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Speaker 1: Life from the Bloomberg Interact a Broker's Studios. This is

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Speaker 1: Bloomberg day Break for a Wednesday, March eighth. Coming up today,

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Speaker 1: the White House endorses a bill that could ban TikTok.

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Speaker 1: The President targets one of the biggest peacetime defense budgets ever.

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Speaker 1: Wall Street braces for day two of J. Powell's congressional testimony.

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Speaker 1: And we'll tell you which city is the most popular

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Speaker 1: for the super rich to own a home. Two of

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Speaker 1: the four Americans kidnapped in Mexico or back home alive.

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Speaker 1: Plus it's the sentencing phase in Manhattan with the man

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Speaker 1: who killed eight in a truck attack. I'm John Tucker Morahan.

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Speaker 1: I'm John Stashdaron's horse, the Knicks winning street came to

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Speaker 1: and then the Nets and Islanders won, the Devils lost

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Speaker 1: to the Giants. Locked up quarterback Daniel Jones. That's all

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Speaker 1: straight ahead on Bloomberg day Break, the Business news you

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Speaker 1: need to sturn your day, and just one fifteen minute

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Speaker 1: podcast each pointing on Apple Spotify, The Bloomberg Business Appen

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Speaker 1: everywhere you get your podcasts. Good morning, I'm Nathan Hagar

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Speaker 1: and I'm kerin Moscow. Here are the stories we're following today.

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Speaker 1: We start at the White House. President Biden has endorsed

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Speaker 1: a bipartisan bill that would give him authority to ban

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Speaker 1: or force a sale of TikTok. Amy Morris has details

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Speaker 1: from our Bloomberg ninety nine one newsroom in Washington. The

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Speaker 1: legislation doesn't mention TikTok by name, but applies to any

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Speaker 1: foreign owned technology that could be a national security threat.

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Speaker 1: The bill itself has bipartisan support. Republican Mitt Romney when

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Speaker 1: we come together, it says that Congress is recognized the

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Speaker 1: Chinese Communist Party that is is not our dear friend.

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Speaker 1: Democratic Senator Mark Warner explains that without the bill, China

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Speaker 1: could be weaponizing the platform, poses both a data collection

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Speaker 1: problem and the potential for TikTok to be used as

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Speaker 1: a propaganda tool for the Commentis Party. The legislation gives

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Speaker 1: the administration authority that can stand up to a court challenge.

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Speaker 1: TikTok may also face a separate national security review led

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Speaker 1: by the Committee on Foreign Investment in the US in Washington.

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Speaker 1: I'm Amy Morris, Boomberg Daybreak. All right, Amy, thank you

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Speaker 1: a well. Travel restrictions on China may soon be easing,

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Speaker 1: sources down Bloomberg the US is set to lift COVID

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Speaker 1: testing requirements for travelers from China as soon as this week.

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Speaker 1: We're told the US is evidence that cases, hospitalizations, and

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Speaker 1: deaths start declining in China come back here in the US. Karen,

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Speaker 1: We're getting more clues about President Biden's budget. Sources tell

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Speaker 1: us it will include one of the biggest peacetime budgets

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Speaker 1: ever for the Pentagon eight hundred thirty five billion dollars.

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Speaker 1: That's nineteen billion more than this year. White House Economic

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Speaker 1: Advisor barrot Rama Murdy says the plan will also boost

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Speaker 1: domestic spending. The budget is going to lay out his

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Speaker 1: plan for how we can continue to invest in America,

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Speaker 1: protect social security, lengthen the solvency of Medicare by another

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Speaker 1: twenty five years, continue to bring down costs for families, and,

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Speaker 1: by the way, do all of that while reducing the

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Speaker 1: deficit by more than two trillion dollars over the next

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Speaker 1: ten years. National Economic Council Deputy Director barrot Rama Murdy

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Speaker 1: was a guest on Bloomberg Sound On with Joe Matthew.

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Speaker 1: Catch the show weekdays at one pm Eastern Bloomberg Radio

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Speaker 1: or listen on demand wherever you get your podcasts. Well

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Speaker 1: staying in Washington, Nathan, It's day two of congressional testimony

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Speaker 1: for Jay Powell. This morning, the FED share appears before

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Speaker 1: the House Financial Services Committee. Yesterday, stocks plunged and treasury

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Speaker 1: yields climbed after Powell signaled he was ready to take

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Speaker 1: rates to higher levels if inflation remains hot. Restoring price

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Speaker 1: stability is essential to set the stage for achieving maximum

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Speaker 1: employment and stable prices over the longer run. The historical

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Speaker 1: record cautions strongly against prematurely loosening policy. We will stay

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Speaker 1: the course until the job is done, and investors are

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Speaker 1: now betting Jay Powell and the FED will raise rates

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Speaker 1: by fifty basis points at their next meeting two weeks

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Speaker 1: from today. Well after hearing that hawkish testimony from chairman

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Speaker 1: Powcareman billionaire investor Ken Griffin says the setup for a

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Speaker 1: US recession is now unfolding. We spoke exclusively with the

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Speaker 1: founder of Citadel. You know, everyone has these very high

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Speaker 1: expectations that the FED can just work magic on inflation,

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Speaker 1: and they don't have it that easy. And that's why

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Speaker 1: I really believe that the consistency of messaging is so

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Speaker 1: important because part of how the Fed gets the job

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Speaker 1: done is the perception of the American public that they

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Speaker 1: can get the job done. Ken Griffin says controlling inflation

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Speaker 1: with rad hikes is like quote, having surgery with a

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Speaker 1: dull knife. The Citadel CEO is also weighing in on

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Speaker 1: US politics. You can hear more of our exclusive interview

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Speaker 1: with Ken Griffin. It's coming up shortly here on Bloomberg

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Speaker 1: Day Break. Well, turning to corporate news now, Nathan, We're

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Speaker 1: seeing new developments involving Silvergate Capital's efforts to stay in business,

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Speaker 1: and we get the latest live with Bloomberg. Steve Rappaport,

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Speaker 1: Good morning, Steve, Good morning, Karen and Nathan. FDIC officials

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Speaker 1: paid a visit to Silvergate weighing options to keep the

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Speaker 1: crypto friendly bank afloat. Sources tell Bloomberg. One possible route

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Speaker 1: involves shoring up support from cryptocurrency investors. Silvergate could overcome

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Speaker 1: its woes without help from regulators, but the FDIC has

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Speaker 1: a say in how to move forward because deposits from

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Speaker 1: the lenders clients are ensured by the Federal gu Last week,

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Speaker 1: silver Gate disclosed mounting losses may force the company to

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Speaker 1: reevaluate its sustainability. Live in New York. I'm Steve Rappaport,

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Speaker 1: Bloomberg Daybreak, Steve. Thanks. In Silicon Valley, the probe into

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Speaker 1: Elon Musk and Twitter's handling of private information has apparently intensified.

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Speaker 1: Bloomberg's Ed Baxter has the story the FTC is now

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Speaker 1: planning to depose Musk as part of its Twitter probe

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Speaker 1: regarding privacy and data security practices, a definite escalation. The

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Speaker 1: FTEC has pummeled Musk with document requests things like communications

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Speaker 1: related to recent layoffs, Musk's leadership, and other topics, also

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Speaker 1: asking for documents related to the so called Twitter Files,

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Speaker 1: which gave outside journalist access to internal Twitter information. Musk

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Speaker 1: has tweeted a shameful case of weaponization of a government

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Speaker 1: agency for political purposes and suppression of the truth. Exclamation

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Speaker 1: point in San Francisco, I'm at Baxter, Bloomberg Daybreak. All right, thanks,

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Speaker 1: And finally, can you guess the most popular place for

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Speaker 1: the super rich to own a home? Well, if you

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Speaker 1: said New York, you'd be correct. That's according to a

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Speaker 1: new report by data firm Eltrata, which looks at those

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Speaker 1: with a net worth of over thirty million dollars. London

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Speaker 1: finished second on the list, followed by Hong Kong, Los

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Speaker 1: Angeles and Miami. US cities took fourteen of the top

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Speaker 1: twenty spots on the list. It is thirty degrees in

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Speaker 1: New York. It'll be breezy today. Highs in the upper

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Speaker 1: forties under a mix of sun and clouds, partly cloudy. Tonight,

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Speaker 1: we'll get back down to the low thirties. Time now

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Speaker 1: to take a look at some of the other stories

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Speaker 1: making news in New York and around the world with

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Speaker 1: Bloomberg's John Tucker. Good Morning, John and Nathan. At least

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Speaker 1: eight firefighters were injured enter a blaze on the Windside

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Speaker 1: section of Queens. It happened late last night when the

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Speaker 1: empty n y found the home and galton flames and

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Speaker 1: spreading to nearby homes. It's believed the injuries are non

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Speaker 1: life threatening. There were tiers of joy from the wife

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Speaker 1: of one of the two Americans brought back a live

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Speaker 1: from Mexico. Four Americans were kidnapped right across the southern

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Speaker 1: US border with Texas in the town of Metamore when

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Speaker 1: a group of armed men fired on their vehicle. Two

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Speaker 1: of the Americans were killed. Among those who survive, Eric Williams.

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Speaker 1: His wife Michelle, first heard from him as he was

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Speaker 1: being transported to a hospital in Brownsville, Texas. I didn't

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Speaker 1: even want to imagine what he was going through, or

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Speaker 1: you know, what any of them were going through. Michelle

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Speaker 1: Williams says that her husband had been shot twice in

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Speaker 1: one leg and once of the other, and did undergo surgery.

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Speaker 1: A Fedow judge in Manhattan expected to read the charge

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Speaker 1: to the jury in today's sentencing phase of a man

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Speaker 1: behind a deadly truck ramming in twenty seventeen, A Fedow

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Speaker 1: prosecutor told a jury the man who killed eight people

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Speaker 1: in the terrorist attack in New York chose death and

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Speaker 1: he chose hate. Trying to spare sa fellow Paipov's life.

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Speaker 1: The defense conceded he is to blame for the deadly attack,

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Speaker 1: but said a closing statement that Sipoff should be locked

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Speaker 1: away for life and die at obscurity. Feder prosecutor say

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Speaker 1: Saipov decided death when he mowed down his victims with

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Speaker 1: a rented truck. How speaker Kevin mccarthur claimed he did

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Speaker 1: not see what Fox News host Tucker. Carlson aired Monday

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Speaker 1: night and had little to say about the network, claiming

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Speaker 1: that those in the Capital on January six were mostly

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Speaker 1: peaceful tourists. Each person can come up with their own conclusion,

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Speaker 1: but I just want to make sure is I had transparency.

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Speaker 1: Speaker McCarthy says he has no regrets about sharing tens

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Speaker 1: of thousands of hours of January sixth security footage with Carlson.

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Speaker 1: The chief of the Capitol Police told his officers Carlson's

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Speaker 1: show was quote filled with offensive and misleading conclusions about

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Speaker 1: the January sixth attack. Global News twenty four hours a day,

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Speaker 1: powered by more than twenty seven hundred journalists and analysts

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Speaker 1: in over one hundred twenty countries. On John Tucker is Bloomberg.

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Speaker 1: Nathan all right, John, thank you time now for the

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Speaker 1: Bloomberg Sports Update, brought to you by Tri Stayed Audie.

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Speaker 1: Here's John stash Our, Thanks Nathan. New York Quarterbacks Daniel

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Speaker 1: Jones's staying Aaron Rodgers good be coming. Jones's fourth season

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Speaker 1: with the Giants far and away his best and did

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Speaker 1: he ever cash in four year contract One hundred and

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Speaker 1: sixty million dollars makes Jones the seventh highest paid player

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Speaker 1: in the NFL. He only threw fifteen touchdown passes, but

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Speaker 1: his receiving corps mostly unknown guys. Giants will look to

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Speaker 1: now upgrade that and they are able to keep Saquon Barkley.

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Speaker 1: Jones's new deal meant they did not have to use

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Speaker 1: the franchise tag on Jones, and they instead tagged Barkley

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Speaker 1: as for Rogers visitors at his home in California, Jets

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Speaker 1: owner Woody Johnson flew in on his private plane could

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Speaker 1: rob Sala. New offense quitter Nathaniel Hackett, who was the

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Speaker 1: OC in green Bay for two of Rogers's MVP seasons.

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Speaker 1: Packers gave their blessing to the visit for the Jets

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Speaker 1: to land Rodgers. They need to work out a trade

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Speaker 1: with green Bay. The next nine game winning Streakers over.

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Speaker 1: Julius Randall said after a one twelve, one oh five

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Speaker 1: loss at the Garden to Charlotte that they ran out

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Speaker 1: of gash not only thirty percent. In the second. At

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Speaker 1: the lowly Hornets, twenty five games under five hundred stormed

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Speaker 1: back and one one one oh five. Randall shot just

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Speaker 1: five of seventeen knicks were again without the injured jail

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Speaker 1: and Fronts and J Barrett scored twenty seven. Nicks now

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Speaker 1: go on a four game West Coast Ship next one

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Speaker 1: at Euston one, eighteen ninety six thirty points from Chel Bridges.

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Speaker 1: He's at thirty or more four of his last five games.

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Speaker 1: Islanders made it five of their last seven. They'd beat

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Speaker 1: Buffalo three to two. The Devil's blew A League lost

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Speaker 1: to Toronto four to three. Northeast Conference Final Merrymack by

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Speaker 1: one over Fairlie Dickinson to Marymack new to Division one.

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Speaker 1: Not eligible for the NCAA Double A. So FDU despite

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Speaker 1: the loss, is going to the Big Dance. John Stash

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Speaker 1: award Bloomberg's Point live from coast to coast, from New

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Speaker 1: York to San Francisco, Boston to Washington, d C. Nationwide

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Speaker 1: on Sirius XM, the Bloomberg Business app, and Bloomberg dot Com.

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Speaker 1: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Billionaire

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Speaker 1: Ken Griffin says the setup for a recession in the

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Speaker 1: US is unfolding. The founder of Citadel says the Federal

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Speaker 1: Reserve is doing what it can to tame inflation, but

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Speaker 1: he thinks raising interest rates has a limited impact on

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Speaker 1: bringing price pressures down. In an exclusive interview with Bloomberg's

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Speaker 1: Philippe Marquez, Griffin disgusted inflation the Fed's rate hike path,

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Speaker 1: and he even waited, been too politics, Let's bring you

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Speaker 1: part of that conversation now. So he created space today

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Speaker 1: to move by fifty basis points on the next hike.

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Speaker 1: You know they'd come into this year pretty clearly telegraphing

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Speaker 1: that twenty five basis points was going to be the

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Speaker 1: per meeting rate hike for the early part of the year,

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Speaker 1: and then in some sense taking the foot off the

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Speaker 1: break and seeing where the economy lands and if fairness

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Speaker 1: the FED the interest rate tool as a means of

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Speaker 1: controlling inflations, it's like a It's like having surgery with

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Speaker 1: a dull knife. It is a really difficult tool to

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Speaker 1: get the job done with because you hit the housing sector,

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Speaker 1: you hit the manufacturing sector, you hit parts the economy

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Speaker 1: you tend to leave the rest of the economy relatively untouched.

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Speaker 1: So the Fed doesn't have as much impact with their

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Speaker 1: tool as you might hope. And although they've raise rates considerably,

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Speaker 1: it's not clear how long the leg effects are for

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Speaker 1: the impact, and once the impact starts to play out,

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Speaker 1: how damaging that impact is. You're also one of the

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Speaker 1: biggest political donation political donors in the country right now.

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Speaker 1: And we interviewed JB. Pritzker Bloomberg recently and he said,

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Speaker 1: and I'm quoting here, he was willing to spend whatever

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Speaker 1: it takes to keep Republicans, namely ruined the scientis out

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Speaker 1: of the White House. Are you willing to spend whatever

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Speaker 1: it takes you get here elected? Well, I would spend

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Speaker 1: whatever it takes make sure that JB. Pritsker's never in

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Speaker 1: the White House. So I will I will actually spend

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Speaker 1: whatever it takes to make sure he's never president. Now

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Speaker 1: on the Republican side, you know, we're going to have

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Speaker 1: a really interesting primary ahead of us. I'm actually I'm

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Speaker 1: not going to talk about Ron de Santis because the

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Speaker 1: state of Florida speaks for itself. Really, people here are

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Speaker 1: going to be very sad. Now, actually they won't be,

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Speaker 1: because he won the state in the reelection for governor

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Speaker 1: by an absolute landslide. And I think that speaks to

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Speaker 1: what people want in their leadership. They want a government

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Speaker 1: that works for them. They want a government that is

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Speaker 1: thoughtful about minding their check book as taxpayers. They want

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Speaker 1: their children educated, they want their streets to be safe,

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Speaker 1: and they want they want their communities to prosper. I

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Speaker 1: think that's a simple message, and I don't think I

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Speaker 1: need to talk about Ron de Santis. I just need

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Speaker 1: to look across the state and rise that message is

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Speaker 1: being delivered here in Florida. Now I'd like to see

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Speaker 1: that message across America again. It is absolutely heartbreaking to

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Speaker 1: see where the progressive liberal agenda is being unleashed and

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Speaker 1: the damage it's doing to our cities and more fundamentally,

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Speaker 1: to our children. Do you think we don't to them?

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Speaker 1: I would love to see him run. That's the founder

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Speaker 1: of Citadel and Citadel Securities, Ken Griffin, speaking exclusively with

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Speaker 1: Bloomberg News from Palm Beach, Florida. You can hear the

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Speaker 1: full conversation. We have it up for you on Bloomberg

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Speaker 1: dot Com and on the Bloomberg terminal. Now. Ken Griffin's

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Speaker 1: comments on the economy come after that hawkish turn we

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Speaker 1: saw from FED chair J Powell after talking about a

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Speaker 1: disinflationary process taking hold at the last FED meeting, Powell

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Speaker 1: now says the newest economic data have come in stronger

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Speaker 1: than expected. I think nothing about the data suggests to

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Speaker 1: me that we've tightened too much. Indeed, it suggests that

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Speaker 1: we still have work to do. FED chair J Powell

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Speaker 1: speaking before the Senate Banking Committee. As we await day

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Speaker 1: two of testimony before the House Financial Services Committee, let's

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Speaker 1: bring in Sarah House, senior economist at Wells Fargo, to

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Speaker 1: talk a little bit more on what we got yesterday

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Speaker 1: from Chairman Powell. Really coming in hot on the hawkishness, Sarah,

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Speaker 1: Good morning, is a fifty basis point move from the Fed?

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Speaker 1: Now a done deal after we heard from Chairman Powell. No,

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Speaker 1: I think there's still some possibility at days at twenty five,

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Speaker 1: and that's because we still have some pretty key data

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Speaker 1: to come in between now and the FED meetings. So

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Speaker 1: Pow emphasized that it would depend on the totality of

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Speaker 1: the data. Well, we get the non farm payrolls report

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Speaker 1: here on Friday. I think just as important as that headline,

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Speaker 1: if not more so, is going to be what happens

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Speaker 1: with that average earlie earnings number, And then we get

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Speaker 1: another CPI report on Tuesday. So I think those are

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Speaker 1: both going to be really important and confirming whether we

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Speaker 1: are actually seeing a reacceleration in the labor market and inflation,

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Speaker 1: or if January was perhaps just exaggerated by various factors. Well,

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Speaker 1: I'm curious whether you think the tone that we got

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Speaker 1: from Chairman Powell yesterday suggests any expectation from the Fed

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Speaker 1: about what that data is going to look like when

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Speaker 1: we get it later on this weekendto next week. Well,

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Speaker 1: I think just by the fact that he was so

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Speaker 1: clearly entertaining the possibility of a fifty basis point hike

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Speaker 1: suggests that he does think that it's going to remain

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Speaker 1: pretty strong. I think part of that stems from the

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Speaker 1: fact that it wasn't just the January data that was hot,

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Speaker 1: but I think more fundamentally was really the revisions we

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Speaker 1: saw towards towards the last few months of the year,

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Speaker 1: so both in terms of the hiring activity but also inflation.

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Speaker 1: That's really where we saw him emphasize the change in

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Speaker 1: the data is that the trend does seem to be stronger,

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Speaker 1: which would indicate that he's looking for another strong payrolls

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Speaker 1: and inflation report in the coming days. Well, what's your

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Speaker 1: expectation on the data we're going to get. First on

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Speaker 1: the job's report. Obviously we've seen weekly claims continue to

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Speaker 1: show tightness as well as the jolts openings. Well, what

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Speaker 1: do you think we're going to see in the payrolls

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Speaker 1: data when it comes out on Friday? So we're above consensus,

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Speaker 1: So we're looking for an increase of two hundred and

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Speaker 1: seventy thousand job gains, and so that would clearly be

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Speaker 1: a step down from the five seventeen that we saw

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Speaker 1: in January, but you know, pretty pretty modest deceleration from

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Speaker 1: the trend we had seen prior to that. So in

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Speaker 1: the fourth quarter, we are looking at payroll's averageen just

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Speaker 1: two hundred and ninety thousand, so still a very very

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Speaker 1: strong number for average earlie earnings. We think that we

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Speaker 1: can get a zero point four percent increase. So I

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Speaker 1: think overall we're still likely to see the jobs data

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Speaker 1: on Friday indicate that to the extent the labor market

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Speaker 1: is cooling, it's only incrementally. But the Fed entertaining the

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Speaker 1: possibility of higher interest rates. Is there a risk to

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Speaker 1: the Fed's credibility if it does reverse itself and go

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Speaker 1: in for a fifty basis point Hike. Well, I think

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Speaker 1: the Fed's really tried to stress that it is going

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Speaker 1: to be nimble, it is going to be flexible, it

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Speaker 1: is not on a preset course to borrow its own phase.

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Speaker 1: And so I think if the data warrants stepping up

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Speaker 1: the pace again, I think, if anything, that could good

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Speaker 1: strengthen their credibility in the fight against inflation. You know,

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Speaker 1: they really have the rug pulled out of them from

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Speaker 1: under them in terms of the data with those revision

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Speaker 1: So it's a very different picture than what we're looking

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Speaker 1: at on February first, when they made their last announcement

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Speaker 1: before let you go, Sarah. I know your team at

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Speaker 1: Wells Fargo for this International Women's Day has a report

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Speaker 1: out on the impact of single women and their effect

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Speaker 1: on the US economy. What did you find? Yeah, we

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Speaker 1: found that single women are are really the fastest growing

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Speaker 1: group in terms of population. But I think more importantly

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Speaker 1: for the economy right now, is there the fastest growing

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Speaker 1: force in the labor force. So we've seen over the

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Speaker 1: past decade, never married women in particular from three times

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Speaker 1: faster than the overall labor force. So at a time

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Speaker 1: when we're still at a very tight labor market. It's

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Speaker 1: the lowest unemployment rate in fifty three years. Single women

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Speaker 1: and never married women in particular, are are really helping

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Speaker 1: to fill that void and shifting the composition of our

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Speaker 1: labor force. This is Bloomberg day Break Today, your morning

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