1 00:00:02,800 --> 00:00:06,080 Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg 2 00:00:06,120 --> 00:00:10,160 Speaker 1: day Break for Thursday, January two. Coming up this hour, 3 00:00:10,480 --> 00:00:14,080 Speaker 1: markets react after the Fed takes a hawkish tone that's 4 00:00:14,120 --> 00:00:17,440 Speaker 1: on red. Hikes climb, with traders now predicting five increases. 5 00:00:17,720 --> 00:00:22,040 Speaker 1: Earnings also hit sentiment as outlooks from Intel and Tesla disappoints, 6 00:00:22,079 --> 00:00:25,360 Speaker 1: and Chuck Schumer promises quick action to fill justice Stephen 7 00:00:25,400 --> 00:00:28,720 Speaker 1: Briers spot on the Supreme Court, a winter storm bears 8 00:00:28,720 --> 00:00:31,240 Speaker 1: down on the city, and President Biden will visit New 9 00:00:31,320 --> 00:00:34,440 Speaker 1: York to focus on gun violence. I'm John Tucker. Those 10 00:00:34,479 --> 00:00:37,080 Speaker 1: stories straight ahead, I'm John stash Ower. And sports, the 11 00:00:37,120 --> 00:00:39,400 Speaker 1: Heat beat, the Knicks, the Nuggets, beat the Nets, and 12 00:00:39,440 --> 00:00:44,320 Speaker 1: they're playing the women's semifinals at the Australian Open. That's 13 00:00:44,320 --> 00:00:48,640 Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg elim Trio, 14 00:00:48,760 --> 00:00:54,080 Speaker 1: New York, Bloomberg Washington, d C, Bloomberg one six one, Boston, 15 00:00:54,240 --> 00:00:58,760 Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen 16 00:00:59,120 --> 00:01:01,920 Speaker 1: and around the world Old on Bloomberg Radio dot Com 17 00:01:01,960 --> 00:01:09,480 Speaker 1: and via The Bloomberg Business. Good Morning. I'm Nathan and 18 00:01:09,520 --> 00:01:11,920 Speaker 1: I'm Karen most now. US Future is looking at stage 19 00:01:11,920 --> 00:01:14,240 Speaker 1: to come back. They're rebounding off the worst levels this 20 00:01:14,360 --> 00:01:16,440 Speaker 1: morning and moving higher. We're coming up to five o 21 00:01:16,560 --> 00:01:18,280 Speaker 1: one on Wall Street, and we check the markets every 22 00:01:18,280 --> 00:01:21,839 Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SNP Future 23 00:01:21,920 --> 00:01:24,440 Speaker 1: is up five points, death Future is up six Nasdack 24 00:01:24,520 --> 00:01:27,560 Speaker 1: Futures up fifty four. The decks in Germany's down four 25 00:01:27,640 --> 00:01:30,600 Speaker 1: tenths of upper cent, and your Treasury up six thirties 26 00:01:30,600 --> 00:01:33,640 Speaker 1: seconds ye at one point eight four per cent. Nathan 27 00:01:34,000 --> 00:01:36,960 Speaker 1: Karen stocks did sell off overnight after yesterday's hawk is 28 00:01:37,080 --> 00:01:40,000 Speaker 1: chilled from the Fed, but US futures are bouncing back. 29 00:01:40,000 --> 00:01:43,279 Speaker 1: From session, Low's chair J Powell signal to March interest 30 00:01:43,360 --> 00:01:46,840 Speaker 1: rate hike but also stoked speculation about more aggressive policy 31 00:01:46,959 --> 00:01:49,240 Speaker 1: in the months ahead. I think there's quite a bit 32 00:01:49,280 --> 00:01:53,559 Speaker 1: of room to raise interest rates without threatening the labor market. 33 00:01:53,600 --> 00:01:58,279 Speaker 1: This is, by so many measures, a historically tight labor market, 34 00:01:58,400 --> 00:02:00,640 Speaker 1: with the yield curve flattened. On the heels of those 35 00:02:00,640 --> 00:02:03,200 Speaker 1: comments from J Powell this morning, two year yields are 36 00:02:03,320 --> 00:02:06,760 Speaker 1: rising while tens and thirties fall. Former Fed Vice chair 37 00:02:06,800 --> 00:02:09,840 Speaker 1: Alan Blinder expects a rate hike at every meeting this year. 38 00:02:10,280 --> 00:02:13,440 Speaker 1: Think about where we are now. We're almost as zero rate. 39 00:02:14,120 --> 00:02:17,400 Speaker 1: Four rate hike is puts you just above one percent. 40 00:02:17,919 --> 00:02:20,840 Speaker 1: That's hardly a central bank that's trying to clamp down 41 00:02:21,320 --> 00:02:24,280 Speaker 1: on its economy. Former vice chair Allen Blinder says the 42 00:02:24,320 --> 00:02:26,880 Speaker 1: FED will continue to be data dependent, and this morning 43 00:02:26,880 --> 00:02:29,400 Speaker 1: money markets are now pricing five rate hikes from the 44 00:02:29,440 --> 00:02:33,079 Speaker 1: Fed this year. Nathan Us stock sank after the Fed decision, 45 00:02:33,120 --> 00:02:35,880 Speaker 1: and that trend continued overnight with heavy selling. In Asia. 46 00:02:36,000 --> 00:02:38,960 Speaker 1: We get the recap from Bloomberg's Juliette Sally and Singapore. 47 00:02:39,000 --> 00:02:41,359 Speaker 1: Good morning, Juliette, Good morning Karen. The m c I 48 00:02:41,400 --> 00:02:44,160 Speaker 1: Asia Pacific INEX posted its biggest drop since February to 49 00:02:44,240 --> 00:02:47,120 Speaker 1: hold at fourteen month lows, as a number of indexes 50 00:02:47,160 --> 00:02:50,119 Speaker 1: in the region tatd Ono entered bar market in correction. 51 00:02:50,240 --> 00:02:53,600 Speaker 1: Territory China's cs I three D twenty percent from its 52 00:02:53,600 --> 00:02:56,720 Speaker 1: February peak to enter a bear market. South Korea's Costly 53 00:02:56,840 --> 00:03:00,160 Speaker 1: also entering a band market. Australia's ASSEX two hundred was 54 00:03:00,200 --> 00:03:02,880 Speaker 1: down tenpa cent from its ogus peak to enter correction. 55 00:03:03,320 --> 00:03:07,000 Speaker 1: In Singapore, juliet Sale Bloomberg Daybreak. All right, Juliet, thank you. 56 00:03:07,080 --> 00:03:09,520 Speaker 1: So how much further is the Federal Reserve willing to 57 00:03:09,600 --> 00:03:12,160 Speaker 1: let stocks slide? We have a prediction from the world's 58 00:03:12,160 --> 00:03:15,160 Speaker 1: biggest hedge fund. Bloomberg's rannitda Young joins us Live with 59 00:03:15,200 --> 00:03:17,640 Speaker 1: the details. Good morning, Ranita, Good morning Nathan. It's the 60 00:03:17,680 --> 00:03:21,320 Speaker 1: burning question of the moment for market watchers, and Bridgewater 61 00:03:21,360 --> 00:03:24,799 Speaker 1: Associates co Chief investment officer Gregg Jensen says the fit 62 00:03:24,919 --> 00:03:28,799 Speaker 1: could let stocks drop as much as more that will 63 00:03:28,840 --> 00:03:33,400 Speaker 1: put the spire below thirty, near its pre pandemic level. 64 00:03:33,760 --> 00:03:36,320 Speaker 1: Ja says so far, the decline over the past few 65 00:03:36,320 --> 00:03:39,680 Speaker 1: weeks has been mostly healthy because it's deflated some of 66 00:03:39,760 --> 00:03:43,760 Speaker 1: the bubbles like cryptocurrencies. Live in New York. I'm Ranita Young, 67 00:03:43,800 --> 00:03:47,080 Speaker 1: Bloomberg Daybreak, Ranita, thank you. Stocks are also under pressure 68 00:03:47,120 --> 00:03:50,280 Speaker 1: this morning from earnings, including disappointing results from Intel. The 69 00:03:50,280 --> 00:03:53,240 Speaker 1: shipmakers out with a weak profit forecast for the current quarter, 70 00:03:53,280 --> 00:03:55,880 Speaker 1: and we get the story from Bloomberg's Charlie Pellett. The 71 00:03:56,000 --> 00:03:59,080 Speaker 1: report is fueling concerned that the cost of CEO Pat 72 00:03:59,160 --> 00:04:03,880 Speaker 1: Gelsinger's turnaround plan will weigh heavily on the chipmaker's financial performance, 73 00:04:04,160 --> 00:04:07,440 Speaker 1: though demand for server chips is helping bolster sales. The 74 00:04:07,520 --> 00:04:10,960 Speaker 1: forecast dad's evidence that profit is suffering from an Intel 75 00:04:11,040 --> 00:04:14,680 Speaker 1: spending spree. Galsinger, who took the home last year, has 76 00:04:14,720 --> 00:04:19,120 Speaker 1: embarked on an ambitious plan to overhaul Intel's manufacturing that 77 00:04:19,240 --> 00:04:22,000 Speaker 1: includes a new factory hub and Ohio announced last week 78 00:04:22,200 --> 00:04:25,800 Speaker 1: but could cost twenty billion dollars in New York, Charlie 79 00:04:25,839 --> 00:04:29,160 Speaker 1: Pellet Bloomberg Daybreak, All right, Charlie, thanks. Shares of Tesla 80 00:04:29,240 --> 00:04:32,880 Speaker 1: are also dropping this morning. The company posted profit above estimates, 81 00:04:32,880 --> 00:04:36,840 Speaker 1: but warrant supply chain problems will persist. Ed Ludlow has 82 00:04:36,880 --> 00:04:39,760 Speaker 1: details from our Bloomberg nine sixty newsroom in San Francisco. 83 00:04:40,120 --> 00:04:44,120 Speaker 1: Executives said that production volumes at the plant in Fremont, California, 84 00:04:44,200 --> 00:04:48,080 Speaker 1: and in Shanghai have been depressed for several quarters due 85 00:04:48,120 --> 00:04:50,960 Speaker 1: to the ongoing supply chain crunch that includes, of course, 86 00:04:50,960 --> 00:04:54,960 Speaker 1: a shortage of semiconductors, and that meant one big thing 87 00:04:55,120 --> 00:04:59,440 Speaker 1: this year two Tesla will not be launching any new products. 88 00:04:59,480 --> 00:05:02,359 Speaker 1: That means no cyber truck, no semi truck. And the 89 00:05:02,440 --> 00:05:05,360 Speaker 1: logic that Elon must put behind that was that if 90 00:05:05,400 --> 00:05:08,000 Speaker 1: they don't have the parts to build or rampart production 91 00:05:08,040 --> 00:05:11,480 Speaker 1: off their existing products, then they shouldn't move quickly onto 92 00:05:11,560 --> 00:05:15,520 Speaker 1: new products going forward ed Lovelow, Bloomberg News, San Francisco, 93 00:05:15,839 --> 00:05:18,320 Speaker 1: and thank you the tech earnings continue to roll in today. 94 00:05:18,400 --> 00:05:20,760 Speaker 1: Up next to Apple reports this afternoon, and we get 95 00:05:20,760 --> 00:05:23,799 Speaker 1: a preview from Bloomberg's Tom Busby. Well. The big question 96 00:05:23,839 --> 00:05:27,039 Speaker 1: for Apple's first quarter results how big were holiday sales 97 00:05:27,160 --> 00:05:30,120 Speaker 1: of its new iPhone thirteens, as well as the iPad Mini, 98 00:05:30,240 --> 00:05:33,600 Speaker 1: the MacBook Pro, the Apple Watch Series seven, and it's 99 00:05:33,680 --> 00:05:38,200 Speaker 1: updated air podier phones. Also whether that global computer chip 100 00:05:38,240 --> 00:05:42,520 Speaker 1: crunch and supply chain bottlenecks impacted sales and production. Bloomberg 101 00:05:42,520 --> 00:05:45,800 Speaker 1: economists forecast revenue during the all important holiday quarter topped 102 00:05:45,839 --> 00:05:49,400 Speaker 1: one nineteen billion dollars, more than half of that from 103 00:05:49,400 --> 00:05:52,520 Speaker 1: sales of iPhones on non adjusted earnings of a dollar 104 00:05:52,640 --> 00:05:56,440 Speaker 1: nineties share Tom Busby Bloomberg Daybreak and tom Earnings In 105 00:05:56,440 --> 00:05:59,080 Speaker 1: Europe and Focus as well. Shares of Deutsche Bank are 106 00:05:59,160 --> 00:06:02,040 Speaker 1: up five per sen. Germany's largest lender, says it will 107 00:06:02,080 --> 00:06:05,159 Speaker 1: quote significantly exceed its revenue guidance for the coming year. 108 00:06:05,360 --> 00:06:08,359 Speaker 1: Deutsch saw gains in debt trading and its merger advisory 109 00:06:08,400 --> 00:06:11,160 Speaker 1: business in the fourth quarter. And turning to politics now, 110 00:06:11,240 --> 00:06:14,159 Speaker 1: Nathan President Biden looks poised a mega mark on the 111 00:06:14,160 --> 00:06:17,840 Speaker 1: Supreme Court. We're told Justice Stephen Bryer plans to retire 112 00:06:17,880 --> 00:06:20,279 Speaker 1: at the end of this term. Senate Majority Leader Chuck 113 00:06:20,320 --> 00:06:23,600 Speaker 1: Schumer is leading tributes to the High Court's most senior liberal. 114 00:06:24,000 --> 00:06:27,039 Speaker 1: He was a model jurist. He had huge impact on 115 00:06:27,160 --> 00:06:31,839 Speaker 1: people's lives in terms of voting rights, women, women's rights, 116 00:06:31,839 --> 00:06:35,120 Speaker 1: and reproductive rights, in terms of the environment, and maybe 117 00:06:35,160 --> 00:06:37,640 Speaker 1: most of all, on the a C a UH, the 118 00:06:37,720 --> 00:06:41,320 Speaker 1: Affordable Care Act, making sure its state. Senator Schumer is 119 00:06:41,320 --> 00:06:45,200 Speaker 1: promising a quick timetable to confirm Brier's successor. President Biden 120 00:06:45,240 --> 00:06:47,479 Speaker 1: has promised to name a black woman to the High Court, 121 00:06:47,760 --> 00:06:50,200 Speaker 1: and futures Karen are moving higher at the moment. SMP 122 00:06:50,320 --> 00:06:52,760 Speaker 1: futures are up twelve point, staff futures up forty six, 123 00:06:52,800 --> 00:06:56,279 Speaker 1: Nastact futures higher by seventy seven points. The tenure treasury 124 00:06:56,360 --> 00:06:59,200 Speaker 1: is up five thirty seconds, The yield one point eight 125 00:06:59,360 --> 00:07:02,760 Speaker 1: four sent two year yields are moving higher. They're up 126 00:07:02,760 --> 00:07:06,239 Speaker 1: to one point one eight percent now, and NIMEX crude 127 00:07:06,279 --> 00:07:08,960 Speaker 1: little changed. Up about a ten percent at eighty seven 128 00:07:08,960 --> 00:07:12,520 Speaker 1: dollars forty two cents of barrel bitcoin thirty six thousand, 129 00:07:12,600 --> 00:07:15,840 Speaker 1: six hundred dollars. Straight ahead, your latest local headlines and 130 00:07:15,840 --> 00:07:23,760 Speaker 1: a check of sports. This is Bloomberg. It's south five 131 00:07:23,800 --> 00:07:26,480 Speaker 1: oh seven on Wall Street, eighteen degrees in Central Park. 132 00:07:26,600 --> 00:07:29,000 Speaker 1: We gotta crash on the southbound Garden State Parkway by 133 00:07:29,000 --> 00:07:32,520 Speaker 1: Eggs and one details coming up in traffic. First, John 134 00:07:32,520 --> 00:07:34,920 Speaker 1: Tucker with more on what's going on in New York 135 00:07:35,000 --> 00:07:38,720 Speaker 1: and around the world. Brason for some snow, John, Yeah, 136 00:07:38,760 --> 00:07:41,560 Speaker 1: we're watching a powerful snow storm that's just set to 137 00:07:41,600 --> 00:07:45,560 Speaker 1: sweep up the East Coast starting tomorrow. Davan Bloomberg. Meteorologist 138 00:07:45,720 --> 00:07:49,480 Speaker 1: Rob Carolin joins US Now with the very latest. Good morning, Rob, John. 139 00:07:49,560 --> 00:07:51,440 Speaker 1: The computer model is still not an agreement on the 140 00:07:51,440 --> 00:07:54,200 Speaker 1: storm coming up for Saturday. The US model takes it 141 00:07:54,200 --> 00:07:56,480 Speaker 1: out to see while most of the international models have 142 00:07:56,520 --> 00:07:59,320 Speaker 1: a fairly significant storm for the Triston area. I think 143 00:07:59,360 --> 00:08:01,600 Speaker 1: that's why Then and Weather Services put a winter storm 144 00:08:01,640 --> 00:08:04,760 Speaker 1: watch up for Friday evening through Saturday evening for the coast, 145 00:08:04,800 --> 00:08:07,520 Speaker 1: including the city in Long Island and Westchester County. New York. 146 00:08:07,920 --> 00:08:10,240 Speaker 1: Looks like the snow will arrive by mid to late 147 00:08:10,280 --> 00:08:12,600 Speaker 1: afternoon tomorrow in the Tri state area, should be done 148 00:08:12,600 --> 00:08:15,280 Speaker 1: by Saturday evening. Right now, two to six inches looks likely. 149 00:08:15,640 --> 00:08:19,880 Speaker 1: John Bloomberg, meteorologist Rob Caroline, Well, check your flight this morning. 150 00:08:20,040 --> 00:08:22,080 Speaker 1: It's not because of the weather. In the United Airline 151 00:08:22,080 --> 00:08:25,480 Speaker 1: says it's experiencing an I T outage and teams are 152 00:08:25,480 --> 00:08:28,760 Speaker 1: working to get it resolved. President Biden will promote his 153 00:08:28,800 --> 00:08:31,840 Speaker 1: administration's efforts to fight gun crime in New York next 154 00:08:31,880 --> 00:08:35,600 Speaker 1: week with Mayor Eric Adams is confronting a spate of violence, 155 00:08:35,640 --> 00:08:39,000 Speaker 1: including the shooting deaths of two police officers. The President 156 00:08:39,000 --> 00:08:42,760 Speaker 1: will highlight increased federal funding for state and city law enforcement. 157 00:08:43,320 --> 00:08:46,160 Speaker 1: A Floria meetings regarding Russia and Ukraine appear to have 158 00:08:46,200 --> 00:08:49,080 Speaker 1: made a bit of progress. Let's get more from Bloomberg's 159 00:08:49,080 --> 00:08:53,120 Speaker 1: and Baxter. NATO Secretary General John Staltenberg is urging a 160 00:08:53,200 --> 00:08:56,360 Speaker 1: direct meeting with Russia. We are prepared to listen to 161 00:08:56,600 --> 00:09:00,760 Speaker 1: Russia's concerns. We need a conversation on how to uphold 162 00:09:00,840 --> 00:09:04,640 Speaker 1: and strengthen the fun amount of principles all European security 163 00:09:04,800 --> 00:09:08,880 Speaker 1: that we have old as well. In Paris, direct meetings 164 00:09:08,880 --> 00:09:11,839 Speaker 1: with high level diplomats from Ukraine and Russia, both saying 165 00:09:12,240 --> 00:09:15,000 Speaker 1: marginal improvement, have set up another meeting in two weeks 166 00:09:15,000 --> 00:09:17,880 Speaker 1: in Berlin, and the US has delivered a letter to 167 00:09:17,960 --> 00:09:21,719 Speaker 1: Russia with proposals to end the standoff. In San Francisco, 168 00:09:21,760 --> 00:09:24,600 Speaker 1: I'm at Baxter Bloomberg Daybreak, New York's mt A looking 169 00:09:24,600 --> 00:09:27,400 Speaker 1: at ways to prevent people from falling or jumping out 170 00:09:27,400 --> 00:09:30,679 Speaker 1: of subway tracks and MTA task Force plans to explore 171 00:09:30,760 --> 00:09:34,720 Speaker 1: sensors and platform doors. Homeless person this month killed a 172 00:09:34,720 --> 00:09:37,560 Speaker 1: woman by pushing around too subway tracks in front of 173 00:09:37,559 --> 00:09:41,560 Speaker 1: an oncoming train at the Times Square station. And Amazon 174 00:09:41,600 --> 00:09:44,200 Speaker 1: dot Com unable to escape a lawsuit filed by a 175 00:09:44,240 --> 00:09:47,640 Speaker 1: convicted murderer in New York who claims the company's refused 176 00:09:47,679 --> 00:09:51,880 Speaker 1: to hire him as a delivery driver was discrimination. Global 177 00:09:51,880 --> 00:09:54,280 Speaker 1: News twenty four hours a day on air Anna Bloomberg 178 00:09:54,320 --> 00:09:57,360 Speaker 1: Quicktake were powered by more than twenty seven hundred journalists 179 00:09:57,360 --> 00:10:00,160 Speaker 1: and analysts in more than one hundred twenty countries. I'm 180 00:10:00,240 --> 00:10:03,000 Speaker 1: John Tucker. This is Bloomberg. Nathan all Right. John, Thanks 181 00:10:07,600 --> 00:10:09,720 Speaker 1: almost five ten on Wall Street time for the Bloomberg 182 00:10:09,720 --> 00:10:11,840 Speaker 1: Sports up today. Good morning, John, Stown show. Alright, good morning, 183 00:10:11,920 --> 00:10:14,720 Speaker 1: Nathan Nick's unable to beat the Heat, trailed by fourteen 184 00:10:14,720 --> 00:10:16,880 Speaker 1: in the first quarter, by twenty eight and the third. 185 00:10:16,960 --> 00:10:19,600 Speaker 1: The final a little more respectable, but Miami, who leads 186 00:10:19,600 --> 00:10:22,120 Speaker 1: the East, won one ten to nineties six. That Heat 187 00:10:22,160 --> 00:10:25,280 Speaker 1: had four players scored twenty or more, Duncan Robinson at 188 00:10:25,320 --> 00:10:27,840 Speaker 1: twenty five. He made seven three pointers. The Knicks leading 189 00:10:27,880 --> 00:10:31,000 Speaker 1: score was Obi Toppin with eighteen. Nick fans would like 190 00:10:31,040 --> 00:10:32,920 Speaker 1: to see him play more. Another loss for the Necks 191 00:10:32,960 --> 00:10:35,000 Speaker 1: in Brooklyn, whe there just twelve and thirteen. They were 192 00:10:35,040 --> 00:10:38,079 Speaker 1: without the entire Big Three as James Harden sat out 193 00:10:38,120 --> 00:10:40,680 Speaker 1: with a minor hamstring injury and Denver scored forty two 194 00:10:40,720 --> 00:10:44,240 Speaker 1: points of the third quarter the Nuggets one one eighteen, 195 00:10:44,360 --> 00:10:47,120 Speaker 1: Kola Yokas twenty six points to assist Shy of a 196 00:10:47,160 --> 00:10:49,800 Speaker 1: triple double. Ranger skate tonight at Columbus, then come home 197 00:10:49,840 --> 00:10:53,199 Speaker 1: tomorrow on Henry Lundquist Night. Seaton Hall lost at home 198 00:10:53,200 --> 00:10:56,040 Speaker 1: to Marquette seventy three sixty three, the Pirates just three 199 00:10:56,040 --> 00:10:59,000 Speaker 1: and six in the Big East. Ash Party continues to 200 00:10:59,160 --> 00:11:01,679 Speaker 1: steam roll at the Australian Open six one six three 201 00:11:01,679 --> 00:11:04,959 Speaker 1: in the semifinals over American Madison Keys Barty has won 202 00:11:05,000 --> 00:11:09,040 Speaker 1: all twelve sets, has only lost twenty one games. Introductory 203 00:11:09,040 --> 00:11:12,040 Speaker 1: news conference of MetLife Stadium for new Giants, gentlemanager Joe 204 00:11:12,080 --> 00:11:15,960 Speaker 1: Shane and owner John Mara, when asked about quarterback Daniel Jones, said, 205 00:11:16,000 --> 00:11:19,280 Speaker 1: we've done everything possible to screw this kid up. Shane 206 00:11:19,640 --> 00:11:22,360 Speaker 1: seems happy with the incumbent QUB. I know he's a 207 00:11:22,360 --> 00:11:24,840 Speaker 1: great kid. He's been in this building the last two days. 208 00:11:25,200 --> 00:11:27,880 Speaker 1: I've talked to him. There's not anybody in this building 209 00:11:27,880 --> 00:11:30,240 Speaker 1: that said a bad word about his work, ethic, passion, 210 00:11:30,679 --> 00:11:33,040 Speaker 1: you know, desire to win, and I think you got 211 00:11:33,040 --> 00:11:34,680 Speaker 1: to have those traits as a quarterback. And the kid 212 00:11:34,679 --> 00:11:37,520 Speaker 1: has physical ability. You know, he's got arm strength, he's athletic, 213 00:11:37,559 --> 00:11:39,800 Speaker 1: he can run. So I'm really getting I'm really excited 214 00:11:39,840 --> 00:11:41,800 Speaker 1: to work with Daniels. A lot of other key decisions, 215 00:11:41,840 --> 00:11:44,559 Speaker 1: including hired a new coach. Shane will interview former Miami 216 00:11:44,600 --> 00:11:48,880 Speaker 1: coach Brian Flores today, John Dash, owner Bloomberg Sports Okay, 217 00:11:48,960 --> 00:11:51,080 Speaker 1: John thanks s. SMP future is now up eight point, 218 00:11:51,120 --> 00:11:54,720 Speaker 1: staff futures up thirty three, nastack futures up sixty three points. 219 00:11:55,120 --> 00:11:57,880 Speaker 1: Yield curve flattening this morning, with the ten year up 220 00:11:57,920 --> 00:12:01,360 Speaker 1: six thirty seconds, the yield one point four percent, yield 221 00:12:01,400 --> 00:12:03,400 Speaker 1: on the two year rising to one point one eight. 222 00:12:03,600 --> 00:12:08,679 Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mix of 223 00:12:08,720 --> 00:12:11,520 Speaker 1: sun and clouds today in your thirty degrees winter storm 224 00:12:11,559 --> 00:12:14,319 Speaker 1: watch kicks in tomorrow night into Saturday night. Two to 225 00:12:14,520 --> 00:12:17,920 Speaker 1: six inches possible from this northeaster, with highest accumulations over 226 00:12:18,000 --> 00:12:24,320 Speaker 1: Long Island currently eighteen degrees. Markets, headlines and breaking news 227 00:12:24,400 --> 00:12:27,000 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 228 00:12:27,080 --> 00:12:30,559 Speaker 1: Bloomberg Business at and at Bloomberg Quicktake. This is a 229 00:12:30,600 --> 00:12:40,320 Speaker 1: Bloomberg business flash, and I'm Karen Moscow. US stock index 230 00:12:40,440 --> 00:12:44,480 Speaker 1: futures are racing their losses, mostly with dip buyers back 231 00:12:44,520 --> 00:12:46,920 Speaker 1: in action after a sell off sparked by a hawkish 232 00:12:46,960 --> 00:12:50,160 Speaker 1: federal reserve. In Europe. Retail and travel stocks are putting 233 00:12:50,160 --> 00:12:53,000 Speaker 1: a drag on benchmark in tex This Well Bank shares 234 00:12:53,120 --> 00:12:55,760 Speaker 1: rally after Deutsche Bank raised its outlook and we checked 235 00:12:55,760 --> 00:12:58,720 Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg. 236 00:12:58,840 --> 00:13:01,680 Speaker 1: Right now, msn't P futures are a little changed down. 237 00:13:01,720 --> 00:13:04,439 Speaker 1: Futures that will changed as well, and NASDACK futures are 238 00:13:04,520 --> 00:13:07,559 Speaker 1: up forty one the decks in Germany's down four tenths 239 00:13:07,600 --> 00:13:10,240 Speaker 1: of upper cent. The ten year treasury up seven thirty seconds. 240 00:13:10,240 --> 00:13:12,839 Speaker 1: You have one three percent yield on the two year 241 00:13:12,960 --> 00:13:16,040 Speaker 1: one point one seven percent. Nim X screwed oils up 242 00:13:16,080 --> 00:13:18,280 Speaker 1: two tenths per cent or seventeen cents at eighty seven 243 00:13:18,320 --> 00:13:20,920 Speaker 1: dollars fifty two cents a barrel. Comex s go down 244 00:13:20,920 --> 00:13:23,040 Speaker 1: eight tenths per cent or fourteen dollars ten cents at 245 00:13:23,080 --> 00:13:27,200 Speaker 1: eighteen eighteen announced the euro one point one four against 246 00:13:27,200 --> 00:13:29,600 Speaker 1: the dollar, British found one point three four three one, 247 00:13:29,920 --> 00:13:32,120 Speaker 1: the yin is at one fifteen point oh six, and 248 00:13:32,120 --> 00:13:35,920 Speaker 1: Bitcoin this morning moving higher at thirty six thousand, six 249 00:13:36,040 --> 00:13:38,920 Speaker 1: hundred dollars. And as a Bloomberg Business Flash now Here's 250 00:13:38,960 --> 00:13:41,800 Speaker 1: John Tucker went more on what's going on around the world. John, 251 00:13:41,840 --> 00:13:44,400 Speaker 1: Good morning, and good morning, Karen sent A. Democrats planned 252 00:13:44,400 --> 00:13:48,240 Speaker 1: the most swiftly to replace retiring Supreme Court Justice Stephen Bryer. 253 00:13:48,800 --> 00:13:52,040 Speaker 1: Dozens of United flights delayed after the airline reported a 254 00:13:52,160 --> 00:13:56,240 Speaker 1: company wide technology outage this morning, and South Korea's military 255 00:13:56,240 --> 00:14:00,080 Speaker 1: says North Korea fire two suspected ballistic missiles into the 256 00:14:00,320 --> 00:14:03,840 Speaker 1: in its six round of weapons launches this month, sports, 257 00:14:03,920 --> 00:14:06,360 Speaker 1: the Nix and Nats both lose on the ice of 258 00:14:06,400 --> 00:14:09,559 Speaker 1: the Capitals lose and the Bruins fault to Colorado in overtime. 259 00:14:09,960 --> 00:14:14,520 Speaker 1: After the Australian Open Women's semifinals, Ashley Barty defeats American 260 00:14:14,559 --> 00:14:18,040 Speaker 1: Madison Keys and straight sets Global News twenty four hours 261 00:14:18,040 --> 00:14:20,800 Speaker 1: a day on Irana Bloomberg Quicktick. We're powered by more 262 00:14:20,840 --> 00:14:23,840 Speaker 1: than twenty seven hundred journalists and analysts in more than 263 00:14:23,880 --> 00:14:28,400 Speaker 1: one D twenty countries. I'm John Suckern. This is Bloomberg. Nathan, Okay, John, 264 00:14:28,440 --> 00:14:30,600 Speaker 1: thank you. It's five nineteen on Wall Street, Live from 265 00:14:30,600 --> 00:14:33,840 Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak as 266 00:14:33,880 --> 00:14:37,000 Speaker 1: we watch markets just really in real time here. Now 267 00:14:37,040 --> 00:14:40,560 Speaker 1: that the FETE has taken a decidedly hawkish turn, let's 268 00:14:40,640 --> 00:14:43,680 Speaker 1: bring in Sarah House now, senior economists at Wells Fargo, 269 00:14:43,960 --> 00:14:45,920 Speaker 1: as we continue to assess what we heard from the 270 00:14:45,960 --> 00:14:49,720 Speaker 1: Fed and Chairman J Powell yesterday. Sarah, good morning. Money. 271 00:14:49,760 --> 00:14:53,760 Speaker 1: Markets are now fully pricing in five rate hikes this year. 272 00:14:54,000 --> 00:14:58,080 Speaker 1: Are you adjusting your forecast over Wells Fargo. Well, I 273 00:14:58,080 --> 00:15:01,160 Speaker 1: think we saw that the risks the outlook are certainly 274 00:15:01,200 --> 00:15:05,720 Speaker 1: skewed towards earlier and or faster tightening than what we 275 00:15:05,800 --> 00:15:08,680 Speaker 1: had going into this meeting, given that not only did 276 00:15:08,760 --> 00:15:11,440 Speaker 1: we get a pretty clear signal about March, but I 277 00:15:11,440 --> 00:15:13,640 Speaker 1: think one of the most interesting points was that when 278 00:15:13,800 --> 00:15:17,320 Speaker 1: asked about the pace multiple times in the press conference, 279 00:15:17,720 --> 00:15:21,640 Speaker 1: each time Pal was very pointed in making the distinction 280 00:15:21,680 --> 00:15:25,320 Speaker 1: between this cycle and this economy versus what we saw 281 00:15:25,520 --> 00:15:29,320 Speaker 1: in So I think that certainly does point to the 282 00:15:29,320 --> 00:15:34,280 Speaker 1: potential for more than more than just quarterly quarterly rate 283 00:15:34,320 --> 00:15:37,680 Speaker 1: hikes of basis points. I mean, there's been some talk 284 00:15:37,760 --> 00:15:41,560 Speaker 1: that we could see rate hikes at every meeting after 285 00:15:41,760 --> 00:15:44,880 Speaker 1: the asset taper ends. Is that what you're thinking here? 286 00:15:46,480 --> 00:15:49,640 Speaker 1: So that's not our expectation. I think once we get 287 00:15:49,680 --> 00:15:51,680 Speaker 1: to the second half of the year and we see 288 00:15:51,760 --> 00:15:55,280 Speaker 1: that activity is slowing apart from the rate hikes that 289 00:15:55,400 --> 00:15:57,240 Speaker 1: I think you you will get earlier in the year, 290 00:15:57,280 --> 00:15:58,840 Speaker 1: but also when you step back and you have to 291 00:15:58,840 --> 00:16:02,840 Speaker 1: remember that consumer spending, given the lack of fiscal support 292 00:16:02,880 --> 00:16:06,760 Speaker 1: this year, relative one is is spt for a fairly 293 00:16:06,880 --> 00:16:09,360 Speaker 1: market slowdown, and so I think that that might take 294 00:16:09,400 --> 00:16:12,520 Speaker 1: some of the pressure off of inflation and therefore how 295 00:16:12,600 --> 00:16:15,440 Speaker 1: much the SAID might have to rise. Do you think that? 296 00:16:15,720 --> 00:16:17,880 Speaker 1: Do you think the Fed's moving quickly enough to go 297 00:16:17,960 --> 00:16:22,040 Speaker 1: after inflation? Do you think Powell is almost tacitly admitting 298 00:16:22,080 --> 00:16:27,280 Speaker 1: that the FED made a mistake in calling inflation transitory earlier. Well, 299 00:16:27,280 --> 00:16:29,480 Speaker 1: they're certainly pivoted from their stance. I mean, if you 300 00:16:29,520 --> 00:16:33,000 Speaker 1: go back, it was only in November they were still 301 00:16:33,080 --> 00:16:35,680 Speaker 1: using the word transitory in the statement. So I think 302 00:16:35,680 --> 00:16:39,920 Speaker 1: they've certainly switched their view on inflation and are rapidly 303 00:16:39,920 --> 00:16:41,800 Speaker 1: trying to catch up for the fact that it does 304 00:16:41,880 --> 00:16:45,720 Speaker 1: look like inflation is going to be persistent longer than 305 00:16:45,840 --> 00:16:48,480 Speaker 1: they had expected, and we're going to be looking at 306 00:16:49,240 --> 00:16:53,320 Speaker 1: inflation still well above the Fed's target we expect through 307 00:16:53,360 --> 00:16:55,880 Speaker 1: our forecasters in three but even at the end of 308 00:16:55,920 --> 00:16:58,400 Speaker 1: this year, we're still looking at core PC we think 309 00:16:58,400 --> 00:17:00,800 Speaker 1: probably somewhere between three three and a half percent. So 310 00:17:00,840 --> 00:17:02,080 Speaker 1: I think it's still going to put a lot of 311 00:17:02,080 --> 00:17:05,320 Speaker 1: pressure on the SAID to act. So when do you 312 00:17:05,600 --> 00:17:08,560 Speaker 1: think the FED will start unwinding the balance sheet? Based 313 00:17:08,600 --> 00:17:12,440 Speaker 1: on what Powell said yesterday, So going into the meeting, 314 00:17:12,480 --> 00:17:15,359 Speaker 1: our expectation was that we'd get an announcement in September, 315 00:17:15,800 --> 00:17:18,640 Speaker 1: but I think, like said funds to hikes, I think 316 00:17:18,680 --> 00:17:21,240 Speaker 1: that risk is skewed towards earlier. So we saw, of 317 00:17:21,280 --> 00:17:25,960 Speaker 1: course the release of the principles will get around the unwind. Now, 318 00:17:26,080 --> 00:17:28,520 Speaker 1: these were less detailed than the principles we saw released 319 00:17:28,520 --> 00:17:32,119 Speaker 1: back in June, but I think it's one thing that 320 00:17:32,200 --> 00:17:35,720 Speaker 1: we are getting close. We saw in the press conference 321 00:17:35,800 --> 00:17:39,200 Speaker 1: Jay uh chare Pala so that they would be talking 322 00:17:39,240 --> 00:17:41,640 Speaker 1: about it at a couple more meetings. So I think 323 00:17:41,840 --> 00:17:44,480 Speaker 1: it's very likely we'll get an announcement sometime this summer. 324 00:17:45,600 --> 00:17:47,879 Speaker 1: We've seen the yield curve flattened on the back of 325 00:17:47,960 --> 00:17:52,840 Speaker 1: Powell's comments, is there recession risk from the from the 326 00:17:52,880 --> 00:17:57,160 Speaker 1: policy path going forward? I think it's still a little 327 00:17:57,200 --> 00:18:01,600 Speaker 1: too early to to be putting that into to expectations. Um, 328 00:18:01,640 --> 00:18:04,679 Speaker 1: but I think the Fed is in a pretty tight spot. 329 00:18:04,760 --> 00:18:07,920 Speaker 1: So we've seen inflation go well above their target, and 330 00:18:07,960 --> 00:18:10,159 Speaker 1: I think there's a lot of questions about how much 331 00:18:10,240 --> 00:18:12,840 Speaker 1: policy tightening is going to be needed to rein that 332 00:18:12,920 --> 00:18:16,359 Speaker 1: in and if the Fed we'll we'll get that balance right, 333 00:18:16,440 --> 00:18:20,120 Speaker 1: And so I think, um, while that's not our baseline expectation. 334 00:18:20,280 --> 00:18:23,879 Speaker 1: I think this is a very sticky situation. Do you 335 00:18:23,880 --> 00:18:26,119 Speaker 1: think the FED will continue to sort of look past 336 00:18:26,520 --> 00:18:29,880 Speaker 1: the market action of gyrations that we've certainly seen this 337 00:18:29,960 --> 00:18:32,679 Speaker 1: week and and stay on course. What kind of market 338 00:18:32,680 --> 00:18:34,480 Speaker 1: action do you think it would take for the FED 339 00:18:34,520 --> 00:18:38,359 Speaker 1: to alter its path? I think right now, given that 340 00:18:38,480 --> 00:18:42,520 Speaker 1: inflation is so far above the fence target, that they 341 00:18:42,560 --> 00:18:45,840 Speaker 1: are are much more likely to look through market volatility 342 00:18:45,840 --> 00:18:48,879 Speaker 1: than they were back in in ten and the twenty 343 00:18:49,160 --> 00:18:53,840 Speaker 1: through tightening cycle. I think just given that, um, that 344 00:18:54,320 --> 00:18:57,520 Speaker 1: you also have a very strong labor market right now, 345 00:18:57,720 --> 00:19:01,040 Speaker 1: I think that um, you know, they're they're quickly reposition 346 00:19:01,520 --> 00:19:03,639 Speaker 1: and with that's probably going to come from volatility, and 347 00:19:04,320 --> 00:19:06,840 Speaker 1: at the end of the day, price stability and maximum 348 00:19:06,880 --> 00:19:10,560 Speaker 1: employment are their mandid. So just about thirty seconds left here, 349 00:19:10,600 --> 00:19:14,080 Speaker 1: do you think we're at full employment now? I think 350 00:19:14,160 --> 00:19:17,119 Speaker 1: we're certainly close, if if not already there. And I 351 00:19:17,200 --> 00:19:20,600 Speaker 1: think it was revealing in the press conference that he 352 00:19:21,200 --> 00:19:24,200 Speaker 1: that Pal said that most participants already think that we 353 00:19:24,280 --> 00:19:26,680 Speaker 1: are at a maximum employment. We see that across a 354 00:19:26,760 --> 00:19:29,520 Speaker 1: number of indicators, not just the unemployment rate, but what 355 00:19:29,600 --> 00:19:31,040 Speaker 1: we see in terms of the quits what we see 356 00:19:31,080 --> 00:19:33,879 Speaker 1: in terms of wage growth. So this is is certainly 357 00:19:33,920 --> 00:19:36,560 Speaker 1: a strong labor market and we saw that and phatically 358 00:19:36,640 --> 00:19:40,680 Speaker 1: reflected in Palace comments in the press conference yesterday. All right, Sarah, 359 00:19:40,720 --> 00:19:42,840 Speaker 1: as always, thanks for your insights. I really appreciate it. 360 00:19:42,880 --> 00:19:46,200 Speaker 1: Sarah House, senior economists at Wells Fargo with us this 361 00:19:46,440 --> 00:19:50,119 Speaker 1: morning as we take a look at markets, UH, a 362 00:19:50,160 --> 00:19:52,160 Speaker 1: little bit of shaking us now in the futures contracts 363 00:19:52,200 --> 00:19:53,760 Speaker 1: with U S and P futures now a three point 364 00:19:53,800 --> 00:19:57,679 Speaker 1: STAFF futures back down by about nine points and NASTAC 365 00:19:57,760 --> 00:20:01,359 Speaker 1: futures are higher by thirty eight points. You're listening to 366 00:20:01,520 --> 00:20:09,200 Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh Weather. As we braced 367 00:20:09,200 --> 00:20:11,080 Speaker 1: for nor Easter today. We'll have a mix of sun 368 00:20:11,160 --> 00:20:13,240 Speaker 1: and clouds and a high in your thirty Winter storm 369 00:20:13,240 --> 00:20:15,280 Speaker 1: watch kicks in tomorrow night. We could have two to 370 00:20:15,480 --> 00:20:19,080 Speaker 1: six inches, most of it over Long Island by tomorrow evening. 371 00:20:22,040 --> 00:20:26,520 Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York, 372 00:20:26,680 --> 00:20:31,320 Speaker 1: Bloomberg Living Freedom to Washington, d C. Bloomberg to Boston, 373 00:20:31,440 --> 00:20:34,840 Speaker 1: Bloomberg one O six one does San Francisco, Bloomberg nine 374 00:20:34,920 --> 00:20:37,840 Speaker 1: sixteen to the country sirius XM chad A one ninet 375 00:20:38,119 --> 00:20:41,280 Speaker 1: and around the globe the Bloomberg Business app in Bloomberg 376 00:20:41,400 --> 00:20:50,960 Speaker 1: Radio dot com. This is Bloomberg Daybreak and it's thirty 377 00:20:51,000 --> 00:20:53,520 Speaker 1: on Wall Street. Good morning. I'm Terar in Moscow. I'm 378 00:20:53,600 --> 00:20:56,320 Speaker 1: Nathan Hagar. Bloomberg Daybreak is brought to you by SEI 379 00:20:56,480 --> 00:21:00,480 Speaker 1: Crises emphasized character and partnership, One mission, one community. SEI. 380 00:21:00,680 --> 00:21:02,800 Speaker 1: Go to se I C dot com slash I M 381 00:21:03,000 --> 00:21:05,399 Speaker 1: S and we're just about four hours away from the 382 00:21:05,440 --> 00:21:07,320 Speaker 1: open of US trading. Let's get you up to date 383 00:21:07,359 --> 00:21:09,000 Speaker 1: on the news you need to know at this hour. 384 00:21:09,240 --> 00:21:12,720 Speaker 1: Stocks are mixed around the world this morning. That's after 385 00:21:12,840 --> 00:21:16,000 Speaker 1: the Federal reserves hawkish tone on interest rates. At one point, 386 00:21:16,040 --> 00:21:19,399 Speaker 1: Nowadack futures were down more than two percent before turning higher. 387 00:21:19,760 --> 00:21:22,760 Speaker 1: Jeff Rosenberg of black Rock says the Fed has a 388 00:21:22,840 --> 00:21:26,840 Speaker 1: tough job ahead. How difficult it is for the Fed 389 00:21:27,000 --> 00:21:30,880 Speaker 1: to navigate to that soft landing that's implicit in those 390 00:21:31,000 --> 00:21:33,840 Speaker 1: SEP forecasts, and that really raises the risks here, I 391 00:21:33,920 --> 00:21:37,320 Speaker 1: think for financial markets. Black Rocks Jeff Rosenberg says the 392 00:21:37,440 --> 00:21:40,680 Speaker 1: market had anticipated a more dubbish message from the FED, 393 00:21:40,960 --> 00:21:43,000 Speaker 1: and the question for the market now, Karen, is just 394 00:21:43,240 --> 00:21:45,959 Speaker 1: how many times the Fed will raise rates. Let's get 395 00:21:46,000 --> 00:21:49,320 Speaker 1: the latest live with Bloomberg's Rnita Young Rnita Nathan. Traders 396 00:21:49,359 --> 00:21:52,040 Speaker 1: are ramping up bets to see five FED rate hikes 397 00:21:52,119 --> 00:21:54,760 Speaker 1: this year that would bring the Central Banks target rate 398 00:21:54,840 --> 00:21:57,679 Speaker 1: to around one and a half percent. The wagers are 399 00:21:57,760 --> 00:22:01,400 Speaker 1: rippling through markets with short dated bond and equity slumping. 400 00:22:01,800 --> 00:22:04,959 Speaker 1: Money markets are pricing thirty basis points of fit tightening 401 00:22:05,000 --> 00:22:08,040 Speaker 1: in March. That means some see a chance for fifty 402 00:22:08,160 --> 00:22:10,879 Speaker 1: point hike and it all comes as fit. H Jpal 403 00:22:10,960 --> 00:22:14,320 Speaker 1: strikes a hawkish tone and signals a first rate increase 404 00:22:14,520 --> 00:22:17,280 Speaker 1: in March Live in New York. I'm raned a young 405 00:22:17,320 --> 00:22:19,919 Speaker 1: Bloomberg day Break ran need to thank you. Corporate earnings 406 00:22:19,960 --> 00:22:22,760 Speaker 1: are also wearhing on stock Shares of Inteller down more 407 00:22:22,840 --> 00:22:24,960 Speaker 1: than two and a half percent after the ship maker 408 00:22:25,080 --> 00:22:28,480 Speaker 1: gave a disappointing profit forecast, and Tesla shares are down 409 00:22:28,480 --> 00:22:30,879 Speaker 1: almost one percent care in the company set a record 410 00:22:30,960 --> 00:22:33,600 Speaker 1: for profit, but more in supply chain problems will keep 411 00:22:33,640 --> 00:22:36,399 Speaker 1: it from introducing new vehicle models this year. Outside of 412 00:22:36,400 --> 00:22:40,000 Speaker 1: the market's Nathan Politics, our front end center President Biden 413 00:22:40,119 --> 00:22:42,240 Speaker 1: his voice to make a mark on the Supreme Court. 414 00:22:42,320 --> 00:22:45,440 Speaker 1: Afterword that Justice Stephen Bryer plans to retire at the 415 00:22:45,560 --> 00:22:48,840 Speaker 1: end of his term, the President has promised to name 416 00:22:48,880 --> 00:22:51,920 Speaker 1: a black woman to replace Brier, and Bloomberg's Josh Wing 417 00:22:51,920 --> 00:22:55,359 Speaker 1: Grove reports that would fulfill a campaign promise. Find the 418 00:22:55,440 --> 00:22:57,960 Speaker 1: face pressure from the base, in particular voters of color 419 00:22:58,080 --> 00:23:00,960 Speaker 1: for not doing enough on core issues like voting rights, 420 00:23:01,040 --> 00:23:04,440 Speaker 1: things like police reform, and if you had the opportunity 421 00:23:04,560 --> 00:23:07,720 Speaker 1: now to make a very high profile nomination, in particular, 422 00:23:07,800 --> 00:23:09,960 Speaker 1: if it is indeed the black woman, there could be 423 00:23:10,000 --> 00:23:13,320 Speaker 1: political dividends for the Democrats and Bloomberg Josh Wing Groves 424 00:23:13,320 --> 00:23:16,480 Speaker 1: says Justice Bryer is expected to announce his retirement at 425 00:23:16,520 --> 00:23:19,639 Speaker 1: the White House today. S and P futures are little 426 00:23:19,760 --> 00:23:23,320 Speaker 1: change this morning. Dow futures are little changed as well, 427 00:23:23,440 --> 00:23:26,240 Speaker 1: and as DAK futures up thirties seven and the tenure 428 00:23:26,240 --> 00:23:28,600 Speaker 1: treasury up seven thirty seconds. He had one point eight 429 00:23:28,800 --> 00:23:32,440 Speaker 1: three percent straight ahead your latest local headlines plus a 430 00:23:32,520 --> 00:23:39,160 Speaker 1: check of sports. This is Bloomberg, Thanks hearing. It's five 431 00:23:39,200 --> 00:23:41,480 Speaker 1: thirty three and Wall Street where eighteen degrees in Central 432 00:23:41,560 --> 00:23:44,160 Speaker 1: Park and two tractor trailers are involved in a crash 433 00:23:44,240 --> 00:23:47,760 Speaker 1: on northbound Connecticut Turnpike Exit thirteen. Details coming in the 434 00:23:47,880 --> 00:23:50,480 Speaker 1: traffic First. John Tucker's here with more on what's going 435 00:23:50,520 --> 00:23:52,919 Speaker 1: on in New York and around the world. John Nathan. 436 00:23:53,040 --> 00:23:56,040 Speaker 1: President Biden will visit New York next week to focus 437 00:23:56,119 --> 00:23:58,479 Speaker 1: on gun crime. Let's get more in this report from 438 00:23:58,520 --> 00:24:02,840 Speaker 1: Bloomberg's Lisa Matteo. Biden will highlight efforts, including increased federal 439 00:24:02,920 --> 00:24:06,120 Speaker 1: funding for state and city law enforcement agencies. The money 440 00:24:06,240 --> 00:24:10,280 Speaker 1: is intended to fund beat officers and community violence prevention programs. 441 00:24:10,440 --> 00:24:13,560 Speaker 1: The administration is also stepping up federal efforts to stop 442 00:24:13,640 --> 00:24:16,879 Speaker 1: gun trafficking. The President will join Mayor Eric Adams, who 443 00:24:16,960 --> 00:24:19,560 Speaker 1: is confronting a spat of violence. Since he took office 444 00:24:19,600 --> 00:24:22,960 Speaker 1: on January one, five officers have been shot, including two 445 00:24:23,080 --> 00:24:26,560 Speaker 1: who died after responding to a domestic disturbance call in 446 00:24:26,640 --> 00:24:30,200 Speaker 1: New York. I'm Lisa Matteo Bloomberg Daybreak, Oh winter storm 447 00:24:30,240 --> 00:24:33,359 Speaker 1: watch in effects starting Friday evening for a system that 448 00:24:33,480 --> 00:24:36,159 Speaker 1: made blanket parts of the city and snow. Let's get 449 00:24:36,200 --> 00:24:40,160 Speaker 1: the latest from Bloomberg meteor roulogist Rob Carolin. Rob John, 450 00:24:40,240 --> 00:24:42,960 Speaker 1: we still have some pretty serious disagreement between the major 451 00:24:43,040 --> 00:24:45,200 Speaker 1: models on this storm. US model tries to take it 452 00:24:45,240 --> 00:24:46,760 Speaker 1: out to see and really gives no snow to the 453 00:24:46,800 --> 00:24:49,920 Speaker 1: Tri state area. European model says, no, it's a major storm. 454 00:24:49,960 --> 00:24:51,840 Speaker 1: So we're gonna kind of ride in the middle. Right 455 00:24:51,840 --> 00:24:54,879 Speaker 1: now for forecast totals, we are into a winter storm 456 00:24:54,920 --> 00:24:57,200 Speaker 1: watching along the coast and over the island and into 457 00:24:57,280 --> 00:25:00,840 Speaker 1: Westchester County for Friday night and into Saturday. A snow 458 00:25:00,880 --> 00:25:03,520 Speaker 1: she developed tomorrow afternoon and continuing to Saturday. The question 459 00:25:03,600 --> 00:25:05,399 Speaker 1: is how much Right now, we're thinking about two to 460 00:25:05,480 --> 00:25:07,920 Speaker 1: six inches, with the highest amounts on the island. John 461 00:25:08,640 --> 00:25:11,760 Speaker 1: rob Caroline, New York could boost weekly benefits for laid 462 00:25:11,800 --> 00:25:15,520 Speaker 1: off workers and delay unemployment tax hikes for employers under 463 00:25:15,560 --> 00:25:18,080 Speaker 1: a bill that passed the state Senate. New york six 464 00:25:19,040 --> 00:25:21,840 Speaker 1: unemployment rate in December was more than two points higher 465 00:25:21,960 --> 00:25:25,479 Speaker 1: than the national rate. Prince Andrew casting blame back at 466 00:25:25,560 --> 00:25:29,399 Speaker 1: Virginia Juffrey after her sexual abuse suit, saying her claims 467 00:25:29,440 --> 00:25:32,960 Speaker 1: were barred by her own wrongful conduct. In response to 468 00:25:33,040 --> 00:25:35,399 Speaker 1: the suit, Andrew suggest that she was at least partly 469 00:25:35,440 --> 00:25:39,320 Speaker 1: responsible for her own alleged injuries. To phrase says when 470 00:25:39,359 --> 00:25:42,479 Speaker 1: she was a teenager. Jeffrey Epstein lent her to Andrew 471 00:25:42,560 --> 00:25:46,399 Speaker 1: for abuse, and astronomers say debris from one of Elon 472 00:25:46,520 --> 00:25:50,159 Speaker 1: Musk's rockets will crash into the Moon. It highlights the 473 00:25:50,200 --> 00:25:52,960 Speaker 1: growing risk from space junk as companies plan on launching 474 00:25:53,040 --> 00:25:56,200 Speaker 1: tens of thousands of satellites. The second stage of a 475 00:25:56,280 --> 00:25:59,880 Speaker 1: Falcon nine rockets sent into orbit by Musk's Space Explorer 476 00:26:00,000 --> 00:26:04,120 Speaker 1: Asian Technologies in fifteen, is projected to impact the Moon 477 00:26:04,640 --> 00:26:07,639 Speaker 1: on March fourth. Global News twenty four hours a day 478 00:26:07,640 --> 00:26:10,280 Speaker 1: on here, right on Bloomberg Quicktake, Powerloo, more than twenty 479 00:26:10,320 --> 00:26:13,480 Speaker 1: seven hundred journalists and analysts, more than one hundred twenty countries. 480 00:26:13,680 --> 00:26:16,359 Speaker 1: I'm John Tucker. This is Bloomberg, Nathan whole new meaning 481 00:26:16,440 --> 00:26:24,040 Speaker 1: for to the Moon. John, Thanks Yes, Alis almost five 482 00:26:24,119 --> 00:26:26,399 Speaker 1: thirty six on Wall Street. John stash ours here now 483 00:26:26,440 --> 00:26:28,879 Speaker 1: the Bloomberg Sports Update, Thanks Nathan. Is figuring to be 484 00:26:28,960 --> 00:26:31,240 Speaker 1: tough week for the Knicks. They lost by two at Cleveland, 485 00:26:31,280 --> 00:26:33,560 Speaker 1: but never in it. In Miami, the heat led by 486 00:26:33,640 --> 00:26:35,399 Speaker 1: twenty eight, and the third quarter of the final was 487 00:26:35,480 --> 00:26:38,560 Speaker 1: one ten to nineties six. Eastly, Miami has now one 488 00:26:38,600 --> 00:26:41,000 Speaker 1: eight to the last ten nine of Tenant Home Knicks 489 00:26:41,040 --> 00:26:43,600 Speaker 1: are floundering, finished fourth in the East last season. Right 490 00:26:43,600 --> 00:26:46,640 Speaker 1: now they are eleven and played tomorrow in Milwaukee. Nets 491 00:26:46,640 --> 00:26:48,520 Speaker 1: played without the Big three you know, James Harden you 492 00:26:48,600 --> 00:26:52,240 Speaker 1: to a hamstring injury in Denver one in Brooklyn eighteen, 493 00:26:52,320 --> 00:26:55,440 Speaker 1: Nikola Yoke. It's twenty six points. Austin rivers at twenty five, 494 00:26:55,480 --> 00:26:57,879 Speaker 1: all the three in the second half. Hatty Meals lead 495 00:26:57,880 --> 00:26:59,920 Speaker 1: the Nets with twenty one. Seaton Hall lost to Red 496 00:27:00,240 --> 00:27:03,800 Speaker 1: Marquette seventy three sixty three. Justin Lewis thirty three points 497 00:27:03,800 --> 00:27:06,399 Speaker 1: of the Golden Eagles one seven a row. No Native 498 00:27:06,440 --> 00:27:09,440 Speaker 1: Aussee has won the women's singles in Melbourne since nineteen 499 00:27:09,600 --> 00:27:12,600 Speaker 1: seventy eight. Ashlee Vardy seems on her way. The top 500 00:27:12,680 --> 00:27:16,840 Speaker 1: seed has crossed sixthtrade opponents, this time Madison Keys in 501 00:27:16,880 --> 00:27:20,240 Speaker 1: the semifinal six one six three. Another American, Danielle Collins, 502 00:27:20,600 --> 00:27:22,800 Speaker 1: playing now and she's one of the first four games 503 00:27:22,880 --> 00:27:25,720 Speaker 1: with Ugo swayatt Tech. If Harty wins Saturday, she'll have 504 00:27:25,800 --> 00:27:28,680 Speaker 1: won three of the four Brand slams. Joe Shane just 505 00:27:28,760 --> 00:27:30,359 Speaker 1: hired as the new general manager of the Giants. A 506 00:27:30,359 --> 00:27:32,800 Speaker 1: lot of work to do since two thousand, seventeen. The 507 00:27:32,880 --> 00:27:35,320 Speaker 1: Giants are tied for the worst record in the NFL. 508 00:27:35,400 --> 00:27:37,080 Speaker 1: I think we can fully build at roster where you 509 00:27:37,080 --> 00:27:39,800 Speaker 1: can compete today and build for tomorrow. So we're gonna 510 00:27:40,080 --> 00:27:44,200 Speaker 1: through the drafts, free agency, whatever avenue we can. We're 511 00:27:44,200 --> 00:27:47,359 Speaker 1: gonna continue to build a competitive roster, and we want 512 00:27:47,400 --> 00:27:49,840 Speaker 1: to see progress, and we're going to continue to build 513 00:27:49,880 --> 00:27:51,800 Speaker 1: with a long term in mind, you know, as we 514 00:27:51,880 --> 00:27:53,480 Speaker 1: build it. But I think you can compete today and 515 00:27:53,520 --> 00:27:55,680 Speaker 1: still build for tomorrow. She needs to hire a new coach, 516 00:27:55,760 --> 00:27:58,040 Speaker 1: the favorite said to me, Brian day Ball. He's the 517 00:27:58,119 --> 00:28:02,040 Speaker 1: Bill's offensive coredators. So work the scene in Buffalo. John 518 00:28:02,080 --> 00:28:04,879 Speaker 1: Stash Howard Bloomberg sports nap. All right, John, thank you. 519 00:28:04,960 --> 00:28:07,119 Speaker 1: It is five thirty seven on Wall Street Time now 520 00:28:07,160 --> 00:28:10,920 Speaker 1: for the Tri State Business Report with Bloomberg's Cory. Amazon 521 00:28:11,080 --> 00:28:14,320 Speaker 1: dot Com workers in Staten Island have collected enough signatures 522 00:28:14,359 --> 00:28:16,840 Speaker 1: to hold an election on whether to join a union. 523 00:28:17,320 --> 00:28:21,119 Speaker 1: A National Labor Relations Board representatives says they're sufficient, showing 524 00:28:21,200 --> 00:28:23,800 Speaker 1: now to go ahead with a petition from the fledgeling 525 00:28:23,840 --> 00:28:27,160 Speaker 1: Amazon Labor Union. The a l You filed the petition 526 00:28:27,200 --> 00:28:31,760 Speaker 1: in December. Employers in New York must disclose electronic monitoring 527 00:28:31,920 --> 00:28:35,680 Speaker 1: like internet access and video conferencing to new hires under 528 00:28:35,680 --> 00:28:38,640 Speaker 1: a new law taking effect in May, as workers contend 529 00:28:38,760 --> 00:28:42,920 Speaker 1: with a landscape that's increasingly dependent on technology. The new 530 00:28:43,040 --> 00:28:46,840 Speaker 1: law comes amid a push for greater privacy protections. Leasing 531 00:28:46,880 --> 00:28:49,920 Speaker 1: costs are climbing throughout New York City, returning to our 532 00:28:50,000 --> 00:28:53,600 Speaker 1: even surpassing pre pandemic levels in the most desirable areas. 533 00:28:54,120 --> 00:28:57,400 Speaker 1: The fourth quarter, the median monthly asking rent was well 534 00:28:57,440 --> 00:29:00,920 Speaker 1: over three thousand bucks the majority of Manhattan neighborhoods, according 535 00:29:00,960 --> 00:29:03,960 Speaker 1: to data from street Easy. That's your Bloomberg Trying Stay 536 00:29:04,040 --> 00:29:07,000 Speaker 1: business report I mid Corey Thanks had five thirty eight 537 00:29:07,080 --> 00:29:09,200 Speaker 1: on Wall Street. Bloomberg Radio is on the air from 538 00:29:09,240 --> 00:29:11,680 Speaker 1: San Francisco to New York, London to Hong Kong. Let's 539 00:29:11,760 --> 00:29:13,520 Speaker 1: check in with our global news team for some of 540 00:29:13,560 --> 00:29:16,000 Speaker 1: the top stories heard on our three hundred affiliate radio 541 00:29:16,080 --> 00:29:22,080 Speaker 1: stations around the world. I'm Steve Polaskan on ten ten 542 00:29:22,160 --> 00:29:25,760 Speaker 1: Wins in New York. We're talking about Amazon union organizers 543 00:29:25,840 --> 00:29:28,040 Speaker 1: getting the signatures needed to hold a vote out a 544 00:29:28,120 --> 00:29:32,200 Speaker 1: facility in Staten Island. UM Corney Danahoe on ktr H 545 00:29:32,320 --> 00:29:35,600 Speaker 1: in Houston. Levi Strauss says price hikes aren't scaring away 546 00:29:35,680 --> 00:29:39,320 Speaker 1: denim shoppers. I'm Caroline headco on Blue Big Daby Dishal 547 00:29:39,400 --> 00:29:42,800 Speaker 1: Radio in the Women porting on MPs on the Treasury Committee, 548 00:29:42,840 --> 00:29:46,400 Speaker 1: accusing the government of leaky market sensed information to the 549 00:29:46,560 --> 00:29:50,800 Speaker 1: media ahead of October's budgets, I mid Cory on w 550 00:29:51,120 --> 00:29:54,160 Speaker 1: w J and destroy down reporting General Motors is adding 551 00:29:54,280 --> 00:29:57,040 Speaker 1: eight pounds of new tech job. Those are some of 552 00:29:57,080 --> 00:29:59,960 Speaker 1: the stories our hundred Bloomberg journalist and analyist to work 553 00:30:00,040 --> 00:30:02,480 Speaker 1: ing on It's five thirty nine on Wall Street. The 554 00:30:02,600 --> 00:30:06,640 Speaker 1: following is an editorial from Bloomberg Opinion. After weeks of 555 00:30:06,760 --> 00:30:11,160 Speaker 1: mostly fruitless diplomacy, NATO is bracing for war. Russia has 556 00:30:11,200 --> 00:30:14,080 Speaker 1: masked more than a hundred thousand troops on Ukraine's borders 557 00:30:14,120 --> 00:30:16,640 Speaker 1: and what many see as a prelude to an invasion. 558 00:30:17,000 --> 00:30:19,640 Speaker 1: NATO is ready in a force to deploy to Eastern 559 00:30:19,760 --> 00:30:23,880 Speaker 1: Europe in response, but European Union member states are divided 560 00:30:23,960 --> 00:30:26,960 Speaker 1: about when and how forcefully to respond, so want to 561 00:30:27,040 --> 00:30:31,000 Speaker 1: act in the event of a Russian attack while others don't. Still, 562 00:30:31,080 --> 00:30:35,080 Speaker 1: others are seeking delays and carvats to protect their domestic interests. 563 00:30:35,440 --> 00:30:38,600 Speaker 1: The stakes are too high for such quibbles. Failing to 564 00:30:38,680 --> 00:30:42,440 Speaker 1: confront Russia now will embolden other regimes seeking to redraw 565 00:30:42,560 --> 00:30:46,200 Speaker 1: borders in the future. Regardless of what the Kremlin does next, 566 00:30:46,320 --> 00:30:49,560 Speaker 1: the US and Europe must maintain the United Front, both 567 00:30:49,600 --> 00:30:53,240 Speaker 1: to prevent further aggression and to defend the stability of 568 00:30:53,360 --> 00:30:56,760 Speaker 1: the international system. This editorial was written by the Bloomberg 569 00:30:56,800 --> 00:31:00,400 Speaker 1: Opinion Editorial Board. I'm David Shipley. For more Bloomberg Opinion, 570 00:31:00,440 --> 00:31:03,440 Speaker 1: please go to Bloomberg dot com, slash opinion, or ope 571 00:31:03,560 --> 00:31:07,360 Speaker 1: and go on the Bloomberg terminal. This has been Bloomberg Opinion. 572 00:31:07,480 --> 00:31:10,160 Speaker 1: Listen for Bloomberg Opinion editorials every weekday. At this time, 573 00:31:10,280 --> 00:31:13,000 Speaker 1: terminal customers can read more at O P I, ND GO, 574 00:31:13,680 --> 00:31:16,480 Speaker 1: SMP futures higher by four point, staff futures up twelve 575 00:31:16,560 --> 00:31:19,719 Speaker 1: dance at futures up thirty nine points. This is Bloomberg 576 00:31:22,080 --> 00:31:24,280 Speaker 1: Bloomberg eleven three oh weather high in your thirty today 577 00:31:24,320 --> 00:31:27,200 Speaker 1: ahead of the northeastern Tomorrow night into Saturday, two to 578 00:31:27,360 --> 00:31:30,280 Speaker 1: six inches possible, most of it over Long Island will 579 00:31:30,280 --> 00:31:32,520 Speaker 1: be in the mid thirties Tomorrow high Saturday only in 580 00:31:32,520 --> 00:31:38,920 Speaker 1: the low twenties currently eighteen degrees. Markets headlines and breaking 581 00:31:38,960 --> 00:31:41,800 Speaker 1: news twenty four hours a day at Bloomberg dot com, 582 00:31:41,920 --> 00:31:45,520 Speaker 1: The Bloomberg Business at and at Bloomberg Quick Tape is 583 00:31:45,560 --> 00:31:54,520 Speaker 1: a Bloomberg Business Flash. And I'm Caro in Moscow. This update, 584 00:31:54,560 --> 00:31:57,400 Speaker 1: brought to you by s ci Crises and Challenges highlight 585 00:31:57,440 --> 00:31:59,840 Speaker 1: the power of partnership and character work for the common 586 00:32:00,000 --> 00:32:03,200 Speaker 1: at one community SEI going sc i C dot Com, 587 00:32:03,320 --> 00:32:08,120 Speaker 1: slash Banks US dot index futures are raised an earlier 588 00:32:08,560 --> 00:32:12,120 Speaker 1: loss with dick buyers back in action after a sell 589 00:32:12,160 --> 00:32:15,840 Speaker 1: off sparked by a hawkish federal reserve. SMP futures are 590 00:32:15,920 --> 00:32:18,320 Speaker 1: little changed now. Down future is little changed as well. 591 00:32:18,440 --> 00:32:21,320 Speaker 1: Now today futures are higher up thirty. Check the markets 592 00:32:21,320 --> 00:32:24,160 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right 593 00:32:24,200 --> 00:32:26,520 Speaker 1: now ten your treasury is up seven thirty seconds. You 594 00:32:26,560 --> 00:32:28,600 Speaker 1: had one point three percent. They yield them the two 595 00:32:28,680 --> 00:32:31,760 Speaker 1: year one point one eight percent. Nine x screwed oils 596 00:32:31,800 --> 00:32:33,640 Speaker 1: up three tenths per cent, or twenty five cents at 597 00:32:33,640 --> 00:32:36,200 Speaker 1: eighty seven dollars sixty one cents. A barrel called meg 598 00:32:36,240 --> 00:32:38,520 Speaker 1: School down nine ten per cent or sixteen dollars twenty 599 00:32:38,600 --> 00:32:41,560 Speaker 1: cents at eighteen fifteen eighty and ounce the euro one 600 00:32:41,640 --> 00:32:44,040 Speaker 1: point one one nine three against a dollar British found 601 00:32:44,080 --> 00:32:46,719 Speaker 1: one point three four two four again as at one 602 00:32:46,800 --> 00:32:50,160 Speaker 1: fifteen point one nine and Big Coin this morning is 603 00:32:50,320 --> 00:32:53,400 Speaker 1: at thirty six thousand, four hundred fifty dollars. That's a 604 00:32:53,440 --> 00:32:56,480 Speaker 1: Bloomberg Business flash. Now here's John Tucker with more on 605 00:32:56,600 --> 00:32:59,160 Speaker 1: what's going on around the world. John and Karen sent 606 00:32:59,240 --> 00:33:01,960 Speaker 1: a Democrats they planned to move swiftly to replace the 607 00:33:02,000 --> 00:33:06,080 Speaker 1: retiring Supreme Court Justice Stephen Bryer. Dozens of United flights 608 00:33:06,160 --> 00:33:09,640 Speaker 1: delayed after the airline reported a company wide technology outage 609 00:33:09,720 --> 00:33:13,440 Speaker 1: this morning. And South Korea's military says North Koree fired 610 00:33:13,560 --> 00:33:17,440 Speaker 1: two suspected ballistic missiles in its sixth round of weapons 611 00:33:17,560 --> 00:33:21,040 Speaker 1: launches this month. Sports Nix and Nets both lose on 612 00:33:21,160 --> 00:33:23,360 Speaker 1: the ice, The Capitals lose in the Bruins fall to 613 00:33:23,440 --> 00:33:27,720 Speaker 1: Colorado in overtime. At the Australian Open women's semifinals, Ashley 614 00:33:27,760 --> 00:33:32,200 Speaker 1: Barney defeated American Madison Keys in straight sets. Global News 615 00:33:32,280 --> 00:33:34,200 Speaker 1: twenty four hours a day on here and on Bloomberg 616 00:33:34,280 --> 00:33:37,000 Speaker 1: Quick Take. We're powered by more than twenty seven hundred 617 00:33:37,040 --> 00:33:40,200 Speaker 1: journalists and analysts in more than one hundred twenty countries. 618 00:33:40,480 --> 00:33:43,520 Speaker 1: I'm John Tucker. This is Bloomberg. Nathan. Okay, John, Thanks, 619 00:33:43,560 --> 00:33:45,640 Speaker 1: It's almost five forty nine on Wall Street Live from 620 00:33:45,680 --> 00:33:49,720 Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreaking. Is 621 00:33:49,800 --> 00:33:52,640 Speaker 1: John just alluded to. President Biden is about to get 622 00:33:52,720 --> 00:33:55,760 Speaker 1: his first chance to shape the Supreme Court, with Justice 623 00:33:55,760 --> 00:33:59,240 Speaker 1: Stephen Bryer expected to formally announce today that he will 624 00:33:59,360 --> 00:34:02,600 Speaker 1: retire at the end of the current Supreme Court term. 625 00:34:02,680 --> 00:34:05,920 Speaker 1: The confirmation fight could set the tone for the mid 626 00:34:06,080 --> 00:34:09,359 Speaker 1: term elections. Let's get more on the potential political fallout now. 627 00:34:09,440 --> 00:34:11,840 Speaker 1: Wendy Schiller is with us this morning, director of the 628 00:34:11,920 --> 00:34:16,840 Speaker 1: Topman Center for American Politics and Policy at Brown University. Professor, 629 00:34:17,000 --> 00:34:19,239 Speaker 1: Good to have you with us this morning. How could 630 00:34:19,320 --> 00:34:22,440 Speaker 1: this set the tone for the mid terms, Well, Nathan, 631 00:34:22,480 --> 00:34:25,160 Speaker 1: I think it's going to be a pretty targeted, geographical 632 00:34:25,239 --> 00:34:28,440 Speaker 1: effect in terms of mobilizing African American voters. You know, 633 00:34:28,520 --> 00:34:30,800 Speaker 1: it really depends on the Republican position more than the 634 00:34:30,840 --> 00:34:33,600 Speaker 1: Democratic position. You know, if the GOP and the Senate 635 00:34:33,719 --> 00:34:36,240 Speaker 1: decides to go all out and really try to block 636 00:34:36,320 --> 00:34:39,200 Speaker 1: this nomination, which I don't think McConnell will want to 637 00:34:39,360 --> 00:34:43,600 Speaker 1: encourage that can directly affect Senate races in places like Georgia, 638 00:34:44,200 --> 00:34:48,880 Speaker 1: where there's an African American mail senator up reelection Ralph Warnock, 639 00:34:49,000 --> 00:34:51,960 Speaker 1: and in North Carolina, where there's an open seat UH 640 00:34:52,000 --> 00:34:55,560 Speaker 1: and a fairly strong and large African American voting population. 641 00:34:55,680 --> 00:34:59,080 Speaker 1: Just those two states alone could be pivotal in either 642 00:34:59,239 --> 00:35:01,279 Speaker 1: keeping the Senate for the Democrats or giving it to 643 00:35:01,320 --> 00:35:04,600 Speaker 1: the GOP. So to me, this is about mobilizing African 644 00:35:04,640 --> 00:35:08,400 Speaker 1: American voters, but it's also about gauging the Republican response. 645 00:35:09,239 --> 00:35:11,640 Speaker 1: Even if they try to say, well that this person 646 00:35:11,719 --> 00:35:14,360 Speaker 1: is too liberal. If it's a black woman, which we expect, 647 00:35:14,400 --> 00:35:18,040 Speaker 1: it would be still the strongest voting demographic in the 648 00:35:18,080 --> 00:35:20,840 Speaker 1: African American cunity are black women. So I think it 649 00:35:20,880 --> 00:35:24,680 Speaker 1: could be very costly to the GOP depending on their response. 650 00:35:25,120 --> 00:35:27,279 Speaker 1: All right, let's pick both of those apart. Starting with 651 00:35:27,400 --> 00:35:30,600 Speaker 1: the potential impact on African American voters. As you mentioned, 652 00:35:30,640 --> 00:35:32,959 Speaker 1: the President has said he will nominate a black woman 653 00:35:33,040 --> 00:35:37,359 Speaker 1: as his first nominee. After all the disappointment expressed by 654 00:35:37,520 --> 00:35:40,840 Speaker 1: many civil rights leaders on the voting rights issue, and 655 00:35:41,120 --> 00:35:43,520 Speaker 1: and other issues that have come before the president sort 656 00:35:43,520 --> 00:35:46,440 Speaker 1: of falling to the wayside. Is the Supreme Court nominee 657 00:35:46,640 --> 00:35:51,920 Speaker 1: enough to mobilize African American voters heading into the mid terms. Well, again, 658 00:35:52,080 --> 00:35:54,919 Speaker 1: this depends on the success of Democrat party messaging, which 659 00:35:55,040 --> 00:35:57,080 Speaker 1: I've you and I have talked about before, which I 660 00:35:57,080 --> 00:36:00,680 Speaker 1: think has been extraordinarily disappointing. Uh the first year of 661 00:36:00,719 --> 00:36:03,920 Speaker 1: the Biden presidency. It's not been coherent or uniform and 662 00:36:04,000 --> 00:36:06,239 Speaker 1: strong enough. But this is a way of saying, listen, 663 00:36:06,280 --> 00:36:08,480 Speaker 1: you have to keep the Senate. We have to make 664 00:36:08,520 --> 00:36:10,560 Speaker 1: sure that we keep the Senate. That's the Democrats talking. 665 00:36:10,760 --> 00:36:13,560 Speaker 1: Because Biden's pleasant for two more years, and if there 666 00:36:13,600 --> 00:36:17,120 Speaker 1: are any other vacancies, this is another opportunity for Biden 667 00:36:17,360 --> 00:36:21,759 Speaker 1: to appoint additional African American um members of the Supreme Court. 668 00:36:21,840 --> 00:36:24,040 Speaker 1: Now I'm not sure Biden will make that promise outright, 669 00:36:24,360 --> 00:36:27,800 Speaker 1: but it's certainly an effective campaign message to voters in 670 00:36:27,800 --> 00:36:30,400 Speaker 1: the African American community who care about what we call 671 00:36:30,520 --> 00:36:33,760 Speaker 1: descriptive representation, in other words, having somebody who is African 672 00:36:33,800 --> 00:36:37,320 Speaker 1: American who can represent African American interests broadly defined in 673 00:36:37,400 --> 00:36:40,399 Speaker 1: places like the Vice presidency, whether presidency or the Supreme Court, 674 00:36:40,719 --> 00:36:43,239 Speaker 1: if if the if the Democrats can message on that 675 00:36:43,440 --> 00:36:46,680 Speaker 1: in particular communities in two just as they did in 676 00:36:46,719 --> 00:36:50,520 Speaker 1: two thousands six. But the importance of having a democratic Congress, um, 677 00:36:50,719 --> 00:36:53,680 Speaker 1: I think they can at the margins use this to 678 00:36:54,360 --> 00:36:58,080 Speaker 1: thwart the Republican momentum in particular areas. As I said, 679 00:36:58,600 --> 00:37:01,040 Speaker 1: Senate races, I think more than how races. And in 680 00:37:01,239 --> 00:37:04,440 Speaker 1: terms of the Republican responses you alluded to, it seems 681 00:37:04,520 --> 00:37:10,000 Speaker 1: like bipartisan Senate confirmations of Supreme Court justices of it's 682 00:37:10,040 --> 00:37:12,239 Speaker 1: been a while since we've kind of had one. What 683 00:37:12,360 --> 00:37:15,239 Speaker 1: are the chances that we could see more of a 684 00:37:15,360 --> 00:37:19,440 Speaker 1: bipartisan confirmation of the next nominee. Well, I think the 685 00:37:19,520 --> 00:37:22,880 Speaker 1: chances go up a little bit because of the you know, 686 00:37:23,040 --> 00:37:26,759 Speaker 1: demographics and voting in particular states. I think McConnell will 687 00:37:26,800 --> 00:37:29,880 Speaker 1: say tois caucus you can vote against, but trying not 688 00:37:30,000 --> 00:37:32,360 Speaker 1: to have any sound bites in the debates, you know, 689 00:37:32,400 --> 00:37:34,200 Speaker 1: it's trying not to go to the floor of the 690 00:37:34,320 --> 00:37:37,640 Speaker 1: Senate and say something the Democratic pull out in a 691 00:37:37,760 --> 00:37:40,560 Speaker 1: fifteen or thirty second ad that will characterize the entire 692 00:37:40,600 --> 00:37:44,000 Speaker 1: Republican Party as racist. Um. I think that there's a 693 00:37:44,000 --> 00:37:46,120 Speaker 1: lot of people are capable of making sure that happens 694 00:37:46,160 --> 00:37:48,040 Speaker 1: on the floor, but there are some people who don't 695 00:37:48,040 --> 00:37:50,520 Speaker 1: always listen to McConnell. I think it's got any McConnell's fear. 696 00:37:50,800 --> 00:37:52,920 Speaker 1: And there's a you know, there's an open seat and Ohio, 697 00:37:53,040 --> 00:37:56,640 Speaker 1: for example, there's an open seat in Pennsylvania, and I 698 00:37:56,719 --> 00:37:59,000 Speaker 1: think these are really key and if you have large 699 00:37:59,000 --> 00:38:02,360 Speaker 1: African American turn out, particularly Pennsylvania, that seat can go 700 00:38:02,760 --> 00:38:04,640 Speaker 1: to a Democrat. So I think there's a lot on 701 00:38:04,760 --> 00:38:07,239 Speaker 1: the line for the Republicans. And we'll see the chest 702 00:38:07,320 --> 00:38:10,239 Speaker 1: of the Republican caucus now going into this and see 703 00:38:10,280 --> 00:38:13,080 Speaker 1: how discipline they can be with their rhetoric when they 704 00:38:13,400 --> 00:38:16,160 Speaker 1: enter into the debate on this judicial nomination. Now very 705 00:38:16,239 --> 00:38:20,960 Speaker 1: interesting to think about the reverberations across the country politically 706 00:38:21,120 --> 00:38:25,040 Speaker 1: with one man, Justice Stephen Bryer, expected to make an 707 00:38:25,080 --> 00:38:28,200 Speaker 1: official later today that he will retire at the end 708 00:38:28,239 --> 00:38:30,799 Speaker 1: of this current Supreme Court term. Professor Wendy Schiller as 709 00:38:30,840 --> 00:38:33,440 Speaker 1: always great getting your insights. Wendy Schiller is director of 710 00:38:33,440 --> 00:38:37,000 Speaker 1: the Tobin Center for American Politics and Policy at Brown University. 711 00:38:37,160 --> 00:38:40,520 Speaker 1: Karen Pathan, let's get more perspective now on the pending 712 00:38:40,560 --> 00:38:43,799 Speaker 1: retirement of Supreme Court Justice Stephen Brier in our daily 713 00:38:43,840 --> 00:38:48,160 Speaker 1: Bloomberg Law Brief, brought to you by the American Arbitration Association, 714 00:38:48,280 --> 00:38:52,879 Speaker 1: Business disputes are inevitable, resolve faster that the American Arbitration Association, 715 00:38:52,960 --> 00:38:56,400 Speaker 1: the global leader and alternative dispute resolution for over ninety years. 716 00:38:56,719 --> 00:38:59,840 Speaker 1: More at a dr dot Org. Stephen Brier is the 717 00:39:00,000 --> 00:39:02,799 Speaker 1: where It's oldest justice at eight three. He's a pregnatist 718 00:39:02,880 --> 00:39:05,719 Speaker 1: who currently leads the liberal wing of the Court, which 719 00:39:05,800 --> 00:39:09,160 Speaker 1: is now a three justice minority. His replacement could reinforce 720 00:39:09,200 --> 00:39:12,120 Speaker 1: the Court's liberal wing and potentially serve for decades, but 721 00:39:12,239 --> 00:39:15,400 Speaker 1: they will not shift the ideological balance. For more in 722 00:39:15,480 --> 00:39:19,120 Speaker 1: the news Bloomberge doing grass speak to judiciary expert Carl Tobias, 723 00:39:19,160 --> 00:39:22,080 Speaker 1: a professor at the University of Richmond Law School, tell 724 00:39:22,200 --> 00:39:27,040 Speaker 1: us about the timing of Justice Briar's announcement even before 725 00:39:27,080 --> 00:39:31,160 Speaker 1: the end of the term when justice is normally retire, well, 726 00:39:31,239 --> 00:39:35,080 Speaker 1: it is unusual. Usually it comes at the last sitting 727 00:39:35,320 --> 00:39:37,440 Speaker 1: or very close to the end of the term. But 728 00:39:37,760 --> 00:39:41,520 Speaker 1: it's happened in all different periods, so it's not unprecedented. 729 00:39:41,760 --> 00:39:46,680 Speaker 1: It provides plenty of time to replace him. How would 730 00:39:46,719 --> 00:39:51,200 Speaker 1: you describe Justice Briar's legacy. Well, I think he brought 731 00:39:51,600 --> 00:39:57,560 Speaker 1: an incredible understanding of how the federal government works in 732 00:39:57,600 --> 00:40:04,040 Speaker 1: the United States to the Supreme Court and applied his collegiality. 733 00:40:04,239 --> 00:40:08,760 Speaker 1: He's intelligence is independence to every case that came before 734 00:40:08,880 --> 00:40:13,439 Speaker 1: the Court in a way that informed the way many 735 00:40:13,560 --> 00:40:18,320 Speaker 1: cases were resolved. And he was always willing to dissent 736 00:40:18,719 --> 00:40:21,480 Speaker 1: or to concur if need be. And I think he 737 00:40:22,000 --> 00:40:25,680 Speaker 1: had a real roving intellect and a real command of 738 00:40:26,120 --> 00:40:29,720 Speaker 1: the history of the federal government and how it worked. 739 00:40:29,880 --> 00:40:33,320 Speaker 1: And I think he leaves a really strong legacy in 740 00:40:33,400 --> 00:40:36,840 Speaker 1: the public law area. One of the leading candidates mentioned 741 00:40:36,920 --> 00:40:40,760 Speaker 1: is a possible nominee to replace Justice Pryor is judged 742 00:40:40,800 --> 00:40:45,560 Speaker 1: to Tangi Brown Jackson. She was confirmed just last year 743 00:40:45,600 --> 00:40:48,200 Speaker 1: to the d C. Circuit Court of Appeals and three 744 00:40:48,360 --> 00:40:52,640 Speaker 1: Republican Senators voted for her confirmation. Might that make the 745 00:40:52,760 --> 00:40:58,480 Speaker 1: confirmation process easier? Absolutely? I also would expect those sentators 746 00:40:58,640 --> 00:41:01,680 Speaker 1: to withhold how they might vote until they see how 747 00:41:01,800 --> 00:41:04,239 Speaker 1: she does in the process. If she is the nominee, 748 00:41:04,920 --> 00:41:07,560 Speaker 1: I could see them saying and often senators do well. 749 00:41:07,640 --> 00:41:10,960 Speaker 1: I thought she was just fine for the d C Circuit, 750 00:41:11,080 --> 00:41:14,280 Speaker 1: But the Supreme Court is the highest court in the land, 751 00:41:14,640 --> 00:41:18,200 Speaker 1: and because I voted one way doesn't necessarily mean that 752 00:41:18,320 --> 00:41:21,320 Speaker 1: I will vote that way again. But don't forget the 753 00:41:21,440 --> 00:41:26,879 Speaker 1: Democrats have not lost any votes, and none of their 754 00:41:26,920 --> 00:41:29,240 Speaker 1: members have voted no on any of the lower federal 755 00:41:29,360 --> 00:41:32,960 Speaker 1: court nominees to date, and so if they hold together, 756 00:41:33,520 --> 00:41:37,160 Speaker 1: there shouldn't be a problem. They don't even need any 757 00:41:37,280 --> 00:41:40,520 Speaker 1: Republican votes because of their tied fifty fifty. The Vice 758 00:41:40,600 --> 00:41:43,880 Speaker 1: President can break that time. But I do think that 759 00:41:43,960 --> 00:41:47,160 Speaker 1: Democrats are likely to hold together, just as Republicans have 760 00:41:47,440 --> 00:41:51,000 Speaker 1: very much held together, with some exceptions like Senator Graham 761 00:41:51,120 --> 00:41:56,200 Speaker 1: and sometimes Senators Murkowski and Collins have voted for lower 762 00:41:56,239 --> 00:41:59,880 Speaker 1: court nominees, but many Republicans have voted no on almost 763 00:42:00,080 --> 00:42:03,640 Speaker 1: every one of Biden's lower court nominees. And as the 764 00:42:03,680 --> 00:42:06,600 Speaker 1: University at Richmond law professor Carl Tobias bea at the 765 00:42:06,600 --> 00:42:09,279 Speaker 1: Bloomberg Student Gross, so catch more of that interview plus 766 00:42:09,320 --> 00:42:11,920 Speaker 1: analysis of the latest legal news by listening to the 767 00:42:11,960 --> 00:42:14,920 Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing 768 00:42:14,960 --> 00:42:18,120 Speaker 1: to the Bloomberg Law podcast, and attorneys can find exceptional 769 00:42:18,280 --> 00:42:22,399 Speaker 1: legal research and business development tools at Bloomberg Law dot com. 770 00:42:23,360 --> 00:42:26,839 Speaker 1: Futures this morning, S and P futures lower once again, 771 00:42:26,920 --> 00:42:29,960 Speaker 1: down seventeen points, down features down one hundred twenty and 772 00:42:30,080 --> 00:42:34,160 Speaker 1: NASDAG features down to sixty six. They were hired just 773 00:42:34,360 --> 00:42:36,719 Speaker 1: moments ago and the ten year treasury is of eight 774 00:42:36,760 --> 00:42:39,359 Speaker 1: thirties seconds. He at one point eight three per cent. 775 00:42:39,840 --> 00:42:42,920 Speaker 1: So ahead on Bloomberg Daybreak and check on the business 776 00:42:42,960 --> 00:42:45,399 Speaker 1: headlines and all the news you need to start your day. 777 00:42:45,480 --> 00:42:46,759 Speaker 1: And this is Bloomberg