuff is, the global energy
Speaker 1: is precarious, and if you know, oil goes, that's a
Speaker 1: huge problem for people. And we should do everything we
Speaker 1: can today. We need to put moral and gas. We
Speaker 1: I feel like at the users they could drill mar
Speaker 1: We get confused about policy and that somehow doing that
Speaker 1: as bad for the climate. It's not. You know, we
Speaker 1: need if you want transitioning gas to replace call and
Speaker 1: we should approve all the gleen stuff too, even the
Speaker 1: green stuff takes five years to ten years to approve.
Speaker 1: In the United States, I mean, Americans need to get
Speaker 1: us act together and they should have a war room.
Speaker 1: They should get everyone involved, get all the people and
Speaker 1: say what do we need to do in a consistent,
Speaker 1: coherent way. We need to get more gas to LERG terminals.
Speaker 1: We can't do that without a gas pipeline, you know.
Speaker 1: And so we're just not rational anymore. We we we
Speaker 1: we have misconceived notions about how we can get things done,
Speaker 1: and so we're trying. But the roll of Europe and this,
Speaker 1: could Europe see a recession because of the energy prices? Absolutely,
Speaker 1: you know, our condoms would say that Europe had slowed
Speaker 1: down to two percent of something. But the problem with
Speaker 1: right now the economs would agree with me. We're looking
Speaker 1: at a static analysis that if stay the way they are,
Speaker 1: but you and I know for certain things don't stay
Speaker 1: the way they are. And my view is is a
Speaker 1: very high chance that oil go higher. It only takes
Speaker 1: a million to two million barrels off the market a
Speaker 1: day that can drive prices up thirty or forty dollars,
Speaker 1: and so we should prepare for that today. And uh so,
Speaker 1: but but but I like, I think it's great that
Speaker 1: the Western world has gotten together and who would have
Speaker 1: thought problem would get Sweden, Finland, Germany, Switzerland, all of
Speaker 1: us too. But that working together part we need to
Speaker 1: make permanent for global security. First of all, just going
Speaker 1: back to the European econtent, how quickly could we see
Speaker 1: a recession and how deep could it be? I don't know,
Speaker 1: I mean, you know, I hate to guess the future.
Speaker 1: No one really knows the future. I've never seen any
Speaker 1: really guess it. Well. But again if you have, if
Speaker 1: Ukraine gets worse, I would assume that you're gonna go
Speaker 1: to a recession and may take a couple of quarters.
Speaker 1: But I would assume that as sanctions working. So are
Speaker 1: the sanctions trying to deter Russia from continuing the war
Speaker 1: and you crying? Or is it just to try and
Speaker 1: put the Russian Conno there, well sanks, she is not
Speaker 1: the same as having tamed and airplanes, okay, but they
Speaker 1: are working to the extent that you know, the Russian
Speaker 1: GDP is gonna drop by ten or fIF with the
Speaker 1: current sanctions. Remember there are sanctions and also the export
Speaker 1: controls and stuff like that. And you know the next round,
Speaker 1: if you're really stop stops oil and you can really
Speaker 1: stop oil being delivered you know Europe, I mean Russia,
Speaker 1: you can get another ten percent down. So it's a
Speaker 1: tool in the tool kit. It's not definitive, which definitive
Speaker 1: is tanks. So you know we're not don't They don't
Speaker 1: confuse the two, but you know one is a pretty
Speaker 1: powerful The sanctions are pretty powerful tool. But if you
Speaker 1: expect this to last for I think you said years,
Speaker 1: I don't expect it. I said, we should be prepared
Speaker 1: for it too. I don't know what's going to happen.
Speaker 1: But how do you see this ending? And I see
Speaker 1: if you're if, if you're a president of the US,
Speaker 1: if you're a president of the Commission, if you're the FED.
Speaker 1: Right now, you need to game theory and it could
Speaker 1: go either way. It's like a three way system. So
Speaker 1: what do you do all three of them? I think
Speaker 1: it's a mistake to guess at which one will be.
Speaker 1: It should be all three of them. And I think,
Speaker 1: you know, I think basically the Cold Wars back. I
Speaker 1: think the home world learned something that we always knew
Speaker 1: that national security is always the most important thing, but
Speaker 1: it kind of recedes in the background. We're all doing well,
Speaker 1: but now it's the most important thing. It should be
Speaker 1: the most important thing for the rest of our lives.
Speaker 1: So maybe we all learned that that that is a
Speaker 1: permanent date of affairs. The Cold War is back. Uh.
Speaker 1: The Allies have to coalesce, and not just for military purposes,
Speaker 1: but for global economic, strategic investment purposes, so that we've
Speaker 1: got a safe world. If and if we don't do that.
Speaker 1: You know you can. Would you see Ukraine? You can
Speaker 1: see all around the world you will see forms of chaos.
Speaker 1: So the impact on the economy, I mean, would you
Speaker 1: go around a trading floor until the young kids that
Speaker 1: I have never dealt with inflation that I think it
Speaker 1: could be up at five percent shortly? Of course, of
Speaker 1: course that's you know, things change, And I mean I
Speaker 1: think you can easily see five percent bonds, the bonds
Speaker 1: of ald ten. Your bonds are reacted dramatically, and hopefully
Speaker 1: it won't go a lot. But I don't think it's
Speaker 1: a disaster. I don't think a slowdown as a disaster.
Speaker 1: I don't think many. Look when you say a many recession,
Speaker 1: I feel for the people that hurting that, but it's
Speaker 1: not a disaster for the world economy. I think the
Speaker 1: potential outcomes of Ukraine are And you've got to just
Speaker 1: separate the two and just remember when you talk about war.
Speaker 1: We didn't know how bad Vietnam is gonna get. We
Speaker 1: don't know how long gef Khaistan was gonna last. That Russians,
Speaker 1: you know how long Gerfcanstin was gonna last, even go
Speaker 1: war after war after war they were not predictable. You
Speaker 1: didn't know the World War one was gonna be like that.
Speaker 1: You didn't know that World War two was gonna start
Speaker 1: in September of nine. So I think predicting the outcomes
Speaker 1: war you've got to be very fair, relaxed. That's markets
Speaker 1: you know, Uh, that can change just like that. Do
Speaker 1: you think it will? Are we expecting a big coming? Guessing?
Speaker 1: I don't know. I mean again, fancying my job in life,
Speaker 1: I will serve our clients with thicker thin and our
Speaker 1: country stuff like that. And of course we're always I mean,
Speaker 1: as a rule of thumb, we're always prepared for bid outcomes,
Speaker 1: not because we're predicting them. Because I need to say
Speaker 1: to the shareholder of the American public, my regulators, you
Speaker 1: know the UK, that JP Morgan will be safe and
Speaker 1: sound and help your country and your people if things
Speaker 1: get bad. And that is our job. Now we'd do
Speaker 1: with a whole bunch of different things, and we're prepared.
Speaker 1: You know, we have extraordinary capability and capital, but ernest
Speaker 1: power And where's China in this right now? Look? I
Speaker 1: my view is that China camp possibly like this and
Speaker 1: they're playing if you look at them to plane a
Speaker 1: very neutral role. They're not trying to anger the United States.
Speaker 1: They know that the American Congress may very well, the Congress,
Speaker 1: not just the President, can come in and put you know,
Speaker 1: the secondary sanctions. They do three point five trillion dollars
Speaker 1: of trade with the West, imports, and next points they
Speaker 1: do a hundred fifty billion with Russia. Okay. One number
Speaker 1: is Chris are up about sixteen points, and down Future
Speaker 1: is up a hundred nine and Aztec Future is up
Speaker 1: thirty eight. The decks in Germany's not about two tenths
Speaker 1: of upper cent ten year treasury of five thirty seconds
Speaker 1: yield two point nine five percent, and they yield on
Speaker 1: the two year two point seven seven percent. Not In
Speaker 1: mex Screwed oil is up about four percent, up four
Speaker 1: dollars four cents and a hundred six dollars forty seven
Speaker 1: cents of barrel. Comics School is little changed at eighteen
Speaker 1: seventy announced the year row one point oh five two
Speaker 1: four against the dollar. British found one point two five
Speaker 1: one seven in the ene point nine seven Bitcoin this
Speaker 1: morning higher up more than three percent at about thirty
Speaker 1: nine thousand dollars and earnings this morning we heard from
Speaker 1: CBS Health and raised its outlook for the year as
Speaker 1: a health giants first quarter profit beat analysts estimates. We're
Speaker 1: waiting for more earnings this morning. We're supposed to hear
Speaker 1: from Maderna and Young Brands, among others. And that's a
Speaker 1: Bloomberg business flash. Now here's Michael Barr with more. I'm
Speaker 1: what's going on around the world, Michael Karen, thank you
Speaker 1: very much. Vice President Kamala Harris spoke forcefully for abortion
Speaker 1: rights and reaction to the League Supreme Court draft decision
Speaker 1: threatening Roe v. Wade and Gallah. Hosted by the pro
Speaker 1: democratic group Emily's List, Harris said Republican leaders are trying
Speaker 1: to weaponize the legal system against women. How dare they
Speaker 1: tell a woman what she can do and cannot do
Speaker 1: with her own body? How dare they? How dare they
Speaker 1: try to stop her? I'm determining her own future. Vice
Speaker 1: President Harris called on voters to elect Democrats who support
Speaker 1: legal access to abortion. Meanwhile, Kerry Severino, president of the
Speaker 1: conservative leaning Judicial Crisis Network, said the Supreme Court should
Speaker 1: respond to the League by releasing the opinion. Now, we
Speaker 1: should just put this opinion out at this point, I
Speaker 1: don't know how much editing the court wants to do anyway,
Speaker 1: when you have a situation where people are gonna be
Speaker 1: effectively comparing a red line version of the original and
Speaker 1: the result. Severino, speaking to ABC, responded to Chief Justice
Speaker 1: Roberts saying the League of the draft decision is a
Speaker 1: betrayal in sports. A couple of game ones in the
Speaker 1: NHL Playoffs, the Rangers lost in triple over time to
Speaker 1: the Penguins for three. Rangers goalie Igor shstergan, boy, what
Speaker 1: a tough loss, finished with seventy nine saves, second to
Speaker 1: the NHL record of the Capital's beat the Panthers for too.
Speaker 1: In the NBA Playoffs, the Celtics are tied to the
Speaker 1: game each after beating Bucks one. Warriors lost to the
Speaker 1: Grizzlies and game to that series even at a game
Speaker 1: of piece. Global News twenty four hours a day on
Speaker 1: air and all Bloomberg Quicktake, powered by more than twenty
Speaker 1: seven hundred journalists and analysts, more than a d twenty
Speaker 1: countries like Obar. This is Bloomberg camera, all right, michaelbar
Speaker 1: thank you. At A sixty nine on Wall Street, and
Speaker 1: we turned to news and science and technology Now with
Speaker 1: a Bloomberg and j I T STEM Report brought to
Speaker 1: you by New Jersey Institute of Technology and j i
Speaker 1: T is dedicated to bolstering support for female and minority
Speaker 1: students pursuing careers and high paying STEM industries. Learn more
Speaker 1: at n j I T, dot, E d U and
Speaker 1: now Here's It's making news and science, technology, engineering and math.
Speaker 1: And Shanghai, the final exit from a punishing five week
Speaker 1: coronavirus lockdown is being delayed. That's because of infections persistently
Speaker 1: appearing in the community. Meanwhile, in Beijing, residents are being
Speaker 1: urged not to leave the city unnecessarily and schools will
Speaker 1: suspend in person classes. Beijing is trying to have with
Speaker 1: a chaos caused by the Shanghai lockdowns. Airbnb says it
Speaker 1: sees substantial demand for travel heading into the busy summer
Speaker 1: season after more than two years of COVID nineteen restrictions. Airbnb,
Speaker 1: along with its rival Expedia Group and Booking Holdings, have
Speaker 1: said they expect this summer to be one of the
Speaker 1: best the industry has ever seen, and the ocean shipping
Speaker 1: industry among the world's biggest polluters, as asking a key
Speaker 1: regulator to overhaul its admissions directives so that all carriers
Speaker 1: are working off the same rule book as they make
Speaker 1: the expensive changes needed to cut output of harmful carbons.
Speaker 1: With roughly global trade transported by sea, the World Economic
Speaker 1: Forum says the industry amidst more carbon annually as Germany
Speaker 1: and the Netherlands combined. And if shipping were a country,
Speaker 1: it would be the world's sixth biggest greenhouse gas emitter.
Speaker 1: And that's a Bloomberg and j I t Stem report. Nathan,
Speaker 1: all right, Karen, thank you. We are live from the
Speaker 1: Bloomberg Interactive Broker's studios where it's six fifty one on
Speaker 1: Wall Street. Let's take a look at some of the
Speaker 1: names moving in the pre market. Bloomberg Radio and TV
Speaker 1: Markets correspondent Creaty Gupta is with us on this FED
Speaker 1: decision morning. But Creating, we got a lot of names
Speaker 1: moving on earnings this morning, a lot of earnings moves.
Speaker 1: For sure, Lift is really at the top of the list,
Speaker 1: down twenty six percent. And this of course comes after
Speaker 1: they're talking about a weaker than expected outlook and a
Speaker 1: planned increase in spending on driver incentives that could weigh
Speaker 1: on profits. Remember they're dealing with those higher jet higher
Speaker 1: driving fuel costs as well that they were subsidizing. But
Speaker 1: still it looks like that increase on spend really rattling investors.
Speaker 1: We are also waiting for Uber this morning. You b
Speaker 1: e er those shares down five percent in the pre market,
Speaker 1: really coming up ahead of what they were expected to
Speaker 1: report after the bell. They've moved up the earnings to
Speaker 1: the top of the hour, so we will of course
Speaker 1: keep you posted on that. The other one you want
Speaker 1: to keep an eye on, Nathan, is Airbnb. A b
Speaker 1: nb is your taker up five percent this morning, coming
Speaker 1: off of a second quarter revenue. Be substantial travel demand
Speaker 1: really helping that stock. And speaking of substantial demand, we
Speaker 1: should talk about Starbucks s b u X as your
Speaker 1: ticker up six point three percent. They did suspend guidance
Speaker 1: for a third and fourth quarter due to lack of
Speaker 1: visibility into Chinese markets, but they said those US results,
Speaker 1: they're strong, and they're accelrator accelerating. E sees me those
Speaker 1: store growth planned all right, Bloomberg Radio and TV Markets
Speaker 1: correspondent Credi Gupta, as the earnings parade accelerates, Crety, thanks
Speaker 1: for that six fifty two on Wall Street. Now we
Speaker 1: want to check what's happening in d C. Some of
Speaker 1: the top stories in our nation's capital include Vice President
Speaker 1: Harris warning the women's rights are under attack after the
Speaker 1: Supreme Court, Abortion League J D. Vance knocking a win
Speaker 1: for Trump in the Ohio Senate primary, and President Biden
Speaker 1: accusing China of trying to meddle with the Competitiveness Bill.
Speaker 1: For more on all these stories were joined live by
Speaker 1: Bloomberg Government reporter Emily Wilkins. Emily, Suddenly, abortion rights has
Speaker 1: become topic a in Washington, as we certainly heard last
Speaker 1: night from Vice President Kamala Harris. Oh. Yes, Vice President Harris,
Speaker 1: she gave this really powerful passion speech um A criticizing
Speaker 1: Republicans UH and criticizing their role in UH potentially rolling
Speaker 1: back Roe v. Wade. I mean, of course, Nathan, this
Speaker 1: all came about because political leaked a draft opinion UH
Speaker 1: from Justice Alito basically saying that the Roe v. Wade
Speaker 1: needed to be overturned in an upcoming decision. Now, the
Speaker 1: Supreme Court has said that that document is authentic, but
Speaker 1: has reminded everyone that that's not the final decision at
Speaker 1: this point. This is a draft from February. We're not
Speaker 1: expecting a decision until June. At the same point, Nathan,
Speaker 1: I mean that's mattered very little, I think to a
Speaker 1: lot of lawmakers who are expecting to see the end
Speaker 1: of row anyway, and have kind of used this as
Speaker 1: as a time sort of launched their launch, launch and
Speaker 1: upper that we did expect to see come a little
Speaker 1: bit later this year. Um. But Harris, you know, really
Speaker 1: criticized Republicans saying how dare they tell a woman what
Speaker 1: she can or can't do with their body, and also
Speaker 1: warning that this particular leaked draft that we saw wouldn't
Speaker 1: necessarily just stop at impacting abortion, but could also go
Speaker 1: on to impact other Supreme Court rulings, such as the
Speaker 1: ones on game marriage at the nineteen ruling that show
Speaker 1: says couples that have a right to privacy in their
Speaker 1: contraceptive choices. Yeah, so obviously this has the potential to
Speaker 1: galvanize base voters on both sides. What kind of impact
Speaker 1: could this have on midterm elections that, at least in
Speaker 1: this primary season are now under way. Well, I think
Speaker 1: one of the most interesting groups to watch here are
Speaker 1: suburban woman that's been a group that's played a key
Speaker 1: role in They've played a key role in eighteen. They
Speaker 1: are swing voters and their voters that really both parties
Speaker 1: have tried to message to and to talk to. And
Speaker 1: you do have a large majority of women that say
Speaker 1: abortion should be legal and either all or most cases.
Speaker 1: But here's the turk, Nathan. Democrats are going to have
Speaker 1: to convince these female voters that it's more pressing for
Speaker 1: them to vote on abortion than it is for them
Speaker 1: to vote on other issues like inflation, like supply chain
Speaker 1: uh Biden's approval rating is pretty low right now, and
Speaker 1: Republicans are planning to attack him, and we saw this
Speaker 1: kind of play out last year in the Virginia governor's race.
Speaker 1: Um certainly at the time we didn't have this this
Speaker 1: leak draft, but at the time, Texas had just imposed
Speaker 1: their six week abortion fan and that was something that
Speaker 1: Democratic nominee really ran on, really talked about, and you
Speaker 1: saw him lose to his Republican counterpart, who is more
Speaker 1: focused on issues like the economy and COVID. And so
Speaker 1: that's gonna be a real messaging challenge for Democrats. There's
Speaker 1: certainly a lot of people who feel very strongly on
Speaker 1: this issue. The question is is that going to be
Speaker 1: the number one issue that turns them out to the
Speaker 1: ballot box. It's interesting you bring up the Virginia governor's race.
Speaker 1: That was one where the Republican who ended up winning
Speaker 1: sort of kept former President Trump at arm's length. Overnight,
Speaker 1: we had an Ohio Senate primary where the winner embraced
Speaker 1: former President Trump. Yeah, it just shows to go that,
Speaker 1: you know, different states got to have different different techniques.
Speaker 1: But yes, venture Capital J D. Dance. If that means
Speaker 1: sounds familiar, you've probably read or heard of hill Bill theology.
Speaker 1: He had to come from behind victory for the U. S.
Speaker 1: Senate seat in Ohio, and this is something where you know,
Speaker 1: he wasn't necessarily leading in the polls, and then he
Speaker 1: got the endorsement from former President Trump. UM advances really
Speaker 1: run as a as a Trump like candidate. He's walked
Speaker 1: back by his former criticisms of the President Um. And
Speaker 1: this was a race where you had, you know, several
Speaker 1: It was an interesting dynamic because you had a different candidate,
Speaker 1: uh Josh Vandel, who was backed by a very conservative
Speaker 1: Republican group called Club for Growth. Usually Club for Growth
Speaker 1: and Trump are on the same page, but this time
Speaker 1: they split. Club for Growth put a ton of money
Speaker 1: behind this other candidate, and he lost to Trump's preferred choice.
Speaker 1: And this really kind of shows the grip that Trump
Speaker 1: continues to have on the Republican Party even after he's
Speaker 1: left the White House. And we're gonna be watching throughout
Speaker 1: this month. I think every Tuesday there is a port
Speaker 1: of campaign in which Trump has an endorsed candidate, and
Speaker 1: we'll see how they do. Alright. Bloomberg Government reporter Emily
Speaker 1: Wilkins keeping on all things politics from Washington. Read more
Speaker 1: at Bloomberg dot com or on the Bloomberg terminal, and
Speaker 1: listen to Bloomberg Radio in the nation's capital Bloomberg and
Speaker 1: one oh five point seven FM HD two. We are
Speaker 1: watching shares of Maderna this morning, the pharmaceutical maker, the
Speaker 1: COVID nineteen vaccine maker, out with a big first quarter
Speaker 1: revenue beat. The shares are up four and a half
Speaker 1: percent in the pre market on a FED decision day
Speaker 1: where we're seeing futures move higher as well S and
Speaker 1: P futures up sixteen points. Much more to come on
Speaker 1: Bloomberg Surveillance with Tom Keene, Jonathan Farrell, and Lisa Abramowitz
Speaker 1: for Karen Moscow I'm Nathan Hagar. This is Bloomberg