Speaker 1: Live from the Bloomberg in Directive Workers Studios. This is
Speaker 1: Bloomberg Daybreak for Monday, July two. Coming up the Shower.
Speaker 1: Investors brace for a pivotal week in the markets. The
Speaker 1: FETE is expected to hike rates by seventy five basis
Speaker 1: points again. Microsoft, Apple, Amazon, and Alphabet are all scheduled
Speaker 1: to report. And a new warning about monkey talks from
Speaker 1: the World Health Organization If he'd advisory extended till tonight
Speaker 1: for parts of the tri State. Donald Trump hands to
Speaker 1: the nation's capital. I'm John Tucker. Those stories straight ahead.
Speaker 1: I'm John Stastow and sports p Alonzo, the Big Glow
Speaker 1: for the met to the one over San Diego, Aaron
Speaker 1: Judge Homeward again the Yankees won in Baltimore. That's all
Speaker 1: training ahead on Bloomberg Daybreak on Bloomberg eleven three, on
Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one oh
Speaker 1: six one, Boston, Bloomberg nine sixties and Francisco Sirius x
Speaker 1: AM one nineteen and around the world on Bloomberg Radio
Speaker 1: dot Com and via the Bloomberg Business App. Good Morning,
Speaker 1: I'm Nathan Hagar, and I'm Karen Moscow and US stock
Speaker 1: index futures are higher this morning. We're coming up to
Speaker 1: five oh one on Wall Street, and we checked the
Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg,
Speaker 1: Guess and P Future is up, Abody points down, Future
Speaker 1: is up fifty two, Nasdack futures at thirty one, and
Speaker 1: a ten year Treasury down fifteen thirty seconds, yield two
Speaker 1: point eight zero percent, and the yield on the two
Speaker 1: year at three point zero zero percent. Nathan Karen, we
Speaker 1: begin with this week's highly anticipated FED meeting. The decision
Speaker 1: comes on Wednesday. After raising rates sharply in June, j
Speaker 1: Pal and his colleagues are expected to approve another seventy
Speaker 1: five bases point hike while the Fed titans policy to
Speaker 1: get inflation under control. Treasury Secretary Janet Yellen says she
Speaker 1: does not see any signed the economy is in a
Speaker 1: broad recession. We're likely to see some slowing of job
Speaker 1: creation um, but I do I don't think that's that's
Speaker 1: a recession. A recession is broad based weakness in the economy.
Speaker 1: We're not seeing that now. Treasury Secretary Janet Yellen made
Speaker 1: the comments on NBC's Meet the Press heard Sundays on
Speaker 1: Bloomberg Radio. Well, despite Yellen's comments and Nathan, investors are
Speaker 1: skeptical to Fed contain inflation without a recession. That's according
Speaker 1: to more than a people who responded to a Bloomberg
Speaker 1: and Live Pulse survey Beget more from Bloomberg's Heather Burg.
Speaker 1: Over sixty percent of the respondents in the survey said
Speaker 1: there's a low or zero probability that the FED can
Speaker 1: rein in inflation without causing our recession. And about two
Speaker 1: thirds of the respondents expect the ten er treasury yield
Speaker 1: to peak over the next nine months at the low
Speaker 1: three point seven percent, and most think that the Fed
Speaker 1: is going to start cutting rates in so definitely, it's
Speaker 1: a pretty muted outlook going into Bloomberg's Heather birth says,
Speaker 1: the majority in the survey say the FED funds rate
Speaker 1: will peak at four percent or less. Oh another note
Speaker 1: on inflation, Karen, prices may be close to peaking, but
Speaker 1: they won't come down quickly. That's according to an analysis
Speaker 1: by Bloomberg Economics, which things inflation is likely to stay
Speaker 1: above eight percent through the end of the year. In fact,
Speaker 1: the team's model assigns zero probability that inflation will drop
Speaker 1: below four percent. In the feed is not the only
Speaker 1: thing and focus this week, Nathan, it's also a big
Speaker 1: few days for major tech earnings. You get more from
Speaker 1: Bloomberg SHIRLEYE. Pillett. It's a week one we'll hear from
Speaker 1: names including Alphabet, Apple, Amazon, Microsoft, and Metal Platforms, among
Speaker 1: many others. We will also hear from more than thirty
Speaker 1: percent of S and P five hundred companies. Liz Young
Speaker 1: is head of investment strategy at SO five. Earning season
Speaker 1: has been mixed, not terrible so far, but we have
Speaker 1: heard from a lot of companies that they're thinking the
Speaker 1: following environment is going to be more challenging, so they're
Speaker 1: preparing themselves for that challenge. Also on deck this week
Speaker 1: three m Boeing, Chevron, Coca Cola, GM, Hilton, MasterCard, mcgarld's Proctoring,
Speaker 1: Gamble ups and Visa in New York. Charlie Palett Bloomberg Daybreaking.
Speaker 1: All right, Charlie, thank you, and earnings are all self
Speaker 1: ront and center in Europe this week, let's go live
Speaker 1: to London get the latest with Bloombergs You and Parks.
Speaker 1: Good morning, Good morning, Nathan and Karen A bump a
Speaker 1: week for European earnings. Ryanair has posted a profit for
Speaker 1: the first quarter, ahead of estimates. Europe's largest discount airline
Speaker 1: says it's cautious about bookings, though beyond the current summer
Speaker 1: travel boom. Meanwhile, first half profits slumping at Swiss Swiss
Speaker 1: Wealth Managers Julius bear that's as wild market swings spooks clients.
Speaker 1: And a cut to sales guidance for this year from
Speaker 1: medical equipment maker Phillips. It's been hit by inflationary pressures,
Speaker 1: supply chain troubles and COVID lockdowns in China. Phillips the
Speaker 1: worst performing share on the Stocks hundred today, down more
Speaker 1: than ten percent in London. I'm you in parts been
Speaker 1: book daybreak you, and thank you. In other news this morning,
Speaker 1: international concern is growing over monkey parks. The World Health
Speaker 1: Organization has to clear the monkey parks outbreak a public
Speaker 1: health emergency. We get the latest live from Bloomberg's n
Speaker 1: Need a Young, Good Morning, Rained, A Good morning, Karen.
Speaker 1: The lack of urgency and coordination in testing and treatment
Speaker 1: for the monkey pox virus in many parts of the
Speaker 1: world has prompted the World Health Organization to sound the alarm.
Speaker 1: The virus has spread to about sixteen thousand people in
Speaker 1: more than seventy countries in just a few months, and
Speaker 1: White House COVID nineteen Response Coordinator dr Ashishja says monkey
Speaker 1: pocks can be contained. The way we contain monkey pox
Speaker 1: is we have a very simple, straightforward strategy on this right,
Speaker 1: which is make testing widely available. We have done that,
Speaker 1: and now testing is far more frequent and common. We're
Speaker 1: gonna be releasing hundreds of thousands of more vaccines in
Speaker 1: the next days and weeks. Dr Ashishja made the comments
Speaker 1: on CBSS Face the Nation. You can hear the program
Speaker 1: on Sundays on Bloomberg Radio Live in New York. I'm
Speaker 1: rened a young Bloomberg Radio. All right, Nita, thank you.
Speaker 1: We also have a COVID pandemic we're still under and
Speaker 1: we've got an update this morning on President Biden's condition
Speaker 1: as he recovers from about with the virus. Amy Morris
Speaker 1: has that from our Bloomberg room in Washington. White House
Speaker 1: physician Kevin O'Connor says President biden symptoms are improving significantly,
Speaker 1: with the most prominent symptom now a sore thrope O'Connor
Speaker 1: says the seventy nine year old, who is vaccinated and
Speaker 1: double boosted, is responding to therapy is expected, and his
Speaker 1: other symptoms have diminished considerably. Biden is being treated with
Speaker 1: paxslavi it. He takes Thailand all and has been using
Speaker 1: an inhaler two to three times a day. The White
Speaker 1: House says he's still working as he continues to isolate
Speaker 1: in Washington. I'm Amy Morris Bloomberg debris right, Amy, thank
Speaker 1: you well. Incorporate news. This morning. Apple has announced a
Speaker 1: rare retail promotion in China. It's offering four days of
Speaker 1: discounts on its top tier iPhones and related accessories, aheaded
Speaker 1: a launch of its next generation devices. The company is
Speaker 1: historically reluctant to Walter pricing. The discounts come as China's
Speaker 1: economy tries to bounce back from major COVID lockdowns in
Speaker 1: Shanghai and Beijing. Finally, Karen Elon Musk is denying he
Speaker 1: had an affair with Google co founder Sergey Brinn's wife.
Speaker 1: According to the Wall Street Journal, this alleged affair took
Speaker 1: place in December. The newspaper says it led Brand to
Speaker 1: sell his investments in Musque's companies. Musk says the story
Speaker 1: is untrue and that he's still friends with Bran. Bran
Speaker 1: filed for divorce in January. Straight ahead, we have your
Speaker 1: latest local headlines and a check of sports. This is
Speaker 1: Bloomberg the South five oh seven on Wall Street, eighty
Speaker 1: two degrees in Central Park and an accident already on
Speaker 1: the way to jaff Careport westbound belt Parkway in your
Speaker 1: Cross Bay. Details coming up in traffic. First John Tucker
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. Good morning, John, Nathan historic Keith has
Speaker 1: many people struggling to pay the utility bills, and as
Speaker 1: Bloomberg's dedas Fella Greeny tells us, the Senate majority of
Speaker 1: Leader Chuck Schumer says people need more help. Senator Schumer
Speaker 1: says demand for New York's federally funded cooling assistance program
Speaker 1: is unprecedented. Area has been such a big demand for
Speaker 1: this program giving the heat way the occasions went up
Speaker 1: from about ten thousand to thirty thousand increase in demand,
Speaker 1: and is proposing adding billions of dollars to the budget
Speaker 1: for the program after it had to stop taking applications
Speaker 1: because it was so oversubscribed to the spell. A greedy
Speaker 1: Blueberg radio a destructive wildfire ne Usemity National Park has
Speaker 1: burned out of control through tinder dry forests and has
Speaker 1: grown into one of California's biggest blazes of the year.
Speaker 1: It's forcing thousands of residents to flee remote mountain communities.
Speaker 1: Sheriff Jeremy Breeze as the fight is far from over.
Speaker 1: There is hot ash, hot trees, still stuff throwing stuff
Speaker 1: over the line, causing US concerns, and two thousand firefighters
Speaker 1: battling the Oak Creek fire facing tough conditions including steep terrains,
Speaker 1: sweltering temperatures, and low humidity. Donald Truphy is coming back
Speaker 1: to Washington as Republican rivals maneuver for a possible primary challenge.
Speaker 1: Lowmakers probe his culpability for the January six insurrection for
Speaker 1: were president with the liberal keynote speech yesterday Tomorrow at
Speaker 1: the America First Agenda Summit, a conservative conference. A live
Speaker 1: stream of a church service in New York was interrupted
Speaker 1: Sunday morning by a robbery. Three gun toting thieves entered
Speaker 1: the Leaders of Tomorrow International Ministries in Brooklyn, demanding valuables
Speaker 1: from the Bishop Lamar Whitehead. You know, took my watch,
Speaker 1: took my jury, took my bishops ring, took my wedding
Speaker 1: ben and then they took my bishops across the bishop says.
Speaker 1: The thieves drove away, drove away in a white Mercedes.
Speaker 1: New York City is ranking n thre in the US
Speaker 1: for public bathrooms per capita, and now there's a bill
Speaker 1: aimed at opening more public bathrooms. It has the support
Speaker 1: to pass the City Council by the end of September.
Speaker 1: The effort comes after widespread shutdowns during the early days
Speaker 1: of the pandemic made it even tougher to find a restroom.
Speaker 1: The m t A, for instance, shuttered all seventy six
Speaker 1: toilets in the subway system. Could the news twenty four
Speaker 1: hours a day on Aaron on Bloomberg Quicktake power by
Speaker 1: more than journalists and analysm more than one hundred twenty countries.
Speaker 1: I'm John Tucker. This is Bloomberg. Nathan, Thank you John.
Speaker 1: Almost five ten on Wall Street. Time for the Bloomberg
Speaker 1: Sports Sunday. Good morning, John Stonshire, Good morning, Nathan, Aaron,
Speaker 1: Judge Peter Alonso, the two New York City Sluggers. They've
Speaker 1: got the two most runs vetted in the majors, and
Speaker 1: they'll be facing on tomorrow Wednesday a brief subway series
Speaker 1: at City Field. Yesterday in Baltimore, another home run for
Speaker 1: Judges thirties seven. He hit three in the series and
Speaker 1: in the game where he did in. Homery had four hits,
Speaker 1: Jose Trevino had four hits, and Nestor Cortez and the
Speaker 1: Yanks shut out the oriol six nothing. Last night City Field,
Speaker 1: Mets held scoreless until the sixth inning. At that point
Speaker 1: they'd only scored two runs in the series. Alonso then
Speaker 1: unloaded three run homer. Mets went on to leave the
Speaker 1: Padres eight to one, and then held on to win
Speaker 1: eight five in Atlanta, law So that met their game
Speaker 1: and a half ahead of the Braves. Among those and
Speaker 1: ductor of the Baseball Hall of Fame, Gil Hodges, fifteen
Speaker 1: years after his death, he was one of the Boys
Speaker 1: of Summer bolog Brooklyn Dodger for Spaceman. His daughter Irene
Speaker 1: made his induction speech. When my father slumped in the
Speaker 1: nineteen fifty two World Series, Brooklyn fans loved him. Who
Speaker 1: goes over one and gets the standing ovation every time
Speaker 1: at bat Mets fans loved him too. I just, of
Speaker 1: course the manager of the Miracle Mets in nineteen sixty nine,
Speaker 1: Cleon Jones Ed Cranepool, Art shampste Ron Swavoda and the
Speaker 1: daughter of the late Tom Siever. We're all there in
Speaker 1: Cooperstown where David Ortiz, Jim Cott, Tony Oliva and the
Speaker 1: late Mini Minosa and Buck O'Neal were all inducted as well.
Speaker 1: Three AM Golf at Minnesota, Tony fine out trailed by
Speaker 1: five shots with eleven holes to play, and he won
Speaker 1: by three. John stash Award Bloomberg Sports Nathan, Thank you John.
Speaker 1: Right now, SMP futures are up ten points, staff futures
Speaker 1: up seventy six. Dance dec futures are highed by thirty
Speaker 1: six points. The tain your treasury is down sixteen thirty
Speaker 1: seconds yield two point eight zero per cent on FED
Speaker 1: decision week. We'll take a look at these markets next
Speaker 1: with Lorie Calvin seen ahead of US Equity strategy at
Speaker 1: RBC Capital Markets. This is Bloomberg Bloomberg eleven three oh weather.
Speaker 1: We got a heat advisory till eight pm for parts
Speaker 1: of northern New Jersey, will get in your ninety today,
Speaker 1: mid eighties, less humid tomorrow, oper eighties on Wednesday right
Speaker 1: now two in Central Park Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com and
Speaker 1: Bloomberg Business Outland. At Bloomberg Quick Tape, He's a Bloomberg
Speaker 1: Business Flash and I'm Karen Moscow. US dot Index futures
Speaker 1: on the rise this morning, while European shares are little change.
Speaker 1: Treasury yields advancing. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg right now, s and
Speaker 1: P futures are up about eleven foys down futures of
Speaker 1: A D two and nasdack futures of thirty nine. The
Speaker 1: Daccine Germany is higher, up about two tents of upper
Speaker 1: cent ten year treasury down seventeen thirty seconds. He had
Speaker 1: two point eight one percent. They yield on the two
Speaker 1: years at three percent. Nivex screwed oil is up six
Speaker 1: tents percent, or fifty seven cents at ninety five twenty
Speaker 1: eight cents a barrel. Comics gold is up a tenth
Speaker 1: of a percent of a dollar seventy at seventeen forty seven,
Speaker 1: announced the euro one point oh two four three against
Speaker 1: the dollar, British pound one point to zero four two
Speaker 1: and again one thirty six point three nine and looking
Speaker 1: at bitcoin, it's down the most three percent at twenty
Speaker 1: two thousand fifty dollars. And German business confidence deteriorated to
Speaker 1: the worst level since the early months of the pandemic
Speaker 1: on growing concerns that record inflation and limited energy supplies
Speaker 1: from Russia will our Europe's biggest economy into a downturn.
Speaker 1: As a Bloomberg Business flash, now here's John Tucker with
Speaker 1: more on what's going on around the world. John, Good morning,
Speaker 1: Good morning, Tarring the international concern growing over Monkey Box,
Speaker 1: the World Health Organization has declared the monkey Box outbreak
Speaker 1: a public health emergency the White House physicians as President
Speaker 1: Joe Biden is improving from his COVID nineteen infection. And
Speaker 1: a distracted unidfire near you Sebody National Park burning out
Speaker 1: of control through Tinder Drive forest, thousands of residents have
Speaker 1: been evacuated. Sports The Yankees beat the Orioles, the Men's
Speaker 1: stop the Pondres, the Red Sox fold of the Blue Jays,
Speaker 1: Dodgers beat the Giants, and the Nationals, Beat the Diamondbacks
Speaker 1: Global News twenty four hours a day on There and
Speaker 1: on Bloomberg cuicktake Power by more than twenty seven hundred
Speaker 1: journalists and analysts in more than one hundred twenty countries.
Speaker 1: On John Tucker, This is Bloomberg. Thankay, John, Thank you.
Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. As we get
Speaker 1: started on a very important week for investors. Lori Calvacina
Speaker 1: is with us this morning, Head of US Equity Strategy
Speaker 1: at RBC Capital Markets. Lori, it's great to speak with
Speaker 1: you this morning while we all get ready for this
Speaker 1: FED decision coming up on Wednesday. The markets have pretty
Speaker 1: much priced in a seventy five basis point rate hike.
Speaker 1: What do you think the market reaction is going to
Speaker 1: be from whatever the Fed does decide on Wednesday? Well, well,
Speaker 1: thanks for having me. As always, I think that, as
Speaker 1: always with these events, it's really more about the details,
Speaker 1: um in terms of the commentary that's made afterwards, and
Speaker 1: at least at this point in time, it seems like
Speaker 1: there's pretty much of a consensus in terms of what
Speaker 1: the set is going to do. But I really think
Speaker 1: it's a forward look. One of the things that you know,
Speaker 1: I continue to talk to investors about is just the
Speaker 1: whole sensitivity of the FED to how these policies are
Speaker 1: reverberating in the economy. So I think if there is
Speaker 1: any indication that the SID is sensitive to that issue,
Speaker 1: I think that's something equity investors would hear. But of course,
Speaker 1: you know, unfortunately don't have a crystal ball, so it's
Speaker 1: hard to say exactly what Powell will say. But I
Speaker 1: think that sort of understanding the SED sensitivity there is
Speaker 1: something equity investors are always keen to know. Now we
Speaker 1: sort of have a dueling forecast for what the FED
Speaker 1: could do as we get further along in this tightening cycle.
Speaker 1: We've heard from Morgan Stanley strategists saying that the recession
Speaker 1: risk is growing and that stocks may have more room
Speaker 1: to fall here, while JP Morgan Chase is saying that
Speaker 1: maybe inflations peaked and there could be tail winds for stocks.
Speaker 1: What's your view on recession risk going forward? So I'll
Speaker 1: tell you that I'm in the camps that agrees that
Speaker 1: the recession risks have risen and we do need to
Speaker 1: be vigilant. But I'm an equity strategist, so I care
Speaker 1: about how equity markets digest us as opposed to making
Speaker 1: the economic call. And I will tell you that draw
Speaker 1: down already in the S and T it's come very
Speaker 1: very close, and that's where we're at the low and
Speaker 1: mid June. It's come very close to pricing and a
Speaker 1: typical recession. And if you look at small cap stocks,
Speaker 1: they essentially are pricing in a recession. They're already pricing in,
Speaker 1: for example, a big spike and job with claims. They're
Speaker 1: already pricing in a plunge in I S M manufacturing
Speaker 1: back to trough like levels if you just look at
Speaker 1: the relationship between the performance of those stocks and those
Speaker 1: economic indicators I mentioned. So I am more interested these
Speaker 1: days in adding on to rebound trades. We think that
Speaker 1: the fensage are overbought and overvalued at this point in time. Um,
Speaker 1: And I will just tell you John that if you
Speaker 1: go through the e c SC function on Bloomberg, which
Speaker 1: is something I do quite frequently, there aren't that many
Speaker 1: economists that are actually calling for an outright recession, but
Speaker 1: voices calling for the recession are quite loud, but if
Speaker 1: you look at streak a consensus economic forecast, it's really
Speaker 1: more for something coming close to contraction in the fourth
Speaker 1: quarter and really moderating to below trend type levels. And
Speaker 1: I think that's what equities are digesting at this point
Speaker 1: in time. Late last week, you made a pretty significant
Speaker 1: call to go overweight now on small caps stocks. Talk
Speaker 1: a little bit more about that. Why you're thinking that
Speaker 1: we should be cutting more toward small caps as opposed
Speaker 1: to larger ones. Yeah, so, John, small caps are my
Speaker 1: first professional child. Has spent about seven years exclusively covering
Speaker 1: the space back in the day um, including the ol
Speaker 1: oh you know, kind of oh nine period, which was
Speaker 1: quite dicey for the asset class. And you know, one
Speaker 1: of the things we know about small caps as they
Speaker 1: do tend to price in risks quite early. So I
Speaker 1: mentioned they're already pricing in this big deterioration. Certain uh
Speaker 1: very's sensitive economic indicators. But if you look at the
Speaker 1: valuations where at historic lows and small verses large um.
Speaker 1: You're also if you back at mid June, we were
Speaker 1: trading around eleven times a forward pe multiple and the
Speaker 1: Russell two thousand, and that is typically where the index
Speaker 1: bottoms out at If you also look at c FTC positioning,
Speaker 1: data positioning among asset managers and features, market for Russell
Speaker 1: two thousand features was well below financial crisis lows, making
Speaker 1: essentially massively new all time lows. That is astounding to me.
Speaker 1: It tells me, whatever your view of whether or not
Speaker 1: recession is coming, this is one area of the market
Speaker 1: where it has clearly been baked in. And we do
Speaker 1: know going back over time, recessions are historically fantastic buying
Speaker 1: opportunities for small caps like underperformed going in midway through
Speaker 1: the recession, you tend to see a big pivot and
Speaker 1: they outperform very strongly on the way out. And we
Speaker 1: think that we're getting closer to that inflection point if
Speaker 1: we aren't at it already got about him in left here, Laurie.
Speaker 1: We are going to hear from some big names in
Speaker 1: big tech this week in earnings. What's your expectation there?
Speaker 1: So I think that this is a bell Weather group. Um,
Speaker 1: you know, I do sort of, you know, care more
Speaker 1: about what classic tech is saying as opposed to communications
Speaker 1: services internet type names. Um, you know, we're we very
Speaker 1: keenly watched the software companies to see what the clues
Speaker 1: are in the corporate behavior. And I think for the
Speaker 1: corporate reaction, UM is going to really tell us how
Speaker 1: deep for this economic carnage economic damage that we may
Speaker 1: be facing gets UM. So I think that's really what
Speaker 1: I'm going to be looking for. But I do think
Speaker 1: the text stocks are reasonably valued at this point in time.
Speaker 1: So let's keep a close eye on the commentary. Yeah,
Speaker 1: we'll be watching for Thanks as always, LORI, great to
Speaker 1: have you on with us. Lori Calvacina, head of US
Speaker 1: Equity Strategy at RBC Capital Markets. Right now, SMP futures
Speaker 1: are up thirteen points, STOUT futures up ninety NASTAC futures
Speaker 1: are higher by fifty one points. Tend your Treasury is
Speaker 1: down fifteen thirty seconds. The yield two point eight zero percent.
Speaker 1: Yield on the two year right now two point nine
Speaker 1: nine percent just ahead Why Treasury Secretary Yellin says she
Speaker 1: does not see recession in the US economy. And Bloomberg
Speaker 1: m Live Pulse survey on where the Fed is going
Speaker 1: when it comes to inflation. This is Bloomberg Bloomberg eleven
Speaker 1: three oh weather heat advisory for parts of northern New
Speaker 1: Jersey today till eight pm. We're all getting them near
Speaker 1: ninety degrees today, mid eighties tomorrow upr eighties by Wednesday
Speaker 1: two is the current temperature in Central Park. Broadcasting live
Speaker 1: from the Bloomberg Interactive Broker's studio in New York, Bloomberg
Speaker 1: E Living Freedom to Washington, d C, Bloomberg nine nine
Speaker 1: one to Boston, Bloomberg one All six one to San Francisco,
Speaker 1: Bloomberg M sixteen to the country Sirius XM Cho one
Speaker 1: nine teen, and around the globe the Bloomberg Business app
Speaker 1: in Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's
Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hagar
Speaker 1: and I'm Karen mos Gali. Are just about four hours
Speaker 1: away from the open of US training. Must get you
Speaker 1: up to date on the news you need to know
Speaker 1: at this hour. We begin with this week's highly anticipated
Speaker 1: FED meeting, when Chair J. Powell and his colleagues are
Speaker 1: expected to once again approve US seventy five basis point
Speaker 1: hike so far. Our Treasury Secretary Janet Yellen says she
Speaker 1: does not believe the US economy is in a broad recession,
Speaker 1: but inflation is still a concern. Inflation is way too high.
Speaker 1: The FED is charged with putting in place policies that
Speaker 1: will bring inflation down, and I expect them to be successful.
Speaker 1: Treasury Secretary Janet Yellen made the comments on NBC's Meet
Speaker 1: the Press, and you can hear the program Sundays on
Speaker 1: Bloomberg Radio. Well, despite what Yelling saying, Karen, investors remain
Speaker 1: skeptical that the Fed will contain inflation. That's according to
Speaker 1: more than people who took part in a Bloomberg m
Speaker 1: Live Pulse survey, and according to a new model from
Speaker 1: Bloomberg Economics, inflation is very likely to stay above eight
Speaker 1: percent through year end. Well, Nathan. Big tech earnings are
Speaker 1: also in focus on Wall Street. We'll hear from Alphabet, Apple, Amazon, Microsoft,
Speaker 1: and Meta this week. They joined more than S and
Speaker 1: P five companies scheduled to report. Well Apart from corporate
Speaker 1: news this morning, Karen, International concern is growing over monkey pox.
Speaker 1: The World Health Organization has declared the outbreak of public
Speaker 1: health emergency, and we get the latest live from Bloomberg's
Speaker 1: We Needed Young. Good morning, Rida, Good morning Nathan. The
Speaker 1: lack of urgency and coordination in testing and treatment. For
Speaker 1: the monkey pox virus in many parts of the world
Speaker 1: has prompted the World Health Organization to sound the alarm.
Speaker 1: The virus has spread to about sixteen thousand people in
Speaker 1: more than seventy countries in just a few months, and
Speaker 1: White House COVID nineteen response Coordinator dr Ashishja says monkey
Speaker 1: poks can be contained. The way we contain monkey pox
Speaker 1: is we have a very simple, straightforward strategy on this right,
Speaker 1: which is make testing widely available. We have done that
Speaker 1: and now testing is far more frequent and common. We're
Speaker 1: going to be releasing hundreds of thousands of more vaccines
Speaker 1: in the next days and weeks. Dr Ashisa made the
Speaker 1: comments on CBSS Face the Nation. You can you the
Speaker 1: program Sundays on Bloomberg Radio Live in New York. I'm
Speaker 1: Renda Young Bloomberg Radio. All right. Rened to thank you,
Speaker 1: and we've an update from the Biden administration. After the
Speaker 1: President tested positive for COVID nineteen last week. White House
Speaker 1: physician Kevin O'Connor says President Biden has a sore throat,
Speaker 1: but his symptoms have improved significantly. Again. Futures are higher
Speaker 1: this morning. SMP futures up twelve points and down futures
Speaker 1: of eighty nine NAS day futures up forty five ten
Speaker 1: year treasury down fifteen thirty seconds held two point eight
Speaker 1: zero percent. Straight ahead your latest local headlines, and this
Speaker 1: is Bloomberg. Thanks Caring. It's five thirty three on Wall
Speaker 1: Street where eighty two degrees in Central Park and got
Speaker 1: a new accident your Lagardy Airport on the westbound Grand
Speaker 1: Central Parkway. Details coming up in traffic. First John Tucker
Speaker 1: with more on what's going on in New York and
Speaker 1: around the world. John Nathan, The heat is on again.
Speaker 1: A heat advisory remains that affect for parts of northern
Speaker 1: New Jersey until tonight. Bob Bloomberg. Media Rama justist Gary
Speaker 1: Vast tells us relief is in sight. John, A big
Speaker 1: gridgi of high pressure that's been responsible for all our
Speaker 1: heating commidity will begin to break down a bit through today,
Speaker 1: so that's gonna be more seasable weather coming up here
Speaker 1: for much of this week, with temperatures mainly sitting in
Speaker 1: the eighties, and the commity will be on the moderate
Speaker 1: to highside at times. See in Newark, New Jersey, there
Speaker 1: have been five straight days of hitting one hundred degrees
Speaker 1: that's the longest stretch on Rancord. At least two thousand
Speaker 1: firefighters battling a raging wildfire just west of Yosemite National Park.
Speaker 1: More than six thousand residents have been forced from their homes.
Speaker 1: Extreme drought fueling the flames. Califire Battalion Chief John Heggie,
Speaker 1: we're seeing that when change throughout the day, which really
Speaker 1: kind of puts the firefront in different areas as we
Speaker 1: despight the fire. California's governor has declared a state of emergency.
Speaker 1: Donald Trump will test his winning appeal among Republicans with
Speaker 1: a visit to the nation's capital. More from Bloomberg's Ain't
Speaker 1: Need Morris. The former president will deliver a keynote speech
Speaker 1: tomorrow at the America First Agenda Summit in Washington, a
Speaker 1: conservative conference. His remarks come the heels of a House
Speaker 1: Committee hearing that portrayed him standing by indifferently, even vindictively,
Speaker 1: for hours as a mob of his supporters battled police
Speaker 1: and chased lawmakers through the halls of the capital. Trump
Speaker 1: is not expected to announce a third run for president
Speaker 1: in his Washington speech. His former Vice president, Mike Penns,
Speaker 1: will deliver remarks of his own scheduled for today in Washington.
Speaker 1: I'm anymore as Bloomberg day Break. He was instrumental in
Speaker 1: getting Republican George Pataki elected governor at Aldamtto elected Senator.
Speaker 1: In New York, former state Conservative Party chairman Michael Long
Speaker 1: has died. He was eight two, and Pope Francis landed
Speaker 1: in Canada Ian what's been called a penitential journey, a
Speaker 1: journey that too apologize to Canada's indigenous people for the
Speaker 1: abuse of children in residential schools going back to the
Speaker 1: nineteenth century. Global News twenty four hours a day on
Speaker 1: Aeron on Bloomberg Quicktake, powered by more than twenty seven
Speaker 1: hundred journalists and analysts and more than one twenty countries.
Speaker 1: John Tucker, this is Bloomberg, Nathan. Thank you. John thirty
Speaker 1: five on Wall Street Time for the Bloomberg Sports Update
Speaker 1: with John Stesshow all right, Nathan, Mets had lost three
Speaker 1: in a row, had only scored four runs in those
Speaker 1: three games. They began to day with their lead over Atlanta.
Speaker 1: There was once ten and a half games down to
Speaker 1: just a half game, the bravest loss, So the Mets
Speaker 1: knew they were not gonna fall out of first, but
Speaker 1: their bats were quiet for five innings against the Padres
Speaker 1: Joe Musgrove and then in the sixth maybe their biggest
Speaker 1: hit of the season. Here at the pitch, So we're
Speaker 1: gonna high five ball well hit up center peas on
Speaker 1: the way there we go are run Homer Pino, wats
Speaker 1: holl Over the great Wall of using to the right
Speaker 1: up the three seventy, Mark Petolatzol this crowd here at
Speaker 1: New CBS. Mets tacked on five more runs lad eight
Speaker 1: to one, then held on beat San Diego eight five,
Speaker 1: and inted Edwin Diaz to close it out, got his
Speaker 1: twenty first save. Mets off today host the Yankees Tomorrow.
Speaker 1: Yanks in Baltimore shut out the Orioles six nothing. Nest
Speaker 1: Ortes the first six innings, Clark Schmidt the last three,
Speaker 1: four hits for Jose Travino at another home run for
Speaker 1: Aaron Judges thirty seven. Houston right behind the Yanks. They
Speaker 1: finished a sweep in Seattle. The Mariners started that series
Speaker 1: writing a fourteen game winning streith. The Red Sox lost
Speaker 1: their fifth in a row, swept at home by Toronto.
Speaker 1: During the losing street, the Red Sox allowed sixty seven
Speaker 1: runs they did yesterday get to see one of their
Speaker 1: all time grades get inducted for the Baseball Hall of Fame.
Speaker 1: David Ortiz did his speech in both English and Spanish.
Speaker 1: Tony lev and Jim Cot both in Ducket as well,
Speaker 1: and three went in posthumously, Minnie Minoso, Buck O'Neill, and
Speaker 1: Gil Hodges. Brooklyn Dodger and Met fans had been waiting
Speaker 1: a long time to see the Blomer, Brooklyn first baseman
Speaker 1: and Mets manager make it to Cooper Stanmore Bloomberg Sports
Speaker 1: Nathan thanks John seven on Wall Street time for the
Speaker 1: Tri State Business Report. Here's Bloomberg's head Corey. A student
Speaker 1: loan forgiveness program for behavioral health professionals has been started
Speaker 1: by New York City Health and Hospitals. The program was
Speaker 1: being funded with an anonymous million dollar donation. Thirty thousand
Speaker 1: to fifty thousand dollars will be given a professionals who
Speaker 1: commit three years to the hospital system. New Jersey brewery
Speaker 1: owners are upset about new rules imposed by the Division
Speaker 1: of Alcoholic Beverage Control and j BIZ says they limit
Speaker 1: the number of events they can host and other restrictions.
Speaker 1: The regulations are part of a special ruling the ABC
Speaker 1: issued in which followed a similar harsher set of rules
Speaker 1: from two thousand to eighteen. The Middletown, Connecticut Recycling Department
Speaker 1: has launched its Refill not Landfill coffee cup passport program
Speaker 1: at Perk on Maine. Patrons are being asked to sign
Speaker 1: a promise to use reusable competent retailers to reduce waste
Speaker 1: and maybe even influence others to do the same. That
Speaker 1: your Bloomberg Dries Day Business report. I'm in Corey, Thanks
Speaker 1: on Wall Street. Bloomberg Radio is on the air from
Speaker 1: San Francisco to New York, London to Hong Kong. Let's
Speaker 1: check in with our global news team for some of
Speaker 1: the tough stories heard on our three hundred of siliate
Speaker 1: radio stations around world. I'm Steve Plis, got on kN
Speaker 1: X and Los Angeles. We're talking about how Hollywood isn't
Speaker 1: releasing as many movies and theaters as it was before
Speaker 1: the pandemic and pornitsahoe on w h S and Moville.
Speaker 1: Credit card companies have started to seek consumer shift to
Speaker 1: buying lower cost products. I'm Joan Donnager telling w c
Speaker 1: c O listeners of Minneapolis, St. Paul General Mills is
Speaker 1: seeing more of us by generic serials because of inflation.
Speaker 1: I'm Stephen Carol on Bloomberg, d AP Digital Radio and London.
Speaker 1: We've been reporting on Ryanair beating expectations with its latest earnings,
Speaker 1: the warning of a fragile monks a had. I'm at
Speaker 1: Corey on KFBK and Sacramento. I'm reporting Apple will offer
Speaker 1: a rare iPhone discount for buyers in China. When those
Speaker 1: are some of the stories our Dred Bloomberg journalists and
Speaker 1: analyst working on this morning around the world. It's five
Speaker 1: thirty nine on Wall Street. The following is an editorial
Speaker 1: from Bloomberg Opinion. The senatorial was written by the Blue
Speaker 1: Burg Editorial Board. When a mob stormed the US capital
Speaker 1: on January six, Secret Service agents had several key roles,
Speaker 1: including defending the then Vice president as protesters threatened his life.
Speaker 1: But when Congress told the Secret Services parent agency to
Speaker 1: preserve all records related to the attack, apparently the message
Speaker 1: didn't get through. The Secret Service recently reported that most
Speaker 1: of its agents texts from that day have been deleted.
Speaker 1: By law, federal agencies are required to save all such data.
Speaker 1: Perhaps some naive i T staffers blundered innocently, or maybe
Speaker 1: something worse was going on. The Department of Homeland Security
Speaker 1: has reportedly opened a criminal investigation into the matter. Whatever happened,
Speaker 1: the Secret Service, OS, Congress and the country some answers.
Speaker 1: The editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash
Speaker 1: open in or opie I n go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg
Speaker 1: opinion editorials every weekday. At this time, terminal customers can
Speaker 1: read more at opie I n go. Futures moving higher.
Speaker 1: You're listening to Bloomberg Daybreak Bloomberg eleventh, three oh weather.
Speaker 1: Some storms possible this afternoon with parts of northern New
Speaker 1: Jersey under a heat advisory. Today, we'll get up to
Speaker 1: their ninety degrees mid eighties tomorrow, oper eighties Wednesday. Right
Speaker 1: now two in Central Park Markets, headlines and breaking news
Speaker 1: twenty four hours a day at Bloomberg dot Com, the
Speaker 1: Bloomberg Business at and at Bloomberg Quicktake. This is a
Speaker 1: Bloomberg Business Flash, and I'm Karen Moscow when you wash
Speaker 1: Dot Index futures on the rise this morning, while European
Speaker 1: stocks aren't moving higher to now. We checked the markets
Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg SMP
Speaker 1: future is up fourteen points down, futures of a hundred
Speaker 1: five nasdack features of fifty and the decks in Germany's
Speaker 1: have three tens of a percent. Ten year treasury down
Speaker 1: fourteen thirty seconds held two point eight zero percent. They
Speaker 1: yield on the two year two point nine nine percent.
Speaker 1: Nine Max screw oil is a one two percent of
Speaker 1: a dollar ten and ninety five dollars seventy nine cents
Speaker 1: a barrel co make school the tenth of a percent
Speaker 1: of a dollar eighty at seventeen forty seven ten announce
Speaker 1: the Euro one point oh two four or five against
Speaker 1: the dollar, British pound one point to zero five three
Speaker 1: and agen one thirties six point to seven, and Bitcoin
Speaker 1: this morning is lower down three percent at twenty two
Speaker 1: thousand thirty. And that's a Bloomberg Business flash. Now here's
Speaker 1: John Tucker with more on what's going on around the world.
Speaker 1: John Van Karen. International concern growing over monkey pox, the
Speaker 1: World Health organization has to clear the monkey Fox outbreak
Speaker 1: of public health emergency. The White House position says President
Speaker 1: Joe Biden is improving from his COVID nineteen infection, and
Speaker 1: the destructive wildfire near YU seventy is burning out of
Speaker 1: control through tinder drive forests. Thousands have been evacuated. Sports.
Speaker 1: Yankees beat the Orioles, Mets beat the Podres, the Rentss,
Speaker 1: full of the Blue Jays, Dodgers beat the Giants, and
Speaker 1: the Nationals went over the Diamondbacks. Global news twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake Power
Speaker 1: by more than twenty seven hundred journalists and the analysts
Speaker 1: had more than one hundred twenty countries. I'm John Tucker,
Speaker 1: and this is Bloomberg. Nathan Okay, John, thank you. It's
Speaker 1: five forty nine on Wall Street Life from the Bloomberg
Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak and we're joined
Speaker 1: now by Sarah Human, Managing Director, Head of Europe and
Speaker 1: America's Research at Standard Chartered Bank, as we look ahead
Speaker 1: to that all important rate decision this week from the
Speaker 1: Federal Reserve. Sarah, good morning, thanks for being here. Chairman
Speaker 1: Powell and Company. Of pretty much dialed back expectations that
Speaker 1: we're going to get more than of seventy five basis
Speaker 1: point hike on Wednesday. What's the year four asked for
Speaker 1: this week. Yeah, we're expecting seventy basis points. I think that,
Speaker 1: as you say, they've dialed back on a hundred basis
Speaker 1: points and we're seeing some pretty weak data coming out
Speaker 1: of the US. UM So, I think it's going to
Speaker 1: be a focus more on what's the tone of the meeting. UM.
Speaker 1: We think that it's UM. We'll probably have some hawkish
Speaker 1: noise coming from Powell. Um. He still needs to have
Speaker 1: some indication that inflation is coming down. Um So, I
Speaker 1: think the that there are concerns going concerns about the
Speaker 1: econom accounts. Look, but for the time being, if you're
Speaker 1: doing a seventy five basis point hype, then that suggests
Speaker 1: that inflation is the main driver. Now, of course, we
Speaker 1: did hear from Treasury Secretary Yelling yesterday trying to talk
Speaker 1: down some of those concerns about recession in the economy.
Speaker 1: She says, there's no evidence at this point of a
Speaker 1: broad based US recession. What are you looking at? We
Speaker 1: think we will see recession later in the year. It's
Speaker 1: possible that when we get the GDP data out on
Speaker 1: Thursday then they could come in negative. But the first
Speaker 1: half of the year obviously has been a time when
Speaker 1: the unemployment rate has been very low. It stayed very low,
Speaker 1: and we have had some indication that households have drawn
Speaker 1: on savings to maintain spending despite very high inflation. But
Speaker 1: we think that um as we carry on through the year,
Speaker 1: high inflation is becoming increasingly a headwind to spending and
Speaker 1: that we will see a deterioration, not just in I
Speaker 1: mean received very weak consumer confidence now and increasingly very
Speaker 1: weak business confidence as well. So that combination of factors
Speaker 1: to us suggests that the second half of the year
Speaker 1: is going too slow, quite markedly. Um So, as I say,
Speaker 1: the second quarter data are somewhat vulnerable to what's happened
Speaker 1: to inventories, what's happened to trade, we may still see spending,
Speaker 1: consumer spending, an investment holding up, even if there is
Speaker 1: a technical negative for the quarter. Are you thinking that
Speaker 1: the Fed is going to continue hiking aggressively into those
Speaker 1: signs of weakness. No, we think September that we'll see
Speaker 1: as so a pace of hiking. So we're expecting fifty
Speaker 1: basis points in September that will take us to three
Speaker 1: percent on the FED funds rate, and we think that
Speaker 1: that's where they will halt, because we believe that by
Speaker 1: September there will be some after September fourth quarter there
Speaker 1: will be some very clear signs of economic stress, and
Speaker 1: that also importantly, we'll be seeing clear signs of inflation slowing,
Speaker 1: both on a sort of annual and on a monthly basis.
Speaker 1: So UM we're we we've we think the market is
Speaker 1: still being too aggressive, and what priced in market has
Speaker 1: been dialing back quite quickly on UM, the pace of
Speaker 1: FED hiking and the and to which the Fed will
Speaker 1: carry on raising rates, But in our view three will
Speaker 1: be the tops for this this current cycle, and we'll
Speaker 1: get there in September. How much control can the FED
Speaker 1: have over this kind of supply driven inflation that we're seeing,
Speaker 1: particularly with the war in Ukraine going on. Is central
Speaker 1: bank policy effective enough to deal with this kind of inflation?
Speaker 1: It's not. Supply There's there's nothing that can be done
Speaker 1: in terms of boosting supply of oil, gas, energy. There's
Speaker 1: there's little that can be done. A menager policies is
Speaker 1: not going to change what's happening in terms of trying
Speaker 1: to get grain out of Ukraine. What it can do, though,
Speaker 1: is ensure that inflation expectations remain well anchored. So we
Speaker 1: have had some encouraging signs there that the University of
Speaker 1: Michigan inflation expectations for both one year and three five
Speaker 1: years ahead have come down recently. Um fundamentally, it's a
Speaker 1: matter of slowing the economy, raising the unemployment rate, taking
Speaker 1: demand out of the economy such that you don't get
Speaker 1: these second round effects and the inflation spiraling up higher.
Speaker 1: So it's a pretty um sort of broad way of
Speaker 1: trying to address the inflation situation. Thanks for this, Sarah,
Speaker 1: great having you on with us this morning. Sarah Hwan
Speaker 1: with Standard Chartered Bank. Karen Nathan, it is five or
Speaker 1: D three on Wall Street. It's time for the Bloomberg
Speaker 1: Law Report. It has brought to you by American Arbitration Association.
Speaker 1: Business disputes are inevitable, resolve faster with the American Arbitration Association,
Speaker 1: the global leader in alternative dispute resolution for over ninety years.
Speaker 1: More at a d R dot org. That's yet to
Speaker 1: the legal stories we're watching this morning from Bloomberg's Jeff Bellinger,
Speaker 1: OSA is proposing that the family dollars door in Orlando
Speaker 1: we find more than three hundred thousand dollars over the
Speaker 1: death of a worker. The employee died shortly after struggling
Speaker 1: with a shoplifting. Lawyers for Cody and Knoxell struck back
Speaker 1: at a proposed class suit alleging that a cosmetic powder
Speaker 1: contained an undisclosed p f A S indicator. The attorneys
Speaker 1: say the lead plaintiff suffered no injury. The Ninth Circuit
Speaker 1: affirmed that Marriott's website for a California hotel has sufficient
Speaker 1: disclosures on accessibility. The court refused to revive claims that
Speaker 1: the information is inadequate. Bloomberg Law everything you need, all
Speaker 1: on one legal research platform, including guidance analysis and Bloomberg
Speaker 1: Market Intelligence. Find out more at Bloomberg Law dot com.
Speaker 1: All right, Jeff, thank you. Now, another legal story we're watching.
Speaker 1: Legal teams for Elon Musk and Twitter are preparing for
Speaker 1: an October trial. After Muska lost the first round at
Speaker 1: a Delaware Chancery court, Chief Judge Knatling McCormick indicated that
Speaker 1: she is going to treat the case, just like any
Speaker 1: other broken deal case involving a public company. For more
Speaker 1: Bloomberg's doing. Grow So speaks to Eric Telly, professor at
Speaker 1: Columbia Law School. Did Chancellor McCormick give any hints about
Speaker 1: how she views this deal or what's important in the case.
Speaker 1: She was appropriately pretty guarded about expressing opinions about the
Speaker 1: underlying merits of the case. There are potentially a few
Speaker 1: things that do seem to leak out a little bit.
Speaker 1: She did specifically say that, you know, this looks like
Speaker 1: it's the type of case where specific performance would be appropriate.
Speaker 1: That money damages, you know, wouldn't compensate Twitter for all
Speaker 1: of the pain and harm and lack of closing. I
Speaker 1: think the second thing that it is much more implicit
Speaker 1: that comes out is that now that she has put
Speaker 1: these parties on, you know, a leash that's only a
Speaker 1: couple of months long, to do all of their expert discovery,
Speaker 1: to do all of their depositions of the fact witnesses,
Speaker 1: to do all of their document review, and all of
Speaker 1: their data review. It suggests that the body counting exercises
Speaker 1: going to have to be somewhat more limited than what
Speaker 1: Team Musk wanted. You're not going to be able to,
Speaker 1: you know, pull out just mountains and mountains and mountains
Speaker 1: of data and be able to go over it and
Speaker 1: reach definitive conclusions about it in a couple of months time.
Speaker 1: So it is at least a little bit suggestive that
Speaker 1: Chancellor McCormick, it's probably going to cabin the fishing expeditions
Speaker 1: for bots a little bit and quite possibly concentrate a
Speaker 1: little bit more on exactly what was Twitter putting in
Speaker 1: their securities disclosures. They weren't writing about specific numbers of bots,
Speaker 1: they had a rough estimate, but much of it was
Speaker 1: just sort of describing how they went about auditing their
Speaker 1: own system. And that's the thing that is most testable
Speaker 1: in terms of whether those disclosures had fraudulent statements. And
Speaker 1: then did they actually audit their bot system, did the
Speaker 1: process that they have to cohere with how they described
Speaker 1: it in their filings? And so what does this expedited
Speaker 1: schedule mean for the legal tomes here? For both sides,
Speaker 1: this is now kind of an all hands on deck moment.
Speaker 1: So I would not be surprising to see delivery trucks
Speaker 1: with Diet Coke and Red Bulls backing up to the
Speaker 1: law firms that are having to push forward with all
Speaker 1: kinds of depositions, document review, expert reports, and so forth.
Speaker 1: But this is not unusual in Delaware, even for large
Speaker 1: high profile cases. There are a lot of these large
Speaker 1: high profile cases that end up taking this fast track
Speaker 1: to final adjudication. And as Rich Caney, a professor at
Speaker 1: Columbia Law School, speaking at Bloomberg student Grosso. Catch more
Speaker 1: of that interview, plus analysis of the latest legal news
Speaker 1: by subscribing to the Bloomberg Law Podcast or downloading the
Speaker 1: show at Bloomberg dot com, slash podcasts, Top Stories, straight Ahead,
Speaker 1: This is Bloomberg