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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today. We begin with policy. In Washington, congressional leaders

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Speaker 1: have unveiled a plan to fund parts of the federal

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Speaker 1: government through the end of September. Bloomberg's Ed Baxter has

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Speaker 1: the story.

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Speaker 2: It's four hundred and thirty six billion dollars and covers

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Speaker 2: about a quarter of the overall government spending. It represents

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Speaker 2: the first real progress toward resolving ideological clashes, but at

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Speaker 2: the same time does not address the sharply partisan issues

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Speaker 2: that keep pushing last minute shut down anxiety. It does

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Speaker 2: not address Pentagon spending, for example. It does include, though,

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Speaker 2: a provision to prevent oil sales from the US Strategic

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Speaker 2: Petroleum Reserve to China. Ed Baxter, Bloomberg Radio, All.

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Speaker 1: Right, Ed, thank you, Ale. Turning to the presidential race.

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Speaker 1: Nikki Haley just won her first Republican primary. It's in

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Speaker 1: the district of Columbia, where, with one hundred percent of

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Speaker 1: the votes counted, Hailey took sixty two point eight percent

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Speaker 1: to former President Trump's thirty three point three percent. Before

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Speaker 1: the win Hailey hinted she might stay in the race

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Speaker 1: all the way to the Republican National Convention in July.

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Speaker 3: If the people want to see me go forward, they'll

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Speaker 3: show it.

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Speaker 2: They'll show it in their votes, they'll show it in

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Speaker 2: their donations, They'll show it in the fact that they

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Speaker 2: want us to continue to go forward.

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Speaker 1: And Nikki Haley spoke on NBC's Meet the Press her

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Speaker 1: in Sundays on Bloomberg Radio. Her win in the DC

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Speaker 1: primary gives her nineteen convention delegates, bringing her total to

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Speaker 1: forty three. Former President Trump has racked up two hundred

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Speaker 1: and forty four delegates so far. He's likely to pick

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Speaker 1: up many more when fifteen states vote tomorrow and Super Tuesday.

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Speaker 4: I mean, while Karen, former President Trump could learn today

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Speaker 4: whether the Supreme Court lets him appear on the Colorado ballot.

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Speaker 4: The justices are expected to decide at least one case today.

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Speaker 4: Signs are pointing to resolution of the Colorado case. The

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Speaker 4: threatened to kick Trump off some state ballots because of

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Speaker 4: his efforts to over return his twenty twenty election loss.

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Speaker 4: Trump is challenging a Colorado Supreme Court decision that he

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Speaker 4: has disqualified from being president again and ineligible for the

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Speaker 4: state's primary tomorrow.

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Speaker 3: Well.

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Speaker 1: Turning to the Middle East, now, Nathan calls for a

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Speaker 1: ceasefire between Israel and Hamas are growing louder. Vice President

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Speaker 1: Kamala Harris is now calling for a pause in the

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Speaker 1: fighting in Gaza.

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Speaker 5: Let's get a ceasefire, let's reunite the hostages with their families,

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Speaker 5: and let's provide immediate relief to the people of Gaza.

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Speaker 1: Vice President Harris spoke in Selma, Alabama, a day after

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Speaker 1: US officials said Israel had essentially agreed to a six

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Speaker 1: week ceasefire if Amas hands over vulnerable hostages. Meanwhile, a

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Speaker 1: new Gallup poll shows Americans are less favorable of both

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Speaker 1: Israel and the Palestinian authority since the Gaza war began.

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Speaker 1: Fifty eight percent say they have a positive view of Israel.

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Speaker 1: That's down ten percentage point since last year. Favorable views

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Speaker 1: of the Palestinian authority have dropped from eighteen to eight percent.

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Speaker 4: Now, let's look toward outer space. Karen SpaceX has successfully

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Speaker 4: launched another Falcon nine spacecraft from NASA's Kennedy Space Center

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Speaker 4: in Florida. The one cosmonaut and three astronauts on border

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Speaker 4: headed to the International Space Station, American astrobiologist and former

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Speaker 4: NASA employee Keith Cowing says, for SpaceX, incredible feats like

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Speaker 4: this are becoming routine.

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Speaker 6: They're always exciting, but I'll be honest with you, these

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Speaker 6: SpaceX things are starting to get a little boring, which

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Speaker 6: is a good thing, because we're at least now going

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Speaker 6: from being scared every time we launched the crew. Just

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Speaker 6: something that's approaching, maybe not routine, but acceptable, and that's again,

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Speaker 6: that's a good thing.

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Speaker 4: American astrobiologist Keith Cowing says after last night's launched, the

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Speaker 4: spacecraft is expected to dock autonomously to the space station

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Speaker 4: at about three am Eastern time tomorrow morning.

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Speaker 1: Well, Nathan, turning to the markets. Now, for the first time,

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Speaker 1: Japan's and EK two twenty five stock average are past

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Speaker 1: forty thousand. Investors around the world have been piling into

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Speaker 1: Japan's biggest companies on moving shareholder returns, the weaker yen

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Speaker 1: and booming corporate profits.

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Speaker 4: And back on Wall Street Care and another firm is

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Speaker 4: lifting its price target for US stocks. We get that

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Speaker 4: story from Bloomberg's Jeff Bellinger. Bank of Americas Savita Subramanian

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Speaker 4: now expects the S and P five hundred to end

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Speaker 4: the year at fifty four hundred. That is up from

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Speaker 4: her earlier target to five thousand and indicates about a

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Speaker 4: five percent gain from Friday's close. She says indicators are

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Speaker 4: flashing bullish signals on stronger earnings growth ahead and surprising

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Speaker 4: profit margin resilience. Ba A's fifty four hundred price target

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Speaker 4: now ranks as one of the most bullish on Wall Street.

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Speaker 4: Subramanian joins the ranks of Ed yard Denny of Yard

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Speaker 4: Denny Research and Jonathan Gollub of UBS, who both hold

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Speaker 4: the same year end outlook. Jeff Bellinger, Bloomberg Radio.

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Speaker 1: All right, Jeff. Thanks. While stocks begin the week at

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Speaker 1: record levels, Bitcoin is edging up near its all time hi.

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Speaker 1: The cryptocurrency is trading above sixty five thousand. Traders are

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Speaker 1: betting on price to soon cross the record of almost

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Speaker 1: sixty nine thousand dollars reached during the COVID pandemic in

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Speaker 1: November twenty twenty one. Bitcoin has jumped about one hundred

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Speaker 1: and eighty six percent in the last twelve months, and

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Speaker 1: right now is at sixty five one hundred dollars. We

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Speaker 1: turn to the economy now and interest rates will be

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Speaker 1: in focus this week. FED Chair j Powell is delivering

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Speaker 1: congressional testimony this week. We get the latest with the

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Speaker 1: Bloomberg's John Tucker, John and Karen.

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Speaker 7: Powell's expected to double down on his message that there's

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Speaker 7: no rush to cut interest rates. He delivers his semi

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Speaker 7: annual monetary policy testimony to a House committee Wednesday and

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Speaker 7: then a Senate panel on Thursday. Powell and nearly all

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Speaker 7: his colleagues have said in recent weeks that they can

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Speaker 7: afford to be patient in deciding when to cut rates,

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Speaker 7: given that the underlying strength in the US economy. That

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Speaker 7: cautious approach has been validated in recent weeks by data

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Speaker 7: showing inflation picked up last month. On Democrats in Congress

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Speaker 7: likely to press the FED chief on why officials are

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Speaker 7: keeping borrowing costs so high on the path of rates

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Speaker 7: good effect the November election. John Tucker, Bloomberg Radio.

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Speaker 4: Okay, John, thank you. In company news, we're watching shares

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Speaker 4: of Macy's this morning. They're up nearly fourteen percent in

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Speaker 4: early trading. Investors are boosting their takeover bid for the retailer.

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Speaker 4: That story from Bloomberg's Doug Prisner.

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Speaker 8: Back in January, arc House Management and Brigade Capital offered

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Speaker 8: five point eight billion dollars for Macy's, but the retailer

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Speaker 8: rejected the bid, saying it lacked compelling value. Well now,

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Speaker 8: ourk House and Brigade have boosted their offer by fourteen percent.

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Speaker 8: It's worth six point six billion per share twenty four dollars.

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Speaker 8: The latest bid is a thirty three percent premium to

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Speaker 8: Macy's closing price on Friday, and the investor group also

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Speaker 8: disclosed equity partners in the proposed transaction Fortress Investment Group

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Speaker 8: and One Investment Management US in New York. I'm Doug Prisoner, Bloomberg.

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Speaker 1: Radio, all right, Doug, thanks well. In Asia, Chinese Premier

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Speaker 1: Leak Chong will break tradition at the end of the

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Speaker 1: National People's Congress, and Bloomberg and Daybreak Asia anchor Brian

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Speaker 1: Curtis has more from Hong Kong.

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Speaker 9: Premierly will not hold a news briefing, killing a long

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Speaker 9: standing tradition. This will surely fan fears of a lack

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Speaker 9: of openness by the Chinese leadership. It will be seen

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Speaker 9: as diminishing access to information. In addition, a spokesperson said

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Speaker 9: this will continue for the remainder of this term of

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Speaker 9: the NBC. China will set a growth target for this

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Speaker 9: year and what's likely to be a slight increase in

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Speaker 9: deficit spending. But the thing is we may not hear

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Speaker 9: much about the reasoning behind it. In Hong Kong, Brian Curtis,

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Speaker 9: Bloomberg Radio.

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Speaker 1: All right, Brian, thank you, and it's time now for

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Speaker 1: a look at some of the other stories making news

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Speaker 1: in New York and around the world. And for that

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Speaker 1: we're joined by Bloomberg's Michael Barr.

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Speaker 10: Michael, good morning, Good morning, Karen. Congestion pricing is set

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Speaker 10: up in London now. The final set of MTA hearings

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Speaker 10: about congestion pricing in Manhattan takes place today. The two

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Speaker 10: final hearings are schedule for ten am and six pm

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Speaker 10: at the MTA headquarters. New York. Carrier residents will have

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Speaker 10: another chance to share their thoughts on congestion pricing. South

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Speaker 10: of sixtieth Street. Most drivers and cars would pay a

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Speaker 10: fee of at least fifteen dollars. That's on top of

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Speaker 10: paying the tolls to drive through the Lincoln or Holland Tunnel's.

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Speaker 10: The plan is slated to begin in mid June. US

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Speaker 10: military plane started dropping food aid into Gaza over the weekend.

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Speaker 10: Former Marine fighter pilot Colonel Steve Ganyard explains the Air

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Speaker 10: Force regularly makes air drops to resupply US Army units

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Speaker 10: in the field.

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Speaker 11: Part of the Air Force crew's mission is being able

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Speaker 11: to air drop supplies. So in this case it's not

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Speaker 11: US forces. Obviously they're close to the ground, and so

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Speaker 11: you need a permissive environment where people aren't shooting at you.

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Speaker 11: Presumably none of of a moss would be shooting at

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Speaker 11: the US while they were trying to deliver this aid.

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Speaker 10: Former pilot Steve Ganyard spoke to ABC. Authorities avoided a

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Speaker 10: night time curfew in an attempt to regain control of

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Speaker 10: Haiti streets after an explosion of violence during the weekend,

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Speaker 10: including gunmen from gangs overrunning the centry's two biggest prisons

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Speaker 10: and freeing their inmates. Democratic Senator Chris Murphy, one of

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Speaker 10: the bipartisan senators who negotiated a border security deal that

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Speaker 10: fell through after it failed to garner enough Republican support

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Speaker 10: in the House, now urges Democrats to go on the

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Speaker 10: offensive on immigration. Senator Murphy of Connecticut says he knows

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Speaker 10: the reason. He believes Republicans chose to back out of

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Speaker 10: the deal.

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Speaker 12: Republicans blocked the bill because they knew only the legislation

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Speaker 12: would be effective in controlling the border. They want the

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Speaker 12: border to be out of control because it helps him politically,

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Speaker 12: and they know the president has limits to what he

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Speaker 12: can do through executive order.

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Speaker 10: Senator Murphy spoke on ABC's This Week Heard Sundays on Bloomberg.

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Speaker 10: An unlucky family in Sullivan County, New York, had a

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Speaker 10: dangerous moment just hours after they moved into a house.

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Speaker 10: A home in Monticello is now condemned after the home exploded.

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Speaker 10: Firefighters and police officers responded to the blast on Emily

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Speaker 10: Street over the weekend. The family had just finished unpacking

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Speaker 10: two U haul trucks and was heading for bed when

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Speaker 10: suddenly the blast occurred.

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Speaker 13: It's laying down and all of a sudden, the whole

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Speaker 13: house went boom and shook and.

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Speaker 6: Ran out the door, spreadble.

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Speaker 10: We couldn't go. One person is hospitalized with burns. Eight

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Speaker 10: others managed to get out of the house uninjured. The

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Speaker 10: cause of the explosion believed to have stemmed from a

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Speaker 10: gas leak in the basement. Global News twenty four hours

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Speaker 10: a day and whenever you want it. With Bloomberg News Now,

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Speaker 10: I'm Michael Barrd. This is Bloomberg Naither.

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Speaker 4: Okay, Michael, thank you time now for the Bloomberg Sports Update.

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Speaker 4: Bron to you by tri stayed Out. Are you good morning,

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Speaker 4: John stash Out.

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Speaker 3: Good morning, Nathan and Nixon. Cleveland still without three injured starters,

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Speaker 3: and then in the first minute, Jalen Brunson hurt his knee.

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Speaker 3: They had to play without him, still beat the Calves

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Speaker 3: one oh seven ninety eight twenty of Nick Hero's Josh

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Speaker 3: Hart played forty five minutes at a triple double that

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Speaker 3: included nineteen rebounds. Duce McBrien came in for Brunson, never left.

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Speaker 3: He played forty seven minutes twenty eight points for Dante DiVincenzo.

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Speaker 3: Just needed win for the next who had lost seven

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Speaker 3: of their previous nine, and the news on Brunson's knee

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Speaker 3: injury is encouraging a.

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Speaker 10: Contusion X rays. We're negative in Boston.

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Speaker 3: The celtics eleventh win in a row was their third

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Speaker 3: win of the season by fifty or more points.

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Speaker 10: That's an NBA record.

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Speaker 3: The Celtics over Golden State one forty to eighty eight

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Speaker 3: This game was eighty two to thirty eight at halftime Kyler, Jops,

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Speaker 3: Seaton Hall or Older. The season had that upset of Yukon.

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Speaker 3: The Husky's got revenge beat the Pirates by thirty and

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Speaker 3: that clinches the Big East regular season title for.

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Speaker 10: Uth Khon and Iowa.

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Speaker 3: Last home game for Kitlin Clark yet another milestone, more

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Speaker 3: points than Pete Merrivitch, so most points scored male or female.

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Speaker 13: It's like hard for me to wrap my head around

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Speaker 13: everything that's going on. I think I'm just trying to

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Speaker 13: soak in the moment. A record is a record. I

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Speaker 13: don't want that to be the reason people remember me.

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Speaker 13: I hope people remember me for the way I played

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Speaker 13: with a smile on my face, my competitive fire. Sure

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Speaker 13: they can remember the wins, but also just like the

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Speaker 13: fun me and my team and they's tied together.

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Speaker 3: And a big win for Clark and Iowa over second

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Speaker 3: ranked Ohio State, top ranked South Carolina b Tennessee to

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Speaker 3: complete a second consecutive twenty nine to zero regular season

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Speaker 3: and Tampa Yankees may have lost with the Tigers seven

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Speaker 3: to two, but a Juan Soto home run first in

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Speaker 3: which gave him three homers in his first seven exhibition

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Speaker 3: season at bats, also in Florida. They couldn't finish the

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Speaker 3: cognizant golf will do so today, twenty five year old

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Speaker 3: American and Austin ekrot as a one shot John Stash

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Speaker 3: Allen Bloomberg Sports.

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Speaker 4: Maybe all right, John, thank you know. Let's get right

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Speaker 4: back to this market, starting a trading week at yet

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Speaker 4: new all time highs for the S and P five

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Speaker 4: hundred and the Nasdak. Even Japan's niek has crossed forty

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Speaker 4: thousand for the first time ever. That's as we wait

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Speaker 4: for more clues on the raid path from fedcher Jerome Powell.

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Speaker 4: This week, let's bring in Jeff for you for some

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Speaker 4: market analysis, a senior EMEA market strategist at BNY Mellon, Jeff,

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Speaker 4: it seems like Wall Street analysts are sort of falling

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Speaker 4: all over themselves raising their price targets for the S

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Speaker 4: and P five hundred. Now we got Savita Supermanian at

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Speaker 4: Bank of America raising the fifty four hundred. Is there

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Speaker 4: too much euphoria in this market? Is it well placed?

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Speaker 10: Well?

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Speaker 14: Good morning. I think it's often the case, no matter

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Speaker 14: you know what benchmark you use. Once expectations are raised

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Speaker 14: and raised and raised, becomes harder to hit them, right,

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Speaker 14: So I think people will be querying that in the US, whereby,

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Speaker 14: if we look at other markets right now, expectations are

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Speaker 14: relatively muted right now, so perhaps it's a bit easier

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Speaker 14: to hit those expectations and surpass them. So I think

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Speaker 14: for US assets in general to helperform up ahead may

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Speaker 14: just be a bit trickier this month.

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Speaker 4: Interesting, So does that have you thinking that investors should

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Speaker 4: be taking a little bit more of a look at

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Speaker 4: markets outside the US as we get into the balance

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Speaker 4: of the year.

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Speaker 14: One hundred percent, right, so you know two or three things.

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Speaker 13: Yeah.

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Speaker 14: Firstly, let's look at emerging markets. This is one area

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Speaker 14: where we're expected a new wave of vasa allocation flow

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Speaker 14: this year, especially in bonds and to a lesser extent,

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Speaker 14: equities APAC. For example, if China and Japan there's both

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Speaker 14: potential for reflation, then earnings should continue to surprise the

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Speaker 14: upside as well. And in Japan even I'm not just

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Speaker 14: talking about the FX translation side of things, Latin America

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Speaker 14: still offers you very very good at real rates, even

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Speaker 14: relative to the US. So there are other opportunities I'm

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Speaker 14: out there. I just think the market, well, the US

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Speaker 14: is outperforming, that exceptionalism narrative is fully in place, maybe

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Speaker 14: even relative to high expectations. Ass allocations may just be

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Speaker 14: a bit too overweight right now.

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Speaker 4: Now when it comes to the US market, what are

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Speaker 4: some of the headwinds, the major headwinds that are informing

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Speaker 4: your view.

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Speaker 14: Well, in addition to rhina equity, in addition to equity

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Speaker 14: expectations and being raised. I'm looking at our custodial data

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Speaker 14: right now and flows into bond markets. And one interesting

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Speaker 14: theme that we've established over the past month is if

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Speaker 14: in November and December it was about getting out of

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Speaker 14: frontend due to expectations of rate cuts and moving into uration,

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Speaker 14: right now we are seeing flows across the curve. So

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Speaker 14: it's actually mattering even less to clients with regard to

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Speaker 14: their bond exposures whatever part of the curve, and they're

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Speaker 14: looking at they just want to own dollars at full stop,

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Speaker 14: not saying that this is a risky prospect near right now, Again,

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Speaker 14: the US is outperforming without excessive inflation. But again, you know,

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Speaker 14: this is where even if I look at equity and

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Speaker 14: performance allocations may just be a bit too extreme. Brino

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Speaker 14: It's almost as no infrast rate risk is being priced in,

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Speaker 14: and that looks a bit excessive considering what's going to

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Speaker 14: happen this year with respect to the economy.

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Speaker 4: I wonder what you made of tourist and slocks call

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Speaker 4: over to Paula management last week that the FED might

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Speaker 4: not be able to cut rates at all this year.

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Speaker 14: We will still take the other side of that. Inflation

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Speaker 14: will continue to soften if you look at some of

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Speaker 14: the core items I think that trenders in place. Central

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Speaker 14: banks right now they need to retain optionality. They will

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Speaker 14: not state they will not pre commit to cut, but

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Speaker 14: they'll absolutely not pre commit to say there won't be

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Speaker 14: any cuts either this year. They will be data dependent,

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Speaker 14: and right now we think data will continue to justify easing,

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Speaker 14: this easing in Q two, So we will absolutely take

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Speaker 14: the other side of fact.

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