1 00:00:02,600 --> 00:00:06,440 Speaker 1: Live from the Bloomberg Interactor Burgers Studios. Is Floomberg Daybreak 2 00:00:06,440 --> 00:00:10,200 Speaker 1: for Friday, March eleven two. Coming up this hour. Russia 3 00:00:10,280 --> 00:00:13,200 Speaker 1: continues air strikes in Ukraine as the death toll from 4 00:00:13,200 --> 00:00:15,760 Speaker 1: the war mounts. President Biden calls for an end to 5 00:00:15,840 --> 00:00:19,160 Speaker 1: normal trade relations with Russia. The Senate clears the spending 6 00:00:19,200 --> 00:00:22,520 Speaker 1: bill that includes aid for Ukraine, and Goldman Sachs warn't 7 00:00:22,560 --> 00:00:25,319 Speaker 1: about the risk of a US recession. New York Mayor 8 00:00:25,440 --> 00:00:29,120 Speaker 1: Eric Adams unveils his economic development plan. Plus New Jersey 9 00:00:29,160 --> 00:00:33,720 Speaker 1: residents say no self served gasoline. I'm Michael bar More Ahead, 10 00:00:33,920 --> 00:00:37,240 Speaker 1: I'm John Stashdown Sports. The baseball lockout is over. Opening 11 00:00:37,320 --> 00:00:39,560 Speaker 1: day of April seventh. Big win for the Nets. The 12 00:00:39,720 --> 00:00:45,040 Speaker 1: Rangers lost, heartbreaking loss for St. John. That's all straight 13 00:00:45,040 --> 00:00:49,280 Speaker 1: Ahead on Bloomberg day Break on Bloomberg elim Freo, New York, 14 00:00:49,400 --> 00:00:54,120 Speaker 1: Bloomberg n Washington, d C, Bloomberg one oh six one, Boston, 15 00:00:54,280 --> 00:00:59,160 Speaker 1: Bloomberg nine sixties, San Francisco, Sirius x M one nine Team, 16 00:00:59,160 --> 00:01:01,880 Speaker 1: and around the world. Old on Bloomberg Radio dot Com 17 00:01:02,000 --> 00:01:08,839 Speaker 1: and via The Bloomberg Business or Good Morning. I'm Nathan Hagar, 18 00:01:09,360 --> 00:01:12,119 Speaker 1: and I'm fair at Moscow and US DOT Index futures 19 00:01:12,120 --> 00:01:15,000 Speaker 1: are moving higher this morning and it's coming up to 20 00:01:15,000 --> 00:01:16,520 Speaker 1: five oh one on Wall Street. IM gonna check the 21 00:01:16,560 --> 00:01:19,720 Speaker 1: markets every fifteen minutes throughout the trading day. On Bloomberg 22 00:01:19,800 --> 00:01:23,160 Speaker 1: SNP futures of seventeen points down, futures have one hundred 23 00:01:23,240 --> 00:01:26,840 Speaker 1: five NASDAG futures up sixty four the decks in Germany's 24 00:01:26,880 --> 00:01:29,720 Speaker 1: at one point two percent ten. Your treasury down one 25 00:01:29,720 --> 00:01:32,120 Speaker 1: thirty second you had one point nine eight percent and 26 00:01:32,120 --> 00:01:35,120 Speaker 1: they yield on the two year one point seven one percent, 27 00:01:35,520 --> 00:01:37,560 Speaker 1: and n i'm ex screwde oil is up one point 28 00:01:37,680 --> 00:01:40,839 Speaker 1: eight percent, up a dollar ninety and hundred seven dollars 29 00:01:40,920 --> 00:01:43,360 Speaker 1: ninety two cents a barrel. Day been all right, Karen. 30 00:01:43,360 --> 00:01:45,240 Speaker 1: We'll have more on the markets in a minute, but first, 31 00:01:45,280 --> 00:01:48,000 Speaker 1: the latest on the war in Ukraine to cities in 32 00:01:48,080 --> 00:01:51,640 Speaker 1: western Ukraine were hit by air strikes overnight. Those locations 33 00:01:51,640 --> 00:01:54,320 Speaker 1: had been far from the site of recent fighting. Russia 34 00:01:54,440 --> 00:01:56,760 Speaker 1: is also not letting up on the city of Mariopol 35 00:01:56,800 --> 00:02:00,320 Speaker 1: after the bombing of a maternity and children's hospital. Brigs 36 00:02:00,360 --> 00:02:03,920 Speaker 1: and Baxter as the latest civilians trapped inside the frigid 37 00:02:04,000 --> 00:02:08,440 Speaker 1: city are scrounging for food and fuel under constant bombardment. 38 00:02:08,480 --> 00:02:11,359 Speaker 1: Many don't even have heat. Michael nine, Highest, President and 39 00:02:11,440 --> 00:02:14,799 Speaker 1: CEO of UNISEF, says the toll on children is immeasurable. 40 00:02:14,919 --> 00:02:19,160 Speaker 1: Then in Ukraine, for years we have that Steven in 41 00:02:19,800 --> 00:02:22,480 Speaker 1: in eight different locations there that are were working directly 42 00:02:22,480 --> 00:02:26,120 Speaker 1: with children, children that are in bunker's, children that are fleeing. 43 00:02:26,440 --> 00:02:29,560 Speaker 1: Ukraine says more than thirte hundred people have died in 44 00:02:29,560 --> 00:02:32,680 Speaker 1: the ten day surge in the city in San Francisco. 45 00:02:32,720 --> 00:02:35,320 Speaker 1: I'm at Baxter Bloomberg Daybreak, all right, and thank you. 46 00:02:35,360 --> 00:02:38,760 Speaker 1: The US is making more moves to isolate Moscow. Now 47 00:02:38,800 --> 00:02:41,400 Speaker 1: it looks like Russia will lose its preferred trade status 48 00:02:41,400 --> 00:02:43,799 Speaker 1: with the United States, and Amy Morris has details from 49 00:02:43,800 --> 00:02:48,679 Speaker 1: our Bloomberg newsroom in Washington. President Biden today is expected 50 00:02:48,680 --> 00:02:51,680 Speaker 1: to call for an and to normal trade relations with Russia, 51 00:02:51,880 --> 00:02:54,880 Speaker 1: putting them in the same category as Cuba and North Korea. 52 00:02:55,240 --> 00:02:59,200 Speaker 1: This clears the way for increased tariffs on Russian imports. Biden, 53 00:02:59,240 --> 00:03:01,480 Speaker 1: can't UNI, I do a really call for the change 54 00:03:01,560 --> 00:03:04,839 Speaker 1: in Russia's trade status. That authority lies with Congress, where 55 00:03:04,919 --> 00:03:08,920 Speaker 1: lawmakers are calling for that revocation, and sources tell Bloomberg 56 00:03:08,960 --> 00:03:11,840 Speaker 1: News the president's announcement will come alongside the Group of 57 00:03:11,840 --> 00:03:15,400 Speaker 1: Seven Nations and European Union leaders, which are also calling 58 00:03:15,440 --> 00:03:18,600 Speaker 1: for their own reveal of Russia's trade status. In Washington, 59 00:03:18,680 --> 00:03:21,240 Speaker 1: I'm amy more as Bloomberg daybreak, al right, Amy, thanks. 60 00:03:21,280 --> 00:03:23,959 Speaker 1: The Senate has passed a spending bill that includes security 61 00:03:24,000 --> 00:03:27,000 Speaker 1: and humanitarian aid for Ukraine. Let's get the details life 62 00:03:27,000 --> 00:03:29,120 Speaker 1: from Bloomberg's who need a young Good morning Radida, Good 63 00:03:29,120 --> 00:03:32,560 Speaker 1: morning Nathan. Just over thirteen billion dollars of that package 64 00:03:32,600 --> 00:03:36,360 Speaker 1: goes to Ukraine for humanitarian and security aid, and it's 65 00:03:36,440 --> 00:03:41,320 Speaker 1: overwhelmingly approved under a bipartisan sense of urgency. Now for Democrats, 66 00:03:41,360 --> 00:03:44,760 Speaker 1: completing this bill in an era of hyperpartisanship is a 67 00:03:44,840 --> 00:03:48,560 Speaker 1: major achievement. The government had been using Trump era program 68 00:03:48,560 --> 00:03:50,920 Speaker 1: funding levels since the start of the fiscal year on 69 00:03:51,000 --> 00:03:54,400 Speaker 1: October one, and now domestic agencies will get a nearly 70 00:03:54,520 --> 00:03:58,640 Speaker 1: seven percent boost. The spending bill now helps to President 71 00:03:58,680 --> 00:04:01,800 Speaker 1: Biden's desk for his Nature live in New York. I'm 72 00:04:01,840 --> 00:04:05,160 Speaker 1: goneed a young Bloomberg daybreak, all right, berneda thank you. Meantime, 73 00:04:05,200 --> 00:04:08,280 Speaker 1: we are seeing more financial companies cutting ties with Russia, 74 00:04:08,320 --> 00:04:11,480 Speaker 1: including JP Morgan and Bloomberg's Charlie Pellett has a story. 75 00:04:11,800 --> 00:04:14,760 Speaker 1: JP Morgan is the biggest American bank, and in a 76 00:04:14,880 --> 00:04:18,600 Speaker 1: statement it said it is currently engaging in limited activities. 77 00:04:18,960 --> 00:04:21,400 Speaker 1: Goldman was the first of the major Wall Street banks 78 00:04:21,440 --> 00:04:24,640 Speaker 1: to announce its intention to exit Russia, saying it is 79 00:04:24,680 --> 00:04:28,640 Speaker 1: winding down business there. The finance industry titans are joining 80 00:04:28,640 --> 00:04:32,000 Speaker 1: those in other sectors, including McDonald's and Coca Cola, that 81 00:04:32,080 --> 00:04:35,120 Speaker 1: have already said they will halt business operations in the 82 00:04:35,240 --> 00:04:39,200 Speaker 1: nation as the death toll rises in Ukraine and millions 83 00:04:39,279 --> 00:04:43,239 Speaker 1: of refugees fleet in New York. Charlie Pellett Bloomberg Daybreak, 84 00:04:43,279 --> 00:04:45,200 Speaker 1: All right, Charlie, thanks in the war in Ukraine now 85 00:04:45,240 --> 00:04:48,800 Speaker 1: has Wall Street cutting its forecasts for US economic growth. 86 00:04:48,920 --> 00:04:52,520 Speaker 1: Let's get that story live from Bloomberg's John Tucker, John Nathan. 87 00:04:52,560 --> 00:04:55,320 Speaker 1: There's more than one in three chance the US will 88 00:04:55,360 --> 00:04:59,000 Speaker 1: fall into recession, according to the economist at Goldben Sachs. 89 00:04:59,360 --> 00:05:01,880 Speaker 1: The down grade it comes as US consumer prices or 90 00:05:02,000 --> 00:05:05,719 Speaker 1: to a fresh forty year high on rising gasoline, food 91 00:05:05,760 --> 00:05:08,960 Speaker 1: and housing costs, and inflations poised to rise even further 92 00:05:09,040 --> 00:05:12,960 Speaker 1: following Russia's invasion of Ukraine. Earlier this week, fed share 93 00:05:13,040 --> 00:05:15,720 Speaker 1: Jerome Palell reaffirmed plans to raise the interest rates this 94 00:05:15,760 --> 00:05:18,960 Speaker 1: month and commence a series of hikes to curb high prices. 95 00:05:19,240 --> 00:05:22,880 Speaker 1: The International Monetary Fund also expected to cut its forecast 96 00:05:22,920 --> 00:05:25,479 Speaker 1: for global growth this year. Live in New York on 97 00:05:25,560 --> 00:05:28,360 Speaker 1: John Tucker Bloomberg Daybreak, All right, John, thank you, Let's 98 00:05:28,360 --> 00:05:31,880 Speaker 1: turn to China now or GDP figures are also in focus. 99 00:05:32,000 --> 00:05:34,320 Speaker 1: Premier le Ka cheng amits it won't be easy to 100 00:05:34,400 --> 00:05:37,280 Speaker 1: hit the country's growth target this year, and Bloombery Daybreak 101 00:05:37,279 --> 00:05:39,880 Speaker 1: Asia anchor Bryan Curtis has more the growth rate was 102 00:05:39,960 --> 00:05:42,160 Speaker 1: set at about five and a half percent this year. 103 00:05:42,400 --> 00:05:46,520 Speaker 1: The comments of difficulty reaching dot will likely stoke expectations 104 00:05:46,760 --> 00:05:49,680 Speaker 1: that more support is on the way, and Lee did 105 00:05:49,720 --> 00:05:52,400 Speaker 1: say that government spending will be beefed up. He spoke 106 00:05:52,440 --> 00:05:55,360 Speaker 1: at the end of the annual NPC meetings and said 107 00:05:55,360 --> 00:05:58,320 Speaker 1: that China can cope with the challenges. He said tax 108 00:05:58,360 --> 00:06:01,080 Speaker 1: breaks for companies will be like getting oxygen two mountain 109 00:06:01,120 --> 00:06:04,880 Speaker 1: climbers on Ukraine. The Premier set China supports the cease 110 00:06:04,920 --> 00:06:08,600 Speaker 1: fire on Hong Kong. China supports the delay in elections 111 00:06:08,720 --> 00:06:12,320 Speaker 1: to combat the virus. Brian Curtis Bloomberg Daybreak and Brian 112 00:06:12,360 --> 00:06:15,040 Speaker 1: thanks Lekacheng is also announcing an end to his time 113 00:06:15,080 --> 00:06:17,600 Speaker 1: as Chinese Premier. Li says he will step down from 114 00:06:17,640 --> 00:06:20,440 Speaker 1: his post after this year, pointing to a coming reshuffle 115 00:06:20,480 --> 00:06:24,679 Speaker 1: in the presidency of Shi jin Ping and Nathan. Turning 116 00:06:24,720 --> 00:06:26,599 Speaker 1: to the markets, now, let's take a look at some 117 00:06:26,680 --> 00:06:29,599 Speaker 1: stocks on the move this morning. Shares A Docusigner down 118 00:06:29,640 --> 00:06:33,360 Speaker 1: eighteen percent and early trading, the electronic signature company forecast 119 00:06:33,440 --> 00:06:36,840 Speaker 1: first quarter revenue below estimate. Shares A det Global Or 120 00:06:36,880 --> 00:06:40,280 Speaker 1: down twenty Sources say the right hailing company haunted A 121 00:06:40,360 --> 00:06:42,800 Speaker 1: planned a listed shares in Hong Kong after failing to 122 00:06:42,839 --> 00:06:46,160 Speaker 1: appease regulator demands about user data and shares A Rivy 123 00:06:46,160 --> 00:06:48,960 Speaker 1: and Automotive down eleven and a half percent. The electric 124 00:06:48,960 --> 00:06:51,960 Speaker 1: pickup maker says plans to accelerate production are being hit 125 00:06:52,000 --> 00:06:55,600 Speaker 1: by overstretched supply chains. And finally, Karen. It was two 126 00:06:55,680 --> 00:06:58,599 Speaker 1: years ago today that the World Health Organization labeled the 127 00:06:58,640 --> 00:07:02,080 Speaker 1: COVID nineteen outbreak up pandemic. Now a new study says 128 00:07:02,120 --> 00:07:05,359 Speaker 1: the global death toll could be eighteen point two million, 129 00:07:05,480 --> 00:07:08,840 Speaker 1: three times higher than official records suggest to study from 130 00:07:08,880 --> 00:07:11,320 Speaker 1: the University of Washington points to a lack of testing 131 00:07:11,600 --> 00:07:16,040 Speaker 1: and unreliable data to explain the discrepancy. Futures moving higher. 132 00:07:16,080 --> 00:07:18,240 Speaker 1: Right now, straight ahead, your latest local headlines and a 133 00:07:18,320 --> 00:07:24,160 Speaker 1: check of sports. This is Bloomberg. It's not five oh 134 00:07:24,240 --> 00:07:26,400 Speaker 1: seven on Wall Street. We're forty degrees in Central Park. 135 00:07:26,440 --> 00:07:28,679 Speaker 1: We gotta crash on westbound Route eighty. It's near Exit 136 00:07:28,760 --> 00:07:31,560 Speaker 1: fifty eight. Details coming up in traffic. First, Michael Barr 137 00:07:31,680 --> 00:07:33,840 Speaker 1: is here with more on what's going on in New 138 00:07:33,920 --> 00:07:36,640 Speaker 1: York and around the world. Good Friday morning, Michael, Good 139 00:07:36,640 --> 00:07:39,600 Speaker 1: morning to you, Nathan. After two years of the pandemic 140 00:07:39,720 --> 00:07:42,960 Speaker 1: battering New York City, Mayor Eric Adams is open to 141 00:07:43,000 --> 00:07:46,800 Speaker 1: steer the city toward an economic revival by learning tourists 142 00:07:46,840 --> 00:07:49,840 Speaker 1: back and beautifying the streets. You could fill the energy. 143 00:07:50,000 --> 00:07:53,240 Speaker 1: Someone called me this morning and it said Eric. I 144 00:07:53,400 --> 00:07:57,000 Speaker 1: was at the Ferry. It was crowded. This is the 145 00:07:57,080 --> 00:08:00,520 Speaker 1: first week where I had to wait on an elevata 146 00:08:00,920 --> 00:08:05,120 Speaker 1: because it was so full. You know. The Democratic mayor 147 00:08:05,240 --> 00:08:08,760 Speaker 1: unveiled an economic development plan that he said would usher 148 00:08:08,840 --> 00:08:11,840 Speaker 1: in a new New York. The recovery is not going 149 00:08:11,960 --> 00:08:15,560 Speaker 1: to be about getting back to it always. It's going 150 00:08:15,640 --> 00:08:18,160 Speaker 1: to get back to the new ways of doing things, 151 00:08:18,640 --> 00:08:22,640 Speaker 1: and we're going to take this opportunity to reboot our 152 00:08:22,880 --> 00:08:26,320 Speaker 1: entire system and make changes that are going to include 153 00:08:26,320 --> 00:08:31,880 Speaker 1: equity and inclusive inclusiveness. Mayor Adam's plan calls for helping 154 00:08:31,920 --> 00:08:37,320 Speaker 1: small businesses and cultivating specific industries, including pharmaceuticals, manufacturing, and 155 00:08:37,440 --> 00:08:40,679 Speaker 1: the legal pot industry. People in New Jersey are saying 156 00:08:40,840 --> 00:08:45,000 Speaker 1: new Way to lawmakers attempts to allow self service gasoline. 157 00:08:45,320 --> 00:08:48,400 Speaker 1: The Rutgers Eagleton Pole found that seventy three percent of 158 00:08:48,440 --> 00:08:51,360 Speaker 1: residents prefer to have an attendant do it for them. 159 00:08:51,600 --> 00:08:55,600 Speaker 1: Among women, it's t shirts and magnets have sprung up 160 00:08:55,640 --> 00:08:58,920 Speaker 1: saying Jersey girls don't pump gas. It looks like North 161 00:08:59,000 --> 00:09:02,760 Speaker 1: Korea tested the new missile system. U S Intelligence has 162 00:09:02,800 --> 00:09:06,360 Speaker 1: now assessed that to ballistic missile tests carried out late 163 00:09:06,440 --> 00:09:10,480 Speaker 1: last month and last week involved a relatively new intercontinental 164 00:09:10,480 --> 00:09:14,880 Speaker 1: ballistic missile system North Korea is developing. A senior Administration 165 00:09:14,920 --> 00:09:17,800 Speaker 1: official is calling it a serious escalation by North Korea 166 00:09:18,160 --> 00:09:21,960 Speaker 1: and serious violations of U N Security Council rules. Jesse 167 00:09:22,120 --> 00:09:24,440 Speaker 1: small Lett has been sentenced to one hundred fifty days 168 00:09:24,440 --> 00:09:26,960 Speaker 1: in jail for lying to police in a racist and 169 00:09:26,960 --> 00:09:30,800 Speaker 1: homophobic attack that he staged himself. Cook County Judge James 170 00:09:30,920 --> 00:09:34,280 Speaker 1: Lynn tore into the disgraced actor. He took some scamps off, 171 00:09:34,320 --> 00:09:37,480 Speaker 1: some healy wounds, and you've ripped him apart for one reason. 172 00:09:37,679 --> 00:09:39,640 Speaker 1: You want to make yourself more famous, and for a 173 00:09:39,679 --> 00:09:42,559 Speaker 1: while it worked. Judge Lynn also sentenced small Let to 174 00:09:42,559 --> 00:09:45,360 Speaker 1: pay back a hundred twenty dollars to the City of Chicago. 175 00:09:45,679 --> 00:09:48,520 Speaker 1: And the actor who played Louise on TV Sesame Street 176 00:09:48,559 --> 00:09:51,160 Speaker 1: has died. Emilio Delgado died at the age of eighty 177 00:09:51,160 --> 00:09:53,840 Speaker 1: one from blood cancer. Global News twenty four hours a 178 00:09:53,880 --> 00:09:56,520 Speaker 1: day on air and on Bloomberg Quick Tank, powered by 179 00:09:56,520 --> 00:09:58,920 Speaker 1: more than twenty seven hundred journalists analyst for more than 180 00:09:58,920 --> 00:10:01,520 Speaker 1: a hundred twenty countries. I'm Michael Barr. This is Bloomberg. 181 00:10:01,880 --> 00:10:08,840 Speaker 1: Thanks Michael. Come up to five ten on Wall Street. 182 00:10:08,880 --> 00:10:12,240 Speaker 1: Time for the Bloomberg Sports Update. Spring is here, John Stash, 183 00:10:12,559 --> 00:10:16,400 Speaker 1: lay Ball, and Nathan Technically. The baseball lockout lasted nine days, 184 00:10:16,400 --> 00:10:19,280 Speaker 1: but all in the off season, though twice MLB announced 185 00:10:19,280 --> 00:10:22,080 Speaker 1: cancellations of games. They'll end up playing all one hundred 186 00:10:22,120 --> 00:10:24,240 Speaker 1: and sixty two, so and nobody lost the paycheck. Players 187 00:10:24,240 --> 00:10:27,559 Speaker 1: expecting to start showing up for spring training today, mandatory 188 00:10:27,600 --> 00:10:32,240 Speaker 1: by Sunday, exhibition games next weekend and opening day April seventh. 189 00:10:32,240 --> 00:10:34,520 Speaker 1: It's expected the Yankees will open at home against the 190 00:10:34,559 --> 00:10:37,600 Speaker 1: Red Sox with the Mets in Washington. They compromised on 191 00:10:37,640 --> 00:10:40,520 Speaker 1: some economic issues. The minimum salary was raised, the playoffs 192 00:10:40,559 --> 00:10:43,760 Speaker 1: expanded to twelve teams. National League will start using the 193 00:10:43,880 --> 00:10:46,400 Speaker 1: d H. Other rule changes could be coming next year. 194 00:10:46,600 --> 00:10:49,720 Speaker 1: Commissioner Rob Manford was asked why when it seemed like 195 00:10:49,760 --> 00:10:52,240 Speaker 1: the lockout might end, it didn't, and then when it 196 00:10:52,240 --> 00:10:55,360 Speaker 1: looked like it wouldn't it did. Booking back at it, 197 00:10:55,440 --> 00:11:00,000 Speaker 1: I think we used deadlines effectively to move the process 198 00:11:00,120 --> 00:11:03,400 Speaker 1: points in time when it needed to move, and you 199 00:11:03,440 --> 00:11:07,640 Speaker 1: know who out flanked two. My view is there's only 200 00:11:07,679 --> 00:11:09,880 Speaker 1: one win, and that's getting an agreement, and we got one. 201 00:11:09,920 --> 00:11:12,640 Speaker 1: Infan says he hopes to have a better relationship with players. 202 00:11:12,640 --> 00:11:15,960 Speaker 1: Going fuller nets some sixers in Philly first time since 203 00:11:16,000 --> 00:11:19,480 Speaker 1: the big trade. It was all Brooklyn d Kevin Duran 204 00:11:19,559 --> 00:11:22,240 Speaker 1: twenty five points, and Seth Curry, who was part of 205 00:11:22,240 --> 00:11:24,839 Speaker 1: the trade at twenty four. James hard New engineered the 206 00:11:24,920 --> 00:11:28,199 Speaker 1: Nets trading in to Philly. Struggled mightily against this whole team. 207 00:11:28,240 --> 00:11:31,080 Speaker 1: Shot three of seventeen Rangers who lost the other night 208 00:11:31,120 --> 00:11:33,600 Speaker 1: five to two, lost six to in St. Louis, All 209 00:11:33,640 --> 00:11:36,640 Speaker 1: Islanders six nothing over Columbus, the hatrick for andrews Lee. 210 00:11:36,640 --> 00:11:39,520 Speaker 1: Devils lost to Winnipeg to one. Big East Turney St. 211 00:11:39,559 --> 00:11:41,960 Speaker 1: John's was going for a major upset blew a big 212 00:11:42,040 --> 00:11:44,920 Speaker 1: League lost to Villanova by one. Seaton Hall lost to 213 00:11:45,000 --> 00:11:46,760 Speaker 1: you kind of went for Fordham to advance at the 214 00:11:46,760 --> 00:11:50,480 Speaker 1: Atlantic ten John stash Ally Bloomberg Stage, Nathan Okay, John, 215 00:11:50,520 --> 00:11:53,560 Speaker 1: thank you, SMP futures up twenty points now, futures up 216 00:11:53,559 --> 00:11:56,880 Speaker 1: a hundred thirty three futures are hired by seventy four points. 217 00:11:57,320 --> 00:11:59,840 Speaker 1: Send your treasury little change with the yield one point 218 00:12:00,040 --> 00:12:08,400 Speaker 1: nine eight percent. You're listening to Bloomberg Daybreak Bloomberg eleven 219 00:12:08,440 --> 00:12:11,560 Speaker 1: three oh Weather partly Sunday today, low fifties, rainy, windy Tomorrow, 220 00:12:11,559 --> 00:12:14,040 Speaker 1: could mix with some wet snow before ending early afternoon. 221 00:12:14,400 --> 00:12:17,360 Speaker 1: Early highs in the upper forties. By Sunday will be 222 00:12:17,360 --> 00:12:23,160 Speaker 1: in the upper thirties right now, forty degrees, markets, headlines 223 00:12:23,200 --> 00:12:26,160 Speaker 1: and breaking news twenty four hours a day at Bloomberg 224 00:12:26,240 --> 00:12:29,880 Speaker 1: dot Com, The Bloomberg Business and at Bloomberg Quicktake. This 225 00:12:30,280 --> 00:12:39,480 Speaker 1: is a Bloomberg Business Flash and I'm Karen Moscow. Raging 226 00:12:39,520 --> 00:12:42,760 Speaker 1: volatility continues to whip song global markets, capping the final 227 00:12:42,800 --> 00:12:45,599 Speaker 1: week before a new US rate cycle, and or in 228 00:12:46,160 --> 00:12:49,400 Speaker 1: is worsening. War in Ukraine boost inflation and threatens to 229 00:12:49,440 --> 00:12:51,959 Speaker 1: sink global growth. We checked the markets every fifteen minutes 230 00:12:51,960 --> 00:12:55,080 Speaker 1: throughout the trading day. Bloomberg s and P futures are 231 00:12:55,160 --> 00:12:59,640 Speaker 1: up down futures five Nowaday futures up seventy one. The 232 00:12:59,720 --> 00:13:02,160 Speaker 1: day in Germany is up wanted a third percent. The 233 00:13:02,160 --> 00:13:04,959 Speaker 1: ten year treasury little change at one point nine eight percent, 234 00:13:05,360 --> 00:13:07,319 Speaker 1: and the yield on the two year one point seven 235 00:13:07,400 --> 00:13:10,160 Speaker 1: one percent. Nine x Scrude oil is up two point 236 00:13:10,200 --> 00:13:12,199 Speaker 1: three percent, up two dollars forty eight cents at a 237 00:13:12,280 --> 00:13:15,439 Speaker 1: hundred eight dollars fifty cents A barrel. Comic school is 238 00:13:15,480 --> 00:13:17,560 Speaker 1: down to tens per cent, or four dollars ten cents 239 00:13:17,600 --> 00:13:21,000 Speaker 1: at nineteen ninety six ten announce. The euro is at 240 00:13:21,040 --> 00:13:23,360 Speaker 1: one point o nine seven four against the dollar. British 241 00:13:23,360 --> 00:13:26,199 Speaker 1: found one point three zero seven four and again is 242 00:13:26,240 --> 00:13:30,280 Speaker 1: at one sixteen point nine to bitcoin. This morning, it 243 00:13:30,640 --> 00:13:33,240 Speaker 1: is moving lower down about sixtensive upper cent at thirty 244 00:13:33,320 --> 00:13:36,079 Speaker 1: nine thousand, one hundred dollars. That's a Bloomberg business flash. 245 00:13:36,160 --> 00:13:38,240 Speaker 1: Now here's Michael Barr with more on what's going on 246 00:13:38,360 --> 00:13:41,240 Speaker 1: around the world. Unchael, good morning, Good morning, Karen. Russian 247 00:13:41,320 --> 00:13:44,160 Speaker 1: strikes have hit near airports in western Ukraine as the 248 00:13:44,240 --> 00:13:48,480 Speaker 1: military offensive whitened and invading troops kept up pressure on 249 00:13:48,520 --> 00:13:53,200 Speaker 1: the capitol Kiev and the besieged ports city of Mariupol. Meanwhile, 250 00:13:53,280 --> 00:13:56,440 Speaker 1: the Senate has given final congressional approval to a thirteen 251 00:13:56,520 --> 00:14:00,360 Speaker 1: point six billion dollar emergency package of milled Jerry and 252 00:14:00,400 --> 00:14:04,240 Speaker 1: you managed erryan aide for besieged Ukraine and its European allies. 253 00:14:04,559 --> 00:14:08,240 Speaker 1: Major League Baseball reached new labor agreements with its players union, 254 00:14:08,320 --> 00:14:10,640 Speaker 1: and in a three month lockout, it paved the way 255 00:14:10,720 --> 00:14:13,240 Speaker 1: for the season to start next month. In the NBA, 256 00:14:13,400 --> 00:14:16,439 Speaker 1: the Nets and Warriors one. In the NHL, the Rangers 257 00:14:16,520 --> 00:14:20,760 Speaker 1: and Devils lost, The Islanders and Bruins won. Global News 258 00:14:20,840 --> 00:14:24,160 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 259 00:14:24,400 --> 00:14:27,600 Speaker 1: powered by more than twenty seven hundred journalists and analysts 260 00:14:27,800 --> 00:14:30,080 Speaker 1: in more than a hundred twenty countries. I'm Michael bar 261 00:14:30,280 --> 00:14:33,320 Speaker 1: This is Bloomberg, Nathan. Thanks Michael, five nineteen on Wall 262 00:14:33,400 --> 00:14:36,360 Speaker 1: Street Life from the Bloomberg Interactive Broker Studios. This is 263 00:14:36,480 --> 00:14:39,480 Speaker 1: Bloomberg Daybreak and Julie Norman is with us this morning, 264 00:14:39,520 --> 00:14:43,120 Speaker 1: professor and lecturer on Politics and International Relations at University 265 00:14:43,200 --> 00:14:46,240 Speaker 1: College London. With Russia's war in Ukraine now in today 266 00:14:46,400 --> 00:14:50,720 Speaker 1: sixteen professor, Good morning. As Michael mentioned, the fighting has 267 00:14:50,760 --> 00:14:53,640 Speaker 1: spread out to cities in western Ukraine that had been 268 00:14:53,800 --> 00:14:55,800 Speaker 1: far from where the fighting had been up to now. 269 00:14:56,360 --> 00:14:59,680 Speaker 1: And we're also getting reports that President Putin is saying 270 00:14:59,760 --> 00:15:04,720 Speaker 1: that he's bringing in Middle Eastern volunteer fighters and fighters 271 00:15:04,800 --> 00:15:07,280 Speaker 1: from other countries to get involved. What does this tell 272 00:15:07,360 --> 00:15:11,080 Speaker 1: you about where this war is going from here? Well, 273 00:15:11,160 --> 00:15:13,440 Speaker 1: good morning, Nathan, and yes, we have seen a different 274 00:15:13,520 --> 00:15:16,560 Speaker 1: kind of expansion over the last day or two, as 275 00:15:16,600 --> 00:15:19,680 Speaker 1: you mentioned, expanding the offensive to new cities that had 276 00:15:19,760 --> 00:15:23,600 Speaker 1: not previously been targeted. And this is of course just 277 00:15:23,840 --> 00:15:27,800 Speaker 1: increasing the cost and the toll on civilians quite directly, 278 00:15:28,200 --> 00:15:30,680 Speaker 1: it's also increasing the number of people who have been 279 00:15:30,800 --> 00:15:33,800 Speaker 1: displaced already over two million, and now that will increase 280 00:15:33,840 --> 00:15:36,240 Speaker 1: in these new areas. And there's also kind of the 281 00:15:36,680 --> 00:15:39,280 Speaker 1: the ongoing slow burn effect of all these things, to 282 00:15:39,600 --> 00:15:42,080 Speaker 1: the sense that these cities are increasingly being cut off 283 00:15:42,160 --> 00:15:45,920 Speaker 1: from heat, from water, from electricity, from food imports, and 284 00:15:45,960 --> 00:15:49,120 Speaker 1: so the humanitarian conditions in these cities where the offensive 285 00:15:49,200 --> 00:15:52,040 Speaker 1: is extending to just becomes more and more dire as well. 286 00:15:52,520 --> 00:15:54,800 Speaker 1: We did hear also this week that Prutin has been 287 00:15:54,840 --> 00:15:58,720 Speaker 1: trying to recruit some volunteers from Syria, which is where 288 00:15:58,760 --> 00:16:00,880 Speaker 1: a Rush of course is very involved in the Syrian 289 00:16:00,960 --> 00:16:03,360 Speaker 1: Civil War, and seems to be trying to play on 290 00:16:03,520 --> 00:16:06,640 Speaker 1: that that kind of relationship there. I haven't heard exactly 291 00:16:06,720 --> 00:16:09,000 Speaker 1: how many are actually taking him up on that offer, 292 00:16:09,120 --> 00:16:11,040 Speaker 1: but there do seem to be those kinds of overtures 293 00:16:11,080 --> 00:16:13,560 Speaker 1: happening in terms of where it all goes. Again, this 294 00:16:13,720 --> 00:16:16,520 Speaker 1: is something that we've all been trying to um to 295 00:16:17,080 --> 00:16:20,320 Speaker 1: ascertain since the beginning. Um Again, I think as the 296 00:16:20,400 --> 00:16:25,040 Speaker 1: squeeze on humanitarian populations continues, uh, and as the squeeze 297 00:16:25,080 --> 00:16:27,880 Speaker 1: on Russian continues with sanctions, you know, the hope is 298 00:16:27,920 --> 00:16:30,760 Speaker 1: obviously there will be a bit more nudge towards negotiations 299 00:16:30,840 --> 00:16:33,880 Speaker 1: and there are some tangible things to actually discuss in 300 00:16:34,040 --> 00:16:36,960 Speaker 1: terms of territory, in terms of proposed neutrality, but I 301 00:16:37,000 --> 00:16:38,880 Speaker 1: don't think either side is quite at that point yet. 302 00:16:40,000 --> 00:16:41,960 Speaker 1: When you think about the war in Syria and the 303 00:16:42,080 --> 00:16:44,600 Speaker 1: idea of fighters coming in from there, we all remember 304 00:16:44,600 --> 00:16:47,000 Speaker 1: the atrocities that have taken place over this more than 305 00:16:47,120 --> 00:16:50,320 Speaker 1: decade long war in Syria. And now the Russians are 306 00:16:50,760 --> 00:16:55,520 Speaker 1: pointing out these sort of disputed reports about US and 307 00:16:55,760 --> 00:17:00,360 Speaker 1: urine Ukrainian biochemical weapons development. It's ray see a lot 308 00:17:00,400 --> 00:17:02,160 Speaker 1: of concern, isn't it that that could be some kind 309 00:17:02,160 --> 00:17:05,480 Speaker 1: of false flag for Russia perhaps mirror some of the 310 00:17:05,560 --> 00:17:08,359 Speaker 1: same tactics that have taken place in Syria when it 311 00:17:08,400 --> 00:17:12,840 Speaker 1: comes to banned weapons. Absolutely, and we see the Biden 312 00:17:12,840 --> 00:17:15,639 Speaker 1: administration and allies trying to get out ahead of this, 313 00:17:15,880 --> 00:17:19,679 Speaker 1: as they have with previous UH intelligence that they had 314 00:17:19,800 --> 00:17:22,680 Speaker 1: leading up to the current invasion, where they had a 315 00:17:22,760 --> 00:17:26,120 Speaker 1: sense that Russia was trying to use misinformation about Ukrainian 316 00:17:26,160 --> 00:17:28,800 Speaker 1: development of something, in this case chemical weapons that might 317 00:17:28,880 --> 00:17:32,640 Speaker 1: actually indicate something Russia itself is planning to do. UM Again, 318 00:17:32,720 --> 00:17:35,280 Speaker 1: none of that is confirmed yet, but it is certainly 319 00:17:35,480 --> 00:17:39,119 Speaker 1: UM considered a very possible threat. And again this is 320 00:17:39,200 --> 00:17:41,840 Speaker 1: something that you know, we've seen Russia take very um 321 00:17:42,119 --> 00:17:45,480 Speaker 1: costly actions against civilians, not only in this crisis, but 322 00:17:45,600 --> 00:17:47,920 Speaker 1: as you mentioned in Syria, also in Technia in the 323 00:17:48,040 --> 00:17:52,080 Speaker 1: past when gros and umensities like Aleppo were you just 324 00:17:52,160 --> 00:17:55,720 Speaker 1: had very massive civilian casualties, not only through chemical weapons, 325 00:17:55,800 --> 00:17:58,119 Speaker 1: but more over just through conventional weapons and the use 326 00:17:58,200 --> 00:18:01,600 Speaker 1: of areads in particular, which we haven't seen extensively yet 327 00:18:01,960 --> 00:18:04,919 Speaker 1: in Ukraine, but could certainly ramp up if if Russia 328 00:18:04,960 --> 00:18:07,840 Speaker 1: decides to play that card. The White House, as President 329 00:18:07,920 --> 00:18:10,000 Speaker 1: Biden is going to make an announcement of further action 330 00:18:10,080 --> 00:18:13,239 Speaker 1: against Russia this morning. Bloomberg News is reporting he's going 331 00:18:13,280 --> 00:18:17,320 Speaker 1: to call for an end to Russia's preferred normal trade relations. 332 00:18:17,400 --> 00:18:21,240 Speaker 1: Do you see that making any difference? So Biden has 333 00:18:21,280 --> 00:18:24,879 Speaker 1: been in conversation with European allies about this move. So 334 00:18:25,240 --> 00:18:27,560 Speaker 1: this call is supposed to come today, most likely in 335 00:18:27,680 --> 00:18:31,160 Speaker 1: concert with the EU and the G seven. For the US, 336 00:18:31,200 --> 00:18:33,960 Speaker 1: it will allow the US to obviously put more tariffs 337 00:18:34,000 --> 00:18:37,480 Speaker 1: on Russian goods that's only about twenty billion dollars. Only 338 00:18:37,480 --> 00:18:40,119 Speaker 1: about five percent of Russian exports come to the US. 339 00:18:40,400 --> 00:18:42,760 Speaker 1: But about a third of Russian exports go to the EU, 340 00:18:43,000 --> 00:18:45,119 Speaker 1: So if the EU and the G seven make this 341 00:18:45,240 --> 00:18:47,720 Speaker 1: move in concert, that's more where we'll have the effect 342 00:18:47,760 --> 00:18:49,320 Speaker 1: then with the US, But for the U S it's 343 00:18:49,320 --> 00:18:52,200 Speaker 1: an important political movement the less only about thirty seconds 344 00:18:52,280 --> 00:18:54,760 Speaker 1: left here, Professors, there a risk that public support for 345 00:18:54,840 --> 00:18:58,920 Speaker 1: pressure on Ukraine changes if the economic pain gets worse 346 00:18:59,320 --> 00:19:03,280 Speaker 1: for a mayor, Arikans and Europeans. Well, obviously that's been 347 00:19:03,320 --> 00:19:05,640 Speaker 1: a threat since the beginning. But so far, Nathan, we've 348 00:19:05,680 --> 00:19:10,080 Speaker 1: seen just unprecedented solidarity from UH people around the world, 349 00:19:10,119 --> 00:19:12,119 Speaker 1: but also from the private sector around the world and 350 00:19:12,200 --> 00:19:15,600 Speaker 1: really kind of pushing back at this aggression from Russia. UM. 351 00:19:15,760 --> 00:19:18,120 Speaker 1: With that said, you know, we've seen the numbers coming 352 00:19:18,160 --> 00:19:20,919 Speaker 1: out this week in the US, highest inflation in decades 353 00:19:20,960 --> 00:19:23,159 Speaker 1: and just keeps getting higher. So I do think that 354 00:19:23,200 --> 00:19:27,719 Speaker 1: will affect people's perceptions, but I think anyone paying attention 355 00:19:27,800 --> 00:19:30,800 Speaker 1: knows that the inflation issues started before the war. It's 356 00:19:30,840 --> 00:19:32,880 Speaker 1: been exacerbated by it, but there's a lot of other 357 00:19:32,920 --> 00:19:36,280 Speaker 1: factors going into that as well. Thank you as always, Professor, 358 00:19:36,359 --> 00:19:38,320 Speaker 1: good having you on with us this morning. Julie Norman, 359 00:19:38,359 --> 00:19:42,560 Speaker 1: Professor and lecture on Politics and International Relations at University 360 00:19:42,640 --> 00:19:45,880 Speaker 1: College London. Future is moving higher at the moment. SMP 361 00:19:46,000 --> 00:19:48,479 Speaker 1: futures up twenty points, staff futures up a hundred thirty four, 362 00:19:48,560 --> 00:19:51,240 Speaker 1: nasty futures higher by sixty eight points. In the tenure 363 00:19:51,280 --> 00:19:54,719 Speaker 1: treasury right now little chains yield one point nine eight percent. 364 00:19:54,920 --> 00:19:58,439 Speaker 1: Just ahead. More Ukraine aid coming in a massive government 365 00:19:58,480 --> 00:20:02,159 Speaker 1: funding bill, and the or leads to more growth downgrades 366 00:20:02,240 --> 00:20:08,399 Speaker 1: in the US. This is Bloomberg Bloomberg eleven three oh 367 00:20:08,440 --> 00:20:11,879 Speaker 1: weather partly sunny, low fifties today, rainy, windy tomorrow. The 368 00:20:11,960 --> 00:20:14,399 Speaker 1: rain may wicks with what snow. Early highs in the 369 00:20:14,480 --> 00:20:17,000 Speaker 1: upper forties with temperatures falling through the afternoon. We'll only 370 00:20:17,040 --> 00:20:20,040 Speaker 1: get to upper thirties by Sunday. Right now forty degrees 371 00:20:22,000 --> 00:20:26,480 Speaker 1: broadcasting live from the Bloomberg Interactive Broker Studio in New York. 372 00:20:26,640 --> 00:20:30,440 Speaker 1: Bloomberg E Loving Freedom to Washington, d C, Bloomberg On 373 00:20:30,720 --> 00:20:33,920 Speaker 1: to Boston, Bloomberg one O six one does San Francisco, 374 00:20:34,000 --> 00:20:37,439 Speaker 1: Bloomberg sixty to the country, Sirius XM to the one 375 00:20:37,520 --> 00:20:40,639 Speaker 1: nine and around the globe, the Bloomberg Business app and 376 00:20:40,720 --> 00:20:50,560 Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's five 377 00:20:50,640 --> 00:20:52,920 Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and 378 00:20:53,000 --> 00:20:55,760 Speaker 1: I'm Karen Moscow. We are just about four hours away 379 00:20:55,840 --> 00:20:57,600 Speaker 1: from the open of US trading. Let's get you have 380 00:20:57,680 --> 00:20:58,959 Speaker 1: to date on the news you need to know at 381 00:20:59,000 --> 00:21:02,200 Speaker 1: this hour. Beginning with day sixteen of the war in Ukraine, 382 00:21:04,760 --> 00:21:07,399 Speaker 1: sirens heard again in a capital, Kiev. The mayor of 383 00:21:07,440 --> 00:21:10,119 Speaker 1: the city says almost half of its citizens have fled 384 00:21:10,280 --> 00:21:14,119 Speaker 1: since Russia's invasion began. Cities in western Ukraine are now 385 00:21:14,359 --> 00:21:17,760 Speaker 1: under attack to taking fire from a long distance strikes. 386 00:21:18,200 --> 00:21:21,439 Speaker 1: In the south, the city of Mariopol remains under siege. 387 00:21:21,720 --> 00:21:25,159 Speaker 1: The death toll there has reportedly passed thirteen hundred. Meantime, 388 00:21:25,200 --> 00:21:27,639 Speaker 1: back in d C, Karen, President Biden is set to 389 00:21:27,720 --> 00:21:30,800 Speaker 1: call for an end to normal trade relations with Russia. 390 00:21:31,040 --> 00:21:33,560 Speaker 1: Sources say the plans would allow for increased tariffs on 391 00:21:33,640 --> 00:21:37,399 Speaker 1: Russian imports, putting Moscow on par with Cuba and North Korea. Well. 392 00:21:37,400 --> 00:21:39,359 Speaker 1: At the same time, Nathan, the Senate has passed a 393 00:21:39,440 --> 00:21:42,960 Speaker 1: spending bill that includes security and humanitarian aid for Ukraine, 394 00:21:42,960 --> 00:21:45,600 Speaker 1: and we get the details live with the Bloomberg's Ranida Young. 395 00:21:45,640 --> 00:21:48,800 Speaker 1: Good morning, Ranida Good morning, Karen. Just over thirteen billion 396 00:21:48,880 --> 00:21:52,000 Speaker 1: dollars of that package goes to Ukraine for humanitarian and 397 00:21:52,160 --> 00:21:55,480 Speaker 1: security aid. For Democrats, passing this bill in an era 398 00:21:55,560 --> 00:21:59,679 Speaker 1: of hyper partisanship is a major achievement. The government had 399 00:21:59,720 --> 00:22:02,960 Speaker 1: been using Trump era program funding level since the start 400 00:22:03,000 --> 00:22:06,040 Speaker 1: of the fiscal year on October one, and now domestic 401 00:22:06,119 --> 00:22:09,880 Speaker 1: agencies will get a nearly seven percent boost. The spending 402 00:22:09,960 --> 00:22:13,119 Speaker 1: bill now goes to President Biden's desk for his signature 403 00:22:13,560 --> 00:22:16,760 Speaker 1: in New York. I'm Rania Young Bloomberg Daybreak, Okay, Ranina, 404 00:22:16,800 --> 00:22:18,959 Speaker 1: thank you. On Wall Street today, the war in Ukraine 405 00:22:19,000 --> 00:22:22,080 Speaker 1: has one firm cutting its forecast for US growth. Let's 406 00:22:22,119 --> 00:22:25,359 Speaker 1: get that storyline from Bloomberg's John Tucker. John Nathan Goldban 407 00:22:25,440 --> 00:22:27,600 Speaker 1: Sacks warns there is a more than one in three 408 00:22:27,680 --> 00:22:31,000 Speaker 1: chance the US will slip into recession in the next year. 409 00:22:31,480 --> 00:22:34,000 Speaker 1: The firm is cutting growth forecast because of the hip 410 00:22:34,080 --> 00:22:37,200 Speaker 1: from rising oil prices and other impacts from Russia's war. 411 00:22:37,760 --> 00:22:40,880 Speaker 1: The revision comes the US prices for everything from gas 412 00:22:41,000 --> 00:22:43,880 Speaker 1: to food and housing jump to a forty year high, 413 00:22:44,320 --> 00:22:47,080 Speaker 1: and that's even before Russia's invasion. For this year of 414 00:22:47,119 --> 00:22:49,680 Speaker 1: the firm products GDP will slow to one point seven 415 00:22:50,840 --> 00:22:53,920 Speaker 1: Live in New York. I'm John Tucker Bloomberg Daybreak. All right, John, 416 00:22:54,000 --> 00:22:58,240 Speaker 1: thank you. Meantime, the corporate exodus from Russia continues. JP 417 00:22:58,320 --> 00:23:02,160 Speaker 1: Morgan is joining Goldman Saxon winding down operations there. City 418 00:23:02,160 --> 00:23:04,680 Speaker 1: Group has yet to act, but says it's also assessing 419 00:23:04,760 --> 00:23:08,680 Speaker 1: operations in Russia. Futures this morning are on the rise. 420 00:23:08,960 --> 00:23:11,680 Speaker 1: SNP futures up twenty three points now futures up a 421 00:23:11,760 --> 00:23:15,520 Speaker 1: hundred forty seven, NASDAG futures up eighty two. The tenure 422 00:23:15,560 --> 00:23:18,480 Speaker 1: treasury little change at one point nine eight percent, and 423 00:23:18,600 --> 00:23:21,360 Speaker 1: the yield on the two year one point seven zero percent. 424 00:23:21,840 --> 00:23:24,560 Speaker 1: NIMEX scrude oil is up two point seven percent, up 425 00:23:24,560 --> 00:23:26,720 Speaker 1: two dollars eighty six cents and a hundred eight dollars 426 00:23:26,800 --> 00:23:29,359 Speaker 1: eighty eight cents of barrel. Straight to hand your latest 427 00:23:29,480 --> 00:23:33,359 Speaker 1: local headlines plus a check of sports. And this is 428 00:23:33,440 --> 00:23:41,320 Speaker 1: Bloomberge on Wall Street, forty degrees in Central Park, jammed 429 00:23:41,359 --> 00:23:43,159 Speaker 1: up on westbound l I E with a crash. Youan 430 00:23:43,200 --> 00:23:45,520 Speaker 1: Maurice Avenue. Michael Barr has more on what's going on 431 00:23:45,560 --> 00:23:47,399 Speaker 1: in New York and around the world. Michael, thank you 432 00:23:47,560 --> 00:23:50,159 Speaker 1: very much. Nathan. New York Mayor Eric Adams unveiled as 433 00:23:50,200 --> 00:23:53,600 Speaker 1: economic development plan for the city. Adam says it would 434 00:23:53,720 --> 00:23:57,320 Speaker 1: us you're in a New New York. During his news conference, 435 00:23:57,359 --> 00:24:00,320 Speaker 1: the mayor saluted the truck drivers who delivered goods the 436 00:24:00,440 --> 00:24:03,840 Speaker 1: stores in the city, calling them essential workers. You know 437 00:24:04,000 --> 00:24:09,360 Speaker 1: onions are not in your stores because someone texts them 438 00:24:09,400 --> 00:24:15,560 Speaker 1: over there, your stores because those trucks delivered them here. 439 00:24:16,359 --> 00:24:19,159 Speaker 1: Mayor Eric Adams is hoping to steer his city toward 440 00:24:19,240 --> 00:24:23,320 Speaker 1: an economic revival by lurning tourists back, beautifying the streets, 441 00:24:23,359 --> 00:24:26,880 Speaker 1: and embracing New York's looming legal pot industry. The Biden 442 00:24:26,920 --> 00:24:30,560 Speaker 1: administration says to North Korean missile launches in recent weeks 443 00:24:30,760 --> 00:24:33,440 Speaker 1: were in fact, test firings of a new long range 444 00:24:33,520 --> 00:24:36,919 Speaker 1: I c b M. The tests were of a missile 445 00:24:37,000 --> 00:24:40,520 Speaker 1: reportedly larger than an I C b M North Korea 446 00:24:40,640 --> 00:24:44,440 Speaker 1: launched in twenty seventeen that was assessed to be capable 447 00:24:44,520 --> 00:24:47,480 Speaker 1: of reaching the US. The administration warned that a full 448 00:24:47,600 --> 00:24:50,840 Speaker 1: range test could soon follow. Actor Jesse small Head has 449 00:24:50,840 --> 00:24:53,119 Speaker 1: been sentenced to a hundred fifty days in jail for 450 00:24:53,320 --> 00:24:56,800 Speaker 1: hate crime hoax in twenty nineteen. The former Empire Star 451 00:24:56,880 --> 00:24:58,879 Speaker 1: will have to pay back a hundred twenty grand to 452 00:24:59,000 --> 00:25:02,320 Speaker 1: the City of Chicago. Cook County Judge James Lynn I 453 00:25:02,440 --> 00:25:05,320 Speaker 1: acknowledged there are wonderful sides to you that they're very 454 00:25:05,440 --> 00:25:07,680 Speaker 1: giving and charitable and loving sides to you, But you 455 00:25:07,800 --> 00:25:11,320 Speaker 1: have another side of you that is profoundly arrogant and selful, 456 00:25:11,480 --> 00:25:15,640 Speaker 1: selfish and narcissistic. Judge Lynn also sent in small probation 457 00:25:15,720 --> 00:25:19,560 Speaker 1: for thirty months. The latest census undercounted Black, Latino and 458 00:25:19,720 --> 00:25:22,760 Speaker 1: Native Americans at higher rates than a decade ago, potentially 459 00:25:23,040 --> 00:25:27,440 Speaker 1: depriving those communities of financial resources and political representation. That's 460 00:25:27,440 --> 00:25:30,119 Speaker 1: according to new data released by the U. S Census Bureau. 461 00:25:30,440 --> 00:25:33,040 Speaker 1: Global News twenty four hours a day on air and 462 00:25:33,280 --> 00:25:36,120 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 463 00:25:36,160 --> 00:25:39,200 Speaker 1: hundred journalist and analysts in more than a hundred twenty countries. 464 00:25:39,200 --> 00:25:46,760 Speaker 1: I'm Michael Barr. This is Bloomberg, Nathan. Thanks Michael on 465 00:25:46,800 --> 00:25:48,840 Speaker 1: Wall Street time for the Bloomberg Sports Update with John 466 00:25:48,880 --> 00:25:51,400 Speaker 1: stash Our. Thanks. They can get out the key unlocked 467 00:25:51,440 --> 00:25:53,440 Speaker 1: the gates the baseball stadiums. There were a couple of 468 00:25:53,520 --> 00:25:55,480 Speaker 1: times lately when it looked like the lockout would end, 469 00:25:55,520 --> 00:25:57,359 Speaker 1: and it didn't, and then when it looked like it 470 00:25:57,600 --> 00:26:00,239 Speaker 1: wasn't going to end, it did. New five of your 471 00:26:00,240 --> 00:26:03,359 Speaker 1: agreement ratified unanimously by the owners. The player reps have 472 00:26:03,520 --> 00:26:06,840 Speaker 1: proved that to four, though the eighth member union committee 473 00:26:07,280 --> 00:26:10,080 Speaker 1: was all against it. COMMITSI rod manfred was asked his 474 00:26:10,200 --> 00:26:12,720 Speaker 1: message to fan looking back at it, I think we 475 00:26:12,960 --> 00:26:17,359 Speaker 1: used deadlines effectively to move the process at points in 476 00:26:17,440 --> 00:26:21,200 Speaker 1: time when it needed to move, and you know who 477 00:26:21,280 --> 00:26:24,879 Speaker 1: out flanked two. My view is there's only one win, 478 00:26:25,000 --> 00:26:27,280 Speaker 1: and that's getting an agreement, and we got one. Opening 479 00:26:27,359 --> 00:26:29,639 Speaker 1: day now April seven, they'll play all one hundred and 480 00:26:29,640 --> 00:26:31,560 Speaker 1: sixty two games, and then the playoffs will expanded to 481 00:26:31,640 --> 00:26:34,879 Speaker 1: twelve teams and now begins the race to sign unsigned 482 00:26:35,000 --> 00:26:37,200 Speaker 1: free agents. There are some good ones out there, like 483 00:26:37,320 --> 00:26:41,040 Speaker 1: Carlos Corea, Freddie Freeman, and Chris Bryant. James Harden, wanted 484 00:26:41,080 --> 00:26:43,560 Speaker 1: out of Brooklyn, got traded to Philadelphia, faced his old 485 00:26:43,600 --> 00:26:46,560 Speaker 1: team and shot three of seventeen nets, blew out the 486 00:26:46,640 --> 00:26:50,200 Speaker 1: Sixers one to one hundred. Kevin ran twenty five points. 487 00:26:50,200 --> 00:26:52,720 Speaker 1: Step Curry, who was part of the trade, had twenty 488 00:26:52,760 --> 00:26:55,119 Speaker 1: four knicks. Are in Memphis tonight Cam Reddish, who the 489 00:26:55,160 --> 00:26:57,840 Speaker 1: Knicks acquired in January. We'll miss the rest of the 490 00:26:57,880 --> 00:27:00,200 Speaker 1: season with a separated shoulder. In St. Louis Us, the 491 00:27:00,200 --> 00:27:02,280 Speaker 1: Blues three goals of the first period, three more in 492 00:27:02,320 --> 00:27:04,919 Speaker 1: the second. They beat the Rangers six to two. Devils 493 00:27:05,000 --> 00:27:07,440 Speaker 1: lost to Winnipeg two to one. Islanders all over Columbus 494 00:27:07,480 --> 00:27:09,560 Speaker 1: sixth and nothing, the hat trick for andrews Lee at 495 00:27:09,600 --> 00:27:12,920 Speaker 1: the Garden, heartbreak for St. John's questionable foul call with 496 00:27:13,000 --> 00:27:15,879 Speaker 1: two seconds left. Villanova made the two free throws and 497 00:27:15,920 --> 00:27:18,720 Speaker 1: pulled it out sixty six six five. Also the Big 498 00:27:18,760 --> 00:27:22,040 Speaker 1: East Seaton Hall lost at Yukon Fordham one to advance 499 00:27:22,400 --> 00:27:26,400 Speaker 1: at the Atlantic ten. Turning John Staward Bloomberg Sport. Thanks John. 500 00:27:26,400 --> 00:27:28,280 Speaker 1: We're coming up to five thirty seven on Wall Street 501 00:27:28,280 --> 00:27:30,880 Speaker 1: time for the Trice State Business Report with Bloomberg z Cory. 502 00:27:31,080 --> 00:27:33,720 Speaker 1: New York City Mayor Eric Adams wants to suspend a 503 00:27:34,720 --> 00:27:38,320 Speaker 1: surcharge on liquor licenses. It's an effort to help restaurants 504 00:27:38,320 --> 00:27:41,080 Speaker 1: and barns that are still struggling after the pandemic to 505 00:27:41,200 --> 00:27:45,160 Speaker 1: host the World Soccer Championship, part of an economic recovery plan. 506 00:27:45,280 --> 00:27:48,920 Speaker 1: Adams unveiled Thursday, I made a nationwide wave of inflation. 507 00:27:49,040 --> 00:27:51,720 Speaker 1: Prices in New York City are rising at the slowest 508 00:27:51,840 --> 00:27:54,640 Speaker 1: rate of any US metro area. They went up five 509 00:27:54,680 --> 00:27:57,440 Speaker 1: priest stand in February from a year earlier, compared with 510 00:27:57,560 --> 00:28:01,520 Speaker 1: the decades high seven point nine percent jump nationwide, according 511 00:28:01,560 --> 00:28:05,239 Speaker 1: to the Bureau of Labor Statistics. For Princeton alumni are 512 00:28:05,359 --> 00:28:08,879 Speaker 1: donating twenty million dollars to the school. They attended the 513 00:28:08,920 --> 00:28:12,000 Speaker 1: Ivy League University in the nineteen eighties and went on 514 00:28:12,119 --> 00:28:14,920 Speaker 1: to become some of the highest profile individuals in the 515 00:28:15,000 --> 00:28:18,920 Speaker 1: cryptocurrency world. The money will fund a research initiative to 516 00:28:19,240 --> 00:28:24,359 Speaker 1: better understand blockchain and the technology behind cryptocurrencies. At your 517 00:28:24,359 --> 00:28:27,920 Speaker 1: Bloomberg Try State Business Report, I'm Ed Corey. Thanks Ed. 518 00:28:27,960 --> 00:28:30,040 Speaker 1: Coming up to five thirty eight on Wall Street. Bloomberg 519 00:28:30,160 --> 00:28:32,280 Speaker 1: Radio is on the air from San Francisco to New York, 520 00:28:32,359 --> 00:28:34,600 Speaker 1: London to Hong Kong. Let's check in with our global 521 00:28:34,640 --> 00:28:36,320 Speaker 1: news team for some of the top stories heard on 522 00:28:36,359 --> 00:28:42,120 Speaker 1: our three hundred affiliate radio stations around the world. I'm 523 00:28:42,200 --> 00:28:45,640 Speaker 1: Steve Podascan on k X in Los Angeles. We're talking 524 00:28:45,680 --> 00:28:49,479 Speaker 1: about for testing its electric truck as a possible power 525 00:28:49,640 --> 00:28:54,160 Speaker 1: source for the home Unho on tt r H in Houston. 526 00:28:54,320 --> 00:28:58,040 Speaker 1: Thieves are scaling catalytic converters in ever greater numbers, sending 527 00:28:58,080 --> 00:29:01,560 Speaker 1: insurance claims stories. I'm genus Toby and for Double D 528 00:29:01,640 --> 00:29:04,600 Speaker 1: B B M in Chicago. I'm reporting that the electric 529 00:29:04,640 --> 00:29:07,960 Speaker 1: pickup maker Ribbian says it's plans to ramp up production 530 00:29:08,120 --> 00:29:11,560 Speaker 1: are being squeezed by parts of shortages. I'm Ade Dory 531 00:29:11,680 --> 00:29:14,760 Speaker 1: on w w J in Detroit. I'm reporting Ford and 532 00:29:14,920 --> 00:29:17,200 Speaker 1: P g and E has the use of an electric 533 00:29:17,280 --> 00:29:20,240 Speaker 1: trunk of our homes during blackouts. Those are some of 534 00:29:20,280 --> 00:29:23,400 Speaker 1: the stories are Bloomberg journalists and analysts are working on 535 00:29:23,480 --> 00:29:25,360 Speaker 1: this morning around the world. It's coming up to five 536 00:29:25,440 --> 00:29:28,360 Speaker 1: thirty nine on Wall Street. The following is an editorial 537 00:29:28,520 --> 00:29:34,160 Speaker 1: from Bloomberg Opinion. The European refugee crises of two have 538 00:29:34,240 --> 00:29:37,200 Speaker 1: at least one thing in common. Vladimir Putin played a 539 00:29:37,280 --> 00:29:40,480 Speaker 1: big part in causing the former by bombing Syria, and 540 00:29:40,600 --> 00:29:43,479 Speaker 1: he is solely responsible for the latter with his attack 541 00:29:43,560 --> 00:29:47,520 Speaker 1: against Ukraine. But the two humanitarian calamities are very different, 542 00:29:47,880 --> 00:29:51,240 Speaker 1: and therein lies an opportunity for the European Union in 543 00:29:52,240 --> 00:29:55,400 Speaker 1: the EU was divided. To the west, member states led 544 00:29:55,480 --> 00:29:58,400 Speaker 1: by Germany, tried to find an orderly but humane way 545 00:29:58,560 --> 00:30:02,600 Speaker 1: of treating the asylum seek while strengthening Europe's refugee system. 546 00:30:02,880 --> 00:30:05,960 Speaker 1: To the east, member states led by Hungary and Poland, 547 00:30:06,280 --> 00:30:10,640 Speaker 1: closed their doors before the arriving refugees. The situation could 548 00:30:10,680 --> 00:30:13,320 Speaker 1: not be more different this time. More than two million 549 00:30:13,480 --> 00:30:16,760 Speaker 1: Ukrainians have already arrived in the EU, and yet the 550 00:30:16,840 --> 00:30:20,640 Speaker 1: reception offered to them so far has been uniformly compassionate. 551 00:30:20,960 --> 00:30:24,880 Speaker 1: Whatever may divide Europeans, much more unites them, and it 552 00:30:24,960 --> 00:30:27,960 Speaker 1: could extend to the creation of a military union, a 553 00:30:28,080 --> 00:30:31,200 Speaker 1: European army to stare down hand in hand with NATO 554 00:30:31,480 --> 00:30:35,200 Speaker 1: the likes of Vladimir Putin, The block's divisions suddenly look 555 00:30:35,280 --> 00:30:38,800 Speaker 1: small enough to overcome. With luck. Europeans will recognize this 556 00:30:38,960 --> 00:30:42,160 Speaker 1: historic moment and seize it. This editorial was written by 557 00:30:42,160 --> 00:30:45,560 Speaker 1: the Bloomberg Opinion editorial Board. I'm David Chipley. For more 558 00:30:45,600 --> 00:30:48,680 Speaker 1: Bloomberg Opinion, please go to Bloomberg dot com, slash opinion 559 00:30:49,080 --> 00:30:52,200 Speaker 1: or OPA and go on the Bloomberg terminal. These has 560 00:30:52,280 --> 00:30:55,520 Speaker 1: been Bloomberg opinion and you can hear Bloomberg Opinion editorials 561 00:30:55,560 --> 00:30:58,400 Speaker 1: every weekday. At this time, terminal customers can read more 562 00:30:58,560 --> 00:31:01,280 Speaker 1: at O P I n GO. SMP future is now 563 00:31:01,400 --> 00:31:04,360 Speaker 1: up nineteen points, staff features up a hundred nineteen Nastack 564 00:31:04,440 --> 00:31:07,480 Speaker 1: futures higher by seventy three points, and Treasury starting to 565 00:31:07,520 --> 00:31:09,440 Speaker 1: catch a bid this morning. The tenure Treasury is now 566 00:31:09,560 --> 00:31:13,120 Speaker 1: up to thirty seconds with the yield one nine seven percent. 567 00:31:13,400 --> 00:31:16,480 Speaker 1: Patrick Armstrong of Klaimi Wealth joins us next on the 568 00:31:16,560 --> 00:31:23,239 Speaker 1: volatility in this market. This is Bloomberg Bloomberg eleven three 569 00:31:23,280 --> 00:31:26,240 Speaker 1: oh Weather partly sunny at low fifties today, rainy, wendy, 570 00:31:26,320 --> 00:31:28,960 Speaker 1: maybe some wet snow tomorrow, early highs in the upper forties, 571 00:31:29,000 --> 00:31:32,400 Speaker 1: of temperatures falling through the afternoon. Sunny, breezy Sunday, upper 572 00:31:32,480 --> 00:31:39,320 Speaker 1: thirties right now forty degrees. Markets headlines and breaking news 573 00:31:39,480 --> 00:31:42,080 Speaker 1: twenty four hours a day at Bloomberg dot Com, the 574 00:31:42,160 --> 00:31:45,640 Speaker 1: Bloomberg Business at and at Bloomberg Quick Tape. He's a 575 00:31:45,720 --> 00:31:56,520 Speaker 1: Bloomberg Business lash and I'm Karen moscow Enraging volatility as 576 00:31:56,560 --> 00:31:59,720 Speaker 1: whips on global markets, capping the final week before I 577 00:31:59,760 --> 00:32:02,800 Speaker 1: knew US rate high cycle as a worsening war in Ukraine, 578 00:32:02,880 --> 00:32:06,560 Speaker 1: boost inflation and threatens to sink global growth. We check 579 00:32:06,640 --> 00:32:09,200 Speaker 1: the markets every fifteen minutes throughout the trading day on 580 00:32:09,280 --> 00:32:12,040 Speaker 1: bloomberg S and P Future is up about eighteen points now, 581 00:32:12,120 --> 00:32:14,320 Speaker 1: Futures up a hundred ten nas day Future is up 582 00:32:14,360 --> 00:32:17,160 Speaker 1: sixty five. The decks in Germany's up one and a 583 00:32:17,240 --> 00:32:20,520 Speaker 1: quarter percent. The ten year treasury of one thirty second, 584 00:32:20,560 --> 00:32:22,480 Speaker 1: the yield one point nine eight percent, the yield on 585 00:32:22,560 --> 00:32:25,600 Speaker 1: the two year one point seven zero percent. Nine X 586 00:32:25,640 --> 00:32:28,000 Speaker 1: screwed oil is up three and a third percent of 587 00:32:28,080 --> 00:32:30,280 Speaker 1: three dollars fifty nine cents at a hundred nine dollars 588 00:32:30,280 --> 00:32:33,480 Speaker 1: sixty one cents of barrel and comex school is down 589 00:32:33,520 --> 00:32:36,000 Speaker 1: to ten percent or three dollars sixty cents at nineteen 590 00:32:36,040 --> 00:32:38,920 Speaker 1: and ninety six eighty announced. The euro one point oh 591 00:32:39,080 --> 00:32:41,320 Speaker 1: nine eight one against the dollar, British found one point 592 00:32:41,360 --> 00:32:43,760 Speaker 1: three zero eight five, the ends at one sixteen point 593 00:32:43,840 --> 00:32:47,280 Speaker 1: eight six, and Bitcoin this morning moving lower at thirty 594 00:32:47,360 --> 00:32:50,480 Speaker 1: nine thousand dollars. It's down about eight tens of a percent, 595 00:32:50,560 --> 00:32:53,000 Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barrow 596 00:32:53,080 --> 00:32:55,200 Speaker 1: with Moore on what's going on around the world. Michael, 597 00:32:55,640 --> 00:32:58,040 Speaker 1: thank you very much. Karen and Russian strikes have hit 598 00:32:58,160 --> 00:33:01,000 Speaker 1: near airports in western Ukraine. Comes as the mayor of 599 00:33:01,160 --> 00:33:04,840 Speaker 1: Kiev says that almost half the capitol citizens f led 600 00:33:04,920 --> 00:33:08,920 Speaker 1: since Russia began attacking the city. Meanwhile, President Joan Bot 601 00:33:09,080 --> 00:33:11,880 Speaker 1: Joe Biden plans to announce that, along with the European 602 00:33:12,040 --> 00:33:15,240 Speaker 1: Union and the Group of Seven Countries, the US will 603 00:33:15,280 --> 00:33:19,440 Speaker 1: move to revoke Most Favored Nation trade status for Russia 604 00:33:19,680 --> 00:33:22,680 Speaker 1: over its invasion of Ukraine. Major League Baseball reached a 605 00:33:22,720 --> 00:33:25,120 Speaker 1: new labor agreement with its players union and in a 606 00:33:25,200 --> 00:33:27,840 Speaker 1: three month lockout, it paves the way for the season 607 00:33:27,920 --> 00:33:31,000 Speaker 1: to start next month. In the NBA, the Nets and 608 00:33:31,080 --> 00:33:34,880 Speaker 1: Warriors one. In the NHL, the Rangers and Devil's Lost, 609 00:33:34,960 --> 00:33:38,240 Speaker 1: the Islanders and Bruins one. Global news twenty four hours 610 00:33:38,280 --> 00:33:41,240 Speaker 1: a day on here and on Bloomberg quick Take, powered 611 00:33:41,280 --> 00:33:44,080 Speaker 1: by more than twenty seven hundred journalists and analysts in 612 00:33:44,160 --> 00:33:46,640 Speaker 1: more than one d twenty countries. And Michael Bard. This 613 00:33:47,000 --> 00:33:49,680 Speaker 1: is Bloomberg, Nathan, Thanks Michael. It's five forty nine on 614 00:33:49,760 --> 00:33:52,600 Speaker 1: Wall Street Life from the Bloomberg Interactive Brokers Studios. This 615 00:33:52,840 --> 00:33:55,320 Speaker 1: is Bloomberg day Break. We're really pleased to be joined 616 00:33:55,320 --> 00:33:58,800 Speaker 1: now by Patrick Armstrong, chief investment officer at Plurimi Wealth, 617 00:33:58,840 --> 00:34:01,120 Speaker 1: to try to ex sense of what has been a 618 00:34:01,360 --> 00:34:04,520 Speaker 1: very wild week for markets. Patrick, good morning, with a 619 00:34:04,600 --> 00:34:08,319 Speaker 1: war on and inflation in the front burner. Now, how 620 00:34:08,440 --> 00:34:12,400 Speaker 1: much more volatility should we be expecting? There's going to 621 00:34:12,440 --> 00:34:15,000 Speaker 1: be a lot of volatility um the environment we're in. 622 00:34:15,400 --> 00:34:17,880 Speaker 1: It's not a short term environment. I think we're in, 623 00:34:18,480 --> 00:34:21,840 Speaker 1: probably for years to come, a stagflationary environment where the 624 00:34:21,920 --> 00:34:26,640 Speaker 1: pendulum has swung from globalization outsourcing manufacturing to where things 625 00:34:26,719 --> 00:34:29,640 Speaker 1: could be done cheaper, to a protectionist environment where there's 626 00:34:30,320 --> 00:34:35,560 Speaker 1: sanctions and trade wars and real wars unfortunately, So you've 627 00:34:35,600 --> 00:34:38,319 Speaker 1: got that as one part of the backdrop, and you've 628 00:34:38,320 --> 00:34:41,480 Speaker 1: got a FED who's going to be hiking and withdrawing liquidity. 629 00:34:41,600 --> 00:34:45,279 Speaker 1: So that's the perfect recipe for volatility. Do you have 630 00:34:45,400 --> 00:34:47,960 Speaker 1: the S word there? How long do you think this 631 00:34:48,040 --> 00:34:52,600 Speaker 1: stagflation could last? I think it's ahead of us for years. 632 00:34:52,719 --> 00:34:56,360 Speaker 1: So it doesn't mean recessionary inflation, but it means growth. 633 00:34:56,520 --> 00:35:00,959 Speaker 1: It's waning with very sticky inflation, and in the short 634 00:35:01,040 --> 00:35:03,400 Speaker 1: term inflation is going to be moving higher and not lower. 635 00:35:04,000 --> 00:35:06,200 Speaker 1: Probably the most similar environment that we're going to be 636 00:35:06,280 --> 00:35:08,440 Speaker 1: facing in the coming years. It's similar to what we 637 00:35:08,560 --> 00:35:11,240 Speaker 1: were coming out of nineteen seventy two going into nineteen 638 00:35:11,320 --> 00:35:14,760 Speaker 1: seventy three with the oil prices in the United States. 639 00:35:14,840 --> 00:35:17,800 Speaker 1: So the world just getting past the Vietnam War and 640 00:35:17,880 --> 00:35:21,440 Speaker 1: then the Iran Revolution led to supply disruption on oil. 641 00:35:21,880 --> 00:35:24,520 Speaker 1: Higher prices, lower growth, and the fact that felt they 642 00:35:24,560 --> 00:35:29,319 Speaker 1: had to fight to hike despite this slowing growth. Of course, 643 00:35:29,400 --> 00:35:31,680 Speaker 1: Goldman Sachs is getting a lot of attention this morning 644 00:35:31,760 --> 00:35:34,480 Speaker 1: for coming out with a call that there's a one 645 00:35:34,560 --> 00:35:37,640 Speaker 1: in three chance of recession in the US into next year. 646 00:35:38,440 --> 00:35:40,160 Speaker 1: Is that a good calm? Is that the way you 647 00:35:40,239 --> 00:35:43,200 Speaker 1: see it's I'd see a little bit less in the 648 00:35:43,280 --> 00:35:46,360 Speaker 1: United States. I'd say Europe is probably going to go 649 00:35:46,440 --> 00:35:48,840 Speaker 1: into a recession in the next year just because of 650 00:35:49,600 --> 00:35:53,120 Speaker 1: utility bills, energy prices. Gas prices matter more to Europe, 651 00:35:53,160 --> 00:35:56,200 Speaker 1: and the commodity prices are just higher in Europe. You've 652 00:35:56,200 --> 00:36:00,399 Speaker 1: got cheaper natural gas in America. UM. US, I don't 653 00:36:00,440 --> 00:36:03,680 Speaker 1: think we'll fall into a recession, but it's definitely something 654 00:36:03,719 --> 00:36:05,960 Speaker 1: you should be aware of. You shouldn't be investing thinking 655 00:36:06,080 --> 00:36:09,440 Speaker 1: it's a blue sky. Um. There are recessionary headwinds, recession. 656 00:36:09,640 --> 00:36:12,239 Speaker 1: Recession is a possibility, and I think one of three 657 00:36:12,320 --> 00:36:14,000 Speaker 1: is a little higher for the US, but that's probably 658 00:36:14,040 --> 00:36:16,839 Speaker 1: too low for Europe on the point of the US 659 00:36:17,080 --> 00:36:20,920 Speaker 1: or the U S economy being different from Europe's. Obviously, 660 00:36:21,120 --> 00:36:24,560 Speaker 1: the ECB is taking away support a lot more quickly 661 00:36:24,640 --> 00:36:27,840 Speaker 1: than a lot of analysts and investors had expected. Is 662 00:36:27,880 --> 00:36:29,680 Speaker 1: that something that could move the FED? Do you think? 663 00:36:31,200 --> 00:36:33,080 Speaker 1: I don't think so. I think it's an e CB 664 00:36:33,280 --> 00:36:37,120 Speaker 1: reacting to the FED, and even though it is a 665 00:36:37,160 --> 00:36:39,800 Speaker 1: little bit more hawkish and we expected, it's still a 666 00:36:39,880 --> 00:36:42,759 Speaker 1: relative loosening if you have a FED doing what the 667 00:36:42,840 --> 00:36:45,080 Speaker 1: markets indicating. So I don't think the FED will be 668 00:36:45,160 --> 00:36:48,040 Speaker 1: hiking as much as this the market is indicating. But 669 00:36:48,120 --> 00:36:51,400 Speaker 1: they're definitely on a hiking cycle now and the bomb 670 00:36:51,440 --> 00:36:53,879 Speaker 1: buying from the FED is done so despite a lower 671 00:36:53,960 --> 00:36:57,200 Speaker 1: growth backdrop, I don't see many scenarios where we've got 672 00:36:57,239 --> 00:36:59,239 Speaker 1: two percent tenure yields by the end of the year. 673 00:36:59,239 --> 00:37:02,000 Speaker 1: I think we'll have a tenure yield rising despite the 674 00:37:02,120 --> 00:37:04,840 Speaker 1: lower growth profile. Well, how much more hiking are you 675 00:37:04,960 --> 00:37:07,560 Speaker 1: expecting from the FED? What's your call in terms of 676 00:37:07,640 --> 00:37:09,960 Speaker 1: the rate high picture this year? I think there'll be 677 00:37:10,080 --> 00:37:14,680 Speaker 1: four hikes this year, which is just the FEDS making 678 00:37:14,760 --> 00:37:16,920 Speaker 1: sure the world knows they're not asleep at the wheel, 679 00:37:17,000 --> 00:37:20,480 Speaker 1: that they're addressing the inflation that's clearly there, but they're 680 00:37:20,520 --> 00:37:23,520 Speaker 1: also aware of the geopolitical risks and aware of the 681 00:37:23,600 --> 00:37:26,279 Speaker 1: impact on higher gas prices has on the kount of 682 00:37:26,680 --> 00:37:29,759 Speaker 1: the economy. So higher gas prices create the inflation that 683 00:37:29,880 --> 00:37:31,640 Speaker 1: the Fed don't like, but that's also part of the 684 00:37:31,760 --> 00:37:34,440 Speaker 1: tightening as well that it disrupts some of demand from 685 00:37:34,480 --> 00:37:37,200 Speaker 1: consumers as well. It's in our last thirty seconds here, 686 00:37:37,239 --> 00:37:39,239 Speaker 1: with all this in the backdrop, where do you put 687 00:37:39,280 --> 00:37:41,920 Speaker 1: your money? What are you advising your clients right now? 688 00:37:43,239 --> 00:37:45,920 Speaker 1: You should be investing in things if you're one of 689 00:37:45,960 --> 00:37:48,319 Speaker 1: the for equities, own companies that don't access that are 690 00:37:48,320 --> 00:37:51,320 Speaker 1: in short supply. What we've been buying recently is aggy 691 00:37:51,360 --> 00:37:57,319 Speaker 1: business equities. We think potash, um, fertilizer, even tractors, John Deer. 692 00:37:58,000 --> 00:38:00,320 Speaker 1: Those farmers are going to need to be giving a 693 00:38:00,360 --> 00:38:02,920 Speaker 1: lot of cash. Sow for the crops is basically Ukrainian 694 00:38:02,960 --> 00:38:06,400 Speaker 1: and rush and supply of wheech is going to be disrupted. Um. 695 00:38:06,440 --> 00:38:08,759 Speaker 1: I think you want to own commodities and you want 696 00:38:08,800 --> 00:38:11,399 Speaker 1: to be short the long duration equities, which are those 697 00:38:11,480 --> 00:38:14,160 Speaker 1: dream tech stocks that have no oratings and still trading 698 00:38:14,480 --> 00:38:19,040 Speaker 1: at very lofty multiples despite sell off so far. Big 699 00:38:19,080 --> 00:38:21,480 Speaker 1: pivot ahead. Thanks for this, Patrick, good having you on. 700 00:38:21,640 --> 00:38:25,879 Speaker 1: Really appreciated. Patrick Armstrong, Chief Investment Officer at Plurimi Wealth. 701 00:38:26,040 --> 00:38:29,560 Speaker 1: Karen Nathan, It is five fifty three on Wall Street. 702 00:38:29,640 --> 00:38:31,800 Speaker 1: Time for that. Bloomberg The Law Report. Let's get to 703 00:38:31,840 --> 00:38:35,480 Speaker 1: the legal stories we're watching this morning. From Bloomberg's Jeff Linger. 704 00:38:39,280 --> 00:38:43,399 Speaker 1: Alterneys see potential legal problems over Ocean's proposed worker heat 705 00:38:43,480 --> 00:38:46,800 Speaker 1: protection rule, among them an argument that the agency is 706 00:38:46,840 --> 00:38:50,080 Speaker 1: trying to regulate a public health hazard. Filing in a 707 00:38:50,120 --> 00:38:53,319 Speaker 1: New York federal court indicates three consumers agreed to end 708 00:38:53,360 --> 00:38:56,800 Speaker 1: claims alleging the Procter and Gamble's Crest gumm and Enameled 709 00:38:56,840 --> 00:39:01,880 Speaker 1: Repair toothpaste was deceptively marketed. Federal judge in Connecticut awarded 710 00:39:01,920 --> 00:39:06,080 Speaker 1: additional damages to three female tech support workers who sued 711 00:39:06,120 --> 00:39:11,080 Speaker 1: New England Computer Services for sex bias. Bloomberg Law everything 712 00:39:11,160 --> 00:39:15,240 Speaker 1: you need, all on one legal research platform, including guidance 713 00:39:15,320 --> 00:39:19,600 Speaker 1: analysis and Bloomberg Market Intelligence. Find out more at Bloomberg 714 00:39:19,680 --> 00:39:23,440 Speaker 1: law dot Com. Jeff, thank you. Now, another legal story 715 00:39:23,520 --> 00:39:26,400 Speaker 1: we're watching brings us to last year's attack on the Capitol. 716 00:39:26,480 --> 00:39:28,960 Speaker 1: The first person to go on trial over Churchis coming 717 00:39:29,000 --> 00:39:32,480 Speaker 1: from the insurrection, was found guilty of obstruction of Congress 718 00:39:32,840 --> 00:39:35,640 Speaker 1: and four other counts. The jury convicted Guy raf At, 719 00:39:35,680 --> 00:39:38,839 Speaker 1: a Texas member of the three percenter's militia group who 720 00:39:38,960 --> 00:39:41,200 Speaker 1: was turned in by his own son. For more in 721 00:39:41,239 --> 00:39:44,200 Speaker 1: the case, June Grasso speaks to Bloomberg the legal reporter 722 00:39:44,440 --> 00:39:49,080 Speaker 1: Eric Larson. Let's talk about the prosecution's case, and what 723 00:39:49,400 --> 00:39:53,520 Speaker 1: was so unusual and telling was that his son was 724 00:39:53,640 --> 00:39:57,720 Speaker 1: the government's star witness against him. That was a real twist. 725 00:39:57,920 --> 00:40:02,799 Speaker 1: His then eighteen year old sign contacted the FBI, informed 726 00:40:02,840 --> 00:40:06,560 Speaker 1: them about his father's involvement in the riots, and even 727 00:40:06,640 --> 00:40:09,759 Speaker 1: one so far as to secretly record his father talking 728 00:40:09,840 --> 00:40:12,400 Speaker 1: at the kitchen table, to put his iPhone down on 729 00:40:12,480 --> 00:40:15,000 Speaker 1: the table and just let his father speak as he 730 00:40:15,160 --> 00:40:18,319 Speaker 1: was bragging about all of his activities on January six. 731 00:40:18,680 --> 00:40:20,920 Speaker 1: So he really went pretty far and trying to help 732 00:40:20,960 --> 00:40:23,160 Speaker 1: the government. And one of his reasons for doing so 733 00:40:23,480 --> 00:40:26,520 Speaker 1: is that at one point, as his father realized that 734 00:40:26,640 --> 00:40:30,000 Speaker 1: so many writers were being arrested and charged. He threatened 735 00:40:30,080 --> 00:40:32,879 Speaker 1: his children to keep them clients, knowing that they had 736 00:40:33,239 --> 00:40:35,600 Speaker 1: different political views than he did, and knowing that they 737 00:40:35,640 --> 00:40:38,880 Speaker 1: had some pretty incriminating information. He told them that speaking 738 00:40:38,960 --> 00:40:42,440 Speaker 1: with law enforcement would be treason and that traders get shots, 739 00:40:42,600 --> 00:40:44,880 Speaker 1: as they put it. You know, it was really a 740 00:40:45,040 --> 00:40:47,640 Speaker 1: lot of evidence, I have to say. I showed the 741 00:40:47,960 --> 00:40:52,319 Speaker 1: video footage of people attacking. They had witnesses talk from 742 00:40:52,520 --> 00:40:56,240 Speaker 1: the Senate floor explaining how they had to abandon the session. 743 00:40:56,680 --> 00:41:01,000 Speaker 1: They showed cell phone footage from other writers. Mr Ruff's 744 00:41:01,120 --> 00:41:06,040 Speaker 1: own helmet mounted camera, his zoom calls with other militia leaders, 745 00:41:06,400 --> 00:41:08,960 Speaker 1: things like that. So they really put it all out there. 746 00:41:09,560 --> 00:41:12,400 Speaker 1: The jury didn't take very long to come back with 747 00:41:12,560 --> 00:41:16,880 Speaker 1: guilty on all charges. Was this trial at test for prosecutors? 748 00:41:17,120 --> 00:41:20,279 Speaker 1: In some ways? I would say so. I think that, 749 00:41:20,719 --> 00:41:24,239 Speaker 1: especially the obstruction of Congress charge, there has been some 750 00:41:24,440 --> 00:41:28,480 Speaker 1: dispute over whether or not Congress was technically in session 751 00:41:28,560 --> 00:41:31,520 Speaker 1: at the moment that the capital was breached, and whether 752 00:41:31,640 --> 00:41:34,600 Speaker 1: or not the certification of the votes qualifies as the 753 00:41:34,680 --> 00:41:37,560 Speaker 1: kind of legal proceeding that can be obstructed. Sort of 754 00:41:37,600 --> 00:41:42,360 Speaker 1: technical arguments around that, and the judge had denied emotion 755 00:41:42,440 --> 00:41:44,440 Speaker 1: to dismiss that charge earlier, and of course it went 756 00:41:44,520 --> 00:41:46,920 Speaker 1: to trial and that jury agreed based on the evidence 757 00:41:47,000 --> 00:41:50,799 Speaker 1: that Congress wasn't session, that what was happening was an 758 00:41:50,840 --> 00:41:54,360 Speaker 1: official proceeding of the government, and that it was obstructed 759 00:41:54,480 --> 00:41:56,759 Speaker 1: by the actions. So I did speak with a former 760 00:41:56,800 --> 00:42:00,160 Speaker 1: federal prosecutor who said that that wasn't important to us 761 00:42:00,200 --> 00:42:02,640 Speaker 1: to see if a jury would agree that Congress has 762 00:42:02,680 --> 00:42:05,200 Speaker 1: been obstructed, since that is a charge that will see 763 00:42:05,200 --> 00:42:08,000 Speaker 1: in so many of these cases. And as Bloomberg Legal 764 00:42:08,040 --> 00:42:11,040 Speaker 1: reporter Eric Larson speaking with June Grosso, catch more of 765 00:42:11,080 --> 00:42:13,920 Speaker 1: that interview plus analysis of the latest legal news by 766 00:42:13,960 --> 00:42:16,799 Speaker 1: listening to the Bloomberg Law Show at ten pm Eastern Time. 767 00:42:16,840 --> 00:42:19,960 Speaker 1: Were subscribing to the Bloomberg Law Podcast, and attorneys can 768 00:42:20,000 --> 00:42:23,320 Speaker 1: find exceptional legal research and business development tools at Bloomberg 769 00:42:23,480 --> 00:42:27,279 Speaker 1: Law dot com. And futures this morning are on the rise. 770 00:42:27,480 --> 00:42:30,319 Speaker 1: SMP futures up twenty two points, Dow futures have one 771 00:42:30,719 --> 00:42:33,520 Speaker 1: thirty two, NAS day futures up seventy eight, and the 772 00:42:33,600 --> 00:42:35,960 Speaker 1: ten year treasury up two thirties seconds. He had one 773 00:42:36,000 --> 00:42:39,040 Speaker 1: point nine seven percent yield on the two year one 774 00:42:39,080 --> 00:42:41,879 Speaker 1: point seven zero percent. Still ahead on Bloomberg day Break 775 00:42:41,920 --> 00:42:43,799 Speaker 1: and check on the business headlines and all the news 776 00:42:43,880 --> 00:42:46,640 Speaker 1: you need to start your day. This is Bloomberg.