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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, let's begin with the tales on the historic blizzard

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Speaker 3: that pounded the East Coast. Bloomberg meteorologist Craig Allen's been

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Speaker 3: following the storm every step of the way, and it's

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Speaker 3: here with us now. So Craig, what kind of accumulation

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Speaker 3: totals are we looking at here?

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Speaker 4: Indeed historic, because there are some history making numbers here,

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Speaker 4: not so much DC. Let's start around DC and work

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Speaker 4: our way on up. There was about two to four

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Speaker 4: inches of a slushy snow around d C, but there

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Speaker 4: were some areas that were closer to the five to

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Speaker 4: ten inch mark if you were near the coast or

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Speaker 4: in some of the suburbs on up to Philadelphia fourteen inches,

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Speaker 4: New York City nineteen point seven inches. That puts it

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Speaker 4: in the top ten snowiest storms for the New York

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Speaker 4: City area eighteen to twenty four though in some of

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Speaker 4: the suburbs, and even as much as thirty two inches

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Speaker 4: for parts of Long Island and on up into coastal Connecticut,

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Speaker 4: and then up to Boston thirty one point eight. But

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Speaker 4: before we get to Boston, it was a record breaking

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Speaker 4: snow in the history of record keeping for Providence, thirty

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Speaker 4: eight inches of snow from this particular storm, highest snow

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Speaker 4: totals ever. Highest wind totals were eighty to eighty five

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Speaker 4: miles per hour. Out across Nantucket. In Montauk, temperatures this

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Speaker 4: morning are in the twenties and obviously that means that

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Speaker 4: we have some refreezing going on out there as well.

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Speaker 5: Well.

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Speaker 3: Are we expecting that we're going to get any break

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Speaker 3: in the temperature so we can start to dig out

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Speaker 3: of this thing?

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Speaker 2: We will.

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Speaker 4: It will get mild there for a while this weekend,

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Speaker 4: but it doesn't come cheaply. It comes at a cost

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Speaker 4: of more snow. There is a chance of snow, but

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Speaker 4: light snow. These are not major systems, but there could

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Speaker 4: be some snow, especially for New York City and Boston

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Speaker 4: tonight into tomorrow, maybe about a one to three inch

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Speaker 4: type system. Same thing again Wednesday night into Thursday, and

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Speaker 4: believe it or not, early next week. So it's going

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Speaker 4: to be a parade of systems. But I don't think

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Speaker 4: there's going to be anything as epic as what we

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Speaker 4: just had moving off the coast yesterday.

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Speaker 2: All right, Bloomberg Meteorologists Craig Allen, and of course I'll

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Speaker 2: be checking in with you all morning. Craig, Thank you well.

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Speaker 2: As the digout continues in the Northeast, things are not

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Speaker 2: back to normal just yet. And Bloomberg's John Tucker joins

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Speaker 2: us with the very latest. John, Good morning, Good morning, Karen.

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Speaker 6: It's going to be days before we dig out from

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Speaker 6: the blizzard of twenty six after three canceled flights. This

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Speaker 6: man spoke for many.

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Speaker 2: How is my winter going?

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Speaker 4: In general?

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Speaker 2: It's a little bit too long, if you ask me.

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Speaker 7: I'm wondering if they'll let me become the new groundhog

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Speaker 7: and I can decide if winter stays a little bit longer.

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Speaker 2: Because this has been a bit much.

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Speaker 6: More than eleven thousand flights have been grounded through today,

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Speaker 6: more than five hundred thousand homes and businesses without power

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Speaker 6: as of late yesterday. Mjay Transit says North Jersey Coastline

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Speaker 6: at Raret and Valley Line service that remains suspended. Northeast

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Speaker 6: Quarter trains operating on a President's Day schedule with some

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Speaker 6: adjustments on the streets of Manhattan sidewalks are treacherous in

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Speaker 6: spots where snow has turned to sheets of ice. In

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Speaker 6: New York City, schools will be open for in person

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Speaker 6: instruction this morning. And don't relax just yet. Winter is

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Speaker 6: an over in New York.

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Speaker 3: On John Bloomberg Radio, All right, John, thank you, We

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Speaker 3: turned to politics now. Major story on that front's coming

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Speaker 3: up tonight. As President Trump delivers his State of the

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Speaker 3: Union address to a joint session of Congress. Affordability and

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Speaker 3: tariffs are expected to be two key themes. We get

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Speaker 3: a preview from Bloomberg's Amy Morris in Washington.

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Speaker 8: President Trump's second year in office is struggling with erratic messaging,

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Speaker 8: policy reversals, and sinking poll numbers. Former Republican Congressman Patrick

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Speaker 8: McHenry of North Carolina, now a Bloomberg News contributor, tells

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Speaker 8: Bloomberg Daybreak, there's plenty for the president to talk about.

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Speaker 9: So the question of tariffs and how the President's going

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Speaker 9: to respond to speak to this massive build up of

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Speaker 9: troops and airpower in the Middle East and doing so

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Speaker 9: in the midst of nearly fifty million people socked in

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Speaker 9: in a blizzard.

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Speaker 8: And while the President's economic agenda was thrown into chaos

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Speaker 8: after the Supreme Court struck down his preferred method of

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Speaker 8: imposing global tariffs. He's expected to continue to promote levies

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Speaker 8: in the State of the Union in Washington, Amy Moore

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Speaker 8: as Bloomberg Radio.

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Speaker 2: Right, Amy, thank you. While President Trump has invited both

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Speaker 2: the men's and women's Gold Metal hockey teams to attend

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Speaker 2: the State of the Union address, the women's squad has

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Speaker 2: declined the invite, while many of the men's teams said

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Speaker 2: they plan to attend. And you can catch extended coverage

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Speaker 2: of the State of the Union tonight with a special

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Speaker 2: edition of Balance of Power. Coverage begins at eight pm

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Speaker 2: Wall Street Time with Joe Matthew and Kaylee Lines on

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Speaker 2: Bloomberg Radio and Television.

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Speaker 3: The current President Trump's primetime speech comes as he begins

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Speaker 3: to rebuild his trade agenda. The President's new ten percent

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Speaker 3: global tariffs are now in effect, but he doesn't plan

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Speaker 3: to stop there. As we hear from Bloomberg's Rosalind Matheson,

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Speaker 3: we do.

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Speaker 10: Know from an administration official telling Bloomberg that they're looking

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Speaker 10: to see how they can raise that quickly to fifteen percent,

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Speaker 10: the level that Donald Trump threatened and of course that's

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Speaker 10: potentially bad news for some key US allies like Australia

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Speaker 10: and the UK, which stand to be worse off than

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Speaker 10: the parameters of the trade deals that they've been agreeing

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Speaker 10: with the US.

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Speaker 3: In response to the ten percent levy, Bloomberg's ros mathis

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Speaker 3: it says the European Union has halted ratification of its

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Speaker 3: trade deal with the US, and the White House is

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Speaker 3: also launching investigations into imported batteries, cast iron, electrical and

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Speaker 3: telecom equipment, plastics, and industrial chemicals. Those probes could lead

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Speaker 3: to even more tariffs under Section two thirty two of

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Speaker 3: the Trade Act.

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Speaker 2: Meantime, Nathan and the rest bit from President Trump's larger

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Speaker 2: tariffs could drive up cargo volumes at large ports, and

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Speaker 2: that's what we're hearing from Port of Los Angeles executive

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Speaker 2: director Eugene Soroco.

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Speaker 11: Realistically speaking, it appears that the effective terriff frey will

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Speaker 11: be lower for many who buy, especially from Asia countries

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Speaker 11: that are shipping here to the United States. But all

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Speaker 11: of this remains under one complication, and that's that announcements

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Speaker 11: keep coming out so fast and furious that it's tough

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Speaker 11: even for the most seasoned professional to keep up.

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Speaker 2: With all of this import of La Director Eugene Siroca

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Speaker 2: says import patterns have fluctuated based on trade policy announcements.

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Speaker 2: At the same time, exports have consistently suffered, with shipments

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Speaker 2: to China dramatically reduced.

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Speaker 3: Now we want to turn to the latest tarn on

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Speaker 3: a dangerous situation in Mexico. Turmoil continues south of the

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Speaker 3: border after the Mexican army killed the country's most powerful

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Speaker 3: drug lord. More than seventy people died in the attempt

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Speaker 3: to capture the cartel chief known as Elmencho. The cartel

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Speaker 3: responded with widespread violence, including roadblocks and setting fire to vehicles.

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Speaker 3: Tourists in the area have been left stranded, unable to

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Speaker 3: make a dangerous trip to the airport. Juan Carlos Guerrero

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Speaker 3: is sheltering in place in Puerto Vio.

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Speaker 12: We have not been able to find the flight back.

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Speaker 12: Even if we hear that the airport is secure and

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Speaker 12: there's military people around the airport keeping it safe. Getting

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Speaker 12: there and the hour drive to the airport is the

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Speaker 12: concerning part. We don't know what we may find along

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Speaker 12: the way.

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Speaker 3: The violence has prompted several Mexican states to cancel school

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Speaker 3: and warn residents to stay inside.

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Speaker 2: Now Nathan to the latest on tensions in the Middle East.

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Speaker 2: President Trump is pushing back against concerns about the risks

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Speaker 2: of an extended military campaign against Iran and a social

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Speaker 2: media posts, the President said a conflict against Iran would

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Speaker 2: be quote easily won, but he says he'd rather have

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Speaker 2: a deal with Tehran. Bloombergy Stewart Livingstone Wallace says the

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Speaker 2: President is likely considering four options.

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Speaker 5: Option number one is the diplomatic track, the one they've

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Speaker 5: been going down so far, and we have that meeting

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Speaker 5: coming up on Thursday. Option two is cyber warfare and propaganda.

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Speaker 5: It feels maybe a little bit late for that given

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Speaker 5: amount of hardware that's now in the region. And then

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Speaker 5: option three limited strikes, try and push the deal forward

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Speaker 5: or try and get some more concessions out of Iran.

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Speaker 5: And then option four, which is basically regime change, and

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Speaker 5: that is effectively a multi week campaign. There are some

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Speaker 5: doubts about whether you can achieve that purity with as strikes.

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Speaker 2: And Bloombergy Stewart Lemingston Wallace says the State Department ordered

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Speaker 2: non emergency personnel to leave the US embassy in Beiruti yesterday.

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Speaker 2: The US has a mass, the largest force in the

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Speaker 2: region since the Iraq invasion in two thousand and three.

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Speaker 3: Well, there is a lot going on in the world, Karen.

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Speaker 3: Let's take a moment to look at the markets now.

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Speaker 3: Stock futures are higher after yesterday's AI fueled sell off.

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Speaker 3: The Dow Jones Industrial Average film more than eight hundred points,

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Speaker 3: or one point seven percent. IBM had its worst day

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Speaker 3: in a quarter century, plunging thirteen percent. That's after anthropics

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Speaker 3: that its clawed code tool could help modernize a dated

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Speaker 3: programming language from IBM, American Express, MasterCard, and Capital One

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Speaker 3: were among the top financial decliners. Sactrini Research mentioned them

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Speaker 3: in a report to describing the potential risk AI could

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Speaker 3: pose to the global economy.

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Speaker 2: Nathan, we have new developments this morning and the takeover

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Speaker 2: battle for Warner Brothers Discovery. A Bloomberg News has learned

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Speaker 2: that Paramounts Guidance is raising his offer. Sources say the

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Speaker 2: Nuance specified bid improves on Paramount's thirty dollars a share

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Speaker 2: all cash proposal. Warner Brothers will consider the new offer,

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Speaker 2: and if deemed superior, Netflix will have four days to respond, Karen.

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Speaker 3: Jamie Diamond is sounding a warning this morning. The JP

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Speaker 3: Morgan Chase CEO is telling investors he's starting to see

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Speaker 3: parallels to the era before the two thousand and eight

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Speaker 3: financial crisis, when a rush to make loans ended very badly.

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Speaker 13: Unfortunately, we did see this five six and o seven,

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Speaker 13: almost the same thing. The rising tide lifts in all boats.

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Speaker 13: Everyone was making a lot of money. I don't know

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Speaker 13: how long it's going to be great for everybody. I

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Speaker 13: see a couple of people doing some dumb things. You know,

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Speaker 13: they're just doing dumb things to create ANII or or

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Speaker 13: say they're winning in the Marcus business or something like that.

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Speaker 3: Jamie Diamond says he expects the credit cycle will eventually

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Speaker 3: sour again, though he says he's not sure exactly when.

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Speaker 2: Time now for a look at some of the stories

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Speaker 2: making news in New York and around the world, and

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Speaker 2: for that were joined by Bloomberg's Michael Barr Michael, Good Morning.

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Speaker 14: Good Morning, Karen. New details and the disappearance of Nancy Guthrie.

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Speaker 14: The investigation reportedly saw the masked man suspected of abducting

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Speaker 14: the eighty four year old scared off by a camera

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Speaker 14: and fled from her front door sometime before apparently returning

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Speaker 14: the night she was taken. Former FBI agent Jason Peck.

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Speaker 15: If it is the same person, it could indicate that

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Speaker 15: the person was there surveilling the place before the abduction happened.

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Speaker 15: The fact that there was preparation in planning, which makes

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Speaker 15: it more of a sophisticated type of criminal activity than

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Speaker 15: someone just showing up.

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Speaker 14: Meanwhile, the disappearance of Today's Show host Savannah Guthrie's mother

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Speaker 14: three weeks ago has inspired volunteers to launch their own

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Speaker 14: searches in the dense desert near her home just outside Tucson. However,

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Speaker 14: authorities are urging volunteers to stop and give investigators space

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Speaker 14: to do jobs that are best left to the professionals.

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Speaker 14: Director and actor Rob Reiner's son Nick Reiner, pleaded not

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Speaker 14: guilty in court in the stabbing deaths of his parents.

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Speaker 14: Reiner as a history of mental health and substance abuse problems.

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Speaker 14: Los Angeles District Attorney Nathan Hockmann says Reiner could face

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Speaker 14: the death penalty.

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Speaker 12: The cases on track.

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Speaker 7: We have provided the bulk of discovery to defense counsel,

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Speaker 7: and we are now waiting for the coroner's report. When

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Speaker 7: that is provided to the District Attorney's office, it will

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Speaker 7: in turn be provided to defense counsel.

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Speaker 14: Reiner could change his plea to not guilty by reason

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Speaker 14: of insanity at any point down the road leading up

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Speaker 14: to his trial. Police in Britain say Peter Mandelsson, the

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Speaker 14: former UK ambassador to the United States, has been released

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Speaker 14: on bail after he was arrested in the Jeffrey Epstein files.

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Speaker 14: Misconduct probe authorities are investigating Mandelssohn over documents suggesting he

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Speaker 14: passed sensitive government information to Epstein a decade and a

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Speaker 14: half ago. Mandelssohn reportedly denies any wrongdoing. Global News twenty

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Speaker 14: four hours a day and whenever you want it with

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Speaker 14: the Bloomberg News Now Michael Barrn, this is Bloomberg, Karen.

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Speaker 2: Thanks Michael. A time now for our Bloomberg Sports update,

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Speaker 2: and for that we bring in John Stashauer.

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Speaker 14: Thanks Karen.

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Speaker 16: The big NBA game was in Detroit, San Antonio beat

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Speaker 16: the Pistons one fourteen to one oh three. The Spurs

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Speaker 16: of when nine in a row college hoops. The acc

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Speaker 16: North Carolina held off Louisville seventy seven to seventy four

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Speaker 16: seth Trimble score thirty in the Big twelve, Kansas beat

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Speaker 16: Houston sixty nine fifty six thirds three loss with the Cougars,

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Speaker 16: who were ranked number two in the country. Duke after

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Speaker 16: the big win over Michigan is now ranked number one

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Speaker 16: Detroit Tigers. As Trek Scoubel says, he will pitch for

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Speaker 16: the USA and the World Baseball Classic, but only one game.

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Speaker 16: That to Bloomberg Sports fifteen.

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Speaker 2: Day with us. More from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio nationwide on Serious Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hager, and we are hours away

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Speaker 3: from President Donald Trump's first State of the Union address

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Speaker 3: of his second term. Could be a chance to reset

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Speaker 3: with more Americans concerned about the economy, immigration, enforcement, foreign policy,

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Speaker 3: and more. Here's White House Press Secretary Caroline Levitt.

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Speaker 13: It is going to be a very good and powerful speech,

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Speaker 13: so everyone should tune in.

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Speaker 3: That was White Housepokeswoman Carolinelevitt previewing this speech last week.

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Speaker 3: This morning, we're joined by Bloomberg News Deputy Washington Bureau

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Speaker 3: Chief Laura Davison. So, Laura, what can we expect from

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Speaker 3: the President.

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Speaker 17: Tonight, Well, we can expect in the President's own words,

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Speaker 17: he said, this is going to be a long speech.

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Speaker 17: There's a lot to cover. Two things that are really

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Speaker 17: of key interest for folks that kind of the two

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Speaker 17: issues dominating the headlines right now are one, tariffs. How

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Speaker 17: does he address that? Does he lay out any more

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Speaker 17: detailed plans for how he's going to proceed after the

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Speaker 17: Supreme Court struck down his tariff plan last week. One

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Speaker 17: of the key things to note that's really will introduce

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Speaker 17: an interesting dynamic here is that the Supreme Court justices

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Speaker 17: typically attend and they sit in the front row just

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Speaker 17: feet away from where Trump will be speaking. He has

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Speaker 17: been very critical of the Supreme Court decision, you know,

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Speaker 17: personally attacking some of the justices who ruled against his tariff.

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Speaker 17: So that is a very delicate dynamic going into tonight's speech.

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Speaker 17: The second is iron You know, Trump has had a

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Speaker 17: teased he might be interested in some sort of targeted strike.

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Speaker 17: The US military is building up assets in the region,

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Speaker 17: but it's not clear exactly where things proceed. That is

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Speaker 17: the key foreign policy issue that people are watching for.

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Speaker 3: And those are two key issues that are raising concerns

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Speaker 3: for Americans. How does the president potentially reset that narrative

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Speaker 3: to try to assuage some of those concerns.

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Speaker 17: Yeah, Trump is going into this speech with his approval sagging,

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Speaker 17: especially on the economy. He's facing a rebuke for members

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Speaker 17: of his own party both on immigration and on tariff policy.

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Speaker 17: This speech is intended to set the stage going into

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Speaker 17: the midterms later this year. White House aids really want

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Speaker 17: Trump to focus on the economy, focus on his tax

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Speaker 17: cuts from last year, new proposals that they put out

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Speaker 17: in regarding housing affordability. But it's not clear if there's

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Speaker 17: enough meat on the bones there for Trump really to

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Speaker 17: turn around how voters are feeling about the economy, you know,

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Speaker 17: going in with just you know, eight or nine months

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Speaker 17: until the elections.

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Speaker 3: How much of a bounce do we typically see for

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Speaker 3: the president's party from a State of the Union address

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Speaker 3: ahead of the midterms. Does it have a wave all

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Speaker 3: the way into November?

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Speaker 17: It is highly unlikely, particularly with the news cycles that

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Speaker 17: we experience now, that this is not going to be,

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Speaker 17: you know, something that we're all talking about you know,

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Speaker 17: as we head into the fall or even you know,

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Speaker 17: next week or two weeks from now. But this does

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Speaker 17: at least give members of Congress, you know, particularly Republicans

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Speaker 17: who are facing an uphill battle as they go into

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Speaker 17: this midterm election, some key talking points that they can

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Speaker 17: at least point to and say, hey, look, this is

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Speaker 17: what the president, this is what the Republican Party is

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Speaker 17: going to do for you. Years that Republicans have is

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Speaker 17: that Trump is not going to skip stick to the script,

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Speaker 17: not focus on those domestic pocketbook issues, and instead either

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Speaker 17: go off script and create a new controversy or focus

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Speaker 17: on things that aren't of top concern to voters.

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Speaker 3: In our last minute, Laura has the White House tip

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Speaker 3: that's hand on any specific policy proposals that the President

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Speaker 3: could roll out here. I mean, we've been waiting for

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Speaker 3: the meat on the bones of a housing policy, for example.

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Speaker 17: They have not you know, that is one of the

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Speaker 17: key areas that keeps being brought up, you know, being

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Speaker 17: teased that a housing policy plan is coming. We've seen

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Speaker 17: very few details there. Another thing is is ai The

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Speaker 17: White House is looking at getting technology companies to pledge

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Speaker 17: to cover the cost of data center energy to reduce

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Speaker 17: some of the pressure that households have been feeling about

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Speaker 17: increasing energy energy cost. That's another area that is happening here.

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Speaker 17: But all of these so far have really been unbinding,

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Speaker 17: not something super actionable, and lacking a lot of the

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Speaker 17: specifics that people are looking for to actually see that

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Speaker 17: real dollars and cents boost in their paychecks.

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Speaker 3: Bloomberg Deputy Washington Bureau Chief Lay Davis and Laura thank you.

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Speaker 3: Ahead of the State of the Union address at nine

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Speaker 3: pm Wall Street Time. Our coverage begins at eight on

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Speaker 3: a special edition of Balance of Power with Joe Matthew

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Speaker 3: and Kaylee Lines. You can catch it on Bloomberg Radio

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Speaker 3: and television this evening.

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Speaker 2: Karen Nathan. Another major story, we're following the blizzard of

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Speaker 2: twenty twenty six and much of the Northeast still digging

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Speaker 2: out from where we're joined by Bloomberg meteorologists Craig Allen

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Speaker 2: and Craig Let's start with the snow totals. Was it

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Speaker 2: Rhode Island that was herdest hit?

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Speaker 4: Yes, it was Providence, setting an all time record of

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Speaker 4: thirty eight inches thirty seven point nine to be exact,

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Speaker 4: and so that set many records for Providence itself. Boston

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Speaker 4: wasn't far behind with thirty one and a half inches

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Speaker 4: of snow, and neither actually were parts of the New

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Speaker 4: York City area. Long Island had twenty five to thirty

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Speaker 4: two inches of snow. New York City itself put itself

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Speaker 4: into the top ten with a nineteen and a half

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Speaker 4: inch snowstorm, and well, fortunately it wasn't all that bad.

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Speaker 4: The farthest south you went, Philadelphia did pick up between

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Speaker 4: ten and fifteen, but down towards Washington it was only

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Speaker 4: a two to four inch slushy accumulation, with the highest

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Speaker 4: amounts over towards the coastline around the DC, well, let's

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Speaker 4: say Maryland's eastern shore, and then on off through Delaware,

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Speaker 4: So that's where it actually began, and the worst of

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Speaker 4: it just kept pounding the northeast coast.

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Speaker 2: You know, growing up in New England, Craig, the blizzard

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Speaker 2: of seventy eight was always the benchmark. Does this give

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Speaker 2: us a new bench meet? Yes? Remember I remember it? Well,

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Speaker 2: how does this compare?

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Speaker 4: Well, you know, in terms of the way the storm

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Speaker 4: was set up, the intensity of the storm, the storm structure,

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Speaker 4: it definitely compares. Now, there was more to the snowstorm

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Speaker 4: in seventy eight from DC on up all the way

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Speaker 4: to Boston, some places picking up anywhere from fifteen to

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Speaker 4: thirty inches of snowfall, with about thirty thirty five forty

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Speaker 4: inches of snow in some of the suburbs. And the

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Speaker 4: winds were similar, So there were some reports, as you

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Speaker 4: know from this one. I was mentioning before about eighty

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Speaker 4: to eighty five mile per hour gusts out towards Montalk

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Speaker 4: and Nantucket, Cape Cod, the islands out there, seventy five

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Speaker 4: to eighty five. That's hurricane force. And so this too

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Speaker 4: had similarities in the way it looked on the weather

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Speaker 4: maps and the satellite photographs to be very similar to

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Speaker 4: seventy eight. Every once in a while, the atmosphere just

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Speaker 4: really has to release, and that's basically what this was.

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Speaker 4: A release of energy throughout the Northeast coast this time around.

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Speaker 2: So they'll be talking about this one for years to

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Speaker 2: come as well. It seems so you're also talking about

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Speaker 2: more snow. Aheads say it isn't so, but what are

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Speaker 2: we in for?

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Speaker 4: Yes, I am, And you should see the looks on

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Speaker 4: some faces that I get after I say that. The

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Speaker 4: first two possibilities are coming up one four tonight, late

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Speaker 4: tonight and into the early part of Wednesday. Looks minor

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Speaker 4: and looks very wet. There could actually be some rain

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Speaker 4: mixing in and where if there is some snow accumulation,

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Speaker 4: especially on colder surfaces, it would be about an inch

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Speaker 4: or two from New York City on up to Boston,

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Speaker 4: not much down towards DC. Another chance during Thursday into

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Speaker 4: Thursday evening. Same thing minor, but talk is already starting

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Speaker 4: about next Monday night into Tuesday, not being as intense

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Speaker 4: as what we just went through, but that would be

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Speaker 4: the more important storm, a bigger storm again early part

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Speaker 4: of next week.

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Speaker 2: This is Bloomberg day Break, your morning podcast on the

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Speaker 2: Ray