Speaker 1: Live from the Bloomberg Interactive Broker Studios. This is Bloomberg
Speaker 1: day Break for Thursday, January two. Coming up this hour,
Speaker 1: markets react after the Fed takes a hawkish tone that's
Speaker 1: on red. Hikes climb, with traders now predicting five increases.
Speaker 1: Earnings also hit sentiment as outlooks from Intel and Tesla disappoints,
Speaker 1: and Chuck Schumer promises quick action to fill justice Stephen
Speaker 1: Briers spot on the Supreme Court, a winter storm bears
Speaker 1: down on the city, and President Biden will visit New
Speaker 1: York to focus on gun violence. I'm John Tucker. Those
Speaker 1: stories straight ahead, I'm John stash Ower. And sports, the
Speaker 1: Heat beat, the Knicks, the Nuggets, beat the Nets, and
Speaker 1: they're playing the women's semifinals at the Australian Open. That's
Speaker 1: all straight ahead on Bloomberg day Break on Bloomberg elim Trio,
Speaker 1: New York, Bloomberg Washington, d C, Bloomberg one six one, Boston,
Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nineteen
Speaker 1: and around the world Old on Bloomberg Radio dot Com
Speaker 1: and via The Bloomberg Business. Good Morning. I'm Nathan and
Speaker 1: I'm Karen most now. US Future is looking at stage
Speaker 1: to come back. They're rebounding off the worst levels this
Speaker 1: morning and moving higher. We're coming up to five o
Speaker 1: one on Wall Street, and we check the markets every
Speaker 1: fifteen minutes throughout the trading day. On Bloomberg, SNP Future
Speaker 1: is up five points, death Future is up six Nasdack
Speaker 1: Futures up fifty four. The decks in Germany's down four
Speaker 1: tenths of upper cent, and your Treasury up six thirties
Speaker 1: seconds ye at one point eight four per cent. Nathan
Speaker 1: Karen stocks did sell off overnight after yesterday's hawk is
Speaker 1: chilled from the Fed, but US futures are bouncing back.
Speaker 1: From session, Low's chair J Powell signal to March interest
Speaker 1: rate hike but also stoked speculation about more aggressive policy
Speaker 1: in the months ahead. I think there's quite a bit
Speaker 1: of room to raise interest rates without threatening the labor market.
Speaker 1: This is, by so many measures, a historically tight labor market,
Speaker 1: with the yield curve flattened. On the heels of those
Speaker 1: comments from J Powell this morning, two year yields are
Speaker 1: rising while tens and thirties fall. Former Fed Vice chair
Speaker 1: Alan Blinder expects a rate hike at every meeting this year.
Speaker 1: Think about where we are now. We're almost as zero rate.
Speaker 1: Four rate hike is puts you just above one percent.
Speaker 1: That's hardly a central bank that's trying to clamp down
Speaker 1: on its economy. Former vice chair Allen Blinder says the
Speaker 1: FED will continue to be data dependent, and this morning
Speaker 1: money markets are now pricing five rate hikes from the
Speaker 1: Fed this year. Nathan Us stock sank after the Fed decision,
Speaker 1: and that trend continued overnight with heavy selling. In Asia.
Speaker 1: We get the recap from Bloomberg's Juliette Sally and Singapore.
Speaker 1: Good morning, Juliette, Good morning Karen. The m c I
Speaker 1: Asia Pacific INEX posted its biggest drop since February to
Speaker 1: hold at fourteen month lows, as a number of indexes
Speaker 1: in the region tatd Ono entered bar market in correction.
Speaker 1: Territory China's cs I three D twenty percent from its
Speaker 1: February peak to enter a bear market. South Korea's Costly
Speaker 1: also entering a band market. Australia's ASSEX two hundred was
Speaker 1: down tenpa cent from its ogus peak to enter correction.
Speaker 1: In Singapore, juliet Sale Bloomberg Daybreak. All right, Juliet, thank you.
Speaker 1: So how much further is the Federal Reserve willing to
Speaker 1: let stocks slide? We have a prediction from the world's
Speaker 1: biggest hedge fund. Bloomberg's rannitda Young joins us Live with
Speaker 1: the details. Good morning, Ranita, Good morning Nathan. It's the
Speaker 1: burning question of the moment for market watchers, and Bridgewater
Speaker 1: Associates co Chief investment officer Gregg Jensen says the fit
Speaker 1: could let stocks drop as much as more that will
Speaker 1: put the spire below thirty, near its pre pandemic level.
Speaker 1: Ja says so far, the decline over the past few
Speaker 1: weeks has been mostly healthy because it's deflated some of
Speaker 1: the bubbles like cryptocurrencies. Live in New York. I'm Ranita Young,
Speaker 1: Bloomberg Daybreak, Ranita, thank you. Stocks are also under pressure
Speaker 1: this morning from earnings, including disappointing results from Intel. The
Speaker 1: shipmakers out with a weak profit forecast for the current quarter,
Speaker 1: and we get the story from Bloomberg's Charlie Pellett. The
Speaker 1: report is fueling concerned that the cost of CEO Pat
Speaker 1: Gelsinger's turnaround plan will weigh heavily on the chipmaker's financial performance,
Speaker 1: though demand for server chips is helping bolster sales. The
Speaker 1: forecast dad's evidence that profit is suffering from an Intel
Speaker 1: spending spree. Galsinger, who took the home last year, has
Speaker 1: embarked on an ambitious plan to overhaul Intel's manufacturing that
Speaker 1: includes a new factory hub and Ohio announced last week
Speaker 1: but could cost twenty billion dollars in New York, Charlie
Speaker 1: Pellet Bloomberg Daybreak, All right, Charlie, thanks. Shares of Tesla
Speaker 1: are also dropping this morning. The company posted profit above estimates,
Speaker 1: but warrant supply chain problems will persist. Ed Ludlow has
Speaker 1: details from our Bloomberg nine sixty newsroom in San Francisco.
Speaker 1: Executives said that production volumes at the plant in Fremont, California,
Speaker 1: and in Shanghai have been depressed for several quarters due
Speaker 1: to the ongoing supply chain crunch that includes, of course,
Speaker 1: a shortage of semiconductors, and that meant one big thing
Speaker 1: this year two Tesla will not be launching any new products.
Speaker 1: That means no cyber truck, no semi truck. And the
Speaker 1: logic that Elon must put behind that was that if
Speaker 1: they don't have the parts to build or rampart production
Speaker 1: off their existing products, then they shouldn't move quickly onto
Speaker 1: new products going forward ed Lovelow, Bloomberg News, San Francisco,
Speaker 1: and thank you the tech earnings continue to roll in today.
Speaker 1: Up next to Apple reports this afternoon, and we get
Speaker 1: a preview from Bloomberg's Tom Busby. Well. The big question
Speaker 1: for Apple's first quarter results how big were holiday sales
Speaker 1: of its new iPhone thirteens, as well as the iPad Mini,
Speaker 1: the MacBook Pro, the Apple Watch Series seven, and it's
Speaker 1: updated air podier phones. Also whether that global computer chip
Speaker 1: crunch and supply chain bottlenecks impacted sales and production. Bloomberg
Speaker 1: economists forecast revenue during the all important holiday quarter topped
Speaker 1: one nineteen billion dollars, more than half of that from
Speaker 1: sales of iPhones on non adjusted earnings of a dollar
Speaker 1: nineties share Tom Busby Bloomberg Daybreak and tom Earnings In
Speaker 1: Europe and Focus as well. Shares of Deutsche Bank are
Speaker 1: up five per sen. Germany's largest lender, says it will
Speaker 1: quote significantly exceed its revenue guidance for the coming year.
Speaker 1: Deutsch saw gains in debt trading and its merger advisory
Speaker 1: business in the fourth quarter. And turning to politics now,
Speaker 1: Nathan President Biden looks poised a mega mark on the
Speaker 1: Supreme Court. We're told Justice Stephen Bryer plans to retire
Speaker 1: at the end of this term. Senate Majority Leader Chuck
Speaker 1: Schumer is leading tributes to the High Court's most senior liberal.
Speaker 1: He was a model jurist. He had huge impact on
Speaker 1: people's lives in terms of voting rights, women, women's rights,
Speaker 1: and reproductive rights, in terms of the environment, and maybe
Speaker 1: most of all, on the a C a UH, the
Speaker 1: Affordable Care Act, making sure its state. Senator Schumer is
Speaker 1: promising a quick timetable to confirm Brier's successor. President Biden
Speaker 1: has promised to name a black woman to the High Court,
Speaker 1: and futures Karen are moving higher at the moment. SMP
Speaker 1: futures are up twelve point, staff futures up forty six,
Speaker 1: Nastact futures higher by seventy seven points. The tenure treasury
Speaker 1: is up five thirty seconds, The yield one point eight
Speaker 1: four sent two year yields are moving higher. They're up
Speaker 1: to one point one eight percent now, and NIMEX crude
Speaker 1: little changed. Up about a ten percent at eighty seven
Speaker 1: dollars forty two cents of barrel bitcoin thirty six thousand,
Speaker 1: six hundred dollars. Straight ahead, your latest local headlines and
Speaker 1: a check of sports. This is Bloomberg. It's south five
Speaker 1: oh seven on Wall Street, eighteen degrees in Central Park.
Speaker 1: We gotta crash on the southbound Garden State Parkway by
Speaker 1: Eggs and one details coming up in traffic. First, John
Speaker 1: Tucker with more on what's going on in New York
Speaker 1: and around the world. Brason for some snow, John, Yeah,
Speaker 1: we're watching a powerful snow storm that's just set to
Speaker 1: sweep up the East Coast starting tomorrow. Davan Bloomberg. Meteorologist
Speaker 1: Rob Carolin joins US Now with the very latest. Good morning, Rob, John.
Speaker 1: The computer model is still not an agreement on the
Speaker 1: storm coming up for Saturday. The US model takes it
Speaker 1: out to see while most of the international models have
Speaker 1: a fairly significant storm for the Triston area. I think
Speaker 1: that's why Then and Weather Services put a winter storm
Speaker 1: watch up for Friday evening through Saturday evening for the coast,
Speaker 1: including the city in Long Island and Westchester County. New York.
Speaker 1: Looks like the snow will arrive by mid to late
Speaker 1: afternoon tomorrow in the Tri state area, should be done
Speaker 1: by Saturday evening. Right now, two to six inches looks likely.
Speaker 1: John Bloomberg, meteorologist Rob Caroline, Well, check your flight this morning.
Speaker 1: It's not because of the weather. In the United Airline
Speaker 1: says it's experiencing an I T outage and teams are
Speaker 1: working to get it resolved. President Biden will promote his
Speaker 1: administration's efforts to fight gun crime in New York next
Speaker 1: week with Mayor Eric Adams is confronting a spate of violence,
Speaker 1: including the shooting deaths of two police officers. The President
Speaker 1: will highlight increased federal funding for state and city law enforcement.
Speaker 1: A Floria meetings regarding Russia and Ukraine appear to have
Speaker 1: made a bit of progress. Let's get more from Bloomberg's
Speaker 1: and Baxter. NATO Secretary General John Staltenberg is urging a
Speaker 1: direct meeting with Russia. We are prepared to listen to
Speaker 1: Russia's concerns. We need a conversation on how to uphold
Speaker 1: and strengthen the fun amount of principles all European security
Speaker 1: that we have old as well. In Paris, direct meetings
Speaker 1: with high level diplomats from Ukraine and Russia, both saying
Speaker 1: marginal improvement, have set up another meeting in two weeks
Speaker 1: in Berlin, and the US has delivered a letter to
Speaker 1: Russia with proposals to end the standoff. In San Francisco,
Speaker 1: I'm at Baxter Bloomberg Daybreak, New York's mt A looking
Speaker 1: at ways to prevent people from falling or jumping out
Speaker 1: of subway tracks and MTA task Force plans to explore
Speaker 1: sensors and platform doors. Homeless person this month killed a
Speaker 1: woman by pushing around too subway tracks in front of
Speaker 1: an oncoming train at the Times Square station. And Amazon
Speaker 1: dot Com unable to escape a lawsuit filed by a
Speaker 1: convicted murderer in New York who claims the company's refused
Speaker 1: to hire him as a delivery driver was discrimination. Global
Speaker 1: News twenty four hours a day on air Anna Bloomberg
Speaker 1: Quicktake were powered by more than twenty seven hundred journalists
Speaker 1: and analysts in more than one hundred twenty countries. I'm
Speaker 1: John Tucker. This is Bloomberg. Nathan all Right. John, Thanks
Speaker 1: almost five ten on Wall Street time for the Bloomberg
Speaker 1: Sports up today. Good morning, John, Stown show. Alright, good morning,
Speaker 1: Nathan Nick's unable to beat the Heat, trailed by fourteen
Speaker 1: in the first quarter, by twenty eight and the third.
Speaker 1: The final a little more respectable, but Miami, who leads
Speaker 1: the East, won one ten to nineties six. That Heat
Speaker 1: had four players scored twenty or more, Duncan Robinson at
Speaker 1: twenty five. He made seven three pointers. The Knicks leading
Speaker 1: score was Obi Toppin with eighteen. Nick fans would like
Speaker 1: to see him play more. Another loss for the Necks
Speaker 1: in Brooklyn, whe there just twelve and thirteen. They were
Speaker 1: without the entire Big Three as James Harden sat out
Speaker 1: with a minor hamstring injury and Denver scored forty two
Speaker 1: points of the third quarter the Nuggets one one eighteen,
Speaker 1: Kola Yokas twenty six points to assist Shy of a
Speaker 1: triple double. Ranger skate tonight at Columbus, then come home
Speaker 1: tomorrow on Henry Lundquist Night. Seaton Hall lost at home
Speaker 1: to Marquette seventy three sixty three, the Pirates just three
Speaker 1: and six in the Big East. Ash Party continues to
Speaker 1: steam roll at the Australian Open six one six three
Speaker 1: in the semifinals over American Madison Keys Barty has won
Speaker 1: all twelve sets, has only lost twenty one games. Introductory
Speaker 1: news conference of MetLife Stadium for new Giants, gentlemanager Joe
Speaker 1: Shane and owner John Mara, when asked about quarterback Daniel Jones, said,
Speaker 1: we've done everything possible to screw this kid up. Shane
Speaker 1: seems happy with the incumbent QUB. I know he's a
Speaker 1: great kid. He's been in this building the last two days.
Speaker 1: I've talked to him. There's not anybody in this building
Speaker 1: that said a bad word about his work, ethic, passion,
Speaker 1: you know, desire to win, and I think you got
Speaker 1: to have those traits as a quarterback. And the kid
Speaker 1: has physical ability. You know, he's got arm strength, he's athletic,
Speaker 1: he can run. So I'm really getting I'm really excited
Speaker 1: to work with Daniels. A lot of other key decisions,
Speaker 1: including hired a new coach. Shane will interview former Miami
Speaker 1: coach Brian Flores today, John Dash, owner Bloomberg Sports Okay,
Speaker 1: John thanks s. SMP future is now up eight point,
Speaker 1: staff futures up thirty three, nastack futures up sixty three points.
Speaker 1: Yield curve flattening this morning, with the ten year up
Speaker 1: six thirty seconds, the yield one point four percent, yield
Speaker 1: on the two year rising to one point one eight.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather mix of
Speaker 1: sun and clouds today in your thirty degrees winter storm
Speaker 1: watch kicks in tomorrow night into Saturday night. Two to
Speaker 1: six inches possible from this northeaster, with highest accumulations over
Speaker 1: Long Island currently eighteen degrees. 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. US stock index
Speaker 1: futures are racing their losses, mostly with dip buyers back
Speaker 1: in action after a sell off sparked by a hawkish
Speaker 1: federal reserve. In Europe. Retail and travel stocks are putting
Speaker 1: a drag on benchmark in tex This Well Bank shares
Speaker 1: rally after Deutsche Bank raised its outlook and we checked
Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.
Speaker 1: Right now, msn't P futures are a little changed down.
Speaker 1: Futures that will changed as well, and NASDACK futures are
Speaker 1: up forty one the decks in Germany's down four tenths
Speaker 1: of upper cent. The ten year treasury up seven thirty seconds.
Speaker 1: You have one three percent yield on the two year
Speaker 1: one point one seven percent. Nim X screwed oils up
Speaker 1: two tenths per cent or seventeen cents at eighty seven
Speaker 1: dollars fifty two cents a barrel. Comex s go down
Speaker 1: eight tenths per cent or fourteen dollars ten cents at
Speaker 1: eighteen eighteen announced the euro one point one four against
Speaker 1: the dollar, British found one point three four three one,
Speaker 1: the yin is at one fifteen point oh six, and
Speaker 1: Bitcoin this morning moving higher at thirty six thousand, six
Speaker 1: hundred dollars. And as a Bloomberg Business Flash now Here's
Speaker 1: John Tucker went more on what's going on around the world. John,
Speaker 1: Good morning, and good morning, Karen sent A. Democrats planned
Speaker 1: the most swiftly to replace retiring Supreme Court Justice Stephen Bryer.
Speaker 1: Dozens of United flights delayed after the airline reported a
Speaker 1: company wide technology outage this morning, and South Korea's military
Speaker 1: says North Korea fire two suspected ballistic missiles into the
Speaker 1: in its six round of weapons launches this month, sports,
Speaker 1: the Nix and Nats both lose on the ice of
Speaker 1: the Capitals lose and the Bruins fault to Colorado in overtime.
Speaker 1: After the Australian Open Women's semifinals, Ashley Barty defeats American
Speaker 1: Madison Keys and straight sets Global News twenty four hours
Speaker 1: a day on Irana Bloomberg Quicktick. We're powered by more
Speaker 1: than twenty seven hundred journalists and analysts in more than
Speaker 1: one D twenty countries. I'm John Suckern. This is Bloomberg. Nathan, Okay, John,
Speaker 1: thank you. It's five nineteen on Wall Street, Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreak as
Speaker 1: we watch markets just really in real time here. Now
Speaker 1: that the FETE has taken a decidedly hawkish turn, let's
Speaker 1: bring in Sarah House now, senior economists at Wells Fargo,
Speaker 1: as we continue to assess what we heard from the
Speaker 1: Fed and Chairman J Powell yesterday. Sarah, good morning. Money.
Speaker 1: Markets are now fully pricing in five rate hikes this year.
Speaker 1: Are you adjusting your forecast over Wells Fargo. Well, I
Speaker 1: think we saw that the risks the outlook are certainly
Speaker 1: skewed towards earlier and or faster tightening than what we
Speaker 1: had going into this meeting, given that not only did
Speaker 1: we get a pretty clear signal about March, but I
Speaker 1: think one of the most interesting points was that when
Speaker 1: asked about the pace multiple times in the press conference,
Speaker 1: each time Pal was very pointed in making the distinction
Speaker 1: between this cycle and this economy versus what we saw
Speaker 1: in So I think that certainly does point to the
Speaker 1: potential for more than more than just quarterly quarterly rate
Speaker 1: hikes of basis points. I mean, there's been some talk
Speaker 1: that we could see rate hikes at every meeting after
Speaker 1: the asset taper ends. Is that what you're thinking here?
Speaker 1: So that's not our expectation. I think once we get
Speaker 1: to the second half of the year and we see
Speaker 1: that activity is slowing apart from the rate hikes that
Speaker 1: I think you you will get earlier in the year,
Speaker 1: but also when you step back and you have to
Speaker 1: remember that consumer spending, given the lack of fiscal support
Speaker 1: this year, relative one is is spt for a fairly
Speaker 1: market slowdown, and so I think that that might take
Speaker 1: some of the pressure off of inflation and therefore how
Speaker 1: much the SAID might have to rise. Do you think that?
Speaker 1: Do you think the Fed's moving quickly enough to go
Speaker 1: after inflation? Do you think Powell is almost tacitly admitting
Speaker 1: that the FED made a mistake in calling inflation transitory earlier. Well,
Speaker 1: they're certainly pivoted from their stance. I mean, if you
Speaker 1: go back, it was only in November they were still
Speaker 1: using the word transitory in the statement. So I think
Speaker 1: they've certainly switched their view on inflation and are rapidly
Speaker 1: trying to catch up for the fact that it does
Speaker 1: look like inflation is going to be persistent longer than
Speaker 1: they had expected, and we're going to be looking at
Speaker 1: inflation still well above the Fed's target we expect through
Speaker 1: our forecasters in three but even at the end of
Speaker 1: this year, we're still looking at core PC we think
Speaker 1: probably somewhere between three three and a half percent. So
Speaker 1: I think it's still going to put a lot of
Speaker 1: pressure on the SAID to act. So when do you
Speaker 1: think the FED will start unwinding the balance sheet? Based
Speaker 1: on what Powell said yesterday, So going into the meeting,
Speaker 1: our expectation was that we'd get an announcement in September,
Speaker 1: but I think, like said funds to hikes, I think
Speaker 1: that risk is skewed towards earlier. So we saw, of
Speaker 1: course the release of the principles will get around the unwind. Now,
Speaker 1: these were less detailed than the principles we saw released
Speaker 1: back in June, but I think it's one thing that
Speaker 1: we are getting close. We saw in the press conference
Speaker 1: Jay uh chare Pala so that they would be talking
Speaker 1: about it at a couple more meetings. So I think
Speaker 1: it's very likely we'll get an announcement sometime this summer.
Speaker 1: We've seen the yield curve flattened on the back of
Speaker 1: Powell's comments, is there recession risk from the from the
Speaker 1: policy path going forward? I think it's still a little
Speaker 1: too early to to be putting that into to expectations. Um,
Speaker 1: but I think the Fed is in a pretty tight spot.
Speaker 1: So we've seen inflation go well above their target, and
Speaker 1: I think there's a lot of questions about how much
Speaker 1: policy tightening is going to be needed to rein that
Speaker 1: in and if the Fed we'll we'll get that balance right,
Speaker 1: And so I think, um, while that's not our baseline expectation.
Speaker 1: I think this is a very sticky situation. Do you
Speaker 1: think the FED will continue to sort of look past
Speaker 1: the market action of gyrations that we've certainly seen this
Speaker 1: week and and stay on course. What kind of market
Speaker 1: action do you think it would take for the FED
Speaker 1: to alter its path? I think right now, given that
Speaker 1: inflation is so far above the fence target, that they
Speaker 1: are are much more likely to look through market volatility
Speaker 1: than they were back in in ten and the twenty
Speaker 1: through tightening cycle. I think just given that, um, that
Speaker 1: you also have a very strong labor market right now,
Speaker 1: I think that um, you know, they're they're quickly reposition
Speaker 1: and with that's probably going to come from volatility, and
Speaker 1: at the end of the day, price stability and maximum
Speaker 1: employment are their mandid. So just about thirty seconds left here,
Speaker 1: do you think we're at full employment now? I think
Speaker 1: we're certainly close, if if not already there. And I
Speaker 1: think it was revealing in the press conference that he
Speaker 1: that Pal said that most participants already think that we
Speaker 1: are at a maximum employment. We see that across a
Speaker 1: number of indicators, not just the unemployment rate, but what
Speaker 1: we see in terms of the quits what we see
Speaker 1: in terms of wage growth. So this is is certainly
Speaker 1: a strong labor market and we saw that and phatically
Speaker 1: reflected in Palace comments in the press conference yesterday. All right, Sarah,
Speaker 1: as always, thanks for your insights. I really appreciate it.
Speaker 1: Sarah House, senior economists at Wells Fargo with us this
Speaker 1: morning as we take a look at markets, UH, a
Speaker 1: little bit of shaking us now in the futures contracts
Speaker 1: with U S and P futures now a three point
Speaker 1: STAFF futures back down by about nine points and NASTAC
Speaker 1: futures are higher by thirty eight points. You're listening to
Speaker 1: Bloomberg Daybreak Bloomberg eleven three oh Weather. As we braced
Speaker 1: for nor Easter today. We'll have a mix of sun
Speaker 1: and clouds and a high in your thirty Winter storm
Speaker 1: watch kicks in tomorrow night. We could have two to
Speaker 1: six inches, most of it over Long Island by tomorrow evening.
Speaker 1: Broadcasting live from the Bloomberg Interactive Broker Studio in New York,
Speaker 1: Bloomberg Living Freedom to Washington, d C. Bloomberg to Boston,
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Speaker 1: sixteen to the country sirius XM chad A one ninet
Speaker 1: and around the globe the Bloomberg Business app in Bloomberg
Speaker 1: Radio dot com. This is Bloomberg Daybreak and it's thirty
Speaker 1: on Wall Street. Good morning. I'm Terar in Moscow. I'm
Speaker 1: Nathan Hagar. Bloomberg Daybreak is brought to you by SEI
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Speaker 1: S and we're just about four hours away from the
Speaker 1: open of US trading. Let's get you up to date
Speaker 1: on the news you need to know at this hour.
Speaker 1: Stocks are mixed around the world this morning. That's after
Speaker 1: the Federal reserves hawkish tone on interest rates. At one point,
Speaker 1: Nowadack futures were down more than two percent before turning higher.
Speaker 1: Jeff Rosenberg of black Rock says the Fed has a
Speaker 1: tough job ahead. How difficult it is for the Fed
Speaker 1: to navigate to that soft landing that's implicit in those
Speaker 1: SEP forecasts, and that really raises the risks here, I
Speaker 1: think for financial markets. Black Rocks Jeff Rosenberg says the
Speaker 1: market had anticipated a more dubbish message from the FED,
Speaker 1: and the question for the market now, Karen, is just
Speaker 1: how many times the Fed will raise rates. Let's get
Speaker 1: the latest live with Bloomberg's Rnita Young Rnita Nathan. Traders
Speaker 1: are ramping up bets to see five FED rate hikes
Speaker 1: this year that would bring the Central Banks target rate
Speaker 1: to around one and a half percent. The wagers are
Speaker 1: rippling through markets with short dated bond and equity slumping.
Speaker 1: Money markets are pricing thirty basis points of fit tightening
Speaker 1: in March. That means some see a chance for fifty
Speaker 1: point hike and it all comes as fit. H Jpal
Speaker 1: strikes a hawkish tone and signals a first rate increase
Speaker 1: in March Live in New York. I'm raned a young
Speaker 1: Bloomberg day Break ran need to thank you. Corporate earnings
Speaker 1: are also wearhing on stock Shares of Inteller down more
Speaker 1: than two and a half percent after the ship maker
Speaker 1: gave a disappointing profit forecast, and Tesla shares are down
Speaker 1: almost one percent care in the company set a record
Speaker 1: for profit, but more in supply chain problems will keep
Speaker 1: it from introducing new vehicle models this year. Outside of
Speaker 1: the market's Nathan Politics, our front end center President Biden
Speaker 1: his voice to make a mark on the Supreme Court.
Speaker 1: Afterword that Justice Stephen Bryer plans to retire at the
Speaker 1: end of his term, the President has promised to name
Speaker 1: a black woman to replace Brier, and Bloomberg's Josh Wing
Speaker 1: Grove reports that would fulfill a campaign promise. Find the
Speaker 1: face pressure from the base, in particular voters of color
Speaker 1: for not doing enough on core issues like voting rights,
Speaker 1: things like police reform, and if you had the opportunity
Speaker 1: now to make a very high profile nomination, in particular,
Speaker 1: if it is indeed the black woman, there could be
Speaker 1: political dividends for the Democrats and Bloomberg Josh Wing Groves
Speaker 1: says Justice Bryer is expected to announce his retirement at
Speaker 1: the White House today. S and P futures are little
Speaker 1: change this morning. Dow futures are little changed as well,
Speaker 1: and as DAK futures up thirties seven and the tenure
Speaker 1: treasury up seven thirty seconds. He had one point eight
Speaker 1: three percent straight ahead your latest local headlines plus a
Speaker 1: check of sports. This is Bloomberg, Thanks hearing. It's five
Speaker 1: thirty three and Wall Street where eighteen degrees in Central
Speaker 1: Park and two tractor trailers are involved in a crash
Speaker 1: on northbound Connecticut Turnpike Exit thirteen. Details coming in the
Speaker 1: traffic First. John Tucker's here with more on what's going
Speaker 1: on in New York and around the world. John Nathan.
Speaker 1: President Biden will visit New York next week to focus
Speaker 1: on gun crime. Let's get more in this report from
Speaker 1: Bloomberg's Lisa Matteo. Biden will highlight efforts, including increased federal
Speaker 1: funding for state and city law enforcement agencies. The money
Speaker 1: is intended to fund beat officers and community violence prevention programs.
Speaker 1: The administration is also stepping up federal efforts to stop
Speaker 1: gun trafficking. The President will join Mayor Eric Adams, who
Speaker 1: is confronting a spat of violence. Since he took office
Speaker 1: on January one, five officers have been shot, including two
Speaker 1: who died after responding to a domestic disturbance call in
Speaker 1: New York. I'm Lisa Matteo Bloomberg Daybreak, Oh winter storm
Speaker 1: watch in effects starting Friday evening for a system that
Speaker 1: made blanket parts of the city and snow. Let's get
Speaker 1: the latest from Bloomberg meteor roulogist Rob Carolin. Rob John,
Speaker 1: we still have some pretty serious disagreement between the major
Speaker 1: models on this storm. US model tries to take it
Speaker 1: out to see and really gives no snow to the
Speaker 1: Tri state area. European model says, no, it's a major storm.
Speaker 1: So we're gonna kind of ride in the middle. Right
Speaker 1: now for forecast totals, we are into a winter storm
Speaker 1: watching along the coast and over the island and into
Speaker 1: Westchester County for Friday night and into Saturday. A snow
Speaker 1: she developed tomorrow afternoon and continuing to Saturday. The question
Speaker 1: is how much Right now, we're thinking about two to
Speaker 1: six inches, with the highest amounts on the island. John
Speaker 1: rob Caroline, New York could boost weekly benefits for laid
Speaker 1: off workers and delay unemployment tax hikes for employers under
Speaker 1: a bill that passed the state Senate. New york six
Speaker 1: unemployment rate in December was more than two points higher
Speaker 1: than the national rate. Prince Andrew casting blame back at
Speaker 1: Virginia Juffrey after her sexual abuse suit, saying her claims
Speaker 1: were barred by her own wrongful conduct. In response to
Speaker 1: the suit, Andrew suggest that she was at least partly
Speaker 1: responsible for her own alleged injuries. To phrase says when
Speaker 1: she was a teenager. Jeffrey Epstein lent her to Andrew
Speaker 1: for abuse, and astronomers say debris from one of Elon
Speaker 1: Musk's rockets will crash into the Moon. It highlights the
Speaker 1: growing risk from space junk as companies plan on launching
Speaker 1: tens of thousands of satellites. The second stage of a
Speaker 1: Falcon nine rockets sent into orbit by Musk's Space Explorer
Speaker 1: Asian Technologies in fifteen, is projected to impact the Moon
Speaker 1: on March fourth. Global News twenty four hours a day
Speaker 1: on here, right on Bloomberg Quicktake, Powerloo, more than twenty
Speaker 1: seven hundred journalists and analysts, more than one hundred twenty countries.
Speaker 1: I'm John Tucker. This is Bloomberg, Nathan whole new meaning
Speaker 1: for to the Moon. John, Thanks Yes, Alis almost five
Speaker 1: thirty six on Wall Street. John stash ours here now
Speaker 1: the Bloomberg Sports Update, Thanks Nathan. Is figuring to be
Speaker 1: tough week for the Knicks. They lost by two at Cleveland,
Speaker 1: but never in it. In Miami, the heat led by
Speaker 1: twenty eight, and the third quarter of the final was
Speaker 1: one ten to nineties six. Eastly, Miami has now one
Speaker 1: eight to the last ten nine of Tenant Home Knicks
Speaker 1: are floundering, finished fourth in the East last season. Right
Speaker 1: now they are eleven and played tomorrow in Milwaukee. Nets
Speaker 1: played without the Big three you know, James Harden you
Speaker 1: to a hamstring injury in Denver one in Brooklyn eighteen,
Speaker 1: Nikola Yoke. It's twenty six points. Austin rivers at twenty five,
Speaker 1: all the three in the second half. Hatty Meals lead
Speaker 1: the Nets with twenty one. Seaton Hall lost to Red
Speaker 1: Marquette seventy three sixty three. Justin Lewis thirty three points
Speaker 1: of the Golden Eagles one seven a row. No Native
Speaker 1: Aussee has won the women's singles in Melbourne since nineteen
Speaker 1: seventy eight. Ashlee Vardy seems on her way. The top
Speaker 1: seed has crossed sixthtrade opponents, this time Madison Keys in
Speaker 1: the semifinal six one six three. Another American, Danielle Collins,
Speaker 1: playing now and she's one of the first four games
Speaker 1: with Ugo swayatt Tech. If Harty wins Saturday, she'll have
Speaker 1: won three of the four Brand slams. Joe Shane just
Speaker 1: hired as the new general manager of the Giants. A
Speaker 1: lot of work to do since two thousand, seventeen. The
Speaker 1: Giants are tied for the worst record in the NFL.
Speaker 1: I think we can fully build at roster where you
Speaker 1: can compete today and build for tomorrow. So we're gonna
Speaker 1: through the drafts, free agency, whatever avenue we can. We're
Speaker 1: gonna continue to build a competitive roster, and we want
Speaker 1: to see progress, and we're going to continue to build
Speaker 1: with a long term in mind, you know, as we
Speaker 1: build it. But I think you can compete today and
Speaker 1: still build for tomorrow. She needs to hire a new coach,
Speaker 1: the favorite said to me, Brian day Ball. He's the
Speaker 1: Bill's offensive coredators. So work the scene in Buffalo. John
Speaker 1: Stash Howard Bloomberg sports nap. All right, John, thank you.
Speaker 1: It is five thirty seven on Wall Street Time now
Speaker 1: for the Tri State Business Report with Bloomberg's Cory. Amazon
Speaker 1: dot Com workers in Staten Island have collected enough signatures
Speaker 1: to hold an election on whether to join a union.
Speaker 1: A National Labor Relations Board representatives says they're sufficient, showing
Speaker 1: now to go ahead with a petition from the fledgeling
Speaker 1: Amazon Labor Union. The a l You filed the petition
Speaker 1: in December. Employers in New York must disclose electronic monitoring
Speaker 1: like internet access and video conferencing to new hires under
Speaker 1: a new law taking effect in May, as workers contend
Speaker 1: with a landscape that's increasingly dependent on technology. The new
Speaker 1: law comes amid a push for greater privacy protections. Leasing
Speaker 1: costs are climbing throughout New York City, returning to our
Speaker 1: even surpassing pre pandemic levels in the most desirable areas.
Speaker 1: The fourth quarter, the median monthly asking rent was well
Speaker 1: over three thousand bucks the majority of Manhattan neighborhoods, according
Speaker 1: to data from street Easy. That's your Bloomberg Trying Stay
Speaker 1: business report I mid Corey Thanks had five thirty eight
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 top stories heard on our three hundred affiliate radio
Speaker 1: stations around the world. I'm Steve Polaskan on ten ten
Speaker 1: Wins in New York. We're talking about Amazon union organizers
Speaker 1: getting the signatures needed to hold a vote out a
Speaker 1: facility in Staten Island. UM Corney Danahoe on ktr H
Speaker 1: in Houston. Levi Strauss says price hikes aren't scaring away
Speaker 1: denim shoppers. I'm Caroline headco on Blue Big Daby Dishal
Speaker 1: Radio in the Women porting on MPs on the Treasury Committee,
Speaker 1: accusing the government of leaky market sensed information to the
Speaker 1: media ahead of October's budgets, I mid Cory on w
Speaker 1: w J and destroy down reporting General Motors is adding
Speaker 1: eight pounds of new tech job. Those are some of
Speaker 1: the stories our hundred Bloomberg journalist and analyist to work
Speaker 1: ing on It's five thirty nine on Wall Street. The
Speaker 1: following is an editorial from Bloomberg Opinion. After weeks of
Speaker 1: mostly fruitless diplomacy, NATO is bracing for war. Russia has
Speaker 1: masked more than a hundred thousand troops on Ukraine's borders
Speaker 1: and what many see as a prelude to an invasion.
Speaker 1: NATO is ready in a force to deploy to Eastern
Speaker 1: Europe in response, but European Union member states are divided
Speaker 1: about when and how forcefully to respond, so want to
Speaker 1: act in the event of a Russian attack while others don't. Still,
Speaker 1: others are seeking delays and carvats to protect their domestic interests.
Speaker 1: The stakes are too high for such quibbles. Failing to
Speaker 1: confront Russia now will embolden other regimes seeking to redraw
Speaker 1: borders in the future. Regardless of what the Kremlin does next,
Speaker 1: the US and Europe must maintain the United Front, both
Speaker 1: to prevent further aggression and to defend the stability of
Speaker 1: the international system. This editorial was written by the Bloomberg
Speaker 1: Opinion Editorial Board. I'm David Shipley. For more Bloomberg Opinion,
Speaker 1: please go to Bloomberg dot com, slash opinion, or ope
Speaker 1: and go on the Bloomberg terminal. This has been Bloomberg Opinion.
Speaker 1: Listen for Bloomberg Opinion editorials every weekday. At this time,
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Speaker 1: SMP futures higher by four point, staff futures up twelve
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Speaker 1: ahead of the northeastern Tomorrow night into Saturday, two to
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Speaker 1: every fifteen minutes throughout the trading day on Bloomberg. Right
Speaker 1: now ten your treasury is up seven thirty seconds. You
Speaker 1: had one point three percent. They yield them the two
Speaker 1: year one point one eight percent. Nine x screwed oils
Speaker 1: up three tenths per cent, or twenty five cents at
Speaker 1: eighty seven dollars sixty one cents. A barrel called meg
Speaker 1: School down nine ten per cent or sixteen dollars twenty
Speaker 1: cents at eighteen fifteen eighty and ounce the euro one
Speaker 1: point one one nine three against a dollar British found
Speaker 1: one point three four two four again as at one
Speaker 1: fifteen point one nine and Big Coin this morning is
Speaker 1: at thirty six thousand, four hundred fifty dollars. That's a
Speaker 1: Bloomberg Business flash. Now here's John Tucker with more on
Speaker 1: what's going on around the world. John and Karen sent
Speaker 1: a Democrats they planned to move swiftly to replace the
Speaker 1: retiring Supreme Court Justice Stephen Bryer. Dozens of United flights
Speaker 1: delayed after the airline reported a company wide technology outage
Speaker 1: this morning. And South Korea's military says North Koree fired
Speaker 1: two suspected ballistic missiles in its sixth round of weapons
Speaker 1: launches this month. Sports Nix and Nets both lose on
Speaker 1: the ice, The Capitals lose in the Bruins fall to
Speaker 1: Colorado in overtime. At the Australian Open women's semifinals, Ashley
Speaker 1: Barney defeated American Madison Keys in straight sets. Global News
Speaker 1: twenty four hours a day on here and on Bloomberg
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Speaker 1: journalists and analysts in more than one hundred twenty countries.
Speaker 1: I'm John Tucker. This is Bloomberg. Nathan. Okay, John, Thanks,
Speaker 1: It's almost five forty nine on Wall Street Live from
Speaker 1: the Bloomberg Interactive Broker Studios. This is Bloomberg Daybreaking. Is
Speaker 1: John just alluded to. President Biden is about to get
Speaker 1: his first chance to shape the Supreme Court, with Justice
Speaker 1: Stephen Bryer expected to formally announce today that he will
Speaker 1: retire at the end of the current Supreme Court term.
Speaker 1: The confirmation fight could set the tone for the mid
Speaker 1: term elections. Let's get more on the potential political fallout now.
Speaker 1: Wendy Schiller is with us this morning, director of the
Speaker 1: Topman Center for American Politics and Policy at Brown University. Professor,
Speaker 1: Good to have you with us this morning. How could
Speaker 1: this set the tone for the mid terms, Well, Nathan,
Speaker 1: I think it's going to be a pretty targeted, geographical
Speaker 1: effect in terms of mobilizing African American voters. You know,
Speaker 1: it really depends on the Republican position more than the
Speaker 1: Democratic position. You know, if the GOP and the Senate
Speaker 1: decides to go all out and really try to block
Speaker 1: this nomination, which I don't think McConnell will want to
Speaker 1: encourage that can directly affect Senate races in places like Georgia,
Speaker 1: where there's an African American mail senator up reelection Ralph Warnock,
Speaker 1: and in North Carolina, where there's an open seat UH
Speaker 1: and a fairly strong and large African American voting population.
Speaker 1: Just those two states alone could be pivotal in either
Speaker 1: keeping the Senate for the Democrats or giving it to
Speaker 1: the GOP. So to me, this is about mobilizing African
Speaker 1: American voters, but it's also about gauging the Republican response.
Speaker 1: Even if they try to say, well that this person
Speaker 1: is too liberal. If it's a black woman, which we expect,
Speaker 1: it would be still the strongest voting demographic in the
Speaker 1: African American cunity are black women. So I think it
Speaker 1: could be very costly to the GOP depending on their response.
Speaker 1: All right, let's pick both of those apart. Starting with
Speaker 1: the potential impact on African American voters. As you mentioned,
Speaker 1: the President has said he will nominate a black woman
Speaker 1: as his first nominee. After all the disappointment expressed by
Speaker 1: many civil rights leaders on the voting rights issue, and
Speaker 1: and other issues that have come before the president sort
Speaker 1: of falling to the wayside. Is the Supreme Court nominee
Speaker 1: enough to mobilize African American voters heading into the mid terms. Well, again,
Speaker 1: this depends on the success of Democrat party messaging, which
Speaker 1: I've you and I have talked about before, which I
Speaker 1: think has been extraordinarily disappointing. Uh the first year of
Speaker 1: the Biden presidency. It's not been coherent or uniform and
Speaker 1: strong enough. But this is a way of saying, listen,
Speaker 1: you have to keep the Senate. We have to make
Speaker 1: sure that we keep the Senate. That's the Democrats talking.
Speaker 1: Because Biden's pleasant for two more years, and if there
Speaker 1: are any other vacancies, this is another opportunity for Biden
Speaker 1: to appoint additional African American um members of the Supreme Court.
Speaker 1: Now I'm not sure Biden will make that promise outright,
Speaker 1: but it's certainly an effective campaign message to voters in
Speaker 1: the African American community who care about what we call
Speaker 1: descriptive representation, in other words, having somebody who is African
Speaker 1: American who can represent African American interests broadly defined in
Speaker 1: places like the Vice presidency, whether presidency or the Supreme Court,
Speaker 1: if if the if the Democrats can message on that
Speaker 1: in particular communities in two just as they did in
Speaker 1: two thousands six. But the importance of having a democratic Congress, um,
Speaker 1: I think they can at the margins use this to
Speaker 1: thwart the Republican momentum in particular areas. As I said,
Speaker 1: Senate races, I think more than how races. And in
Speaker 1: terms of the Republican responses you alluded to, it seems
Speaker 1: like bipartisan Senate confirmations of Supreme Court justices of it's
Speaker 1: been a while since we've kind of had one. What
Speaker 1: are the chances that we could see more of a
Speaker 1: bipartisan confirmation of the next nominee. Well, I think the
Speaker 1: chances go up a little bit because of the you know,
Speaker 1: demographics and voting in particular states. I think McConnell will
Speaker 1: say tois caucus you can vote against, but trying not
Speaker 1: to have any sound bites in the debates, you know,
Speaker 1: it's trying not to go to the floor of the
Speaker 1: Senate and say something the Democratic pull out in a
Speaker 1: fifteen or thirty second ad that will characterize the entire
Speaker 1: Republican Party as racist. Um. I think that there's a
Speaker 1: lot of people are capable of making sure that happens
Speaker 1: on the floor, but there are some people who don't
Speaker 1: always listen to McConnell. I think it's got any McConnell's fear.
Speaker 1: And there's a you know, there's an open seat and Ohio,
Speaker 1: for example, there's an open seat in Pennsylvania, and I
Speaker 1: think these are really key and if you have large
Speaker 1: African American turn out, particularly Pennsylvania, that seat can go
Speaker 1: to a Democrat. So I think there's a lot on
Speaker 1: the line for the Republicans. And we'll see the chest
Speaker 1: of the Republican caucus now going into this and see
Speaker 1: how discipline they can be with their rhetoric when they
Speaker 1: enter into the debate on this judicial nomination. Now very
Speaker 1: interesting to think about the reverberations across the country politically
Speaker 1: with one man, Justice Stephen Bryer, expected to make an
Speaker 1: official later today that he will retire at the end
Speaker 1: of this current Supreme Court term. Professor Wendy Schiller as
Speaker 1: always great getting your insights. Wendy Schiller is director of
Speaker 1: the Tobin Center for American Politics and Policy at Brown University.
Speaker 1: Karen Pathan, let's get more perspective now on the pending
Speaker 1: retirement of Supreme Court Justice Stephen Brier in our daily
Speaker 1: Bloomberg Law Brief, brought to you by the American Arbitration Association,
Speaker 1: Business disputes are inevitable, resolve faster that the American Arbitration Association,
Speaker 1: the global leader and alternative dispute resolution for over ninety years.
Speaker 1: More at a dr dot Org. Stephen Brier is the
Speaker 1: where It's oldest justice at eight three. He's a pregnatist
Speaker 1: who currently leads the liberal wing of the Court, which
Speaker 1: is now a three justice minority. His replacement could reinforce
Speaker 1: the Court's liberal wing and potentially serve for decades, but
Speaker 1: they will not shift the ideological balance. For more in
Speaker 1: the news Bloomberge doing grass speak to judiciary expert Carl Tobias,
Speaker 1: a professor at the University of Richmond Law School, tell
Speaker 1: us about the timing of Justice Briar's announcement even before
Speaker 1: the end of the term when justice is normally retire, well,
Speaker 1: it is unusual. Usually it comes at the last sitting
Speaker 1: or very close to the end of the term. But
Speaker 1: it's happened in all different periods, so it's not unprecedented.
Speaker 1: It provides plenty of time to replace him. How would
Speaker 1: you describe Justice Briar's legacy. Well, I think he brought
Speaker 1: an incredible understanding of how the federal government works in
Speaker 1: the United States to the Supreme Court and applied his collegiality.
Speaker 1: He's intelligence is independence to every case that came before
Speaker 1: the Court in a way that informed the way many
Speaker 1: cases were resolved. And he was always willing to dissent
Speaker 1: or to concur if need be. And I think he
Speaker 1: had a real roving intellect and a real command of
Speaker 1: the history of the federal government and how it worked.
Speaker 1: And I think he leaves a really strong legacy in
Speaker 1: the public law area. One of the leading candidates mentioned
Speaker 1: is a possible nominee to replace Justice Pryor is judged
Speaker 1: to Tangi Brown Jackson. She was confirmed just last year
Speaker 1: to the d C. Circuit Court of Appeals and three
Speaker 1: Republican Senators voted for her confirmation. Might that make the
Speaker 1: confirmation process easier? Absolutely? I also would expect those sentators
Speaker 1: to withhold how they might vote until they see how
Speaker 1: she does in the process. If she is the nominee,
Speaker 1: I could see them saying and often senators do well.
Speaker 1: I thought she was just fine for the d C Circuit,
Speaker 1: But the Supreme Court is the highest court in the land,
Speaker 1: and because I voted one way doesn't necessarily mean that
Speaker 1: I will vote that way again. But don't forget the
Speaker 1: Democrats have not lost any votes, and none of their
Speaker 1: members have voted no on any of the lower federal
Speaker 1: court nominees to date, and so if they hold together,
Speaker 1: there shouldn't be a problem. They don't even need any
Speaker 1: Republican votes because of their tied fifty fifty. The Vice
Speaker 1: President can break that time. But I do think that
Speaker 1: Democrats are likely to hold together, just as Republicans have
Speaker 1: very much held together, with some exceptions like Senator Graham
Speaker 1: and sometimes Senators Murkowski and Collins have voted for lower
Speaker 1: court nominees, but many Republicans have voted no on almost
Speaker 1: every one of Biden's lower court nominees. And as the
Speaker 1: University at Richmond law professor Carl Tobias bea at the
Speaker 1: Bloomberg Student Gross, so catch more of that interview plus
Speaker 1: analysis of the latest legal news by listening to the
Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing
Speaker 1: to the Bloomberg Law podcast, and attorneys can find exceptional
Speaker 1: legal research and business development tools at Bloomberg Law dot com.
Speaker 1: Futures this morning, S and P futures lower once again,
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Speaker 1: NASDAG features down to sixty six. They were hired just
Speaker 1: moments ago and the ten year treasury is of eight
Speaker 1: thirties seconds. He at one point eight three per cent.
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