Speaker 1: Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg
Speaker 1: Daybreak for Friday, September six two. Coming up this hour,
Speaker 1: stock slide yields rise as we close out a tumultuous
Speaker 1: week for the markets. Investors get another key economic report
Speaker 1: before next week's FED decision. Fed X does not deliver
Speaker 1: for investors as shares plunge, and a key ruling in
Speaker 1: the classified documents probe of Donald Trump. New York City
Speaker 1: is nearing its breaking point by migrants sent from Texas.
Speaker 1: Plus preparations continue for Queen Elizabeth's funeral on Monday. I'm
Speaker 1: Michael bar More Ahead, I'm John stash owd Sports, The
Speaker 1: Met's Meat, the Pirates, The Yankees visit Milwaukee Tonight Thursday
Speaker 1: Night Football, the Jeans beat the Charger. That's all straight
Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven, Trio, New York,
Speaker 1: Bloomberg Washington, d C, Bloomberg one six one, Boston, Bloomberg
Speaker 1: nine six, San Francisco, Sirius x M one nineteen and
Speaker 1: around the world on Bloomberg Radio Dot Come and via
Speaker 1: the Bloomberg Business Act. Good morning, I'm Nathan Higer, and
Speaker 1: I'm Karen, Moscow and US Dock Index futures are lower
Speaker 1: this morning. We're coming up to six o one on
Speaker 1: Wall Street, and we check the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg SMP futures down about
Speaker 1: thirty seven points down, futures down two D fifty two,
Speaker 1: and NASDAG futures down one D thirty seven, and the
Speaker 1: tenure treasury down four thirty seconds, the yield three point
Speaker 1: four six percent. They yield on the two year at
Speaker 1: three point nine zero percent. Nathan Well, Karen, this stock
Speaker 1: slide is deepening as we close out a trading week
Speaker 1: on track to be the worst since June. European equities
Speaker 1: are down for a fourth straight day, so we're stocks
Speaker 1: in Asia. Two year treasury yields are climbing to their
Speaker 1: highest level in fifteen years, deepening a curve inversion that
Speaker 1: is seen as a recession signal. But Brent Shooty, chief
Speaker 1: investment strategist with Northwestern Mutual Things, we may be seeing
Speaker 1: a bottom. Sentiment is already awful. People have sold already
Speaker 1: throwing the fifty present retraction of blows that we had.
Speaker 1: And I think you have the basis to the market
Speaker 1: having put in the bottom. That doesn't mean it won't
Speaker 1: be a grinding back and forth advance, but I don't
Speaker 1: think we're going to go below those tunew French Shooty
Speaker 1: with Northwestern Mutual says stocks usually hit a bottom when
Speaker 1: inflation peaks Well. Nathan Investors get another key economic report
Speaker 1: to digest before we headed to the weekend. At Tenneham
Speaker 1: Wall Street time, we get September sentiment numbers from the
Speaker 1: University of Michigan and Bloomberg's Michael McKee has more The
Speaker 1: sustained slide in gasoline prices should lift the headline sentiment
Speaker 1: index as well as consumers view of current economic conditions.
Speaker 1: The numbers that matter most, however, it will be the
Speaker 1: expected inflation gauges. The Fed wants to ensure expectations stay
Speaker 1: anchored so a wage price spiral doesn't develop. Expected yearhead
Speaker 1: inflation should continue to drop along with gasoline prices. The
Speaker 1: rate was four point eight percent in July. That was
Speaker 1: down from five point two percent in June to the
Speaker 1: lowest in eight months. Michael McKee, Bloomberg Daybreak, All right, Mike, thanks.
Speaker 1: The sentiment report caps off a busy week of data
Speaker 1: highlighted by two days hotter than expected inflation report. Traders
Speaker 1: now turn their attention to next week's FED meeting. The
Speaker 1: debate is whether the Central Bank raises rates by seventy
Speaker 1: five basis points or a full one percent. Lizzie and
Speaker 1: Saunders is chief investment strategist at Charles Schwab, to me,
Speaker 1: the likelihood is more on the seventy five end, just
Speaker 1: because I'm not sure at this stage in the game
Speaker 1: Powell wants to be seen as is putting forth shock
Speaker 1: and aw kind of policy. I think more likely is
Speaker 1: keeping both November and December firmly on the table and
Speaker 1: really pushing back on this notion that even existed a
Speaker 1: month ago that after a September hike, the Fed might
Speaker 1: have the green light to pause when it comes to
Speaker 1: market volatility. Liza and Saunders of Charles Schwab says high
Speaker 1: speed traders may be driving some of the wild swings
Speaker 1: we've seen this week well. In this more axequity action,
Speaker 1: Nathan Shares a fed exor down nineteen and a half
Speaker 1: percent in early trading. The company said preliminary results for
Speaker 1: the quarter fell short of expectations. We get the story
Speaker 1: from Bloomberg. Charlie Pellett, The Courier said adjusted earnings for
Speaker 1: the fiscal first water were three forty four share, well
Speaker 1: short of the five ten average about of analysts. CEO
Speaker 1: Raj Supermannian said in the statement, global volumes declined as
Speaker 1: macro economic trends significantly worsened later in the quarter, both
Speaker 1: internationally and in the US. In addition to withdrawing its
Speaker 1: fiscal three earnings outlook provided in June, FedEx also said
Speaker 1: it expects conditions to worsen in its fiscal second quarter.
Speaker 1: In New York, Charlie Pellett Bloomberg Daybreak. Okay, Charlie, thanks.
Speaker 1: Another stock following this morning is General Electric. Those shares
Speaker 1: down two percent in early trading. G S finance chief
Speaker 1: is warning supply chain challenges away in its third quarter performance.
Speaker 1: The rails are still on the move this morning, Nathan.
Speaker 1: A tentative labor agreement is in place between freight rail
Speaker 1: companies and unions that averts a strike. President Biden reportedly
Speaker 1: told both sides failure was not an option. Bloomberg political
Speaker 1: contributor Rick Davis said, the President deserves the victory lab
Speaker 1: and we had a big run up to this. Everybody
Speaker 1: was looking a lot of concerns about the impact on
Speaker 1: the economy, and the team and the president came through
Speaker 1: and and this is what you wanted to have happened,
Speaker 1: and they deserve a right to celebrate. Great Davis spoke
Speaker 1: with our Washington corresponded Joe Matthew on Bloomberg Sound On.
Speaker 1: Stay tuned for more on the tentative deal when we
Speaker 1: speak live with Labor Secretary Marty Walsh. That's coming up
Speaker 1: on Bloomberg's Balance of Power live at noon Eastern on
Speaker 1: Bloomberg Radio and Television. Staying with politics, Karen, there's news
Speaker 1: on the Justice Department's legal battle with former President Trump.
Speaker 1: A special Master has been named to review documents sees
Speaker 1: from our lago while the judges denied a request from
Speaker 1: the d o J to keep using the documents in
Speaker 1: their probe. Bloomberg's Amy Morris has details from our news
Speaker 1: room in Washington. Both the Justice Department and the Trump
Speaker 1: legal team agreed retired federal Court judge Raymond Deary would
Speaker 1: be a suitable candidate for Special Master, but the government
Speaker 1: won't be allowed to keep using about one hundred documents
Speaker 1: listed as classified until after the special Master reviews all
Speaker 1: eleven thousand documents to determine if any should be withheld
Speaker 1: because of attorney client or executive privilege. D o J
Speaker 1: also asked for a deadline of October seventeenth, but the
Speaker 1: court gave Deary until November thirty to complete his review,
Speaker 1: and the court ordered Trump to cover those costs. In Washington,
Speaker 1: I'm anymore as Bloomberg daybreak right Amy, thank you meantime
Speaker 1: in the Middle East, it's a meeting of two embattled leaders.
Speaker 1: Russian President Vladimir Putin told Chinese leader she Jan Ping
Speaker 1: he understands Beijing's questions and concerns about his invasion of Ukraine.
Speaker 1: Begin More from Bloomberry Stephen Angle in Hong Kong, this
Speaker 1: relationship is not as rosy and positive as it seems
Speaker 1: on the surface. The war does not necessarily play to
Speaker 1: China's needs, and any hope for a quick invasion and
Speaker 1: quick resolution of the Ukraine war is long. In the
Speaker 1: review of Mirror right now, it's been going for more
Speaker 1: than six months, and Bloomberry Stephen Angle says it was
Speaker 1: the first in person talks between presidents Putin and she
Speaker 1: since the start of the war in Ukraine. U S
Speaker 1: and P futures are now down thirty eight points. Stown
Speaker 1: futures down two undred sixty two, NASDAC futures of lower
Speaker 1: by a hundred forty two points. The tenure treasury is
Speaker 1: down five thirty seconds yield three point four six nimex
Speaker 1: crewed down four tenths percent at eighty four dollars seventy
Speaker 1: nine cents of barrel. Straight ahead, local headlines and a
Speaker 1: check of sports. This is Bloomberg six oh seven on
Speaker 1: Wall Street, fifty seven degrees in Central Park. We're still
Speaker 1: dealing with that truck firing the southbound of Jersey Turnpike
Speaker 1: truck lanes. Details coming up in traffic. First Michael Barr
Speaker 1: with what else is going on in New York and
Speaker 1: around the world. Michael, thank you very much. Nathan, New
Speaker 1: York is reassessing the city's right to shelter practice following
Speaker 1: an influx of more than eleven thousand migrants who have
Speaker 1: been bussed from Texas. That's according to Mayor Eric Adams,
Speaker 1: chief concil, who says the city is nearing a breaking
Speaker 1: point with asylum seekers and the homeless. Council Brendan McGuire
Speaker 1: says though the law itself is staying put. Obviously, none
Speaker 1: of those practices developed with anyone contemplating that they were
Speaker 1: going to be over ten thousand individuals bust into New
Speaker 1: York with no connection to New York from from overseas.
Speaker 1: Mayor Adams says the city will not be like those
Speaker 1: municipalities and states that fly people to Massachusetts or put
Speaker 1: people on buses. It doesn't matter if you came here
Speaker 1: on a Mayflower or on a bus at the port authority,
Speaker 1: you deserve the dignity and respect that this city continues
Speaker 1: to show. Mayor Adams and Council McGuire made their comments
Speaker 1: while touring an asylum seeker Resource Navigation center. Ukrainian authorities
Speaker 1: have found a mass burial site near a recaptured northeastern
Speaker 1: city previously occupied by Russian forces. President of Voladimir z
Speaker 1: Lensky announced the discovery and as nightly addressed to the nation.
Speaker 1: The grave was found close to Ilium in the Kharkiv region.
Speaker 1: Rehearsals are underway as hundreds of soldiers and bagpipers are
Speaker 1: practicing for Queen Elizabeth the Second's funeral on Monday. Meanwhile,
Speaker 1: people are being told not to join in the line
Speaker 1: to view the queen's coffin after a surge in numbers.
Speaker 1: British officials said this morning that the organized line was
Speaker 1: at capacity and no one will be allowed to join
Speaker 1: it for at least six hours. Thousands have been awaiting
Speaker 1: hours in long lines to pay their respects to the
Speaker 1: Queen as she lies in state at Westminster Hall, including
Speaker 1: this woman. We were talking before we came, do we
Speaker 1: curn't see? Do we file? But when we insisted that,
Speaker 1: she didn't know what to do, and we both slipped
Speaker 1: to one another and we both just about and then
Speaker 1: it's just that really overwhelming feeling, but you can explain.
Speaker 1: Special coverage of Monday's funeral can be heard live on
Speaker 1: Bloomberg Radio starting at six am Wall Street Time. The
Speaker 1: U S National Hurricane Center is keeping a close eye
Speaker 1: on the newly formed tropical Storm Fiona in the Caribbean.
Speaker 1: Forecasters say it is on track to move through the
Speaker 1: Leland Islands today as it heads toward the Virgin Islands
Speaker 1: and Puerto Rico. Global News twenty four hours a day
Speaker 1: on airand on Bloomberg quick Take, powered by more than
Speaker 1: d journalists and analysts more in a hundred twenty countries.
Speaker 1: I'm Michael bar This is Bloomberg. Nathan, Thanks Michael. Coming
Speaker 1: up to six ten on Wall Street. Time for the
Speaker 1: Bloomberg Sports update. Here's John Stenshower. Thanks Nathan. All around Baseball,
Speaker 1: it was Roberto Clemente Day, nearly fifty years after his
Speaker 1: death in the plane crash. The ceremony took place in
Speaker 1: New York to Tampa. Bay Rays started all Latin players,
Speaker 1: first time that's ever happened in City field. The Mets
Speaker 1: all wore Clemente's number twenty one day beat the Pirates
Speaker 1: Clemente's team seven to one to snap at three game
Speaker 1: moving speak, Daniel Vogelback, who the Mets acquired from Pittsburgh,
Speaker 1: had two hits, three rb i s fifteen twin for
Speaker 1: Carlos Carrasco. The Mets now lead Atlanta by one game.
Speaker 1: The Yankees left Frankie Montas on the Mount tonight in Milwaukee.
Speaker 1: He's made seven starts with the Yanks. He's only one
Speaker 1: once Thursday Night Football kick him off. Week two, the
Speaker 1: Chargers led in Kansas City by ten. The Chiefs stored
Speaker 1: the next twenty, including a ninety nine yard interception returned
Speaker 1: by Jalen Watson with ten and a half minutes ago.
Speaker 1: That's not the tie case won twenty seven twenty four
Speaker 1: costly injury for Seattle of Stars safety Jamal Adams. The
Speaker 1: X yet done for the year torn quad w NBA
Speaker 1: Finals Annecticut Son stayed a lot outscored Las Vegas twenty
Speaker 1: eight to seven and the fourth quarter and one by
Speaker 1: twenty nine, and the Ace is still in the best
Speaker 1: of five series to one. Roger Federer third on the
Speaker 1: list of most Grand Slams one with twenties, been passed
Speaker 1: by both Ralph Nadal and no back joke of it,
Speaker 1: but Federer obviously had a brilliant career, ract number one
Speaker 1: for two hundred and thirty seven consecutive weeks. He's retiring
Speaker 1: at age started. I was a bull kid in my
Speaker 1: hometown of Bosl. I used to watch the players with
Speaker 1: a sense of wonder. They were like giants to me,
Speaker 1: and I began to dream. My dreams led me to
Speaker 1: work harder, and I started to believe in myself. Federal
Speaker 1: play one more event, the Labor Cup in London next week.
Speaker 1: Stature Bloomberg sports okay, John, thank you right now. S
Speaker 1: and P futures are lower by thirty eight points. South
Speaker 1: futures down two to sixty six NASAC futures on the
Speaker 1: decline by a hundred forty three points in the tenure
Speaker 1: treasuries down five thirty seconds, the yield three point four
Speaker 1: seven percent. This is Bloomberg Bloomberg eleven three oh weather
Speaker 1: sunshine today with him for seventies, will hit eighty tomorrow
Speaker 1: under partly mostly sunny sky sunshine for Sunday with some
Speaker 1: afternoon clouds coming in highs in the upper eighties. Right
Speaker 1: now fifty eight in Central Park Markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. And equities
Speaker 1: are extending declines, with an index of global stocks on
Speaker 1: track for the worst week since June. Will engage of
Speaker 1: the dollar stores to a fresh record, reflecting vets for
Speaker 1: outsized federal reserved interest rate hikes. US futures are dropping,
Speaker 1: suggesting to sell off that drove the SNP five hundred
Speaker 1: to its lowest clothes in about two months. Yesterday is
Speaker 1: not over yet. We checked the markets every fifteen minutes
Speaker 1: throughout the trail eating day on Bloomberg. As in p
Speaker 1: future is down thirty nine points this morning, down futures
Speaker 1: down two hundred sixty seven and NASDAC futures down one
Speaker 1: d forty seven. The decks in Germany's down one point
Speaker 1: six percent, the ten year treasury down four thirty seconds.
Speaker 1: He'll three point four six percent yield on the two
Speaker 1: year three point eight nine percent. Ninemex s hered oil
Speaker 1: is up tenth of a percent, or nine cents at
Speaker 1: eighty five dollars. Nineteen cents of barrel comes called down
Speaker 1: half percent or nine dollars at sixteen sixty eight thirty announced.
Speaker 1: The euro point seven one against the dollar, British found
Speaker 1: one point one three seven eight, the n one forty
Speaker 1: three point to eight. And look at a bit coin,
Speaker 1: it's down half percent at nineteen thousand, seven hundred fifty dollars.
Speaker 1: That's a Bloomberg business flashdown. Here's Michael Barr with more
Speaker 1: on what's going on around the world. Michael, thank you
Speaker 1: very much. Karen. In the UK, preparations are ongoing for
Speaker 1: the funeral of Queen Elizabeth the second next week. Meanwhile,
Speaker 1: people are being told not to join the line to
Speaker 1: view the queen's golfin after a surge in numbers. British
Speaker 1: officials said this morning that the organized line was at
Speaker 1: capacity and no one will be allowed to join it
Speaker 1: for at least six hours. Coverage of Monday's funeral can
Speaker 1: be heard live on Bloomberg Radio starting at six am
Speaker 1: Wall Street Time. The federal Judge as appointed veteran New
Speaker 1: York jurist Raymond Derry to serve as a special Master
Speaker 1: in the criminal investigation into the presence of classified documents
Speaker 1: at Donald Trump's Florida home. In baseball, the Matt's beat
Speaker 1: the Pirate at seven one. The A's lost. Thursday Night football,
Speaker 1: the Chiefs beat the Chargers. Four Global News twenty four
Speaker 1: hours a day on air and on Bloomberg Quicktake, powered
Speaker 1: by more than twenty seven hundred journalist and analysts more
Speaker 1: than a hundred twenty countries. How Michael Barr and this
Speaker 1: is Bloomberg. Nathan all right, Michael, Thanks at six nineteen
Speaker 1: on Wall Street Live from the Bloomberg Interactive Broker Studios.
Speaker 1: This is Bloomberg Daybreak. And as we continue the march
Speaker 1: to the next FED decision coming up on Wednesday, we
Speaker 1: keep following the data and we get another read today
Speaker 1: that could tell us more about inflation expectations. Bloomberg Economics
Speaker 1: and Policy correspondent Michael McKee is with us live this
Speaker 1: morning from our Interactive Brokers studios. Mike, there's been so
Speaker 1: much attention, of course, on this week's hotter than expected
Speaker 1: inflation print. How much is University of Michigan sentiment gonna
Speaker 1: matter for this Fed? Well, it's not gonna matter for
Speaker 1: this coming week's FED meeting because the Fed's pretty much
Speaker 1: told us they're gonna do seventy and the surprise factor
Speaker 1: from that June reading at the in the Michigan numbers
Speaker 1: that caused them to go seventy five and the first
Speaker 1: place has gone so um. They're gonna look at it
Speaker 1: and uh, and they'll incorporate it into their thinking. But
Speaker 1: we've already had. The New York Fed does a similar
Speaker 1: survey on expectations with consumers that came out earlier this
Speaker 1: week and showed that consumer expectations for inflation had fallen.
Speaker 1: And that is probably gonna be the case with Michigan
Speaker 1: because gas prices have been falling for two months now,
Speaker 1: and the Michigan survey would have been all but taken
Speaker 1: before the the CPI came out, so, uh, it probably
Speaker 1: isn't going to have as big an effect as it
Speaker 1: had back in June. Part of what I think I
Speaker 1: hear you saying here, Mike, is that because gas prices
Speaker 1: are so much a part of consumer inflation expectations, that
Speaker 1: maybe this doesn't matter as much for the Fed because
Speaker 1: it's focused so much on the inflation factors that are
Speaker 1: more under its control, the core of piece of inflation. Yes,
Speaker 1: the Fed is knows it can't do anything about energy
Speaker 1: prices other than to weaken the overall economy, So people
Speaker 1: drive a little bit less, which is going to be
Speaker 1: a side effect of their raising rates. Uh. The Michigan
Speaker 1: survey is highly responsive to gasoline prices into stock market moves,
Speaker 1: where the Conference Board numbers are much more reactive to
Speaker 1: the state of the labor market. And the economists who
Speaker 1: follow this they know that, so they do a little
Speaker 1: bit of discounting when we get the figures. Now, since
Speaker 1: you mentioned market moves, we're seeing plenty of those this
Speaker 1: morning to the downside, and we saw it again of
Speaker 1: course after we got that cp I read on Tuesday.
Speaker 1: Does that make any difference for the Federal Reserve and
Speaker 1: its decision making to see the expectations in the market.
Speaker 1: I'm already pricing in the possibility of outsized rate moves.
Speaker 1: Does that give the Fed some kind of room to
Speaker 1: consider taking a pause? It would give them room to
Speaker 1: consider taking not a pause, but to go higher if
Speaker 1: they felt they wanted to do a hundred basis points.
Speaker 1: Now most people don't think they're gonna do that. It
Speaker 1: would it would be uncharted territory for the markets, and
Speaker 1: we're not sure how the markets would react. Now. The
Speaker 1: Fed in a sense doesn't care about the stock market
Speaker 1: as long as it's functioning. If you can make a
Speaker 1: trade and you can deliver your securities and you can
Speaker 1: get your money back, then the Fed is fine with that,
Speaker 1: even if the market is going down. If it goes
Speaker 1: down too fast or it starts to seize up, then
Speaker 1: the Fed would have some concerns. But at this point
Speaker 1: everything seems to be working fine. Makes you you've seen
Speaker 1: these numbers, It makes you want to go back to
Speaker 1: bed instead of really work today. But um, it's not
Speaker 1: going to bother the Fed too much, and not that
Speaker 1: it matters since so many of us working from home
Speaker 1: still anyway, But in our last minute, here Mike. I
Speaker 1: wonder if the strong retail sales numbers we got yesterday
Speaker 1: complicates the Fed's mansion, does it. Well, they weren't all
Speaker 1: that strong, because you have to remember they were just
Speaker 1: you have to adjust those for inflation. So a lot
Speaker 1: of the spending that we saw is UH is taken
Speaker 1: away by that. We're buying less stuff, just paying more
Speaker 1: money for it. The question is do we buy are
Speaker 1: we spending more on services? We've seen a switch to
Speaker 1: more service oriented spending, and we did see a big
Speaker 1: rising in bars and restaurants. That's the only services category
Speaker 1: in the retail sales report. So at the end of
Speaker 1: the month we'll get a report that incorporates both goods
Speaker 1: and services and we'll see But at this point that
Speaker 1: the retail sales number sure of tell the Fed we're
Speaker 1: having an effect. We're slowing the economy alright. Bloomberg's Michael
Speaker 1: McKee are economics and policy correspondent. As we UH keep
Speaker 1: a very close eye on the data ahead of that
Speaker 1: Wednesday FED decision. University of Michigan index comes out ten
Speaker 1: am Wall Street Time. One more factor for the FED
Speaker 1: to consider as it looks to UH possibly raised by
Speaker 1: seventy five basis points. Markets holding out the possibility maybe
Speaker 1: a hundred, but as Mike was mentioning, the Fed is
Speaker 1: pretty much telegraphed that seventy five is in the books.
Speaker 1: Here we get that decision. Of course, Wednesday afternoon, we'll
Speaker 1: have full coverage for you here on Bloomberg Radio. SMP
Speaker 1: futures right now down thirty four points, Staff futures down
Speaker 1: two hundred forty, Nasdaq futures are lower by a hundred
Speaker 1: thirty two points, and the tenure Treasury is down three
Speaker 1: thirty seconds. The yield three point four six percent, and
Speaker 1: the yield on the two year right now three point
Speaker 1: eight nine percent. Your list to Bloomberg Daybreak, Bloomberg eleven
Speaker 1: three oh weather, sunshine, highs near eighty today, We'll get
Speaker 1: up to around eighty tomorrow as well, some afternoon clouds
Speaker 1: on an otherwise sunny Sunday with highest close to ninety
Speaker 1: right now fifty eight degrees in Central Park. Broadcasting live
Speaker 1: from the Bloomberg Interactive Broker Studio in New York. Bloomberg
Speaker 1: eloving three on to Washington, d C, Bloomberg nine one
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine six to the country, Sirius XM chto one
Speaker 1: nineteen and around the globe the Bloomberg Business apt in
Speaker 1: Bloomberg Radio dot com. This is Bloomberg Daybreak. It's six
Speaker 1: thirty on Wall Street. Good morning. I'm Nathan Hagar and
Speaker 1: I'm Karen Moscow. Here just about three hours away from
Speaker 1: the open of US trading. Time for the five things
Speaker 1: you need to know to start your day, Brought to
Speaker 1: you by I v k R Investment Advisors switched to
Speaker 1: Interactive Brokers for lowest cost global trading and turnkey custody solutions,
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Speaker 1: i v k R dot com slash r I A
Speaker 1: up First be A stock slide is deepening as we
Speaker 1: close out one of the worst trading weeks since June.
Speaker 1: SNP futures are lower down thirty five points, and Lisa Ericson,
Speaker 1: had of public markets with US Bank Wealth Management, says
Speaker 1: that choppiness is likely to continue. We've got the stock
Speaker 1: market and what I would call no man's land, and
Speaker 1: it's really because we are in a horse race to
Speaker 1: see how quickly inflation can come down and to what level.
Speaker 1: Lisa Ericson with US Bank says she expects the FED
Speaker 1: to keep tightening until inflation slows. Meantime, we get September
Speaker 1: sentiment numbers from the University of Michigan At ten am
Speaker 1: Wall Street time the inequity markets Karen, fed X is
Speaker 1: on the move lower. The shares are down twenty percent
Speaker 1: after the company announced preliminary results for the court of
Speaker 1: the missed expectations. Bloomberg said, Ludlow says macro weakness is
Speaker 1: weighing on FedEx. This is a company that's invoked on
Speaker 1: cost reduction measures, right and what they're saying is that
Speaker 1: the global slowdown in volume is outpacing that they're monitoring
Speaker 1: closely fuel prices. But what they're saying is we can't
Speaker 1: keep up. And Bloomberg said. Ludlow says FedEx expects financial
Speaker 1: pressures to continue. Another stock falling in the pre market
Speaker 1: Nathan is General Electric. We get the details on why
Speaker 1: from Bloomberg's dun Kristner g E CFO Carolina died Back
Speaker 1: help cited persistent constraints and obtaining parts from suppliers. Happa
Speaker 1: also said those snags are pushing planned shipments further out
Speaker 1: on ges delivery timeline. The supply chain strain is also
Speaker 1: putting pressure on free cash flow. Happa said the company
Speaker 1: now expects it to be in line with or slightly
Speaker 1: better than the roughly one D sixty two million dollars
Speaker 1: ge generated in Q two in New York. I'm Doug Chrisner,
Speaker 1: Bloomberg Daybreak. All right, Doug, thanks, and this morning, shares
Speaker 1: of ge or on four and a half percent and
Speaker 1: the rails are still on the move this morning, Karen,
Speaker 1: with a tenant of labor agreement in place between freight
Speaker 1: rail companies and unions that averts the strike. Stick with
Speaker 1: us for full coverage today, we speak with Labor Secretary
Speaker 1: Martie Walsh live at noon Eastern on Bloomberg Radio and Television.
Speaker 1: And a geo political note today brings us to that
Speaker 1: meeting between Russian President of Vladimir Putin and Chinese leader
Speaker 1: she Jan Ping. Putin told she he understands Beijing's questions
Speaker 1: and concerns about his invasion of Ukraine. That you met
Speaker 1: in their first in person meeting since Russia invaded Ukraine.
Speaker 1: And that's the five things that you need to know
Speaker 1: to start your day. Brought to you by Interactive Brokers
Speaker 1: and at six thirty three on Wall Street where fifty
Speaker 1: degrees in Central Park de Laser may and after an
Speaker 1: earlier accident on the eastbound cross Brox details coming up
Speaker 1: in traffic. First Michael Bark with what else is going
Speaker 1: on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning, Nathan. New York Mayor Eric Adams says it
Speaker 1: does not make a difference whether you came here on
Speaker 1: the Mayflower or on a bus. You deserve the dignity
Speaker 1: and respect. This to continues to show. Mayor Adams spoke
Speaker 1: while touring an asylum seeker Resource Navigation center, and we
Speaker 1: are not going to be like those municipalities and states
Speaker 1: when we fly people to Martha's Vinya where we put
Speaker 1: people on buses uh and have them failed to get
Speaker 1: the basic items they need. This is the crisis. Meanwhile,
Speaker 1: New York is reassessing the city's right to shelter practice
Speaker 1: following an influx of more than eleven thousand asylum seekers
Speaker 1: who have been bussed from Texas. That's according to Mayor
Speaker 1: Adams Chief Council who says the city is nearing a
Speaker 1: breaking point with asylum seekers and the homeless. The governors
Speaker 1: of Texas and Arizona have sent thousands of migrants on
Speaker 1: buses to New York, Chicago, and Washington in recent months.
Speaker 1: Florida government around the Santists signed off on sending two
Speaker 1: charter plane loads of migrants from Texas the Martha's Vineyard.
Speaker 1: The Santists yesterday says it's about time others in the
Speaker 1: nation began helping overwhelmed border states, every community in America
Speaker 1: because should be sharing in the burdens and shouldn't all
Speaker 1: fall on a handful of red states. Meanwhile, critics called
Speaker 1: it in humane political theater. Massachusetts State Representative Dylan Fernandez
Speaker 1: is a Democrat whose district includes Martha's Vineyard. That's pure cowardless,
Speaker 1: there's nothing tough about using women and children for your
Speaker 1: own political gain. Rhonda santis Is is a coward state representative.
Speaker 1: Fernandez spoke to a DC in the UK, Thousands are
Speaker 1: waiting in line to pay their respects to the country's
Speaker 1: longest serving monarch. However, the government has stopped adding people
Speaker 1: to the line for at least six hours. Authorities say
Speaker 1: it has reached capacity. Let's go to London and get
Speaker 1: the latest with Bloomberg human pots. The line to walk
Speaker 1: past the Queen's coffee now stretches to five miles along
Speaker 1: the River Thames. Many thousands have already had the chance
Speaker 1: to pay their respects as Queen Elizabeth lies in state
Speaker 1: at the Palace of Westminster ahead of Monday's funeral. The
Speaker 1: current wait time is already estimated at fourteen hours in
Speaker 1: London Immune Parts Bud. You can hear live coverage of
Speaker 1: the Queen's funeral on Monday starting at six am. Wall
Speaker 1: Street Time Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: twenty seven hundred journalists and analysts more than a hundred
Speaker 1: twenty countries. Michael Barn This is Bloomberg, Nathan, Thanks Michael.
Speaker 1: Almost six thirty six on Wall Street Time four of
Speaker 1: the Bloomberg Sports Update with John stash Our. All right, Nathan,
Speaker 1: much needed win for the Mets after seven losses in
Speaker 1: eleven games. Just got swept by the Cubs. Bets took
Speaker 1: it out on the fire and s steady Field are
Speaker 1: up six to one on the fourth inning. They won
Speaker 1: seven one. Daniel Vogel back the ex pirate at two.
Speaker 1: It's three r BIS two on homer for Francisco Indoor,
Speaker 1: fifteenth win for Carlos Carrasco and the Mets now lean
Speaker 1: Atlanta by one game. Meanwhile, Sandy Alderson announced he's stepping
Speaker 1: down as the Mets team president. Alderson is seventy four,
Speaker 1: a cancer survivor. He left the team once before, but
Speaker 1: was brought back by Steve Cohen when he bought the Mets.
Speaker 1: Alderson will remain as an advisor. Yankees played tonight in
Speaker 1: Milwaukee Tampa Baby Toronto. He leveled the nut in the
Speaker 1: Rays on Roberto Clemente Day had an unprecedented all Latin
Speaker 1: lineup by trailed the Yanks by seven games. The Boue
Speaker 1: Jays trail by six and a half NFL but the
Speaker 1: first time ever on Amazon and a good one in
Speaker 1: the a f C West in Kansas City, the Chiefs
Speaker 1: came from ten points down beat the Chargers twenty four.
Speaker 1: They snapped a fourth quarter tie with a ninety nine
Speaker 1: yard pick six. Giants. Hoping that rookie linebacker Cavan Thibodeau
Speaker 1: Sunday against Carolina, he missed the opener with a knee injury,
Speaker 1: Giants took Tibodau with the fifth pick of the draft.
Speaker 1: Roger Federer will play for Team Europe and the Labor
Speaker 1: Cup next week in London, and then retire from tennis
Speaker 1: at one. This is a bitter Street decision because I
Speaker 1: will miss everything the tour has given me. But at
Speaker 1: the same time, there's so much to celebrate. I could
Speaker 1: sider myself one of the most fortunate people on Earth.
Speaker 1: I was given a special talent to play tennis, and
Speaker 1: I did it at a level that I never imagined
Speaker 1: for much longer than I ever thought possible, paddled injuries lately,
Speaker 1: feder always enormously popular, won twenty Grand Slams, just behind
Speaker 1: Rafa Ndland. Novak Djokovic still certainly in the converse Asian
Speaker 1: our greatest player ever. John Scure, Bloomberg Sports Nathan all right, John,
Speaker 1: thank you sixty seven on Wall Street. Time now to
Speaker 1: take a look at stock, some of the names moving
Speaker 1: in the pre market. Lots of red this morning for
Speaker 1: Bloomberg Radio and TV Markets correspondent Creaty gooped at to
Speaker 1: help us sift through this morning. A lot of it,
Speaker 1: I guess Createy led by FedEx and it's new guidance.
Speaker 1: You know, this is such an interesting story. Nathan and
Speaker 1: I'm gonna spend the next three minutes nord ing out
Speaker 1: about it. Prepare yourself because this is so important. This
Speaker 1: is a global bell weather. And I say global because
Speaker 1: when you will have FedEx earnings, they tend to be
Speaker 1: kind of this high frequency UM. I want to say,
Speaker 1: indicator of what the global economy is doing. Think about it.
Speaker 1: If you are a business that's doing a lot of
Speaker 1: work in different country, if you are shipping things, if
Speaker 1: you are buying things, if you have a lot of
Speaker 1: economic activity, like think about like the buzz the global
Speaker 1: economy is buzzing. That is good news, and that means
Speaker 1: you are going to be shipping a lot of things,
Speaker 1: moving things, transporting things. It means the economy is growing
Speaker 1: um and functioning in a very healthy way. When you're
Speaker 1: not doing that, you kind of reverse engineered that logic.
Speaker 1: The idea here being that if FedEx is saying global
Speaker 1: shipment volume is actually declining, that means economic activity is declining.
Speaker 1: That means people are actually more cautious about the future. Now, Nathan,
Speaker 1: none of these themes are new. I think what's new
Speaker 1: here is the timing of it all, because so far
Speaker 1: we've seen a lot of these logistics companies actually excel
Speaker 1: because the supply chain issues. To hear them say, well,
Speaker 1: hold on a second, we're actually feeling the heat now
Speaker 1: that new f d X is your taker for FedEx
Speaker 1: though shares down about after that guidance and basically they said,
Speaker 1: what we all know, macro headwinds. It's hitting them as
Speaker 1: specifically in China that's kind of been their big growth
Speaker 1: business with the COVID lockdowns, with decelerated imports, especially a
Speaker 1: lot of that idea of bringing a lot of manufacturing
Speaker 1: back home. The outlook doesn't actually look great for international
Speaker 1: shipping on that front, so FDx giving that warning. But
Speaker 1: the ripple effect is crucial here because UPS is also
Speaker 1: down to the tune about seven percent this morning. UPS
Speaker 1: is also the ticker as well as company name and Nathan.
Speaker 1: This is important. FedEx and UPS are competitors, but FedEx
Speaker 1: try to kind of tackle supply chain issues early by
Speaker 1: saying we're going to hire more people and we're gonna
Speaker 1: pay them more so we don't have any disruptions. UPS
Speaker 1: came out and said something a little bit different. They said,
Speaker 1: we're actually going to focus on smaller customers and then
Speaker 1: increase our prices so that we get profit margins and
Speaker 1: we don't have to deal with bulk shipping. We'll get
Speaker 1: the same volume, but just make more on the individual transactions.
Speaker 1: And right now, the UPS strategy seems to be working
Speaker 1: better than FedEx is, even though FedEx had a better
Speaker 1: UH system when it came to the supply chain disruptions.
Speaker 1: I'm gonna throw one more at you in ten seconds.
Speaker 1: Amazon a m z N down two point six percent.
Speaker 1: We know it's also a major shipping company. A third
Speaker 1: of Amazon packages actually go through UPS, so they're all connected.
Speaker 1: If you've seen pain and FedEx, you're going to see
Speaker 1: it in UPS and Amazon as well. Yeah, the focus
Speaker 1: on logistics this morning, on a morning after we got
Speaker 1: that tentative rail agreement that could implicate the picture as well.
Speaker 1: We're gonna talk about more about that actually what it
Speaker 1: took to get that at tentative deal struck with the
Speaker 1: Bloomberg Government's Emily Wilkins joining us from the nation's capital.
Speaker 1: As Bloomberg Daybreak continues, but ahead of the market open,
Speaker 1: we are watching futures move lower. You're listening to Bloomberg Daybreak,
Speaker 1: Bloomberg eleven three oh weather, sunshine today, upper seventies will
Speaker 1: get to near eighty to start the weekend. Tomorrow could
Speaker 1: see ninety by Sunday, with afternoon clouds coming in Right
Speaker 1: now fifty eight degrees in Central Park markets. Headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com,
Speaker 1: Blo Bloomberg Business at and at Bloomberg Quick Jade, He's
Speaker 1: a Bloomberg business lash and I'm Karen Moscow. Futures are
Speaker 1: falling this morning. We got to the first Word breaking
Speaker 1: news desk for today's morning call, and here's Bill Maloney
Speaker 1: Bell good morning and good morning, Karen. That's right. US
Speaker 1: features are under pressure. Although off their worst levels down
Speaker 1: future still down a hundred ninety seven points. Estipes dropped
Speaker 1: twenty nine, Nastik futures declined by a hundred and ten.
Speaker 1: The US ten yeld at three point four seven percent,
Speaker 1: Gold is down three, oil is trading higher, and bitcoin
Speaker 1: is down boy point two percent. Japan fell one point
Speaker 1: one percent overnight, while europ markets are also under pressure
Speaker 1: this morning, and back in the US on the economic front,
Speaker 1: it sent o'clock Michigan sentiment after the bell Ust night,
Speaker 1: FedEx withdrew its earnings forecast, setting worsening macro trends, shares
Speaker 1: a plunging in the pre market, and and O there's
Speaker 1: g E one that supply chain woes could weigh on performance.
Speaker 1: Wrapping things up, Adobe was cut to equate at Barkley's,
Speaker 1: FedEx could neutral at JP Morgan and International Paper was
Speaker 1: cut to underperform over at Jefferies Live. From the first
Speaker 1: to Breaking News desk on Bill Maloney. Karen, all right, Bill,
Speaker 1: thanks to you here live breaking news over her Bloomberg
Speaker 1: type squawk on your terminal. Ascue you a w K
Speaker 1: and that's a Bloomberg business flash. And here's Michael Barr
Speaker 1: with more. I'm much going on around the world, Michael, Karen,
Speaker 1: thank you very much. In the UK, preparations are ongoing
Speaker 1: for the funeral of Queen Elizabeth the second next week. Meanwhile,
Speaker 1: thousands continue to wait hours and long lines at Westminster
Speaker 1: Hall to pay their respects to the queen. Issue lines
Speaker 1: in state, but the government said it is temporarily stopping
Speaker 1: people from joining the line because it has reached capacity.
Speaker 1: You can hear the Queen's funeral on Monday live on
Speaker 1: Bloomberg Radio starting at six am all Street time. A
Speaker 1: third party arbiter has been named by a federal judge
Speaker 1: to the FBI Trump document seizure case. Semi retired judge
Speaker 1: Raymond Derry has a deadline of November to finish his
Speaker 1: review of the documents. In baseball, the Mets beat the
Speaker 1: Pirate at seven one. The A's lost Thursday Night Football,
Speaker 1: The Chiefs beat the Chargers twenty twenty four. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktake,
Speaker 1: powered by more than twenty seven hundred journalists and analysts
Speaker 1: more than a hundred twenty countries. I'm Michael barn. This
Speaker 1: is Bloomberg. Karen all right, Michael bar thank you. It
Speaker 1: is sixty nine on Wall Street. Returned to news and
Speaker 1: science and technology now at the Bloomberg and j I. T.
Speaker 1: Stammer Report, And here's US making news and science, technology,
Speaker 1: engineering and math. Apple is counting on upscale shoppers to
Speaker 1: make the latest iPhone a hit when it goes on
Speaker 1: sale today. The iPhone fourteen lineup reserves the best features
Speaker 1: for the high end pro models costing at least a
Speaker 1: thousand dollars, based on pre order sales that strategies working
Speaker 1: consumers have turned the most expensive new iPhone into the
Speaker 1: most popular version, and europe A new car sales rose
Speaker 1: for the first time in thirteen months. Registrations increased three
Speaker 1: point four percent in August. Mercedes Benz was among the
Speaker 1: best performers with a rise. Still, the good news for
Speaker 1: automakers may not last long. Record inflation and an unprecedented
Speaker 1: energy crisis threatened to discourage buyers. And it's more, companies
Speaker 1: make the return to office push, many employees feel like
Speaker 1: they have no choice. According to a survey from productivity
Speaker 1: software company oh Slash, almost eight percent of remote workers
Speaker 1: think they would be five or if they said no
Speaker 1: near really. Sixty percent of employers say they'd be okay
Speaker 1: with them resigning instead of returning to the office. And
Speaker 1: as a Bloomberg and j I T Stem report, Nathan
Speaker 1: all right, Karen, thank you. We are live from the
Speaker 1: Bloomberg Interactive Broker Studios where it's six fifty on Wall Street.
Speaker 1: Time not to check what's going on in d C.
Speaker 1: Some of the top stories in our nation's capital included
Speaker 1: all nighter helped to seal a deal on the rails,
Speaker 1: President Biden accusing Republicans of using migrants as props, a
Speaker 1: retiring judge appointed to review documents, seizes at marl Lago,
Speaker 1: and the same sex marriage vote in the Senate apparently
Speaker 1: gonna have to wait till after the mid terms. Let's
Speaker 1: bring in Bloomberg Government reporter Emily Wilkins for more on
Speaker 1: all these stories. Emily, good morning. So we're getting more
Speaker 1: details on just how involved the Biden administration was and
Speaker 1: getting this tentative labor agreement done with freight Rail. Yes,
Speaker 1: President Biden, there was actually, I think, as you mentioned, Nathan,
Speaker 1: this twenty hour marathon where they brought in union leaders,
Speaker 1: industry leaders, got Labor Secretary More Walsh involved. Apparently they
Speaker 1: ordered everyone a bunch of big ZiT trying to work
Speaker 1: through this marathon session. And they also made sure that
Speaker 1: President Joe Biden was video chatted into the room that
Speaker 1: he continued to encourage things. I mean, this was a huge, huge,
Speaker 1: potential crisis for President Joe Biden. I mean, if these
Speaker 1: workers were to strike, if you were to see rail
Speaker 1: service cut off, supplies not getting into places they needed.
Speaker 1: There was an estimated impact of two billion dollars on
Speaker 1: the economy, um if this would have gone through, And
Speaker 1: to be clear, it's still might We're now at this
Speaker 1: stage where we need the thousand workers UH a part
Speaker 1: of the twelve unions to actually agree to what was
Speaker 1: hashed out between the industry leaders and the union leaders,
Speaker 1: and there's some indication that they might not do that.
Speaker 1: I mean, they wanted to have six days that wasn't
Speaker 1: granted to them. They have a little more flexibility now
Speaker 1: if they need to take an absence for medical reasons,
Speaker 1: But there are a lot of concerns that do remain
Speaker 1: um and at the same time, right now things seem
Speaker 1: to be in favor of the workers due to labor shortages.
Speaker 1: We've seen a lot of successful unions make their cases
Speaker 1: gain footing in a variety of industries. So I think
Speaker 1: this is something we're still going to have to watch
Speaker 1: to see exactly how this deal shapes up. But there's
Speaker 1: also a sense that because President Biden has been so
Speaker 1: pro union, pro labor throughout his presidency, during his candidacy
Speaker 1: even that he does have influence within this community and
Speaker 1: will be able to find ways to keep things running. Oh,
Speaker 1: we did see that sort of victory lap yesterday at
Speaker 1: the White House Rose Garden with the President congratulating and
Speaker 1: thanking the negotiators. Is there a risk here that because
Speaker 1: we are now in this extended cooling off period, that
Speaker 1: he may have taken this victory lap a little too soon.
Speaker 1: I mean, I think for for President Biden and most presidents,
Speaker 1: they like to take victory laps when they get them,
Speaker 1: especially right now in the run up to an election,
Speaker 1: because if this just gets ratified, there might not be
Speaker 1: the same build up that we've seen. So it's capitalizing
Speaker 1: a bit on the news cycle here, But I think, yeah,
Speaker 1: at this point, we are not out of the woods yet.
Speaker 1: We're in this phase of a cooling off period, but
Speaker 1: we really have to keep a close eye, as Bloomberg
Speaker 1: reporters are on what is happening with the actual vote
Speaker 1: from the unions on whether or not to agree to
Speaker 1: this steal. Oh it's interesting as well to see a
Speaker 1: Republican governor sort of trying to reclaim control of the
Speaker 1: news cycle with further reports and further evidence of migrants
Speaker 1: being bust in from border states to places like Martha's
Speaker 1: vineyard and now Vice President Kamala Harris's doorstep. Yeah, this isn't.
Speaker 1: This isn't. We've seen this this going on for a
Speaker 1: little bit here. I think at this point about ten
Speaker 1: thousand migrants alone have been sent from Texas. Of the
Speaker 1: Democratic Cities d C New York Chicago Governor Greg Abbott
Speaker 1: says it's to send a message that they really need
Speaker 1: more border security and more border enforcement. But a lot
Speaker 1: of Democrats, and I think we heard a little bit
Speaker 1: of this just earlier in the show, are saying that
Speaker 1: they're using these migrants as political ponds. Migrants don't always
Speaker 1: know when they get on a bus exactly where they'll
Speaker 1: be going. And while volunteers and cities including Martha's Vineyard
Speaker 1: and Washington, d C have stepped up to help with
Speaker 1: the influx of migrants, a lot of that these cities
Speaker 1: are saying, wait a second, we don't have the infrastructure
Speaker 1: to handle this. We haven't even given any preparation. Vice
Speaker 1: President Kamala Harris pointed out that Texas Governor Gregg greg
Speaker 1: Abbott allegedly called Fox News to let them know that
Speaker 1: these buses were arriving, but he didn't bother to reach
Speaker 1: out to the Department of Homeland Security or other agencies
Speaker 1: in the area that could actually help the migrants when
Speaker 1: they arrived. Uh So, I think at this point we're
Speaker 1: expecting to see this continue. Um. I will say California
Speaker 1: Governor Newsom is asking the Justice Department now to open
Speaker 1: an investigation into this practice. But I think this very
Speaker 1: much dovetails with what message Republicans are trying to push
Speaker 1: this mid terms, which is a lot about border security,
Speaker 1: a lot about immigration. That message worked very well for
Speaker 1: them in previous elections, and they're picking it back up again. Interesting.
Speaker 1: Let's get to the latest down the maral Lago investigation.
Speaker 1: We now have a special master in place. We have
Speaker 1: a special Master in place, and it's actually one of
Speaker 1: the few things that both sides have agreed on. They've
Speaker 1: named US just District Court Judge Raymond Deary as a
Speaker 1: special Master to review all eleven thousand documents that were
Speaker 1: taken from maral Lago. But there's still some tension between
Speaker 1: the Justice Department and the Trump camp. The Justice Department
Speaker 1: is asking that certain documents not be included in the
Speaker 1: special Master review because of the national security risk they
Speaker 1: pose and how they could impede their pending investigation on it. Um.
Speaker 1: We'll have to just have to keep an eye on
Speaker 1: the courts as far as what's going to be happening there. Um.
Speaker 1: But there's a sort of a question of how long
Speaker 1: a potential review from a special Master would take, and
Speaker 1: if there is sensitive information in some of these documents,
Speaker 1: if there is a national security risk, how much longer
Speaker 1: do we want to spend before the Justice Department is
Speaker 1: able to address that? Yeah, leven thus in pages is
Speaker 1: a lot emily. Finally looks like the vote on the
Speaker 1: same sex marriage bill in the Senate is going to
Speaker 1: have to wait. Yeah. A lawmakers announced yesterday that they
Speaker 1: are going to postpone that until after mid term elections
Speaker 1: in November. At this point needsan To be honest, we're
Speaker 1: not even clear that they actually have enough votes to pass.
Speaker 1: We know there are some Republicans who have come out
Speaker 1: said that they would vote with Democrats on passing, uh,
Speaker 1: this piece of legislation to reaffirm federal protections for same
Speaker 1: sex marriage. But it's not clear that we have the
Speaker 1: needed tend that that must be there to pass any
Speaker 1: sort of legislation. UM. But this delay, you know, the
Speaker 1: lawmakers who are working on it say that it's in
Speaker 1: hopes that maybe after the midterms they'll be able to
Speaker 1: get more members on board and actually pass something. But
Speaker 1: other Democrats are pretty upset they're saying, hey, look, voters
Speaker 1: are about to go to the polls. If they have
Speaker 1: a senator who does not believe that same sex marriage
Speaker 1: should be legal, they should know about it. We should
Speaker 1: put this on the floor, and we should try and
Speaker 1: get a vote. So you're seeing a bit of a
Speaker 1: battle between the policy and the politics of the moment
Speaker 1: on this particular issue. But Nathan, the other thing to
Speaker 1: keep in mind here is that we don't have a
Speaker 1: lot of days left. I think the House has about
Speaker 1: seventies and Session said it has a little bit more,
Speaker 1: but it's not a lot of time. And they got
Speaker 1: to keep the government from shutting down at the end
Speaker 1: of the month too. And we've got to shut this
Speaker 1: conversation down for now because we're at a time. Bloomberg
Speaker 1: Government reporter Emily Wilkins with us. Thank you as always.
Speaker 1: Read more at Bloomberg dot com or on the Bloomberg terminal.
Speaker 1: Listen to Bloomberg Radio in Washington. Bloomberg and one oh
Speaker 1: five point seven f m h D two SMB futures
Speaker 1: now down twenty eight points down. Futures down a hundred
Speaker 1: ninety five, NASTAC futures lower by a hundred six Bloomberg.
Speaker 1: Surveillance is next for Karen Moscow. I'm Nathan Hagar. This
Speaker 1: is Bloomberg.