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Speaker 1: Bye from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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Speaker 1: day Break for Tuesday, September twenty seven two. Coming up

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Speaker 1: this hour, US futures rise following the lowest close for

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Speaker 1: the SMP five hundred in almost two years. Despite the

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Speaker 1: market turmoil, Feed officials remain hawkish in their fight against inflation.

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Speaker 1: Double Line Capital's Jeffrey Gunlack thinks the worst global bond

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Speaker 1: route in decades maybe over, and traders increased bets the

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Speaker 1: pound could fall to parody with the dollar hurricaney and

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Speaker 1: his gaining strength as it heads toward Florida. Plus, we've

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Speaker 1: learned that it was a small tornado that sets down

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Speaker 1: late Sunday on Long Island. I'm Michael barn More. I'm

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Speaker 1: down fash Our in sports, the Giant Stuff for their

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Speaker 1: first lost being Yankees lost in extrainnings in Toronto. That's

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Speaker 1: all s Tradyhead on Bloomberg day Break on Bloomberg. He

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Speaker 1: live in Free on New York, Bloomberg one, Washington, d C,

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Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,

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Speaker 1: Sirius x M one nine team and around the World

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

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Speaker 1: Business App. And good morning. I'm Karen Moscow, I'm Nathan Hagar.

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Speaker 1: Bloomberg Daybreak is brought to you by SEI. Asset managers

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Speaker 1: don't get results that are off the charts when their

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Speaker 1: solutions are off the shelf. Learn how SEI is operating

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Speaker 1: platform can turn infrastructure into a competitive advantage at s

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Speaker 1: E i C dot Com, slash Tech and US futures

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Speaker 1: are higher this morning five oh one on Wall Street.

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Speaker 1: We checked the markets every fifteen minutes throughout the trading day.

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Speaker 1: On Bloomberg, SMP future is up thirty nine points. DAL

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Speaker 1: futures have two hundred forty five and NASDACK future is

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Speaker 1: up on thirty nine. The decks in Germany is up

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Speaker 1: a quarter percent and the tenure treasury of twenty three

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Speaker 1: thirty seconds three point eight two percent Nathan Karen. The

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Speaker 1: rise in futures this morning follows the lowest clothes for

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Speaker 1: the SMP five hundred since December of twenty twenty ten.

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Speaker 1: Year treasury yields are holding their their highest level since

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Speaker 1: while the dollar has snapped a five day gain still.

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Speaker 1: Daniel Gerard, multi assets strategist at State Streets sees more

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Speaker 1: strength for the dollar ahead as we get more bad

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Speaker 1: news that's going to really hit the earnings growth and

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Speaker 1: the earning growth potential, margins, etcetera. And there were just

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Speaker 1: isn't um. There aren't a lot of good stories to

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Speaker 1: find out here, and I think that we're in a

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Speaker 1: relative world. We've got to do our best. But US

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Speaker 1: dollar looks like the uh the asset to hold right now,

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Speaker 1: State Streets. Daniel Gerard favors equities over bonds going forward

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Speaker 1: well as fears of a global recession continue to swirl. Nathan,

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Speaker 1: we have a couple more bearish calls on equities this morning,

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Speaker 1: and we get the details from Bloomberg's Lisa Mateo. Goldman

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Speaker 1: Sacks and black Rock are both warning that markets are

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Speaker 1: yet to price and the risk of a global recession.

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Speaker 1: Goldman strategists, flagging rising real yields as a major headwind,

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Speaker 1: cut equities to underweight in the US investment banks global

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Speaker 1: allocation over the next three months. It's staying overweight in cash. Meantime,

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Speaker 1: black Rock is advising investors to shun most stocks. It's

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Speaker 1: that it is tactically underweight developed market shares and the

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Speaker 1: first credit in the short term. In New York Lisa

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Speaker 1: Mateo Bloomberg Daybreak, Lisa, thank you. The turmoil and market

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Speaker 1: shows little sign of turning Fed officials away from hawkish policy.

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Speaker 1: Boston Fed President Susan Collins and her Cleveland counterpart Lorette

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Speaker 1: Smester say additional tightening is still needed to slow inflation.

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Speaker 1: Here's Collins in her first public speech since taking office.

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Speaker 1: Returning inflation to our two percent target will require further

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Speaker 1: tightening of monetary policy, as signaled in the recent f

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Speaker 1: O MC projections. It will be important to see clear

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Speaker 1: and convincing signs that inflation is falling. At the same time,

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Speaker 1: Boston FED President Susan Collins says it is quite likely

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Speaker 1: inflation may have peaked. Well, there's at least one major

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Speaker 1: investor who thinks the worst global bond route in decades

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Speaker 1: is creating a buying opportunity. Nathan and a tweet double

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Speaker 1: line Capitals. Jeffrey Gunlow says, quote the US treasury bond

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Speaker 1: market is rallying. He says he's been dying. The British

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Speaker 1: pound is stronger today, Karen, after hitting a record low

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Speaker 1: on Monday. Still traders are increasing bet sterling could fold

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Speaker 1: a parody with the dollar. Let's go to London and

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Speaker 1: get the latest with Bloomberg's Human Parts. Good morning, Karen, Nathan.

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Speaker 1: The pounds and guilt recovering some ground today after that

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Speaker 1: historic sell off. Sterling rallying after collapsing to a record

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Speaker 1: low against the dollar on Monday. The UK markets still

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Speaker 1: vulnerable after the plunge that followed when new Chancellor quas

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Speaker 1: quarteing unveiled the country's biggest fiscal giveaway in half a century.

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Speaker 1: He said to meet top bankers later today. It may

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Speaker 1: not be the warm reception that he was originally hoping

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Speaker 1: for in London. I'm you and parts sploom Boke, daybreak

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Speaker 1: for you and thank you and Asia. Overnight, starks traded

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Speaker 1: slightly higher despite yesterday's sell off. In the US, we

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Speaker 1: get the recount from Bloomberg's Juliette Sally and Singapore. Good morning, Juliet,

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Speaker 1: Good morning Karen. A gage of the region's equities fluctuated

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Speaker 1: as shares edged higher in Japan and Australia, while Hong

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Speaker 1: Kong stocks traded at an eleven year low. Bonds from

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Speaker 1: under pressure in Australia and Japan, where the yield on

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Speaker 1: the twenty year topped one percent for the first time since,

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Speaker 1: prompting the Bank of Japan to announce another unscheduled bond

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Speaker 1: buying operation, this time at the long end in Singapore,

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Speaker 1: Juliet Sally Bloomber daybreak. All right, Juliet, thank you. Back

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Speaker 1: here in the US, gasoline prices have fallen from their

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Speaker 1: peak this summer, but they're still weighing on the White House,

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Speaker 1: and that has President Biden sending a message to fuel

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Speaker 1: companies prices now. President Biden spoke at a meeting of

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Speaker 1: his White House Competition Council. Oil prices fell more than

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Speaker 1: nine percent last month. Gas has followed suit, but the

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Speaker 1: President says prices are uneven across the country, especially in

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Speaker 1: the West, due to low refining capacity. Checking oil now

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Speaker 1: NIMEX crewed is up one percent, or eighty nine cents

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Speaker 1: at seventy seven dollars sixty one cents a barrel. Brent

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Speaker 1: is at eighty five dollars fifteen cents meantime on Capitol

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Speaker 1: Hill and they than the possibility of a government shutdown

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Speaker 1: looms this week and now Senate Democrats have released a

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Speaker 1: short term funding bill to try to avoid a shutdown.

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Speaker 1: Bloomberg's Amy Morris has the details from our newsroom in Washington.

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Speaker 1: The bill would keep the government open through December sixteenth.

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Speaker 1: It includes a measure that will speed up energy project permits,

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Speaker 1: something that's opposed by Republicans and some Democrats. Congress can

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Speaker 1: strip that out if it's a deal breaker. It provides

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Speaker 1: twelve point four billion dollars in Ukraine aid. It includes

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Speaker 1: two billion dollars for disaster aid and another billion dollars

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Speaker 1: for home heating assistance. It allows the FDA to collect

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Speaker 1: user fees for five years to prevent a funding shortfall

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Speaker 1: at the Food and Drug Administration. Congress must pass the

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Speaker 1: measure by midnight Friday in Washington. I'm Amy Morris, Bloomberg Daybreak.

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Speaker 1: All right, Amy, thank you, and incorporate news of Biogen

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Speaker 1: whistleblower will collect almost two undred fifty million dollars for

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Speaker 1: exposing a kickback scheme. The company agreed to resolve the

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Speaker 1: matter by paying the US and state government's nine hundred

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Speaker 1: million dollars. The False Claims Act allows individuals to sue

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Speaker 1: on behalf of the US and get a cut of

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Speaker 1: any money received. Right now, SMP futures are up thirty

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Speaker 1: four points down, futures up two twenty NASTAC futures are

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Speaker 1: higher by a hundred twenty four points, and the tenure

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Speaker 1: treasury is up one seconds. The yield three point eight

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Speaker 1: three percent. Straight ahead, your latest local headlines and a

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Speaker 1: check of sports. This is Sploomberg. It's south five oh

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Speaker 1: seven on Wall Street. We're at sixty two degrees in

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Speaker 1: Central Park. You've got a broken down vehicle on the

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Speaker 1: southbounded Jersey Turnpike truck lanes. Bags at ten. Details coming

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Speaker 1: up in traffic. First Michael Barr with what else is

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Speaker 1: going on in New York and around the world. Good morning, Michael,

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Speaker 1: Good morning Nathan. Hurricane Ian is gaining strength thick Cuba

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Speaker 1: on a path towards Florida. It is threatening to become

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Speaker 1: the worst storm to hit Tampa in over a century.

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Speaker 1: The National Hurricane Center says Ian is now a Category

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Speaker 1: three storm. Mandatory evacuations are in parts of Florida. State

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Speaker 1: Emergency Management Director Kevin Guthrie is in Penellas County. We

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Speaker 1: do have telephone companies on standby ready to for a

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Speaker 1: critical cellular service of power's loss, but in the meantime,

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Speaker 1: Florida should be prepared to have a communications plan in

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Speaker 1: place with her families. Bloomberg meteorologist Rob Caroline has the

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Speaker 1: latest on Ian Michael. Hurricane Ian made landfall over western

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Speaker 1: Cuba earlier this morning. Is a major hurricane with sustained

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Speaker 1: winds of a hundred and fifteen miles an hour. It

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Speaker 1: will re emerge in the eastern Gulf of Mexico later

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Speaker 1: this morning and then restrengthen and work its way up

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Speaker 1: towards the Tampa area. Looks like it will be making

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Speaker 1: landfalls somewhere in Pinellas County late Wednesday night or early

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Speaker 1: Thursday morning, and the problem with the storm is it

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Speaker 1: will be very strong at that time. It's also going

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Speaker 1: to stall out, and it looks like it is going

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Speaker 1: to rake the Tampa area for maybe twenty four to

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Speaker 1: thirty six hours with high winds, heavy rain and storm searches. Michael, Rob,

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Speaker 1: thank you, sir. We're learning that a small tornado touchdown

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Speaker 1: on Long Island last Sunday night, the National Weather Service

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Speaker 1: says and e of zero twister hit part of the

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Speaker 1: Suffolk County area around eleven pm. They say the tornado

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Speaker 1: had an estimated peak wind of about seventy five miles

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Speaker 1: per hour. When he hit the town of Matatuck, no

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Speaker 1: serious damage. Five days after President Vladimir Putin announced the

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Speaker 1: partial mobilization to call up hundreds of thousands of reservists

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Speaker 1: to fight in Ukraine, the move continues to trigger outrage

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Speaker 1: protests across Russia. It has also led to an exodus

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Speaker 1: of men of fighting age from the country and acts

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Speaker 1: of violence. NASA deliberately crashed a dark spacecraft into the

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Speaker 1: small moon of an asteroid seven million miles away from

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Speaker 1: Earth in an attempt to change its orbit. Planetary scientists

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Speaker 1: Emily Lackadoo says that this is the first time that

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Speaker 1: humans have altered the path of another object in the

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Speaker 1: Solar System. Well, this one poses no threat to us.

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Speaker 1: It does give us the first experience and understanding how

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Speaker 1: we could prevent a civilization devastating threat if discovered in

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Speaker 1: the future. Pardon the Planetary scientist Emily Lackadawa says it

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Speaker 1: will take NASA a couple of months to determine exactly

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Speaker 1: how much the asteroids path was changed. Global He was

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Speaker 1: twenty four hours a day on air and on Bloomberg

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Speaker 1: quick Take, powered by more than twenties seven hundre. Journalist

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Speaker 1: and analysts more than a twenty countries. Michael Barr, This

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Speaker 1: is Bloomberg Nick. Thanks Michael. Just about five ten on

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Speaker 1: Wall Street, time for the Bloomberg Sports Update with John

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Speaker 1: Shower Banks Nathan. The Giants we're looking for their first

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Speaker 1: three and stars in two thousand nine and when s

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Speaker 1: Kwan Barkley score in the thirty six yard run on

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Speaker 1: the third cour of the Giants at a seven point lead,

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Speaker 1: but Dallas score the next seventeen and the Cowboys won

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Speaker 1: three to sixteen, both teams with two and one. Big

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Speaker 1: Blue done in by a familiar problem, the inability to

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Speaker 1: protect the quarterback. Daniel Jones was sacked, hit, or at

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Speaker 1: least harassed over twenty times. Jones was coach is Brian

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Speaker 1: day Ball. He did a good job, so he made

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Speaker 1: a lot of loose plays. I only had what about

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Speaker 1: eight yards Russian. I thought he did a good job

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Speaker 1: keeping his eyes down feel when he could get out.

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Speaker 1: You know, he made a couple of plays there at

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Speaker 1: the end. You know that we couldn't quite convert on

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Speaker 1: and hit some drop passes. Um you know the last

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Speaker 1: play that that Digs picked off show spell down and

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Speaker 1: it was a time and throw that was the interception

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Speaker 1: that sealed the win for the Cowboys. It was the

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Speaker 1: only turnover of the night, and on that place, Sterling

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Speaker 1: Shepard suffered a serious knee knee injury appears to be

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Speaker 1: season ending. The white out is the longest tenure Giant.

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Speaker 1: He has made it back from an achilles injury suffered

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Speaker 1: last year. The NFL and has no more Pro Bowl.

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Speaker 1: They'll play a flag football game, have a skills competition instead.

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Speaker 1: Ain't Toronto. The champagne that was on ice and the

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Speaker 1: Yankee Lapper Room will have to wait to be pop Cophen.

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Speaker 1: The Yanks did not clinch the a l East. He

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Speaker 1: had a too nothing lead but lost in a let

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Speaker 1: of ins in the Blue Jays three to two ends

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Speaker 1: the Yanks seven game winning drink. It's the sixth rate

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Speaker 1: game where Aaron Judge has noted a home run. His

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Speaker 1: mother and Roger Marris June will be back again tonight.

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Speaker 1: See if Judge hits home run number sixty one to

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Speaker 1: time Harris. Atlanta want eight nothing at Washington, so with

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Speaker 1: eight games ago, the Braves are one game behind the Mets,

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Speaker 1: who hosts Miami tonight. They'll go to Atlanta this weekend.

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Speaker 1: That will obviously go a long way towards deciding who

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Speaker 1: wins the division. Johns Gashawer Bloomberg Sports, Nathan all Right, John,

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Speaker 1: thank you. Futures are moving higher after yesterday's big drop.

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Speaker 1: We check in neck so Jeff you of b n

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Speaker 1: y Melon. This is Bloomberg Bloomberg eleven three oh weather

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Speaker 1: mostly sunny, low seventies today, mid fifties tonight, little cooler

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Speaker 1: in the sunshine tomorrow with the high near seventy, upper sixties.

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Speaker 1: Mostly sunny on Thursday. Right now sixty one in Central Park. Markets,

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com of Bloomberg Business Outland at Bloomberg Quick Take,

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Speaker 1: this is a Bloomberg business lash and I'm Karen Moscow.

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Speaker 1: And global markets are made on edges. Investors race for

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Speaker 1: a heightened risk of global recession even as dip buyers emerge.

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Speaker 1: Stocks are mixed as Goldman, Sachs and black Rocks sour

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Speaker 1: inequities for the short term, and city groups said bearish

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Speaker 1: position and continues to rise. Europe stock six hundred rebounding

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Speaker 1: with US stock index futures, and we checked the markets

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Speaker 1: every fifteen minutes throughout the trading day on Bloomberg Guess

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Speaker 1: and p futures, they're higher up thirty two points, DAL

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Speaker 1: futures up one hundred ninety one and nastag future is

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Speaker 1: up a hundred twenty three. That's up one point one

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Speaker 1: per cent, and the decks in Germany's up to tenths

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Speaker 1: of a percent. Ten year treasury of twenty thirty seconds,

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Speaker 1: he'll three point eight four percent, the yell done the

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Speaker 1: two year four point to seven percent. Nine x Screwede

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Speaker 1: oil is up one point one percent of eighty seven

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Speaker 1: cents at seventy seven dollars, fifty eight cents of barrel

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Speaker 1: comes gold up half percent or eight dollar sixty cents

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Speaker 1: at sixteen forty two an ounce. The euro point nine

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Speaker 1: six two three against the dollar, British pound one point

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Speaker 1: oh seven eight six and a yen one forty four

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Speaker 1: point four three. I'm looking at it. Bitcoin it's up

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Speaker 1: more than five percent at twenty thousand, one hundred thirty

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Speaker 1: dollars and as of Bloomberg Business Flash now here's Michael

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Speaker 1: Barr with more on what's going on around the world. Michael,

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Speaker 1: good morning, Good morning, Karen. Hurricane and makes landfall in

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Speaker 1: Cuba on routes of Florida's West coast in as a

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Speaker 1: Category three storm and is forecast grow into a Cat

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Speaker 1: four with top winds of one hundred forty miles an hour.

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Speaker 1: In Japan, world leaders and members of the public are

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Speaker 1: paying tribute to former Prime Minister Shinzo Abe, who was

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Speaker 1: assassinated in July, but thousands are protesting the large scale

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Speaker 1: state funeral, saying taxpayer money should instead be used to

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Speaker 1: address widening economic disparities they say were caused by Abe's policies.

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Speaker 1: In Monday Night Football, the Giants lost with Cowboys twenty

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Speaker 1: three sixteen. In baseball, the Yankees lost to the Blue

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Speaker 1: Jay's three too and ten innings. Aaron Jodd still stuck

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Speaker 1: at sixty home runs as he chases Roger Merris sixty

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Speaker 1: one a l record. The Orioles beat the Red Sox

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Speaker 1: fourteen eight. The Nationals lost. Global news twenty four hours

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Speaker 1: a day on air and on Bloomberg Quick Take, powered

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Speaker 1: by more than dred journalists analysts more than a hundred

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Speaker 1: twenty countries. I'm Michael Barn, this is Bloomberg. Nathan all right, Michael,

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Speaker 1: thank you for coming up to five twenty on Wall

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Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is

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Speaker 1: Bloomberg Daybreak and we're joined now by Jeffrey You, senior

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Speaker 1: strategist at b n y Melon. Do you see a

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Speaker 1: bit of dip buying in this mark it after yesterday's

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Speaker 1: continued route, jeff would you buy this? Well? At this point,

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Speaker 1: I think it's some better to um air on the

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Speaker 1: side of caution, right So a buying a dip sentiment

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Speaker 1: right now is I'm just reflection that we've had three

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Speaker 1: trading days of I wouldn't call cartnerge, but no quite

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Speaker 1: a bit chaotic ever since the Waker, the stead decision,

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Speaker 1: so intervention from the Bank of Japan, and we've had

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Speaker 1: the supposing mini budget, you know from the UK government,

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Speaker 1: and the lack of a high guest today from the

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Speaker 1: v o E. So Marcus and we're sawing around. You're

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Speaker 1: right at But ultimately, if you think that the FED

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Speaker 1: is going to go very high in sraterminal rates and

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Speaker 1: say there, then your bias should be towards the downside

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Speaker 1: and risk aside. Now, what's your car and what the

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Speaker 1: FED is going to do in the next few months.

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Speaker 1: One of the FED few in the next few months

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Speaker 1: of the first time, we actually think the market pricing

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Speaker 1: for the FED heading towards five percent terminal and that's

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Speaker 1: where we think the FED will head to. That is

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Speaker 1: just about adequate and the next phases, of course states independency.

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Speaker 1: If the FED um start to observe that data is decelerating,

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Speaker 1: you know, let's take a cue from durable goods today

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Speaker 1: and for example, then you know, maybe markets will start

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Speaker 1: to price in a slowdown or an easy or something

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Speaker 1: like that. We would still push back against those things.

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Speaker 1: You know, we're going to stay eternal for some time. Um,

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Speaker 1: but maybe the narrative can start to change from there

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Speaker 1: into how high the Federal will high too? How long

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Speaker 1: will the FED stay at very high levels? So would

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Speaker 1: you push back against the narrative that we're hearing now

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Speaker 1: from Goldman Saxon, black Rock. Both of those banks have

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Speaker 1: soured on equities, both saying that the risk of a

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Speaker 1: global recession hasn't been fully priced into this market. UM,

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Speaker 1: I would separate those two things, you know, because of

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Speaker 1: the US is so separate, you know, from how the

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Speaker 1: rest of the world is behaving right now. So if

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Speaker 1: we have a global recession, that's the key word that

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Speaker 1: how much would impact the US as a global non

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Speaker 1: US recession directly and push the US into a recession.

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Speaker 1: We want to go that far yet, Having said that,

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Speaker 1: equity is relative to inflation, may be relative to discount

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Speaker 1: rate from right now still, um, I wouldn't say expensive,

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Speaker 1: but certainly not cheap yet. So further downward adjustment is

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Speaker 1: definitely possible. But I think the narrative of peak rates, um,

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Speaker 1: now that is a bit more justifiable. It's a question

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Speaker 1: of how long are we going to stay at peak rates?

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Speaker 1: And I think that's going to be longer. Level markets

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Speaker 1: are anticipation right now, where are you expecting the market

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Speaker 1: to bottom out at? You have a level on target

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Speaker 1: for the sp no major targets, you know, at this

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Speaker 1: some point, right, so we always know go convergence and

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Speaker 1: there's always dynamic and of inflation you know, comes off

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Speaker 1: faster than expected, then we would actually start to say, okay,

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Speaker 1: then maybe at around these levels the mess and people

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Speaker 1: be adequately by the price. Right, So it's not just

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Speaker 1: a price versus earning story. It's a relative to the

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Speaker 1: wider macro fundamentals. The one thing we all say is,

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Speaker 1: you know, for international investors, they're looking at the dollar

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Speaker 1: right now and they're asking when is the dollar going

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Speaker 1: to peek? And that will start to impact as allocation

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Speaker 1: into the US. Are more hedges going to take into

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Speaker 1: place to people want to take the exerty risk but

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Speaker 1: not the dollar risk. This will start to come up

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Speaker 1: the radar very very soon international investors. Of course, there's

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Speaker 1: a lot of attention on the pound right now, inspect

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Speaker 1: reculation about whether sterling is going to reach parody against

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Speaker 1: the dollar. Do you think that's a possibility. Absolutely, it's

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Speaker 1: a pulp It's absolutely a possibility. You know. I've also

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Speaker 1: my views on this sun because right now, in one word,

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Speaker 1: we need transparency. We need transparency you know, from the

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Speaker 1: Treasury on how this is going to be costed. And

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Speaker 1: yesterday the statement was released by I believe the end

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Speaker 1: of November we are going to see a full costing

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Speaker 1: you know of the tax cuts. But that's going to

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Speaker 1: be after the next Bank of England decision as well.

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Speaker 1: So even if you don't believe that Bank of England

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Speaker 1: are going to do an inter meeting, hike that even still,

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Speaker 1: you know, the November meeting, the bobs heading into that

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Speaker 1: without full information, right so the bias is going to

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Speaker 1: be towards in their caution um and selling of guilt

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Speaker 1: higher inflation expectations. So we just need to hear more

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Speaker 1: from the government on how all of this is going

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Speaker 1: to work out. Until then, I don't think people are

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Speaker 1: going to be dashing back into the pound. Are you

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Speaker 1: looking for even more of a jumbo interest rate hike

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Speaker 1: from the Bank of England than the jumbo hikes that

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Speaker 1: they've already delivered? Yes, yes, right, because you know with

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Speaker 1: the status quo, the amount of jump tho stimulus that

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Speaker 1: is being delivered, then you are going to need a

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Speaker 1: jumbo hike, you know, to offset back all right's restrain conditions.

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Speaker 1: So market is pricing into and the basis points by November.

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Speaker 1: I think that is adequately at this point that they

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Speaker 1: probably definitely needs to go into the triple digits at least,

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Speaker 1: if not more um and if not then certainly a

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Speaker 1: sterling riskers into the downside. Of course, if there's some

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Speaker 1: adjustments in the fiscal plan then we can discuss, but

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Speaker 1: as they stand, we need a jumbo heights offset a

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Speaker 1: jumbo stimulus. So good to get your thoughts this morning, Jeff,

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Speaker 1: really appreciate you having to come on with us. Jeffrey, you,

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Speaker 1: senior strategist at B and Y, melon with us this

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Speaker 1: morning as we watch futures continue to move higher after

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Speaker 1: yesterday's drop. SMP futures are up twenty nine points down

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Speaker 1: futures have a hundred seventy one and NASTAC futures are

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Speaker 1: higher by a hundred nine points. The tenure treasury getting

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Speaker 1: a bit up twenty thirty seconds, yield three point eight

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Speaker 1: three percent, and the yield on the two year right

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Speaker 1: now two or four point to seven percent. Checking the

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Speaker 1: British pound one point zero seven nine one against the dollar.

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Speaker 1: You're listening to Bloomberg day Break Bloomberg eleven three. Or

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Speaker 1: whether sunshine low seventies today will get down to the

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Speaker 1: mid fifties tonight a little bit Cooler's still sunny tomorrow

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Speaker 1: with a high near seventy, upper sixties by Thursday. Right

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Speaker 1: now sixty one in Central Park, broadcasting live from the

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Speaker 1: Bloomberg Interacted Broker Studio in New York. Bloomberg E living

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Speaker 1: freed to Washington, d C. Bloomberg nine to Boston, Bloomberg

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Speaker 1: one O six one to San Francisco, Bloomberg nine sixty

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Speaker 1: to the country, Sirius XM tod A one nine team,

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Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on

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Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow.

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Speaker 1: We're just about four hours away from the open of

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Speaker 1: US trading. Let's get you up to date on the

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Speaker 1: news you need to know at this hour. Global markets

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Speaker 1: remain on edge as concerns swirl about a global recession.

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Speaker 1: Futures are higher following the lowest clothes for the SNP

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Speaker 1: five in December. Bononds remain under pressure from the worst

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Speaker 1: selloff in decades or the ten year treasury yelled, holding

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Speaker 1: near the highest level since meantime. The British pound is

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Speaker 1: stronger today care and after hitting a record low Monday.

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Speaker 1: Still speculators are betting sterling will slide to a level

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Speaker 1: virtually unthinkable in recent decades a dollar or even less.

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Speaker 1: Kit Jukes his chief Effects Strategistic associated General. This is

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Speaker 1: a loss of confidence, at least to some degree, in

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Speaker 1: policy because normally, I mean President Reagan and Paul Volca

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Speaker 1: managed to put rates up in the enormous amount of

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Speaker 1: Theese fiscal policy dramatically and sent the dollar to the moon.

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Speaker 1: At one level, the UK Chancellor in the Bank of

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Speaker 1: England doing the same thing. I'm sending you out to

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Speaker 1: the floor. Those comments from kid Jukes come as bets

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Speaker 1: against the pound now show a forty three chance of

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Speaker 1: parody with the dollar before year's end. Meantime, Nathan Goman

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Speaker 1: Saxon black Rock are turning more bearish on US equities,

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Speaker 1: at least for the short term. Both were in that

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Speaker 1: markets have yet to price in the risk of a

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Speaker 1: global recession. Coleman is cutting equities to underweight over the

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Speaker 1: next three months, black Rock is advising investors to shun

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Speaker 1: most stocks. And the turmoil and markets shows little sign

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Speaker 1: of turning FED officials away from hawkish policy. Karen Boston

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Speaker 1: FED President Susan Collins and her Cleveland counterpart Lorettamester say

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Speaker 1: additional tightening is still needed and here's the latest roew

430
00:22:25,920 --> 00:22:28,840
Speaker 1: of Frommester. So the FMC is committed to using its

431
00:22:28,920 --> 00:22:31,280
Speaker 1: tools to bring inflation back down to our long run

432
00:22:31,320 --> 00:22:35,399
Speaker 1: golf two percent. Last week, we took another decisive action

433
00:22:35,480 --> 00:22:39,120
Speaker 1: to remove monetary policy accommodation. We raised the FED funds

434
00:22:39,200 --> 00:22:42,399
Speaker 1: rate by seventy five basis points. Cleveland Fed President Lorena

435
00:22:42,440 --> 00:22:44,840
Speaker 1: Master says she'd like to see inflation cool for several

436
00:22:44,960 --> 00:22:48,320
Speaker 1: months before concluding that it's peaked. And there's at least

437
00:22:48,359 --> 00:22:51,280
Speaker 1: one major investor who thinks the worst global bond route

438
00:22:51,320 --> 00:22:53,800
Speaker 1: in decades may be ending. Nathan and a tweet double

439
00:22:53,840 --> 00:22:57,400
Speaker 1: line capitals. Jeffrey Gunlock says, quote, the US treasury bond

440
00:22:57,440 --> 00:23:00,720
Speaker 1: market is rallying, and he says he has been buying

441
00:23:01,280 --> 00:23:03,800
Speaker 1: futures this morning. As we said around the rise. SMP

442
00:23:03,960 --> 00:23:06,879
Speaker 1: futures up almost twenty eight points down, futures up one

443
00:23:06,960 --> 00:23:10,480
Speaker 1: hundred sixty one, and NASDAG futures have one hundred five.

444
00:23:10,600 --> 00:23:12,600
Speaker 1: They are off their highs in the morning. The decks

445
00:23:12,640 --> 00:23:15,400
Speaker 1: in Germany is up tenth of a percent. Ten. Your

446
00:23:15,400 --> 00:23:17,719
Speaker 1: treasury up twenty thirty seconds. You have three point eight

447
00:23:17,760 --> 00:23:19,840
Speaker 1: four percent and a yield on the two year four

448
00:23:19,920 --> 00:23:23,080
Speaker 1: point to seven percent. Nine Max Scrude oil is up

449
00:23:23,160 --> 00:23:25,840
Speaker 1: one percent or seventy nine cents. It's seventy seven dollars

450
00:23:25,920 --> 00:23:28,719
Speaker 1: fifty cents of barrel. The euro point nine six one

451
00:23:28,840 --> 00:23:31,680
Speaker 1: nine against the dollars. Straight ahead, your latest local headlines,

452
00:23:31,960 --> 00:23:38,680
Speaker 1: plus a check of sports and this is Bloomberg. Thanks

453
00:23:38,720 --> 00:23:40,520
Speaker 1: here in five thirty three on Wall Street sixty one

454
00:23:40,560 --> 00:23:42,879
Speaker 1: degrees in Central Park. Out of crash, he's found Nassau

455
00:23:42,920 --> 00:23:44,960
Speaker 1: Expressway at the Van Wick More coming up on that

456
00:23:45,040 --> 00:23:47,240
Speaker 1: in traffic first Michael Barr with what else is going

457
00:23:47,280 --> 00:23:49,240
Speaker 1: on in New York and around the world. Michael, thank

458
00:23:49,320 --> 00:23:51,840
Speaker 1: you very much, Nathan. Hurricane in has made landfall in

459
00:23:51,920 --> 00:23:54,280
Speaker 1: Cuba as it roars on a path that could see

460
00:23:54,280 --> 00:23:58,080
Speaker 1: it hit Florida's west coast as a Category four Hurricane

461
00:23:58,560 --> 00:24:01,200
Speaker 1: Ian is now a Cat three as its forecast to

462
00:24:01,240 --> 00:24:04,600
Speaker 1: hit Florida by late Wednesday early Thursday. It's threatening to

463
00:24:04,640 --> 00:24:08,160
Speaker 1: become the worst storm they hit Tampa in over a century,

464
00:24:08,640 --> 00:24:12,119
Speaker 1: and Key West Mayor Terry Johnston says FIMA has been

465
00:24:12,160 --> 00:24:15,480
Speaker 1: deploying food, water, and generators to the storm zone. We

466
00:24:15,600 --> 00:24:19,320
Speaker 1: have started our preparations about two days ago, and of

467
00:24:19,400 --> 00:24:22,000
Speaker 1: course all of our residents are buttoning up their homes

468
00:24:22,080 --> 00:24:25,480
Speaker 1: and that including storm shutters and taking anything that could

469
00:24:25,520 --> 00:24:28,400
Speaker 1: be a flying projectile and high winds out of their yard.

470
00:24:28,960 --> 00:24:32,280
Speaker 1: Mayor Johnston says they have shut down city home. We're

471
00:24:32,359 --> 00:24:36,040
Speaker 1: learning that a small tornado touchdown on Long Island last

472
00:24:36,200 --> 00:24:39,440
Speaker 1: Sunday night, The National Weather Service says an e F

473
00:24:39,640 --> 00:24:44,320
Speaker 1: zero twister hit part of Suffolkone in the town of Mattatuck,

474
00:24:44,680 --> 00:24:48,600
Speaker 1: no serious damage. Vice President Kamala Harris continues their Asian

475
00:24:48,640 --> 00:24:51,840
Speaker 1: trip today, meeting with regional leaders in Tokyo, Japan and

476
00:24:51,920 --> 00:24:57,200
Speaker 1: attending the state funeral of assassinated Japanese Reministration Zohabe last night.

477
00:24:57,359 --> 00:25:02,080
Speaker 1: In fact, we celebrated his life with a dinner that

478
00:25:02,200 --> 00:25:05,640
Speaker 1: was hosted by the current Prime Minister of Japan, where

479
00:25:06,280 --> 00:25:09,000
Speaker 1: there were wonderful stories being told by people who spend

480
00:25:09,080 --> 00:25:12,520
Speaker 1: time with him about his life and his legacy. However,

481
00:25:12,640 --> 00:25:15,600
Speaker 1: more than half of the Japanese public opposed abbe state

482
00:25:15,720 --> 00:25:18,840
Speaker 1: funeral over the cost and the close ties that have

483
00:25:18,960 --> 00:25:22,080
Speaker 1: emerged between Abbe and more than half of the ruling

484
00:25:22,320 --> 00:25:27,600
Speaker 1: Liberal Democratic Party and the Unification Church. NASA intentionally crashed

485
00:25:27,640 --> 00:25:31,200
Speaker 1: the spacecraft into an asteroid in hopes of altering its orbit.

486
00:25:31,640 --> 00:25:35,800
Speaker 1: In November of last year, NASA launched the dark spacecraft,

487
00:25:36,040 --> 00:25:39,240
Speaker 1: the size of a refrigerator. Merely a year and seven

488
00:25:39,320 --> 00:25:42,520
Speaker 1: million miles later, Dart slammed into the asteroid last night.

489
00:25:42,840 --> 00:25:44,639
Speaker 1: NASA says it will take a couple of months to

490
00:25:44,720 --> 00:25:49,040
Speaker 1: determine exactly how much the asteroid's path was changed. Global

491
00:25:49,080 --> 00:25:51,359
Speaker 1: News twenty four hours a day on air and on

492
00:25:51,440 --> 00:25:55,000
Speaker 1: Bloomberg Quittake, powered by more than twenty seven hundred journalists

493
00:25:55,000 --> 00:25:57,720
Speaker 1: and analyists more than a hundred twenty countries. Michael bar

494
00:25:57,880 --> 00:26:05,680
Speaker 1: this is Bloomberg, Nathan, Thank you, Michael. Five on Wall

495
00:26:05,720 --> 00:26:08,160
Speaker 1: Street time for the Bloomberg Sports Update with John Stesshow

496
00:26:08,240 --> 00:26:10,000
Speaker 1: thanks dath mother that they put well at a white

497
00:26:10,040 --> 00:26:12,159
Speaker 1: out at Midlife State and see the Giants trying to

498
00:26:12,160 --> 00:26:13,600
Speaker 1: get to three. You know they had a third quarter

499
00:26:13,680 --> 00:26:16,800
Speaker 1: lead after sake one park these thirty six yard touchdown run,

500
00:26:16,880 --> 00:26:19,760
Speaker 1: but Dallas came back at Cooper Rush TV passed to

501
00:26:19,840 --> 00:26:22,480
Speaker 1: Cede Lamb where the eight hal minutes left gave the

502
00:26:22,560 --> 00:26:25,320
Speaker 1: Cowboys the league. They won twenty three to sixteen. Lamb

503
00:26:25,960 --> 00:26:28,000
Speaker 1: dropped a past that would have been a long touchdown

504
00:26:28,040 --> 00:26:29,800
Speaker 1: on the first half, but he more than made up

505
00:26:29,840 --> 00:26:31,840
Speaker 1: for it with the game winner that he caught one

506
00:26:31,920 --> 00:26:34,080
Speaker 1: hand at. Dallas is now one ten of the last

507
00:26:34,160 --> 00:26:37,600
Speaker 1: eleven versus Big Blue Giants or two in one plays

508
00:26:37,640 --> 00:26:40,560
Speaker 1: Chicago Sunday. The offensive line needs to do a better

509
00:26:40,680 --> 00:26:44,400
Speaker 1: job in pass protection. Daniel Jones last night SAT five times.

510
00:26:44,480 --> 00:26:46,400
Speaker 1: They're a good front, they're a good defense. You gotta

511
00:26:46,400 --> 00:26:50,960
Speaker 1: get credit for them. Um, they played hard. Uh, but yeah,

512
00:26:50,960 --> 00:26:53,280
Speaker 1: I think there's things we can all do better with

513
00:26:53,480 --> 00:26:56,040
Speaker 1: with that, and uh, that starts with me and you know,

514
00:26:56,200 --> 00:26:58,720
Speaker 1: finding space to step up, finding space to move around

515
00:26:58,720 --> 00:27:02,400
Speaker 1: the pocket and and make some moment late in the game.

516
00:27:02,880 --> 00:27:06,720
Speaker 1: Sterling Shephard, the Giant's longest tenure Giant, who made it

517
00:27:06,760 --> 00:27:09,320
Speaker 1: back from last year's Achilles injuries, suffered what appears to

518
00:27:09,320 --> 00:27:12,600
Speaker 1: be a serious, perhaps season ending knee injury. Patriots Gibby

519
00:27:12,640 --> 00:27:15,080
Speaker 1: mac Jones as what's been called the severe high ankle

520
00:27:15,119 --> 00:27:18,280
Speaker 1: Sprainhill miss multiple games. Big games Sunday Kansas City at

521
00:27:18,320 --> 00:27:20,520
Speaker 1: Tampa Bay. It's not known where that game will be

522
00:27:20,640 --> 00:27:24,120
Speaker 1: played to the impending hurricane in Tampa. In Toronto, blue

523
00:27:24,200 --> 00:27:27,720
Speaker 1: Jay's beat the Yankees three to Tenannans that prevents the

524
00:27:27,800 --> 00:27:30,320
Speaker 1: yanksom clints to the a l E's another chance tonight.

525
00:27:30,400 --> 00:27:32,960
Speaker 1: Add another chance for Aaron Judge to hit home on

526
00:27:33,080 --> 00:27:35,080
Speaker 1: number six. You had to hit two walks, but now

527
00:27:35,200 --> 00:27:38,399
Speaker 1: six straight games without a homer. Mets host Miami tonight.

528
00:27:38,440 --> 00:27:41,160
Speaker 1: Their lead over Atlanta now just one game with eight

529
00:27:41,240 --> 00:27:44,880
Speaker 1: Games to Go, John Stashward Bloomberg Sports Nathan Thanks John

530
00:27:45,480 --> 00:27:47,600
Speaker 1: seven on Wall Street time for the tri State Business

531
00:27:47,640 --> 00:27:52,000
Speaker 1: Report with Bloomberg's Corey. Three people involved with one million

532
00:27:52,040 --> 00:27:55,320
Speaker 1: dollar public company built around a New Jersey Delhi are

533
00:27:55,440 --> 00:28:00,400
Speaker 1: charged with market manipulation. Federal prosecutors Monday accused to three

534
00:28:00,440 --> 00:28:04,200
Speaker 1: of artificially inflating the price of two companies one rant

535
00:28:04,320 --> 00:28:08,080
Speaker 1: your hometown Delhi in Paulsboro, New Jersey. The Port of

536
00:28:08,160 --> 00:28:11,680
Speaker 1: New York and New Jersey outpaced competitors in California to

537
00:28:11,760 --> 00:28:16,000
Speaker 1: finish August as the busiest container operation in the US.

538
00:28:16,520 --> 00:28:20,120
Speaker 1: The East Coast Complex moved eight hundred and forty three thousand,

539
00:28:20,280 --> 00:28:25,520
Speaker 1: one d twenty ft equivalent units last month. Cryptocurrency lending

540
00:28:25,720 --> 00:28:28,760
Speaker 1: platform next So has been accused by New York Attorney

541
00:28:28,840 --> 00:28:33,919
Speaker 1: General Letitia James falsely claiming it was a licensed broker dealer.

542
00:28:34,480 --> 00:28:37,920
Speaker 1: Suit filed Monday alleges next So fail to register is

543
00:28:38,000 --> 00:28:41,680
Speaker 1: required by state law, while telling inventors it was fully

544
00:28:41,720 --> 00:28:45,320
Speaker 1: in compliance that your Bloomberg tries State Business Report. My

545
00:28:45,480 --> 00:28:48,760
Speaker 1: mid Cory, Thanks, said eight on Wall Street. Bloomberg Radio

546
00:28:48,880 --> 00:28:50,800
Speaker 1: is on the air from San Francisco to New York,

547
00:28:50,880 --> 00:28:53,200
Speaker 1: London to Hong Kong. Let's check in with our global

548
00:28:53,280 --> 00:28:55,000
Speaker 1: news team for some of the top stories heard on

549
00:28:55,080 --> 00:29:01,280
Speaker 1: our three hundred affiliate radio stations around the world. I'm

550
00:29:01,360 --> 00:29:04,840
Speaker 1: Steve Potas Go on wf L A, Tampa Bay. We're

551
00:29:04,880 --> 00:29:08,920
Speaker 1: talking about how the post Hurricane Ian construction costs could

552
00:29:09,000 --> 00:29:12,880
Speaker 1: top a quarter trillion dollars. I'm corney Dona Hall kt

553
00:29:13,040 --> 00:29:16,160
Speaker 1: R H in Houston. Remote worked over over sixty of

554
00:29:16,200 --> 00:29:19,120
Speaker 1: the increase in health prices during the pandemic. I'm Gina

555
00:29:19,200 --> 00:29:22,600
Speaker 1: Servetti in for w c CEO in Minneapolis. I'm reporting

556
00:29:22,640 --> 00:29:25,240
Speaker 1: that a federal court has tossed most but not all,

557
00:29:25,440 --> 00:29:28,560
Speaker 1: of a lawsuit alleging that target copied a digital room

558
00:29:28,600 --> 00:29:31,520
Speaker 1: planning app. I'm Stephen Carol and Bloomberg d A B

559
00:29:31,720 --> 00:29:34,480
Speaker 1: Digital Radio in London. We've been reporting on the Chancellor

560
00:29:34,560 --> 00:29:38,040
Speaker 1: Quasi quartet meeting tough financiers after his tax cut, plants

561
00:29:38,080 --> 00:29:41,080
Speaker 1: and the pounds plum as I made Cory on w

562
00:29:41,400 --> 00:29:45,080
Speaker 1: w J in Detroit. I'm reporting environmental regulators have laid

563
00:29:45,120 --> 00:29:49,920
Speaker 1: out enforcement actions against Atlantis for air quality problems in Detroit.

564
00:29:50,280 --> 00:29:52,200
Speaker 1: And those are some of the stories our twenty seven

565
00:29:52,280 --> 00:29:54,720
Speaker 1: hundred Bloomberg journalist and analyst are working on this morning

566
00:29:54,760 --> 00:29:57,200
Speaker 1: around the world. It's five thirty nine on Wall Street.

567
00:29:57,520 --> 00:30:01,480
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial

568
00:30:01,640 --> 00:30:05,360
Speaker 1: was written by the Bloomberg Editorial Board. Mexican President and

569
00:30:05,480 --> 00:30:09,200
Speaker 1: dress Manuel Lopez Obrador is taking steps to increase the

570
00:30:09,280 --> 00:30:12,920
Speaker 1: military's role in public security. In doing so, he hopes

571
00:30:13,000 --> 00:30:16,480
Speaker 1: to contain a surge in drug related violence. But degrading

572
00:30:16,560 --> 00:30:20,000
Speaker 1: the power of Mexico's drug cartels will require more than that.

573
00:30:20,680 --> 00:30:24,560
Speaker 1: The Mexican government needs to devote more resources toward identifying

574
00:30:24,720 --> 00:30:28,520
Speaker 1: and dismantling drug laboratories and address the weaknesses of its

575
00:30:28,560 --> 00:30:33,160
Speaker 1: criminal justice system. And even more importantly, Mexico should reinvigorate

576
00:30:33,280 --> 00:30:37,320
Speaker 1: security cooperation with the US and ease restrictions on American

577
00:30:37,400 --> 00:30:40,960
Speaker 1: anti drug operations. The US and Mexico have a shared

578
00:30:41,080 --> 00:30:45,760
Speaker 1: interest in combating drug trafficking and violence. Closer security cooperation

579
00:30:46,000 --> 00:30:49,760
Speaker 1: is necessary to protect civilians on both sides of the border.

580
00:30:50,160 --> 00:30:53,200
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For

581
00:30:53,320 --> 00:30:56,400
Speaker 1: more Bloomberg Opinion, please go to Bloomberg dot com, Slash

582
00:30:56,440 --> 00:30:59,840
Speaker 1: Opinion or O P I N go on the Bloomberg terminal.

583
00:31:00,120 --> 00:31:03,040
Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg

584
00:31:03,080 --> 00:31:06,560
Speaker 1: opinion editorials every weekday. At this time, terminal customers can

585
00:31:06,640 --> 00:31:10,720
Speaker 1: read more at O P I n GO SMP future

586
00:31:10,760 --> 00:31:12,760
Speaker 1: is now up thirty points down, futures up a hundred

587
00:31:12,800 --> 00:31:15,600
Speaker 1: eighty NASTACK futures are highed by a hundred seventeen points.

588
00:31:15,720 --> 00:31:19,120
Speaker 1: We speak next with Daniel Morris of BNP Party Mob.

589
00:31:19,240 --> 00:31:24,320
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunshine, low

590
00:31:24,440 --> 00:31:27,040
Speaker 1: seventies today, mid fifties tonight. We'll get up to near

591
00:31:27,160 --> 00:31:30,800
Speaker 1: seventy tomorrow under a sunny sky, mostly sunny, upper sixties

592
00:31:30,880 --> 00:31:37,840
Speaker 1: by Thursday. Right now sixty one in Central Park markets

593
00:31:37,960 --> 00:31:41,040
Speaker 1: headlines and breaking news twenty four hours a day at

594
00:31:41,080 --> 00:31:44,480
Speaker 1: Bloomberg dot Com, BLO Bloomberg Business Out and at Bloomberg

595
00:31:44,560 --> 00:31:53,760
Speaker 1: Quick Take. This is a Bloomberg Business Flash and I'm

596
00:31:53,840 --> 00:31:56,960
Speaker 1: Karen Moscow. Global markets remain on edges. Investors brace for

597
00:31:57,080 --> 00:32:00,720
Speaker 1: a hunting risk of global recession even as dip years emerged.

598
00:32:00,960 --> 00:32:03,480
Speaker 1: We checked the markets every fifteen minutes throughout the trading

599
00:32:03,560 --> 00:32:07,200
Speaker 1: day on Bloomberg, and futures are higher. SNP futures of

600
00:32:07,280 --> 00:32:10,200
Speaker 1: thirty one points. DAL futures have one hundred eighty two

601
00:32:10,280 --> 00:32:13,120
Speaker 1: and NASDAC futures have one hundred twenty. The decks in

602
00:32:13,240 --> 00:32:16,120
Speaker 1: Germany's have three tenths of upper sent ten year treasury

603
00:32:16,160 --> 00:32:18,800
Speaker 1: of twenty one thirty seconds three point eight three percent

604
00:32:19,160 --> 00:32:21,680
Speaker 1: yield on the two year four point two seven percent.

605
00:32:22,160 --> 00:32:24,560
Speaker 1: Nimex screwed oil up one point four percent of a

606
00:32:24,600 --> 00:32:27,640
Speaker 1: dollar eleven at seventy seven dollars eighty two cents a barrel.

607
00:32:27,920 --> 00:32:30,520
Speaker 1: Comex gold up half percent or eight dollars twenty cents

608
00:32:30,560 --> 00:32:33,560
Speaker 1: at sixteen forty one sixty and ounce. The euro point

609
00:32:33,680 --> 00:32:36,000
Speaker 1: nine six two four against the dollar, British pound one

610
00:32:36,040 --> 00:32:38,520
Speaker 1: point oh seven nine nine, and the en one forty

611
00:32:38,600 --> 00:32:41,280
Speaker 1: four point four two and looking at bitcoin, it's up

612
00:32:41,320 --> 00:32:44,640
Speaker 1: five and a half percent at twenty thousand, one hundred

613
00:32:44,760 --> 00:32:48,000
Speaker 1: seventy dollars. That's a bloomberg business flash. Now here's Michael

614
00:32:48,040 --> 00:32:50,160
Speaker 1: Barr with Moore on what's going on around the world.

615
00:32:50,280 --> 00:32:53,000
Speaker 1: Michael Karen, thank you very much. Florida is bracing for

616
00:32:53,200 --> 00:32:57,560
Speaker 1: Hurricane Ian, now a category three storm. Forecasters expect Ean

617
00:32:57,680 --> 00:33:01,240
Speaker 1: to make landfall on Florida's Gulf Colt, possibly as a

618
00:33:01,320 --> 00:33:05,720
Speaker 1: Category four hurricane late tomorrow or early Thursday, dumping up

619
00:33:05,760 --> 00:33:08,479
Speaker 1: to sixteen inches of rain and bringing a storm surge

620
00:33:08,880 --> 00:33:12,360
Speaker 1: of up to ten feet to the Tampa area. Senate

621
00:33:12,440 --> 00:33:15,760
Speaker 1: Democrats released a short term government funding bill late last

622
00:33:15,840 --> 00:33:19,400
Speaker 1: night that included a measure to speed up energy project permit.

623
00:33:19,880 --> 00:33:23,480
Speaker 1: It is opposed by most Republicans and some Democrats. Monday

624
00:33:23,560 --> 00:33:27,160
Speaker 1: Night football, the Giants lost to the Cowboys twenty three sixteen.

625
00:33:27,520 --> 00:33:29,920
Speaker 1: In baseball, the Yankees lost to the Blue Jays and

626
00:33:30,000 --> 00:33:33,280
Speaker 1: ten innings three to Aaron Judge still stuck at sixty

627
00:33:33,320 --> 00:33:35,880
Speaker 1: home runs as he chases Roger Marris is sixty one,

628
00:33:35,960 --> 00:33:39,160
Speaker 1: a l record. The Orioles beat the Red Sox fourteen eight.

629
00:33:39,400 --> 00:33:42,680
Speaker 1: The Nationals lost. Global News twenty four hours a day

630
00:33:42,760 --> 00:33:45,720
Speaker 1: on air and on Bloomberg Quick Tank, powered by more

631
00:33:45,800 --> 00:33:48,480
Speaker 1: than twenty seven journalists and analysts more than a hundred

632
00:33:48,520 --> 00:33:52,440
Speaker 1: twenty countries. Michael bar this is Bloomberg. Nathan alright, Michael,

633
00:33:52,520 --> 00:33:55,040
Speaker 1: thank you were at nine on Wall Street Live from

634
00:33:55,080 --> 00:33:58,920
Speaker 1: the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak, and

635
00:33:58,960 --> 00:34:02,400
Speaker 1: we're joined now by Danie Morris, chief market strategist at

636
00:34:02,480 --> 00:34:06,280
Speaker 1: BNP Party Asset Management. Daniel, it's good to speak with

637
00:34:06,360 --> 00:34:09,920
Speaker 1: you this morning as we watched this rally after yesterday's

638
00:34:10,200 --> 00:34:12,640
Speaker 1: big drop for the SNP five. Do you think this

639
00:34:12,800 --> 00:34:17,279
Speaker 1: market's found bottom or could it have further to fall? Well,

640
00:34:17,320 --> 00:34:21,640
Speaker 1: of course, the trick is to propose a level and date,

641
00:34:21,760 --> 00:34:24,560
Speaker 1: but never both at the same time. So for now,

642
00:34:24,760 --> 00:34:27,279
Speaker 1: I think it is certainly possible we do get a

643
00:34:27,320 --> 00:34:30,560
Speaker 1: bit of amounts. It was quite steep fall, and we

644
00:34:30,640 --> 00:34:34,799
Speaker 1: want to step back and think about the current macroeconomic data,

645
00:34:34,800 --> 00:34:36,560
Speaker 1: which for the most part in the US is still

646
00:34:36,600 --> 00:34:38,640
Speaker 1: pretty supportive, so I think that would make sense. We're

647
00:34:38,680 --> 00:34:42,000
Speaker 1: going into the third quarter earning season, I think again,

648
00:34:42,280 --> 00:34:44,719
Speaker 1: given that growth for now is good, really anticipating the

649
00:34:44,800 --> 00:34:47,320
Speaker 1: numbers will be fine, So I think that could provide

650
00:34:47,800 --> 00:34:51,480
Speaker 1: could provide some support in the short term, but we

651
00:34:51,600 --> 00:34:54,279
Speaker 1: still got to realize that that by second quarter next

652
00:34:54,360 --> 00:34:57,520
Speaker 1: year you may have negative GDP growth. Alright, So in

653
00:34:57,640 --> 00:35:01,399
Speaker 1: the medium term, what is your outlook as we head

654
00:35:01,440 --> 00:35:06,480
Speaker 1: into this earning season here? Well, if if you look

655
00:35:06,560 --> 00:35:09,560
Speaker 1: at what's supposed to happen in the US, I mean, really,

656
00:35:09,640 --> 00:35:11,759
Speaker 1: the point of what this FET is doing is to

657
00:35:12,000 --> 00:35:15,279
Speaker 1: significantly slow down growth to bring in placing down That

658
00:35:15,400 --> 00:35:17,600
Speaker 1: really doesn't seem to be any other way to make

659
00:35:17,640 --> 00:35:19,640
Speaker 1: that happen, and that's got to have an impact on

660
00:35:19,760 --> 00:35:22,239
Speaker 1: corporators at some point. So the medium from outlook for

661
00:35:22,400 --> 00:35:26,279
Speaker 1: US equities, we still think is challenged. But that's why

662
00:35:26,360 --> 00:35:29,440
Speaker 1: we're looking for overweights and other regions and countries in

663
00:35:29,480 --> 00:35:31,560
Speaker 1: the world. Given what you see ahead in the US

664
00:35:32,120 --> 00:35:35,680
Speaker 1: interesting looking for overweights and other regions given the strength

665
00:35:35,800 --> 00:35:37,839
Speaker 1: we've seen in the dollar. Obviously on the session it's

666
00:35:37,880 --> 00:35:40,759
Speaker 1: pulling back a bit, but that's got to be difficult

667
00:35:40,880 --> 00:35:44,120
Speaker 1: for other markets. Whether you have this kind of outsized

668
00:35:44,200 --> 00:35:48,040
Speaker 1: dollar strength in the market, doesn't it well. I mean,

669
00:35:48,120 --> 00:35:50,880
Speaker 1: certainly you need to think about your currency exposure alongside

670
00:35:50,880 --> 00:35:53,160
Speaker 1: the equity exposure because you generally are going to need

671
00:35:53,239 --> 00:35:55,560
Speaker 1: to hedge it. But you know, if you think of

672
00:35:55,680 --> 00:35:58,319
Speaker 1: markets particularly like Japan and in the good old days

673
00:35:58,400 --> 00:36:01,000
Speaker 1: the UK, you know it's a strong dollar and weak

674
00:36:01,040 --> 00:36:05,960
Speaker 1: local currency normally translated into two above average returns for

675
00:36:06,040 --> 00:36:09,200
Speaker 1: those markets. So you certainly in Japan more see the

676
00:36:09,280 --> 00:36:11,359
Speaker 1: benefit from the weaker yet on the market. But then

677
00:36:11,400 --> 00:36:13,720
Speaker 1: you of course have to take into account the currency side.

678
00:36:14,640 --> 00:36:17,800
Speaker 1: What about the call that we've got from Goldman Sacks

679
00:36:17,960 --> 00:36:22,440
Speaker 1: and black Rock out overnight. They're both looking pretty sour

680
00:36:22,920 --> 00:36:25,520
Speaker 1: on equities, at least in the short to medium term,

681
00:36:26,000 --> 00:36:32,719
Speaker 1: given the risk of global recession. What's your view on that, well,

682
00:36:32,800 --> 00:36:34,520
Speaker 1: and wouldn't you know, Again, it comes down to the time,

683
00:36:34,560 --> 00:36:37,879
Speaker 1: and wouldn't I wouldn't think disagree in the medium term

684
00:36:37,920 --> 00:36:40,279
Speaker 1: if there is a so fur lining to any of this,

685
00:36:40,760 --> 00:36:44,640
Speaker 1: I mean it is possible that the real rates have

686
00:36:45,000 --> 00:36:46,839
Speaker 1: have topped out. I mean we've had a big move

687
00:36:46,920 --> 00:36:49,759
Speaker 1: in expectations for the FED at the same time that

688
00:36:49,840 --> 00:36:53,680
Speaker 1: inflation expectations are pretty stable. Now up to now they increase.

689
00:36:53,760 --> 00:36:55,680
Speaker 1: We've had in real rates this year, which has just

690
00:36:55,800 --> 00:37:00,200
Speaker 1: been huge and very quick. Has been the catastrophic for

691
00:37:00,239 --> 00:37:02,680
Speaker 1: gross talks. But now if we have some stability in

692
00:37:02,760 --> 00:37:05,920
Speaker 1: row rates, at least on a relative basis, I think

693
00:37:05,960 --> 00:37:08,800
Speaker 1: you could start seeing better performance of growth versus value.

694
00:37:09,360 --> 00:37:11,600
Speaker 1: So given your call on real rates, so you're thinking

695
00:37:11,640 --> 00:37:14,720
Speaker 1: inflations peaked at this point, that the FED could pivot

696
00:37:14,960 --> 00:37:18,960
Speaker 1: pretty soon to at least slower rate hikes, Well, I

697
00:37:19,040 --> 00:37:22,920
Speaker 1: think we need to differentiate between realized inflation and inflation expectation.

698
00:37:23,000 --> 00:37:25,600
Speaker 1: So in terms of realized inflation. Yes, it actually probably

699
00:37:25,640 --> 00:37:28,319
Speaker 1: has peaked, and certainly at a headline basis. And if

700
00:37:28,360 --> 00:37:31,080
Speaker 1: you look at most estimates for the level of inflation

701
00:37:31,280 --> 00:37:33,160
Speaker 1: a year from now, be it from the FED itself,

702
00:37:33,200 --> 00:37:35,360
Speaker 1: be it from the market, being from economists, it should

703
00:37:35,400 --> 00:37:37,319
Speaker 1: be you know, around three or three and a half,

704
00:37:37,480 --> 00:37:40,520
Speaker 1: which you know is clearly a pretty big deceleration from here.

705
00:37:41,000 --> 00:37:42,880
Speaker 1: But what's good a matter in terms of longer term

706
00:37:42,920 --> 00:37:46,719
Speaker 1: barn yields are inflation expectations, and they've really been quite

707
00:37:46,760 --> 00:37:49,200
Speaker 1: stable for a while. I mean, because of the credibility

708
00:37:49,320 --> 00:37:51,360
Speaker 1: that Fed has that they are going to get inflation

709
00:37:51,400 --> 00:37:55,440
Speaker 1: back down the target, inflation expectations have remained very well anchored.

710
00:37:56,000 --> 00:37:59,200
Speaker 1: All right, Daniel, thanks as always for your thoughts. Really appreciated.

711
00:37:59,280 --> 00:38:02,719
Speaker 1: Daniel Morris joining us this morning, Chief market strategist at

712
00:38:02,800 --> 00:38:07,239
Speaker 1: BNP Pariva Asset Management, Karen Orry, Nathan, thank you. It

713
00:38:07,440 --> 00:38:10,160
Speaker 1: is five three on Wall Street. It is time now

714
00:38:10,280 --> 00:38:12,600
Speaker 1: for the Bloomberg Law Report. Let's get to the legal

715
00:38:12,680 --> 00:38:20,239
Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger. Big

716
00:38:20,320 --> 00:38:24,000
Speaker 1: tech companies including Google, Apple, and Microsoft, reached a deal

717
00:38:24,120 --> 00:38:27,279
Speaker 1: to end claims that their phones and laptops infringe a

718
00:38:27,360 --> 00:38:31,240
Speaker 1: semiconductor patent owned by an Irish company. A proposed class

719
00:38:31,280 --> 00:38:35,080
Speaker 1: action charges the benefits of Walmart's Paige subscription service are

720
00:38:35,200 --> 00:38:39,600
Speaker 1: misleading and the automatic renewal option is deceptive. Lilly USA

721
00:38:39,880 --> 00:38:43,200
Speaker 1: is being sued by the Equal Employment Opportunity Commission for

722
00:38:43,320 --> 00:38:48,120
Speaker 1: allegedly intentionally failing to hire older workers because of their age.

723
00:38:48,400 --> 00:38:53,240
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,

724
00:38:53,400 --> 00:38:58,000
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more

725
00:38:58,080 --> 00:39:02,920
Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you.

726
00:39:03,080 --> 00:39:06,560
Speaker 1: Now another legal story we're watching. Tom Barrick, the founder

727
00:39:06,640 --> 00:39:09,840
Speaker 1: of Colony Capital and a close ally of Donald Trump,

728
00:39:10,239 --> 00:39:12,600
Speaker 1: is on trial for using his access to the former

729
00:39:12,680 --> 00:39:16,520
Speaker 1: president to secretly help the United Arab Emirates try to

730
00:39:16,600 --> 00:39:21,239
Speaker 1: gain influence over American foreign policy. Prosecutors say Barrick and

731
00:39:21,360 --> 00:39:24,760
Speaker 1: his former assistant Matthew Grimes for the eyes and ears

732
00:39:24,840 --> 00:39:28,480
Speaker 1: and voices of the UAE, providing the country with sensitive

733
00:39:28,520 --> 00:39:32,160
Speaker 1: information and access to the highest levels of US government.

734
00:39:32,560 --> 00:39:35,160
Speaker 1: But the defense says Barrick was merely a globe trotting

735
00:39:35,239 --> 00:39:38,800
Speaker 1: businessman who ran a forty billion dollar investment fund and

736
00:39:38,880 --> 00:39:42,320
Speaker 1: has a spotless record of only pursuing legitimate business and

737
00:39:42,400 --> 00:39:45,640
Speaker 1: political interests. For more in the case, June Grassos faced

738
00:39:45,640 --> 00:39:50,040
Speaker 1: to Bloomberg Legal reporter Patricia Hurtado. So is the defense

739
00:39:50,239 --> 00:39:53,239
Speaker 1: he didn't do it or he didn't get money for it.

740
00:39:54,080 --> 00:39:57,000
Speaker 1: It's both that he didn't do it, and if he

741
00:39:57,120 --> 00:40:00,640
Speaker 1: got money, it was because of investments that were separate

742
00:40:00,680 --> 00:40:03,719
Speaker 1: and apart from any kind of activity. Basically that he

743
00:40:03,840 --> 00:40:08,040
Speaker 1: denies any wrongdoing. He denies being an unregistered foreign agent,

744
00:40:08,440 --> 00:40:11,840
Speaker 1: he denies acting and lobbying on behalf of the United

745
00:40:11,880 --> 00:40:14,799
Speaker 1: Arab Emirates, And in fact, he's argued that there are

746
00:40:14,920 --> 00:40:19,359
Speaker 1: actually points where he was advocating for Cutter and they

747
00:40:19,400 --> 00:40:23,640
Speaker 1: were basically sworn enemies. So why would you support one

748
00:40:23,719 --> 00:40:26,800
Speaker 1: country and then support another country when their enemies? What

749
00:40:26,920 --> 00:40:31,000
Speaker 1: would you say? From the opening statements is the best

750
00:40:31,080 --> 00:40:34,840
Speaker 1: piece of evidence the prosecution has. Well, I mean, the

751
00:40:34,960 --> 00:40:37,360
Speaker 1: other thing that he's charged with is lying to the

752
00:40:37,520 --> 00:40:43,279
Speaker 1: FBI about this investigation when they questioned him point blank. Now,

753
00:40:43,320 --> 00:40:46,200
Speaker 1: a lot of the evidence has been alluded to, but

754
00:40:46,320 --> 00:40:50,480
Speaker 1: it's under steal because it's classified. So half of the

755
00:40:50,600 --> 00:40:54,760
Speaker 1: documents that get filed or blacked out according to the defense,

756
00:40:55,120 --> 00:40:57,799
Speaker 1: but they expect to call people in the former Trump

757
00:40:57,840 --> 00:41:03,360
Speaker 1: administration to discuss that Trump and high ranking officials and

758
00:41:03,440 --> 00:41:08,320
Speaker 1: the Trump administration. We're aware that Barrick was talking to

759
00:41:08,440 --> 00:41:11,360
Speaker 1: the Emiratis and this was just the way they did business,

760
00:41:11,520 --> 00:41:14,279
Speaker 1: and they were using Barrack because he was well known

761
00:41:14,360 --> 00:41:18,680
Speaker 1: to them. There's some possibility that high ranking members of

762
00:41:18,760 --> 00:41:22,360
Speaker 1: former Trump administration could be called in to testify, including

763
00:41:22,480 --> 00:41:26,440
Speaker 1: Jared Kushner and former Secretary of State Rex Hillerson and

764
00:41:26,960 --> 00:41:30,920
Speaker 1: former Treasury Secretary Steve the Nuchin about what did Barrick

765
00:41:31,040 --> 00:41:33,440
Speaker 1: say and what did you know about it? Lyne to

766
00:41:33,960 --> 00:41:38,799
Speaker 1: the FBI is one of the prosecutions sort of fallbacks

767
00:41:39,000 --> 00:41:42,440
Speaker 1: in these cases, and that's an easy case for the

768
00:41:42,840 --> 00:41:46,960
Speaker 1: prosecution to make because the FBI usually has the answers

769
00:41:47,120 --> 00:41:50,320
Speaker 1: before they asked the questions. Yeah, but it's interesting because

770
00:41:50,320 --> 00:41:53,239
Speaker 1: they're arguing the same defense Martha Stewart made, which is,

771
00:41:53,680 --> 00:41:55,360
Speaker 1: I mean, you took notes by hand, but you didn't

772
00:41:55,360 --> 00:41:57,200
Speaker 1: record it. How do you know you didn't write the

773
00:41:57,280 --> 00:41:59,759
Speaker 1: questions down? How do we know that the answer was

774
00:42:00,000 --> 00:42:01,920
Speaker 1: on when you don't have the question in the answer,

775
00:42:02,440 --> 00:42:05,400
Speaker 1: And so how's the jury supposed to infer the worst

776
00:42:05,520 --> 00:42:11,640
Speaker 1: possible interpretation and as Bloomberg Legal reporter Patricia Hurtado speaking

777
00:42:11,680 --> 00:42:14,560
Speaker 1: with the June Grasso. Catch more of that interview, plus

778
00:42:14,560 --> 00:42:17,120
Speaker 1: analysis of the latest legal news by listening to the

779
00:42:17,160 --> 00:42:20,560
Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing

780
00:42:20,600 --> 00:42:23,880
Speaker 1: to the Bloomberg Law Podcast, and attorneys can find exceptional

781
00:42:24,000 --> 00:42:28,960
Speaker 1: legal research and business development tools at Bloomberg Law dot com. Again,

782
00:42:29,080 --> 00:42:31,960
Speaker 1: futures are on the rise. S ANDP futures of twenty

783
00:42:32,000 --> 00:42:36,560
Speaker 1: six points now, futures of one and nasday futurists are

784
00:42:36,600 --> 00:42:40,279
Speaker 1: of one hundred five still ahead. On Bloomberg Daybreak, I

785
00:42:40,440 --> 00:42:42,840
Speaker 1: check on the business headlines and all the news you

786
00:42:43,000 --> 00:42:46,200
Speaker 1: need to start your day. And this is Bloomberg