1 00:00:03,040 --> 00:00:06,240 Speaker 1: My from the Bloomberg Interactive Booker Studios is a Bloomberg 2 00:00:06,320 --> 00:00:10,080 Speaker 1: Daybreak for Tuesday, August sixteen, two coming up this hour. 3 00:00:10,400 --> 00:00:13,680 Speaker 1: Stocks begin the day at three month highs apples. That's 4 00:00:13,720 --> 00:00:16,360 Speaker 1: another date for workers to return to the office. Its 5 00:00:16,360 --> 00:00:19,800 Speaker 1: primary day with key races involving Liz Channion Wyoming and 6 00:00:19,920 --> 00:00:22,759 Speaker 1: Sarah Palin in Alaska. And the d o J opposes 7 00:00:22,800 --> 00:00:25,240 Speaker 1: the release of an affidavit in the search of Donald 8 00:00:25,320 --> 00:00:29,280 Speaker 1: Trump's home stabbing issues, gauze headaches at New York City airports, 9 00:00:29,280 --> 00:00:32,559 Speaker 1: plus former Trump attorney Rudy Giuliani is the target of 10 00:00:32,560 --> 00:00:36,559 Speaker 1: a criminal pro On Michael barn More Ahead, I'm John Standstown. 11 00:00:36,560 --> 00:00:38,879 Speaker 1: A sports rough night for New York baseball. The Yankees 12 00:00:38,880 --> 00:00:41,559 Speaker 1: were shut out again. The Mets lost in Atlanta thirteen 13 00:00:41,600 --> 00:00:48,040 Speaker 1: to one. That's alls training head on Bloomberg Daybreak on Bloomberg. 14 00:00:48,040 --> 00:00:51,800 Speaker 1: He liveing Free on New York Bloomberg one, Washington, d 15 00:00:51,880 --> 00:00:55,840 Speaker 1: C Bloomberg one oh six one, Boston Bloomberg nine sixties 16 00:00:55,920 --> 00:00:59,920 Speaker 1: and Francisco Sirius XM one nineteen and around the world 17 00:01:00,160 --> 00:01:03,640 Speaker 1: on Bloomberg Radio dot Com and via the Bloomberg Business app. 18 00:01:07,480 --> 00:01:10,679 Speaker 1: Good Morning, I'm John Tucker and I'm Karen Moscow. US 19 00:01:10,760 --> 00:01:13,520 Speaker 1: futures are little change this morning. We are coming up 20 00:01:13,560 --> 00:01:15,399 Speaker 1: to five oh one on Wall Street, and we checked 21 00:01:15,440 --> 00:01:18,320 Speaker 1: the markets every fifteen minutes throughout the trading day. On 22 00:01:18,440 --> 00:01:21,240 Speaker 1: Bloomberg right now it's in p futures are little change 23 00:01:21,240 --> 00:01:23,800 Speaker 1: and so are down a nownsday features the decks in 24 00:01:23,880 --> 00:01:27,440 Speaker 1: Germany is up eight ten seven percent. Ten Your treasury 25 00:01:27,520 --> 00:01:30,200 Speaker 1: little change, yell two point seven eight percent. They yield 26 00:01:30,200 --> 00:01:33,039 Speaker 1: on the two year three point one nine percent. Nine 27 00:01:33,040 --> 00:01:35,440 Speaker 1: Max screwed oils down one point one percent on a 28 00:01:35,480 --> 00:01:37,720 Speaker 1: dollar one at eighty eight dollars thirty eight cents of 29 00:01:37,800 --> 00:01:40,640 Speaker 1: barrel Comics gold is down four tenths percent, or seven 30 00:01:40,680 --> 00:01:44,800 Speaker 1: dollars seventy cents at seventeen ninety announced and Bitcoin this 31 00:01:44,880 --> 00:01:46,960 Speaker 1: morning is lower, down a third of a percent at 32 00:01:46,959 --> 00:01:50,200 Speaker 1: twenty three thousand, nine hundred dollars. John and Karen, we 33 00:01:50,320 --> 00:01:53,160 Speaker 1: begin today's session with US stocks at a three month high. 34 00:01:53,640 --> 00:01:57,400 Speaker 1: Spire his game for four straight weeks, its longest winning 35 00:01:57,440 --> 00:02:00,680 Speaker 1: streak this year. Hanks Math is chief invest an Officer 36 00:02:00,960 --> 00:02:04,920 Speaker 1: at Haverford Trust. Now, I think it's anticipating that we 37 00:02:04,960 --> 00:02:10,280 Speaker 1: are beyond peak inflation um and that a lot of factors, 38 00:02:10,600 --> 00:02:15,840 Speaker 1: including the federal reserves policy, is starting to unwind inflation 39 00:02:16,400 --> 00:02:21,320 Speaker 1: and and perhaps perhaps the said might get lucky and 40 00:02:21,520 --> 00:02:25,280 Speaker 1: engineer is somewhat soft landing have for trust. Hank Smith 41 00:02:25,320 --> 00:02:27,880 Speaker 1: says the next batch of retail earnings could be key 42 00:02:28,000 --> 00:02:30,680 Speaker 1: for the markets, and John, we start hearing from some 43 00:02:30,720 --> 00:02:33,880 Speaker 1: of those retailers today. Walmart reports less than two hours 44 00:02:33,880 --> 00:02:37,160 Speaker 1: from now. We get a preview from Bloomberg's Jeff Bellinger. 45 00:02:37,639 --> 00:02:40,360 Speaker 1: The giant retailer issued a business update less than a 46 00:02:40,400 --> 00:02:43,120 Speaker 1: month ago in which it lowered its profit outlook, so 47 00:02:43,200 --> 00:02:48,320 Speaker 1: Bloomberg Intelligence says today's really should hold few surprises. Inflation 48 00:02:48,400 --> 00:02:52,000 Speaker 1: has been a significant headwind for Walmart, causing customers to 49 00:02:52,040 --> 00:02:55,840 Speaker 1: spend more on food and less on discretionary items. B 50 00:02:56,040 --> 00:02:58,680 Speaker 1: I says a sales event in June may have helped 51 00:02:58,680 --> 00:03:02,280 Speaker 1: to reduce some inventory, but Walmart will likely need further 52 00:03:02,480 --> 00:03:06,600 Speaker 1: markdowns to move over stocks of clothing. Jeff Bullinger, bloom 53 00:03:06,639 --> 00:03:09,240 Speaker 1: Bird Day Break. Thanks Jeff on Wall Street, we're learning 54 00:03:09,240 --> 00:03:11,959 Speaker 1: what some of the world's biggest money managers doing with 55 00:03:12,080 --> 00:03:14,880 Speaker 1: their stock portfolios. Let's get the very latest lie from 56 00:03:14,880 --> 00:03:17,960 Speaker 1: Bloomberg's Renva Good morning Reneita, Good morning John. During the 57 00:03:18,040 --> 00:03:22,360 Speaker 1: latest quarter, Stanley drugcon Miller's family office offloaded Big Tech, 58 00:03:22,760 --> 00:03:27,120 Speaker 1: selling its entire one million dollar position in Amazon and 59 00:03:27,200 --> 00:03:31,640 Speaker 1: scaling back at steak in Microsoft. Sorel's fund management boosted 60 00:03:31,680 --> 00:03:36,200 Speaker 1: its steaks in Amazon Salesforce and Alphabet. Berkshire Hathaway eliminated 61 00:03:36,240 --> 00:03:40,680 Speaker 1: a Verizon steak and boosted other bets, including Occidental Petroleum, 62 00:03:40,960 --> 00:03:43,760 Speaker 1: increasing its investment there more than it did in any 63 00:03:43,800 --> 00:03:47,800 Speaker 1: other firm. But Apple remains Perkshire's largest holding, and Michael 64 00:03:47,800 --> 00:03:52,880 Speaker 1: Berry's Scion Asset Management exited all equity positions except one. 65 00:03:53,280 --> 00:03:58,080 Speaker 1: It added, private prison operator Geo Group, Scion's only stockholding 66 00:03:58,160 --> 00:04:00,600 Speaker 1: as of the end of June. Live in New York, 67 00:04:00,640 --> 00:04:03,120 Speaker 1: I'm rened a young Gimberg daybreak, I really need to 68 00:04:03,160 --> 00:04:06,360 Speaker 1: thank you. While Apple is making news this morning, Bloomberg 69 00:04:06,400 --> 00:04:08,560 Speaker 1: News has learned the company has laid off many of 70 00:04:08,600 --> 00:04:11,680 Speaker 1: its contract based recruiters in the past week. It's part 71 00:04:11,720 --> 00:04:13,880 Speaker 1: of a push to rain in the tech giants hiring 72 00:04:13,920 --> 00:04:17,360 Speaker 1: and spending, and in another development, Apple has said a 73 00:04:17,400 --> 00:04:20,240 Speaker 1: September five deadline for corporate employees to be in the 74 00:04:20,320 --> 00:04:23,560 Speaker 1: office at least three days a week COVID spikes disrupted 75 00:04:23,560 --> 00:04:26,400 Speaker 1: Apple's previous attempts to have workers back in the office, 76 00:04:27,000 --> 00:04:29,440 Speaker 1: and let's turn to politics now where it's primary thing. 77 00:04:29,520 --> 00:04:33,640 Speaker 1: In Wyoming and Alaska, Representative Liz Cheney is racing for 78 00:04:33,680 --> 00:04:36,719 Speaker 1: a loss, while the former vice presidential Candida Sarah Palin 79 00:04:37,120 --> 00:04:40,359 Speaker 1: looks the stage of political comeback, and Bloomberg's Amy Morris 80 00:04:40,400 --> 00:04:44,680 Speaker 1: has more from our news room. In Washington, Cheney is 81 00:04:44,720 --> 00:04:47,520 Speaker 1: all but certain to lose to challenger Harriet Hageman, who 82 00:04:47,560 --> 00:04:50,479 Speaker 1: has former President Trump's support and leads by nearly thirty 83 00:04:50,480 --> 00:04:53,440 Speaker 1: percentage points in the polls. The Cheney supporters say she's 84 00:04:53,480 --> 00:04:57,279 Speaker 1: already charting a rebound. In Alaska, former Governor Sarah Palin 85 00:04:57,400 --> 00:04:59,360 Speaker 1: is trying for a comeback in the open race for 86 00:04:59,400 --> 00:05:02,480 Speaker 1: the states sole seat in Congress. Her critics say she's 87 00:05:02,520 --> 00:05:04,839 Speaker 1: been more visible on right wing TV in the lower 88 00:05:04,880 --> 00:05:07,120 Speaker 1: forty eight than in her own home state, but she 89 00:05:07,240 --> 00:05:11,280 Speaker 1: has Trump's endorsement. Also in Alaska, Senator Lisa Murkowski is 90 00:05:11,320 --> 00:05:15,159 Speaker 1: in a re election fight against Trump supported candidate Kelly Shabaka. 91 00:05:15,520 --> 00:05:18,919 Speaker 1: In Washington, I'm any more, as Bloomberg Daybreak remy, thank you, 92 00:05:19,000 --> 00:05:21,440 Speaker 1: we also have news about Donald Trump's battle with the 93 00:05:21,560 --> 00:05:24,159 Speaker 1: Justice Department. The d o J says it's against the 94 00:05:24,200 --> 00:05:27,839 Speaker 1: release of an affidavit justifying a search warrant for documents 95 00:05:27,839 --> 00:05:31,800 Speaker 1: at the former president's Florida home. The search warrant itself 96 00:05:31,880 --> 00:05:34,840 Speaker 1: has been released, but the Justice Department says that affidavit 97 00:05:34,920 --> 00:05:39,520 Speaker 1: includes sensitive information about the investigation. St. John's University law 98 00:05:39,560 --> 00:05:42,279 Speaker 1: professor John Barrett says it's a standard move by the 99 00:05:42,360 --> 00:05:46,839 Speaker 1: d J. It's the details of what surveillance information, what 100 00:05:47,000 --> 00:05:51,480 Speaker 1: informant information, what choer course and dealings led the government 101 00:05:51,560 --> 00:05:55,240 Speaker 1: to believe that there were classified documents in mar Laga, 102 00:05:55,760 --> 00:06:00,760 Speaker 1: and that's all highly confidential and actively part of an investigation. St. 103 00:06:00,839 --> 00:06:03,560 Speaker 1: John's University law professor John Barrett was a guest on 104 00:06:03,560 --> 00:06:06,520 Speaker 1: Bloomberg Sound on Catch the program weekdays at five pm 105 00:06:06,520 --> 00:06:10,080 Speaker 1: Eastern on Bloomberg Radio and Geo Politics. Also in focus 106 00:06:10,080 --> 00:06:12,440 Speaker 1: this morning, China says it's going to fight back against 107 00:06:12,520 --> 00:06:16,480 Speaker 1: the latest congressional visits at Taiwan. That story from Bloomberg's 108 00:06:16,520 --> 00:06:19,720 Speaker 1: and Baxter. It says it will increase patrols both air 109 00:06:19,800 --> 00:06:23,280 Speaker 1: and c to provide a resolute response. In an exclusive 110 00:06:23,320 --> 00:06:27,159 Speaker 1: interview with Bloomberg editor in Chief John Micklethwaite. Singapore Deputy 111 00:06:27,160 --> 00:06:30,640 Speaker 1: Prime Minister Lawrence Whang says China and the US mistakenly 112 00:06:31,080 --> 00:06:35,080 Speaker 1: could sleepwalk into a conflict. We are starting to see 113 00:06:36,600 --> 00:06:39,880 Speaker 1: a series of decisions being taken by both countries that 114 00:06:39,960 --> 00:06:44,159 Speaker 1: will lead us into more and more dangerous territory. Wang says, 115 00:06:44,240 --> 00:06:47,919 Speaker 1: neither side wants open conflict, but it's very concerned a 116 00:06:48,000 --> 00:06:52,679 Speaker 1: mistake could happen. In San Francisco. I'm at Baxter Bloomberg daybreak, 117 00:06:52,800 --> 00:06:55,000 Speaker 1: all right, and thank you. N S and P Futures 118 00:06:55,000 --> 00:06:57,479 Speaker 1: are starting to extend their declines. They're done about six 119 00:06:57,520 --> 00:07:00,479 Speaker 1: points now down, futures down fourteen and as a future 120 00:07:00,560 --> 00:07:03,039 Speaker 1: is down about eighteen. The decks in Germany is up 121 00:07:03,080 --> 00:07:06,280 Speaker 1: about seven tenths of upper cent and the tenure treasury 122 00:07:06,320 --> 00:07:09,400 Speaker 1: down one thirty second yeld two point seven nine percent, 123 00:07:09,440 --> 00:07:12,200 Speaker 1: the yield on the two year three point to zero percent. 124 00:07:12,640 --> 00:07:15,600 Speaker 1: Straight to had your latest local headlines plus the check 125 00:07:15,640 --> 00:07:26,080 Speaker 1: of sports, and this is Bloomberg. Thanks Wall Street. Time 126 00:07:26,120 --> 00:07:28,200 Speaker 1: to bring in Michael Barr with more on what else 127 00:07:28,280 --> 00:07:30,840 Speaker 1: is going on in New York and around the world. John, 128 00:07:30,880 --> 00:07:34,080 Speaker 1: thank you very much. Travelers at New York City area airports, 129 00:07:34,120 --> 00:07:37,160 Speaker 1: were told by the FAA to expect delays because of 130 00:07:37,240 --> 00:07:41,480 Speaker 1: airline staffing shortages. Staffing at a facility that manages the 131 00:07:41,480 --> 00:07:44,600 Speaker 1: air space for all three major New York airports is 132 00:07:44,640 --> 00:07:47,280 Speaker 1: said to be the problem. The f A later tweeted 133 00:07:47,320 --> 00:07:50,160 Speaker 1: that the problem had been solved and things at the 134 00:07:50,160 --> 00:07:52,640 Speaker 1: big airports in the New York City area we're getting 135 00:07:52,640 --> 00:07:55,640 Speaker 1: back to normal. Not soon enough for these people they 136 00:07:55,640 --> 00:07:59,160 Speaker 1: were grounded. Maybe we'll start driving, Maybe that'll be better, 137 00:07:59,600 --> 00:08:03,040 Speaker 1: and maybe we'll see. With the industry struggling with pent 138 00:08:03,160 --> 00:08:06,640 Speaker 1: up demand for travel and a system that's understaff, post 139 00:08:06,720 --> 00:08:10,120 Speaker 1: COVID airports, blame the airlines, and the airlines blame the 140 00:08:10,200 --> 00:08:13,960 Speaker 1: f A. A. Prosecutors in Atlanta have told Rudy Giuliani's 141 00:08:14,040 --> 00:08:17,040 Speaker 1: lawyers that he is a target of their criminal investigation 142 00:08:17,440 --> 00:08:21,280 Speaker 1: and possible illegal attempts by then President Donald Trump and 143 00:08:21,320 --> 00:08:26,400 Speaker 1: others to interfere in the general election in Georgia. Juliani says, 144 00:08:26,520 --> 00:08:29,600 Speaker 1: you do this to a lawyer, we don't have America anymore. 145 00:08:30,360 --> 00:08:33,360 Speaker 1: Russia and Ukraine blame each other for the renewed shelling 146 00:08:33,720 --> 00:08:37,240 Speaker 1: near a nuclear power plant in western Ukraine. State Department 147 00:08:37,280 --> 00:08:40,920 Speaker 1: spokesperson ned Price says the US is closely monitoring the 148 00:08:40,960 --> 00:08:43,840 Speaker 1: activity at the plant. We believe that the fighting there 149 00:08:44,520 --> 00:08:48,800 Speaker 1: is dangerous, it's irresponsible, and we do continue to urge 150 00:08:49,240 --> 00:08:53,800 Speaker 1: into all military operations out of near Ukraine's facilities in 151 00:08:53,840 --> 00:08:57,720 Speaker 1: the return of full control of those facilities. Ukraine State 152 00:08:57,720 --> 00:09:01,480 Speaker 1: Department spokesperson ned Price. The efforts to continue to bring 153 00:09:01,720 --> 00:09:04,520 Speaker 1: w n B A star Britney Grinder and fellow American 154 00:09:04,559 --> 00:09:09,400 Speaker 1: detaining Paul Wheeland back from Russia but continues. Grinder's attorneys 155 00:09:09,440 --> 00:09:12,160 Speaker 1: have filed an appeal who was recently sentenced to nine 156 00:09:12,240 --> 00:09:16,160 Speaker 1: years in prison in Russia. Bill Richardson, who has worked 157 00:09:16,200 --> 00:09:20,000 Speaker 1: in hostage negotiations through his position at the Richardson Center 158 00:09:20,080 --> 00:09:23,760 Speaker 1: for Global Engagement, says he has talked to both sides. 159 00:09:24,280 --> 00:09:29,439 Speaker 1: It basically says the legal process is over except for 160 00:09:29,520 --> 00:09:32,720 Speaker 1: the appeal, and it's reasonable to have this appeal nine 161 00:09:32,840 --> 00:09:35,920 Speaker 1: years sentence in a penal Connolly. Now there can be 162 00:09:36,040 --> 00:09:41,120 Speaker 1: negotiations between the United States and Russia. Bill Richardson believes 163 00:09:41,160 --> 00:09:44,679 Speaker 1: Grinder's legal team has been effective. Global News twenty four 164 00:09:44,720 --> 00:09:47,400 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 165 00:09:47,400 --> 00:09:50,400 Speaker 1: by more than twenty seven journalists and analysts in more 166 00:09:50,400 --> 00:09:52,959 Speaker 1: than a hundred twenty countries. I'm Michael Barr, and this 167 00:09:53,080 --> 00:09:59,559 Speaker 1: is Bloomberg. John. Michael, thank you as a five cent 168 00:09:59,640 --> 00:10:02,520 Speaker 1: of wal previous time for the Bluebird Sports Update. And 169 00:10:02,679 --> 00:10:05,360 Speaker 1: good morning John. All right, good morning John. It's more 170 00:10:05,360 --> 00:10:08,200 Speaker 1: than just a little slump now for the Yankees. This 171 00:10:08,280 --> 00:10:10,600 Speaker 1: has been going on since the All Star break when 172 00:10:10,600 --> 00:10:14,000 Speaker 1: the Yanks were flying high at sixty four and eight. 173 00:10:14,160 --> 00:10:17,600 Speaker 1: But since then, twelve games, only two wins and shut 174 00:10:17,600 --> 00:10:20,360 Speaker 1: out four times, including each of the last two nights 175 00:10:20,360 --> 00:10:22,760 Speaker 1: they were back at the stadium. They lost four nothing 176 00:10:22,840 --> 00:10:25,160 Speaker 1: to Tampa Bay. The Rays used five pitchers, They took 177 00:10:25,200 --> 00:10:28,600 Speaker 1: advantage of a misplaying center field by Aaron Hicks for 178 00:10:28,679 --> 00:10:30,839 Speaker 1: one run, and they got three more with two outs 179 00:10:30,840 --> 00:10:33,360 Speaker 1: in the ninth in a not a good situation. And yet, 180 00:10:33,400 --> 00:10:36,160 Speaker 1: as always Aaron Boone looks on the bright st there's 181 00:10:36,160 --> 00:10:39,120 Speaker 1: some good things happening. Our starters continue to really throw 182 00:10:39,160 --> 00:10:40,880 Speaker 1: the ball well. A number of guys out of the 183 00:10:40,880 --> 00:10:43,880 Speaker 1: pen um, you know, even though loose struggle tonight, are 184 00:10:44,120 --> 00:10:47,040 Speaker 1: are throwing the ball well. Um, we just gotta get 185 00:10:47,040 --> 00:10:50,440 Speaker 1: some guys on tracked offensively right now, and and get 186 00:10:50,480 --> 00:10:53,680 Speaker 1: guys that should be key contributors. Contributing like they're capable 187 00:10:53,720 --> 00:10:56,280 Speaker 1: of Hicks in particular has been a real problem five 188 00:10:56,320 --> 00:10:58,920 Speaker 1: for his last fifty three. Yanks had one story threat 189 00:10:59,000 --> 00:11:00,600 Speaker 1: last night and then Hicks in and with double play. 190 00:11:00,640 --> 00:11:02,320 Speaker 1: The Mets had not at a game like last night 191 00:11:02,320 --> 00:11:04,800 Speaker 1: almost all year. They lost in Atlanta thirteen to one, 192 00:11:05,200 --> 00:11:08,000 Speaker 1: Braves with an eight run sixth inning. They hit three 193 00:11:08,000 --> 00:11:09,559 Speaker 1: home runs, the top two in the Atlanta or to 194 00:11:09,640 --> 00:11:12,760 Speaker 1: Ronald Lacuni and Dansby Swanson combined for six hits, six rbi. 195 00:11:12,920 --> 00:11:15,640 Speaker 1: Seventh straight win for Atlantis, They'll end it. Pras are 196 00:11:15,679 --> 00:11:18,200 Speaker 1: only four and a half games behind the Mets. Eightieth 197 00:11:18,240 --> 00:11:20,600 Speaker 1: win of the year for the Dodgers. They've won thirteen 198 00:11:20,600 --> 00:11:23,200 Speaker 1: and fourteen, and this after learning that Walker Bueller, was 199 00:11:23,240 --> 00:11:25,800 Speaker 1: fourth of the Cy Young voting last season, is out 200 00:11:25,840 --> 00:11:29,160 Speaker 1: with an elbow injury. The Texas Rangers have fired their manager, 201 00:11:29,400 --> 00:11:33,000 Speaker 1: Chris Woodward. Pete Carrill has died at nine two. He 202 00:11:33,080 --> 00:11:36,120 Speaker 1: coached basketball at Princeton for twenty nine years, one thirteen 203 00:11:36,160 --> 00:11:39,640 Speaker 1: IVY League championships. John Stashward Bloomberg Sports, John all Right, Thanks, 204 00:11:39,679 --> 00:11:41,480 Speaker 1: John had ahead of the Cash Show called on Wall 205 00:11:41,520 --> 00:11:44,400 Speaker 1: Street futurest right now, they are in the red. The 206 00:11:44,520 --> 00:11:48,520 Speaker 1: down futures down twenty six points at thirty three towns 207 00:11:48,520 --> 00:11:51,640 Speaker 1: at eight hundred forty seven smp E Mini futures eight 208 00:11:51,640 --> 00:11:54,080 Speaker 1: points lower, down about two tenths of a percent right now, 209 00:11:54,400 --> 00:11:57,160 Speaker 1: and that as Tech futures twenty five points lower, that 210 00:11:57,520 --> 00:12:00,679 Speaker 1: he is down two tenths of April Sat ten year 211 00:12:00,720 --> 00:12:03,760 Speaker 1: yield to seventy nine two year three twenty. This is 212 00:12:03,760 --> 00:12:10,480 Speaker 1: Bloomberg just ahead on Bloomberg Daybreak, followed the Smart Money 213 00:12:10,559 --> 00:12:14,439 Speaker 1: with something called the thirteen f Bloomberg's Alex what will 214 00:12:14,480 --> 00:12:23,240 Speaker 1: be here to explain You're listening to Bloomberg markets, headlines 215 00:12:23,280 --> 00:12:26,280 Speaker 1: and breaking news twenty four hours a day at Bloomberg 216 00:12:26,320 --> 00:12:29,400 Speaker 1: dot com, the Bloomberg Business at and at Bloomberg Quick 217 00:12:29,440 --> 00:12:38,880 Speaker 1: Tape is a Bloomberg Business Flash, and I'm camerin Moscow. 218 00:12:39,000 --> 00:12:41,800 Speaker 1: US Dock Index futures are lower this morning. The dollar 219 00:12:42,000 --> 00:12:44,880 Speaker 1: is rising as investors are concerned about signs of a 220 00:12:44,960 --> 00:12:47,880 Speaker 1: sharp economic slowdown, even as the Federal Reserve stays in 221 00:12:47,920 --> 00:12:51,000 Speaker 1: the path of monetary tightening. Check the markets every fifteen 222 00:12:51,000 --> 00:12:53,400 Speaker 1: minutes throughout the trading day on Bloomberg Guess and p 223 00:12:53,600 --> 00:12:57,160 Speaker 1: Futures down almost seven points down, futures little change and 224 00:12:57,240 --> 00:13:00,080 Speaker 1: now stack futures down about twenty one. The jacks in 225 00:13:00,120 --> 00:13:02,840 Speaker 1: Germany's up six tensive up percent. The ten year treasury 226 00:13:02,880 --> 00:13:06,079 Speaker 1: down three thirty seconds l two point seven nine percent. 227 00:13:06,160 --> 00:13:08,640 Speaker 1: They yield on the two year three point to one percent. 228 00:13:09,120 --> 00:13:11,720 Speaker 1: Nimex screwed oil is downe about three tents of upper 229 00:13:11,720 --> 00:13:14,160 Speaker 1: cent or twenty seven cents at eighty nine dollars, sixteen 230 00:13:14,200 --> 00:13:16,360 Speaker 1: cents of barrel co mix school is down a third 231 00:13:16,360 --> 00:13:19,080 Speaker 1: of per cent or six dollar sixty cents at sevente 232 00:13:19,440 --> 00:13:22,880 Speaker 1: fifty announce the euro one point one three eight against 233 00:13:22,880 --> 00:13:25,360 Speaker 1: the dollar, British found one point to zero four nine 234 00:13:25,640 --> 00:13:28,280 Speaker 1: and the end one three point nine nine. And looking 235 00:13:28,320 --> 00:13:31,840 Speaker 1: at bitcoin, it's down about about a tenth of a percent. 236 00:13:31,920 --> 00:13:35,400 Speaker 1: It's at twenty four thousand dollars. Today, we'll still get 237 00:13:35,440 --> 00:13:37,560 Speaker 1: a look at housing stars and building permits out at 238 00:13:37,600 --> 00:13:41,160 Speaker 1: a thirty Wall Street time, Industrial production capacity utilization around 239 00:13:41,160 --> 00:13:43,959 Speaker 1: at nine fifteen, and home Depot and Walmarter among companies 240 00:13:44,240 --> 00:13:47,439 Speaker 1: schedule to report earnings today. That's a Bloomberg business flash. 241 00:13:47,520 --> 00:13:49,880 Speaker 1: Now here's Michael Barrow with more on what's going on 242 00:13:50,000 --> 00:13:52,840 Speaker 1: around the world. Uncle good morning, Good morning, Karen. The 243 00:13:52,920 --> 00:13:56,360 Speaker 1: Justice Department said it opposes the release of an FBI 244 00:13:56,520 --> 00:13:59,840 Speaker 1: f A David justifying the search for it used removed 245 00:14:00,000 --> 00:14:04,000 Speaker 1: documents from former President Donald Trump's Mara Lago home in Florida. 246 00:14:04,120 --> 00:14:06,720 Speaker 1: Last week. The d o J asked the judge to 247 00:14:06,800 --> 00:14:10,240 Speaker 1: keep the filing sealed due to the investigation that implicates 248 00:14:10,320 --> 00:14:14,319 Speaker 1: national security. It is primary day in Wyoming and Alaska. 249 00:14:14,480 --> 00:14:18,000 Speaker 1: Republican Congresswomenalist Cheney is fighting to keep her seat after 250 00:14:18,080 --> 00:14:22,080 Speaker 1: voting to impeach Trump. In baseball, the slumping Yankees lost 251 00:14:22,120 --> 00:14:25,320 Speaker 1: to the Raise for Zip. The Braves put on What 252 00:14:25,640 --> 00:14:29,160 Speaker 1: For and Why? Whipping on the Mets thirteen one, The 253 00:14:29,280 --> 00:14:32,760 Speaker 1: Nationals Orioles and Giants won the A's lost. Global news 254 00:14:32,760 --> 00:14:35,200 Speaker 1: twenty four hours a day on here and on Bloomberg 255 00:14:35,280 --> 00:14:38,280 Speaker 1: Quick Tank, powered by more than twenty seven hundred journalists 256 00:14:38,280 --> 00:14:41,000 Speaker 1: and analysts more than a hundred twenty countries. Hi, Michael Barr, 257 00:14:41,040 --> 00:14:44,160 Speaker 1: and this is Bloomberg's thank you. I think Michael. It 258 00:14:44,360 --> 00:14:47,000 Speaker 1: is now five twenty on Wall Street. We are lying 259 00:14:47,080 --> 00:14:50,480 Speaker 1: from the Bloomberg Interactor Broker Studios. This is Bloomberg Daybreak. 260 00:14:51,160 --> 00:14:54,640 Speaker 1: Regulations require institutional investors who manage more than a hundred 261 00:14:54,640 --> 00:14:58,320 Speaker 1: million dollars to file something called a thirteen F forum. Uh. 262 00:14:58,400 --> 00:15:00,840 Speaker 1: They lay out the firm's equity holdings as at the 263 00:15:00,920 --> 00:15:04,040 Speaker 1: end of the most recent quarter. You can actually follow 264 00:15:04,120 --> 00:15:06,680 Speaker 1: the smart money. Now we're joined by Alex Webber, a 265 00:15:06,760 --> 00:15:10,120 Speaker 1: Bloomberg quick take, So give me the highlights. Were the 266 00:15:10,400 --> 00:15:13,440 Speaker 1: big names? Where are they holding or not holding? Alex? 267 00:15:14,240 --> 00:15:17,280 Speaker 1: The two big I think takeaways were big names that 268 00:15:17,320 --> 00:15:20,800 Speaker 1: we should be watching a really Berkshire Hathaway Michael Burry 269 00:15:20,800 --> 00:15:24,560 Speaker 1: Berkshire Hathway. Of course, we're in Buffett had made significant 270 00:15:24,760 --> 00:15:29,600 Speaker 1: investments in the prior quarter, buying up forty one billion 271 00:15:29,680 --> 00:15:34,080 Speaker 1: in net stock purchases this quarter, in the second quarter 272 00:15:34,120 --> 00:15:37,680 Speaker 1: he made just three point eight billion dollars in purchases, 273 00:15:37,720 --> 00:15:40,560 Speaker 1: which seems to suggest something about the direction of travel 274 00:15:40,640 --> 00:15:43,640 Speaker 1: in his mind that maybe he thought the bottom was 275 00:15:43,680 --> 00:15:46,120 Speaker 1: there he bought it previously. That's maybe an influence you 276 00:15:46,120 --> 00:15:48,760 Speaker 1: can take. Michael Burry meanwhile, of course, famously from the 277 00:15:48,800 --> 00:15:51,840 Speaker 1: Big short, has cut all of his long stock holdings 278 00:15:51,880 --> 00:15:56,440 Speaker 1: to just one this one. He has bought a company 279 00:15:56,440 --> 00:15:59,480 Speaker 1: called the Geo Group, which runs prisons. It's a private 280 00:15:59,520 --> 00:16:01,600 Speaker 1: prison for it, I would love to get a read 281 00:16:01,640 --> 00:16:04,440 Speaker 1: from that on the logic behind that deal. But he's 282 00:16:04,680 --> 00:16:08,080 Speaker 1: been getting a lot of attention on social media recently 283 00:16:08,080 --> 00:16:11,240 Speaker 1: for his bearish calls saying that the situation could be 284 00:16:11,280 --> 00:16:13,520 Speaker 1: as direst the two thousand and eight financial crisis. So 285 00:16:13,560 --> 00:16:15,320 Speaker 1: those are the two big names I think getting the 286 00:16:15,360 --> 00:16:18,280 Speaker 1: headlines all right, Uh, dive a little deeper. You have 287 00:16:18,440 --> 00:16:23,320 Speaker 1: Tiger Global Management and the Soros Fund Management. Um, what 288 00:16:23,400 --> 00:16:26,120 Speaker 1: are they buying? They seem to have made quite a 289 00:16:26,120 --> 00:16:29,400 Speaker 1: shrewd call. They piled into the some of the big 290 00:16:29,400 --> 00:16:33,320 Speaker 1: text stocks and did so just before the big spike 291 00:16:34,200 --> 00:16:38,040 Speaker 1: that occurred as the fed UM signal, or on the 292 00:16:38,080 --> 00:16:40,960 Speaker 1: optimism that the FEDS tightening wouldn't be as aggressive as 293 00:16:41,000 --> 00:16:47,880 Speaker 1: previously thought. Tiger Global buying into Alphabet Docu, signed Zoom 294 00:16:47,920 --> 00:16:53,800 Speaker 1: amongst others, and Sauros was I was checking my data here. 295 00:16:54,120 --> 00:16:57,440 Speaker 1: I think getting into Amazon which others had not been doing. 296 00:16:57,440 --> 00:16:59,640 Speaker 1: Others have been getting out of Amazon now. Obviously with 297 00:16:59,680 --> 00:17:01,440 Speaker 1: the Amazon and stock, it depends whether you're playing it 298 00:17:01,520 --> 00:17:04,960 Speaker 1: on its e commerce prospects or on its cloud opportunities, 299 00:17:05,000 --> 00:17:07,960 Speaker 1: and the senses that maybe the cloud opportunities are slowed down. 300 00:17:08,000 --> 00:17:13,400 Speaker 1: But if if people's are turning to the more spendthrift 301 00:17:13,880 --> 00:17:16,719 Speaker 1: opportunities for for commerce and maybe Amazon with maybe it's 302 00:17:16,760 --> 00:17:18,320 Speaker 1: cheaper offerings, it is a good place to do that. 303 00:17:18,600 --> 00:17:21,399 Speaker 1: You don't know why they are some exident or added 304 00:17:21,480 --> 00:17:24,919 Speaker 1: these holdings and is this essentially a look in the 305 00:17:25,080 --> 00:17:29,080 Speaker 1: rear view mirror. I mean, what as an individual adverse ture? 306 00:17:29,560 --> 00:17:32,520 Speaker 1: How valuable is all this stuff? And it is almost 307 00:17:32,560 --> 00:17:35,600 Speaker 1: in a sense, it's almost like the gossip pages of 308 00:17:35,720 --> 00:17:38,119 Speaker 1: what's of the what's happening at these hedge funds. You 309 00:17:38,160 --> 00:17:39,920 Speaker 1: get a sense of, oh, they're doing this. Then it's 310 00:17:39,920 --> 00:17:42,879 Speaker 1: almost like this person is dating that person, right. You 311 00:17:42,920 --> 00:17:45,359 Speaker 1: get a little bit of insight into what they're doing. 312 00:17:45,520 --> 00:17:48,000 Speaker 1: You don't necessarily hear the logic behind it unless they 313 00:17:48,000 --> 00:17:50,439 Speaker 1: decided to come out and make a public statement. And 314 00:17:50,520 --> 00:17:54,760 Speaker 1: of course, for every company that goes into one particular stock, 315 00:17:54,800 --> 00:17:57,320 Speaker 1: there might be another that leaves that particular stock. But 316 00:17:57,720 --> 00:18:00,200 Speaker 1: for the direction of travel, you can sometimes get some 317 00:18:00,320 --> 00:18:03,080 Speaker 1: useful insights, which is why I high I highlighted Berkshire 318 00:18:03,119 --> 00:18:06,680 Speaker 1: Hathaway and Michael Burry, these two big names seen as 319 00:18:07,000 --> 00:18:11,560 Speaker 1: you know, almost Bellweathers or certainly strong views on the 320 00:18:11,600 --> 00:18:14,159 Speaker 1: market sense of direction and visa names that people are 321 00:18:14,200 --> 00:18:17,240 Speaker 1: keen to follow. Also, it's find an interesting with Ray Dalio. 322 00:18:17,440 --> 00:18:20,440 Speaker 1: He's one of the he's been a long time ball 323 00:18:20,520 --> 00:18:24,760 Speaker 1: on China, yet his recent positions reflect maybe a little 324 00:18:24,760 --> 00:18:27,840 Speaker 1: different thinking when it comes to the world's second biggest 325 00:18:27,840 --> 00:18:31,880 Speaker 1: economy and the companies he's held there. Yeah, he's got 326 00:18:31,880 --> 00:18:34,160 Speaker 1: out of both Ali Baba and j D dot Com, 327 00:18:34,400 --> 00:18:39,639 Speaker 1: huge e commerce sites in China. We've obviously seen a 328 00:18:39,640 --> 00:18:41,760 Speaker 1: lot of confusion coming out of China on the way, 329 00:18:41,800 --> 00:18:45,440 Speaker 1: particularly the way they are addressing their big text stocks, 330 00:18:45,480 --> 00:18:49,480 Speaker 1: and there has been a crackdown which doesn't quite seem 331 00:18:49,520 --> 00:18:52,360 Speaker 1: as though it's over. We you know news recently on 332 00:18:52,359 --> 00:18:55,760 Speaker 1: on ten Cent exiting some of its its portfolio companies, 333 00:18:55,760 --> 00:18:59,840 Speaker 1: not least Matuan. The assumption for some is that is 334 00:18:59,880 --> 00:19:02,679 Speaker 1: a response to the ongoing pressure these companies are facing 335 00:19:02,680 --> 00:19:05,480 Speaker 1: as China tries to rain in the size of its 336 00:19:05,520 --> 00:19:09,840 Speaker 1: of its tech giants. Alex, always a pleasure. We appreciate 337 00:19:09,960 --> 00:19:13,680 Speaker 1: you being with us this morning, Alex Webb Bloomberg quick take, 338 00:19:13,720 --> 00:19:16,400 Speaker 1: and of course you could read more about these thirteen 339 00:19:16,560 --> 00:19:20,160 Speaker 1: F filings. Who's buying, who's selling at, what are they 340 00:19:20,160 --> 00:19:23,399 Speaker 1: buying and what are they selling on Bloomberg and ahead 341 00:19:23,400 --> 00:19:25,920 Speaker 1: of the cash open on walstreef down futures right now 342 00:19:25,920 --> 00:19:29,520 Speaker 1: twenty two points lower. Smp E mini futures they're down 343 00:19:29,600 --> 00:19:33,240 Speaker 1: seven points, and the nast day features twenty five points lower. 344 00:19:33,640 --> 00:19:36,440 Speaker 1: As we look at the treasuries right now, the inversion 345 00:19:36,440 --> 00:19:40,600 Speaker 1: between two's and tans out forty one basis points negative 346 00:19:40,640 --> 00:19:43,160 Speaker 1: forty one basis points, the two year yield at three 347 00:19:43,160 --> 00:19:47,200 Speaker 1: point to zero percent, the tenure at two seventy nine. 348 00:19:47,480 --> 00:19:50,359 Speaker 1: And as we'll look at the commodities this morning, we 349 00:19:50,400 --> 00:19:54,080 Speaker 1: have NAMEX cruded down thirty six cents right now at 350 00:19:54,200 --> 00:19:57,840 Speaker 1: eighty nine oh five of barrel. And you are listening 351 00:19:58,040 --> 00:20:07,760 Speaker 1: the Bloomberg's Game break and the Bloomberg Weather fort today 352 00:20:07,800 --> 00:20:09,960 Speaker 1: from Rob Carolin. Mostly Sunday. The high temperature in the 353 00:20:09,960 --> 00:20:13,439 Speaker 1: mid eighties, so I partly cloudy, sixty to seventy. Tomorrow's 354 00:20:13,440 --> 00:20:17,240 Speaker 1: outlook partly mostly Sunday, chance of some afternoon showers be 355 00:20:17,320 --> 00:20:24,959 Speaker 1: high about eighty degrees. Broadcasting live from the Bloomberg Interactive 356 00:20:25,000 --> 00:20:28,840 Speaker 1: Broker Studio in New York. Bloomberg e Living Freedland to Washington, 357 00:20:28,920 --> 00:20:33,040 Speaker 1: d C. Bloomberg to Boston Bloomberg one O six one 358 00:20:33,119 --> 00:20:36,560 Speaker 1: to San Francisco, Bloomberg now sixteen to the country, Sirius 359 00:20:36,720 --> 00:20:39,359 Speaker 1: XM Chad A one nineteen and around the globe, the 360 00:20:39,359 --> 00:20:43,240 Speaker 1: Bloomberg Business app and Bloomberg Radio dot Com. This is 361 00:20:43,280 --> 00:20:51,600 Speaker 1: Bloomberg Daybreak. It's by thirty on Wall Street. Good morning. 362 00:20:51,600 --> 00:20:54,439 Speaker 1: I'm John Tucker and I'm Cameron Moscow. We are just 363 00:20:54,480 --> 00:20:57,080 Speaker 1: about four hours away from the open of US trading. 364 00:20:57,119 --> 00:20:58,520 Speaker 1: Let's get you have to date on the news you 365 00:20:58,560 --> 00:21:00,720 Speaker 1: need to know at this hour, and we begin today's 366 00:21:00,720 --> 00:21:03,560 Speaker 1: session with US stocked at a three month high as 367 00:21:03,600 --> 00:21:08,240 Speaker 1: despite concerns over inflation, potential recession and tightening from the Fed. 368 00:21:08,600 --> 00:21:12,560 Speaker 1: Julie Bill is portfolio manager at Kane Anderson Redneck. The 369 00:21:12,600 --> 00:21:14,600 Speaker 1: worries that you can kind of stay out of trouble, 370 00:21:14,720 --> 00:21:17,880 Speaker 1: I think is investing in businesses that typically just serve 371 00:21:17,920 --> 00:21:20,760 Speaker 1: other businesses. And I like software because they have high 372 00:21:20,840 --> 00:21:23,840 Speaker 1: levels of recurring revenue and very good profitability. I think 373 00:21:23,880 --> 00:21:26,880 Speaker 1: that makes them more durable. Julie bl with Kane Anderson 374 00:21:26,920 --> 00:21:30,959 Speaker 1: Redneck says it's crucial for the FED to reign in inflation. Now, well, 375 00:21:31,000 --> 00:21:33,720 Speaker 1: those concerns linger on Wall Street. We're also watching earnings 376 00:21:33,760 --> 00:21:36,720 Speaker 1: we hear from retail giant Walmart this morning. Bloomberg's Charlie 377 00:21:36,760 --> 00:21:40,320 Speaker 1: Pellett has a preview analyst survey by Bloomberg. See Walmart 378 00:21:40,400 --> 00:21:43,639 Speaker 1: reporting second quarter adjusted earnings per share of a dollar 379 00:21:43,760 --> 00:21:47,040 Speaker 1: sixty three on revenue of one hundred fifty one point 380 00:21:47,080 --> 00:21:51,240 Speaker 1: one billion dollars. Walmart's insights into shopper behavior will be 381 00:21:51,320 --> 00:21:54,920 Speaker 1: under scrutiny. Was analysts clues about how soaring inflation will 382 00:21:54,960 --> 00:21:57,840 Speaker 1: affect spending during the rest of the year. The retail 383 00:21:57,920 --> 00:22:01,280 Speaker 1: giant cut at earnings outlook three weeks ago. In New York, 384 00:22:01,359 --> 00:22:03,960 Speaker 1: Charlie bloom Bird day break. All right, Charley, thank you 385 00:22:03,960 --> 00:22:06,919 Speaker 1: about sticking with corporate news. Apple is turming its head count. 386 00:22:06,920 --> 00:22:10,119 Speaker 1: The company laid off many contract based recruiters in the 387 00:22:10,160 --> 00:22:13,280 Speaker 1: past week, and it's also set a September five deadline 388 00:22:13,280 --> 00:22:15,320 Speaker 1: for corporate employee used to be in the office at 389 00:22:15,359 --> 00:22:17,800 Speaker 1: least three days a week. Stocks sold off in the 390 00:22:17,800 --> 00:22:20,119 Speaker 1: second quarter. We're learning what some of the world's biggest 391 00:22:20,119 --> 00:22:23,399 Speaker 1: money managers did with their portfolios. Bloomberg's We Need a 392 00:22:23,440 --> 00:22:26,240 Speaker 1: Young Joints is live with more We need a good morning, 393 00:22:26,280 --> 00:22:29,680 Speaker 1: Good Morning John. During the latest quarter Stanley Drugon. Miller's 394 00:22:29,720 --> 00:22:34,280 Speaker 1: family office sold its entire one million dollar position in 395 00:22:34,400 --> 00:22:38,600 Speaker 1: Amazon and scaled back at steak in Microsoft. Sorel's Fund 396 00:22:38,640 --> 00:22:43,520 Speaker 1: Management meanwhile boosted its steaks in Amazon Salesforce and Alphabet 397 00:22:43,760 --> 00:22:46,880 Speaker 1: berks Are Hathaway eliminated a Verizon steak and boosted its 398 00:22:46,920 --> 00:22:52,120 Speaker 1: other bets, including Occidental Petroleum and Michael Burry's Scion. Asset 399 00:22:52,200 --> 00:22:57,399 Speaker 1: Management exited all equity positions except private prison operator Geo Group. 400 00:22:57,760 --> 00:22:59,840 Speaker 1: It's only stock holding as at the end of Gin 401 00:23:00,560 --> 00:23:03,320 Speaker 1: Live in New York. I'm gonna need to Young Bloomberg daybreak. 402 00:23:03,520 --> 00:23:05,680 Speaker 1: I ready to thank you all to politics now. It's 403 00:23:05,760 --> 00:23:09,600 Speaker 1: primary day for voters in Wyoming and Alaska. Representative List 404 00:23:09,680 --> 00:23:13,000 Speaker 1: Cheney is bracing for a loss against Trump back challenger 405 00:23:13,000 --> 00:23:16,880 Speaker 1: Harriet Hageman. She leads Cheney by nearly thirty percentage points 406 00:23:16,920 --> 00:23:20,480 Speaker 1: in polls. Former Vice presidential candidate Sarah Palin is vying 407 00:23:20,520 --> 00:23:24,560 Speaker 1: for Alaska's soul seat in Congress and also has Trump's bagging, 408 00:23:24,680 --> 00:23:28,119 Speaker 1: And Alaska Senator at Lisa Murkowski faces Trump back Kelly 409 00:23:28,440 --> 00:23:32,360 Speaker 1: Chabaka and straight Ahead your latest local headlines. Senate check 410 00:23:32,440 --> 00:23:39,680 Speaker 1: is sports and mr is Bloomberg. Well, thanks Karen three 411 00:23:39,680 --> 00:23:41,879 Speaker 1: on Wall Street, and it's time to bringing Michael Barr 412 00:23:41,920 --> 00:23:43,720 Speaker 1: with more on what else is going on to New 413 00:23:43,800 --> 00:23:46,840 Speaker 1: York and around the world. John, thank you very much, Sarah. 414 00:23:46,920 --> 00:23:51,760 Speaker 1: Travelers at New York City area airports, including JFK, LaGuardia 415 00:23:51,920 --> 00:23:54,320 Speaker 1: and Newark were told by the f a A to 416 00:23:54,440 --> 00:23:58,160 Speaker 1: expect delays because of airline staffing shortages. The f a 417 00:23:58,160 --> 00:24:00,760 Speaker 1: A leader tweeted that the problem had been solved and 418 00:24:00,920 --> 00:24:03,520 Speaker 1: things at the big airports in the New York City 419 00:24:03,560 --> 00:24:07,479 Speaker 1: area we're getting back to normal. Yesterday, this college student 420 00:24:07,520 --> 00:24:11,000 Speaker 1: missed here connector from Newark to get to Syracuse, New York. 421 00:24:11,040 --> 00:24:13,239 Speaker 1: She told news for she had to spend the night 422 00:24:13,280 --> 00:24:16,440 Speaker 1: at the airport. They only had like two hours at 423 00:24:16,440 --> 00:24:23,480 Speaker 1: this airport and had to um change channels and the 424 00:24:23,560 --> 00:24:26,800 Speaker 1: next flight to Circus is in the morning. The problem 425 00:24:26,840 --> 00:24:29,560 Speaker 1: was said to be staffing at a facility that manages 426 00:24:29,600 --> 00:24:33,439 Speaker 1: the airspace for all three major New York airports. Rudy 427 00:24:33,440 --> 00:24:37,160 Speaker 1: Giuliani is a target of the criminal investigation into possible 428 00:24:37,160 --> 00:24:40,600 Speaker 1: illegal attempts by then President Donald Trump and others to 429 00:24:40,720 --> 00:24:45,280 Speaker 1: interfere in the twenty general election in Georgia. Prosecutors informed 430 00:24:45,280 --> 00:24:49,680 Speaker 1: attorneys for the former New York mayor turned Trump defender. Meanwhile, 431 00:24:49,720 --> 00:24:53,600 Speaker 1: Fulton County District Attorney Fannie Willis is said that she 432 00:24:53,880 --> 00:24:59,480 Speaker 1: is considering calling Trump himself to testify. Meanwhile, Allen Weiselberg, 433 00:24:59,600 --> 00:25:03,879 Speaker 1: the Trump organizations longtime CFO, is said to be in 434 00:25:03,960 --> 00:25:08,200 Speaker 1: plee talks with state prosecutors to resolve tax fraud charges. 435 00:25:08,680 --> 00:25:10,840 Speaker 1: The effort to bring w n B A star Britney 436 00:25:10,840 --> 00:25:14,159 Speaker 1: Grinder and fellow American detainee Paul Wheeland back from Russia 437 00:25:14,240 --> 00:25:17,480 Speaker 1: is ongoing. Grinder was recently sentenced to nine years in 438 00:25:17,520 --> 00:25:21,320 Speaker 1: prison in Russia. Her attorneys have filed an appeal. Bill Richardson, 439 00:25:21,440 --> 00:25:24,840 Speaker 1: who has worked in hostage negotiations through his position at 440 00:25:24,880 --> 00:25:28,440 Speaker 1: the Richardson Center for Global Engagement, says he has talked 441 00:25:28,440 --> 00:25:31,320 Speaker 1: to both sides and is optimistic both sides are moving 442 00:25:31,359 --> 00:25:34,560 Speaker 1: in the right direction because they've done it before. Despite 443 00:25:34,560 --> 00:25:37,200 Speaker 1: the fact that the relationship between the United States and 444 00:25:37,280 --> 00:25:41,800 Speaker 1: Russia is toxin. Bill Richardson believes Grinder's legal team has 445 00:25:41,840 --> 00:25:44,720 Speaker 1: been effective. Global News twenty four hours a day on 446 00:25:44,880 --> 00:25:48,159 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 447 00:25:48,240 --> 00:25:51,120 Speaker 1: seven under journalist and analysts more than a hundred twenty countries. 448 00:25:51,400 --> 00:25:59,520 Speaker 1: Michael Bard, this is Bloomberg, John, Michael. Thanks, it's now five. 449 00:26:00,000 --> 00:26:02,639 Speaker 1: I thought Wall Street. Met's time for the Bloomberg Sports Updake. 450 00:26:02,680 --> 00:26:05,639 Speaker 1: Here's John stas Shower. Thanks John. First place, Matt's first 451 00:26:05,640 --> 00:26:08,560 Speaker 1: place Yankees, And yet last night they both lost and 452 00:26:08,560 --> 00:26:11,560 Speaker 1: by a combined score of seventeen to one. Mets pitching 453 00:26:11,560 --> 00:26:13,920 Speaker 1: has been so good, just had back to back shutouts 454 00:26:13,920 --> 00:26:16,080 Speaker 1: to the Phillies, eight games in a row where the 455 00:26:16,119 --> 00:26:18,000 Speaker 1: Mets did not allow more than two runs, and yet 456 00:26:18,040 --> 00:26:21,280 Speaker 1: the Braves last night three runs off Carlos Carrasco and 457 00:26:21,320 --> 00:26:24,080 Speaker 1: then in eight run sixth inning to win thirteen to one. 458 00:26:24,200 --> 00:26:26,679 Speaker 1: Since those thing four or five at City Field, Braves 459 00:26:26,720 --> 00:26:28,840 Speaker 1: had won seventh straight. They're backed within four and a 460 00:26:28,880 --> 00:26:31,280 Speaker 1: half games with the Mets. Three more games remain in 461 00:26:31,280 --> 00:26:33,639 Speaker 1: this series in Atlanta, and the Mets have lost infield 462 00:26:33,640 --> 00:26:35,639 Speaker 1: of Luis ki Or made of a groin injury, and 463 00:26:35,680 --> 00:26:38,240 Speaker 1: Mets manager Buck show Walt just played without shore Burn, 464 00:26:38,400 --> 00:26:41,800 Speaker 1: Yankees playing without Stanton m These guys have played without people. 465 00:26:42,440 --> 00:26:44,760 Speaker 1: I mean, it is what is yea He's stable so 466 00:26:44,840 --> 00:26:49,120 Speaker 1: it was so it's Jake de grom So it's uh, 467 00:26:49,119 --> 00:26:51,760 Speaker 1: you know, Nemo has been down and Neil's been down. 468 00:26:51,880 --> 00:26:54,760 Speaker 1: I mean, and this is what it is. Yankee injuries 469 00:26:54,760 --> 00:26:56,680 Speaker 1: have certainly heard them. D J the Mere the latest 470 00:26:56,720 --> 00:26:59,160 Speaker 1: to be added the line up. Still remarkable how poorly 471 00:26:59,200 --> 00:27:01,480 Speaker 1: the Yankees of way lately. After being so good for 472 00:27:01,520 --> 00:27:04,000 Speaker 1: three months, they dropped ten last twelve. They've been shut 473 00:27:04,000 --> 00:27:06,600 Speaker 1: out four times. Tampa Bay got a near perfect game 474 00:27:06,600 --> 00:27:09,479 Speaker 1: on Sunday from Drew Asmuss, and last night the stadium 475 00:27:09,480 --> 00:27:12,160 Speaker 1: they used five different pictures and one four to nothing. 476 00:27:12,480 --> 00:27:15,439 Speaker 1: Garrett Cole last two starts has allowed a total of 477 00:27:15,480 --> 00:27:19,000 Speaker 1: one run, has gotten no run support. Tampa Bay Blops 478 00:27:19,000 --> 00:27:21,240 Speaker 1: have signed veteran defensive lineman Carl nasse If. He's the 479 00:27:21,240 --> 00:27:23,560 Speaker 1: one who a year ago, while with the Raiders, came 480 00:27:23,560 --> 00:27:25,560 Speaker 1: out as the NFL's first open the gay player. He 481 00:27:25,600 --> 00:27:27,959 Speaker 1: has been with the Bucks before. There was a report 482 00:27:28,000 --> 00:27:31,040 Speaker 1: that Kevin Durant would retire before playing again for the Nets. 483 00:27:31,119 --> 00:27:34,320 Speaker 1: Katie posted on social media not true. He has said 484 00:27:34,600 --> 00:27:36,560 Speaker 1: he wants to be traded with the Nets. Don't fire 485 00:27:36,600 --> 00:27:40,399 Speaker 1: coach Steve Nash, MGM, Shawn Marks, John Stashower Bloomberg Sports, 486 00:27:40,480 --> 00:27:43,639 Speaker 1: John all Right, thanks, John and tutting Down for the 487 00:27:43,640 --> 00:27:46,159 Speaker 1: Try and State Business Report. For that we're joined by 488 00:27:46,200 --> 00:27:50,879 Speaker 1: Bloomberg's Ed Quarry Robert Refkins Company. Compass spent more than 489 00:27:50,880 --> 00:27:53,480 Speaker 1: a billion dollars to become a go to home seller 490 00:27:53,520 --> 00:27:55,679 Speaker 1: in New York as well as Miami and l A, 491 00:27:55,840 --> 00:27:59,640 Speaker 1: but it has yet degenerate an annual prophet it gets 492 00:27:59,680 --> 00:28:02,800 Speaker 1: ready to brief investors on second quarter earnings, Compass will 493 00:28:02,800 --> 00:28:05,240 Speaker 1: have to explain how affirm that couldn't make money in 494 00:28:05,280 --> 00:28:07,880 Speaker 1: the hottest housing market ever can turn a profit. As 495 00:28:07,920 --> 00:28:11,840 Speaker 1: things cooled down, a gauge of New York state manufacturing 496 00:28:11,920 --> 00:28:14,440 Speaker 1: plunged by the second most in data going back to 497 00:28:14,520 --> 00:28:18,240 Speaker 1: two thousand one, with sharp declines in orders and shipments 498 00:28:18,280 --> 00:28:22,359 Speaker 1: that indicate an abrupt downturn in demand. The Federal Reserve 499 00:28:22,400 --> 00:28:26,800 Speaker 1: Bank of New York's August General Business Conditions Index slumped 500 00:28:26,800 --> 00:28:30,160 Speaker 1: more than forty two points. New York City is scheduled 501 00:28:30,240 --> 00:28:32,800 Speaker 1: to sell about a billion dollars worth of general obligation 502 00:28:32,880 --> 00:28:35,920 Speaker 1: bonds this week. It's also planning a billion dollars in 503 00:28:36,040 --> 00:28:40,320 Speaker 1: revenue bond sales on August. According to a news release 504 00:28:40,600 --> 00:28:44,400 Speaker 1: that your Bloomberg Trying State Business Report by ed Coreys 505 00:28:44,440 --> 00:28:47,040 Speaker 1: five thirty eight hund Wall Street Bloomberg radios on the 506 00:28:47,080 --> 00:28:50,240 Speaker 1: air from San Francisco to New York, London to Hong Kong. 507 00:28:50,920 --> 00:28:53,000 Speaker 1: Let's check in now with our global news stand for 508 00:28:53,120 --> 00:28:55,120 Speaker 1: some of the top stories heard on our three hundred 509 00:28:55,160 --> 00:29:02,000 Speaker 1: affiliate radio stations around the world. Um when you Donahoe 510 00:29:02,120 --> 00:29:05,200 Speaker 1: on Cafebe and Omaha Berkshire. Hathaway cut its stake in 511 00:29:05,320 --> 00:29:08,600 Speaker 1: Bison on the second quarter. I'm Gina Servetti and for 512 00:29:08,720 --> 00:29:11,720 Speaker 1: Double News c CEO in Minneapolis. I'm reporting that three 513 00:29:11,880 --> 00:29:14,760 Speaker 1: M has resumed its fight to halt lawsuits filed mostly 514 00:29:14,800 --> 00:29:18,920 Speaker 1: by veterans who say the company's combat earplugs caused hearing damage. 515 00:29:19,080 --> 00:29:22,480 Speaker 1: I'm Stephen Carol and Bloomberg DAB Digital Radio in London. 516 00:29:22,480 --> 00:29:25,480 Speaker 1: We've been reporting on the latest UK jobs data showing 517 00:29:25,520 --> 00:29:28,160 Speaker 1: the peak tartness and the labor markets may have passed. 518 00:29:28,520 --> 00:29:31,320 Speaker 1: I'm Ad Cory on w A T A M in Cleveland. 519 00:29:31,560 --> 00:29:35,320 Speaker 1: I'm reporting Baron's calls progressive of the country's best run 520 00:29:35,440 --> 00:29:40,160 Speaker 1: auto insurer, and those are some of these stories are 521 00:29:40,160 --> 00:29:43,480 Speaker 1: twenty Bloomberg journalists and analysts are working on this morning 522 00:29:43,840 --> 00:29:47,560 Speaker 1: around the world. Nine on Wall Street. The following is 523 00:29:47,600 --> 00:29:52,080 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 524 00:29:52,120 --> 00:29:56,920 Speaker 1: the Bloomberg Editorial Board. Six months into Russia's invasion of Ukraine, 525 00:29:57,280 --> 00:30:00,960 Speaker 1: the democratic world has come together to impo was punishments 526 00:30:01,040 --> 00:30:05,280 Speaker 1: on President Vladimir Putin and his enablers. Yet that has 527 00:30:05,360 --> 00:30:09,040 Speaker 1: not stopped the bloodshed, and Putin is betting that Western 528 00:30:09,160 --> 00:30:13,520 Speaker 1: unity will crumble as winter sets in and Europeans find 529 00:30:13,520 --> 00:30:18,320 Speaker 1: themselves squeezed by rising food and energy prices. Proving him 530 00:30:18,320 --> 00:30:22,360 Speaker 1: wrong will require Europe's leaders to prepare their countries for 531 00:30:22,520 --> 00:30:26,800 Speaker 1: a protracted war and increase support to those least able 532 00:30:26,920 --> 00:30:30,960 Speaker 1: to shoulder its costs. Above all, Europe's leaders must urge 533 00:30:31,000 --> 00:30:34,920 Speaker 1: the public to be patient. The moral outrage and solidarity 534 00:30:34,960 --> 00:30:38,800 Speaker 1: of the West has bolstered Ukraine's morale and helped its 535 00:30:38,840 --> 00:30:43,840 Speaker 1: forces withstand rushes onslaught, but the fight to preserve the 536 00:30:43,880 --> 00:30:48,479 Speaker 1: country's freedom won't and soon. The senatorial was written by 537 00:30:48,520 --> 00:30:52,280 Speaker 1: the Bloomberg Editorial Board. For more Bloomberg opinion, please go 538 00:30:52,320 --> 00:30:55,800 Speaker 1: to Bloomberg dot com, slash Opinion or O P I 539 00:30:56,080 --> 00:30:59,600 Speaker 1: N go on the Bloomberg terminal. This has been Bloomberg 540 00:30:59,680 --> 00:31:02,720 Speaker 1: open in and Bloomberg Opinion editorial is gonna be heard 541 00:31:02,800 --> 00:31:06,000 Speaker 1: every week day at this time terminal customers. You could 542 00:31:06,000 --> 00:31:09,520 Speaker 1: read more at the O P I N Go head 543 00:31:09,520 --> 00:31:11,440 Speaker 1: of the open on Wall Street futures see in the 544 00:31:11,480 --> 00:31:15,000 Speaker 1: red right now down futures thirty two points, lower, SMP 545 00:31:15,120 --> 00:31:18,320 Speaker 1: futures down to eight and the domesday futures down twenty 546 00:31:18,360 --> 00:31:24,080 Speaker 1: seven points, and the Bloomberg Weather from meteorologist Rob Caroline 547 00:31:24,520 --> 00:31:27,680 Speaker 1: expects sunny skies today in the mid eighties, partly cloudy, 548 00:31:27,720 --> 00:31:32,120 Speaker 1: tonight low seventy and tomorrow's auto partly mostly sunny. Could 549 00:31:32,120 --> 00:31:37,720 Speaker 1: see some anthnon showers with the high temperature. Eight markets 550 00:31:37,800 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 551 00:31:40,920 --> 00:31:44,320 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg 552 00:31:44,360 --> 00:31:54,080 Speaker 1: Quicktape He's a Bloomberg Business lash and I'm Karen Moscow 553 00:31:54,120 --> 00:31:56,960 Speaker 1: and US Knock Index features are lower this morning. The 554 00:31:57,040 --> 00:32:01,080 Speaker 1: dollar is rising. Investors are inserted about signs of a 555 00:32:01,120 --> 00:32:04,120 Speaker 1: sharp economic slow down even as the Fed stays on 556 00:32:04,160 --> 00:32:06,360 Speaker 1: the path of monetary tightening, and but check the markets 557 00:32:06,360 --> 00:32:09,640 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg, SNP 558 00:32:09,840 --> 00:32:12,760 Speaker 1: future is down about eight points. Right now. DAL futures 559 00:32:13,120 --> 00:32:15,480 Speaker 1: they're down to twenty five and as day futures down 560 00:32:15,520 --> 00:32:17,680 Speaker 1: twenty eight. The decks in Germany's up six tenths of 561 00:32:17,720 --> 00:32:20,800 Speaker 1: a percent. Ten. Your treasury down to thirty seconds yield 562 00:32:20,800 --> 00:32:22,960 Speaker 1: two point seven nine percent, The yield on the two 563 00:32:23,040 --> 00:32:26,240 Speaker 1: year three point to zero percent. Nine mex screwed oil 564 00:32:26,400 --> 00:32:28,560 Speaker 1: is down half percent or forty two cents at eighty 565 00:32:28,560 --> 00:32:31,400 Speaker 1: eight dollars. Ninety nine cents of barrel comes go down 566 00:32:31,400 --> 00:32:34,080 Speaker 1: four tenths percent or seven dollars seventy cents is seventeen 567 00:32:34,160 --> 00:32:37,520 Speaker 1: ninety forty announce the euro one point zero one three 568 00:32:37,760 --> 00:32:40,200 Speaker 1: against the dollar, British found one point two zero two 569 00:32:40,200 --> 00:32:43,160 Speaker 1: four and again one thirty four point one five. And 570 00:32:43,200 --> 00:32:45,240 Speaker 1: looking at bitcoin it is up the tenth of up 571 00:32:45,320 --> 00:32:48,320 Speaker 1: percent at twenty four thousand, one hundred dollars. That's a 572 00:32:48,360 --> 00:32:51,080 Speaker 1: bloomberg USUS slash. Now here's Michael Barr with more on 573 00:32:51,160 --> 00:32:53,720 Speaker 1: what's going on around the world. Michael Karen, thank you 574 00:32:53,800 --> 00:32:56,920 Speaker 1: very much. The Justice Department as opposing calls to unseal 575 00:32:57,040 --> 00:33:00,280 Speaker 1: the f David supporting the search of former President Trump 576 00:33:00,360 --> 00:33:03,840 Speaker 1: Samara Lago Home. The o J has called a grand 577 00:33:03,920 --> 00:33:07,760 Speaker 1: jury and has witnesses cooperating with its probe focus on 578 00:33:07,800 --> 00:33:12,120 Speaker 1: the mishandling of those sensitive documents. Wyoming Congresswoman Liz Cheney, 579 00:33:12,120 --> 00:33:15,640 Speaker 1: who is a leading face in the January six Ryant investigation, 580 00:33:16,200 --> 00:33:19,000 Speaker 1: is fighting to save her seat in the House. Today. 581 00:33:19,520 --> 00:33:22,800 Speaker 1: Voters in Alaska as well as Wyoming are weighing in 582 00:33:23,120 --> 00:33:26,680 Speaker 1: on the direction of the GOP in primaries. In baseball, 583 00:33:26,720 --> 00:33:29,720 Speaker 1: the slumping Yankees lost to the raise for ZIP. The 584 00:33:29,760 --> 00:33:32,680 Speaker 1: Braves put a what four and why whipping on the 585 00:33:32,760 --> 00:33:36,800 Speaker 1: Mets thirteen one. The Nationals Orioles and Giants won the 586 00:33:36,880 --> 00:33:39,960 Speaker 1: A's lost. Global news twenty four hours a day on 587 00:33:40,160 --> 00:33:43,480 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 588 00:33:43,520 --> 00:33:46,240 Speaker 1: seven hundred journalists and analysts more than h twenty countries. 589 00:33:46,520 --> 00:33:48,840 Speaker 1: Michael Barr and this is Bloomberg Arran. All right, Michael 590 00:33:48,880 --> 00:33:51,520 Speaker 1: bart thank you well. It's five of forty nine on 591 00:33:51,560 --> 00:33:53,840 Speaker 1: Wall Street. It's time for the Bloomberg Law Report. We 592 00:33:53,880 --> 00:33:56,200 Speaker 1: get to the legal stories we're watching this morning. From 593 00:33:56,240 --> 00:34:03,640 Speaker 1: Bloomberg's Jeff Bellinger. The Internal Revenue Service announced that infest 594 00:34:03,760 --> 00:34:07,120 Speaker 1: rates will increase in the fourth quarter, which starts October one. 595 00:34:07,360 --> 00:34:10,160 Speaker 1: The rate of interest is determined on a quarterly basis 596 00:34:10,280 --> 00:34:13,080 Speaker 1: under the i R S Code. The Labor Department cited 597 00:34:13,200 --> 00:34:17,240 Speaker 1: International Cushioning of Ohio for twenty five alleged serious safety 598 00:34:17,239 --> 00:34:21,080 Speaker 1: and health violations after a worker was hospitalized with second 599 00:34:21,120 --> 00:34:24,320 Speaker 1: degree burns. A federal court in Manhattan ruled that Bob's 600 00:34:24,360 --> 00:34:29,959 Speaker 1: discount furniture can compel arbitration of claims over alleged misleading warranties. 601 00:34:30,200 --> 00:34:35,080 Speaker 1: Bloomberg Law everything you need, all on one legal research platform, 602 00:34:35,239 --> 00:34:39,879 Speaker 1: including guidance analysis and Bloomberg market Intelligence. Find out more 603 00:34:39,920 --> 00:34:43,719 Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you. 604 00:34:43,760 --> 00:34:47,040 Speaker 1: Now another legal story we're watching. Vanessa Bryant, the widow 605 00:34:47,080 --> 00:34:50,520 Speaker 1: of basketball star Kobe Bryant, is suing Los Angeles County, 606 00:34:50,560 --> 00:34:54,359 Speaker 1: saying her privacy was invaded when sheriff's deputies and firefighters 607 00:34:54,400 --> 00:34:57,240 Speaker 1: shared photos of the crash side with their friends and colleagues. 608 00:34:57,560 --> 00:34:59,640 Speaker 1: The trial is expected to last about two weeks. In 609 00:34:59,680 --> 00:35:02,520 Speaker 1: witness says will likely include Vanessa Bryant and l A 610 00:35:02,600 --> 00:35:06,080 Speaker 1: counter sheriff, Alex Villanueva. For more in the case, Bloomberge 611 00:35:06,120 --> 00:35:09,640 Speaker 1: dun Grosso speaks to Warrington Parker, a partner at Crowell 612 00:35:09,680 --> 00:35:13,240 Speaker 1: and Mooring. A primary issue in the case is whether 613 00:35:13,360 --> 00:35:18,000 Speaker 1: she suffered emotional distress as a result of the county's actions. 614 00:35:18,440 --> 00:35:22,000 Speaker 1: So Los Angeles County officials are arguing that she suffered 615 00:35:22,040 --> 00:35:24,960 Speaker 1: emotional distress from the death of her husband and daughter, 616 00:35:25,600 --> 00:35:28,520 Speaker 1: rather than distress that the photos were leaked. How can 617 00:35:28,560 --> 00:35:34,040 Speaker 1: a jury separate those well, emotional distress damages are always 618 00:35:34,040 --> 00:35:38,160 Speaker 1: a very difficult thing, both to prove and to disprove. Right, 619 00:35:38,680 --> 00:35:41,439 Speaker 1: it's just how much are you hurt? And there's no 620 00:35:41,760 --> 00:35:45,960 Speaker 1: clear marker for that. However, I think the county has 621 00:35:46,040 --> 00:35:51,440 Speaker 1: a difficult time with that argument made, certainly without any dispute. 622 00:35:51,600 --> 00:35:54,799 Speaker 1: Someone suffers emotional distress when I loved one died. But 623 00:35:55,280 --> 00:35:57,960 Speaker 1: I think it is within the realm of experience and 624 00:35:58,080 --> 00:36:02,759 Speaker 1: probability that you can exact surveys that emotional distress by 625 00:36:03,120 --> 00:36:06,799 Speaker 1: just treating the family of loved ones or taking photos 626 00:36:06,840 --> 00:36:09,719 Speaker 1: really according to a pointness at least almost like there 627 00:36:09,800 --> 00:36:12,960 Speaker 1: was a trophy hunting type of experience, And I don't 628 00:36:12,960 --> 00:36:18,160 Speaker 1: think any rational person can separate out one trauma from another. Now, 629 00:36:18,320 --> 00:36:21,960 Speaker 1: does that impact your damages? Perhaps, yes, It doesn't make 630 00:36:22,000 --> 00:36:26,720 Speaker 1: it impossible to conceive that she suffered additional emotional distress 631 00:36:26,840 --> 00:36:29,359 Speaker 1: because of these photos. I don't think that's the true. 632 00:36:29,680 --> 00:36:32,360 Speaker 1: Which side do you think has the better case here? 633 00:36:33,000 --> 00:36:36,960 Speaker 1: Right now? I like pointest chances, And let me tell 634 00:36:37,000 --> 00:36:40,320 Speaker 1: you what I'm thinking. You have a case where word 635 00:36:40,400 --> 00:36:43,959 Speaker 1: photos were taken, and there is a history of these 636 00:36:43,960 --> 00:36:47,120 Speaker 1: photos being taken in the Google book. You have a 637 00:36:47,200 --> 00:36:51,200 Speaker 1: case in which people have at least as points painted 638 00:36:51,560 --> 00:36:55,279 Speaker 1: have lied outright lie about what they did with the 639 00:36:55,320 --> 00:36:59,080 Speaker 1: photos and why. You have the defendant saying that these 640 00:36:59,080 --> 00:37:03,280 Speaker 1: photos were taken and then distribute for the purposes of training. 641 00:37:03,640 --> 00:37:06,279 Speaker 1: But you have them distributed at a bar, you have 642 00:37:06,360 --> 00:37:09,440 Speaker 1: them distributed to a person playing a video game, you 643 00:37:09,480 --> 00:37:13,560 Speaker 1: have them distributed at an awards ceremony. That doesn't make sense. 644 00:37:13,840 --> 00:37:16,560 Speaker 1: And I know that the defendants are saying that they 645 00:37:16,600 --> 00:37:19,680 Speaker 1: immediately told people to remove it from their phone in 646 00:37:19,840 --> 00:37:24,080 Speaker 1: order to mitigate any continuing harm, But there was no 647 00:37:24,200 --> 00:37:28,080 Speaker 1: attempt to ensure that these photos were in fact destroyed, 648 00:37:28,719 --> 00:37:31,960 Speaker 1: and it looks more like they were trying to cover 649 00:37:32,160 --> 00:37:35,440 Speaker 1: up more than anything else. To add the extra spite 650 00:37:35,680 --> 00:37:38,600 Speaker 1: is you have at least one of the deputy saying, 651 00:37:38,719 --> 00:37:41,840 Speaker 1: should we really do this? We've gotten in trouble before 652 00:37:41,920 --> 00:37:45,600 Speaker 1: for this and as Warrington Parker, a partner at Crowell 653 00:37:45,680 --> 00:37:48,440 Speaker 1: and Moorings being at Bloomberg Student Grosso. Catch more of 654 00:37:48,520 --> 00:37:51,440 Speaker 1: that interview plus analysis of the latest legal news by 655 00:37:51,480 --> 00:37:54,319 Speaker 1: subscribing to the Bloomberg Law Podcast or downloading the show 656 00:37:54,360 --> 00:37:58,080 Speaker 1: at Bloomberg dot com slash Podcasts. Attorneys can find exceptional 657 00:37:58,160 --> 00:38:00,960 Speaker 1: legal research and business development tool is at Bloomberg Law 658 00:38:01,000 --> 00:38:04,040 Speaker 1: dot com and on the Bloomberg terminal at b Law Go. 659 00:38:05,520 --> 00:38:08,799 Speaker 1: This is the Big Take, the best to Bloomberg's in 660 00:38:08,920 --> 00:38:11,799 Speaker 1: depth original reporting from around the globe. This is a 661 00:38:11,880 --> 00:38:16,400 Speaker 1: really fascinating story that's caused a lot of outrage among investors. 662 00:38:16,440 --> 00:38:19,319 Speaker 1: This is so fascinating market shutdown in a way it's 663 00:38:19,440 --> 00:38:22,640 Speaker 1: never done before. That's gonna have consequences for years to come. 664 00:38:22,800 --> 00:38:26,800 Speaker 1: The Big Take on Bloomberg Radio and he in today's 665 00:38:26,800 --> 00:38:30,680 Speaker 1: Big Take, the FEDS past crises hold secrets to tackling 666 00:38:30,840 --> 00:38:34,480 Speaker 1: future recessions. Were joined now by David Wilcox, Director of 667 00:38:34,560 --> 00:38:38,280 Speaker 1: US Economic Research at Bloomberg Economics. He was formerly director 668 00:38:38,320 --> 00:38:41,760 Speaker 1: of the FEDS Division of Research and Stats and served 669 00:38:41,800 --> 00:38:45,080 Speaker 1: as a senior advisor to three FED. Cheers, David, thanks 670 00:38:45,080 --> 00:38:47,480 Speaker 1: for being with us this morning at the Echoes Building 671 00:38:47,480 --> 00:38:51,120 Speaker 1: in Washington, hanging on the wall or pictures of past chairs. 672 00:38:51,320 --> 00:38:54,960 Speaker 1: I imagine j Pale passes the portrait of Arthur Burns 673 00:38:55,000 --> 00:38:57,480 Speaker 1: and thanks to himself. Oh God, I don't want to 674 00:38:57,520 --> 00:39:02,319 Speaker 1: be that guy. Is it going to be that guy? Absolutely? 675 00:39:02,360 --> 00:39:06,480 Speaker 1: I'm sure that's his sentiment. He wants to be the 676 00:39:06,640 --> 00:39:11,439 Speaker 1: portrait of the next person too. Over Paul Voker, who 677 00:39:11,440 --> 00:39:18,279 Speaker 1: came in after Burns in an extraordinary circumstance. Volker had 678 00:39:18,400 --> 00:39:21,800 Speaker 1: attended a speech that Burns gave where he where Burns 679 00:39:21,880 --> 00:39:26,560 Speaker 1: explained why no central bank could control inflation. Voker flew 680 00:39:26,640 --> 00:39:31,880 Speaker 1: home from Belgrade, Yugoslavia, determined to demonstrate otherwise, and on 681 00:39:32,200 --> 00:39:36,880 Speaker 1: October six nine, he and his colleagues unveiled a monetary 682 00:39:36,920 --> 00:39:41,640 Speaker 1: policy revolution that did crush inflation. Tam Paul of t Neck, 683 00:39:41,719 --> 00:39:45,960 Speaker 1: New Jersey. That was a painful period, but painful period 684 00:39:46,040 --> 00:39:48,239 Speaker 1: we had to live through. Are we going to go 685 00:39:48,320 --> 00:39:52,400 Speaker 1: through the same period? It was a painful period, but 686 00:39:52,520 --> 00:39:56,840 Speaker 1: let's keep in mind it gave birth to an era 687 00:39:56,920 --> 00:40:00,560 Speaker 1: that matro economists called the Great Moderation. It was period 688 00:40:00,840 --> 00:40:05,440 Speaker 1: the Great Moderation was a period of low volatility, solid growth, 689 00:40:06,320 --> 00:40:10,719 Speaker 1: low and predictable inflation. I don't think we're doomed for 690 00:40:10,800 --> 00:40:15,200 Speaker 1: a repeat of the Voca recession. The main reason is 691 00:40:15,239 --> 00:40:18,480 Speaker 1: because of the legacy that Voca and his successors left, 692 00:40:19,160 --> 00:40:24,360 Speaker 1: which is a legacy of low inflation that breeds expectations 693 00:40:24,400 --> 00:40:27,680 Speaker 1: of low inflation and inflation is a self fulfilling prophecy. 694 00:40:28,080 --> 00:40:31,839 Speaker 1: Household and businesses expect the Fit to deliver on its 695 00:40:31,880 --> 00:40:36,239 Speaker 1: promise of low inflation. There is a disconnect right now 696 00:40:36,280 --> 00:40:39,480 Speaker 1: between what the markets believe and what some members of 697 00:40:39,560 --> 00:40:42,560 Speaker 1: the Fellow Reserve are saying. Why is that? And is 698 00:40:42,680 --> 00:40:47,719 Speaker 1: how problematic is that? Well? I think you understandably. The 699 00:40:47,719 --> 00:40:52,520 Speaker 1: members of the Open Market Committee are projecting a cost stance. 700 00:40:52,960 --> 00:40:57,040 Speaker 1: They are determined to win the battle against inflation, and 701 00:40:57,200 --> 00:40:59,880 Speaker 1: their main message right now is a sort of Mario 702 00:41:00,080 --> 00:41:04,520 Speaker 1: Draggy style. Whatever it takes, they are bound and determined 703 00:41:04,560 --> 00:41:08,760 Speaker 1: to conquer inflation, even if that comes at the cost 704 00:41:08,880 --> 00:41:13,200 Speaker 1: of a recession. Again, if a recession comes, I don't 705 00:41:13,239 --> 00:41:16,600 Speaker 1: think it will be anywhere near the depth or the 706 00:41:16,640 --> 00:41:20,319 Speaker 1: painfulness of the Vocal recession. What are the tradeoffs that 707 00:41:20,400 --> 00:41:26,480 Speaker 1: j Pal faces? Does he have the torpedo employment? For instance, well, 708 00:41:26,800 --> 00:41:30,200 Speaker 1: that certainly is not his goal. The trade off he 709 00:41:30,320 --> 00:41:35,240 Speaker 1: faces is that he probably needs to engender a period 710 00:41:35,400 --> 00:41:40,239 Speaker 1: of slow growth of more sluggish employment. The economy is 711 00:41:40,280 --> 00:41:44,319 Speaker 1: overheated right now. It needs to cool off. But that 712 00:41:44,560 --> 00:41:48,880 Speaker 1: is the pathway to a sustainable future. Really, the worst 713 00:41:49,000 --> 00:41:53,080 Speaker 1: outcome is not to have that period of low growth 714 00:41:53,400 --> 00:41:57,840 Speaker 1: or arising unemployment, because that would signal that we're in 715 00:41:58,000 --> 00:42:01,920 Speaker 1: for a more prolonged era of higher, higher than desirable 716 00:42:02,000 --> 00:42:05,640 Speaker 1: inflation and more volatility. I wish we had more time. 717 00:42:05,719 --> 00:42:10,080 Speaker 1: David Wilcox, Director of US Economic Research at Bloomberg Economics. 718 00:42:10,440 --> 00:42:12,760 Speaker 1: It was also formerly the director of the Federal Reserves 719 00:42:12,800 --> 00:42:17,040 Speaker 1: Board Division of Research and Statistics, also serving as senior 720 00:42:17,080 --> 00:42:20,680 Speaker 1: adviser to three FED chairs of That is today's big 721 00:42:20,719 --> 00:42:23,239 Speaker 1: take ahead of the market opened on Wall Street. DAL 722 00:42:23,360 --> 00:42:27,280 Speaker 1: futures right now fourteen points lower, smp E many futures 723 00:42:27,280 --> 00:42:31,120 Speaker 1: down seven at the NAS day futures twenty five points lower. 724 00:42:31,239 --> 00:42:34,400 Speaker 1: As we look to treasuries right now, the inversion continues, 725 00:42:34,440 --> 00:42:37,520 Speaker 1: of course, between two's and ten's negative forty one basis 726 00:42:37,520 --> 00:42:39,839 Speaker 1: points between the two the two year yield at three 727 00:42:39,920 --> 00:42:44,719 Speaker 1: twenty the ten year at two seventy nine. You are 728 00:42:44,800 --> 00:42:47,520 Speaker 1: listening to Bloomberg day Break