1 00:00:02,640 --> 00:00:05,920 Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:06,000 --> 00:00:09,920 Speaker 1: Daybreak for Friday, September six two. Coming up this hour, 3 00:00:10,240 --> 00:00:13,800 Speaker 1: stock slide yields rise as we close out a tumultuous 4 00:00:13,800 --> 00:00:17,040 Speaker 1: week for the markets. Investors get another key economic report 5 00:00:17,079 --> 00:00:20,560 Speaker 1: before next week's FED decision. Fed X does not deliver 6 00:00:20,720 --> 00:00:23,799 Speaker 1: for investors as shares plunge, and a key ruling in 7 00:00:23,800 --> 00:00:27,200 Speaker 1: the classified documents probe of Donald Trump. New York City 8 00:00:27,240 --> 00:00:30,520 Speaker 1: is nearing its breaking point by migrants sent from Texas. 9 00:00:30,520 --> 00:00:34,080 Speaker 1: Plus preparations continue for Queen Elizabeth's funeral on Monday. I'm 10 00:00:34,120 --> 00:00:37,040 Speaker 1: Michael bar More Ahead, I'm John stash owd Sports, The 11 00:00:37,080 --> 00:00:40,080 Speaker 1: Met's Meat, the Pirates, The Yankees visit Milwaukee Tonight Thursday 12 00:00:40,120 --> 00:00:43,479 Speaker 1: Night Football, the Jeans beat the Charger. That's all straight 13 00:00:43,520 --> 00:00:47,720 Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven, Trio, New York, 14 00:00:47,880 --> 00:00:53,360 Speaker 1: Bloomberg Washington, d C, Bloomberg one six one, Boston, Bloomberg 15 00:00:53,440 --> 00:00:57,720 Speaker 1: nine six, San Francisco, Sirius x M one nineteen and 16 00:00:57,760 --> 00:01:00,880 Speaker 1: around the world on Bloomberg Radio Dot Come and via 17 00:01:00,960 --> 00:01:09,640 Speaker 1: the Bloomberg Business Act. Good morning, I'm Nathan Higer, and 18 00:01:09,680 --> 00:01:13,040 Speaker 1: I'm Karen, Moscow and US Dock Index futures are lower 19 00:01:13,160 --> 00:01:15,160 Speaker 1: this morning. We're coming up to six o one on 20 00:01:15,200 --> 00:01:17,360 Speaker 1: Wall Street, and we check the markets every fifteen minutes 21 00:01:17,400 --> 00:01:20,919 Speaker 1: throughout the trading day. On Bloomberg SMP futures down about 22 00:01:20,920 --> 00:01:23,800 Speaker 1: thirty seven points down, futures down two D fifty two, 23 00:01:23,800 --> 00:01:27,040 Speaker 1: and NASDAG futures down one D thirty seven, and the 24 00:01:27,120 --> 00:01:30,360 Speaker 1: tenure treasury down four thirty seconds, the yield three point 25 00:01:30,360 --> 00:01:32,880 Speaker 1: four six percent. They yield on the two year at 26 00:01:32,920 --> 00:01:36,720 Speaker 1: three point nine zero percent. Nathan Well, Karen, this stock 27 00:01:36,800 --> 00:01:39,280 Speaker 1: slide is deepening as we close out a trading week 28 00:01:39,319 --> 00:01:42,120 Speaker 1: on track to be the worst since June. European equities 29 00:01:42,120 --> 00:01:44,199 Speaker 1: are down for a fourth straight day, so we're stocks 30 00:01:44,200 --> 00:01:46,720 Speaker 1: in Asia. Two year treasury yields are climbing to their 31 00:01:46,760 --> 00:01:50,040 Speaker 1: highest level in fifteen years, deepening a curve inversion that 32 00:01:50,080 --> 00:01:52,840 Speaker 1: is seen as a recession signal. But Brent Shooty, chief 33 00:01:52,880 --> 00:01:56,040 Speaker 1: investment strategist with Northwestern Mutual Things, we may be seeing 34 00:01:56,040 --> 00:01:59,360 Speaker 1: a bottom. Sentiment is already awful. People have sold already 35 00:01:59,400 --> 00:02:01,520 Speaker 1: throwing the fifty present retraction of blows that we had. 36 00:02:01,560 --> 00:02:03,200 Speaker 1: And I think you have the basis to the market 37 00:02:03,200 --> 00:02:05,000 Speaker 1: having put in the bottom. That doesn't mean it won't 38 00:02:05,000 --> 00:02:06,760 Speaker 1: be a grinding back and forth advance, but I don't 39 00:02:06,800 --> 00:02:09,640 Speaker 1: think we're going to go below those tunew French Shooty 40 00:02:09,639 --> 00:02:12,320 Speaker 1: with Northwestern Mutual says stocks usually hit a bottom when 41 00:02:12,360 --> 00:02:16,960 Speaker 1: inflation peaks Well. Nathan Investors get another key economic report 42 00:02:17,000 --> 00:02:19,840 Speaker 1: to digest before we headed to the weekend. At Tenneham 43 00:02:19,880 --> 00:02:22,680 Speaker 1: Wall Street time, we get September sentiment numbers from the 44 00:02:22,760 --> 00:02:26,240 Speaker 1: University of Michigan and Bloomberg's Michael McKee has more The 45 00:02:26,320 --> 00:02:29,680 Speaker 1: sustained slide in gasoline prices should lift the headline sentiment 46 00:02:29,720 --> 00:02:33,120 Speaker 1: index as well as consumers view of current economic conditions. 47 00:02:33,200 --> 00:02:35,120 Speaker 1: The numbers that matter most, however, it will be the 48 00:02:35,160 --> 00:02:39,400 Speaker 1: expected inflation gauges. The Fed wants to ensure expectations stay 49 00:02:39,440 --> 00:02:43,720 Speaker 1: anchored so a wage price spiral doesn't develop. Expected yearhead 50 00:02:43,720 --> 00:02:47,200 Speaker 1: inflation should continue to drop along with gasoline prices. The 51 00:02:47,280 --> 00:02:49,880 Speaker 1: rate was four point eight percent in July. That was 52 00:02:49,960 --> 00:02:52,760 Speaker 1: down from five point two percent in June to the 53 00:02:52,760 --> 00:02:56,600 Speaker 1: lowest in eight months. Michael McKee, Bloomberg Daybreak, All right, Mike, thanks. 54 00:02:56,600 --> 00:02:58,960 Speaker 1: The sentiment report caps off a busy week of data 55 00:02:59,040 --> 00:03:03,120 Speaker 1: highlighted by two days hotter than expected inflation report. Traders 56 00:03:03,120 --> 00:03:05,480 Speaker 1: now turn their attention to next week's FED meeting. The 57 00:03:05,520 --> 00:03:08,120 Speaker 1: debate is whether the Central Bank raises rates by seventy 58 00:03:08,200 --> 00:03:11,240 Speaker 1: five basis points or a full one percent. Lizzie and 59 00:03:11,240 --> 00:03:14,920 Speaker 1: Saunders is chief investment strategist at Charles Schwab, to me, 60 00:03:15,120 --> 00:03:17,400 Speaker 1: the likelihood is more on the seventy five end, just 61 00:03:17,440 --> 00:03:19,320 Speaker 1: because I'm not sure at this stage in the game 62 00:03:19,440 --> 00:03:22,480 Speaker 1: Powell wants to be seen as is putting forth shock 63 00:03:22,520 --> 00:03:25,960 Speaker 1: and aw kind of policy. I think more likely is 64 00:03:26,360 --> 00:03:29,600 Speaker 1: keeping both November and December firmly on the table and 65 00:03:29,639 --> 00:03:32,880 Speaker 1: really pushing back on this notion that even existed a 66 00:03:32,919 --> 00:03:36,080 Speaker 1: month ago that after a September hike, the Fed might 67 00:03:36,120 --> 00:03:38,320 Speaker 1: have the green light to pause when it comes to 68 00:03:38,320 --> 00:03:41,240 Speaker 1: market volatility. Liza and Saunders of Charles Schwab says high 69 00:03:41,240 --> 00:03:43,560 Speaker 1: speed traders may be driving some of the wild swings 70 00:03:43,600 --> 00:03:46,480 Speaker 1: we've seen this week well. In this more axequity action, 71 00:03:46,600 --> 00:03:49,160 Speaker 1: Nathan Shares a fed exor down nineteen and a half 72 00:03:49,240 --> 00:03:52,400 Speaker 1: percent in early trading. The company said preliminary results for 73 00:03:52,480 --> 00:03:55,480 Speaker 1: the quarter fell short of expectations. We get the story 74 00:03:55,520 --> 00:03:59,120 Speaker 1: from Bloomberg. Charlie Pellett, The Courier said adjusted earnings for 75 00:03:59,160 --> 00:04:02,520 Speaker 1: the fiscal first water were three forty four share, well 76 00:04:02,680 --> 00:04:05,720 Speaker 1: short of the five ten average about of analysts. CEO 77 00:04:05,840 --> 00:04:10,200 Speaker 1: Raj Supermannian said in the statement, global volumes declined as 78 00:04:10,280 --> 00:04:14,200 Speaker 1: macro economic trends significantly worsened later in the quarter, both 79 00:04:14,200 --> 00:04:18,159 Speaker 1: internationally and in the US. In addition to withdrawing its 80 00:04:18,160 --> 00:04:22,840 Speaker 1: fiscal three earnings outlook provided in June, FedEx also said 81 00:04:22,920 --> 00:04:26,679 Speaker 1: it expects conditions to worsen in its fiscal second quarter. 82 00:04:27,240 --> 00:04:30,880 Speaker 1: In New York, Charlie Pellett Bloomberg Daybreak. Okay, Charlie, thanks. 83 00:04:30,880 --> 00:04:33,559 Speaker 1: Another stock following this morning is General Electric. Those shares 84 00:04:33,640 --> 00:04:36,279 Speaker 1: down two percent in early trading. G S finance chief 85 00:04:36,320 --> 00:04:39,640 Speaker 1: is warning supply chain challenges away in its third quarter performance. 86 00:04:40,480 --> 00:04:42,960 Speaker 1: The rails are still on the move this morning, Nathan. 87 00:04:43,000 --> 00:04:46,120 Speaker 1: A tentative labor agreement is in place between freight rail 88 00:04:46,160 --> 00:04:50,040 Speaker 1: companies and unions that averts a strike. President Biden reportedly 89 00:04:50,080 --> 00:04:53,720 Speaker 1: told both sides failure was not an option. Bloomberg political 90 00:04:53,760 --> 00:04:56,880 Speaker 1: contributor Rick Davis said, the President deserves the victory lab 91 00:04:57,120 --> 00:04:59,280 Speaker 1: and we had a big run up to this. Everybody 92 00:04:59,360 --> 00:05:01,720 Speaker 1: was looking a lot of concerns about the impact on 93 00:05:01,760 --> 00:05:04,880 Speaker 1: the economy, and the team and the president came through 94 00:05:05,040 --> 00:05:07,040 Speaker 1: and and this is what you wanted to have happened, 95 00:05:07,080 --> 00:05:10,599 Speaker 1: and they deserve a right to celebrate. Great Davis spoke 96 00:05:10,640 --> 00:05:13,880 Speaker 1: with our Washington corresponded Joe Matthew on Bloomberg Sound On. 97 00:05:14,080 --> 00:05:16,400 Speaker 1: Stay tuned for more on the tentative deal when we 98 00:05:16,440 --> 00:05:19,680 Speaker 1: speak live with Labor Secretary Marty Walsh. That's coming up 99 00:05:19,720 --> 00:05:22,479 Speaker 1: on Bloomberg's Balance of Power live at noon Eastern on 100 00:05:22,520 --> 00:05:26,159 Speaker 1: Bloomberg Radio and Television. Staying with politics, Karen, there's news 101 00:05:26,200 --> 00:05:29,360 Speaker 1: on the Justice Department's legal battle with former President Trump. 102 00:05:29,360 --> 00:05:32,320 Speaker 1: A special Master has been named to review documents sees 103 00:05:32,360 --> 00:05:34,880 Speaker 1: from our lago while the judges denied a request from 104 00:05:34,880 --> 00:05:36,960 Speaker 1: the d o J to keep using the documents in 105 00:05:37,000 --> 00:05:40,440 Speaker 1: their probe. Bloomberg's Amy Morris has details from our news 106 00:05:40,520 --> 00:05:43,400 Speaker 1: room in Washington. Both the Justice Department and the Trump 107 00:05:43,480 --> 00:05:46,800 Speaker 1: legal team agreed retired federal Court judge Raymond Deary would 108 00:05:46,800 --> 00:05:50,000 Speaker 1: be a suitable candidate for Special Master, but the government 109 00:05:50,040 --> 00:05:52,920 Speaker 1: won't be allowed to keep using about one hundred documents 110 00:05:52,960 --> 00:05:56,880 Speaker 1: listed as classified until after the special Master reviews all 111 00:05:57,040 --> 00:06:00,440 Speaker 1: eleven thousand documents to determine if any should be withheld 112 00:06:00,480 --> 00:06:03,400 Speaker 1: because of attorney client or executive privilege. D o J 113 00:06:03,640 --> 00:06:06,599 Speaker 1: also asked for a deadline of October seventeenth, but the 114 00:06:06,640 --> 00:06:10,280 Speaker 1: court gave Deary until November thirty to complete his review, 115 00:06:10,680 --> 00:06:14,200 Speaker 1: and the court ordered Trump to cover those costs. In Washington, 116 00:06:14,279 --> 00:06:17,360 Speaker 1: I'm anymore as Bloomberg daybreak right Amy, thank you meantime 117 00:06:17,360 --> 00:06:20,039 Speaker 1: in the Middle East, it's a meeting of two embattled leaders. 118 00:06:20,120 --> 00:06:23,760 Speaker 1: Russian President Vladimir Putin told Chinese leader she Jan Ping 119 00:06:24,160 --> 00:06:28,720 Speaker 1: he understands Beijing's questions and concerns about his invasion of Ukraine. 120 00:06:29,040 --> 00:06:32,480 Speaker 1: Begin More from Bloomberry Stephen Angle in Hong Kong, this 121 00:06:32,600 --> 00:06:37,000 Speaker 1: relationship is not as rosy and positive as it seems 122 00:06:37,120 --> 00:06:40,720 Speaker 1: on the surface. The war does not necessarily play to 123 00:06:41,120 --> 00:06:44,880 Speaker 1: China's needs, and any hope for a quick invasion and 124 00:06:45,040 --> 00:06:48,719 Speaker 1: quick resolution of the Ukraine war is long. In the 125 00:06:48,839 --> 00:06:50,960 Speaker 1: review of Mirror right now, it's been going for more 126 00:06:51,000 --> 00:06:54,080 Speaker 1: than six months, and Bloomberry Stephen Angle says it was 127 00:06:54,120 --> 00:06:57,200 Speaker 1: the first in person talks between presidents Putin and she 128 00:06:57,520 --> 00:07:00,120 Speaker 1: since the start of the war in Ukraine. U S 129 00:07:00,160 --> 00:07:02,479 Speaker 1: and P futures are now down thirty eight points. Stown 130 00:07:02,480 --> 00:07:05,320 Speaker 1: futures down two undred sixty two, NASDAC futures of lower 131 00:07:05,320 --> 00:07:07,960 Speaker 1: by a hundred forty two points. The tenure treasury is 132 00:07:08,000 --> 00:07:11,680 Speaker 1: down five thirty seconds yield three point four six nimex 133 00:07:11,760 --> 00:07:14,520 Speaker 1: crewed down four tenths percent at eighty four dollars seventy 134 00:07:14,600 --> 00:07:17,200 Speaker 1: nine cents of barrel. Straight ahead, local headlines and a 135 00:07:17,280 --> 00:07:24,080 Speaker 1: check of sports. This is Bloomberg six oh seven on 136 00:07:24,080 --> 00:07:26,400 Speaker 1: Wall Street, fifty seven degrees in Central Park. We're still 137 00:07:26,480 --> 00:07:28,960 Speaker 1: dealing with that truck firing the southbound of Jersey Turnpike 138 00:07:29,000 --> 00:07:32,080 Speaker 1: truck lanes. Details coming up in traffic. First Michael Barr 139 00:07:32,120 --> 00:07:33,720 Speaker 1: with what else is going on in New York and 140 00:07:33,800 --> 00:07:36,240 Speaker 1: around the world. Michael, thank you very much. Nathan, New 141 00:07:36,320 --> 00:07:40,720 Speaker 1: York is reassessing the city's right to shelter practice following 142 00:07:40,760 --> 00:07:43,360 Speaker 1: an influx of more than eleven thousand migrants who have 143 00:07:43,400 --> 00:07:47,200 Speaker 1: been bussed from Texas. That's according to Mayor Eric Adams, 144 00:07:47,240 --> 00:07:50,200 Speaker 1: chief concil, who says the city is nearing a breaking 145 00:07:50,240 --> 00:07:54,800 Speaker 1: point with asylum seekers and the homeless. Council Brendan McGuire 146 00:07:55,000 --> 00:07:58,320 Speaker 1: says though the law itself is staying put. Obviously, none 147 00:07:58,320 --> 00:08:02,480 Speaker 1: of those practices developed with anyone contemplating that they were 148 00:08:02,480 --> 00:08:05,120 Speaker 1: going to be over ten thousand individuals bust into New 149 00:08:05,200 --> 00:08:08,920 Speaker 1: York with no connection to New York from from overseas. 150 00:08:09,640 --> 00:08:12,520 Speaker 1: Mayor Adams says the city will not be like those 151 00:08:12,600 --> 00:08:16,200 Speaker 1: municipalities and states that fly people to Massachusetts or put 152 00:08:16,240 --> 00:08:18,640 Speaker 1: people on buses. It doesn't matter if you came here 153 00:08:18,640 --> 00:08:23,080 Speaker 1: on a Mayflower or on a bus at the port authority, 154 00:08:23,200 --> 00:08:27,240 Speaker 1: you deserve the dignity and respect that this city continues 155 00:08:27,480 --> 00:08:31,280 Speaker 1: to show. Mayor Adams and Council McGuire made their comments 156 00:08:31,280 --> 00:08:35,920 Speaker 1: while touring an asylum seeker Resource Navigation center. Ukrainian authorities 157 00:08:35,920 --> 00:08:39,480 Speaker 1: have found a mass burial site near a recaptured northeastern 158 00:08:39,480 --> 00:08:43,640 Speaker 1: city previously occupied by Russian forces. President of Voladimir z 159 00:08:43,679 --> 00:08:46,840 Speaker 1: Lensky announced the discovery and as nightly addressed to the nation. 160 00:08:47,120 --> 00:08:50,400 Speaker 1: The grave was found close to Ilium in the Kharkiv region. 161 00:08:51,000 --> 00:08:54,440 Speaker 1: Rehearsals are underway as hundreds of soldiers and bagpipers are 162 00:08:54,440 --> 00:08:58,160 Speaker 1: practicing for Queen Elizabeth the Second's funeral on Monday. Meanwhile, 163 00:08:58,200 --> 00:09:00,600 Speaker 1: people are being told not to join in the line 164 00:09:00,840 --> 00:09:03,640 Speaker 1: to view the queen's coffin after a surge in numbers. 165 00:09:03,920 --> 00:09:07,360 Speaker 1: British officials said this morning that the organized line was 166 00:09:07,520 --> 00:09:10,080 Speaker 1: at capacity and no one will be allowed to join 167 00:09:10,160 --> 00:09:12,959 Speaker 1: it for at least six hours. Thousands have been awaiting 168 00:09:13,000 --> 00:09:15,680 Speaker 1: hours in long lines to pay their respects to the 169 00:09:15,760 --> 00:09:19,080 Speaker 1: Queen as she lies in state at Westminster Hall, including 170 00:09:19,120 --> 00:09:21,800 Speaker 1: this woman. We were talking before we came, do we 171 00:09:21,920 --> 00:09:24,880 Speaker 1: curn't see? Do we file? But when we insisted that, 172 00:09:25,120 --> 00:09:27,520 Speaker 1: she didn't know what to do, and we both slipped 173 00:09:27,520 --> 00:09:30,240 Speaker 1: to one another and we both just about and then 174 00:09:30,280 --> 00:09:34,120 Speaker 1: it's just that really overwhelming feeling, but you can explain. 175 00:09:34,760 --> 00:09:37,360 Speaker 1: Special coverage of Monday's funeral can be heard live on 176 00:09:37,360 --> 00:09:40,560 Speaker 1: Bloomberg Radio starting at six am Wall Street Time. The 177 00:09:40,679 --> 00:09:43,120 Speaker 1: U S National Hurricane Center is keeping a close eye 178 00:09:43,120 --> 00:09:46,199 Speaker 1: on the newly formed tropical Storm Fiona in the Caribbean. 179 00:09:46,440 --> 00:09:48,720 Speaker 1: Forecasters say it is on track to move through the 180 00:09:48,760 --> 00:09:52,000 Speaker 1: Leland Islands today as it heads toward the Virgin Islands 181 00:09:52,000 --> 00:09:54,920 Speaker 1: and Puerto Rico. Global News twenty four hours a day 182 00:09:55,000 --> 00:09:57,880 Speaker 1: on airand on Bloomberg quick Take, powered by more than 183 00:09:58,840 --> 00:10:01,199 Speaker 1: d journalists and analysts more in a hundred twenty countries. 184 00:10:01,360 --> 00:10:08,640 Speaker 1: I'm Michael bar This is Bloomberg. Nathan, Thanks Michael. Coming 185 00:10:08,720 --> 00:10:10,360 Speaker 1: up to six ten on Wall Street. Time for the 186 00:10:10,360 --> 00:10:14,200 Speaker 1: Bloomberg Sports update. Here's John Stenshower. Thanks Nathan. All around Baseball, 187 00:10:14,240 --> 00:10:17,280 Speaker 1: it was Roberto Clemente Day, nearly fifty years after his 188 00:10:17,320 --> 00:10:19,240 Speaker 1: death in the plane crash. The ceremony took place in 189 00:10:19,240 --> 00:10:22,120 Speaker 1: New York to Tampa. Bay Rays started all Latin players, 190 00:10:22,120 --> 00:10:24,400 Speaker 1: first time that's ever happened in City field. The Mets 191 00:10:24,440 --> 00:10:27,360 Speaker 1: all wore Clemente's number twenty one day beat the Pirates 192 00:10:27,360 --> 00:10:29,760 Speaker 1: Clemente's team seven to one to snap at three game 193 00:10:29,800 --> 00:10:33,200 Speaker 1: moving speak, Daniel Vogelback, who the Mets acquired from Pittsburgh, 194 00:10:33,240 --> 00:10:35,040 Speaker 1: had two hits, three rb i s fifteen twin for 195 00:10:35,120 --> 00:10:38,480 Speaker 1: Carlos Carrasco. The Mets now lead Atlanta by one game. 196 00:10:38,520 --> 00:10:41,440 Speaker 1: The Yankees left Frankie Montas on the Mount tonight in Milwaukee. 197 00:10:41,520 --> 00:10:43,680 Speaker 1: He's made seven starts with the Yanks. He's only one 198 00:10:44,240 --> 00:10:46,400 Speaker 1: once Thursday Night Football kick him off. Week two, the 199 00:10:46,480 --> 00:10:49,400 Speaker 1: Chargers led in Kansas City by ten. The Chiefs stored 200 00:10:49,440 --> 00:10:52,960 Speaker 1: the next twenty, including a ninety nine yard interception returned 201 00:10:52,960 --> 00:10:55,120 Speaker 1: by Jalen Watson with ten and a half minutes ago. 202 00:10:55,200 --> 00:10:58,440 Speaker 1: That's not the tie case won twenty seven twenty four 203 00:10:58,520 --> 00:11:01,559 Speaker 1: costly injury for Seattle of Stars safety Jamal Adams. The 204 00:11:01,679 --> 00:11:04,760 Speaker 1: X yet done for the year torn quad w NBA 205 00:11:04,840 --> 00:11:07,920 Speaker 1: Finals Annecticut Son stayed a lot outscored Las Vegas twenty 206 00:11:08,000 --> 00:11:09,880 Speaker 1: eight to seven and the fourth quarter and one by 207 00:11:09,920 --> 00:11:12,080 Speaker 1: twenty nine, and the Ace is still in the best 208 00:11:12,080 --> 00:11:15,040 Speaker 1: of five series to one. Roger Federer third on the 209 00:11:15,080 --> 00:11:18,120 Speaker 1: list of most Grand Slams one with twenties, been passed 210 00:11:18,120 --> 00:11:19,959 Speaker 1: by both Ralph Nadal and no back joke of it, 211 00:11:20,120 --> 00:11:23,439 Speaker 1: but Federer obviously had a brilliant career, ract number one 212 00:11:23,480 --> 00:11:26,920 Speaker 1: for two hundred and thirty seven consecutive weeks. He's retiring 213 00:11:27,000 --> 00:11:30,960 Speaker 1: at age started. I was a bull kid in my 214 00:11:31,000 --> 00:11:33,959 Speaker 1: hometown of Bosl. I used to watch the players with 215 00:11:34,040 --> 00:11:36,640 Speaker 1: a sense of wonder. They were like giants to me, 216 00:11:36,840 --> 00:11:39,600 Speaker 1: and I began to dream. My dreams led me to 217 00:11:39,600 --> 00:11:42,560 Speaker 1: work harder, and I started to believe in myself. Federal 218 00:11:42,640 --> 00:11:45,360 Speaker 1: play one more event, the Labor Cup in London next week. 219 00:11:45,880 --> 00:11:49,640 Speaker 1: Stature Bloomberg sports okay, John, thank you right now. S 220 00:11:49,679 --> 00:11:52,320 Speaker 1: and P futures are lower by thirty eight points. South 221 00:11:52,320 --> 00:11:55,480 Speaker 1: futures down two to sixty six NASAC futures on the 222 00:11:55,520 --> 00:11:57,640 Speaker 1: decline by a hundred forty three points in the tenure 223 00:11:57,679 --> 00:12:01,240 Speaker 1: treasuries down five thirty seconds, the yield three point four 224 00:12:01,360 --> 00:12:08,360 Speaker 1: seven percent. This is Bloomberg Bloomberg eleven three oh weather 225 00:12:08,440 --> 00:12:11,600 Speaker 1: sunshine today with him for seventies, will hit eighty tomorrow 226 00:12:11,640 --> 00:12:14,720 Speaker 1: under partly mostly sunny sky sunshine for Sunday with some 227 00:12:14,760 --> 00:12:17,200 Speaker 1: afternoon clouds coming in highs in the upper eighties. Right 228 00:12:17,200 --> 00:12:24,280 Speaker 1: now fifty eight in Central Park Markets. Headlines and breaking 229 00:12:24,320 --> 00:12:27,200 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 230 00:12:27,320 --> 00:12:30,880 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's 231 00:12:30,880 --> 00:12:40,000 Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. And equities 232 00:12:40,000 --> 00:12:43,000 Speaker 1: are extending declines, with an index of global stocks on 233 00:12:43,080 --> 00:12:45,199 Speaker 1: track for the worst week since June. Will engage of 234 00:12:45,240 --> 00:12:47,760 Speaker 1: the dollar stores to a fresh record, reflecting vets for 235 00:12:47,800 --> 00:12:51,440 Speaker 1: outsized federal reserved interest rate hikes. US futures are dropping, 236 00:12:51,480 --> 00:12:53,959 Speaker 1: suggesting to sell off that drove the SNP five hundred 237 00:12:53,960 --> 00:12:56,400 Speaker 1: to its lowest clothes in about two months. Yesterday is 238 00:12:56,440 --> 00:12:59,400 Speaker 1: not over yet. We checked the markets every fifteen minutes 239 00:12:59,440 --> 00:13:01,839 Speaker 1: throughout the trail eating day on Bloomberg. As in p 240 00:13:02,040 --> 00:13:04,560 Speaker 1: future is down thirty nine points this morning, down futures 241 00:13:04,559 --> 00:13:07,080 Speaker 1: down two hundred sixty seven and NASDAC futures down one 242 00:13:07,280 --> 00:13:10,120 Speaker 1: d forty seven. The decks in Germany's down one point 243 00:13:10,160 --> 00:13:12,880 Speaker 1: six percent, the ten year treasury down four thirty seconds. 244 00:13:12,880 --> 00:13:15,520 Speaker 1: He'll three point four six percent yield on the two 245 00:13:15,640 --> 00:13:18,640 Speaker 1: year three point eight nine percent. Ninemex s hered oil 246 00:13:18,760 --> 00:13:20,560 Speaker 1: is up tenth of a percent, or nine cents at 247 00:13:20,559 --> 00:13:23,480 Speaker 1: eighty five dollars. Nineteen cents of barrel comes called down 248 00:13:23,559 --> 00:13:26,880 Speaker 1: half percent or nine dollars at sixteen sixty eight thirty announced. 249 00:13:27,240 --> 00:13:30,200 Speaker 1: The euro point seven one against the dollar, British found 250 00:13:30,240 --> 00:13:32,400 Speaker 1: one point one three seven eight, the n one forty 251 00:13:32,480 --> 00:13:34,800 Speaker 1: three point to eight. And look at a bit coin, 252 00:13:34,880 --> 00:13:38,679 Speaker 1: it's down half percent at nineteen thousand, seven hundred fifty dollars. 253 00:13:38,960 --> 00:13:41,800 Speaker 1: That's a Bloomberg business flashdown. Here's Michael Barr with more 254 00:13:41,880 --> 00:13:44,040 Speaker 1: on what's going on around the world. Michael, thank you 255 00:13:44,120 --> 00:13:47,240 Speaker 1: very much. Karen. In the UK, preparations are ongoing for 256 00:13:47,280 --> 00:13:50,559 Speaker 1: the funeral of Queen Elizabeth the second next week. Meanwhile, 257 00:13:50,600 --> 00:13:52,719 Speaker 1: people are being told not to join the line to 258 00:13:52,840 --> 00:13:56,240 Speaker 1: view the queen's golfin after a surge in numbers. British 259 00:13:56,320 --> 00:13:59,280 Speaker 1: officials said this morning that the organized line was at 260 00:13:59,320 --> 00:14:01,760 Speaker 1: capacity and no one will be allowed to join it 261 00:14:01,800 --> 00:14:04,760 Speaker 1: for at least six hours. Coverage of Monday's funeral can 262 00:14:04,800 --> 00:14:07,439 Speaker 1: be heard live on Bloomberg Radio starting at six am 263 00:14:07,480 --> 00:14:10,800 Speaker 1: Wall Street Time. The federal Judge as appointed veteran New 264 00:14:10,880 --> 00:14:14,120 Speaker 1: York jurist Raymond Derry to serve as a special Master 265 00:14:14,240 --> 00:14:18,120 Speaker 1: in the criminal investigation into the presence of classified documents 266 00:14:18,120 --> 00:14:21,200 Speaker 1: at Donald Trump's Florida home. In baseball, the Matt's beat 267 00:14:21,200 --> 00:14:25,040 Speaker 1: the Pirate at seven one. The A's lost. Thursday Night football, 268 00:14:25,080 --> 00:14:28,920 Speaker 1: the Chiefs beat the Chargers. Four Global News twenty four 269 00:14:28,960 --> 00:14:32,000 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 270 00:14:32,000 --> 00:14:34,560 Speaker 1: by more than twenty seven hundred journalist and analysts more 271 00:14:34,560 --> 00:14:37,040 Speaker 1: than a hundred twenty countries. How Michael Barr and this 272 00:14:37,320 --> 00:14:40,040 Speaker 1: is Bloomberg. Nathan all right, Michael, Thanks at six nineteen 273 00:14:40,080 --> 00:14:42,880 Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios. 274 00:14:42,920 --> 00:14:45,480 Speaker 1: This is Bloomberg Daybreak. And as we continue the march 275 00:14:45,800 --> 00:14:48,120 Speaker 1: to the next FED decision coming up on Wednesday, we 276 00:14:48,200 --> 00:14:51,320 Speaker 1: keep following the data and we get another read today 277 00:14:51,360 --> 00:14:55,359 Speaker 1: that could tell us more about inflation expectations. Bloomberg Economics 278 00:14:55,360 --> 00:14:59,040 Speaker 1: and Policy correspondent Michael McKee is with us live this 279 00:14:59,080 --> 00:15:02,920 Speaker 1: morning from our Interactive Brokers studios. Mike, there's been so 280 00:15:03,000 --> 00:15:05,800 Speaker 1: much attention, of course, on this week's hotter than expected 281 00:15:05,840 --> 00:15:10,440 Speaker 1: inflation print. How much is University of Michigan sentiment gonna 282 00:15:10,520 --> 00:15:13,280 Speaker 1: matter for this Fed? Well, it's not gonna matter for 283 00:15:13,320 --> 00:15:17,560 Speaker 1: this coming week's FED meeting because the Fed's pretty much 284 00:15:17,600 --> 00:15:22,720 Speaker 1: told us they're gonna do seventy and the surprise factor 285 00:15:22,960 --> 00:15:27,080 Speaker 1: from that June reading at the in the Michigan numbers 286 00:15:27,120 --> 00:15:28,840 Speaker 1: that caused them to go seventy five and the first 287 00:15:28,840 --> 00:15:32,080 Speaker 1: place has gone so um. They're gonna look at it 288 00:15:32,280 --> 00:15:36,720 Speaker 1: and uh, and they'll incorporate it into their thinking. But 289 00:15:36,760 --> 00:15:39,200 Speaker 1: we've already had. The New York Fed does a similar 290 00:15:39,240 --> 00:15:42,480 Speaker 1: survey on expectations with consumers that came out earlier this 291 00:15:42,520 --> 00:15:46,080 Speaker 1: week and showed that consumer expectations for inflation had fallen. 292 00:15:46,600 --> 00:15:48,880 Speaker 1: And that is probably gonna be the case with Michigan 293 00:15:48,960 --> 00:15:51,680 Speaker 1: because gas prices have been falling for two months now, 294 00:15:52,080 --> 00:15:55,440 Speaker 1: and the Michigan survey would have been all but taken 295 00:15:55,520 --> 00:16:01,120 Speaker 1: before the the CPI came out, so, uh, it probably 296 00:16:01,120 --> 00:16:03,160 Speaker 1: isn't going to have as big an effect as it 297 00:16:03,200 --> 00:16:05,640 Speaker 1: had back in June. Part of what I think I 298 00:16:05,680 --> 00:16:09,360 Speaker 1: hear you saying here, Mike, is that because gas prices 299 00:16:09,360 --> 00:16:13,480 Speaker 1: are so much a part of consumer inflation expectations, that 300 00:16:13,560 --> 00:16:15,800 Speaker 1: maybe this doesn't matter as much for the Fed because 301 00:16:15,800 --> 00:16:21,800 Speaker 1: it's focused so much on the inflation factors that are 302 00:16:21,880 --> 00:16:26,160 Speaker 1: more under its control, the core of piece of inflation. Yes, 303 00:16:26,280 --> 00:16:29,320 Speaker 1: the Fed is knows it can't do anything about energy 304 00:16:29,360 --> 00:16:33,680 Speaker 1: prices other than to weaken the overall economy, So people 305 00:16:33,760 --> 00:16:36,080 Speaker 1: drive a little bit less, which is going to be 306 00:16:36,160 --> 00:16:39,600 Speaker 1: a side effect of their raising rates. Uh. The Michigan 307 00:16:39,640 --> 00:16:45,160 Speaker 1: survey is highly responsive to gasoline prices into stock market moves, 308 00:16:45,200 --> 00:16:49,520 Speaker 1: where the Conference Board numbers are much more reactive to 309 00:16:49,640 --> 00:16:53,240 Speaker 1: the state of the labor market. And the economists who 310 00:16:53,520 --> 00:16:56,840 Speaker 1: follow this they know that, so they do a little 311 00:16:56,840 --> 00:16:59,360 Speaker 1: bit of discounting when we get the figures. Now, since 312 00:16:59,400 --> 00:17:02,480 Speaker 1: you mentioned market moves, we're seeing plenty of those this 313 00:17:02,560 --> 00:17:05,479 Speaker 1: morning to the downside, and we saw it again of 314 00:17:05,520 --> 00:17:09,320 Speaker 1: course after we got that cp I read on Tuesday. 315 00:17:09,440 --> 00:17:12,280 Speaker 1: Does that make any difference for the Federal Reserve and 316 00:17:12,359 --> 00:17:15,639 Speaker 1: its decision making to see the expectations in the market. 317 00:17:16,400 --> 00:17:20,520 Speaker 1: I'm already pricing in the possibility of outsized rate moves. 318 00:17:20,800 --> 00:17:23,720 Speaker 1: Does that give the Fed some kind of room to 319 00:17:24,240 --> 00:17:27,960 Speaker 1: consider taking a pause? It would give them room to 320 00:17:28,000 --> 00:17:32,680 Speaker 1: consider taking not a pause, but to go higher if 321 00:17:32,680 --> 00:17:35,240 Speaker 1: they felt they wanted to do a hundred basis points. 322 00:17:35,280 --> 00:17:37,679 Speaker 1: Now most people don't think they're gonna do that. It 323 00:17:37,720 --> 00:17:41,639 Speaker 1: would it would be uncharted territory for the markets, and 324 00:17:41,680 --> 00:17:44,280 Speaker 1: we're not sure how the markets would react. Now. The 325 00:17:44,359 --> 00:17:48,240 Speaker 1: Fed in a sense doesn't care about the stock market 326 00:17:48,280 --> 00:17:50,760 Speaker 1: as long as it's functioning. If you can make a 327 00:17:50,800 --> 00:17:53,800 Speaker 1: trade and you can deliver your securities and you can 328 00:17:53,840 --> 00:17:56,560 Speaker 1: get your money back, then the Fed is fine with that, 329 00:17:56,720 --> 00:17:59,680 Speaker 1: even if the market is going down. If it goes 330 00:17:59,680 --> 00:18:02,680 Speaker 1: down too fast or it starts to seize up, then 331 00:18:02,920 --> 00:18:05,880 Speaker 1: the Fed would have some concerns. But at this point 332 00:18:05,880 --> 00:18:08,520 Speaker 1: everything seems to be working fine. Makes you you've seen 333 00:18:08,640 --> 00:18:10,080 Speaker 1: these numbers, It makes you want to go back to 334 00:18:10,119 --> 00:18:13,960 Speaker 1: bed instead of really work today. But um, it's not 335 00:18:14,000 --> 00:18:15,840 Speaker 1: going to bother the Fed too much, and not that 336 00:18:15,880 --> 00:18:17,720 Speaker 1: it matters since so many of us working from home 337 00:18:17,800 --> 00:18:20,480 Speaker 1: still anyway, But in our last minute, here Mike. I 338 00:18:20,520 --> 00:18:23,760 Speaker 1: wonder if the strong retail sales numbers we got yesterday 339 00:18:23,880 --> 00:18:26,879 Speaker 1: complicates the Fed's mansion, does it. Well, they weren't all 340 00:18:26,880 --> 00:18:28,960 Speaker 1: that strong, because you have to remember they were just 341 00:18:29,359 --> 00:18:31,720 Speaker 1: you have to adjust those for inflation. So a lot 342 00:18:31,760 --> 00:18:35,200 Speaker 1: of the spending that we saw is UH is taken 343 00:18:35,200 --> 00:18:38,320 Speaker 1: away by that. We're buying less stuff, just paying more 344 00:18:38,320 --> 00:18:41,160 Speaker 1: money for it. The question is do we buy are 345 00:18:41,160 --> 00:18:44,600 Speaker 1: we spending more on services? We've seen a switch to 346 00:18:44,840 --> 00:18:47,520 Speaker 1: more service oriented spending, and we did see a big 347 00:18:47,640 --> 00:18:51,200 Speaker 1: rising in bars and restaurants. That's the only services category 348 00:18:51,200 --> 00:18:53,840 Speaker 1: in the retail sales report. So at the end of 349 00:18:53,840 --> 00:18:56,840 Speaker 1: the month we'll get a report that incorporates both goods 350 00:18:56,880 --> 00:18:59,520 Speaker 1: and services and we'll see But at this point that 351 00:19:01,040 --> 00:19:03,640 Speaker 1: the retail sales number sure of tell the Fed we're 352 00:19:03,640 --> 00:19:07,440 Speaker 1: having an effect. We're slowing the economy alright. Bloomberg's Michael 353 00:19:07,520 --> 00:19:11,080 Speaker 1: McKee are economics and policy correspondent. As we UH keep 354 00:19:11,080 --> 00:19:13,720 Speaker 1: a very close eye on the data ahead of that 355 00:19:13,800 --> 00:19:17,840 Speaker 1: Wednesday FED decision. University of Michigan index comes out ten 356 00:19:17,960 --> 00:19:20,200 Speaker 1: am Wall Street Time. One more factor for the FED 357 00:19:20,280 --> 00:19:26,520 Speaker 1: to consider as it looks to UH possibly raised by 358 00:19:26,640 --> 00:19:30,359 Speaker 1: seventy five basis points. Markets holding out the possibility maybe 359 00:19:30,400 --> 00:19:33,280 Speaker 1: a hundred, but as Mike was mentioning, the Fed is 360 00:19:33,480 --> 00:19:36,720 Speaker 1: pretty much telegraphed that seventy five is in the books. 361 00:19:36,720 --> 00:19:40,240 Speaker 1: Here we get that decision. Of course, Wednesday afternoon, we'll 362 00:19:40,240 --> 00:19:43,960 Speaker 1: have full coverage for you here on Bloomberg Radio. SMP 363 00:19:44,080 --> 00:19:46,760 Speaker 1: futures right now down thirty four points, Staff futures down 364 00:19:46,800 --> 00:19:49,479 Speaker 1: two hundred forty, Nasdaq futures are lower by a hundred 365 00:19:49,480 --> 00:19:52,520 Speaker 1: thirty two points, and the tenure Treasury is down three 366 00:19:52,560 --> 00:19:55,480 Speaker 1: thirty seconds. The yield three point four six percent, and 367 00:19:55,480 --> 00:19:58,080 Speaker 1: the yield on the two year right now three point 368 00:19:58,119 --> 00:20:08,120 Speaker 1: eight nine percent. Your list to Bloomberg Daybreak, Bloomberg eleven 369 00:20:08,200 --> 00:20:10,919 Speaker 1: three oh weather, sunshine, highs near eighty today, We'll get 370 00:20:11,000 --> 00:20:14,040 Speaker 1: up to around eighty tomorrow as well, some afternoon clouds 371 00:20:14,080 --> 00:20:17,000 Speaker 1: on an otherwise sunny Sunday with highest close to ninety 372 00:20:17,160 --> 00:20:26,280 Speaker 1: right now fifty eight degrees in Central Park. Broadcasting live 373 00:20:26,440 --> 00:20:30,399 Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg 374 00:20:30,400 --> 00:20:33,800 Speaker 1: eloving three on to Washington, d C, Bloomberg nine one 375 00:20:33,880 --> 00:20:37,119 Speaker 1: to Boston, Bloomberg one O six one to San Francisco, 376 00:20:37,200 --> 00:20:40,640 Speaker 1: Bloomberg nine six to the country, Sirius XM chto one 377 00:20:40,720 --> 00:20:43,840 Speaker 1: nineteen and around the globe the Bloomberg Business apt in 378 00:20:43,920 --> 00:20:53,760 Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six 379 00:20:53,800 --> 00:20:56,320 Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and 380 00:20:56,320 --> 00:20:59,200 Speaker 1: I'm Karen Moscow. Here just about three hours away from 381 00:20:59,200 --> 00:21:01,240 Speaker 1: the open of US trading. Time for the five things 382 00:21:01,440 --> 00:21:03,560 Speaker 1: you need to know to start your day, Brought to 383 00:21:03,640 --> 00:21:07,080 Speaker 1: you by I v k R Investment Advisors switched to 384 00:21:07,200 --> 00:21:11,879 Speaker 1: Interactive Brokers for lowest cost global trading and turnkey custody solutions, 385 00:21:11,880 --> 00:21:14,320 Speaker 1: no ticket charges and no conflicts of your interests at 386 00:21:14,320 --> 00:21:16,720 Speaker 1: i v k R dot com slash r I A 387 00:21:17,600 --> 00:21:20,840 Speaker 1: up First be A stock slide is deepening as we 388 00:21:20,880 --> 00:21:23,280 Speaker 1: close out one of the worst trading weeks since June. 389 00:21:23,800 --> 00:21:28,200 Speaker 1: SNP futures are lower down thirty five points, and Lisa Ericson, 390 00:21:28,280 --> 00:21:31,240 Speaker 1: had of public markets with US Bank Wealth Management, says 391 00:21:31,280 --> 00:21:34,440 Speaker 1: that choppiness is likely to continue. We've got the stock 392 00:21:34,480 --> 00:21:36,840 Speaker 1: market and what I would call no man's land, and 393 00:21:36,880 --> 00:21:39,560 Speaker 1: it's really because we are in a horse race to 394 00:21:39,640 --> 00:21:43,320 Speaker 1: see how quickly inflation can come down and to what level. 395 00:21:43,720 --> 00:21:46,360 Speaker 1: Lisa Ericson with US Bank says she expects the FED 396 00:21:46,400 --> 00:21:50,040 Speaker 1: to keep tightening until inflation slows. Meantime, we get September 397 00:21:50,080 --> 00:21:53,040 Speaker 1: sentiment numbers from the University of Michigan At ten am 398 00:21:53,040 --> 00:21:56,040 Speaker 1: Wall Street time the inequity markets Karen, fed X is 399 00:21:56,080 --> 00:21:59,320 Speaker 1: on the move lower. The shares are down twenty percent 400 00:21:59,520 --> 00:22:02,159 Speaker 1: after the company announced preliminary results for the court of 401 00:22:02,160 --> 00:22:06,119 Speaker 1: the missed expectations. Bloomberg said, Ludlow says macro weakness is 402 00:22:06,200 --> 00:22:09,440 Speaker 1: weighing on FedEx. This is a company that's invoked on 403 00:22:09,840 --> 00:22:12,320 Speaker 1: cost reduction measures, right and what they're saying is that 404 00:22:12,720 --> 00:22:16,679 Speaker 1: the global slowdown in volume is outpacing that they're monitoring 405 00:22:16,720 --> 00:22:18,960 Speaker 1: closely fuel prices. But what they're saying is we can't 406 00:22:19,040 --> 00:22:22,080 Speaker 1: keep up. And Bloomberg said. Ludlow says FedEx expects financial 407 00:22:22,119 --> 00:22:25,760 Speaker 1: pressures to continue. Another stock falling in the pre market 408 00:22:25,840 --> 00:22:28,680 Speaker 1: Nathan is General Electric. We get the details on why 409 00:22:28,800 --> 00:22:32,960 Speaker 1: from Bloomberg's dun Kristner g E CFO Carolina died Back 410 00:22:33,040 --> 00:22:37,320 Speaker 1: help cited persistent constraints and obtaining parts from suppliers. Happa 411 00:22:37,400 --> 00:22:40,680 Speaker 1: also said those snags are pushing planned shipments further out 412 00:22:40,760 --> 00:22:44,160 Speaker 1: on ges delivery timeline. The supply chain strain is also 413 00:22:44,200 --> 00:22:47,119 Speaker 1: putting pressure on free cash flow. Happa said the company 414 00:22:47,160 --> 00:22:49,840 Speaker 1: now expects it to be in line with or slightly 415 00:22:49,880 --> 00:22:52,840 Speaker 1: better than the roughly one D sixty two million dollars 416 00:22:52,920 --> 00:22:56,359 Speaker 1: ge generated in Q two in New York. I'm Doug Chrisner, 417 00:22:56,359 --> 00:22:59,159 Speaker 1: Bloomberg Daybreak. All right, Doug, thanks, and this morning, shares 418 00:22:59,200 --> 00:23:01,560 Speaker 1: of ge or on four and a half percent and 419 00:23:01,640 --> 00:23:03,440 Speaker 1: the rails are still on the move this morning, Karen, 420 00:23:03,480 --> 00:23:05,760 Speaker 1: with a tenant of labor agreement in place between freight 421 00:23:05,840 --> 00:23:08,439 Speaker 1: rail companies and unions that averts the strike. Stick with 422 00:23:08,520 --> 00:23:11,040 Speaker 1: us for full coverage today, we speak with Labor Secretary 423 00:23:11,080 --> 00:23:14,480 Speaker 1: Martie Walsh live at noon Eastern on Bloomberg Radio and Television. 424 00:23:14,680 --> 00:23:16,960 Speaker 1: And a geo political note today brings us to that 425 00:23:17,040 --> 00:23:20,160 Speaker 1: meeting between Russian President of Vladimir Putin and Chinese leader 426 00:23:20,200 --> 00:23:23,720 Speaker 1: she Jan Ping. Putin told she he understands Beijing's questions 427 00:23:23,720 --> 00:23:26,680 Speaker 1: and concerns about his invasion of Ukraine. That you met 428 00:23:26,680 --> 00:23:29,720 Speaker 1: in their first in person meeting since Russia invaded Ukraine. 429 00:23:30,000 --> 00:23:31,560 Speaker 1: And that's the five things that you need to know 430 00:23:31,720 --> 00:23:34,680 Speaker 1: to start your day. Brought to you by Interactive Brokers 431 00:23:38,200 --> 00:23:40,160 Speaker 1: and at six thirty three on Wall Street where fifty 432 00:23:40,280 --> 00:23:42,760 Speaker 1: degrees in Central Park de Laser may and after an 433 00:23:42,760 --> 00:23:45,479 Speaker 1: earlier accident on the eastbound cross Brox details coming up 434 00:23:45,480 --> 00:23:47,640 Speaker 1: in traffic. First Michael Bark with what else is going 435 00:23:47,640 --> 00:23:49,879 Speaker 1: on in New York and around the world. Good morning, Michael, 436 00:23:50,000 --> 00:23:52,840 Speaker 1: Good morning, Nathan. New York Mayor Eric Adams says it 437 00:23:52,920 --> 00:23:55,399 Speaker 1: does not make a difference whether you came here on 438 00:23:55,480 --> 00:23:59,080 Speaker 1: the Mayflower or on a bus. You deserve the dignity 439 00:23:59,080 --> 00:24:02,440 Speaker 1: and respect. This to continues to show. Mayor Adams spoke 440 00:24:02,480 --> 00:24:06,119 Speaker 1: while touring an asylum seeker Resource Navigation center, and we 441 00:24:06,160 --> 00:24:11,320 Speaker 1: are not going to be like those municipalities and states 442 00:24:11,840 --> 00:24:15,400 Speaker 1: when we fly people to Martha's Vinya where we put 443 00:24:15,440 --> 00:24:19,560 Speaker 1: people on buses uh and have them failed to get 444 00:24:19,600 --> 00:24:23,440 Speaker 1: the basic items they need. This is the crisis. Meanwhile, 445 00:24:23,480 --> 00:24:26,840 Speaker 1: New York is reassessing the city's right to shelter practice 446 00:24:27,000 --> 00:24:30,159 Speaker 1: following an influx of more than eleven thousand asylum seekers 447 00:24:30,200 --> 00:24:33,280 Speaker 1: who have been bussed from Texas. That's according to Mayor 448 00:24:33,320 --> 00:24:36,000 Speaker 1: Adams Chief Council who says the city is nearing a 449 00:24:36,080 --> 00:24:39,480 Speaker 1: breaking point with asylum seekers and the homeless. The governors 450 00:24:39,480 --> 00:24:42,040 Speaker 1: of Texas and Arizona have sent thousands of migrants on 451 00:24:42,160 --> 00:24:45,919 Speaker 1: buses to New York, Chicago, and Washington in recent months. 452 00:24:46,119 --> 00:24:48,760 Speaker 1: Florida government around the Santists signed off on sending two 453 00:24:48,840 --> 00:24:52,240 Speaker 1: charter plane loads of migrants from Texas the Martha's Vineyard. 454 00:24:52,480 --> 00:24:55,280 Speaker 1: The Santists yesterday says it's about time others in the 455 00:24:55,400 --> 00:24:59,959 Speaker 1: nation began helping overwhelmed border states, every community in America 456 00:25:00,000 --> 00:25:02,360 Speaker 1: because should be sharing in the burdens and shouldn't all 457 00:25:02,400 --> 00:25:06,640 Speaker 1: fall on a handful of red states. Meanwhile, critics called 458 00:25:06,680 --> 00:25:11,359 Speaker 1: it in humane political theater. Massachusetts State Representative Dylan Fernandez 459 00:25:11,440 --> 00:25:15,840 Speaker 1: is a Democrat whose district includes Martha's Vineyard. That's pure cowardless, 460 00:25:15,840 --> 00:25:19,639 Speaker 1: there's nothing tough about using women and children for your 461 00:25:19,640 --> 00:25:24,159 Speaker 1: own political gain. Rhonda santis Is is a coward state representative. 462 00:25:24,200 --> 00:25:27,479 Speaker 1: Fernandez spoke to a DC in the UK, Thousands are 463 00:25:27,480 --> 00:25:29,600 Speaker 1: waiting in line to pay their respects to the country's 464 00:25:29,600 --> 00:25:33,119 Speaker 1: longest serving monarch. However, the government has stopped adding people 465 00:25:33,119 --> 00:25:35,840 Speaker 1: to the line for at least six hours. Authorities say 466 00:25:35,880 --> 00:25:38,640 Speaker 1: it has reached capacity. Let's go to London and get 467 00:25:38,640 --> 00:25:41,080 Speaker 1: the latest with Bloomberg human pots. The line to walk 468 00:25:41,160 --> 00:25:44,800 Speaker 1: past the Queen's coffee now stretches to five miles along 469 00:25:44,800 --> 00:25:48,000 Speaker 1: the River Thames. Many thousands have already had the chance 470 00:25:48,080 --> 00:25:50,880 Speaker 1: to pay their respects as Queen Elizabeth lies in state 471 00:25:51,000 --> 00:25:54,639 Speaker 1: at the Palace of Westminster ahead of Monday's funeral. The 472 00:25:54,680 --> 00:25:58,800 Speaker 1: current wait time is already estimated at fourteen hours in 473 00:25:58,880 --> 00:26:01,879 Speaker 1: London Immune Parts Bud. You can hear live coverage of 474 00:26:01,920 --> 00:26:04,280 Speaker 1: the Queen's funeral on Monday starting at six am. Wall 475 00:26:04,320 --> 00:26:07,159 Speaker 1: Street Time Global News twenty four hours a day on 476 00:26:07,320 --> 00:26:10,440 Speaker 1: air and on Bloomberg Quick Take, powered by more than 477 00:26:10,520 --> 00:26:13,080 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 478 00:26:13,119 --> 00:26:16,639 Speaker 1: twenty countries. Michael Barn This is Bloomberg, Nathan, Thanks Michael. 479 00:26:21,119 --> 00:26:23,399 Speaker 1: Almost six thirty six on Wall Street Time four of 480 00:26:23,400 --> 00:26:26,400 Speaker 1: the Bloomberg Sports Update with John stash Our. All right, Nathan, 481 00:26:26,480 --> 00:26:28,680 Speaker 1: much needed win for the Mets after seven losses in 482 00:26:28,720 --> 00:26:31,080 Speaker 1: eleven games. Just got swept by the Cubs. Bets took 483 00:26:31,119 --> 00:26:32,560 Speaker 1: it out on the fire and s steady Field are 484 00:26:32,600 --> 00:26:34,240 Speaker 1: up six to one on the fourth inning. They won 485 00:26:34,280 --> 00:26:36,679 Speaker 1: seven one. Daniel Vogel back the ex pirate at two. 486 00:26:36,720 --> 00:26:39,520 Speaker 1: It's three r BIS two on homer for Francisco Indoor, 487 00:26:39,640 --> 00:26:41,959 Speaker 1: fifteenth win for Carlos Carrasco and the Mets now lean 488 00:26:42,000 --> 00:26:45,800 Speaker 1: Atlanta by one game. Meanwhile, Sandy Alderson announced he's stepping 489 00:26:45,840 --> 00:26:48,640 Speaker 1: down as the Mets team president. Alderson is seventy four, 490 00:26:48,680 --> 00:26:51,600 Speaker 1: a cancer survivor. He left the team once before, but 491 00:26:51,720 --> 00:26:53,920 Speaker 1: was brought back by Steve Cohen when he bought the Mets. 492 00:26:54,200 --> 00:26:57,280 Speaker 1: Alderson will remain as an advisor. Yankees played tonight in 493 00:26:57,320 --> 00:27:00,240 Speaker 1: Milwaukee Tampa Baby Toronto. He leveled the nut in the 494 00:27:00,320 --> 00:27:04,520 Speaker 1: Rays on Roberto Clemente Day had an unprecedented all Latin 495 00:27:04,600 --> 00:27:06,840 Speaker 1: lineup by trailed the Yanks by seven games. The Boue 496 00:27:06,880 --> 00:27:09,240 Speaker 1: Jays trail by six and a half NFL but the 497 00:27:09,240 --> 00:27:11,320 Speaker 1: first time ever on Amazon and a good one in 498 00:27:11,359 --> 00:27:13,399 Speaker 1: the a f C West in Kansas City, the Chiefs 499 00:27:13,760 --> 00:27:17,160 Speaker 1: came from ten points down beat the Chargers twenty four. 500 00:27:17,160 --> 00:27:20,000 Speaker 1: They snapped a fourth quarter tie with a ninety nine 501 00:27:20,080 --> 00:27:23,200 Speaker 1: yard pick six. Giants. Hoping that rookie linebacker Cavan Thibodeau 502 00:27:23,200 --> 00:27:25,760 Speaker 1: Sunday against Carolina, he missed the opener with a knee injury, 503 00:27:26,119 --> 00:27:28,159 Speaker 1: Giants took Tibodau with the fifth pick of the draft. 504 00:27:28,480 --> 00:27:31,040 Speaker 1: Roger Federer will play for Team Europe and the Labor 505 00:27:31,119 --> 00:27:34,000 Speaker 1: Cup next week in London, and then retire from tennis 506 00:27:34,040 --> 00:27:36,920 Speaker 1: at one. This is a bitter Street decision because I 507 00:27:36,960 --> 00:27:39,560 Speaker 1: will miss everything the tour has given me. But at 508 00:27:39,600 --> 00:27:42,800 Speaker 1: the same time, there's so much to celebrate. I could 509 00:27:42,840 --> 00:27:45,080 Speaker 1: sider myself one of the most fortunate people on Earth. 510 00:27:45,480 --> 00:27:48,119 Speaker 1: I was given a special talent to play tennis, and 511 00:27:48,160 --> 00:27:50,119 Speaker 1: I did it at a level that I never imagined 512 00:27:50,240 --> 00:27:53,440 Speaker 1: for much longer than I ever thought possible, paddled injuries lately, 513 00:27:53,520 --> 00:27:57,040 Speaker 1: feder always enormously popular, won twenty Grand Slams, just behind 514 00:27:57,160 --> 00:28:00,320 Speaker 1: Rafa Ndland. Novak Djokovic still certainly in the converse Asian 515 00:28:00,720 --> 00:28:04,720 Speaker 1: our greatest player ever. John Scure, Bloomberg Sports Nathan all right, John, 516 00:28:04,760 --> 00:28:07,000 Speaker 1: thank you sixty seven on Wall Street. Time now to 517 00:28:07,040 --> 00:28:09,000 Speaker 1: take a look at stock, some of the names moving 518 00:28:09,040 --> 00:28:12,119 Speaker 1: in the pre market. Lots of red this morning for 519 00:28:12,200 --> 00:28:15,399 Speaker 1: Bloomberg Radio and TV Markets correspondent Creaty gooped at to 520 00:28:15,880 --> 00:28:18,080 Speaker 1: help us sift through this morning. A lot of it, 521 00:28:18,200 --> 00:28:23,119 Speaker 1: I guess Createy led by FedEx and it's new guidance. 522 00:28:23,480 --> 00:28:25,760 Speaker 1: You know, this is such an interesting story. Nathan and 523 00:28:25,760 --> 00:28:28,080 Speaker 1: I'm gonna spend the next three minutes nord ing out 524 00:28:28,160 --> 00:28:31,439 Speaker 1: about it. Prepare yourself because this is so important. This 525 00:28:31,520 --> 00:28:34,879 Speaker 1: is a global bell weather. And I say global because 526 00:28:34,880 --> 00:28:37,040 Speaker 1: when you will have FedEx earnings, they tend to be 527 00:28:37,119 --> 00:28:40,640 Speaker 1: kind of this high frequency UM. I want to say, 528 00:28:40,640 --> 00:28:43,480 Speaker 1: indicator of what the global economy is doing. Think about it. 529 00:28:43,520 --> 00:28:45,920 Speaker 1: If you are a business that's doing a lot of 530 00:28:45,920 --> 00:28:48,600 Speaker 1: work in different country, if you are shipping things, if 531 00:28:48,600 --> 00:28:50,360 Speaker 1: you are buying things, if you have a lot of 532 00:28:50,400 --> 00:28:53,479 Speaker 1: economic activity, like think about like the buzz the global 533 00:28:53,520 --> 00:28:56,120 Speaker 1: economy is buzzing. That is good news, and that means 534 00:28:56,240 --> 00:28:57,800 Speaker 1: you are going to be shipping a lot of things, 535 00:28:57,840 --> 00:29:01,400 Speaker 1: moving things, transporting things. It means the economy is growing 536 00:29:01,560 --> 00:29:04,360 Speaker 1: um and functioning in a very healthy way. When you're 537 00:29:04,400 --> 00:29:07,600 Speaker 1: not doing that, you kind of reverse engineered that logic. 538 00:29:07,640 --> 00:29:09,800 Speaker 1: The idea here being that if FedEx is saying global 539 00:29:09,840 --> 00:29:14,640 Speaker 1: shipment volume is actually declining, that means economic activity is declining. 540 00:29:14,680 --> 00:29:17,880 Speaker 1: That means people are actually more cautious about the future. Now, Nathan, 541 00:29:17,920 --> 00:29:20,120 Speaker 1: none of these themes are new. I think what's new 542 00:29:20,160 --> 00:29:22,560 Speaker 1: here is the timing of it all, because so far 543 00:29:22,640 --> 00:29:25,600 Speaker 1: we've seen a lot of these logistics companies actually excel 544 00:29:25,720 --> 00:29:28,560 Speaker 1: because the supply chain issues. To hear them say, well, 545 00:29:28,800 --> 00:29:31,080 Speaker 1: hold on a second, we're actually feeling the heat now 546 00:29:31,480 --> 00:29:34,120 Speaker 1: that new f d X is your taker for FedEx 547 00:29:34,120 --> 00:29:37,320 Speaker 1: though shares down about after that guidance and basically they said, 548 00:29:37,480 --> 00:29:40,040 Speaker 1: what we all know, macro headwinds. It's hitting them as 549 00:29:40,040 --> 00:29:42,960 Speaker 1: specifically in China that's kind of been their big growth 550 00:29:42,960 --> 00:29:48,000 Speaker 1: business with the COVID lockdowns, with decelerated imports, especially a 551 00:29:48,040 --> 00:29:50,560 Speaker 1: lot of that idea of bringing a lot of manufacturing 552 00:29:50,640 --> 00:29:54,640 Speaker 1: back home. The outlook doesn't actually look great for international 553 00:29:54,640 --> 00:29:57,120 Speaker 1: shipping on that front, so FDx giving that warning. But 554 00:29:57,240 --> 00:29:59,760 Speaker 1: the ripple effect is crucial here because UPS is also 555 00:29:59,800 --> 00:30:02,400 Speaker 1: down to the tune about seven percent this morning. UPS 556 00:30:02,480 --> 00:30:05,920 Speaker 1: is also the ticker as well as company name and Nathan. 557 00:30:06,120 --> 00:30:09,320 Speaker 1: This is important. FedEx and UPS are competitors, but FedEx 558 00:30:09,320 --> 00:30:11,800 Speaker 1: try to kind of tackle supply chain issues early by 559 00:30:11,840 --> 00:30:13,680 Speaker 1: saying we're going to hire more people and we're gonna 560 00:30:13,680 --> 00:30:16,600 Speaker 1: pay them more so we don't have any disruptions. UPS 561 00:30:16,680 --> 00:30:18,640 Speaker 1: came out and said something a little bit different. They said, 562 00:30:18,760 --> 00:30:21,680 Speaker 1: we're actually going to focus on smaller customers and then 563 00:30:21,720 --> 00:30:23,960 Speaker 1: increase our prices so that we get profit margins and 564 00:30:23,960 --> 00:30:25,959 Speaker 1: we don't have to deal with bulk shipping. We'll get 565 00:30:26,000 --> 00:30:29,160 Speaker 1: the same volume, but just make more on the individual transactions. 566 00:30:29,400 --> 00:30:32,120 Speaker 1: And right now, the UPS strategy seems to be working 567 00:30:32,200 --> 00:30:34,480 Speaker 1: better than FedEx is, even though FedEx had a better 568 00:30:34,920 --> 00:30:37,520 Speaker 1: UH system when it came to the supply chain disruptions. 569 00:30:37,520 --> 00:30:39,320 Speaker 1: I'm gonna throw one more at you in ten seconds. 570 00:30:39,320 --> 00:30:42,160 Speaker 1: Amazon a m z N down two point six percent. 571 00:30:42,240 --> 00:30:44,640 Speaker 1: We know it's also a major shipping company. A third 572 00:30:44,680 --> 00:30:48,200 Speaker 1: of Amazon packages actually go through UPS, so they're all connected. 573 00:30:48,320 --> 00:30:50,040 Speaker 1: If you've seen pain and FedEx, you're going to see 574 00:30:50,040 --> 00:30:52,400 Speaker 1: it in UPS and Amazon as well. Yeah, the focus 575 00:30:52,440 --> 00:30:56,120 Speaker 1: on logistics this morning, on a morning after we got 576 00:30:56,160 --> 00:31:01,320 Speaker 1: that tentative rail agreement that could implicate the picture as well. 577 00:31:01,360 --> 00:31:03,520 Speaker 1: We're gonna talk about more about that actually what it 578 00:31:03,600 --> 00:31:06,440 Speaker 1: took to get that at tentative deal struck with the 579 00:31:06,440 --> 00:31:10,280 Speaker 1: Bloomberg Government's Emily Wilkins joining us from the nation's capital. 580 00:31:10,640 --> 00:31:13,800 Speaker 1: As Bloomberg Daybreak continues, but ahead of the market open, 581 00:31:14,200 --> 00:31:18,680 Speaker 1: we are watching futures move lower. You're listening to Bloomberg Daybreak, 582 00:31:22,200 --> 00:31:25,240 Speaker 1: Bloomberg eleven three oh weather, sunshine today, upper seventies will 583 00:31:25,240 --> 00:31:28,040 Speaker 1: get to near eighty to start the weekend. Tomorrow could 584 00:31:28,120 --> 00:31:31,520 Speaker 1: see ninety by Sunday, with afternoon clouds coming in Right 585 00:31:31,520 --> 00:31:38,440 Speaker 1: now fifty eight degrees in Central Park markets. Headlines and 586 00:31:38,600 --> 00:31:41,840 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 587 00:31:41,920 --> 00:31:45,520 Speaker 1: Blo Bloomberg Business at and at Bloomberg Quick Jade, He's 588 00:31:45,560 --> 00:31:54,640 Speaker 1: a Bloomberg business lash and I'm Karen Moscow. Futures are 589 00:31:54,680 --> 00:31:56,920 Speaker 1: falling this morning. We got to the first Word breaking 590 00:31:56,960 --> 00:31:59,880 Speaker 1: news desk for today's morning call, and here's Bill Maloney 591 00:32:00,000 --> 00:32:02,840 Speaker 1: Bell good morning and good morning, Karen. That's right. US 592 00:32:02,880 --> 00:32:06,040 Speaker 1: features are under pressure. Although off their worst levels down 593 00:32:06,080 --> 00:32:08,720 Speaker 1: future still down a hundred ninety seven points. Estipes dropped 594 00:32:08,720 --> 00:32:11,800 Speaker 1: twenty nine, Nastik futures declined by a hundred and ten. 595 00:32:12,320 --> 00:32:15,200 Speaker 1: The US ten yeld at three point four seven percent, 596 00:32:15,280 --> 00:32:18,320 Speaker 1: Gold is down three, oil is trading higher, and bitcoin 597 00:32:18,440 --> 00:32:21,320 Speaker 1: is down boy point two percent. Japan fell one point 598 00:32:21,320 --> 00:32:24,240 Speaker 1: one percent overnight, while europ markets are also under pressure 599 00:32:24,280 --> 00:32:26,880 Speaker 1: this morning, and back in the US on the economic front, 600 00:32:26,880 --> 00:32:29,640 Speaker 1: it sent o'clock Michigan sentiment after the bell Ust night, 601 00:32:29,720 --> 00:32:34,120 Speaker 1: FedEx withdrew its earnings forecast, setting worsening macro trends, shares 602 00:32:34,160 --> 00:32:37,320 Speaker 1: a plunging in the pre market, and and O there's 603 00:32:37,520 --> 00:32:41,440 Speaker 1: g E one that supply chain woes could weigh on performance. 604 00:32:41,640 --> 00:32:44,080 Speaker 1: Wrapping things up, Adobe was cut to equate at Barkley's, 605 00:32:44,120 --> 00:32:47,200 Speaker 1: FedEx could neutral at JP Morgan and International Paper was 606 00:32:47,200 --> 00:32:50,880 Speaker 1: cut to underperform over at Jefferies Live. From the first 607 00:32:50,920 --> 00:32:53,400 Speaker 1: to Breaking News desk on Bill Maloney. Karen, all right, Bill, 608 00:32:53,440 --> 00:32:55,480 Speaker 1: thanks to you here live breaking news over her Bloomberg 609 00:32:55,520 --> 00:32:58,160 Speaker 1: type squawk on your terminal. Ascue you a w K 610 00:32:58,320 --> 00:33:00,960 Speaker 1: and that's a Bloomberg business flash. And here's Michael Barr 611 00:33:01,040 --> 00:33:03,720 Speaker 1: with more. I'm much going on around the world, Michael, Karen, 612 00:33:03,760 --> 00:33:06,440 Speaker 1: thank you very much. In the UK, preparations are ongoing 613 00:33:06,480 --> 00:33:09,960 Speaker 1: for the funeral of Queen Elizabeth the second next week. Meanwhile, 614 00:33:10,000 --> 00:33:13,160 Speaker 1: thousands continue to wait hours and long lines at Westminster 615 00:33:13,280 --> 00:33:15,560 Speaker 1: Hall to pay their respects to the queen. Issue lines 616 00:33:15,600 --> 00:33:19,040 Speaker 1: in state, but the government said it is temporarily stopping 617 00:33:19,080 --> 00:33:22,320 Speaker 1: people from joining the line because it has reached capacity. 618 00:33:22,760 --> 00:33:25,280 Speaker 1: You can hear the Queen's funeral on Monday live on 619 00:33:25,320 --> 00:33:28,360 Speaker 1: Bloomberg Radio starting at six am all Street time. A 620 00:33:28,440 --> 00:33:31,240 Speaker 1: third party arbiter has been named by a federal judge 621 00:33:31,280 --> 00:33:35,400 Speaker 1: to the FBI Trump document seizure case. Semi retired judge 622 00:33:35,480 --> 00:33:39,240 Speaker 1: Raymond Derry has a deadline of November to finish his 623 00:33:39,320 --> 00:33:42,040 Speaker 1: review of the documents. In baseball, the Mets beat the 624 00:33:42,040 --> 00:33:45,680 Speaker 1: Pirate at seven one. The A's lost Thursday Night Football, 625 00:33:45,720 --> 00:33:49,200 Speaker 1: The Chiefs beat the Chargers twenty twenty four. Global News 626 00:33:49,280 --> 00:33:52,560 Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake, 627 00:33:52,800 --> 00:33:55,800 Speaker 1: powered by more than twenty seven hundred journalists and analysts 628 00:33:55,880 --> 00:33:58,440 Speaker 1: more than a hundred twenty countries. I'm Michael barn. This 629 00:33:58,520 --> 00:34:01,400 Speaker 1: is Bloomberg. Karen all right, Michael bar thank you. It 630 00:34:01,440 --> 00:34:03,840 Speaker 1: is sixty nine on Wall Street. Returned to news and 631 00:34:03,920 --> 00:34:06,600 Speaker 1: science and technology now at the Bloomberg and j I. T. 632 00:34:06,800 --> 00:34:10,080 Speaker 1: Stammer Report, And here's US making news and science, technology, 633 00:34:10,120 --> 00:34:13,840 Speaker 1: engineering and math. Apple is counting on upscale shoppers to 634 00:34:13,960 --> 00:34:16,200 Speaker 1: make the latest iPhone a hit when it goes on 635 00:34:16,239 --> 00:34:19,960 Speaker 1: sale today. The iPhone fourteen lineup reserves the best features 636 00:34:20,000 --> 00:34:22,200 Speaker 1: for the high end pro models costing at least a 637 00:34:22,200 --> 00:34:25,760 Speaker 1: thousand dollars, based on pre order sales that strategies working 638 00:34:26,000 --> 00:34:28,640 Speaker 1: consumers have turned the most expensive new iPhone into the 639 00:34:28,640 --> 00:34:32,399 Speaker 1: most popular version, and europe A new car sales rose 640 00:34:32,400 --> 00:34:35,520 Speaker 1: for the first time in thirteen months. Registrations increased three 641 00:34:35,520 --> 00:34:38,239 Speaker 1: point four percent in August. Mercedes Benz was among the 642 00:34:38,320 --> 00:34:41,840 Speaker 1: best performers with a rise. Still, the good news for 643 00:34:41,880 --> 00:34:45,359 Speaker 1: automakers may not last long. Record inflation and an unprecedented 644 00:34:45,440 --> 00:34:49,200 Speaker 1: energy crisis threatened to discourage buyers. And it's more, companies 645 00:34:49,239 --> 00:34:52,040 Speaker 1: make the return to office push, many employees feel like 646 00:34:52,280 --> 00:34:55,160 Speaker 1: they have no choice. According to a survey from productivity 647 00:34:55,200 --> 00:34:58,760 Speaker 1: software company oh Slash, almost eight percent of remote workers 648 00:34:58,840 --> 00:35:00,880 Speaker 1: think they would be five or if they said no 649 00:35:01,360 --> 00:35:04,200 Speaker 1: near really. Sixty percent of employers say they'd be okay 650 00:35:04,239 --> 00:35:07,000 Speaker 1: with them resigning instead of returning to the office. And 651 00:35:07,040 --> 00:35:10,160 Speaker 1: as a Bloomberg and j I T Stem report, Nathan 652 00:35:10,400 --> 00:35:12,400 Speaker 1: all right, Karen, thank you. We are live from the 653 00:35:12,400 --> 00:35:16,080 Speaker 1: Bloomberg Interactive Broker Studios where it's six fifty on Wall Street. 654 00:35:16,360 --> 00:35:17,920 Speaker 1: Time not to check what's going on in d C. 655 00:35:18,239 --> 00:35:20,560 Speaker 1: Some of the top stories in our nation's capital included 656 00:35:20,640 --> 00:35:24,040 Speaker 1: all nighter helped to seal a deal on the rails, 657 00:35:24,360 --> 00:35:28,719 Speaker 1: President Biden accusing Republicans of using migrants as props, a 658 00:35:28,800 --> 00:35:31,800 Speaker 1: retiring judge appointed to review documents, seizes at marl Lago, 659 00:35:32,200 --> 00:35:34,800 Speaker 1: and the same sex marriage vote in the Senate apparently 660 00:35:35,160 --> 00:35:37,319 Speaker 1: gonna have to wait till after the mid terms. Let's 661 00:35:37,320 --> 00:35:39,759 Speaker 1: bring in Bloomberg Government reporter Emily Wilkins for more on 662 00:35:39,800 --> 00:35:42,879 Speaker 1: all these stories. Emily, good morning. So we're getting more 663 00:35:42,960 --> 00:35:46,640 Speaker 1: details on just how involved the Biden administration was and 664 00:35:46,680 --> 00:35:51,359 Speaker 1: getting this tentative labor agreement done with freight Rail. Yes, 665 00:35:51,440 --> 00:35:54,720 Speaker 1: President Biden, there was actually, I think, as you mentioned, Nathan, 666 00:35:54,800 --> 00:35:57,800 Speaker 1: this twenty hour marathon where they brought in union leaders, 667 00:35:57,880 --> 00:36:01,799 Speaker 1: industry leaders, got Labor Secretary More Walsh involved. Apparently they 668 00:36:01,880 --> 00:36:05,000 Speaker 1: ordered everyone a bunch of big ZiT trying to work 669 00:36:05,040 --> 00:36:08,120 Speaker 1: through this marathon session. And they also made sure that 670 00:36:08,280 --> 00:36:11,640 Speaker 1: President Joe Biden was video chatted into the room that 671 00:36:11,719 --> 00:36:16,000 Speaker 1: he continued to encourage things. I mean, this was a huge, huge, 672 00:36:16,000 --> 00:36:19,799 Speaker 1: potential crisis for President Joe Biden. I mean, if these 673 00:36:19,800 --> 00:36:22,160 Speaker 1: workers were to strike, if you were to see rail 674 00:36:22,200 --> 00:36:25,160 Speaker 1: service cut off, supplies not getting into places they needed. 675 00:36:25,560 --> 00:36:28,400 Speaker 1: There was an estimated impact of two billion dollars on 676 00:36:28,440 --> 00:36:31,120 Speaker 1: the economy, um if this would have gone through, And 677 00:36:31,560 --> 00:36:34,239 Speaker 1: to be clear, it's still might We're now at this 678 00:36:34,280 --> 00:36:39,000 Speaker 1: stage where we need the thousand workers UH a part 679 00:36:39,000 --> 00:36:42,480 Speaker 1: of the twelve unions to actually agree to what was 680 00:36:42,560 --> 00:36:46,520 Speaker 1: hashed out between the industry leaders and the union leaders, 681 00:36:46,719 --> 00:36:49,239 Speaker 1: and there's some indication that they might not do that. 682 00:36:49,320 --> 00:36:52,040 Speaker 1: I mean, they wanted to have six days that wasn't 683 00:36:52,040 --> 00:36:54,759 Speaker 1: granted to them. They have a little more flexibility now 684 00:36:54,800 --> 00:36:57,560 Speaker 1: if they need to take an absence for medical reasons, 685 00:36:58,239 --> 00:37:01,040 Speaker 1: But there are a lot of concerns that do remain 686 00:37:01,560 --> 00:37:04,759 Speaker 1: um and at the same time, right now things seem 687 00:37:04,800 --> 00:37:07,360 Speaker 1: to be in favor of the workers due to labor shortages. 688 00:37:07,400 --> 00:37:10,640 Speaker 1: We've seen a lot of successful unions make their cases 689 00:37:10,719 --> 00:37:13,879 Speaker 1: gain footing in a variety of industries. So I think 690 00:37:13,920 --> 00:37:15,960 Speaker 1: this is something we're still going to have to watch 691 00:37:16,000 --> 00:37:18,479 Speaker 1: to see exactly how this deal shapes up. But there's 692 00:37:18,480 --> 00:37:21,359 Speaker 1: also a sense that because President Biden has been so 693 00:37:21,680 --> 00:37:25,759 Speaker 1: pro union, pro labor throughout his presidency, during his candidacy 694 00:37:25,880 --> 00:37:29,640 Speaker 1: even that he does have influence within this community and 695 00:37:29,800 --> 00:37:32,960 Speaker 1: will be able to find ways to keep things running. Oh, 696 00:37:33,040 --> 00:37:36,120 Speaker 1: we did see that sort of victory lap yesterday at 697 00:37:36,120 --> 00:37:39,520 Speaker 1: the White House Rose Garden with the President congratulating and 698 00:37:39,640 --> 00:37:42,560 Speaker 1: thanking the negotiators. Is there a risk here that because 699 00:37:42,560 --> 00:37:44,920 Speaker 1: we are now in this extended cooling off period, that 700 00:37:44,960 --> 00:37:47,000 Speaker 1: he may have taken this victory lap a little too soon. 701 00:37:47,760 --> 00:37:51,280 Speaker 1: I mean, I think for for President Biden and most presidents, 702 00:37:51,320 --> 00:37:53,399 Speaker 1: they like to take victory laps when they get them, 703 00:37:54,000 --> 00:37:56,240 Speaker 1: especially right now in the run up to an election, 704 00:37:56,320 --> 00:37:58,319 Speaker 1: because if this just gets ratified, there might not be 705 00:37:58,400 --> 00:38:00,799 Speaker 1: the same build up that we've seen. So it's capitalizing 706 00:38:00,840 --> 00:38:03,719 Speaker 1: a bit on the news cycle here, But I think, yeah, 707 00:38:03,920 --> 00:38:06,239 Speaker 1: at this point, we are not out of the woods yet. 708 00:38:06,320 --> 00:38:08,440 Speaker 1: We're in this phase of a cooling off period, but 709 00:38:08,560 --> 00:38:10,840 Speaker 1: we really have to keep a close eye, as Bloomberg 710 00:38:10,880 --> 00:38:14,480 Speaker 1: reporters are on what is happening with the actual vote 711 00:38:14,719 --> 00:38:16,840 Speaker 1: from the unions on whether or not to agree to 712 00:38:16,880 --> 00:38:19,440 Speaker 1: this steal. Oh it's interesting as well to see a 713 00:38:19,520 --> 00:38:23,200 Speaker 1: Republican governor sort of trying to reclaim control of the 714 00:38:23,239 --> 00:38:28,880 Speaker 1: news cycle with further reports and further evidence of migrants 715 00:38:28,920 --> 00:38:32,440 Speaker 1: being bust in from border states to places like Martha's 716 00:38:32,560 --> 00:38:37,760 Speaker 1: vineyard and now Vice President Kamala Harris's doorstep. Yeah, this isn't. 717 00:38:37,840 --> 00:38:40,239 Speaker 1: This isn't. We've seen this this going on for a 718 00:38:40,280 --> 00:38:42,359 Speaker 1: little bit here. I think at this point about ten 719 00:38:42,360 --> 00:38:45,520 Speaker 1: thousand migrants alone have been sent from Texas. Of the 720 00:38:45,600 --> 00:38:49,960 Speaker 1: Democratic Cities d C New York Chicago Governor Greg Abbott 721 00:38:49,960 --> 00:38:52,520 Speaker 1: says it's to send a message that they really need 722 00:38:52,600 --> 00:38:56,640 Speaker 1: more border security and more border enforcement. But a lot 723 00:38:56,680 --> 00:38:58,680 Speaker 1: of Democrats, and I think we heard a little bit 724 00:38:58,719 --> 00:39:01,640 Speaker 1: of this just earlier in the show, are saying that 725 00:39:01,680 --> 00:39:05,040 Speaker 1: they're using these migrants as political ponds. Migrants don't always 726 00:39:05,040 --> 00:39:07,200 Speaker 1: know when they get on a bus exactly where they'll 727 00:39:07,239 --> 00:39:10,760 Speaker 1: be going. And while volunteers and cities including Martha's Vineyard 728 00:39:10,760 --> 00:39:13,040 Speaker 1: and Washington, d C have stepped up to help with 729 00:39:13,080 --> 00:39:15,440 Speaker 1: the influx of migrants, a lot of that these cities 730 00:39:15,440 --> 00:39:17,719 Speaker 1: are saying, wait a second, we don't have the infrastructure 731 00:39:17,760 --> 00:39:21,919 Speaker 1: to handle this. We haven't even given any preparation. Vice 732 00:39:21,920 --> 00:39:25,960 Speaker 1: President Kamala Harris pointed out that Texas Governor Gregg greg 733 00:39:26,000 --> 00:39:28,759 Speaker 1: Abbott allegedly called Fox News to let them know that 734 00:39:28,800 --> 00:39:31,560 Speaker 1: these buses were arriving, but he didn't bother to reach 735 00:39:31,600 --> 00:39:34,560 Speaker 1: out to the Department of Homeland Security or other agencies 736 00:39:34,600 --> 00:39:37,399 Speaker 1: in the area that could actually help the migrants when 737 00:39:37,440 --> 00:39:40,200 Speaker 1: they arrived. Uh So, I think at this point we're 738 00:39:40,200 --> 00:39:44,160 Speaker 1: expecting to see this continue. Um. I will say California 739 00:39:44,239 --> 00:39:47,400 Speaker 1: Governor Newsom is asking the Justice Department now to open 740 00:39:47,520 --> 00:39:51,440 Speaker 1: an investigation into this practice. But I think this very 741 00:39:51,520 --> 00:39:54,560 Speaker 1: much dovetails with what message Republicans are trying to push 742 00:39:54,560 --> 00:39:56,960 Speaker 1: this mid terms, which is a lot about border security, 743 00:39:57,000 --> 00:39:59,680 Speaker 1: a lot about immigration. That message worked very well for 744 00:39:59,719 --> 00:40:03,520 Speaker 1: them in previous elections, and they're picking it back up again. Interesting. 745 00:40:03,600 --> 00:40:06,720 Speaker 1: Let's get to the latest down the maral Lago investigation. 746 00:40:06,960 --> 00:40:09,840 Speaker 1: We now have a special master in place. We have 747 00:40:10,080 --> 00:40:12,880 Speaker 1: a special Master in place, and it's actually one of 748 00:40:12,880 --> 00:40:15,640 Speaker 1: the few things that both sides have agreed on. They've 749 00:40:15,719 --> 00:40:18,680 Speaker 1: named US just District Court Judge Raymond Deary as a 750 00:40:18,719 --> 00:40:22,080 Speaker 1: special Master to review all eleven thousand documents that were 751 00:40:22,080 --> 00:40:25,880 Speaker 1: taken from maral Lago. But there's still some tension between 752 00:40:25,880 --> 00:40:29,600 Speaker 1: the Justice Department and the Trump camp. The Justice Department 753 00:40:29,680 --> 00:40:32,520 Speaker 1: is asking that certain documents not be included in the 754 00:40:32,600 --> 00:40:35,600 Speaker 1: special Master review because of the national security risk they 755 00:40:35,640 --> 00:40:39,759 Speaker 1: pose and how they could impede their pending investigation on it. Um. 756 00:40:40,000 --> 00:40:41,360 Speaker 1: We'll have to just have to keep an eye on 757 00:40:41,400 --> 00:40:44,520 Speaker 1: the courts as far as what's going to be happening there. Um. 758 00:40:44,560 --> 00:40:46,160 Speaker 1: But there's a sort of a question of how long 759 00:40:46,200 --> 00:40:49,200 Speaker 1: a potential review from a special Master would take, and 760 00:40:49,239 --> 00:40:52,040 Speaker 1: if there is sensitive information in some of these documents, 761 00:40:52,040 --> 00:40:55,200 Speaker 1: if there is a national security risk, how much longer 762 00:40:55,239 --> 00:40:58,080 Speaker 1: do we want to spend before the Justice Department is 763 00:40:58,120 --> 00:41:01,000 Speaker 1: able to address that? Yeah, leven thus in pages is 764 00:41:01,040 --> 00:41:04,960 Speaker 1: a lot emily. Finally looks like the vote on the 765 00:41:05,000 --> 00:41:07,680 Speaker 1: same sex marriage bill in the Senate is going to 766 00:41:07,800 --> 00:41:11,560 Speaker 1: have to wait. Yeah. A lawmakers announced yesterday that they 767 00:41:11,600 --> 00:41:14,560 Speaker 1: are going to postpone that until after mid term elections 768 00:41:14,640 --> 00:41:17,640 Speaker 1: in November. At this point needsan To be honest, we're 769 00:41:17,640 --> 00:41:20,240 Speaker 1: not even clear that they actually have enough votes to pass. 770 00:41:20,320 --> 00:41:22,399 Speaker 1: We know there are some Republicans who have come out 771 00:41:22,400 --> 00:41:25,360 Speaker 1: said that they would vote with Democrats on passing, uh, 772 00:41:25,560 --> 00:41:28,680 Speaker 1: this piece of legislation to reaffirm federal protections for same 773 00:41:28,680 --> 00:41:30,960 Speaker 1: sex marriage. But it's not clear that we have the 774 00:41:31,080 --> 00:41:33,600 Speaker 1: needed tend that that must be there to pass any 775 00:41:33,640 --> 00:41:37,160 Speaker 1: sort of legislation. UM. But this delay, you know, the 776 00:41:37,840 --> 00:41:40,000 Speaker 1: lawmakers who are working on it say that it's in 777 00:41:40,040 --> 00:41:42,400 Speaker 1: hopes that maybe after the midterms they'll be able to 778 00:41:42,400 --> 00:41:45,520 Speaker 1: get more members on board and actually pass something. But 779 00:41:45,560 --> 00:41:48,640 Speaker 1: other Democrats are pretty upset they're saying, hey, look, voters 780 00:41:48,680 --> 00:41:50,759 Speaker 1: are about to go to the polls. If they have 781 00:41:50,840 --> 00:41:54,280 Speaker 1: a senator who does not believe that same sex marriage 782 00:41:54,280 --> 00:41:56,560 Speaker 1: should be legal, they should know about it. We should 783 00:41:56,560 --> 00:41:58,160 Speaker 1: put this on the floor, and we should try and 784 00:41:58,200 --> 00:42:00,320 Speaker 1: get a vote. So you're seeing a bit of a 785 00:42:00,360 --> 00:42:04,000 Speaker 1: battle between the policy and the politics of the moment 786 00:42:04,239 --> 00:42:07,840 Speaker 1: on this particular issue. But Nathan, the other thing to 787 00:42:07,920 --> 00:42:10,360 Speaker 1: keep in mind here is that we don't have a 788 00:42:10,440 --> 00:42:12,400 Speaker 1: lot of days left. I think the House has about 789 00:42:12,440 --> 00:42:14,879 Speaker 1: seventies and Session said it has a little bit more, 790 00:42:14,960 --> 00:42:17,000 Speaker 1: but it's not a lot of time. And they got 791 00:42:17,000 --> 00:42:18,640 Speaker 1: to keep the government from shutting down at the end 792 00:42:18,640 --> 00:42:20,640 Speaker 1: of the month too. And we've got to shut this 793 00:42:21,040 --> 00:42:23,760 Speaker 1: conversation down for now because we're at a time. Bloomberg 794 00:42:23,800 --> 00:42:26,880 Speaker 1: Government reporter Emily Wilkins with us. Thank you as always. 795 00:42:26,920 --> 00:42:29,720 Speaker 1: Read more at Bloomberg dot com or on the Bloomberg terminal. 796 00:42:29,760 --> 00:42:33,960 Speaker 1: Listen to Bloomberg Radio in Washington. Bloomberg and one oh 797 00:42:33,960 --> 00:42:37,520 Speaker 1: five point seven f m h D two SMB futures 798 00:42:37,560 --> 00:42:39,840 Speaker 1: now down twenty eight points down. Futures down a hundred 799 00:42:39,880 --> 00:42:43,080 Speaker 1: ninety five, NASTAC futures lower by a hundred six Bloomberg. 800 00:42:43,160 --> 00:42:47,919 Speaker 1: Surveillance is next for Karen Moscow. I'm Nathan Hagar. This 801 00:42:48,040 --> 00:42:48,759 Speaker 1: is Bloomberg.