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Speaker 1: From the Bloomberg Interacted Brooker Studios. This is Bloomberg day

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Speaker 1: Break for Monday, April tenth. Coming up today, the end

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Speaker 1: maybe in sight for global interest rate hikes. Our new

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Speaker 1: survey says the rally and tech stocks could be running

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Speaker 1: out of steam. Geopolitical tensions grow as China conducts military

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Speaker 1: drills around Taiwan, and the Biden administration weighs its options

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Speaker 1: after a federal judge suspense an abortion pill well the

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Speaker 1: first time in the university's history. Workers had Rutgers planned

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Speaker 1: to strike bloss of Oaks Day to reinstate and expel

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Speaker 1: Tennessee representative. I'm Michael laughter. More ahead, I'm trying stat

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Speaker 1: charon'sport John rom one of the Masters. The Yankees won,

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Speaker 1: the Mets lost, the nick the Nets start the playoffs

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Speaker 1: on Saturday. That's all straight ahead on Bloomberg day Break

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Speaker 1: on Bloomberg eliven Frio, New York, Bloomberg ninety nine one, Washington,

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Speaker 1: d C, Bloomberg one O six one, Boston, Bloomberg nine sixty,

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Speaker 1: San Francisco, Sirius XAM one nineteen and around the world

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Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business

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Speaker 1: add Good morning. I'm Nathan Hager and I'm Kareron Moscow.

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Speaker 1: Here are the stories we're following today. Put on the

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Speaker 1: Way and another Spanish superstar. We'll wear a green jacket.

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Speaker 1: And it was a come from behind when for the

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Speaker 1: twenty eight year old Spaniard. He entered yesterday's tournament in Augusta, Georgia,

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Speaker 1: four shots back from brooks Kepka, who ended up tied

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Speaker 1: for second with Phil Mickelson. We're going to have much

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Speaker 1: more on Rom's victory at the Master's in Sports coming

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Speaker 1: up in just a few minutes. Well, we now turned

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Speaker 1: to the economy, Nathan, most global central banks maybe nearing

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Speaker 1: an end to raising interest rates. When we get the

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Speaker 1: details live with the Bloomberg's John Tucker, John, good morning

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Speaker 1: and Karen. After the most aggressive global tightening cycle scene

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Speaker 1: in decades, peak rates may be in sight. The type

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Speaker 1: policy has delivered dancing economic growth and turmoil in the

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Speaker 1: banking industry. Still, it's not a simple path of take

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Speaker 1: Fridays better than expected payrolls report in the US. Muhammad

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Speaker 1: el Area, president of Queen's College, Cambridge, reacted after those

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Speaker 1: numbers crossed foot a FED. This increases a probability that

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Speaker 1: they'll go twenty five basis points in early May. Now,

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Speaker 1: according to Bloomberg Economics, the short lived peat for global

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Speaker 1: rates will be six percent in the third quarter. By

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Speaker 1: the end of next year, that measure is seen dropping

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Speaker 1: to four point nine percent. At least twenty of the

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Speaker 1: twenty three major jurisdictions across the globe monitor by Bloomberg

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Speaker 1: are projected to be lowering borrowing costs next year. Live

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Speaker 1: in New York, I'm John Tucker, Bloomberg Daybreak. Well, Thanks John,

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Speaker 1: Well something else that may be short lived? Maybe this

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Speaker 1: year's twenty percent rally in tech stocks. At least that's

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Speaker 1: according to the latest Bloomberg m Live Pulse survey. More

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Speaker 1: than a quarter of respondents expect earnings to stall the

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Speaker 1: tech rally. Only fourteen percent predict further gains. Texas also

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Speaker 1: looking more expensive, the NASTAC one hundreds trading at twenty

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Speaker 1: four times it's forward earnings, well above it's long term

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Speaker 1: average of nineteen, and the S and P five hundreds

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Speaker 1: multiple of eighteen. Well, Nathan, the biggest tech stock of

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Speaker 1: them all, Apple has seen personal computer shipments plunge in

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Speaker 1: the first quarter, and we get the latest Live with

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Speaker 1: the Bloomberg Steve A. Rappaport, Good morning, Steve, Good morning,

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Speaker 1: Karen and Nathan. Shipments by all PC makers combined drop

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Speaker 1: twenty nine percent for the quarter, with Apple leading the

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Speaker 1: way with more than forty percent. That's according to a

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Speaker 1: report from the International Data Corporation. But there's a silver

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Speaker 1: lining to the slump. IDC says cooling demand is giving

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Speaker 1: manufacturers time and room to make changes as they explore

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Speaker 1: factories options outside of China. Experts predict a rebound in

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Speaker 1: twenty twenty four, driven by the need to replace aging

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Speaker 1: hardware and an improving global economy. Live in New York,

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Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak, Thanks Steve and other corporate news.

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Speaker 1: Tesla says it's going to build a large new battery

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Speaker 1: factory in Shanghai. Bloomberg Daybreak Asia anchor Brian Curtis has

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Speaker 1: more from Hong Kong. Tesla will make its megapac large

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Speaker 1: scale energy storage unit in this new facility. It's a

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Speaker 1: move that will be seen as for the cementing China's

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Speaker 1: place at the top of the energy storage supply chain.

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Speaker 1: The project was announced on Sunday. Construction is set to

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Speaker 1: begin the third quarter of this year. The plant will

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Speaker 1: start production in the second quarter of next year. The

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Speaker 1: megapac is not for evs. It's intended as a massive

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Speaker 1: battery to help stabilize energy grids in Hong Kong. Bryan

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Speaker 1: Curtis Bloomberg Daybreak. All right, Brian, Thanks. While geopolitical tensions

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Speaker 1: are heating up this morning, a US Navy destroyer passed

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Speaker 1: or the South China Sea and a show of force

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Speaker 1: as China continues military drills around Taiwan. Bloomberg's Amy Morris

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Speaker 1: has details from our ninety nine one newsroom in Washington.

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Speaker 1: The USS MILIUS guided missile destroyer conducted freedom of navigation

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Speaker 1: operations in the South China Sea near the Spratley Islands,

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Speaker 1: an area that Beijing says belongs to China. The US

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Speaker 1: refuses to acknowledge China's claim and regularly conduct such operations

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Speaker 1: to challenge them, something China denounces as an infringement on

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Speaker 1: its sovereignty. Meanwhile, China this week held exercises involving aircraft

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Speaker 1: and ships near Taiwan. After Taiwan's president returned from a

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Speaker 1: visit to the US, which included meetings with the House

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Speaker 1: Speaker Kevin McCarthy and other lawmakers in Washington. I'm Amy Morris,

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Speaker 1: Bloomberg Daybreak. Thank you, Amy. The Biden administrations on track

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Speaker 1: to propose the toughest ever US curbs on car pollution.

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Speaker 1: The proposed standards on cars and light trucks are set

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Speaker 1: to be announced Wednesday in Detroit. They're expected to govern

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Speaker 1: tailpipe emissions of carbon dioxide, smog forming, nitrogen oxide, and

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Speaker 1: other pollution from vehicles manufactured in model years twenty twenty

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Speaker 1: seven to twenty thirty two. The Washington Post says the

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Speaker 1: goal is to have as many as two thirds of

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Speaker 1: all new passenger vehicles sales electric by twenty thirty two.

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Speaker 1: Well Nathan. The issue of abortion rights back in the

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Speaker 1: spotlight thanks to a decision in Texas, a federal judge

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Speaker 1: has suspended FDA approval of mepapriss stone, a drug that's

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Speaker 1: often used in early stage medication abortions. The drug has

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Speaker 1: been deemed safe and effective for decades now. Health in

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Speaker 1: Human Services Secretary Javier Basra says he's weighing every option

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Speaker 1: to over turn the ruling if a judge decides to

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Speaker 1: substitute his preference his personal opinion for that of scientists

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Speaker 1: and medical professionals, what drug is it subject to some

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Speaker 1: kind of legal challenge? And Health Secretary how Yer Basara

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Speaker 1: was on CNN State of the Union. The Texas judge's

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Speaker 1: ruling was almost immediately contradicted by a competing decision from

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Speaker 1: a judge in Washington State. And this is Bloomberg. It

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Speaker 1: is forty two degrees in New York. It's going to

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Speaker 1: be sunny today with a high year sixty five. We'll

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Speaker 1: get down to the upper forties tonight with just a

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Speaker 1: few clouds around. Time Now to take a look at

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Speaker 1: some of the other stories making news in New York

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Speaker 1: and around the world with Bloomberg's Michael bar Good morning, Michael,

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Speaker 1: Good morning Nathan. It looks like more than nine thousand

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Speaker 1: Rutgers University union members will go on strike today for

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Speaker 1: the first time in the school's two hundred and fifty

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Speaker 1: seven year history. Three unions representing educators, researchers, saying clinicians,

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Speaker 1: took a formal vote last night to walk off the

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Speaker 1: job at nine am after no agreement was made on

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Speaker 1: a new contract after nearly a year bargaining. Union president

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Speaker 1: Rebecca Givens spoke to ABC seven grad workers, postdocs, counselors,

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Speaker 1: biomedical faculty, so called legacy faculty, and we will take

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Speaker 1: this momentous step. The strike will affect all three campuses

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Speaker 1: of Rutgers in Newark, New Brunswick, and Camden. Nashville, Tennessee's

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Speaker 1: Metro board is expected to meet today to start work

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Speaker 1: on reappointing expelled state Representative Justin Jones. The Republican controlled

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Speaker 1: state House voted last week to expel Jones and another

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Speaker 1: black member, Justin Pearson, over their part in a protest

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Speaker 1: for gun reform legislation. Nashville Vice Mayor Jim Schulman says

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Speaker 1: constituents have been silenced by the punishment. They're speaking out.

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Speaker 1: They're speaking out on some serious issues, and they deserve

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Speaker 1: to be heard the syst democracy. Meanwhile, Jones visited his

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Speaker 1: church on Easter Sunday, bringing the congregation to its feet.

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Speaker 1: A New Jersey a mom is recovering after being stabbed

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Speaker 1: during morning prayers on Sunday. About two hundred people were

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Speaker 1: at the Omar Mosque in Paterson, New Jersey, when an

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Speaker 1: attacker rushed said Elkankib and stabbed the a mom twice

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Speaker 1: in the back before being restrained by other attendees. The

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Speaker 1: mom is in the hospital and stable condition, according to authorities.

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Speaker 1: As for the attacker, no motive has been released. The

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Speaker 1: former president's attorney general says he thinks the Manhattan criminal

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Speaker 1: case against President Donald Trump is weak, but Bill Barr

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Speaker 1: thinks the potential charges for where the classified documents seized

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Speaker 1: at Mara Lago and the charges stemming from allegedly trying

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Speaker 1: to convince Georgia officials to change the States twenty twenty

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Speaker 1: election results have much better chances at sticking. Barr said

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Speaker 1: Trump has no one to blame but himself for all

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Speaker 1: of his legal woes. The President unfortunately has a pensiont

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Speaker 1: for engaging in reckless and self destructive behavior that brings

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Speaker 1: these kinds of things on him. Barr spoke on ABC's

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Speaker 1: This Week, which can't be heard Sundays on Bloomberg Global

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Speaker 1: News twenty four hours a day, powered by more than

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Speaker 1: twenty seven hundred journalists, analyists, and over one hundred twenty countries.

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Speaker 1: I'm Michael Bard. This is Bloomberg Naked. Thanks Michael Than

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Speaker 1: for the Bloomberg Sports update. Good morning, John Stanshown In Morning,

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Speaker 1: Nathan John Romby Game twenty twenty three by winning three

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Speaker 1: of the first seven pg Evanson. Now he's won the

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Speaker 1: first major, one of the Master's going away for the

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Speaker 1: twelve hundred part meeting Brooks Kepka and Phil Mickelson by

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Speaker 1: four shots. Britty, proud of myself from what I did,

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Speaker 1: and still really hust in. Same thing yet, and I'm

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Speaker 1: looking at this course and I'm still thinking I have

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Speaker 1: a couple more holes left to win, and can't really

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Speaker 1: say anything else. You know, this one was for Sevy.

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Speaker 1: I know he was up there helping, and help he did.

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Speaker 1: He's referred to the Late Sevy by Astaros, a golfing

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Speaker 1: legend in Rome's native Spain. He won the green jacket

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Speaker 1: forty years ago. He kept go lost by four after

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Speaker 1: leading by four at the start of the day. He's

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Speaker 1: left the PGA Tour to join the Live, as did Mickelson, who,

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Speaker 1: at age fifty two, had not been playing well the

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Speaker 1: last couple of years, but he turned back to clock

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Speaker 1: yesterday with the final round sixty five. Yankees won five

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Speaker 1: three at Baltimore, two one runs for Aaron Judge, one

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Speaker 1: for Francie Cordero hit two in the series against the

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Speaker 1: team that cut him in spring training. Yanks have won

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Speaker 1: all three series so far, and they started another one

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Speaker 1: tonight at Cleveland. The Mets were going for a city

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Speaker 1: field sweep, but Carlos Carrasco roughed up again in Miami

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Speaker 1: won seven to two. Carrasco's oh and two with an

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Speaker 1: eleven era a Tampa Bay one. Again. That's a second

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Speaker 1: straight eleven nothing win over Oakland, and the Rains are

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Speaker 1: now nine and ozero. Nicks and Nets both lost their

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Speaker 1: regular season finales and then learned their playoff openers will

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Speaker 1: be on the road on Saturday. The Knicks will out

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Speaker 1: of six o'clock start in Cleveland, the Nets a one

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Speaker 1: o'clock tip in Philadelphia. Odell Beckham Junior will not play

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Speaker 1: for the Jets or rejoined the Giants he signed with Baltimore.

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Speaker 1: John Stashaward Bloomberg Sports, Nathan Okay, John, thank you up.

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Speaker 1: Next year. We'll get the trading week started with Dennis Gartman,

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Speaker 1: the former publisher of The Gartman Letter, as we look

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Speaker 1: to the path ahead for the Fed after last week's

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Speaker 1: jobs report and with more inflation data due out later

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Speaker 1: this week, as we watch futures trade little changed right now.

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Speaker 1: SMP Futures are little changed to the upside Down futures

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Speaker 1: are up five points. Nastack futures are lower by nineteen points.

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Speaker 1: This is Bloomberg Live from coast to coast, from New

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Speaker 1: York to San Francisco, Boston to Washington, DC, nationwide on

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Speaker 1: Sirius XAMP, the Bloomberg Business app, and Bloomberg dot Com.

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Speaker 1: This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. What

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Speaker 1: will the Fed do next? It is the ongoing debate

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Speaker 1: for markets, and it's gathering more steam after a March

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Speaker 1: jobs report that seemed to raise bets for yet another

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Speaker 1: interest rate hike. Next month. We get another key round

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Speaker 1: of data for this data dependent central bank this week

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Speaker 1: when the latest readings on inflation come out. Ahead of that,

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Speaker 1: let's bring in Dennis Gartman to get us ready for

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Speaker 1: the trading week ahead, the chairman of the University of

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Speaker 1: Akron Endowment Investment Committee and the former publisher of the

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Speaker 1: Gartman Letter. Dennis, it's great to speak with you. As always,

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Speaker 1: where would you say the FED is in this hiking cycle?

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Speaker 1: Nathan always going to speak with you, especially the day

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Speaker 1: after the Masters. What a great tournament that was. But

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Speaker 1: onto the most important stuff. Really very little going on,

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Speaker 1: and the consensus is after Friday's non farm payroll's number

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Speaker 1: of two hundred thirty six thousand, which was right on

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Speaker 1: at the consensus estimation, and a revision upward in the

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Speaker 1: previous month, the SET is probably going to move the

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Speaker 1: overnight set funds rate at twenty five basis points higher.

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Speaker 1: That may well be the last time they moved the

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Speaker 1: funds rate at all for a long period of time.

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Speaker 1: If you'd have asked me six weeks ago what was

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Speaker 1: the SET going to do, I'd have said we had

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Speaker 1: at least another twenty five basis points in May, twenty

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Speaker 1: five basis points in June, and maybe twenty five basis

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Speaker 1: points more or later in the summer. But given the

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Speaker 1: banking let's use the term crisis, Given the banking crisis

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Speaker 1: that has occurred over the course of the past over weeks,

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Speaker 1: that's probably the equivalent of fifty basis points and increase

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Speaker 1: in the overnight funds rate or the or the FEDS

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Speaker 1: tighter monetary policies, given the fact that banks will probably

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Speaker 1: somewhat reticent to make loans going forward, So we probably

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Speaker 1: got twenty five basis points coming up at the May

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Speaker 1: meeting and that should do it, probably through the course

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Speaker 1: of the year, so we'll see what happens. But that's

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Speaker 1: my estimation at this point, given the economic circumstances, given

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Speaker 1: the banking circumstances, and given the inflation circumstances that prevail.

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Speaker 1: Are you concerned that we could see a tightening in

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Speaker 1: credit conditions? Are you seeing signs of that from banking

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Speaker 1: activity at this point, it's a little too quick to

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Speaker 1: say I'm seeing signs of that when I when I

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Speaker 1: talk to my local banker in Tidewater, Virginia, there's a

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Speaker 1: reticence on their part to be aggressive lenders of money.

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Speaker 1: They're watching as I think all regional and smaller banks

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Speaker 1: are probably watching there. They're being reticent. Their propensity to

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Speaker 1: to be to be out looking for new loans or

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Speaker 1: to be extending loans has probably been someone reduced. But

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Speaker 1: it's going to take us a month to really find

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Speaker 1: out if that's true or not. We'll see it's more

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Speaker 1: psychological circumstance at this point. The data is still to

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Speaker 1: be gotten. Is there anything that the FED can do

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Speaker 1: to curtail the potential risk for a recession if we

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Speaker 1: do start to see that pullback of credit conditions. The

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Speaker 1: FED has actually been doing reverses with the market and

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Speaker 1: injecting reserves back into the system. They should be taking

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Speaker 1: sixty five billion dollars worth of assets out of the system,

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Speaker 1: that's what they said they were going to do, but

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Speaker 1: with this new movement on doing match sales, they're actually

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Speaker 1: putting sums of money back into the system. The FED

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Speaker 1: is very concerned about what happened with the Signature Bank,

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Speaker 1: what happened with the Silicon Valley Bank, what happened with

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Speaker 1: the First Republican republic First Bank. So they've actually sort

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Speaker 1: of reversed their their propensity to tighten monetary policy as

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Speaker 1: as much as they worked early on, the Feed is

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Speaker 1: going to be I think reticent to take rates much

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Speaker 1: higher than where they are right now. Let's let's just

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Speaker 1: be blunt about it. In our last minute or so here, Dennis,

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Speaker 1: we do get another reading on inflation later this week

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Speaker 1: and consumer and producer prices. What's your expectation there and

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Speaker 1: what could that mean for the FED? The SETS is

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Speaker 1: going to look at these numbers with a with an

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Speaker 1: open eye to watch to see whether the weather inflation

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Speaker 1: has curtailed or not. Take a look at grain prices

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Speaker 1: there down, take a look at the most noblest prices

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Speaker 1: they're down. Take a look at shipping prices there down,

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Speaker 1: and the propensor the The consensus estimate is that CPI

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Speaker 1: will be up three tenths to four tenths or one percent.

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Speaker 1: We'll see if that's that follows through later this week,

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Speaker 1: But obviously these are important numbers. The set is not

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Speaker 1: going to see another employment number until after the main meetings,

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Speaker 1: so the only thing they're going to have to go

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Speaker 1: on is going to be the CPI and PPI numbers

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Speaker 1: coming out later this week. Are you looking Are you

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Speaker 1: looking for any further gains in the gold market. I'm

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Speaker 1: the only thing that I have in my own account

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Speaker 1: at this point. I'm long a lot of two year notes.

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Speaker 1: I'm short a little bit of the stock market about

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Speaker 1: four percent. About portfolio is next short, and I'm long

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Speaker 1: about five percent gold. I think gold is holding barely

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Speaker 1: fairly well, we'll see if it can. It's holding right

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Speaker 1: at two thousand dollars per ounce. We need to see

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Speaker 1: a trade about twenty twenty five in the spot to

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Speaker 1: really get things fired up on the upside. But I'm

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Speaker 1: a little bit long of gold in my own account,

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Speaker 1: and I actually have the universe of acronlong a little

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Speaker 1: bit of gold at the same time to hedge against inflation.

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Speaker 1: Time shall tell so in our last thirty seconds here

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Speaker 1: what's the trajectory for the stock market? I actually have

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Speaker 1: been embarrassed since January fifth, twenty twenty one, and continue

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Speaker 1: to be modestly barissed of the stock market. I think

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Speaker 1: that earnings are going to be reduced over the course

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Speaker 1: of the next several years. I think that the recession

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Speaker 1: is probably a certainty over the course of the next

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Speaker 1: several months. And I think stock prices are extremely high

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Speaker 1: relative to bond prices. I think stock prices are relatively

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Speaker 1: high in technical terms. So I'm honestly, quietly, very tinily

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Speaker 1: next sort of the stock market at this point. And

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Speaker 1: this is from my own account. As always, good to

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Speaker 1: get your perspective. Thanks for this. Dennis Gartman, the former

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Speaker 1: publisher of the Gartman Letter, now chairman of the University

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Speaker 1: of Akron Endowment Investment Committee. This is Bloomberg day Break Today,

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