Speaker 1: Bye from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: day Break for Tuesday, September twenty seven two. Coming up
Speaker 1: this hour, US futures rise following the lowest close for
Speaker 1: the SMP five hundred in almost two years. Despite the
Speaker 1: market turmoil, Feed officials remain hawkish in their fight against inflation.
Speaker 1: Double Line Capital's Jeffrey Gunlack thinks the worst global bond
Speaker 1: route in decades maybe over, and traders increased bets the
Speaker 1: pound could fall to parody with the dollar hurricaney and
Speaker 1: his gaining strength as it heads toward Florida. Plus, we've
Speaker 1: learned that it was a small tornado that sets down
Speaker 1: late Sunday on Long Island. I'm Michael barn More. I'm
Speaker 1: down fash Our in sports, the Giant Stuff for their
Speaker 1: first lost being Yankees lost in extrainnings in Toronto. That's
Speaker 1: all s Tradyhead on Bloomberg day Break on Bloomberg. He
Speaker 1: live in Free on New York, Bloomberg one, Washington, d C,
Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,
Speaker 1: Sirius x M one nine team and around the World
Speaker 1: Old on Bloomberg Radio dot Com and via the Bloomberg
Speaker 1: Business App. And good morning. I'm Karen Moscow, I'm Nathan Hagar.
Speaker 1: Bloomberg Daybreak is brought to you by SEI. Asset managers
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Speaker 1: E i C dot Com, slash Tech and US futures
Speaker 1: are higher this morning five oh one on Wall Street.
Speaker 1: We checked the markets every fifteen minutes throughout the trading day.
Speaker 1: On Bloomberg, SMP future is up thirty nine points. DAL
Speaker 1: futures have two hundred forty five and NASDACK future is
Speaker 1: up on thirty nine. The decks in Germany is up
Speaker 1: a quarter percent and the tenure treasury of twenty three
Speaker 1: thirty seconds three point eight two percent Nathan Karen. The
Speaker 1: rise in futures this morning follows the lowest clothes for
Speaker 1: the SMP five hundred since December of twenty twenty ten.
Speaker 1: Year treasury yields are holding their their highest level since
Speaker 1: while the dollar has snapped a five day gain still.
Speaker 1: Daniel Gerard, multi assets strategist at State Streets sees more
Speaker 1: strength for the dollar ahead as we get more bad
Speaker 1: news that's going to really hit the earnings growth and
Speaker 1: the earning growth potential, margins, etcetera. And there were just
Speaker 1: isn't um. There aren't a lot of good stories to
Speaker 1: find out here, and I think that we're in a
Speaker 1: relative world. We've got to do our best. But US
Speaker 1: dollar looks like the uh the asset to hold right now,
Speaker 1: State Streets. Daniel Gerard favors equities over bonds going forward
Speaker 1: well as fears of a global recession continue to swirl. Nathan,
Speaker 1: we have a couple more bearish calls on equities this morning,
Speaker 1: and we get the details from Bloomberg's Lisa Mateo. Goldman
Speaker 1: Sacks and black Rock are both warning that markets are
Speaker 1: yet to price and the risk of a global recession.
Speaker 1: Goldman strategists, flagging rising real yields as a major headwind,
Speaker 1: cut equities to underweight in the US investment banks global
Speaker 1: allocation over the next three months. It's staying overweight in cash. Meantime,
Speaker 1: black Rock is advising investors to shun most stocks. It's
Speaker 1: that it is tactically underweight developed market shares and the
Speaker 1: first credit in the short term. In New York Lisa
Speaker 1: Mateo Bloomberg Daybreak, Lisa, thank you. The turmoil and market
Speaker 1: shows little sign of turning Fed officials away from hawkish policy.
Speaker 1: Boston Fed President Susan Collins and her Cleveland counterpart Lorette
Speaker 1: Smester say additional tightening is still needed to slow inflation.
Speaker 1: Here's Collins in her first public speech since taking office.
Speaker 1: Returning inflation to our two percent target will require further
Speaker 1: tightening of monetary policy, as signaled in the recent f
Speaker 1: O MC projections. It will be important to see clear
Speaker 1: and convincing signs that inflation is falling. At the same time,
Speaker 1: Boston FED President Susan Collins says it is quite likely
Speaker 1: inflation may have peaked. Well, there's at least one major
Speaker 1: investor who thinks the worst global bond route in decades
Speaker 1: is creating a buying opportunity. Nathan and a tweet double
Speaker 1: line Capitals. Jeffrey Gunlow says, quote the US treasury bond
Speaker 1: market is rallying. He says he's been dying. The British
Speaker 1: pound is stronger today, Karen, after hitting a record low
Speaker 1: on Monday. Still traders are increasing bet sterling could fold
Speaker 1: a parody with the dollar. Let's go to London and
Speaker 1: get the latest with Bloomberg's Human Parts. Good morning, Karen, Nathan.
Speaker 1: The pounds and guilt recovering some ground today after that
Speaker 1: historic sell off. Sterling rallying after collapsing to a record
Speaker 1: low against the dollar on Monday. The UK markets still
Speaker 1: vulnerable after the plunge that followed when new Chancellor quas
Speaker 1: quarteing unveiled the country's biggest fiscal giveaway in half a century.
Speaker 1: He said to meet top bankers later today. It may
Speaker 1: not be the warm reception that he was originally hoping
Speaker 1: for in London. I'm you and parts sploom Boke, daybreak
Speaker 1: for you and thank you and Asia. Overnight, starks traded
Speaker 1: slightly higher despite yesterday's sell off. In the US, we
Speaker 1: get the recount from Bloomberg's Juliette Sally and Singapore. Good morning, Juliet,
Speaker 1: Good morning Karen. A gage of the region's equities fluctuated
Speaker 1: as shares edged higher in Japan and Australia, while Hong
Speaker 1: Kong stocks traded at an eleven year low. Bonds from
Speaker 1: under pressure in Australia and Japan, where the yield on
Speaker 1: the twenty year topped one percent for the first time since,
Speaker 1: prompting the Bank of Japan to announce another unscheduled bond
Speaker 1: buying operation, this time at the long end in Singapore,
Speaker 1: Juliet Sally Bloomber daybreak. All right, Juliet, thank you. Back
Speaker 1: here in the US, gasoline prices have fallen from their
Speaker 1: peak this summer, but they're still weighing on the White House,
Speaker 1: and that has President Biden sending a message to fuel
Speaker 1: companies prices now. President Biden spoke at a meeting of
Speaker 1: his White House Competition Council. Oil prices fell more than
Speaker 1: nine percent last month. Gas has followed suit, but the
Speaker 1: President says prices are uneven across the country, especially in
Speaker 1: the West, due to low refining capacity. Checking oil now
Speaker 1: NIMEX crewed is up one percent, or eighty nine cents
Speaker 1: at seventy seven dollars sixty one cents a barrel. Brent
Speaker 1: is at eighty five dollars fifteen cents meantime on Capitol
Speaker 1: Hill and they than the possibility of a government shutdown
Speaker 1: looms this week and now Senate Democrats have released a
Speaker 1: short term funding bill to try to avoid a shutdown.
Speaker 1: Bloomberg's Amy Morris has the details from our newsroom in Washington.
Speaker 1: The bill would keep the government open through December sixteenth.
Speaker 1: It includes a measure that will speed up energy project permits,
Speaker 1: something that's opposed by Republicans and some Democrats. Congress can
Speaker 1: strip that out if it's a deal breaker. It provides
Speaker 1: twelve point four billion dollars in Ukraine aid. It includes
Speaker 1: two billion dollars for disaster aid and another billion dollars
Speaker 1: for home heating assistance. It allows the FDA to collect
Speaker 1: user fees for five years to prevent a funding shortfall
Speaker 1: at the Food and Drug Administration. Congress must pass the
Speaker 1: measure by midnight Friday in Washington. I'm Amy Morris, Bloomberg Daybreak.
Speaker 1: All right, Amy, thank you, and incorporate news of Biogen
Speaker 1: whistleblower will collect almost two undred fifty million dollars for
Speaker 1: exposing a kickback scheme. The company agreed to resolve the
Speaker 1: matter by paying the US and state government's nine hundred
Speaker 1: million dollars. The False Claims Act allows individuals to sue
Speaker 1: on behalf of the US and get a cut of
Speaker 1: any money received. Right now, SMP futures are up thirty
Speaker 1: four points down, futures up two twenty NASTAC futures are
Speaker 1: higher by a hundred twenty four points, and the tenure
Speaker 1: treasury is up one seconds. The yield three point eight
Speaker 1: three percent. Straight ahead, your latest local headlines and a
Speaker 1: check of sports. This is Sploomberg. It's south five oh
Speaker 1: seven on Wall Street. We're at sixty two degrees in
Speaker 1: Central Park. You've got a broken down vehicle on the
Speaker 1: southbounded Jersey Turnpike truck lanes. Bags at ten. Details coming
Speaker 1: up in traffic. First Michael Barr with what else is
Speaker 1: going on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. Hurricane Ian is gaining strength thick Cuba
Speaker 1: on a path towards Florida. It is threatening to become
Speaker 1: the worst storm to hit Tampa in over a century.
Speaker 1: The National Hurricane Center says Ian is now a Category
Speaker 1: three storm. Mandatory evacuations are in parts of Florida. State
Speaker 1: Emergency Management Director Kevin Guthrie is in Penellas County. We
Speaker 1: do have telephone companies on standby ready to for a
Speaker 1: critical cellular service of power's loss, but in the meantime,
Speaker 1: Florida should be prepared to have a communications plan in
Speaker 1: place with her families. Bloomberg meteorologist Rob Caroline has the
Speaker 1: latest on Ian Michael. Hurricane Ian made landfall over western
Speaker 1: Cuba earlier this morning. Is a major hurricane with sustained
Speaker 1: winds of a hundred and fifteen miles an hour. It
Speaker 1: will re emerge in the eastern Gulf of Mexico later
Speaker 1: this morning and then restrengthen and work its way up
Speaker 1: towards the Tampa area. Looks like it will be making
Speaker 1: landfalls somewhere in Pinellas County late Wednesday night or early
Speaker 1: Thursday morning, and the problem with the storm is it
Speaker 1: will be very strong at that time. It's also going
Speaker 1: to stall out, and it looks like it is going
Speaker 1: to rake the Tampa area for maybe twenty four to
Speaker 1: thirty six hours with high winds, heavy rain and storm searches. Michael, Rob,
Speaker 1: thank you, sir. We're learning that a small tornado touchdown
Speaker 1: on Long Island last Sunday night, the National Weather Service
Speaker 1: says and e of zero twister hit part of the
Speaker 1: Suffolk County area around eleven pm. They say the tornado
Speaker 1: had an estimated peak wind of about seventy five miles
Speaker 1: per hour. When he hit the town of Matatuck, no
Speaker 1: serious damage. Five days after President Vladimir Putin announced the
Speaker 1: partial mobilization to call up hundreds of thousands of reservists
Speaker 1: to fight in Ukraine, the move continues to trigger outrage
Speaker 1: protests across Russia. It has also led to an exodus
Speaker 1: of men of fighting age from the country and acts
Speaker 1: of violence. NASA deliberately crashed a dark spacecraft into the
Speaker 1: small moon of an asteroid seven million miles away from
Speaker 1: Earth in an attempt to change its orbit. Planetary scientists
Speaker 1: Emily Lackadoo says that this is the first time that
Speaker 1: humans have altered the path of another object in the
Speaker 1: Solar System. Well, this one poses no threat to us.
Speaker 1: It does give us the first experience and understanding how
Speaker 1: we could prevent a civilization devastating threat if discovered in
Speaker 1: the future. Pardon the Planetary scientist Emily Lackadawa says it
Speaker 1: will take NASA a couple of months to determine exactly
Speaker 1: how much the asteroids path was changed. Global He was
Speaker 1: twenty four hours a day on air and on Bloomberg
Speaker 1: quick Take, powered by more than twenties seven hundre. Journalist
Speaker 1: and analysts more than a twenty countries. Michael Barr, This
Speaker 1: is Bloomberg Nick. Thanks Michael. Just about five ten on
Speaker 1: Wall Street, time for the Bloomberg Sports Update with John
Speaker 1: Shower Banks Nathan. The Giants we're looking for their first
Speaker 1: three and stars in two thousand nine and when s
Speaker 1: Kwan Barkley score in the thirty six yard run on
Speaker 1: the third cour of the Giants at a seven point lead,
Speaker 1: but Dallas score the next seventeen and the Cowboys won
Speaker 1: three to sixteen, both teams with two and one. Big
Speaker 1: Blue done in by a familiar problem, the inability to
Speaker 1: protect the quarterback. Daniel Jones was sacked, hit, or at
Speaker 1: least harassed over twenty times. Jones was coach is Brian
Speaker 1: day Ball. He did a good job, so he made
Speaker 1: a lot of loose plays. I only had what about
Speaker 1: eight yards Russian. I thought he did a good job
Speaker 1: keeping his eyes down feel when he could get out.
Speaker 1: You know, he made a couple of plays there at
Speaker 1: the end. You know that we couldn't quite convert on
Speaker 1: and hit some drop passes. Um you know the last
Speaker 1: play that that Digs picked off show spell down and
Speaker 1: it was a time and throw that was the interception
Speaker 1: that sealed the win for the Cowboys. It was the
Speaker 1: only turnover of the night, and on that place, Sterling
Speaker 1: Shepard suffered a serious knee knee injury appears to be
Speaker 1: season ending. The white out is the longest tenure Giant.
Speaker 1: He has made it back from an achilles injury suffered
Speaker 1: last year. The NFL and has no more Pro Bowl.
Speaker 1: They'll play a flag football game, have a skills competition instead.
Speaker 1: Ain't Toronto. The champagne that was on ice and the
Speaker 1: Yankee Lapper Room will have to wait to be pop Cophen.
Speaker 1: The Yanks did not clinch the a l East. He
Speaker 1: had a too nothing lead but lost in a let
Speaker 1: of ins in the Blue Jays three to two ends
Speaker 1: the Yanks seven game winning drink. It's the sixth rate
Speaker 1: game where Aaron Judge has noted a home run. His
Speaker 1: mother and Roger Marris June will be back again tonight.
Speaker 1: See if Judge hits home run number sixty one to
Speaker 1: time Harris. Atlanta want eight nothing at Washington, so with
Speaker 1: eight games ago, the Braves are one game behind the Mets,
Speaker 1: who hosts Miami tonight. They'll go to Atlanta this weekend.
Speaker 1: That will obviously go a long way towards deciding who
Speaker 1: wins the division. Johns Gashawer Bloomberg Sports, Nathan all Right, John,
Speaker 1: thank you. Futures are moving higher after yesterday's big drop.
Speaker 1: We check in neck so Jeff you of b n
Speaker 1: y Melon. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: mostly sunny, low seventies today, mid fifties tonight, little cooler
Speaker 1: in the sunshine tomorrow with the high near seventy, upper sixties.
Speaker 1: Mostly sunny on Thursday. Right now sixty one in Central Park. Markets,
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com of Bloomberg Business Outland at Bloomberg Quick Take,
Speaker 1: this is a Bloomberg business lash and I'm Karen Moscow.
Speaker 1: And global markets are made on edges. Investors race for
Speaker 1: a heightened risk of global recession even as dip buyers emerge.
Speaker 1: Stocks are mixed as Goldman, Sachs and black Rocks sour
Speaker 1: inequities for the short term, and city groups said bearish
Speaker 1: position and continues to rise. Europe stock six hundred rebounding
Speaker 1: with US stock index futures, and we checked the markets
Speaker 1: every fifteen minutes throughout the trading day on Bloomberg Guess
Speaker 1: and p futures, they're higher up thirty two points, DAL
Speaker 1: futures up one hundred ninety one and nastag future is
Speaker 1: up a hundred twenty three. That's up one point one
Speaker 1: per cent, and the decks in Germany's up to tenths
Speaker 1: of a percent. Ten year treasury of twenty thirty seconds,
Speaker 1: he'll three point eight four percent, the yell done the
Speaker 1: two year four point to seven percent. Nine x Screwede
Speaker 1: oil is up one point one percent of eighty seven
Speaker 1: cents at seventy seven dollars, fifty eight cents of barrel
Speaker 1: comes gold up half percent or eight dollar sixty cents
Speaker 1: at sixteen forty two an ounce. The euro point nine
Speaker 1: six two three against the dollar, British pound one point
Speaker 1: oh seven eight six and a yen one forty four
Speaker 1: point four three. I'm looking at it. Bitcoin it's up
Speaker 1: more than five percent at twenty thousand, one hundred thirty
Speaker 1: dollars and as of Bloomberg Business Flash now here's Michael
Speaker 1: Barr with more on what's going on around the world. Michael,
Speaker 1: good morning, Good morning, Karen. Hurricane and makes landfall in
Speaker 1: Cuba on routes of Florida's West coast in as a
Speaker 1: Category three storm and is forecast grow into a Cat
Speaker 1: four with top winds of one hundred forty miles an hour.
Speaker 1: In Japan, world leaders and members of the public are
Speaker 1: paying tribute to former Prime Minister Shinzo Abe, who was
Speaker 1: assassinated in July, but thousands are protesting the large scale
Speaker 1: state funeral, saying taxpayer money should instead be used to
Speaker 1: address widening economic disparities they say were caused by Abe's policies.
Speaker 1: In Monday Night Football, the Giants lost with Cowboys twenty
Speaker 1: three sixteen. In baseball, the Yankees lost to the Blue
Speaker 1: Jay's three too and ten innings. Aaron Jodd still stuck
Speaker 1: at sixty home runs as he chases Roger Merris sixty
Speaker 1: one a l record. The Orioles beat the Red Sox
Speaker 1: fourteen eight. The Nationals lost. Global news twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take, powered
Speaker 1: by more than dred journalists analysts more than a hundred
Speaker 1: twenty countries. I'm Michael Barn, this is Bloomberg. Nathan all right, Michael,
Speaker 1: thank you for coming up to five twenty on Wall
Speaker 1: Street Live from the Bloomberg Interactive Broker Studios. This is
Speaker 1: Bloomberg Daybreak and we're joined now by Jeffrey You, senior
Speaker 1: strategist at b n y Melon. Do you see a
Speaker 1: bit of dip buying in this mark it after yesterday's
Speaker 1: continued route, jeff would you buy this? Well? At this point,
Speaker 1: I think it's some better to um air on the
Speaker 1: side of caution, right So a buying a dip sentiment
Speaker 1: right now is I'm just reflection that we've had three
Speaker 1: trading days of I wouldn't call cartnerge, but no quite
Speaker 1: a bit chaotic ever since the Waker, the stead decision,
Speaker 1: so intervention from the Bank of Japan, and we've had
Speaker 1: the supposing mini budget, you know from the UK government,
Speaker 1: and the lack of a high guest today from the
Speaker 1: v o E. So Marcus and we're sawing around. You're
Speaker 1: right at But ultimately, if you think that the FED
Speaker 1: is going to go very high in sraterminal rates and
Speaker 1: say there, then your bias should be towards the downside
Speaker 1: and risk aside. Now, what's your car and what the
Speaker 1: FED is going to do in the next few months.
Speaker 1: One of the FED few in the next few months
Speaker 1: of the first time, we actually think the market pricing
Speaker 1: for the FED heading towards five percent terminal and that's
Speaker 1: where we think the FED will head to. That is
Speaker 1: just about adequate and the next phases, of course states independency.
Speaker 1: If the FED um start to observe that data is decelerating,
Speaker 1: you know, let's take a cue from durable goods today
Speaker 1: and for example, then you know, maybe markets will start
Speaker 1: to price in a slowdown or an easy or something
Speaker 1: like that. We would still push back against those things.
Speaker 1: You know, we're going to stay eternal for some time. Um,
Speaker 1: but maybe the narrative can start to change from there
Speaker 1: into how high the Federal will high too? How long
Speaker 1: will the FED stay at very high levels? So would
Speaker 1: you push back against the narrative that we're hearing now
Speaker 1: from Goldman Saxon, black Rock. Both of those banks have
Speaker 1: soured on equities, both saying that the risk of a
Speaker 1: global recession hasn't been fully priced into this market. UM,
Speaker 1: I would separate those two things, you know, because of
Speaker 1: the US is so separate, you know, from how the
Speaker 1: rest of the world is behaving right now. So if
Speaker 1: we have a global recession, that's the key word that
Speaker 1: how much would impact the US as a global non
Speaker 1: US recession directly and push the US into a recession.
Speaker 1: We want to go that far yet, Having said that,
Speaker 1: equity is relative to inflation, may be relative to discount
Speaker 1: rate from right now still, um, I wouldn't say expensive,
Speaker 1: but certainly not cheap yet. So further downward adjustment is
Speaker 1: definitely possible. But I think the narrative of peak rates, um,
Speaker 1: now that is a bit more justifiable. It's a question
Speaker 1: of how long are we going to stay at peak rates?
Speaker 1: And I think that's going to be longer. Level markets
Speaker 1: are anticipation right now, where are you expecting the market
Speaker 1: to bottom out at? You have a level on target
Speaker 1: for the sp no major targets, you know, at this
Speaker 1: some point, right, so we always know go convergence and
Speaker 1: there's always dynamic and of inflation you know, comes off
Speaker 1: faster than expected, then we would actually start to say, okay,
Speaker 1: then maybe at around these levels the mess and people
Speaker 1: be adequately by the price. Right, So it's not just
Speaker 1: a price versus earning story. It's a relative to the
Speaker 1: wider macro fundamentals. The one thing we all say is,
Speaker 1: you know, for international investors, they're looking at the dollar
Speaker 1: right now and they're asking when is the dollar going
Speaker 1: to peek? And that will start to impact as allocation
Speaker 1: into the US. Are more hedges going to take into
Speaker 1: place to people want to take the exerty risk but
Speaker 1: not the dollar risk. This will start to come up
Speaker 1: the radar very very soon international investors. Of course, there's
Speaker 1: a lot of attention on the pound right now, inspect
Speaker 1: reculation about whether sterling is going to reach parody against
Speaker 1: the dollar. Do you think that's a possibility. Absolutely, it's
Speaker 1: a pulp It's absolutely a possibility. You know. I've also
Speaker 1: my views on this sun because right now, in one word,
Speaker 1: we need transparency. We need transparency you know, from the
Speaker 1: Treasury on how this is going to be costed. And
Speaker 1: yesterday the statement was released by I believe the end
Speaker 1: of November we are going to see a full costing
Speaker 1: you know of the tax cuts. But that's going to
Speaker 1: be after the next Bank of England decision as well.
Speaker 1: So even if you don't believe that Bank of England
Speaker 1: are going to do an inter meeting, hike that even still,
Speaker 1: you know, the November meeting, the bobs heading into that
Speaker 1: without full information, right so the bias is going to
Speaker 1: be towards in their caution um and selling of guilt
Speaker 1: higher inflation expectations. So we just need to hear more
Speaker 1: from the government on how all of this is going
Speaker 1: to work out. Until then, I don't think people are
Speaker 1: going to be dashing back into the pound. Are you
Speaker 1: looking for even more of a jumbo interest rate hike
Speaker 1: from the Bank of England than the jumbo hikes that
Speaker 1: they've already delivered? Yes, yes, right, because you know with
Speaker 1: the status quo, the amount of jump tho stimulus that
Speaker 1: is being delivered, then you are going to need a
Speaker 1: jumbo hike, you know, to offset back all right's restrain conditions.
Speaker 1: So market is pricing into and the basis points by November.
Speaker 1: I think that is adequately at this point that they
Speaker 1: probably definitely needs to go into the triple digits at least,
Speaker 1: if not more um and if not then certainly a
Speaker 1: sterling riskers into the downside. Of course, if there's some
Speaker 1: adjustments in the fiscal plan then we can discuss, but
Speaker 1: as they stand, we need a jumbo heights offset a
Speaker 1: jumbo stimulus. So good to get your thoughts this morning, Jeff,
Speaker 1: really appreciate you having to come on with us. Jeffrey, you,
Speaker 1: senior strategist at B and Y, melon with us this
Speaker 1: morning as we watch futures continue to move higher after
Speaker 1: yesterday's drop. SMP futures are up twenty nine points down
Speaker 1: futures have a hundred seventy one and NASTAC futures are
Speaker 1: higher by a hundred nine points. The tenure treasury getting
Speaker 1: a bit up twenty thirty seconds, yield three point eight
Speaker 1: three percent, and the yield on the two year right
Speaker 1: now two or four point to seven percent. Checking the
Speaker 1: British pound one point zero seven nine one against the dollar.
Speaker 1: You're listening to Bloomberg day Break Bloomberg eleven three. Or
Speaker 1: whether sunshine low seventies today will get down to the
Speaker 1: mid fifties tonight a little bit Cooler's still sunny tomorrow
Speaker 1: with a high near seventy, upper sixties by Thursday. Right
Speaker 1: now sixty one in Central Park, broadcasting live from the
Speaker 1: Bloomberg Interacted Broker Studio in New York. Bloomberg E living
Speaker 1: freed to Washington, d C. Bloomberg nine to Boston, Bloomberg
Speaker 1: one O six one to San Francisco, Bloomberg nine sixty
Speaker 1: to the country, Sirius XM tod A one nine team,
Speaker 1: and around the globe, the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's five thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hager and I'm Karen Moscow.
Speaker 1: We're just about four hours away from the open of
Speaker 1: US trading. Let's get you up to date on the
Speaker 1: news you need to know at this hour. Global markets
Speaker 1: remain on edge as concerns swirl about a global recession.
Speaker 1: Futures are higher following the lowest clothes for the SNP
Speaker 1: five in December. Bononds remain under pressure from the worst
Speaker 1: selloff in decades or the ten year treasury yelled, holding
Speaker 1: near the highest level since meantime. The British pound is
Speaker 1: stronger today care and after hitting a record low Monday.
Speaker 1: Still speculators are betting sterling will slide to a level
Speaker 1: virtually unthinkable in recent decades a dollar or even less.
Speaker 1: Kit Jukes his chief Effects Strategistic associated General. This is
Speaker 1: a loss of confidence, at least to some degree, in
Speaker 1: policy because normally, I mean President Reagan and Paul Volca
Speaker 1: managed to put rates up in the enormous amount of
Speaker 1: Theese fiscal policy dramatically and sent the dollar to the moon.
Speaker 1: At one level, the UK Chancellor in the Bank of
Speaker 1: England doing the same thing. I'm sending you out to
Speaker 1: the floor. Those comments from kid Jukes come as bets
Speaker 1: against the pound now show a forty three chance of
Speaker 1: parody with the dollar before year's end. Meantime, Nathan Goman
Speaker 1: Saxon black Rock are turning more bearish on US equities,
Speaker 1: at least for the short term. Both were in that
Speaker 1: markets have yet to price in the risk of a
Speaker 1: global recession. Coleman is cutting equities to underweight over the
Speaker 1: next three months, black Rock is advising investors to shun
Speaker 1: most stocks. And the turmoil and markets shows little sign
Speaker 1: of turning FED officials away from hawkish policy. Karen Boston
Speaker 1: FED President Susan Collins and her Cleveland counterpart Lorettamester say
Speaker 1: additional tightening is still needed and here's the latest roew
Speaker 1: of Frommester. So the FMC is committed to using its
Speaker 1: tools to bring inflation back down to our long run
Speaker 1: golf two percent. Last week, we took another decisive action
Speaker 1: to remove monetary policy accommodation. We raised the FED funds
Speaker 1: rate by seventy five basis points. Cleveland Fed President Lorena
Speaker 1: Master says she'd like to see inflation cool for several
Speaker 1: months before concluding that it's peaked. And there's at least
Speaker 1: one major investor who thinks the worst global bond route
Speaker 1: in decades may be ending. Nathan and a tweet double
Speaker 1: line capitals. Jeffrey Gunlock says, quote, the US treasury bond
Speaker 1: market is rallying, and he says he has been buying
Speaker 1: futures this morning. As we said around the rise. SMP
Speaker 1: futures up almost twenty eight points down, futures up one
Speaker 1: hundred sixty one, and NASDAG futures have one hundred five.
Speaker 1: They are off their highs in the morning. The decks
Speaker 1: in Germany is up tenth of a percent. Ten. Your
Speaker 1: treasury up twenty thirty seconds. You have three point eight
Speaker 1: four percent and a yield on the two year four
Speaker 1: point to seven percent. Nine Max Scrude oil is up
Speaker 1: one percent or seventy nine cents. It's seventy seven dollars
Speaker 1: fifty cents of barrel. The euro point nine six one
Speaker 1: nine against the dollars. Straight ahead, your latest local headlines,
Speaker 1: plus a check of sports and this is Bloomberg. Thanks
Speaker 1: here in five thirty three on Wall Street sixty one
Speaker 1: degrees in Central Park. Out of crash, he's found Nassau
Speaker 1: Expressway at the Van Wick More coming up on that
Speaker 1: in traffic first Michael Barr with what else is going
Speaker 1: on in New York and around the world. Michael, thank
Speaker 1: you very much, Nathan. Hurricane in has made landfall in
Speaker 1: Cuba as it roars on a path that could see
Speaker 1: it hit Florida's west coast as a Category four Hurricane
Speaker 1: Ian is now a Cat three as its forecast to
Speaker 1: hit Florida by late Wednesday early Thursday. It's threatening to
Speaker 1: become the worst storm they hit Tampa in over a century,
Speaker 1: and Key West Mayor Terry Johnston says FIMA has been
Speaker 1: deploying food, water, and generators to the storm zone. We
Speaker 1: have started our preparations about two days ago, and of
Speaker 1: course all of our residents are buttoning up their homes
Speaker 1: and that including storm shutters and taking anything that could
Speaker 1: be a flying projectile and high winds out of their yard.
Speaker 1: Mayor Johnston says they have shut down city home. We're
Speaker 1: learning that a small tornado touchdown on Long Island last
Speaker 1: Sunday night, The National Weather Service says an e F
Speaker 1: zero twister hit part of Suffolkone in the town of Mattatuck,
Speaker 1: no serious damage. Vice President Kamala Harris continues their Asian
Speaker 1: trip today, meeting with regional leaders in Tokyo, Japan and
Speaker 1: attending the state funeral of assassinated Japanese Reministration Zohabe last night.
Speaker 1: In fact, we celebrated his life with a dinner that
Speaker 1: was hosted by the current Prime Minister of Japan, where
Speaker 1: there were wonderful stories being told by people who spend
Speaker 1: time with him about his life and his legacy. However,
Speaker 1: more than half of the Japanese public opposed abbe state
Speaker 1: funeral over the cost and the close ties that have
Speaker 1: emerged between Abbe and more than half of the ruling
Speaker 1: Liberal Democratic Party and the Unification Church. NASA intentionally crashed
Speaker 1: the spacecraft into an asteroid in hopes of altering its orbit.
Speaker 1: In November of last year, NASA launched the dark spacecraft,
Speaker 1: the size of a refrigerator. Merely a year and seven
Speaker 1: million miles later, Dart slammed into the asteroid last night.
Speaker 1: NASA says it will take a couple of months to
Speaker 1: determine exactly how much the asteroid's path was changed. Global
Speaker 1: News twenty four hours a day on air and on
Speaker 1: Bloomberg Quittake, powered by more than twenty seven hundred journalists
Speaker 1: and analyists more than a hundred twenty countries. Michael bar
Speaker 1: this is Bloomberg, Nathan, Thank you, Michael. Five on Wall
Speaker 1: Street time for the Bloomberg Sports Update with John Stesshow
Speaker 1: thanks dath mother that they put well at a white
Speaker 1: out at Midlife State and see the Giants trying to
Speaker 1: get to three. You know they had a third quarter
Speaker 1: lead after sake one park these thirty six yard touchdown run,
Speaker 1: but Dallas came back at Cooper Rush TV passed to
Speaker 1: Cede Lamb where the eight hal minutes left gave the
Speaker 1: Cowboys the league. They won twenty three to sixteen. Lamb
Speaker 1: dropped a past that would have been a long touchdown
Speaker 1: on the first half, but he more than made up
Speaker 1: for it with the game winner that he caught one
Speaker 1: hand at. Dallas is now one ten of the last
Speaker 1: eleven versus Big Blue Giants or two in one plays
Speaker 1: Chicago Sunday. The offensive line needs to do a better
Speaker 1: job in pass protection. Daniel Jones last night SAT five times.
Speaker 1: They're a good front, they're a good defense. You gotta
Speaker 1: get credit for them. Um, they played hard. Uh, but yeah,
Speaker 1: I think there's things we can all do better with
Speaker 1: with that, and uh, that starts with me and you know,
Speaker 1: finding space to step up, finding space to move around
Speaker 1: the pocket and and make some moment late in the game.
Speaker 1: Sterling Shephard, the Giant's longest tenure Giant, who made it
Speaker 1: back from last year's Achilles injuries, suffered what appears to
Speaker 1: be a serious, perhaps season ending knee injury. Patriots Gibby
Speaker 1: mac Jones as what's been called the severe high ankle
Speaker 1: Sprainhill miss multiple games. Big games Sunday Kansas City at
Speaker 1: Tampa Bay. It's not known where that game will be
Speaker 1: played to the impending hurricane in Tampa. In Toronto, blue
Speaker 1: Jay's beat the Yankees three to Tenannans that prevents the
Speaker 1: yanksom clints to the a l E's another chance tonight.
Speaker 1: Add another chance for Aaron Judge to hit home on
Speaker 1: number six. You had to hit two walks, but now
Speaker 1: six straight games without a homer. Mets host Miami tonight.
Speaker 1: Their lead over Atlanta now just one game with eight
Speaker 1: Games to Go, John Stashward Bloomberg Sports Nathan Thanks John
Speaker 1: seven on Wall Street time for the tri State Business
Speaker 1: Report with Bloomberg's Corey. Three people involved with one million
Speaker 1: dollar public company built around a New Jersey Delhi are
Speaker 1: charged with market manipulation. Federal prosecutors Monday accused to three
Speaker 1: of artificially inflating the price of two companies one rant
Speaker 1: your hometown Delhi in Paulsboro, New Jersey. The Port of
Speaker 1: New York and New Jersey outpaced competitors in California to
Speaker 1: finish August as the busiest container operation in the US.
Speaker 1: The East Coast Complex moved eight hundred and forty three thousand,
Speaker 1: one d twenty ft equivalent units last month. Cryptocurrency lending
Speaker 1: platform next So has been accused by New York Attorney
Speaker 1: General Letitia James falsely claiming it was a licensed broker dealer.
Speaker 1: Suit filed Monday alleges next So fail to register is
Speaker 1: required by state law, while telling inventors it was fully
Speaker 1: in compliance that your Bloomberg tries State Business Report. My
Speaker 1: mid Cory, Thanks, said eight on Wall Street. Bloomberg Radio
Speaker 1: is on the air from San Francisco to New York,
Speaker 1: London to Hong Kong. Let's check in with our global
Speaker 1: news team for some of the top stories heard on
Speaker 1: our three hundred affiliate radio stations around the world. I'm
Speaker 1: Steve Potas Go on wf L A, Tampa Bay. We're
Speaker 1: talking about how the post Hurricane Ian construction costs could
Speaker 1: top a quarter trillion dollars. I'm corney Dona Hall kt
Speaker 1: R H in Houston. Remote worked over over sixty of
Speaker 1: the increase in health prices during the pandemic. I'm Gina
Speaker 1: Servetti in for w c CEO in Minneapolis. I'm reporting
Speaker 1: that a federal court has tossed most but not all,
Speaker 1: of a lawsuit alleging that target copied a digital room
Speaker 1: planning app. I'm Stephen Carol and Bloomberg d A B
Speaker 1: Digital Radio in London. We've been reporting on the Chancellor
Speaker 1: Quasi quartet meeting tough financiers after his tax cut, plants
Speaker 1: and the pounds plum as I made Cory on w
Speaker 1: w J in Detroit. I'm reporting environmental regulators have laid
Speaker 1: out enforcement actions against Atlantis for air quality problems in Detroit.
Speaker 1: And those are some of the stories our twenty seven
Speaker 1: hundred Bloomberg journalist and analyst are working on this morning
Speaker 1: around the world. It's five thirty nine on Wall Street.
Speaker 1: The following is an editorial from Bloomberg Opinion. This editorial
Speaker 1: was written by the Bloomberg Editorial Board. Mexican President and
Speaker 1: dress Manuel Lopez Obrador is taking steps to increase the
Speaker 1: military's role in public security. In doing so, he hopes
Speaker 1: to contain a surge in drug related violence. But degrading
Speaker 1: the power of Mexico's drug cartels will require more than that.
Speaker 1: The Mexican government needs to devote more resources toward identifying
Speaker 1: and dismantling drug laboratories and address the weaknesses of its
Speaker 1: criminal justice system. And even more importantly, Mexico should reinvigorate
Speaker 1: security cooperation with the US and ease restrictions on American
Speaker 1: anti drug operations. The US and Mexico have a shared
Speaker 1: interest in combating drug trafficking and violence. Closer security cooperation
Speaker 1: is necessary to protect civilians on both sides of the border.
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For
Speaker 1: more Bloomberg Opinion, please go to Bloomberg dot com, Slash
Speaker 1: Opinion or O P I N go on the Bloomberg terminal.
Speaker 1: This has been Bloomberg opinion, and you can hear Bloomberg
Speaker 1: opinion editorials every weekday. At this time, terminal customers can
Speaker 1: read more at O P I n GO SMP future
Speaker 1: is now up thirty points down, futures up a hundred
Speaker 1: eighty NASTACK futures are highed by a hundred seventeen points.
Speaker 1: We speak next with Daniel Morris of BNP Party Mob.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather sunshine, low
Speaker 1: seventies today, mid fifties tonight. We'll get up to near
Speaker 1: seventy tomorrow under a sunny sky, mostly sunny, upper sixties
Speaker 1: by Thursday. Right now sixty one in Central Park markets
Speaker 1: headlines and breaking news twenty four hours a day at
Speaker 1: Bloomberg dot Com, BLO Bloomberg Business Out and at Bloomberg
Speaker 1: Quick Take. This is a Bloomberg Business Flash and I'm
Speaker 1: Karen Moscow. Global markets remain on edges. Investors brace for
Speaker 1: a hunting risk of global recession even as dip years emerged.
Speaker 1: We checked the markets every fifteen minutes throughout the trading
Speaker 1: day on Bloomberg, and futures are higher. SNP futures of
Speaker 1: thirty one points. DAL futures have one hundred eighty two
Speaker 1: and NASDAC futures have one hundred twenty. The decks in
Speaker 1: Germany's have three tenths of upper sent ten year treasury
Speaker 1: of twenty one thirty seconds three point eight three percent
Speaker 1: yield on the two year four point two seven percent.
Speaker 1: Nimex screwed oil up one point four percent of a
Speaker 1: dollar eleven at seventy seven dollars eighty two cents a barrel.
Speaker 1: Comex gold up half percent or eight dollars twenty cents
Speaker 1: at sixteen forty one sixty and ounce. The euro point
Speaker 1: nine six two four against the dollar, British pound one
Speaker 1: point oh seven nine nine, and the en one forty
Speaker 1: four point four two and looking at bitcoin, it's up
Speaker 1: five and a half percent at twenty thousand, one hundred
Speaker 1: seventy dollars. That's a bloomberg business flash. Now here's Michael
Speaker 1: Barr with Moore on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. Florida is bracing for
Speaker 1: Hurricane Ian, now a category three storm. Forecasters expect Ean
Speaker 1: to make landfall on Florida's Gulf Colt, possibly as a
Speaker 1: Category four hurricane late tomorrow or early Thursday, dumping up
Speaker 1: to sixteen inches of rain and bringing a storm surge
Speaker 1: of up to ten feet to the Tampa area. Senate
Speaker 1: Democrats released a short term government funding bill late last
Speaker 1: night that included a measure to speed up energy project permit.
Speaker 1: It is opposed by most Republicans and some Democrats. Monday
Speaker 1: Night football, the Giants lost to the Cowboys twenty three sixteen.
Speaker 1: In baseball, the Yankees lost to the Blue Jays and
Speaker 1: ten innings three to Aaron Judge still stuck at sixty
Speaker 1: home runs as he chases Roger Marris is sixty one,
Speaker 1: a l record. The Orioles beat the Red Sox fourteen eight.
Speaker 1: The Nationals lost. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quick Tank, powered by more
Speaker 1: than twenty seven journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael bar this is Bloomberg. Nathan alright, Michael,
Speaker 1: thank you were at nine on Wall Street Live from
Speaker 1: the Bloomberg Interactive Brokers studios. This is Bloomberg Daybreak, and
Speaker 1: we're joined now by Danie Morris, chief market strategist at
Speaker 1: BNP Party Asset Management. Daniel, it's good to speak with
Speaker 1: you this morning as we watched this rally after yesterday's
Speaker 1: big drop for the SNP five. Do you think this
Speaker 1: market's found bottom or could it have further to fall? Well,
Speaker 1: of course, the trick is to propose a level and date,
Speaker 1: but never both at the same time. So for now,
Speaker 1: I think it is certainly possible we do get a
Speaker 1: bit of amounts. It was quite steep fall, and we
Speaker 1: want to step back and think about the current macroeconomic data,
Speaker 1: which for the most part in the US is still
Speaker 1: pretty supportive, so I think that would make sense. We're
Speaker 1: going into the third quarter earning season, I think again,
Speaker 1: given that growth for now is good, really anticipating the
Speaker 1: numbers will be fine, So I think that could provide
Speaker 1: could provide some support in the short term, but we
Speaker 1: still got to realize that that by second quarter next
Speaker 1: year you may have negative GDP growth. Alright, So in
Speaker 1: the medium term, what is your outlook as we head
Speaker 1: into this earning season here? Well, if if you look
Speaker 1: at what's supposed to happen in the US, I mean, really,
Speaker 1: the point of what this FET is doing is to
Speaker 1: significantly slow down growth to bring in placing down That
Speaker 1: really doesn't seem to be any other way to make
Speaker 1: that happen, and that's got to have an impact on
Speaker 1: corporators at some point. So the medium from outlook for
Speaker 1: US equities, we still think is challenged. But that's why
Speaker 1: we're looking for overweights and other regions and countries in
Speaker 1: the world. Given what you see ahead in the US
Speaker 1: interesting looking for overweights and other regions given the strength
Speaker 1: we've seen in the dollar. Obviously on the session it's
Speaker 1: pulling back a bit, but that's got to be difficult
Speaker 1: for other markets. Whether you have this kind of outsized
Speaker 1: dollar strength in the market, doesn't it well. I mean,
Speaker 1: certainly you need to think about your currency exposure alongside
Speaker 1: the equity exposure because you generally are going to need
Speaker 1: to hedge it. But you know, if you think of
Speaker 1: markets particularly like Japan and in the good old days
Speaker 1: the UK, you know it's a strong dollar and weak
Speaker 1: local currency normally translated into two above average returns for
Speaker 1: those markets. So you certainly in Japan more see the
Speaker 1: benefit from the weaker yet on the market. But then
Speaker 1: you of course have to take into account the currency side.
Speaker 1: What about the call that we've got from Goldman Sacks
Speaker 1: and black Rock out overnight. They're both looking pretty sour
Speaker 1: on equities, at least in the short to medium term,
Speaker 1: given the risk of global recession. What's your view on that, well,
Speaker 1: and wouldn't you know, Again, it comes down to the time,
Speaker 1: and wouldn't I wouldn't think disagree in the medium term
Speaker 1: if there is a so fur lining to any of this,
Speaker 1: I mean it is possible that the real rates have
Speaker 1: have topped out. I mean we've had a big move
Speaker 1: in expectations for the FED at the same time that
Speaker 1: inflation expectations are pretty stable. Now up to now they increase.
Speaker 1: We've had in real rates this year, which has just
Speaker 1: been huge and very quick. Has been the catastrophic for
Speaker 1: gross talks. But now if we have some stability in
Speaker 1: row rates, at least on a relative basis, I think
Speaker 1: you could start seeing better performance of growth versus value.
Speaker 1: So given your call on real rates, so you're thinking
Speaker 1: inflations peaked at this point, that the FED could pivot
Speaker 1: pretty soon to at least slower rate hikes, Well, I
Speaker 1: think we need to differentiate between realized inflation and inflation expectation.
Speaker 1: So in terms of realized inflation. Yes, it actually probably
Speaker 1: has peaked, and certainly at a headline basis. And if
Speaker 1: you look at most estimates for the level of inflation
Speaker 1: a year from now, be it from the FED itself,
Speaker 1: be it from the market, being from economists, it should
Speaker 1: be you know, around three or three and a half,
Speaker 1: which you know is clearly a pretty big deceleration from here.
Speaker 1: But what's good a matter in terms of longer term
Speaker 1: barn yields are inflation expectations, and they've really been quite
Speaker 1: stable for a while. I mean, because of the credibility
Speaker 1: that Fed has that they are going to get inflation
Speaker 1: back down the target, inflation expectations have remained very well anchored.
Speaker 1: All right, Daniel, thanks as always for your thoughts. Really appreciated.
Speaker 1: Daniel Morris joining us this morning, Chief market strategist at
Speaker 1: BNP Pariva Asset Management, Karen Orry, Nathan, thank you. It
Speaker 1: is five three on Wall Street. It is time now
Speaker 1: for the Bloomberg Law Report. Let's get to the legal
Speaker 1: stories we're watching this morning. From Bloomberg's Jeff Bellinger. Big
Speaker 1: tech companies including Google, Apple, and Microsoft, reached a deal
Speaker 1: to end claims that their phones and laptops infringe a
Speaker 1: semiconductor patent owned by an Irish company. A proposed class
Speaker 1: action charges the benefits of Walmart's Paige subscription service are
Speaker 1: misleading and the automatic renewal option is deceptive. Lilly USA
Speaker 1: is being sued by the Equal Employment Opportunity Commission for
Speaker 1: allegedly intentionally failing to hire older workers because of their age.
Speaker 1: Bloomberg Law everything you need, all on one legal research platform,
Speaker 1: including guidance analysis and Bloomberg Market Intelligence. Find out more
Speaker 1: at Bloomberg law dot com. All right, Jeff, thank you.
Speaker 1: Now another legal story we're watching. Tom Barrick, the founder
Speaker 1: of Colony Capital and a close ally of Donald Trump,
Speaker 1: is on trial for using his access to the former
Speaker 1: president to secretly help the United Arab Emirates try to
Speaker 1: gain influence over American foreign policy. Prosecutors say Barrick and
Speaker 1: his former assistant Matthew Grimes for the eyes and ears
Speaker 1: and voices of the UAE, providing the country with sensitive
Speaker 1: information and access to the highest levels of US government.
Speaker 1: But the defense says Barrick was merely a globe trotting
Speaker 1: businessman who ran a forty billion dollar investment fund and
Speaker 1: has a spotless record of only pursuing legitimate business and
Speaker 1: political interests. For more in the case, June Grassos faced
Speaker 1: to Bloomberg Legal reporter Patricia Hurtado. So is the defense
Speaker 1: he didn't do it or he didn't get money for it.
Speaker 1: It's both that he didn't do it, and if he
Speaker 1: got money, it was because of investments that were separate
Speaker 1: and apart from any kind of activity. Basically that he
Speaker 1: denies any wrongdoing. He denies being an unregistered foreign agent,
Speaker 1: he denies acting and lobbying on behalf of the United
Speaker 1: Arab Emirates, And in fact, he's argued that there are
Speaker 1: actually points where he was advocating for Cutter and they
Speaker 1: were basically sworn enemies. So why would you support one
Speaker 1: country and then support another country when their enemies? What
Speaker 1: would you say? From the opening statements is the best
Speaker 1: piece of evidence the prosecution has. Well, I mean, the
Speaker 1: other thing that he's charged with is lying to the
Speaker 1: FBI about this investigation when they questioned him point blank. Now,
Speaker 1: a lot of the evidence has been alluded to, but
Speaker 1: it's under steal because it's classified. So half of the
Speaker 1: documents that get filed or blacked out according to the defense,
Speaker 1: but they expect to call people in the former Trump
Speaker 1: administration to discuss that Trump and high ranking officials and
Speaker 1: the Trump administration. We're aware that Barrick was talking to
Speaker 1: the Emiratis and this was just the way they did business,
Speaker 1: and they were using Barrack because he was well known
Speaker 1: to them. There's some possibility that high ranking members of
Speaker 1: former Trump administration could be called in to testify, including
Speaker 1: Jared Kushner and former Secretary of State Rex Hillerson and
Speaker 1: former Treasury Secretary Steve the Nuchin about what did Barrick
Speaker 1: say and what did you know about it? Lyne to
Speaker 1: the FBI is one of the prosecutions sort of fallbacks
Speaker 1: in these cases, and that's an easy case for the
Speaker 1: prosecution to make because the FBI usually has the answers
Speaker 1: before they asked the questions. Yeah, but it's interesting because
Speaker 1: they're arguing the same defense Martha Stewart made, which is,
Speaker 1: I mean, you took notes by hand, but you didn't
Speaker 1: record it. How do you know you didn't write the
Speaker 1: questions down? How do we know that the answer was
Speaker 1: on when you don't have the question in the answer,
Speaker 1: And so how's the jury supposed to infer the worst
Speaker 1: possible interpretation and as Bloomberg Legal reporter Patricia Hurtado speaking
Speaker 1: with the June Grasso. Catch more of that interview, plus
Speaker 1: analysis of the latest legal news by listening to the
Speaker 1: Bloomberg Law Show at ten pm Eastern Time or subscribing
Speaker 1: to the Bloomberg Law Podcast, and attorneys can find exceptional
Speaker 1: legal research and business development tools at Bloomberg Law dot com. Again,
Speaker 1: futures are on the rise. S ANDP futures of twenty
Speaker 1: six points now, futures of one and nasday futurists are
Speaker 1: of one hundred five still ahead. On Bloomberg Daybreak, I
Speaker 1: check on the business headlines and all the news you
Speaker 1: need to start your day. And this is Bloomberg