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Speaker 1: Live from the Bloomberg Interactor Berger Studios. This is is Bloomberg

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Speaker 1: Daybreak for Friday, April one. Coming up this hour, peace

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Speaker 1: talks are set to resume between Russia and Ukraine. The

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Speaker 1: second quarter kicks off after a historically bad one for

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Speaker 1: stocks and bonds, Talks of a recession threatened confidence for investors,

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Speaker 1: and Wall Street looks to the march. Johns are four

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Speaker 1: for the latest reading on the economy. A Jade orders

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Speaker 1: New York's Democrat controlled legislature to redraw the states congressional districts.

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Speaker 1: Plus New Jersey Governor Murphy has covid on Michael bar

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Speaker 1: More ahead, I'm John stash Tower and sports over time

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Speaker 1: in Brooklyn, The Bucks beat the Nets, and yet another

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Speaker 1: injury concern for Metzas Jacob de Grand. That's all straight

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Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven, Trio, New York,

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Speaker 1: Bloomberg Washington, d C, Bloomberg one six one, Boston, Bloomberg

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Speaker 1: nine six, San Francisco, Sirius x M one nine team,

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Speaker 1: and around the world on Bloomberg Radio dot Com and

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Speaker 1: via The Bloomberg Business and Good Friday Morning. I'm Nathan Hagar,

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Speaker 1: and I'm Karen, mostown and US Dock Index futures are

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Speaker 1: higher this morning, and we are coming up to five

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Speaker 1: out one on Wall Street. We checked the markets every

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Speaker 1: fifteen minutes throughout the trading day on Bloomberg and right

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Speaker 1: now U S and P futures are up about eighteen

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Speaker 1: points Down futures have one thirty seven, and NASDAG futures

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Speaker 1: are up fifty two. The ten year treasury down twenty

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Speaker 1: thirty seconds, the l two point for one per cent. Nathan,

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Speaker 1: all right, Karen, We'll have more on the markets in

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Speaker 1: a minute, but first we start in Ukraine. Peace talks

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Speaker 1: with Russia are set to resume today. These negotiations will

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Speaker 1: be by video link. Russia says two Ukrainian military helicopters

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Speaker 1: have made a strike across the border, hitting a Russian

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Speaker 1: oil tank facility. Amy Morris has the latest from our

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Speaker 1: Bloomberg newsroom in Washington. Kiva has not confirmed the strike

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Speaker 1: in Russia, but did say it's forces retook several villages

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Speaker 1: in the curse And region to the south. This as

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Speaker 1: President Biden says Vladimir Putin may have detained some of

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Speaker 1: his own advisors. He seems to be self wastolated and

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Speaker 1: there's some indication that he has um fired or put

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Speaker 1: in the house arrest some of his advisers. Meanwhile, the

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Speaker 1: United Nations says relief convoys are unable so far to

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Speaker 1: reach Mariopal, but Russia says it will open a humanitarian

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Speaker 1: corridor there today in Washington, I maybe more as Bloomberg daybreak.

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Speaker 1: All right, Amy, thank you well. China is also in

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Speaker 1: focus as morning. European leaders are warning Beijing about involvement

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Speaker 1: in the war. And we go live to London and

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Speaker 1: get the leaders and Bloomberg's un parts. Good morning, Uen,

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Speaker 1: Good morning Karen and Nathan. The European Commission's president says

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Speaker 1: China has a special responsibility to demand that Russia respects

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Speaker 1: international law and to defend Ukraine's sovereignty. That's the message

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Speaker 1: to us. The Vondeli will deliver the Beijing today at

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Speaker 1: a virtual summits expected to be dominated by Russia's war.

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Speaker 1: Europeans are expected to tell China that any help to

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Speaker 1: Moscow to avoid sanctions or to supply happens well results

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Speaker 1: in severe consequences. Live in London, i'mumpulse break, okay you

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Speaker 1: and thanks. Let's turn back to markets now and checkout oil,

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Speaker 1: it's heading for its biggest weekly loss almost two years.

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Speaker 1: Checking prices now, Nimex cruise down a half percent or

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Speaker 1: forty eight cents at ninety four cents of arrel. Brent

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Speaker 1: is at a hundred four dollars fifty four cents. All

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Speaker 1: this after the White House ordered an unprecedented release from

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Speaker 1: the strategic reserves. Democratic Michigan Congressman Dan Kilde says it's

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Speaker 1: a good first step. I don't think by itself it

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Speaker 1: solves the problem, but it's a step. I'd like to

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Speaker 1: see us do a couple other things, but this is

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Speaker 1: a step in the right direction. People need relief at

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Speaker 1: the pump, and this will make a difference in terms

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Speaker 1: of the prices they're seeing for everything. Congressman Dan Kilde

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Speaker 1: also supports temporary lifting of the federal and state gas tax.

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Speaker 1: He spoke with our Washington correspondent Joe Matthew on Bloomberg

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Speaker 1: Sound on Catch the program weekdays at five pm Eastern

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Speaker 1: on Bloomberg Radio. More inflation and the lingering impact of

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Speaker 1: the pandemic made the first quarter a historically rough one

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Speaker 1: for investors. Nathan and more than three trillion dollars were

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Speaker 1: erase from bond and equity values in the period. Megan Hornman,

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Speaker 1: chief investment officer at Verdens Capital Advisors, sees the current

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Speaker 1: situation as a buying opportunity. We are also looking at

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Speaker 1: some of the areas that are getting beaten down the most,

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Speaker 1: you know, some of the growth areas that got hit

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Speaker 1: really bad in January and February. We did put some

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Speaker 1: money to work there, thinking that over the long run

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Speaker 1: that they had been unfairly pushed lower because of what's

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Speaker 1: going on with interest rates as well as the war

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Speaker 1: with fresh in Ukraine. Megan Hornman with Verdens Capital Advisor

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Speaker 1: says earning season will be a key for future market action. Well.

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Speaker 1: Questions are swirling about what earnings will look like, Karen,

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Speaker 1: and also whether a recession is coming. City Group Global

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Speaker 1: Chief economist Nathan Sheet says the odds of one are

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Speaker 1: significant globally, UH it's around a third UH. The geo

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Speaker 1: political situation, the energy situation is very severe. I think

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Speaker 1: in the United States we are insulated anach when I

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Speaker 1: think about kind of the global situation coupled with the

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Speaker 1: Federal Reserve potentially hiking very rapidly, maybe one in four

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Speaker 1: over the next eighteen months. It is it is significant.

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Speaker 1: The City Group Global Chief Economist Nathan Sheets made the

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Speaker 1: comments on Bloomberg's Balance of Power Catch the program weekdays

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Speaker 1: at noon Eastern on Bloomberg Radio and Television. Well Nathan

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Speaker 1: began more clues about the economy later this morning with

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Speaker 1: the release of the March jobs are for at The

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Speaker 1: median forecast calls for four hundred ninety thousand new jobs

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Speaker 1: at an unemployment rate of three point seven percent. To

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Speaker 1: get more from Bloomberg's Michael McKee, analysts expect March was

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Speaker 1: another strong month of job growth, although borrowing a major surprise,

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Speaker 1: the numbers may not make a whole lot of difference

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Speaker 1: to the Fed. Policymakers have all but said they're in

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Speaker 1: line to raise the nation's benchmark lending rate by half

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Speaker 1: a percentage point on May fourth. Nevertheless, they will feel

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Speaker 1: better if they see a lot of Americans going back

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Speaker 1: into the labor force. That would ease pressure on wages

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Speaker 1: and therefore on inflation. That's particularly true for manufacturing. Company

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Speaker 1: have struggled to find factory workers, leading some to turn

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Speaker 1: away business. Michael McKee, Bloomberg Daybreak. All right, Mike, thanks,

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Speaker 1: Let's turn to corporate News Now with a focus on

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Speaker 1: the world's largest retail site. The push to unionize at

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Speaker 1: Amazon is growing. Let's get the latest life from Bloomberg's

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Speaker 1: Rnita Young. Good morning, Ranita, Good morning Nathan. The upstart

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Speaker 1: Amazon labor union in Staten Island is closer to forming

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Speaker 1: workers who want to organize our leading by more than

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Speaker 1: three hundred fifty votes out of about twenty hundred, talied

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Speaker 1: That count will continue today. Meantime, Amazon were warehouse workers

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Speaker 1: in Alabama voted to reject a union in a tight

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Speaker 1: race yesterday, but the National Labor Relations Board says about

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Speaker 1: a quarter of the votes are challenged and will need

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Speaker 1: to be reviewed. Those could potentially change the outcome. Live

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Speaker 1: in New York, I'm Nita Young, Bloomberg Daybreak. All right, Granita,

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Speaker 1: thank you. And in early trading this morning, rushing shares

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Speaker 1: of Game stop moving higher, up fourteen and a half percent.

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Speaker 1: The video game retailer plans to ask shareholders for approval

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Speaker 1: of a stoch and in the form of a dividend,

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Speaker 1: and mirror's recent moves from Amazon, Alphabet and Tesla futures

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Speaker 1: this morning are higher. SMP future is up about sixteen

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Speaker 1: points down futures up a hundred twenty four Nasday futures

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Speaker 1: at forty three and straight ahead your latest local headlines

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Speaker 1: plus a check of sports. And this is Bloomberg, Karen,

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Speaker 1: thanks to five oh seven on Wall Street. Were fifty

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Speaker 1: eight degrees in Central Park. We have a vehicle fire

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Speaker 1: on the southbound Garden State Parkway, Newyorks of one thirty five.

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Speaker 1: Details coming up in traffic. First Michael Barr with what

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Speaker 1: else is going on in New York and around the

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Speaker 1: world on this April Fool's Day. Everything's true, of course, Michael, yes,

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Speaker 1: it is, Thank you very much, Nathan. A judge has

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Speaker 1: ordered New York's Democratic Control legislature to redraw the states

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Speaker 1: congressional and legislative districts after finding they were unconstitutional. Judge

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Speaker 1: Patrick mcallistairs said in ruling that maps redrawing the state's

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Speaker 1: congressional districts were jerrymander to benefit Democrats. Judge mcdallistair gave

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Speaker 1: lawmakers until April eleventh to try again. If their new

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Speaker 1: maps failed to pass muster in the courts again, the

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Speaker 1: judge said he would order the state to pay for

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Speaker 1: court approved expert to redraw the maps. The NMPD says

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Speaker 1: a twelve year old boy was killed by gunfire as

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Speaker 1: he was eating in a parked car in Brooklyn with

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Speaker 1: two family members, one of whom was shot and wounded.

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Speaker 1: Assistant Chief Michael Kemper said the boy was shot multiple

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Speaker 1: times and pronounced dead at the scene. A preliminary investigation

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Speaker 1: reveals that the three pulled over in the car to

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Speaker 1: eat some food when shots were fired that penetrated their vehicle.

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Speaker 1: Kemper said a twenty year old woman in the driver's

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Speaker 1: seat was taken to the hospital and is expected to recover.

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Speaker 1: An eight year old girl in the back seat was unhurt.

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Speaker 1: New York City Mayor Eric Adams, also at the New scofference,

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Speaker 1: stressed the importance of getting guns off the streets. The

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Speaker 1: question I can see to ask, what about the innocent people?

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Speaker 1: What about people us sitting in their cause and his

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Speaker 1: shot and kill. We so much about those who are fighting,

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Speaker 1: but when are we going to stop fighting for the

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Speaker 1: innocent people of this city. Mayor Adams says we need

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Speaker 1: everyone to help us in this senseless violence. New Jersey

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Speaker 1: Governor Phil Murphy as tested positive for COVID nineteen and

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Speaker 1: will isolate for five days. A spokesperson says Murphy is

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Speaker 1: asymptomatic and feeling well, but will cancel all events for now.

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Speaker 1: Most New Yorkers who worked from home during the pandemic

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Speaker 1: plan to cut their time in the office by nearly

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Speaker 1: half and spend less money in the city annually. According

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Speaker 1: to Stanford economics professor Nicholas Bloom, the average New York

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Speaker 1: City office worker would slash annual spending in the city

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Speaker 1: by more than sixty seven hundred dollars, down from an

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Speaker 1: estimated twelve thousand, five hundred before the pandemic. At the

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Speaker 1: conference of the Federal Reserve Bank of New York, Bloom

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Speaker 1: said the remote work pushed could cost New York between

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Speaker 1: five and ten percent of its city center population. Global

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

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Speaker 1: Bloomberg Quick eight, powered by more than twenty seven hundred

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

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Speaker 1: this is Bloomberg. Nathin. All right, Michael, thank you. We're

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Speaker 1: coming up to five ten on Wall Street. It's time

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Speaker 1: for the Bloomberg Sports Update. Happy Friday, John step Shower,

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Speaker 1: and thanks Nathan. Originally, the plan was for Jacob de

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Speaker 1: Grand to spend the last day of March on the

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Speaker 1: Mountain City Field. Pitch you'd opening day for the Mets Courts.

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Speaker 1: Opening day pushed back a week after the lockouts of

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Speaker 1: De gram instead was doing some long tossing in Port St.

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Speaker 1: Lucy and he felt some tightness in his shoulder, and

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Speaker 1: every Mets fan had the same thought, here we go again.

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Speaker 1: When de Grand pitches, he's the best there is, but

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Speaker 1: so often he doesn't pitch. Missed the second half of

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Speaker 1: last seams to len elbow injury. He's likely headed for

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Speaker 1: an m r I over Town and Brooklyn. Milwaukee top

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Speaker 1: the Nets one nineteen Jana's sons, the Compost scored forty

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Speaker 1: four points, Kevin Uran had twenty six Caven twenty five Islanders,

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Speaker 1: Big Columbus five to the Devils lost in Boston eight

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Speaker 1: to one, the last n I T game at the Garden,

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Speaker 1: at least for a while. They are now going to

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Speaker 1: move the turn them in around to other cities. Avior

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Speaker 1: top Texas, A and M in a game with seventeen

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Speaker 1: league changes, seventy three seventy two. Women's Final four starts

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Speaker 1: tonight in Minneapolis, the men tomorrow in New Orleans. Four

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Speaker 1: days after coaching St. Peter's in the n C Double

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Speaker 1: A Elite, h Jaheen Holloway introduced as the new coach

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Speaker 1: at Keaton Hall. I hope you guys are ready to work.

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Speaker 1: I hope you gots are ready to work, because that's

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Speaker 1: bla blah blah blah bla work blah Hallward, no shortcuts,

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Speaker 1: no nothing. I hope you guys are to work. I

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Speaker 1: know I'll watch his team while I know what you

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Speaker 1: think to do. So after this meet and after this

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Speaker 1: press office or the thing, will you need to go

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Speaker 1: understand what's gonna take to be played for me? Understand

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Speaker 1: the traditions of seta Hall. University needs to seton Hall.

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Speaker 1: Along all of Halloway. St. Peter's players attended the presser

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Speaker 1: in South Orange. They gave their former coach a standardization.

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Speaker 1: John Stash were Bloomberg sports all right, John, thank you

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Speaker 1: right now. S and P futures are up fifteen point,

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Speaker 1: staff futures up a hundred twenty two. Nastack futures are

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Speaker 1: higher by forty four points. As we get ready for

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Speaker 1: the first trading day of the second quarter. This is Bloomberg.

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Speaker 1: Bloomberg eleven three weather. Partial sun today with a high

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Speaker 1: near sixty degrees. That will be probably mostly sunny, mid

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Speaker 1: fifties tomorrow, chance for a few showers by Sunday. Otherwise

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Speaker 1: more clouds than sun and highs in the low fifties

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Speaker 1: right now fifty eight degrees in Central Park. Markets. Headlines

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Speaker 1: and breaking news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the Bloomberg Business at and at Bloomberg Quicktape.

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Speaker 1: This is a Bloomberg business clash and I'm Karen Moscow.

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Speaker 1: European stocks in US stock Index futures are rising as

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Speaker 1: investors evaluate the economic outlook amid moderating oil prices, tightening

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Speaker 1: federal reserve monetary policy, and Rush's war in Ukraine. Europe

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Speaker 1: Stock six hundred is gaining after its worst quarter since

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Speaker 1: the pandemic bear market, while technology shares fall. US Dot

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Speaker 1: Index futures are higher. We check the markets every fifty

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Speaker 1: minutes throughout the trading day on bloomberg s and p

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Speaker 1: Future is a fifteen points down, futures of A hundred

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Speaker 1: twenty four and NASDAG future is up forty two. The

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Speaker 1: Nive X screwed oil is up half percent or fifty

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Speaker 1: seven cents at a hundred dollars eighty six cents of

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Speaker 1: barrel comics gold is down three quarters of a percent,

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Speaker 1: or fourteen dollars fifty cents. In nineteen thirty nine, fifty

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Speaker 1: announced the euro one point one zero five two against

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Speaker 1: bitcoins lower down one point four percent at forty five thousand,

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Speaker 1: one hundred ten dollars. And today we are watching for

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Speaker 1: the March jobs report at eight thirty well straight time,

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Speaker 1: and Eurozone inflation accelerated to another all time high, March

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Speaker 1: consumer prices surging seven and a half percent from a

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Speaker 1: year ago, up from five point nine percent in February.

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Speaker 1: That's a Bloomberg business flash. Now here's Michael Barr with

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Speaker 1: more on what's going on around the world. Uncle, Good morning,

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Speaker 1: Good morning, Karin. And Russia claims Ukrainian forces have attacked

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Speaker 1: a fuel depot across the border inside of Russia. If confirmed,

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Speaker 1: it would be the first Ukrainian air strike on Russian

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Speaker 1: soil since the war started. Meanwhile, Ukrainian authorities say Russian

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Speaker 1: troops have left the heavily contaminated Chernobyl nuclear site. It

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Speaker 1: comes as Russia confirms video talks will resume today with

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Speaker 1: Ukraine video video links. The European Union will seek China's

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Speaker 1: assurances that it won't assist Russia in circum banning economic

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Speaker 1: sanctions leveled over the invasion of Ukraine and an annual

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Speaker 1: summit today. In the NBA, the Nets lost. In the NHL,

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Speaker 1: the Bruins put on what For and Why Weapon? On

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Speaker 1: the Devil's eight one, the Islanders one. Global news twenty

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

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Speaker 1: powered by more than the journalists and analysts more than

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Speaker 1: a hundred twenty countries. Hi, Michael bar this is Bloomberg Nather.

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Speaker 1: That's not in April full scar is it might go

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Speaker 1: not at all for the uninitiated. Eight one is rather

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Speaker 1: lopsided in hockey, all right, thank you very much for that.

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Speaker 1: It's coming up to five twenty on Wall Street Live

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Speaker 1: from the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak

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Speaker 1: and its signs that the tables maybe turning in the

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Speaker 1: war in Ukraine. Let's get the Washington perspective now, more

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Speaker 1: than a month since the Russian invasion. Bloomberg Government reporter

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Speaker 1: Emily Wilkins joins US now from the nation's capital. Emily,

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Speaker 1: good morning. As we heard, uh, Russia is now saying

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Speaker 1: that Ukraine has actually targeted an oil facility in its territory,

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Speaker 1: the first cross border action in this war. What's the

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Speaker 1: White House assessment of how things are going against Russia?

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Speaker 1: And I think we're definitely gonna learn a little bit

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Speaker 1: more about this as you know, Washington continues to wake

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Speaker 1: up and see reports about these helicopters making this really

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Speaker 1: rare cross border move and to attack an oil storage facility. UM.

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Speaker 1: I think really at this point you have seen wide

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Speaker 1: ranging bipartisan support on behalf of Ukraine, that Ukraine is

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Speaker 1: the victim here, that they were the one attacked, and

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Speaker 1: that they are doing everything that they need to sort

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Speaker 1: of keep keep their people safe and and keep going

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Speaker 1: as a as a country and as a democracy. UM.

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Speaker 1: But definitely this will be something to watch throughout the

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Speaker 1: day exactly what the response here is and how, if

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Speaker 1: at all, this might change request for aid requests for

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Speaker 1: weapons um. Right now, the Biden administration is considering that

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Speaker 1: half billion to Ukraine in funding an additional aid um

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Speaker 1: that would be humanitarian as well as military. And we're

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Speaker 1: seeing Congress continue to discuss sanctions on Russia as well.

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Speaker 1: So definitely still a lot of activity in Washington in

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Speaker 1: support of Ukraine. And it's been very interesting Emily as

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Speaker 1: well to hear President Biden get even more candid about

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Speaker 1: how he thinks things are being perceived by Russian President

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Speaker 1: Vladimir Putin, this idea that the president may be self isolated,

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Speaker 1: maybe misled by his own advisors. What's the advantage for

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Speaker 1: President Biden to put out this kind of speculation, as

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Speaker 1: he him self terms it, about how Putin is perceiving things. Sure,

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Speaker 1: and I do want to just note here that the

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Speaker 1: President did say that he didn't want to put too

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Speaker 1: much stock in it at this time because we don't

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Speaker 1: have that much hard evidence that these advisors are now

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Speaker 1: under house arrest. But it really kind of shows this

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Speaker 1: isolation of Putin, and it would suggest, if it is correct,

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Speaker 1: that perhaps there have been some cracks within Putin's inner circle,

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Speaker 1: which was the Bowl of sanctioning some of these Oldgarks

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Speaker 1: and other people that were supposedly close with Putin. I mean,

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Speaker 1: the idea for things like that is that by hitting

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Speaker 1: people close to Putin, then they will put pressure on

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Speaker 1: Putin to either change course or you know, potentially take

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Speaker 1: other actions. And so I think at this point that's

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Speaker 1: kind of the impression that the White House wants to give.

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Speaker 1: It is coming at a point where there also has

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Speaker 1: been reporting that a number of Algarks have not been

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Speaker 1: sanctioned in Russia and that the sanctioned system is not

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Speaker 1: perhaps as strong as it could be, that there's not

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Speaker 1: a ton of coordination between who's being sanctioned by which countries. Uh,

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Speaker 1: And I think this might be sort of a way

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Speaker 1: for the Biden administration to kind of emphasize that these

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Speaker 1: sanctions do but are potentially doing something. And speaking of pressure,

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Speaker 1: I think it's safe to say that the president's feeling

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Speaker 1: some pressure when it comes to inflation, with this announcement

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Speaker 1: that there's going to be this pretty huge, though long

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Speaker 1: slow release from the Strategic Reserve. Yeah, he is absolutely

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Speaker 1: feeling pressure, There's no question about it, from within his

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Speaker 1: own party, which is already facing a very tough mid term.

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Speaker 1: You know, Nathan, Historically, if if you're the party that's

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Speaker 1: in power, that's saying in the White House, mid terms

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Speaker 1: are not good for you, and they just get worse.

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Speaker 1: The worse are a president's approval rating gets. And part

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Speaker 1: of that is side to oil and gas prices. Americans

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Speaker 1: do blame Biden more so than they do putin or

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Speaker 1: big oil companies for the spike in prices, and so

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Speaker 1: this is a way for Biden to try and send

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Speaker 1: the message that he is doing something to be active

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Speaker 1: in it. I think there is a question of exactly

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Speaker 1: how much that might ultimately wind up lowering gas prices.

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Speaker 1: We did didn't see huge drops um last year when

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Speaker 1: President Biden also tapped the strategic reserves. So I think

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Speaker 1: that's a serve of a question about what will happen next.

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Speaker 1: We also know that in the House and in the Senate,

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Speaker 1: Democrats are startings who look at bills that could potentially

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Speaker 1: reduce the price and oil and start discussing it. UH

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Speaker 1: Speaker Nancy Pelosi yesterday dismissed the idea that there would

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Speaker 1: be a holiday from the gas tax because she's worried

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Speaker 1: the savings would not be passed down from oil companies

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Speaker 1: to consumers. But she mentioned potentially a windfall tax um.

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Speaker 1: There's been some other things that have been considered in

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Speaker 1: terms of putting pressure on oil companies to lower their prices.

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Speaker 1: Thanks for this, Emily, good having you on with us.

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Speaker 1: Bloomberg Government reporter Emily Wilkins for our ninety nine one

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Speaker 1: studios in Washington, d C. Just taking a quick look

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Speaker 1: at oil right now. It's starting to move up with

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Speaker 1: nimex screwed up seven tenths percent above a hundred dollars

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Speaker 1: of barrel now at a hundred dollars nine two cents

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Speaker 1: and brents at a hundred five sixty. Future is moving

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Speaker 1: higher as well as we get ready for the first

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Speaker 1: trading day of the second quarter. You're listening to Bloomberg

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Speaker 1: Daybreak Bloomberg eleventh, three oh weather showers a good way

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Speaker 1: to partial sunshine today with higher sixty degrees, mid fifties,

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Speaker 1: partly mostly sunny Tomorrow, more clouds than sun Sunday with

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Speaker 1: highs in the low fifties. Right now, showers in fifty

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Speaker 1: seven degrees in Central Park. Broadcasting live from the Bloomberg

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Speaker 1: Interactive Broker Studio in New York, Bloomberg E living free

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Speaker 1: to Washington, d C. Bloomberg on to Boston, Bloomberg one

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Speaker 1: A six one to San Francisco, Bloomberg non sixteen to

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Speaker 1: the country, Sirius XM. Gentle one nineteen and around the globe,

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Speaker 1: the Bloomberg Business and Bloomberg Radio dot Com. This is

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Speaker 1: Bloomberg Daybreak. It's my thirty on Wall Street. Good morning.

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Speaker 1: I'm Nathan Hagard and I'm Karen Moscow. We are just

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Speaker 1: about four hours away from the open of US trading.

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Speaker 1: Let's get you up to date on the news you

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Speaker 1: need to know at this Shower of the tables may

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Speaker 1: be turning in the war in Ukraine. Russia says to

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Speaker 1: Ukrainian helicopters hit a Russian oil tank facility, and Ukraine

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Speaker 1: says it's retaken territory in the Curson and Turnative regions.

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Speaker 1: President Biden says the war is not going well for

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Speaker 1: Vladimir Putin. I'm not saying this was a certainty. He

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Speaker 1: seems to be self isolated, and there's some indication that

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Speaker 1: he has um fired or put under house arrest some

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Speaker 1: of his advisors. President Biden cautions, though that there's not

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Speaker 1: much hard evidence on that talks between Ukraine and Russia

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Speaker 1: are set to resume by video today. Meantime, carrying the

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Speaker 1: White House decision to release US strategic oil reserves has

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Speaker 1: crewed on track for its biggest weekly loss in almost

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Speaker 1: two years. After dropping seven percent yesterday, oils up this morning.

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Speaker 1: Russ Texas Intermediates hired by six tenths per cent, or

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Speaker 1: sixty seven cents at a hundred dollars cents of barrel.

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Speaker 1: Brent Is hired by nine tenths percent at a hundred

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Speaker 1: five dollars fifty eight cents. Well as the beginning of

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Speaker 1: the second quarter, Nathan more than three trillion dollars or

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Speaker 1: a race from bond and equity values. In the first quarter.

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Speaker 1: The SNP five drop four point nine percent, while treasuries

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Speaker 1: fell five point six percent. This morning, futures are higher.

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Speaker 1: SNP futures are up twenty two points for markets today,

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Speaker 1: it's all about March jobs, care and economists surveyed by

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Speaker 1: Bloomberg forecasting gain of almost a half million payrolls. They

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Speaker 1: also see the unemployment rate falling to three point seven percent.

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Speaker 1: Bloomberg's Vinny del Judace has more America's economy is added

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Speaker 1: about one point two million jobs since the start of

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Speaker 1: the year. Job openings to eleven point three million in February,

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Speaker 1: just shy of a record Bloombreak economics, labor market is

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Speaker 1: room to run, with payrolls still below February twenties peak

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Speaker 1: just before the pandemic landed in the US. Look at

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Speaker 1: weekly jobless claims, they dropped to a half century low

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Speaker 1: in mid March. They had been running in the millions

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Speaker 1: in the early stages of the pandemic. Vinny del Judaic

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Speaker 1: Bloomberg Day Break, Graig Vinny, thank you. Let's her in

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Speaker 1: the corporate news now with a focus on the world's

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Speaker 1: largest retail site. To push to unionize at Amazon is

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Speaker 1: growing and Bloomers Reny to Young joins US Live. But

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Speaker 1: the latest Good morning, Renny to Good morning Karen. The

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Speaker 1: upstart Amazon labor union in Staton Island is closer to forming.

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Speaker 1: Workers who want to organize are leading by more than

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Speaker 1: three hundred fifty votes out of about twenty six hundred

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Speaker 1: talied That count will continue today. Meantime, Amazon workers in

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Speaker 1: Alabama voted to reject a union in a tight race yesterday,

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00:23:24,359 --> 00:23:26,640
Speaker 1: but the National Labor Relations Board says about a quarter

431
00:23:26,680 --> 00:23:29,000
Speaker 1: of the votes are challenged, it will need to be reviewed.

432
00:23:29,119 --> 00:23:32,240
Speaker 1: Those could potentially change the outcome. Live in New York,

433
00:23:32,320 --> 00:23:39,040
Speaker 1: I'm Renny to Young Bloomberg day Break, h Rea to thanks.

434
00:23:39,080 --> 00:23:41,399
Speaker 1: It's five thirty three on Wall Street where a fifties

435
00:23:41,400 --> 00:23:44,920
Speaker 1: seven degrees in Central Park and accident investigation as the

436
00:23:45,040 --> 00:23:48,680
Speaker 1: ramp from northbound four forty northbound Root nine and Woodbridge closed.

437
00:23:49,080 --> 00:23:51,440
Speaker 1: Tales coming up in traffic. First Michael bar with more

438
00:23:51,440 --> 00:23:53,520
Speaker 1: on what's going on in New York and around the world. Michael,

439
00:23:53,600 --> 00:23:56,000
Speaker 1: thank you very much, Nathan to Judges ordered New York's

440
00:23:56,000 --> 00:24:00,720
Speaker 1: Democratic controlled legislature to redraw the states congressional and legislative

441
00:24:00,720 --> 00:24:05,119
Speaker 1: districts after finding they were unconstitutional. State Trial Court Judge

442
00:24:05,160 --> 00:24:08,320
Speaker 1: Patrick McAllister's said, and a ruling that maps redrawing the

443
00:24:08,359 --> 00:24:13,159
Speaker 1: states congressional districts were jerrymander to benefit Democrats. The judge

444
00:24:13,160 --> 00:24:16,360
Speaker 1: gave lawmakers until April eleventh to redo the maps. If

445
00:24:16,440 --> 00:24:19,160
Speaker 1: the new maps failed to pass muster in the courts again,

446
00:24:19,680 --> 00:24:21,640
Speaker 1: the judge said he would order the state to pay

447
00:24:21,760 --> 00:24:25,320
Speaker 1: for a court approved expert to redraw the maps. The

448
00:24:25,400 --> 00:24:29,080
Speaker 1: federal judge has overturned most of a restrictive Florida voting law,

449
00:24:29,359 --> 00:24:32,920
Speaker 1: calling it discriminatory. The judge has ruled that the sections

450
00:24:32,960 --> 00:24:36,080
Speaker 1: of the law, including restricting voting by mail and the

451
00:24:36,240 --> 00:24:40,520
Speaker 1: use of drop boxes, were unconstitutional. Florida Governor Rhnda Santis,

452
00:24:40,600 --> 00:24:42,879
Speaker 1: it's an election integrity law. I wouldn't say it's a

453
00:24:42,920 --> 00:24:45,800
Speaker 1: restriction at all. To have somebody show identification is not

454
00:24:45,920 --> 00:24:48,879
Speaker 1: a restriction. It's common sense and some of the other

455
00:24:48,960 --> 00:24:51,960
Speaker 1: things we did. Governor de Santis says the state will appeal.

456
00:24:52,400 --> 00:24:54,960
Speaker 1: Police in New York City need your help after a

457
00:24:55,000 --> 00:24:57,800
Speaker 1: shooting in Brooklyn last night and left the twelve year

458
00:24:57,840 --> 00:24:59,920
Speaker 1: old boy dead. He was killed while sitting in a

459
00:25:00,040 --> 00:25:03,720
Speaker 1: parked vehicle with two relatives. Authorities say it's twenty year old.

460
00:25:03,760 --> 00:25:06,360
Speaker 1: A woman in the driver's seat was also hit by

461
00:25:06,640 --> 00:25:10,200
Speaker 1: the gunfire, but is expected to survive. Speaking to reporters

462
00:25:10,280 --> 00:25:13,880
Speaker 1: from the scene, NYPD Assistant Chief Michael Kemper, no, that's

463
00:25:13,880 --> 00:25:18,840
Speaker 1: senseless shooting this time, the shooting involving the death of

464
00:25:18,920 --> 00:25:22,040
Speaker 1: a twelve year old child. Assistant Chief Kemper was joined

465
00:25:22,080 --> 00:25:24,879
Speaker 1: by New York Mayor Eric Adams. Who're gonna kiss this

466
00:25:24,960 --> 00:25:27,440
Speaker 1: shoot up. But as long as we have guns and'n

467
00:25:27,560 --> 00:25:30,479
Speaker 1: to evolve indoors system. We're going to continue to come

468
00:25:30,560 --> 00:25:33,119
Speaker 1: to crime scenes like this. It's time for it to stop.

469
00:25:33,480 --> 00:25:36,399
Speaker 1: Mayor Adams says at least eleven rounds were fired at

470
00:25:36,480 --> 00:25:39,920
Speaker 1: the scene in East Flatbush, New Jersey. Governor Phil Murphy

471
00:25:40,040 --> 00:25:43,120
Speaker 1: has COVID. A spokesperson for the governor says Murphy has

472
00:25:43,160 --> 00:25:47,120
Speaker 1: tested positive for COVID nineteen and will isolate for five days.

473
00:25:47,480 --> 00:25:49,840
Speaker 1: Global News twenty four hours a day on air and

474
00:25:50,000 --> 00:25:53,360
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven under

475
00:25:53,400 --> 00:25:56,080
Speaker 1: journalist and analyst more than a hundred twenty countries. I'm

476
00:25:56,080 --> 00:26:04,240
Speaker 1: Michael Barr. This is Bloomberg, Nathan. Thanks Michael on Wall Street.

477
00:26:04,240 --> 00:26:06,760
Speaker 1: Time for the Bloomberg Sports Update, Houston Senational. All right,

478
00:26:06,760 --> 00:26:09,320
Speaker 1: and it was an elbow injury that prevented Jacob Deground

479
00:26:09,359 --> 00:26:11,159
Speaker 1: from pitching the second half of last season. But the

480
00:26:11,280 --> 00:26:14,680
Speaker 1: Mets as has had virtually every injury his neck, to

481
00:26:14,760 --> 00:26:18,280
Speaker 1: his back, lat forearm. Now for a second time an

482
00:26:18,320 --> 00:26:20,880
Speaker 1: issue with his shoulder to ground felt tightness while doing

483
00:26:20,920 --> 00:26:24,119
Speaker 1: some long crossing, so he won't pitch a schedule today. Instead,

484
00:26:24,160 --> 00:26:25,680
Speaker 1: it will have an m R I. The hope still

485
00:26:26,280 --> 00:26:28,400
Speaker 1: is to have the ground pitch opening day next Thursday

486
00:26:28,440 --> 00:26:30,960
Speaker 1: in Washington, the Nationals beat the Mets in Fort say Lucy.

487
00:26:31,000 --> 00:26:33,520
Speaker 1: The Nats came in one and ten in spring training.

488
00:26:33,560 --> 00:26:35,160
Speaker 1: They were coming off the loss of the Cardinals where

489
00:26:35,160 --> 00:26:38,240
Speaker 1: they gave up twenty nine runs fifteen and one inning.

490
00:26:38,280 --> 00:26:41,159
Speaker 1: The Yankees loss of affillies. Milwaukee Bucks last praying one

491
00:26:41,200 --> 00:26:43,480
Speaker 1: of Game seven in Brooklyn and overtime. The Bucks last

492
00:26:43,560 --> 00:26:46,880
Speaker 1: night one in Brooklyn in overtime one twenty the one

493
00:26:47,000 --> 00:26:49,920
Speaker 1: nineteen Yahndo his son to the compost for forty four points.

494
00:26:50,000 --> 00:26:53,359
Speaker 1: His three pointer fourcedot. He moved past Kareem abdul Jabbar

495
00:26:53,480 --> 00:26:55,959
Speaker 1: became the Bucks all time leading score. The Nets are

496
00:26:56,040 --> 00:26:58,280
Speaker 1: in a three way tied for the eighth, ninth, and

497
00:26:58,359 --> 00:27:00,879
Speaker 1: tenth spots in the East. Save, who just fired its

498
00:27:00,960 --> 00:27:03,399
Speaker 1: coach hired a new one for next year. Won the

499
00:27:03,520 --> 00:27:05,760
Speaker 1: n I T one point whenever Texas, A and Emity

500
00:27:05,800 --> 00:27:07,960
Speaker 1: guard The final four tomorrow in New Orleans starts with

501
00:27:08,400 --> 00:27:11,800
Speaker 1: Kansas and Villanova. That it's North Carolina versus arch rival

502
00:27:11,920 --> 00:27:16,240
Speaker 1: Duke Mike Schowski. Coach is a young they don't feel pressure,

503
00:27:18,119 --> 00:27:22,520
Speaker 1: and I'm amazed that. Try to remember being that age,

504
00:27:22,840 --> 00:27:26,520
Speaker 1: I would have felt pressure and nervous and maybe a

505
00:27:26,600 --> 00:27:30,800
Speaker 1: little bit afraid. They're They're not they are they are not.

506
00:27:32,359 --> 00:27:35,120
Speaker 1: I admire that. And of course coach K's career will

507
00:27:35,280 --> 00:27:38,440
Speaker 1: end either tomorrow or if not tomorrow then definitely on

508
00:27:38,640 --> 00:27:42,280
Speaker 1: Monday with John Stature Bloomberg Sports, Maybe what a career was?

509
00:27:42,440 --> 00:27:44,920
Speaker 1: Thank you, John seven on Wall Street Time for the

510
00:27:44,960 --> 00:27:48,840
Speaker 1: Tri State Business Report. Here's Bloomberg's head Cory. American Express,

511
00:27:48,960 --> 00:27:51,639
Speaker 1: te Mobile, and nine other companies have agreed to provide

512
00:27:51,680 --> 00:27:54,920
Speaker 1: data on gender and race to the New York City Comptroller.

513
00:27:55,119 --> 00:27:57,240
Speaker 1: That caps off a two year campaign to get the

514
00:27:57,320 --> 00:28:01,159
Speaker 1: information for the biggest companies the city invent stin, bringing

515
00:28:01,240 --> 00:28:03,359
Speaker 1: the number of firms agreeing to make the data public

516
00:28:03,440 --> 00:28:07,520
Speaker 1: to seventy eight. Manhattan's Roosevelt Hotel closed its stores in

517
00:28:07,600 --> 00:28:10,800
Speaker 1: two thousand twenty. Its owner has lost a bid for

518
00:28:10,840 --> 00:28:13,600
Speaker 1: a court order blocking New York City's new five hundred

519
00:28:13,600 --> 00:28:16,880
Speaker 1: dollar weekly severance man date for hotel workers laid off

520
00:28:17,000 --> 00:28:20,160
Speaker 1: during the pandemic. That's according to a federal court ruling

521
00:28:20,160 --> 00:28:24,560
Speaker 1: issued Wednesday, New Jersey may actually be financially stronger than

522
00:28:24,600 --> 00:28:27,480
Speaker 1: it was before the pandemic. S and P has raised

523
00:28:27,520 --> 00:28:30,359
Speaker 1: its credit rating one notch to A minus, the seventh

524
00:28:30,480 --> 00:28:34,320
Speaker 1: highest from triple B plus. Came after a boost March second.

525
00:28:34,760 --> 00:28:37,400
Speaker 1: That was the state first upgrade since two thousand and five,

526
00:28:37,480 --> 00:28:41,400
Speaker 1: following years of pension underfunding and public worker benefit increases.

527
00:28:42,000 --> 00:28:45,280
Speaker 1: That your Bloomberg Dries Day Business Report. I'm in Corey.

528
00:28:45,520 --> 00:28:48,200
Speaker 1: Thanks that it's on Wall Street. Bloomberg Radio is on

529
00:28:48,280 --> 00:28:50,280
Speaker 1: the air from San Francisco to New York, London to

530
00:28:50,360 --> 00:28:52,520
Speaker 1: Hong Kong. Let's check in with our global news team

531
00:28:52,560 --> 00:28:54,160
Speaker 1: for some of the top stories heard on our three

532
00:28:54,240 --> 00:28:59,960
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Poto

533
00:29:00,080 --> 00:29:02,480
Speaker 1: Stan on K and X in Los Angeles. We're talking

534
00:29:02,520 --> 00:29:07,200
Speaker 1: about growing Senate pushback on Microsoft's plan takeover of Activision

535
00:29:07,240 --> 00:29:11,200
Speaker 1: Blizzards um Corney Donahoe on ktr H in Houston. American

536
00:29:11,320 --> 00:29:15,080
Speaker 1: shiel drillers say steel shortages are recent, They're not raising outfit.

537
00:29:15,360 --> 00:29:18,480
Speaker 1: I'm Gina Servettian for w b B. I'm in Chicago.

538
00:29:18,640 --> 00:29:22,000
Speaker 1: I'm reporting that First Women's Bank has new partnerships with

539
00:29:22,200 --> 00:29:26,400
Speaker 1: United Airlines and Microsoft. I'm Caroline Hilled bloom BAGDAB Digital

540
00:29:26,440 --> 00:29:29,080
Speaker 1: Way in London. Women putting on the overnight jumping energy

541
00:29:29,200 --> 00:29:33,040
Speaker 1: prices in the UK that will push millions towards policy

542
00:29:33,240 --> 00:29:36,920
Speaker 1: ad Cory on w w J in Detroit. I'm reporting

543
00:29:37,080 --> 00:29:39,840
Speaker 1: Baines says chip shortage DOOD will begin to eat for

544
00:29:39,960 --> 00:29:42,200
Speaker 1: the Autawa industry in the second half of the year.

545
00:29:42,640 --> 00:29:44,560
Speaker 1: And those are some of the stories our twenty seven

546
00:29:44,640 --> 00:29:47,240
Speaker 1: hundred Bloomberg journalists and analysts are working on this morning

547
00:29:47,320 --> 00:29:49,760
Speaker 1: around the world. It's five thirty nine on Wall Street.

548
00:29:50,040 --> 00:29:54,360
Speaker 1: The following is an editorial from Bloomberg Opinion. This senatorial

549
00:29:54,640 --> 00:29:58,920
Speaker 1: was written by the Bloomberg Editorial Board. The Biden administration

550
00:29:59,000 --> 00:30:03,000
Speaker 1: has once again hauled for higher taxes on affluent households

551
00:30:03,080 --> 00:30:07,760
Speaker 1: to cover the cost of extra spending. Specifically, the administration's

552
00:30:07,960 --> 00:30:11,560
Speaker 1: just released budget plan proposes a new minimum tax of

553
00:30:11,720 --> 00:30:16,680
Speaker 1: twenty percent on the full income, including unrealized capital gains

554
00:30:16,960 --> 00:30:20,800
Speaker 1: of taxpayers with wealth of more than one hundred million dollars.

555
00:30:21,280 --> 00:30:26,240
Speaker 1: This is both radical and demanding. Complex rules will be

556
00:30:26,360 --> 00:30:29,280
Speaker 1: needed to allow for the valuation of assets that can't

557
00:30:29,360 --> 00:30:32,720
Speaker 1: easily be marked to market, and to let taxpayers settle

558
00:30:32,840 --> 00:30:37,440
Speaker 1: their liabilities over time. In short, this proposal, like the

559
00:30:37,560 --> 00:30:42,440
Speaker 1: budget as a whole, just isn't happening. That's not entirely

560
00:30:42,560 --> 00:30:46,800
Speaker 1: surprising that the administration's continuing failure to wrestle with the

561
00:30:46,880 --> 00:30:52,320
Speaker 1: implications of its spending ambitions remains disappointing. This editorial was

562
00:30:52,440 --> 00:30:55,960
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion,

563
00:30:56,040 --> 00:30:59,280
Speaker 1: please go to Bloomberg dot com, slash Opinion or ope

564
00:30:59,520 --> 00:31:02,840
Speaker 1: I n go on the Bloomberg terminal. This has been

565
00:31:02,920 --> 00:31:06,520
Speaker 1: Bloomberg opinion. You can hear Bloomberg opinion editorials every weekday

566
00:31:06,600 --> 00:31:09,320
Speaker 1: at this time. Terminal customers can read more at O

567
00:31:09,480 --> 00:31:12,360
Speaker 1: P I n go, SMP futures up twenty one point,

568
00:31:12,360 --> 00:31:14,920
Speaker 1: style features up a hundred fifty nine and NASTAC futures

569
00:31:14,960 --> 00:31:22,880
Speaker 1: up seventy one. You're listening to Bloomberg Daybreak Bloomberg eleven

570
00:31:22,880 --> 00:31:25,040
Speaker 1: three oh weather. Showers will give way to partial sunshine

571
00:31:25,080 --> 00:31:28,280
Speaker 1: at a high near sixty degrees, mid fifties, probably mostly Sunday. Tomorrow,

572
00:31:28,440 --> 00:31:30,680
Speaker 1: we'll have more clouds than sun Sunday. Chance for a

573
00:31:30,720 --> 00:31:32,760
Speaker 1: few more showers with highs in the low fifties. Right

574
00:31:32,800 --> 00:31:38,960
Speaker 1: now fifty seven in Central Park markets. Headlines and breaking

575
00:31:39,000 --> 00:31:41,840
Speaker 1: news twenty four hours a day at Bloomberg dot Com.

576
00:31:42,000 --> 00:31:45,560
Speaker 1: The Bloomberg Business Atland at Bloomberg quick tape. This is

577
00:31:45,560 --> 00:31:54,840
Speaker 1: a Bloomberg business blash and I'm kara at Moscow and

578
00:31:54,880 --> 00:31:57,720
Speaker 1: European stocks in US DOT Index futures are on the

579
00:31:57,920 --> 00:32:01,680
Speaker 1: rise this morning, investors evaluating economic outlook im in moderating

580
00:32:01,680 --> 00:32:05,840
Speaker 1: oil prices, tightening federal reserve monetary policy, and Russia's war

581
00:32:05,920 --> 00:32:08,080
Speaker 1: in Ukraine. And we checked the markets every fifteen minutes

582
00:32:08,120 --> 00:32:11,080
Speaker 1: throughout the trading day on Bloomberg S and P futures

583
00:32:11,080 --> 00:32:13,720
Speaker 1: have nineteen points now futures up a hundred forty nine

584
00:32:14,040 --> 00:32:16,960
Speaker 1: Nasdack future is up sixty five. The decks in Germany

585
00:32:17,280 --> 00:32:19,680
Speaker 1: up three tenths of up percent. Ten year treasury down

586
00:32:19,760 --> 00:32:22,400
Speaker 1: fifteen thirty seconds. You have two point three nine percent

587
00:32:22,840 --> 00:32:25,360
Speaker 1: yield on the two year two point three seven percent.

588
00:32:25,840 --> 00:32:28,120
Speaker 1: NIMEX Screwed oil is up seven tenths per cent or

589
00:32:28,160 --> 00:32:30,360
Speaker 1: sixty eight cents, and a hundred dollars ninety one cents

590
00:32:30,400 --> 00:32:33,320
Speaker 1: a barrel comics goal down seven tenths percent or fourteen

591
00:32:33,320 --> 00:32:36,520
Speaker 1: dollars thirty cents. At nineteen thirty nine, seventy announced the

592
00:32:36,640 --> 00:32:39,120
Speaker 1: euro one point one zero four or seven against the dollar.

593
00:32:39,160 --> 00:32:41,840
Speaker 1: British bound one point three, one two seven and agains

594
00:32:41,880 --> 00:32:44,680
Speaker 1: in one twenty two point four to Bitcoin is lower

595
00:32:44,760 --> 00:32:47,040
Speaker 1: down more than one and a half percent at forty

596
00:32:47,120 --> 00:32:50,280
Speaker 1: five thousand, fifty dollars. That's of Bloomberg Business Flash. Now

597
00:32:50,320 --> 00:32:52,600
Speaker 1: here's Michael Barr with more on what's going on around

598
00:32:52,640 --> 00:32:55,360
Speaker 1: the world. Michael Darren, thank you very much. Talks between

599
00:32:55,480 --> 00:32:58,840
Speaker 1: Ukraine and Russia will resumed today via video link following

600
00:32:58,920 --> 00:33:02,320
Speaker 1: meetings earlier in the week. In Turkey email, Russia said

601
00:33:02,320 --> 00:33:05,360
Speaker 1: to Ukrainian military helicopter has made a rare strike across

602
00:33:05,400 --> 00:33:08,400
Speaker 1: the border, hitting an oil tank facility in the city

603
00:33:08,640 --> 00:33:12,680
Speaker 1: of Belle Gordero. There was no immediate confirmation from Kiev.

604
00:33:13,200 --> 00:33:17,080
Speaker 1: President Joe Biden said Russian leader Vladimir Putin may have

605
00:33:17,240 --> 00:33:20,120
Speaker 1: fired some of his advisers, who put them under house arrest.

606
00:33:20,520 --> 00:33:22,880
Speaker 1: Biden says it is an open question as to whether

607
00:33:22,960 --> 00:33:26,800
Speaker 1: Putin is fully informed on his military's performance in Ukraine.

608
00:33:27,320 --> 00:33:29,920
Speaker 1: In the NBA, the Nets lost, in the NHL, the

609
00:33:30,000 --> 00:33:33,560
Speaker 1: Islanders won, the Bruins told the Devils where to go.

610
00:33:33,800 --> 00:33:36,800
Speaker 1: With an eight one win, Global News twenty four hours

611
00:33:36,880 --> 00:33:39,840
Speaker 1: a day on air and on Bloomberg Quicktake, powered by

612
00:33:39,920 --> 00:33:43,280
Speaker 1: more than journalists analysts more than a hundred twenty countries.

613
00:33:43,440 --> 00:33:46,720
Speaker 1: I'm Michael barn This is Bloomberg Nathan all right, Michael. Thanks,

614
00:33:46,800 --> 00:33:48,800
Speaker 1: it's coming up to five forty nine on Wall Street

615
00:33:48,840 --> 00:33:52,680
Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg

616
00:33:52,880 --> 00:33:55,680
Speaker 1: Daybreak as we get ready for a second quarter kicking

617
00:33:55,720 --> 00:33:59,200
Speaker 1: off with a key data release for investors and potentially

618
00:33:59,280 --> 00:34:02,720
Speaker 1: the Fed. We await the March jobs reports, so let's

619
00:34:02,760 --> 00:34:06,080
Speaker 1: get a preview now from Bloomberg Economics correspondent Michael McKee

620
00:34:06,120 --> 00:34:10,399
Speaker 1: joining us from O Bloomberg Studios in Washington, d C. Mike,

621
00:34:10,600 --> 00:34:13,640
Speaker 1: good morning, Thanks for being with us. The estimate on

622
00:34:13,760 --> 00:34:17,680
Speaker 1: the terminal four nine thousand is the median from economists

623
00:34:17,719 --> 00:34:21,120
Speaker 1: and three point seven percent for the unemployment rateomy jobs

624
00:34:21,160 --> 00:34:23,239
Speaker 1: growth has been one of the bright spots for this

625
00:34:23,560 --> 00:34:26,040
Speaker 1: red hot economy, and it looks like economists think it's

626
00:34:26,040 --> 00:34:29,399
Speaker 1: gonna keep going. They do, and the Fed is hoping

627
00:34:29,480 --> 00:34:31,359
Speaker 1: it keeps going. But what they would like to see

628
00:34:31,560 --> 00:34:34,360
Speaker 1: his more people coming into the labor force looking for jobs,

629
00:34:34,440 --> 00:34:38,000
Speaker 1: because at this point they're afraid, uh, the wages could

630
00:34:38,120 --> 00:34:41,359
Speaker 1: get into some sort of inflationary spiral if people start

631
00:34:41,440 --> 00:34:43,400
Speaker 1: to think that inflation is going to be with us

632
00:34:43,400 --> 00:34:45,560
Speaker 1: for a long time, so they'll be watching the average

633
00:34:45,560 --> 00:34:49,279
Speaker 1: hourly earnings of the participation rate closely. Today both are

634
00:34:49,320 --> 00:34:52,080
Speaker 1: supposed to take up. The question is by how much

635
00:34:52,440 --> 00:34:55,560
Speaker 1: Now we seeing any signs ahead of the release of

636
00:34:56,200 --> 00:34:59,240
Speaker 1: people getting pulled back to the sidelines just by virtue

637
00:34:59,239 --> 00:35:02,920
Speaker 1: of the fact that ages are going up. UH, we

638
00:35:03,040 --> 00:35:05,560
Speaker 1: are seeing people In the last couple of months, we've

639
00:35:05,600 --> 00:35:07,960
Speaker 1: seen significant advances in the number of people who are

640
00:35:08,040 --> 00:35:11,359
Speaker 1: in the labor force. A lot of people, the theory went,

641
00:35:11,800 --> 00:35:15,200
Speaker 1: we're staying home because they were afraid of getting COVID.

642
00:35:15,320 --> 00:35:19,160
Speaker 1: Now the danger has gone down, it appears, and they

643
00:35:19,200 --> 00:35:22,360
Speaker 1: were also living off the savings they got from the

644
00:35:22,480 --> 00:35:26,400
Speaker 1: government stimulus programs and that has gone away. So a

645
00:35:26,480 --> 00:35:28,560
Speaker 1: lot of people finding themselves in need of money and

646
00:35:28,719 --> 00:35:32,279
Speaker 1: going back into work. What is the expectation about what

647
00:35:32,440 --> 00:35:36,960
Speaker 1: we could see when it comes to UH increases in wages,

648
00:35:37,080 --> 00:35:40,480
Speaker 1: given that we are starting to see a retail spending

649
00:35:40,640 --> 00:35:44,359
Speaker 1: consumer spending start to lag a bit at least from

650
00:35:45,000 --> 00:35:48,120
Speaker 1: what many Wall Street analysts have been expecting. Well, we

651
00:35:48,239 --> 00:35:52,600
Speaker 1: just got wage data for the month of February, which

652
00:35:52,920 --> 00:35:55,680
Speaker 1: one month behind this job's report, but the wage data

653
00:35:55,760 --> 00:35:58,719
Speaker 1: showed that we saw wages rise eight tenths of a

654
00:35:58,840 --> 00:36:01,480
Speaker 1: percent of very strong performs during the month of February.

655
00:36:01,840 --> 00:36:05,000
Speaker 1: So the question is does that continue When I have

656
00:36:05,080 --> 00:36:07,960
Speaker 1: talked to FED officials in recent weeks, they talked to

657
00:36:08,239 --> 00:36:10,120
Speaker 1: c e o s in their district who are telling

658
00:36:10,200 --> 00:36:13,520
Speaker 1: them that it is getting easier to find people, but

659
00:36:13,680 --> 00:36:17,719
Speaker 1: they are still offering higher wages than they used to.

660
00:36:18,320 --> 00:36:20,400
Speaker 1: The question is the second round, do they need to

661
00:36:20,560 --> 00:36:22,800
Speaker 1: keep going higher in order to keep people with the

662
00:36:22,880 --> 00:36:25,800
Speaker 1: quit rate that high. It is a possibility, and I

663
00:36:25,840 --> 00:36:29,960
Speaker 1: guess there's a question as well about whether there's demand

664
00:36:30,480 --> 00:36:33,839
Speaker 1: for I guess, uh, maybe I'm terming this the wrong

665
00:36:33,880 --> 00:36:36,279
Speaker 1: way the right kinds of jobs, because it seems like

666
00:36:36,320 --> 00:36:40,600
Speaker 1: there's been a lot of hiring lately in you know, transportation, manufacturing,

667
00:36:40,760 --> 00:36:44,880
Speaker 1: the good side of the payrolls ledger and services have

668
00:36:45,080 --> 00:36:48,520
Speaker 1: been lagging a bit. We have seen services come back

669
00:36:48,560 --> 00:36:51,320
Speaker 1: in the last month or so. Particularly last month, we

670
00:36:51,360 --> 00:36:53,680
Speaker 1: saw a hundred sixty one thousand people come back into

671
00:36:53,719 --> 00:36:57,879
Speaker 1: the leisure and hospitality category, which is mostly restaurants and bars.

672
00:36:57,960 --> 00:37:00,960
Speaker 1: Hotels are still trying to staff up, but we'll see

673
00:37:01,040 --> 00:37:04,319
Speaker 1: if that continues that was that's one of the most

674
00:37:04,400 --> 00:37:07,719
Speaker 1: customer facing jobs out there, And so if you are

675
00:37:07,840 --> 00:37:10,640
Speaker 1: afraid of COVID, you don't necessarily want to go right

676
00:37:10,680 --> 00:37:13,000
Speaker 1: back to work. But now as people have to, as

677
00:37:13,040 --> 00:37:16,160
Speaker 1: the COVID danger goes down and people go back to restaurants,

678
00:37:16,280 --> 00:37:19,040
Speaker 1: there so far being able to find people in the

679
00:37:19,160 --> 00:37:20,960
Speaker 1: last month or so. I mean, that's got to be

680
00:37:21,000 --> 00:37:23,560
Speaker 1: a big consideration for the FET. Isn't about whether we're

681
00:37:23,640 --> 00:37:28,080
Speaker 1: really coming out of the pandemic recovery here? If we

682
00:37:28,200 --> 00:37:31,919
Speaker 1: do start to see more employment coming on the services side.

683
00:37:31,920 --> 00:37:34,000
Speaker 1: I mean, that's what a lot of FED watchers are

684
00:37:34,040 --> 00:37:36,839
Speaker 1: looking for, isn't it. It is, and the FED is too.

685
00:37:36,960 --> 00:37:39,839
Speaker 1: They would like to see strong growth. Their forecast, which

686
00:37:40,160 --> 00:37:43,000
Speaker 1: most Well Street economists dismisses that they'll be able to

687
00:37:43,080 --> 00:37:46,000
Speaker 1: raise interest rates over the next three years and unemployment

688
00:37:46,040 --> 00:37:49,320
Speaker 1: won't change. Uh. The idea of raising interest rates is

689
00:37:49,400 --> 00:37:52,359
Speaker 1: to raise unemployment a little bit. But as long as

690
00:37:52,480 --> 00:37:55,880
Speaker 1: the labor market stays strong, then it's gonna be a

691
00:37:56,000 --> 00:37:58,200
Speaker 1: question of what you have to pay people to keep

692
00:37:58,280 --> 00:38:01,120
Speaker 1: it that way. If it can stay strong, that helps

693
00:38:01,160 --> 00:38:05,320
Speaker 1: the economy avoid recession and helps create the soft landing scenario.

694
00:38:05,440 --> 00:38:08,080
Speaker 1: The Fed looks for probably about thirty seconds left here, Mike,

695
00:38:08,080 --> 00:38:10,399
Speaker 1: how big a deal is this report for the Fed?

696
00:38:10,560 --> 00:38:13,160
Speaker 1: I mean, we've got one more before the next decision, right,

697
00:38:13,760 --> 00:38:17,239
Speaker 1: Actually we don't. The the calendar works out there. Next

698
00:38:17,280 --> 00:38:20,320
Speaker 1: FED decision after this is going to be two days

699
00:38:20,800 --> 00:38:23,279
Speaker 1: after two days ahead of the job's report. So this

700
00:38:23,440 --> 00:38:26,160
Speaker 1: is the last jobs report they'll see. They're more interested

701
00:38:26,200 --> 00:38:28,480
Speaker 1: in the trend. They kind of told us what they're

702
00:38:28,480 --> 00:38:31,360
Speaker 1: planning to do, all right, Mike McKee, are Bloomberg Economics

703
00:38:31,440 --> 00:38:35,040
Speaker 1: correspondent with us ahead of the March payrolls report too

704
00:38:35,040 --> 00:38:37,400
Speaker 1: out eight thirty am Wall Street Time. We will have

705
00:38:37,600 --> 00:38:41,440
Speaker 1: as always, full coverage here on Bloomberg Radio. Karen Nathan,

706
00:38:41,480 --> 00:38:43,640
Speaker 1: thank you. It is five three on Wall Straight time

707
00:38:43,680 --> 00:38:45,560
Speaker 1: for the Bloomberg The Law Report. We get to the

708
00:38:45,640 --> 00:38:49,239
Speaker 1: legal stories we are watching this morning from Bloomberg's Jeff Bellinger.

709
00:38:52,120 --> 00:38:55,440
Speaker 1: A new law in Washington State makes rideshare drivers for

710
00:38:55,560 --> 00:38:59,239
Speaker 1: companies like Uber and Left both for some benefits, but

711
00:38:59,360 --> 00:39:03,160
Speaker 1: the workers will still not have employee status. In Maryland,

712
00:39:03,280 --> 00:39:05,920
Speaker 1: a bill granting workers up to twelve weeks of paid

713
00:39:06,000 --> 00:39:09,000
Speaker 1: time off every year for family or medical needs was

714
00:39:09,080 --> 00:39:12,360
Speaker 1: passed by lawmakers and sent to the governor. A Texas

715
00:39:12,400 --> 00:39:15,680
Speaker 1: appeals court ruled that Union Pacific Railroad must face a

716
00:39:15,760 --> 00:39:19,759
Speaker 1: property damage and personal injury lawsuit over alleged exposure to

717
00:39:19,840 --> 00:39:24,719
Speaker 1: a chemical released into a Houston neighborhood. Bloomberg Law everything

718
00:39:24,800 --> 00:39:28,880
Speaker 1: you need, all on one legal research platform, including guidance

719
00:39:28,960 --> 00:39:33,239
Speaker 1: analysis and Bloomberg market Intelligence. Find out more at Bloomberg

720
00:39:33,360 --> 00:39:37,239
Speaker 1: Law dot com. All right, thanks Jeff. Now, another legal

721
00:39:37,360 --> 00:39:40,120
Speaker 1: story we're watching brings us a Supreme Court where a

722
00:39:40,200 --> 00:39:43,680
Speaker 1: pair of cases could test the expansion of a workplace arbitration.

723
00:39:43,800 --> 00:39:47,040
Speaker 1: The decisions will have ripple effects on disputes involving Amazon,

724
00:39:47,160 --> 00:39:50,000
Speaker 1: the gig economy, and the US Chamber of Commerce. At

725
00:39:50,080 --> 00:39:53,000
Speaker 1: least nine lower federal court cases have been paused waiting

726
00:39:53,040 --> 00:39:55,919
Speaker 1: for the decisions in these cases. For more, Bloomberg's June

727
00:39:55,960 --> 00:40:00,719
Speaker 1: Grosso speaks to Emery Cellier, a professor at Loyola University,

728
00:40:00,880 --> 00:40:03,800
Speaker 1: New Orleans College of Law. Tell me about the importance

729
00:40:03,840 --> 00:40:07,160
Speaker 1: of this case together with another case that was heard

730
00:40:07,200 --> 00:40:10,279
Speaker 1: this week, and the ripple effects of these cases. So

731
00:40:10,520 --> 00:40:15,040
Speaker 1: there are sixty million arbitration agreements in the American workplace today,

732
00:40:15,480 --> 00:40:18,719
Speaker 1: and this means that you have limited proceedual protections if

733
00:40:18,760 --> 00:40:22,040
Speaker 1: you want to assert any claim involving your employment, and

734
00:40:22,160 --> 00:40:24,880
Speaker 1: these tend to be confidential proceedings, and so arbitration in

735
00:40:24,920 --> 00:40:27,160
Speaker 1: the past has been used to cover up a lot

736
00:40:27,200 --> 00:40:31,120
Speaker 1: of widespread wrongdoing. We have to employment arbitration cases heard

737
00:40:31,200 --> 00:40:34,879
Speaker 1: this term, and the Supreme Court is defining the contours

738
00:40:35,080 --> 00:40:39,840
Speaker 1: of when is workplace arbitration appropriate. There are several cases

739
00:40:39,880 --> 00:40:44,120
Speaker 1: that are being held awaiting a decision here. Yes, that's correct.

740
00:40:44,160 --> 00:40:47,400
Speaker 1: The lower courts placed their decisions on hold, and so

741
00:40:47,560 --> 00:40:50,960
Speaker 1: these employment cases can run their course. So the Federal

742
00:40:51,120 --> 00:40:55,319
Speaker 1: Arbitration Act, it desembs transportation workers. They're not covered. They

743
00:40:55,360 --> 00:40:58,000
Speaker 1: can't be forced to arbitrate under federal law. And so

744
00:40:58,280 --> 00:40:59,960
Speaker 1: there are a lot of lower court cases that they

745
00:41:00,080 --> 00:41:03,960
Speaker 1: put on hold involving arguable transportation workers to see how

746
00:41:04,160 --> 00:41:06,759
Speaker 1: the Supreme Court rule in these cases. You know what

747
00:41:06,840 --> 00:41:09,640
Speaker 1: will be the final say as to the scope of

748
00:41:09,680 --> 00:41:12,320
Speaker 1: workplace arbitration. And this is a big deal with the

749
00:41:12,480 --> 00:41:16,040
Speaker 1: big economy. You can argue that some truck drivers, that

750
00:41:16,239 --> 00:41:19,279
Speaker 1: some delivery drivers, that they are considered transportation workers and

751
00:41:19,320 --> 00:41:21,920
Speaker 1: so they should be exempt from arbitration agreements under the

752
00:41:21,960 --> 00:41:26,120
Speaker 1: federal law. Would you say that usually at the Supreme Court,

753
00:41:26,840 --> 00:41:30,720
Speaker 1: arbitration wins out. Yes, that has been the track record

754
00:41:30,840 --> 00:41:33,680
Speaker 1: for the past forty or fifty years. However, in two

755
00:41:33,760 --> 00:41:37,040
Speaker 1: thousand and nineteen there was one workers victory and a

756
00:41:37,080 --> 00:41:40,320
Speaker 1: kiss called new Prime via Olivera, and I never expected

757
00:41:40,360 --> 00:41:42,759
Speaker 1: to see that coming. And so there's a glimmer of

758
00:41:42,800 --> 00:41:46,239
Speaker 1: hope for workers here. But the past track record is

759
00:41:46,320 --> 00:41:48,560
Speaker 1: not really good for workers last forty or fifty years.

760
00:41:48,640 --> 00:41:50,840
Speaker 1: And this Viking Rivers case here is just one of

761
00:41:51,080 --> 00:41:54,879
Speaker 1: several cases this term involving arbitration. There are actually five

762
00:41:55,000 --> 00:41:57,560
Speaker 1: total arbitration cases being heard, which is unusual. The Court

763
00:41:57,560 --> 00:41:59,120
Speaker 1: has heard like one or two or three a year.

764
00:41:59,360 --> 00:42:02,040
Speaker 1: And I believe the Board has an interest in promoting arbitration.

765
00:42:02,200 --> 00:42:06,000
Speaker 1: Arbitrations like a safety valve for an overcrowded judicial docket.

766
00:42:06,120 --> 00:42:08,439
Speaker 1: It's like every case to get since arbitrations one less

767
00:42:08,480 --> 00:42:10,960
Speaker 1: case of courts have to hear it. I think the

768
00:42:11,120 --> 00:42:14,080
Speaker 1: justices have an interest in trying to keep arbitration fine

769
00:42:14,200 --> 00:42:19,160
Speaker 1: tuned and working well. That's Emery Sell, professor at Loyola University,

770
00:42:19,200 --> 00:42:21,760
Speaker 1: New Orleans, College of Law, spiking at the Bloomberg Student

771
00:42:21,800 --> 00:42:24,239
Speaker 1: Carrosso catch More of that interview plus analysis of the

772
00:42:24,280 --> 00:42:27,040
Speaker 1: latest legal news by listening to the Bloomberg Law Show

773
00:42:27,120 --> 00:42:29,960
Speaker 1: at ten pm Eastern Time. Are subscribing to the Bloomberg

774
00:42:30,080 --> 00:42:33,080
Speaker 1: Law Podcast, and attorneys can find exceptional legal research and

775
00:42:33,160 --> 00:42:37,680
Speaker 1: business development tools. Have Bloomberg Law, dot com and futures

776
00:42:37,760 --> 00:42:41,360
Speaker 1: this morning or higher. SNP futures up about twenty three points,

777
00:42:41,880 --> 00:42:44,880
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