1 00:00:02,480 --> 00:00:05,960 Speaker 1: Live from the Bloomberg Interactive Brokers Studios. This is Bloomberg 2 00:00:06,040 --> 00:00:09,799 Speaker 1: day Break for Wednesday, March two. Coming up this hour, 3 00:00:09,920 --> 00:00:12,959 Speaker 1: President Biden heads to Europe to push for tougher sanctions 4 00:00:12,960 --> 00:00:16,560 Speaker 1: on Russia. Supreme Court Nominique Kitangi Brown Jackson's on Capitol 5 00:00:16,640 --> 00:00:19,840 Speaker 1: Hill for day three of confirmation hearings, and global bomb 6 00:00:19,840 --> 00:00:24,000 Speaker 1: markets suffer on precedented losses since speaking last year. New 7 00:00:24,079 --> 00:00:27,600 Speaker 1: York City may lift rules requiring face masks for children 8 00:00:27,680 --> 00:00:31,360 Speaker 1: under five. Plus. A deadly tornado cuts a destructive path 9 00:00:31,440 --> 00:00:34,920 Speaker 1: through New Orleans by Michael barn More. I'm John Stash, 10 00:00:34,920 --> 00:00:36,839 Speaker 1: Aaron's boards, a loss for the next the win for 11 00:00:36,840 --> 00:00:39,240 Speaker 1: the Alders, the Devils beat the Rangers, and the top 12 00:00:39,320 --> 00:00:44,560 Speaker 1: women's tennis player in the world is retiring. That's all 13 00:00:44,600 --> 00:00:48,560 Speaker 1: straight ahead on Bloomberg day Break on Bloomberg Elementary, on 14 00:00:48,680 --> 00:00:53,000 Speaker 1: New York, Bloomberg one, Washington, d C, Bloomberg one, O 15 00:00:53,159 --> 00:00:57,600 Speaker 1: six one, Boston, Bloomberg nine sixties, San Francisco, Sirius x 16 00:00:57,800 --> 00:01:01,200 Speaker 1: M one nineteen, and around the world on Bloomberg Radio 17 00:01:01,280 --> 00:01:08,080 Speaker 1: dot Com and via The Bloomberg Business at Good Morning. 18 00:01:08,080 --> 00:01:11,480 Speaker 1: I'm John Tucker. I'm Nathan Hagar. Futures moving lower this morning. 19 00:01:11,480 --> 00:01:13,280 Speaker 1: We're coming up to six o one on Wall Street, 20 00:01:13,280 --> 00:01:15,280 Speaker 1: and we checked the markets every fifteen minutes during the 21 00:01:15,280 --> 00:01:17,840 Speaker 1: trading day on Bloomberg. Right now, SMP futures are down 22 00:01:17,880 --> 00:01:21,360 Speaker 1: almost fifteen points, Staff futures down ninety four, Nastack futures 23 00:01:21,360 --> 00:01:24,360 Speaker 1: are lower by almost fifty nine points. The tenure treasury 24 00:01:24,400 --> 00:01:26,880 Speaker 1: is up seven thirty seconds. The yield two point three 25 00:01:26,959 --> 00:01:29,680 Speaker 1: five percent yield on the two year two point one 26 00:01:29,480 --> 00:01:32,279 Speaker 1: one nime X screwed is up one and a half percent, 27 00:01:32,360 --> 00:01:35,000 Speaker 1: or a dollar sixty five to a hundred ten dollars 28 00:01:35,560 --> 00:01:37,440 Speaker 1: cents of barrel. John and Nathan will have more on 29 00:01:37,480 --> 00:01:39,520 Speaker 1: the markets in a minute, but first, the latest on 30 00:01:39,560 --> 00:01:43,400 Speaker 1: the war in Ukraine. Ukraine's President Filoadimrzlyinsky says about one 31 00:01:43,440 --> 00:01:46,479 Speaker 1: hundred thousand people remain in the besieged city of Maripol, 32 00:01:46,880 --> 00:01:52,000 Speaker 1: there without food, water, in medicine, and under constant bombardment. Meantime, 33 00:01:52,080 --> 00:01:55,200 Speaker 1: President Biden heads to Europe to rally allies around tougher 34 00:01:55,360 --> 00:01:59,200 Speaker 1: sanctions on Russia. That story from Bloomberg's at Baxter National 35 00:01:59,280 --> 00:02:02,000 Speaker 1: Security Advice or Jake Sullivan says the Biden trip this 36 00:02:02,040 --> 00:02:04,880 Speaker 1: week will firm the plans he will join our partners 37 00:02:04,880 --> 00:02:08,640 Speaker 1: in imposing further sanctions on Russia and tightening the existing 38 00:02:08,720 --> 00:02:12,720 Speaker 1: sanctions to crack down on evasion and to ensure robust enforcement. 39 00:02:12,880 --> 00:02:16,000 Speaker 1: And reports are that the Biden administration is preparing sanctions 40 00:02:16,120 --> 00:02:19,800 Speaker 1: on most members of Russia State Duma, the lower house 41 00:02:19,840 --> 00:02:23,160 Speaker 1: of parliament, more than three hundred. They will be coordinated 42 00:02:23,200 --> 00:02:27,280 Speaker 1: with the EU. In San Francisco, I'm at Baxter Bloomberg Daybreak. Alright, 43 00:02:27,320 --> 00:02:30,040 Speaker 1: and thanks another major story where following takes us back 44 00:02:30,080 --> 00:02:32,120 Speaker 1: to Capitol Hill, where it will be day three of 45 00:02:32,200 --> 00:02:35,400 Speaker 1: Judge Kittanji Brown Jackson's Supreme Court hearings before the Senate 46 00:02:35,480 --> 00:02:39,840 Speaker 1: Judiciary Committee. Yesterday mark Jackson's first chance to field questions 47 00:02:39,840 --> 00:02:43,880 Speaker 1: from senators. Amy Morris has details from our Bloomberg newsroom 48 00:02:43,919 --> 00:02:48,200 Speaker 1: in Washington. Republican Senator Marsha Blackburn pressed Jackson on abortion 49 00:02:48,240 --> 00:02:50,840 Speaker 1: and whether she would respect the Supreme Court's ruling in 50 00:02:50,880 --> 00:02:54,480 Speaker 1: the event that the Court effectively guts Roe v. Wade. Senator, 51 00:02:54,560 --> 00:02:58,560 Speaker 1: whatever the Supreme Court decides in Dobbs will be the 52 00:02:58,600 --> 00:03:02,040 Speaker 1: president of the Supreme Court art and I commit to 53 00:03:02,080 --> 00:03:05,400 Speaker 1: treating it as I would any other President. Republican Senator 54 00:03:05,480 --> 00:03:08,320 Speaker 1: Tom Cotton pressed to Jackson on policing and the role 55 00:03:08,400 --> 00:03:11,240 Speaker 1: of law enforcement. I asked a simple eider or question, 56 00:03:11,560 --> 00:03:15,519 Speaker 1: does United States need more or fewer police? Senator? The 57 00:03:15,600 --> 00:03:20,480 Speaker 1: determination about whether there should be more or fewer police 58 00:03:20,560 --> 00:03:25,720 Speaker 1: is a policy decision by another branch of government. It 59 00:03:25,880 --> 00:03:29,280 Speaker 1: is not something that judges have control over. More questioning 60 00:03:29,280 --> 00:03:32,359 Speaker 1: by senators is set for today in Washington. I'm any 61 00:03:32,400 --> 00:03:35,440 Speaker 1: more as Bloomberg Daybreak, Thanks Savy, we turned from Washington 62 00:03:35,520 --> 00:03:38,320 Speaker 1: to China down the latest details on the deadly plane 63 00:03:38,320 --> 00:03:41,320 Speaker 1: crash this week. The China Eastern jet to crash Monday 64 00:03:41,320 --> 00:03:44,440 Speaker 1: was traveling close to the speed of sound just moments 65 00:03:44,480 --> 00:03:48,120 Speaker 1: before plunged into a hillside. Let's get more from Bloomberg's Asia, 66 00:03:48,160 --> 00:03:52,360 Speaker 1: corresponded Stephen Angle. When the airplane is traveling at that speed, 67 00:03:52,480 --> 00:03:58,960 Speaker 1: crashing into the ground, it obliterates everything, including potentially the 68 00:03:59,000 --> 00:04:01,920 Speaker 1: flight and voice day, the recorders, the so called black boxes, 69 00:04:01,960 --> 00:04:05,000 Speaker 1: which are actually of course orange, and those have been 70 00:04:05,040 --> 00:04:07,800 Speaker 1: found and that will be critical, of course to determine 71 00:04:07,920 --> 00:04:11,200 Speaker 1: what exactly caused this mystery crash and Bloomberg Steven Angle 72 00:04:11,240 --> 00:04:15,040 Speaker 1: reports that a black box was found just today after all, 73 00:04:15,120 --> 00:04:18,440 Speaker 1: one two people on board died in the crash. Back 74 00:04:18,440 --> 00:04:20,920 Speaker 1: here in the US, John for markets, it's all about 75 00:04:20,960 --> 00:04:24,200 Speaker 1: the FED. Central Bank officials are joining j Powell's hawk 76 00:04:24,279 --> 00:04:27,640 Speaker 1: ish call on interest rates. Cleveland FED President Loretta Mester 77 00:04:27,760 --> 00:04:30,760 Speaker 1: says more than a quarter point hike maybe needed. I 78 00:04:30,760 --> 00:04:33,560 Speaker 1: don't think fifty days this point should be off the table. 79 00:04:33,920 --> 00:04:36,280 Speaker 1: You know, my fungery paths is a little steeper than 80 00:04:36,320 --> 00:04:40,440 Speaker 1: the median path. So if you do the math, you know, um, 81 00:04:40,480 --> 00:04:43,839 Speaker 1: I think what we're gonna probably need to move some 82 00:04:43,839 --> 00:04:46,080 Speaker 1: some of those meetings fifty. But we're gonna go into 83 00:04:46,080 --> 00:04:48,479 Speaker 1: every meeting looking at what the data is telling us 84 00:04:48,520 --> 00:04:51,400 Speaker 1: about the outlet before we determine. We don't predetermine before 85 00:04:51,440 --> 00:04:54,440 Speaker 1: we go there. Loretta Master joined St. Louis FED President 86 00:04:54,520 --> 00:04:58,040 Speaker 1: Jim Bullard and calling for quicker tightening. Bullard tells Bloomberg, 87 00:04:58,080 --> 00:05:00,080 Speaker 1: faster is better when it comes to right, Hi, So 88 00:05:00,160 --> 00:05:02,080 Speaker 1: what you have to do is move the policy rate 89 00:05:02,200 --> 00:05:06,840 Speaker 1: up discreetly a fair amount, not to be too disruptive, 90 00:05:06,880 --> 00:05:09,640 Speaker 1: but I think fifty basis point moves will definitely be 91 00:05:09,720 --> 00:05:12,240 Speaker 1: in the mix, and then get to a level that 92 00:05:12,320 --> 00:05:14,520 Speaker 1: we can be neutral, and then from there we can 93 00:05:14,560 --> 00:05:18,279 Speaker 1: decide if we want to be restrictive and put further 94 00:05:18,360 --> 00:05:21,240 Speaker 1: downward pressure on In flash of Jim Bullard's reiterating his 95 00:05:21,320 --> 00:05:24,479 Speaker 1: call for interest rates to rise above three percent this year, 96 00:05:24,560 --> 00:05:26,600 Speaker 1: Stay tuned for more from the Fed today when we'll 97 00:05:26,600 --> 00:05:30,159 Speaker 1: speak live with San Francisco President Mary Daily. That's coming 98 00:05:30,279 --> 00:05:32,479 Speaker 1: up at eleven thirty a m. Wall Street time on 99 00:05:32,520 --> 00:05:36,080 Speaker 1: Bloomberg Radio and Television. Nathan, the prospect of higher rates 100 00:05:36,120 --> 00:05:38,640 Speaker 1: taking a toll on the bomb market. That Bloomberg Global 101 00:05:38,680 --> 00:05:42,120 Speaker 1: Aggregate Index that's a benchmark for government and corporate debt 102 00:05:42,160 --> 00:05:45,520 Speaker 1: total returns has fallen eleven percent from its high in 103 00:05:45,640 --> 00:05:48,479 Speaker 1: January of last year. That's the biggest decline from a 104 00:05:48,520 --> 00:05:52,400 Speaker 1: peak in data. Stretching back to it equates to a 105 00:05:52,480 --> 00:05:55,520 Speaker 1: drop in the index market value of about two point 106 00:05:55,600 --> 00:05:58,839 Speaker 1: six trillion dollars. When it comes to stocks, John, now 107 00:05:58,960 --> 00:06:01,719 Speaker 1: is not the time to I that's according to Muhammad 108 00:06:01,760 --> 00:06:05,440 Speaker 1: al Arian, the Bloomberg opinion columnist and chief Economic advisor Alliance. 109 00:06:05,640 --> 00:06:09,080 Speaker 1: He says investors should pair their holdings. If I'm investing 110 00:06:09,120 --> 00:06:13,320 Speaker 1: over the next twelve month horizon, I would reduce equities 111 00:06:13,360 --> 00:06:15,560 Speaker 1: at this point. I would take some money off the 112 00:06:15,600 --> 00:06:17,719 Speaker 1: table I think the market is giving you a wonderful 113 00:06:17,720 --> 00:06:21,680 Speaker 1: opportunity to come out. Muhammadal Arian says equity markets have 114 00:06:21,800 --> 00:06:24,520 Speaker 1: yet to factor in what's to come for the economy. 115 00:06:24,560 --> 00:06:27,520 Speaker 1: And speaking of the economy, we have French data on wages. 116 00:06:27,640 --> 00:06:30,360 Speaker 1: This morning, there's a new study that shows many Americans 117 00:06:30,400 --> 00:06:33,960 Speaker 1: are still seeing pay below fifteen dollars an hour, and 118 00:06:34,040 --> 00:06:36,960 Speaker 1: Bloomberg's Really the Young joins us live with details, Really 119 00:06:37,000 --> 00:06:39,720 Speaker 1: the good morning, Good morning John. A report from Oxfam 120 00:06:39,800 --> 00:06:42,640 Speaker 1: America finds one in three U S workers is still 121 00:06:42,680 --> 00:06:45,880 Speaker 1: making less than fifteen dollars an hour, and the share 122 00:06:45,920 --> 00:06:48,520 Speaker 1: of women and people of color earning that amount is 123 00:06:48,600 --> 00:06:52,480 Speaker 1: even greater. The report helps quantify how many Americans could 124 00:06:52,520 --> 00:06:55,520 Speaker 1: be impacted by the Raise the Wage Act, which would 125 00:06:55,520 --> 00:06:59,680 Speaker 1: set a fifteen federal minimum wage. The legislation is still 126 00:06:59,680 --> 00:07:04,200 Speaker 1: pinned in Congress. Of men earned less than fifteen dollars 127 00:07:04,240 --> 00:07:08,479 Speaker 1: an hour, the figure is fort for women and for 128 00:07:08,600 --> 00:07:11,760 Speaker 1: working women of color. Live in New York. I'm really 129 00:07:11,760 --> 00:07:14,040 Speaker 1: need a Young Bloomberg day break. Allright, we need to 130 00:07:14,040 --> 00:07:17,679 Speaker 1: thanks very much. Dal Futures right now down, SMP futures 131 00:07:17,680 --> 00:07:24,160 Speaker 1: down fourteen, Mrs Bloomberg, And that brings us to six 132 00:07:24,160 --> 00:07:26,120 Speaker 1: oh seven on wal Street. Let's bring in Michael barn 133 00:07:26,160 --> 00:07:27,840 Speaker 1: now to find out what else is going on in 134 00:07:27,880 --> 00:07:31,360 Speaker 1: New York and around the world. Yeahn thank you very much, sir. 135 00:07:31,440 --> 00:07:33,960 Speaker 1: New York City Mayor Eric Adams just preparing to lift 136 00:07:34,080 --> 00:07:37,600 Speaker 1: requirements that children under the age of five where face 137 00:07:37,680 --> 00:07:43,160 Speaker 1: masks in school. We'll announcing that if the numbers continue 138 00:07:43,440 --> 00:07:47,880 Speaker 1: to show a low level of risk. Let me see 139 00:07:47,920 --> 00:07:53,080 Speaker 1: that again. If the numbers continue to show a low 140 00:07:53,200 --> 00:07:57,600 Speaker 1: level of risk, mask would be optional for two to 141 00:07:57,720 --> 00:08:02,640 Speaker 1: four years old students is schools and in daycare. Adam 142 00:08:02,720 --> 00:08:05,720 Speaker 1: says it will start April fourth, if case rates and 143 00:08:05,760 --> 00:08:08,600 Speaker 1: the risk of the virus spreading remained low. Adams two 144 00:08:08,600 --> 00:08:12,320 Speaker 1: weeks ago lifted several pandemic related rules, including that students 145 00:08:12,360 --> 00:08:15,640 Speaker 1: five and older ware masks in school. A new federal 146 00:08:15,720 --> 00:08:19,640 Speaker 1: lawsuit accuses the NYPD of taking and storing d n 147 00:08:19,680 --> 00:08:23,360 Speaker 1: A as part of an illegal and unregulated database. The 148 00:08:23,440 --> 00:08:26,680 Speaker 1: lawsuit accuses the department of turning tens of thousands of 149 00:08:26,680 --> 00:08:31,000 Speaker 1: people into quote permanent criminal suspects. It happens when someone 150 00:08:31,040 --> 00:08:34,320 Speaker 1: is arrested or brought in for questioning, and each drinks 151 00:08:34,360 --> 00:08:38,040 Speaker 1: or smokes while on the premises. The NYPD admits it 152 00:08:38,080 --> 00:08:40,720 Speaker 1: collects DNA in this way, but says it is within 153 00:08:40,760 --> 00:08:44,520 Speaker 1: the law. A large, destructive tornado struck the east side 154 00:08:44,520 --> 00:08:48,160 Speaker 1: of New Orleans last night. St. Bernard Parish President Guy 155 00:08:48,200 --> 00:08:52,720 Speaker 1: McGinnis says the damage is widespread. I was lifted off 156 00:08:52,720 --> 00:08:55,440 Speaker 1: this foundation and put it to the street right around 157 00:08:55,440 --> 00:08:58,720 Speaker 1: a carner for him. Parish President Guy McGinnis says at 158 00:08:58,800 --> 00:09:01,360 Speaker 1: least one person was killed old The twister was part 159 00:09:01,400 --> 00:09:04,240 Speaker 1: of an outbreak of severe thunderstorms across the Deep South 160 00:09:04,600 --> 00:09:07,520 Speaker 1: and followed the siege of tornadoes in Texas. On Monday, 161 00:09:07,760 --> 00:09:10,640 Speaker 1: Hillary Clinton tested positive for COVID nineteen and had some 162 00:09:10,720 --> 00:09:15,000 Speaker 1: mild cold symptoms. According to a tweet, the former Secretary 163 00:09:15,000 --> 00:09:18,640 Speaker 1: of State and former presidential candidate says she is feeling fine, 164 00:09:19,320 --> 00:09:22,559 Speaker 1: and White House Press Secretary Jen Saki tested positive for 165 00:09:22,640 --> 00:09:24,959 Speaker 1: COVID nineteen and will no longer travel with the President 166 00:09:25,040 --> 00:09:28,640 Speaker 1: Joe Biden to Europe. Zaki says she is experiencing only 167 00:09:28,760 --> 00:09:32,679 Speaker 1: mild symptoms and will isolate for five days. Biden tested negative. 168 00:09:33,000 --> 00:09:35,520 Speaker 1: Global News twenty four hours a day on air and 169 00:09:35,720 --> 00:09:38,720 Speaker 1: on Bloomberg quick Take, powered by more than twenty seven 170 00:09:38,840 --> 00:09:41,480 Speaker 1: under journalist and analysts more than a hundred twenty countries. 171 00:09:41,640 --> 00:09:44,240 Speaker 1: I'm Michael Barr. This is Bloomberg, John, Michael, thank you 172 00:09:48,559 --> 00:09:50,520 Speaker 1: at It's six o nine on Wall Street. Time for 173 00:09:50,559 --> 00:09:53,480 Speaker 1: the Bloomberg Sports Update. Here's John Stesshower. All right, John. 174 00:09:53,520 --> 00:09:55,960 Speaker 1: The Knicks last season finished fourth in the East. This 175 00:09:56,120 --> 00:09:59,000 Speaker 1: year they are twelfth, and any faint hopes of sneaking 176 00:09:59,000 --> 00:10:00,680 Speaker 1: in the playoffs may avenge. With the home loss to 177 00:10:00,720 --> 00:10:04,280 Speaker 1: Atlanta one seventeen one eleven left the Knicks six games out, 178 00:10:04,320 --> 00:10:06,360 Speaker 1: only ten to play. Trey Young lead the Hops. He 179 00:10:06,440 --> 00:10:09,360 Speaker 1: scored forty five points. R J. Barrett had thirty for 180 00:10:09,360 --> 00:10:12,040 Speaker 1: the Knicks and Newark nightmare second period for the Rangers. 181 00:10:12,400 --> 00:10:15,400 Speaker 1: Devils wanted five nothing, scoring all five and a thirteen 182 00:10:15,440 --> 00:10:17,599 Speaker 1: minutes span. They won the game seven to four. The 183 00:10:17,679 --> 00:10:20,520 Speaker 1: Islanders won three nothings over Ottawa. Ash Party is the 184 00:10:20,559 --> 00:10:22,840 Speaker 1: best women's tennis player in the world, ranked number one. 185 00:10:23,160 --> 00:10:25,640 Speaker 1: She just won Wimbledon and then the Native Asse captured 186 00:10:25,640 --> 00:10:29,120 Speaker 1: the Australian Open. But she's retiring at age twenty five. 187 00:10:29,240 --> 00:10:32,079 Speaker 1: She's the anti Tom Brady. Party says she no longer 188 00:10:32,160 --> 00:10:35,840 Speaker 1: has the physical drive or the emotional wants she's getting married. 189 00:10:35,880 --> 00:10:38,080 Speaker 1: She says, she's said to enjoy the next phase of 190 00:10:38,080 --> 00:10:40,360 Speaker 1: her life. Baseball's open to day two weeks from tomorrow. 191 00:10:40,440 --> 00:10:42,439 Speaker 1: Yankees alost the Red Sox right now. The question is 192 00:10:42,440 --> 00:10:45,600 Speaker 1: whether unvaccinated Yankees will be allowed to play or will 193 00:10:45,679 --> 00:10:48,640 Speaker 1: it be a Kyrie Irving situation, not allowed to play 194 00:10:48,720 --> 00:10:52,600 Speaker 1: home games uder the city's private employer mandate in person 195 00:10:52,679 --> 00:10:55,440 Speaker 1: Worth Mayor Adams said yesterday they may peel it back slowly, 196 00:10:55,559 --> 00:10:58,960 Speaker 1: but that most businesses like the mandate. Here, Yankee manator 197 00:10:59,040 --> 00:11:01,240 Speaker 1: Aaron Boone think there's a lot up in the air 198 00:11:01,240 --> 00:11:03,800 Speaker 1: and a lot left to play out and and we'll 199 00:11:03,800 --> 00:11:06,240 Speaker 1: just see. But no, we haven't had a big group 200 00:11:06,240 --> 00:11:11,440 Speaker 1: discussion on these kind of things. Where again, um, I 201 00:11:11,480 --> 00:11:13,680 Speaker 1: feel like Grandy's on top of that and handling that, 202 00:11:13,800 --> 00:11:16,680 Speaker 1: and we'll see where it goes. And when it comes 203 00:11:16,679 --> 00:11:18,320 Speaker 1: to time and that we have to address it, we 204 00:11:18,320 --> 00:11:21,199 Speaker 1: will reference Yankee President Randy Levin, who used to work 205 00:11:21,240 --> 00:11:23,840 Speaker 1: at city Hall, not knowing how many or which Yankees 206 00:11:23,840 --> 00:11:27,480 Speaker 1: are unbacked, not to fash our Bloomberg Sports John all right, John, 207 00:11:27,520 --> 00:11:29,319 Speaker 1: thanks a lot ahead of the cash shop on Wall 208 00:11:29,360 --> 00:11:32,560 Speaker 1: Street this morning. Futures right now in the red. The down. 209 00:11:32,600 --> 00:11:35,160 Speaker 1: Futures down ninety five points. That's a decline of three 210 00:11:35,160 --> 00:11:39,360 Speaker 1: tents of eight percent. Smp E many futures sixteen points slower. 211 00:11:39,480 --> 00:11:42,360 Speaker 1: That's down three tents. And when I say futures right now, 212 00:11:42,520 --> 00:11:46,160 Speaker 1: down sixty two points, down four tenths of a percent. 213 00:11:46,640 --> 00:11:48,880 Speaker 1: As we also have to focus on the bond market 214 00:11:48,960 --> 00:11:52,679 Speaker 1: this morning, as far as treasuries are concerned, the tenure 215 00:11:52,760 --> 00:11:55,560 Speaker 1: getting a bit of a bid this morning. Tenure yield 216 00:11:56,120 --> 00:11:59,680 Speaker 1: is at two thirty six, that is down two basis points. 217 00:12:00,000 --> 00:12:04,160 Speaker 1: The two year yield is at two point. This is 218 00:12:04,160 --> 00:12:08,280 Speaker 1: Bloomberg Daybreak, brought to you by the Jewish Community Fund 219 00:12:08,520 --> 00:12:10,680 Speaker 1: j c F. S Donnor Advised Fund is the smart 220 00:12:10,760 --> 00:12:14,200 Speaker 1: choice to manage your philanthropy, especially in times of crisis. 221 00:12:14,400 --> 00:12:17,480 Speaker 1: Make your giving impactful. Visit j c F n Y 222 00:12:18,000 --> 00:12:25,120 Speaker 1: dot org, markets headlines and breaking news twenty four hours 223 00:12:25,120 --> 00:12:28,120 Speaker 1: a day at Bloomberg dot com, the Bloomberg Business Act 224 00:12:28,200 --> 00:12:37,400 Speaker 1: and at Bloomberg Quick Tape. He's a Bloomberg Business Lash. 225 00:12:37,760 --> 00:12:41,360 Speaker 1: I'm Nathan Hagar. Stocks are drifting lower along with US 226 00:12:41,480 --> 00:12:46,520 Speaker 1: futures as global bond markets stabilized from an unprecedented route. 227 00:12:46,520 --> 00:12:49,120 Speaker 1: We check the markets every fifteen minutes during the training 228 00:12:49,160 --> 00:12:52,320 Speaker 1: day on Bloomberg SMP futures right now are down fourteen 229 00:12:52,320 --> 00:12:55,280 Speaker 1: points down, futures down eighty eight, nastack futures lower by 230 00:12:55,320 --> 00:12:58,480 Speaker 1: sixty three points. Both Germany's decks and the CAC in 231 00:12:58,520 --> 00:13:01,040 Speaker 1: Paris are down by two tenths of one percent. The 232 00:13:01,120 --> 00:13:03,600 Speaker 1: tenure treasury is up four thirty seconds. The yield two 233 00:13:03,600 --> 00:13:06,199 Speaker 1: point three six percent yield on the two year two 234 00:13:06,240 --> 00:13:10,080 Speaker 1: point one two percent. Nimex crewed up one percent of 235 00:13:10,120 --> 00:13:12,600 Speaker 1: two dollars four cents at a hundred eleven dollars thirty 236 00:13:12,600 --> 00:13:15,240 Speaker 1: one cents a barrel. Comex gold is up six tenths 237 00:13:15,280 --> 00:13:18,840 Speaker 1: percent or ten dollar seventy cents at nine forty announced. 238 00:13:19,120 --> 00:13:22,040 Speaker 1: The Euro one point one zero zero two against the dollar, 239 00:13:22,080 --> 00:13:24,719 Speaker 1: British pound one point three two two five. The n 240 00:13:24,920 --> 00:13:28,959 Speaker 1: is at zero free and that is a Bloomberg business flash. 241 00:13:29,120 --> 00:13:31,120 Speaker 1: Now here's Michael Barr with more on what's going on 242 00:13:31,120 --> 00:13:34,199 Speaker 1: around the world. Michael Anathan, thank you very much. One 243 00:13:34,240 --> 00:13:36,840 Speaker 1: of two black boxes has been located in the crash 244 00:13:36,920 --> 00:13:39,440 Speaker 1: of a China Eastern plain with a hundred thirty two 245 00:13:39,440 --> 00:13:43,520 Speaker 1: people on board. However, the Civil Aviation Authority of China 246 00:13:43,880 --> 00:13:46,280 Speaker 1: says the recorder is so damaged that they are not 247 00:13:46,400 --> 00:13:49,120 Speaker 1: able to tell whether it is the flight data recorder 248 00:13:49,400 --> 00:13:52,840 Speaker 1: or the cockpit voice recorder. President Joe Biden's trip to 249 00:13:52,880 --> 00:13:55,959 Speaker 1: Europe comes at a critical moment for the war in Ukraine, 250 00:13:56,000 --> 00:13:59,960 Speaker 1: which could become a bloody stalemate as Russia pummel cities 251 00:14:00,040 --> 00:14:03,280 Speaker 1: with air strikes and artillery. Biden departs today on a 252 00:14:03,320 --> 00:14:05,760 Speaker 1: four day trip. You'll head the Brussels in later Poland. 253 00:14:06,160 --> 00:14:08,880 Speaker 1: In the NBA, the Knicks and Warriors lost. In the NHL, 254 00:14:08,960 --> 00:14:11,959 Speaker 1: the Devils beat the Rangers seven four, The Islanders won, 255 00:14:12,000 --> 00:14:15,120 Speaker 1: the Capitals lost. Global news twenty four hours a day 256 00:14:15,200 --> 00:14:18,439 Speaker 1: on air and on Bloomberg Quicktake, powered by more than 257 00:14:18,480 --> 00:14:21,080 Speaker 1: twenty seven hundred journalists and analysts more than a hundred 258 00:14:21,080 --> 00:14:24,280 Speaker 1: twenty countries. I'm Michael Barn. This is Bloomberg Jump Michael, 259 00:14:24,280 --> 00:14:26,880 Speaker 1: thank you, coming up on six twenty All Street, relying 260 00:14:26,880 --> 00:14:30,360 Speaker 1: for the Bloomberg Interact of Broker Studios. This is Bloomberg 261 00:14:30,440 --> 00:14:35,360 Speaker 1: Daybreak A global bond markets have suffered unprecedented losses and 262 00:14:35,560 --> 00:14:38,920 Speaker 1: money as a result has been flowing to stocks. For 263 00:14:39,040 --> 00:14:41,800 Speaker 1: closer look at the markets this morning, get just set 264 00:14:41,880 --> 00:14:44,440 Speaker 1: up for the trading day. Head were joined by Tracy mcmillion, 265 00:14:44,800 --> 00:14:49,640 Speaker 1: head of Global ASCID Allocations Strategy, Wells Fargo Investment Institute. 266 00:14:49,720 --> 00:14:53,960 Speaker 1: She's joining us from Winston Salem, North Carolina this morning. 267 00:14:55,120 --> 00:14:57,200 Speaker 1: Nice for being nice to have you with us this morning. 268 00:14:57,200 --> 00:15:03,280 Speaker 1: Are stocks the correct alternative to bonds? So? Uh, you know, 269 00:15:03,920 --> 00:15:07,480 Speaker 1: this week what we have seen is an investors moving 270 00:15:07,600 --> 00:15:11,280 Speaker 1: into stocks and out of the bond market UM, putting 271 00:15:11,280 --> 00:15:14,760 Speaker 1: that money into equities where you know, companies still have 272 00:15:14,920 --> 00:15:19,600 Speaker 1: the ability to raise prices to offset inflation. UM. And 273 00:15:19,920 --> 00:15:23,600 Speaker 1: the issue appears to be UM one for another day, 274 00:15:23,680 --> 00:15:27,880 Speaker 1: that higher rates will inevitably slow growth, you know, perhaps 275 00:15:27,920 --> 00:15:30,640 Speaker 1: to the point of recession. UM. We are in a 276 00:15:30,720 --> 00:15:35,480 Speaker 1: highly charged, highly levered economy where interest rate increases. That 277 00:15:35,600 --> 00:15:38,720 Speaker 1: though this far as ist s fast, will probably have 278 00:15:39,040 --> 00:15:42,840 Speaker 1: a disruptive effect on equity markets at some point. But 279 00:15:43,040 --> 00:15:47,040 Speaker 1: for today, investors are looking at equities versus six income 280 00:15:47,160 --> 00:15:50,920 Speaker 1: equities versus cash and saying I will stick with the 281 00:15:50,960 --> 00:15:54,400 Speaker 1: inflation hedge of equities for now. I mean, it sounds 282 00:15:54,400 --> 00:15:55,960 Speaker 1: like you have to be a lot more selective in 283 00:15:56,080 --> 00:15:59,080 Speaker 1: terms of looking at the margins and who has the 284 00:15:59,120 --> 00:16:04,480 Speaker 1: pricing powers this point you do. And you know, investors 285 00:16:04,480 --> 00:16:07,320 Speaker 1: are also looking at earning season that starts in a 286 00:16:07,320 --> 00:16:12,800 Speaker 1: couple of weeks here, and surprisingly earnings really haven't on 287 00:16:13,520 --> 00:16:17,040 Speaker 1: the forecast for earnings really haven't seen big revisions here. 288 00:16:17,080 --> 00:16:20,880 Speaker 1: So we think that that's probably a result of um, 289 00:16:21,160 --> 00:16:24,280 Speaker 1: you know, COVID starting to wane here in the US. 290 00:16:24,600 --> 00:16:28,720 Speaker 1: UM at the same time that's being balanced by uh, 291 00:16:28,960 --> 00:16:33,320 Speaker 1: you know, worsening consumer's sentiment. But that's the two of 292 00:16:33,360 --> 00:16:36,760 Speaker 1: them are kind of keeping earnings estimates pretty stable. So 293 00:16:36,960 --> 00:16:42,440 Speaker 1: we think investors will be listening to companies quarterly reports 294 00:16:42,520 --> 00:16:45,160 Speaker 1: to see what their forecasts are for the future and 295 00:16:45,200 --> 00:16:49,000 Speaker 1: how much pricing power they have, how much margin pressures 296 00:16:49,040 --> 00:16:52,040 Speaker 1: they're facing here. Uh, so they will start to be 297 00:16:52,120 --> 00:16:55,360 Speaker 1: more selective. You know, it's just the back to fix 298 00:16:55,480 --> 00:16:57,760 Speaker 1: income just for for a moment, and I do want 299 00:16:57,760 --> 00:16:59,840 Speaker 1: to focus just on equities. But when you consider the 300 00:17:00,120 --> 00:17:06,440 Speaker 1: ration risk, can the treasures be a safe haven? They 301 00:17:06,480 --> 00:17:10,800 Speaker 1: can be, uh, and they are when periods of significant 302 00:17:10,800 --> 00:17:14,280 Speaker 1: market volatility. And you know, the yield curve right now 303 00:17:14,760 --> 00:17:20,200 Speaker 1: is flashing a yellow warning sign because you know, yields 304 00:17:20,240 --> 00:17:22,879 Speaker 1: had moved up so much on the front end. But 305 00:17:23,440 --> 00:17:28,159 Speaker 1: we think that's giving investors an opportunity to invest in 306 00:17:28,200 --> 00:17:33,000 Speaker 1: those shorter term and immediate term bonds and generate more income, 307 00:17:33,080 --> 00:17:36,399 Speaker 1: a lot more income than they were generating just a 308 00:17:36,440 --> 00:17:39,960 Speaker 1: couple of months ago. And that does provide a hedge 309 00:17:40,040 --> 00:17:43,000 Speaker 1: in an equity portfolio. But I gotta wonder if the 310 00:17:43,280 --> 00:17:47,560 Speaker 1: if for the average investor, that portfolio is pretty much 311 00:17:47,640 --> 00:17:52,680 Speaker 1: dead and buried at this point. M Yeah, it's a 312 00:17:52,760 --> 00:17:56,480 Speaker 1: tough here for a sixty forty portfolio because both equities 313 00:17:56,520 --> 00:18:00,159 Speaker 1: and fixed income, you know, have had negative returns so 314 00:18:00,240 --> 00:18:05,000 Speaker 1: far this year, So a sixty forty is experiencing negative returns. 315 00:18:05,080 --> 00:18:09,600 Speaker 1: And that's why we think investors need to diversify beyond 316 00:18:09,880 --> 00:18:15,400 Speaker 1: just equities and fixed income and invest in things like commodities, 317 00:18:15,440 --> 00:18:18,639 Speaker 1: which have had a pretty good year, UM invest in 318 00:18:18,800 --> 00:18:24,200 Speaker 1: hedge funds that are market neutrals, that have strategies that 319 00:18:24,240 --> 00:18:27,240 Speaker 1: can benefit in both up markets and down markets. So 320 00:18:27,320 --> 00:18:32,000 Speaker 1: there's some diversification that probably should be happening here beyond 321 00:18:32,080 --> 00:18:36,240 Speaker 1: its traditional sixty forty. You touched on this briefly before, 322 00:18:36,320 --> 00:18:38,480 Speaker 1: but maybe a little deeper diver in the minute we 323 00:18:38,520 --> 00:18:42,000 Speaker 1: have left Canda. The global economy weather of a sustained 324 00:18:42,040 --> 00:18:47,960 Speaker 1: period of higher finance and costs. Yeah, so, UM, we 325 00:18:47,960 --> 00:18:52,760 Speaker 1: we think so. To some extent, UM investors have been 326 00:18:53,000 --> 00:18:56,560 Speaker 1: calling for the Fed to get toplan inflation UM to 327 00:18:56,760 --> 00:19:01,240 Speaker 1: prevent UH an even more problematic outcome in the future. 328 00:19:01,800 --> 00:19:04,760 Speaker 1: So you know, a hawk is hawk is bed right 329 00:19:04,800 --> 00:19:10,760 Speaker 1: now is counterintuitively being seen as the market's friend. UM. 330 00:19:10,960 --> 00:19:15,080 Speaker 1: And you know, in the presence of so much uncertainty, UM, 331 00:19:15,280 --> 00:19:19,359 Speaker 1: markets are really lasting onto these short lived themes UM, 332 00:19:19,440 --> 00:19:23,760 Speaker 1: and that's causing significant price movements. We think that you know, 333 00:19:23,880 --> 00:19:27,000 Speaker 1: for the new year term, we probably are going to 334 00:19:27,040 --> 00:19:30,040 Speaker 1: be able to avoid a recession, but we're growing a 335 00:19:30,040 --> 00:19:34,280 Speaker 1: little bit more concerned about three. Tracy, your pleasure, Thanks 336 00:19:34,320 --> 00:19:36,520 Speaker 1: for being with us this morning. Tracy McMillian, head of 337 00:19:36,600 --> 00:19:43,119 Speaker 1: Global Lasset Allocations Strategy, Wells Fargo Investment Institute and ahead 338 00:19:43,119 --> 00:19:46,080 Speaker 1: of the cash Olten on Wolf Street. The down futures 339 00:19:46,160 --> 00:19:48,879 Speaker 1: right now one points lower, that's down three tents pent 340 00:19:49,480 --> 00:19:52,720 Speaker 1: SMP even in futures seventeen points lower than ant futures 341 00:19:53,000 --> 00:19:58,200 Speaker 1: found seventies seven. Tracy mentioned the yield curve flattening the 342 00:19:58,240 --> 00:20:01,800 Speaker 1: difference between twos and tents right out twenty two basis points. 343 00:20:02,440 --> 00:20:07,359 Speaker 1: You're listening to Bloomberg day Break. Daybreak being drunk to 344 00:20:07,440 --> 00:20:11,000 Speaker 1: by ancient accountants that advisers challenging times called for proactive 345 00:20:11,000 --> 00:20:14,440 Speaker 1: advisors who helped minimize taxes, increased cash flow, and great 346 00:20:14,480 --> 00:20:17,879 Speaker 1: opportunities for the future of your business. Visit Ancient dot 347 00:20:17,880 --> 00:20:25,879 Speaker 1: Com broadcasting live from the Bloomberg Interacted Broker's studio in 348 00:20:25,960 --> 00:20:28,960 Speaker 1: New York, Bloomberg E Living Freedom to Washington, d C. 349 00:20:29,160 --> 00:20:33,879 Speaker 1: Bloomberg to Boston, Bloomberg one oh six one to San Francisco, 350 00:20:33,960 --> 00:20:37,400 Speaker 1: Bloomberg nine sixteen to the country Sirius XM Chado one 351 00:20:37,480 --> 00:20:40,400 Speaker 1: nine team, and around the globe, the Bloomberg Business app 352 00:20:40,520 --> 00:20:49,399 Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak, be 353 00:20:49,560 --> 00:20:52,080 Speaker 1: at six thirty on Wall Street. Good morning, I'm John Tucker. 354 00:20:52,119 --> 00:20:54,119 Speaker 1: I'm Nathan Hager. We're about three hours away from the 355 00:20:54,160 --> 00:20:56,040 Speaker 1: open of US trading. Time for the five things you 356 00:20:56,080 --> 00:20:57,600 Speaker 1: need to know to start your day. Brought to you 357 00:20:57,640 --> 00:21:00,560 Speaker 1: by I v k R Investment Advisors switched to Interactive 358 00:21:00,600 --> 00:21:03,960 Speaker 1: brokers for lowest cost global trading and turn key custody solutions, 359 00:21:03,960 --> 00:21:06,760 Speaker 1: no ticket charges, no conflicts of your interests at ibk 360 00:21:06,960 --> 00:21:10,560 Speaker 1: R dot com slash r I A first President Biden 361 00:21:10,600 --> 00:21:13,840 Speaker 1: heads to Europe today to radley allies around tougher sanctions 362 00:21:13,840 --> 00:21:16,119 Speaker 1: on Russia for its invasion of Ukraine. We get the 363 00:21:16,160 --> 00:21:19,199 Speaker 1: latest from Bloomberg senior reporter Mark Champion. What they are 364 00:21:19,280 --> 00:21:22,360 Speaker 1: trying to do is to get ahead of what they 365 00:21:22,359 --> 00:21:26,000 Speaker 1: know will be a continuing issue with Russia over Ukraine. 366 00:21:26,359 --> 00:21:28,720 Speaker 1: So try and get ahead on issues like how do 367 00:21:28,800 --> 00:21:31,880 Speaker 1: we make sure that the sanctions take real effect, how 368 00:21:31,880 --> 00:21:34,159 Speaker 1: do we resolve our differences of that have to do 369 00:21:34,280 --> 00:21:38,280 Speaker 1: with energy, particular oil. Bloomberg's Mark Champions says President Biden 370 00:21:38,320 --> 00:21:40,840 Speaker 1: will join back to back summits, first with NATO members 371 00:21:40,840 --> 00:21:43,480 Speaker 1: in Brussels, then the Group of Seven and European Union. 372 00:21:43,680 --> 00:21:46,800 Speaker 1: It's day three of Judge Katangi Brown jackson Supreme Court 373 00:21:46,840 --> 00:21:50,480 Speaker 1: hearing before the Senate Judiciary Committee. Yesterday marked their first 374 00:21:50,560 --> 00:21:53,520 Speaker 1: chance to field questions from Congress and defend her record. 375 00:21:54,000 --> 00:21:58,880 Speaker 1: My record demonstrates that I am not proceeding from any 376 00:21:58,960 --> 00:22:03,160 Speaker 1: sort of preconceived notion about how a case comes out. 377 00:22:03,440 --> 00:22:07,760 Speaker 1: Jackson face questions from Republicans about her religion, critical rice theory, 378 00:22:07,840 --> 00:22:12,520 Speaker 1: child pornography, and abortion. I'm not ruling consistent with any 379 00:22:12,560 --> 00:22:18,280 Speaker 1: sort of ideology. I'm doing what impartial and fair judges do, 380 00:22:18,760 --> 00:22:22,760 Speaker 1: which is to decide in every case based only on 381 00:22:22,840 --> 00:22:26,120 Speaker 1: the facts and the law. Jackson returns to Capitol Hill 382 00:22:26,160 --> 00:22:29,119 Speaker 1: for more questioning Today. Turning the markets now, John Global 383 00:22:29,160 --> 00:22:32,439 Speaker 1: bonds remained under heavy pressure. The Bloomberg Global Aggregate Index, 384 00:22:32,440 --> 00:22:35,080 Speaker 1: a benchmark for government and corporate dead total returns, has 385 00:22:35,080 --> 00:22:38,160 Speaker 1: fallen eleven percent from high in January last year. That's 386 00:22:38,200 --> 00:22:40,480 Speaker 1: the biggest decline from a peak in data, stretching back 387 00:22:40,480 --> 00:22:43,520 Speaker 1: to the bomb market and focus. Tune in today for 388 00:22:43,640 --> 00:22:45,720 Speaker 1: more from the Fed. We're gonna speak live this morning 389 00:22:45,880 --> 00:22:49,159 Speaker 1: with San Francisco President Mary Daily. Catch that at eleven 390 00:22:49,240 --> 00:22:51,959 Speaker 1: thirty am Wall Street Time, and looking at the economy now, 391 00:22:51,960 --> 00:22:54,479 Speaker 1: a new study shows many Americans are still seeing wages 392 00:22:54,520 --> 00:22:57,600 Speaker 1: below fifteen dollars an hour. Bloomberg's Jornita Young joins us 393 00:22:57,600 --> 00:23:00,520 Speaker 1: live with that Ranita Nathan. A report from OXFA America 394 00:23:00,560 --> 00:23:02,880 Speaker 1: finds one in three U S workers is still making 395 00:23:02,960 --> 00:23:05,359 Speaker 1: less than fifteen dollars an hour, and the share of 396 00:23:05,400 --> 00:23:08,639 Speaker 1: women and people of color earning that amount is even greater. 397 00:23:08,960 --> 00:23:11,600 Speaker 1: The report helps quantify the impact from the Raise the 398 00:23:11,640 --> 00:23:14,600 Speaker 1: Wage Act, which would set a fifteen in our federal 399 00:23:14,640 --> 00:23:18,760 Speaker 1: minimum wage. The legislation is still pending in Congress. Live 400 00:23:18,760 --> 00:23:21,760 Speaker 1: in New York. I'm Ranita Young Bloomberg Daybreak. All right, Ranita, 401 00:23:21,800 --> 00:23:23,199 Speaker 1: thank you. Those are the five things you need to 402 00:23:23,240 --> 00:23:26,200 Speaker 1: know to start your day. Brought to you by Interactive Brokers. 403 00:23:26,280 --> 00:23:27,959 Speaker 1: Right now, I S and P futures are lower by 404 00:23:28,000 --> 00:23:31,800 Speaker 1: fourteen points, nastact futures down. Sixty five local headlines in 405 00:23:31,840 --> 00:23:38,720 Speaker 1: the check of sports. Up next, this is Bloomberg Payton 406 00:23:38,800 --> 00:23:41,600 Speaker 1: thanks sixty three Wall Street. Time to bring in Michael 407 00:23:41,640 --> 00:23:43,440 Speaker 1: barn to tell us what else is going on in 408 00:23:43,520 --> 00:23:46,720 Speaker 1: New York hand around the world. Yeah, thank you very much, sir. 409 00:23:46,840 --> 00:23:49,640 Speaker 1: New York City Mayor Eric Adams is preparing to lift 410 00:23:49,680 --> 00:23:52,520 Speaker 1: for requirements that children under the age of five where 411 00:23:52,600 --> 00:23:56,240 Speaker 1: face masks in schools. Adam says that he will make 412 00:23:56,320 --> 00:23:59,960 Speaker 1: masks optional for those in daycare and pre kindergartens starting 413 00:24:00,000 --> 00:24:02,480 Speaker 1: April fourth, if case rates and the risk of the 414 00:24:02,560 --> 00:24:05,800 Speaker 1: virus spreading remain low. And let me tell you something, 415 00:24:05,800 --> 00:24:09,240 Speaker 1: it doesn't matter what decisions you make on this, You're 416 00:24:09,280 --> 00:24:14,320 Speaker 1: going to have voiciferous people on both sides of the conversations. 417 00:24:14,600 --> 00:24:17,080 Speaker 1: And so we we can't go by the noise. We 418 00:24:17,119 --> 00:24:19,159 Speaker 1: have to go by the science, and we have to 419 00:24:19,200 --> 00:24:22,720 Speaker 1: go buy the safety about children. Two weeks ago, Mayor 420 00:24:22,760 --> 00:24:27,240 Speaker 1: Adams lifted several pandemic related rules, including requirements that students 421 00:24:27,280 --> 00:24:32,080 Speaker 1: five and older wear masks in school. The Gateway Rail Project, 422 00:24:32,119 --> 00:24:35,640 Speaker 1: tunnel between New York and New Jersey, is expected to 423 00:24:35,680 --> 00:24:38,960 Speaker 1: compete for some of the two point nine billion dollars 424 00:24:38,960 --> 00:24:42,920 Speaker 1: in grants that the Biodministration is making available for infrastructure 425 00:24:42,920 --> 00:24:47,040 Speaker 1: projects of regional or national significance. According to the Transportation 426 00:24:47,080 --> 00:24:50,360 Speaker 1: Secretary Pete Buddha Diage, two types of projects that are 427 00:24:50,400 --> 00:24:55,879 Speaker 1: eligible under these programs are intercity passenger rail infrastructure and 428 00:24:56,040 --> 00:24:59,879 Speaker 1: interstate bridges, and the tunnel touches both of those categories. 429 00:25:00,320 --> 00:25:02,800 Speaker 1: At least one person is dead after a tornado tour 430 00:25:02,880 --> 00:25:05,760 Speaker 1: through parts of New Orleans and its suburbs last night, 431 00:25:05,760 --> 00:25:09,560 Speaker 1: flipping cars and ripping roofs off homes. Parts of Saint 432 00:25:09,600 --> 00:25:13,680 Speaker 1: Bernard Parish, which borders New Orleans to the southeast, appeared 433 00:25:13,720 --> 00:25:16,760 Speaker 1: to take the brunt of the twister. Louis Pomas Is, 434 00:25:16,800 --> 00:25:20,760 Speaker 1: the St. Bernard Parish Board Yard Chief of Operations. They 435 00:25:20,760 --> 00:25:23,080 Speaker 1: didn't walk through an epic street that will damage the 436 00:25:26,760 --> 00:25:30,160 Speaker 1: road Yard chief Louis Pomas. The damage comes after other 437 00:25:30,200 --> 00:25:33,520 Speaker 1: tornadoes spawned by the same storm system hit parts of 438 00:25:33,560 --> 00:25:37,439 Speaker 1: Texas and Oklahoma. White House Press Secretary Jen Saki has 439 00:25:37,440 --> 00:25:40,280 Speaker 1: tensed it positive for COVID. It's the second time she 440 00:25:40,400 --> 00:25:43,200 Speaker 1: has tested positive for the virus. Saki says she will 441 00:25:43,240 --> 00:25:46,359 Speaker 1: no longer travel with President Joe Biden to Europe. Hillary 442 00:25:46,359 --> 00:25:49,639 Speaker 1: Clinton says she has tested positive for COVID, and a tweet, 443 00:25:49,680 --> 00:25:52,800 Speaker 1: Clinton says she has some mild cold symptoms but is 444 00:25:52,880 --> 00:25:56,199 Speaker 1: feeling fine. Global News twenty four hours a day on 445 00:25:56,359 --> 00:25:59,879 Speaker 1: air and on Bloomberg Quicktake, powered by more than twenty 446 00:26:00,040 --> 00:26:03,240 Speaker 1: seven hundred journalist and analysts more than one hundred twenty countries. 447 00:26:03,640 --> 00:26:11,720 Speaker 1: Michael Barr, this is Bloomberg, John, Michael, thank you. It's 448 00:26:11,880 --> 00:26:14,280 Speaker 1: six thirty six d Wall Street. Time for the Bloomberg 449 00:26:14,359 --> 00:26:17,439 Speaker 1: Sports Update. Good morning John, Stashower, Morning John. Last season 450 00:26:17,440 --> 00:26:19,120 Speaker 1: and for the Knicks, with a loss at the Guard 451 00:26:19,200 --> 00:26:21,800 Speaker 1: into the Tree, Young lead Atlanta Hawks last night. Young 452 00:26:21,920 --> 00:26:24,600 Speaker 1: was back. He scored forty five points and led Atlanta 453 00:26:24,680 --> 00:26:28,200 Speaker 1: to a one seventeen one eleven victory, then likely ended 454 00:26:28,200 --> 00:26:31,119 Speaker 1: the Knicks already faint playoff. Holks R J. Barrett scored 455 00:26:31,160 --> 00:26:33,920 Speaker 1: thirty nicks for without the injured Julius Randall, who got 456 00:26:33,960 --> 00:26:37,399 Speaker 1: fined forty thousand dollars for using hostile lane wind towards 457 00:26:37,400 --> 00:26:40,440 Speaker 1: the ref As if Randall's season hasn't gone poorly enough, 458 00:26:40,480 --> 00:26:42,679 Speaker 1: He's now been fined a total of a hundred thirty 459 00:26:42,960 --> 00:26:46,160 Speaker 1: thousand dollars. Rangers into Jersey led to nothing second Fury, 460 00:26:46,200 --> 00:26:49,480 Speaker 1: Then the Devil scored five goals in thirteen minutes. Jack 461 00:26:49,600 --> 00:26:51,719 Speaker 1: Used added two more in the third. The Devil's won 462 00:26:51,880 --> 00:26:54,800 Speaker 1: seven to four. Islanders are three nothing shut out of Ottawa. 463 00:26:54,920 --> 00:26:57,760 Speaker 1: N I T wins for Xavier and St. Bonaventure. Both 464 00:26:57,800 --> 00:26:59,560 Speaker 1: will come to the Garden next week to the n 465 00:26:59,600 --> 00:27:02,080 Speaker 1: i T Final four in Port St. Lucie. Mets over 466 00:27:02,080 --> 00:27:04,920 Speaker 1: the Marlins two nothing. Welcome back Jacob de Graham. He 467 00:27:05,040 --> 00:27:09,439 Speaker 1: got six outs, five by strikeout to Graham's brilliant season 468 00:27:09,480 --> 00:27:12,440 Speaker 1: came to an end in early July. Georgan Montgomery roughed 469 00:27:12,480 --> 00:27:15,040 Speaker 1: up Toronto beat the Yankees ninety two. Baseball is bringing 470 00:27:15,080 --> 00:27:17,760 Speaker 1: back the ghost runner. Extra innings will again begin with 471 00:27:17,800 --> 00:27:19,440 Speaker 1: a runner at second base. The filia is with the 472 00:27:19,480 --> 00:27:22,000 Speaker 1: shortened spring training and for the best not to have 473 00:27:22,119 --> 00:27:24,959 Speaker 1: extra long games. There's also expanding the rosters. In April, 474 00:27:25,200 --> 00:27:28,560 Speaker 1: stunning news from tennis world number one Ash Party announced 475 00:27:28,560 --> 00:27:31,159 Speaker 1: her retirement. I don't have that in me anymore. I 476 00:27:31,200 --> 00:27:36,119 Speaker 1: don't have the the physical drives, the emotional um want 477 00:27:36,520 --> 00:27:39,960 Speaker 1: and and kind of everything it takes to challenge yourself 478 00:27:39,960 --> 00:27:41,399 Speaker 1: at the very top of the level anymore. And I 479 00:27:41,480 --> 00:27:46,200 Speaker 1: think I just know that I'm absolutely I am spent um. 480 00:27:46,240 --> 00:27:48,360 Speaker 1: I just know physically I have nothing more to get 481 00:27:48,440 --> 00:27:51,359 Speaker 1: parties only. She did step away from tennis once to 482 00:27:51,440 --> 00:27:54,840 Speaker 1: four John DASHWARER, Bloomberg Sports, John John, thanks very much. 483 00:27:54,840 --> 00:27:57,240 Speaker 1: Stefferings us to six thirties seven out of Wall Street 484 00:27:57,400 --> 00:27:59,520 Speaker 1: tied down to take a look at stocks and so 485 00:27:59,720 --> 00:28:01,359 Speaker 1: that any that are moving in the pre market for that, 486 00:28:01,400 --> 00:28:04,000 Speaker 1: we're joined by Bloomberg Radio and TV markets for responded 487 00:28:04,040 --> 00:28:06,920 Speaker 1: critic Gupta. You know, one of my favorite functions on 488 00:28:07,080 --> 00:28:10,520 Speaker 1: the Bloomberg is imp go, so you can take an 489 00:28:10,520 --> 00:28:13,959 Speaker 1: index and break it down. See what the big movers yesterday. 490 00:28:14,000 --> 00:28:17,200 Speaker 1: May be no surprise there was only one uh uh 491 00:28:17,240 --> 00:28:19,840 Speaker 1: industry mover in the red of all the eleven industry 492 00:28:19,840 --> 00:28:23,440 Speaker 1: groups in the SMP five hundred. That was energy. So 493 00:28:23,520 --> 00:28:26,760 Speaker 1: a complete reversal of that today and that those are 494 00:28:26,760 --> 00:28:28,760 Speaker 1: the moves are actually moving higher. You have a lot 495 00:28:28,880 --> 00:28:30,800 Speaker 1: of kind of red on the screen. But today it 496 00:28:30,840 --> 00:28:33,080 Speaker 1: goes back to the trade that we've been talking about 497 00:28:33,119 --> 00:28:36,720 Speaker 1: for weeks, for months, the idea of hopping into American 498 00:28:36,760 --> 00:28:39,280 Speaker 1: oil companies basically so occidental of course, is gonna be 499 00:28:39,280 --> 00:28:41,120 Speaker 1: at the top of that list. Two point two percent 500 00:28:41,680 --> 00:28:44,200 Speaker 1: gains in the pre market for O x Y, that's 501 00:28:44,200 --> 00:28:47,560 Speaker 1: your taker. They're joined by similar companies. Marathon Oil up 502 00:28:47,640 --> 00:28:50,280 Speaker 1: one point six percent. M R OS your taker. Haliburton 503 00:28:50,640 --> 00:28:52,600 Speaker 1: not too far away, h A L is your taker, 504 00:28:52,640 --> 00:28:56,479 Speaker 1: They're up one point. Even those diversified oil names are 505 00:28:56,520 --> 00:29:00,240 Speaker 1: doing better. Chevron's cd X, X on x O M 506 00:29:00,280 --> 00:29:02,560 Speaker 1: both up about eight tenths of a percent. Of course, 507 00:29:02,600 --> 00:29:05,440 Speaker 1: this is following higher oil prices, so no surprise that's 508 00:29:05,440 --> 00:29:07,880 Speaker 1: going to seep into what you're gonna see in stock market. 509 00:29:07,880 --> 00:29:10,520 Speaker 1: Brent crewed, for example, at a hundred and eighteen dollars 510 00:29:10,520 --> 00:29:12,480 Speaker 1: a barrel, and I was reading a story this morning, 511 00:29:12,520 --> 00:29:14,360 Speaker 1: looks at the consensus here is that we're headed for 512 00:29:14,360 --> 00:29:17,040 Speaker 1: a hundred and fifty dollars a barrel when it comes 513 00:29:17,040 --> 00:29:20,040 Speaker 1: to oil. So if that's your bet, then energy stocks 514 00:29:20,040 --> 00:29:22,760 Speaker 1: are probably gonna rally with that. Okay, wah wah on 515 00:29:23,120 --> 00:29:26,240 Speaker 1: thirty six this morning, and New Jersey was just under 516 00:29:27,600 --> 00:29:29,560 Speaker 1: and I think nine tenths. So what are you tell 517 00:29:30,280 --> 00:29:36,160 Speaker 1: that's going high when you think when I'm sorry, okay, yeah, 518 00:29:36,200 --> 00:29:39,240 Speaker 1: that's where that's the convenience store. Yes, yes, yes, I know. 519 00:29:39,320 --> 00:29:42,040 Speaker 1: It's very very supposed to it in Virginia. I'm a 520 00:29:42,040 --> 00:29:44,240 Speaker 1: Texas girl, and when I went to college in Virginia, 521 00:29:44,360 --> 00:29:48,440 Speaker 1: everyone was obsessed with Wawa. I did not understand the obsession, um, 522 00:29:48,520 --> 00:29:51,440 Speaker 1: but but I get it. Sort of. What's what's going 523 00:29:51,480 --> 00:29:54,080 Speaker 1: on with in video this morning? Yeah, this is gonna 524 00:29:54,080 --> 00:29:56,120 Speaker 1: be the other story. So the other side of this trade, right, 525 00:29:56,160 --> 00:29:57,600 Speaker 1: there's kind of two spectrum of the trade. On the 526 00:29:57,680 --> 00:30:00,160 Speaker 1: one hand, you have big tech, your safe haven um, 527 00:30:00,200 --> 00:30:02,440 Speaker 1: but also you're really heavy waiters. On the other hand, 528 00:30:02,480 --> 00:30:04,720 Speaker 1: you have the battered oil sector. So on days that 529 00:30:05,240 --> 00:30:08,240 Speaker 1: the battered oil sector really outperforms, like what kind of 530 00:30:08,240 --> 00:30:09,800 Speaker 1: looks like today is going to be that kind of day, 531 00:30:10,000 --> 00:30:13,000 Speaker 1: big tech and video is included kind of underperformed, So 532 00:30:13,040 --> 00:30:15,480 Speaker 1: and video is actually under pressure right now. N v 533 00:30:15,640 --> 00:30:19,640 Speaker 1: d A is your ticker down about seven tenths of 534 00:30:19,680 --> 00:30:21,800 Speaker 1: a percent in the pre market. And this is significant 535 00:30:21,840 --> 00:30:24,040 Speaker 1: because it goes to something very important. They had an 536 00:30:24,080 --> 00:30:27,720 Speaker 1: investor day yesterday and they're actually talking about buy backs here. 537 00:30:27,720 --> 00:30:30,480 Speaker 1: A lot of investors were expecting after the deal to 538 00:30:30,600 --> 00:30:32,960 Speaker 1: acquire ARM forty billion dollar deal would have been the 539 00:30:32,960 --> 00:30:36,880 Speaker 1: biggest chip making acquisition in history. Well, obviously they didn't 540 00:30:36,880 --> 00:30:40,080 Speaker 1: get uh, the regulatory approval for that, so and Video 541 00:30:40,320 --> 00:30:43,400 Speaker 1: a lot of investors were expecting and Video to ramp 542 00:30:43,480 --> 00:30:45,680 Speaker 1: up their buy backs instead, with all the other extra 543 00:30:45,720 --> 00:30:48,400 Speaker 1: cash they had lying around in the investor day, they said, Nope, 544 00:30:48,400 --> 00:30:50,760 Speaker 1: we're not doing that. So investors not to not too 545 00:30:50,800 --> 00:30:53,600 Speaker 1: thrilled about that this morning. Thanks appreciate it. You know, 546 00:30:53,760 --> 00:30:59,920 Speaker 1: walwas felt upside down as Mama Bloomer. He'd work markets 547 00:31:00,000 --> 00:31:02,280 Speaker 1: Resapondi Critty, good to Thanks for johnas And as we 548 00:31:02,320 --> 00:31:04,320 Speaker 1: look at US stocks on the whole of this morning, 549 00:31:04,600 --> 00:31:07,360 Speaker 1: down futures down ninety three. Right now, the SMP EVENI 550 00:31:07,440 --> 00:31:11,520 Speaker 1: futures they are down sixteen points, and the nasday futures 551 00:31:11,560 --> 00:31:15,240 Speaker 1: seventy five points lower. As far as treasures the tenure 552 00:31:15,520 --> 00:31:17,960 Speaker 1: at two thirty six, at least the yield that's down 553 00:31:18,000 --> 00:31:22,960 Speaker 1: two basis points. This is Bloomberg and Bloomberg Weather from 554 00:31:23,040 --> 00:31:26,360 Speaker 1: Rob Caroline. Thickening clouds with showers arriving that will be 555 00:31:26,520 --> 00:31:30,840 Speaker 1: just before evening tonight. The high temperature today fifty tomorrow 556 00:31:30,880 --> 00:31:37,600 Speaker 1: occasional rain. The high temperature fifty to fifty five degrees. Markets, 557 00:31:37,720 --> 00:31:40,760 Speaker 1: headlines and breaking news twenty four hours a day at 558 00:31:40,800 --> 00:31:44,720 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktake. 559 00:31:45,000 --> 00:31:54,080 Speaker 1: This is a Bloomberg Business flash. I'm Nathan Hager. Stocks 560 00:31:54,120 --> 00:31:58,400 Speaker 1: are drifting lower as global markets in bonds stabilized from 561 00:31:58,400 --> 00:32:01,680 Speaker 1: an unprecedented round. Europeans docks paused after their longest winning 562 00:32:01,720 --> 00:32:06,160 Speaker 1: streaks since November. SNP contracts pointing lower after the index 563 00:32:06,240 --> 00:32:08,760 Speaker 1: claud back half the decline that began in January. We 564 00:32:08,840 --> 00:32:11,040 Speaker 1: check the markets every fifteen minutes during the trading day 565 00:32:11,040 --> 00:32:14,000 Speaker 1: on Bloomberg. Right now, SMP futures are down eighteen point, 566 00:32:14,040 --> 00:32:16,800 Speaker 1: STAFF futures down a hundred thirteen. NASACT futures are lower 567 00:32:17,120 --> 00:32:19,760 Speaker 1: by ninety one points. The decks in Germany, cat in 568 00:32:19,800 --> 00:32:22,600 Speaker 1: Paris both down four tenths of one percent. The tenure 569 00:32:22,600 --> 00:32:25,240 Speaker 1: treasury is up four thirty seconds. The yield is two 570 00:32:25,240 --> 00:32:27,920 Speaker 1: point three six percent yield on the two year two 571 00:32:27,960 --> 00:32:30,920 Speaker 1: point one three percent. Nime X crewed up two and 572 00:32:30,920 --> 00:32:33,080 Speaker 1: a half percent now of two dollars seventy three cents 573 00:32:33,080 --> 00:32:36,120 Speaker 1: at a hundred twelve dollars. Even a barrel Comex gold 574 00:32:36,160 --> 00:32:38,920 Speaker 1: up six tenths percent, up eleven dollars ninety cents at 575 00:32:39,000 --> 00:32:42,080 Speaker 1: nineteen thirty eight sixty announced. The euro one point one 576 00:32:42,160 --> 00:32:44,400 Speaker 1: zero zero two against the dollar, British pound one point 577 00:32:44,440 --> 00:32:46,880 Speaker 1: three two two two, the yen is at one one 578 00:32:46,880 --> 00:32:50,360 Speaker 1: point oh two and Bitcoin one percent lower on the 579 00:32:50,360 --> 00:32:53,160 Speaker 1: session at about forty two thousand, two hundred dollars. That 580 00:32:53,360 --> 00:32:56,440 Speaker 1: is a bloomberg business flash. Now here's Michael Barner with 581 00:32:56,480 --> 00:32:59,200 Speaker 1: more on what's going on around the world. Michael Nathan, 582 00:32:59,200 --> 00:33:01,480 Speaker 1: thank you very much. China says one of two black 583 00:33:01,520 --> 00:33:04,440 Speaker 1: boxes from the China Eastern plane crash was found in 584 00:33:04,520 --> 00:33:08,200 Speaker 1: severely damaged condition. The recorder is so damaged that they 585 00:33:08,200 --> 00:33:10,400 Speaker 1: are not able to tell whether it is the flight 586 00:33:10,520 --> 00:33:14,479 Speaker 1: data recorder or the cockpit voice recorder. One thirty two 587 00:33:14,520 --> 00:33:17,520 Speaker 1: people were killed in that plane crash. President Joe Biden 588 00:33:17,640 --> 00:33:21,280 Speaker 1: is seeking to rally US allies around harder hitting sanctions 589 00:33:21,440 --> 00:33:24,960 Speaker 1: to punish Russia for invading Ukraine. Biden leaves today for 590 00:33:25,160 --> 00:33:28,880 Speaker 1: back to back summits Thursday with NATO, the Group of Seven, 591 00:33:29,120 --> 00:33:32,120 Speaker 1: and the European Union in Brussels. The President will then 592 00:33:32,200 --> 00:33:35,240 Speaker 1: head to Poland on Friday. In the NBA, the Knicks 593 00:33:35,240 --> 00:33:38,080 Speaker 1: and Warriors lost. In the NHL, The Devil's beat the 594 00:33:38,160 --> 00:33:41,880 Speaker 1: Rangers seven for the Islanders won The Capitol's lost. Global 595 00:33:41,880 --> 00:33:44,440 Speaker 1: News twenty four hours a day on air and on 596 00:33:44,520 --> 00:33:49,040 Speaker 1: Bloomberg Quicktake, powered by more than journalists and analysts in 597 00:33:49,040 --> 00:33:52,640 Speaker 1: more than one twenty countries. How Michael Bard, this is Bloomberg, Nathan, 598 00:33:52,880 --> 00:33:55,960 Speaker 1: Thank you Michael on Wall Street. Now let's turn to 599 00:33:56,000 --> 00:33:58,800 Speaker 1: news in science and technology. The Bloomberg n j I 600 00:33:58,880 --> 00:34:01,400 Speaker 1: T STEM Report is brought to you by New Jersey 601 00:34:01,400 --> 00:34:04,320 Speaker 1: Institute of Technology, ranked in the top two percent nationally 602 00:34:04,360 --> 00:34:06,800 Speaker 1: for alumni mid career earnings and number one in the 603 00:34:06,880 --> 00:34:09,840 Speaker 1: nation for student upper economic mobility. More at n j 604 00:34:10,040 --> 00:34:12,759 Speaker 1: I T dot e DU. Now Here's what's making news 605 00:34:12,760 --> 00:34:16,120 Speaker 1: and science, technology, engineering and math. More Than a third 606 00:34:16,160 --> 00:34:19,000 Speaker 1: of last week's coronavirus cases in the US were caused 607 00:34:19,000 --> 00:34:21,600 Speaker 1: by the omicron B, a two subvariant that is a 608 00:34:21,640 --> 00:34:24,759 Speaker 1: notable increase from a week earlier. CDC says the subvariant 609 00:34:24,840 --> 00:34:26,960 Speaker 1: is most common in New England and the New York region. 610 00:34:27,239 --> 00:34:29,400 Speaker 1: B A two is not believed to be more dangerous 611 00:34:29,400 --> 00:34:33,080 Speaker 1: than other strains, but it may be more infectious. Federal 612 00:34:33,080 --> 00:34:36,960 Speaker 1: officials have proposed designating the Northern long eared bat, once 613 00:34:37,080 --> 00:34:41,320 Speaker 1: common but ravaged by a deadly fungus, as an endangered species. 614 00:34:41,400 --> 00:34:44,759 Speaker 1: The population has plummeted since colonies infected with white nose 615 00:34:44,760 --> 00:34:47,000 Speaker 1: syndrome were spotted in New York caves in the mid 616 00:34:47,000 --> 00:34:50,080 Speaker 1: two thousands. That bat, the Northern long ear, is likely 617 00:34:50,080 --> 00:34:53,799 Speaker 1: to go extinct without a dramatic turnaround. And FIFA has 618 00:34:53,840 --> 00:34:56,480 Speaker 1: added Crypto dot Com as one of the sponsors for 619 00:34:56,480 --> 00:34:58,960 Speaker 1: this year's Soccer World Cup and cat Heart the high 620 00:34:59,040 --> 00:35:02,080 Speaker 1: profile sponsors of deal comes just months after Singapore based 621 00:35:02,120 --> 00:35:04,759 Speaker 1: Crypto dot Com said it would from the place Staples 622 00:35:05,280 --> 00:35:09,240 Speaker 1: as the title sponsor of downtown Los Angeles iconic Arena. 623 00:35:09,280 --> 00:35:11,920 Speaker 1: Crypto dot Com getting around. That's the Bloomberg and j 624 00:35:12,000 --> 00:35:14,399 Speaker 1: I T Stem Report. John, all right, thanks Nathan. We're 625 00:35:14,440 --> 00:35:17,360 Speaker 1: live on the Bloomberg Interact and Brokers Studios where eighty 626 00:35:17,520 --> 00:35:20,319 Speaker 1: is now six fifty on Wall Street and that's time 627 00:35:20,320 --> 00:35:22,960 Speaker 1: to check what's going on in d C. Some of 628 00:35:23,000 --> 00:35:25,800 Speaker 1: the top stories in our nation's capital this morning include, 629 00:35:26,040 --> 00:35:29,040 Speaker 1: of course, President Biden taking a tough on putin message 630 00:35:29,040 --> 00:35:32,400 Speaker 1: to the allies as he said to travel overseas, the 631 00:35:32,520 --> 00:35:35,239 Speaker 1: US has got to hold the largest military drill in 632 00:35:35,360 --> 00:35:41,080 Speaker 1: decades with the Philippines, and Judge Jackson Parry's Republican attacks 633 00:35:41,200 --> 00:35:44,600 Speaker 1: inches toward joining the Supreme Court, and also one of 634 00:35:44,719 --> 00:35:47,239 Speaker 1: three U s workers learning less than fifteen dollars in 635 00:35:47,239 --> 00:35:49,359 Speaker 1: an hour. We've been taking a closer look at that 636 00:35:49,480 --> 00:35:52,279 Speaker 1: all morning. Let's take a deeper dive now into some 637 00:35:52,320 --> 00:35:56,279 Speaker 1: of these stories with Bloomberg Government reporter Jack Fitzpatrick. Jack, 638 00:35:56,320 --> 00:35:58,960 Speaker 1: thanks for being with us this morning. What's the message 639 00:35:59,200 --> 00:36:02,400 Speaker 1: that the President Biden takes with him as he heads 640 00:36:02,640 --> 00:36:06,880 Speaker 1: to Europe this week? Big week for for diplomacy. Yeah, Well, 641 00:36:06,880 --> 00:36:10,080 Speaker 1: the biggest thing is that they're looking to make an announcement, 642 00:36:10,080 --> 00:36:14,440 Speaker 1: according to Jake Sullivan, the President's National security advisor, regarding 643 00:36:14,640 --> 00:36:17,480 Speaker 1: further sanctions. We don't have all the details on what 644 00:36:17,520 --> 00:36:19,520 Speaker 1: exactly those sanctions are going to be, but there's gonna 645 00:36:19,520 --> 00:36:23,680 Speaker 1: be a conversation between the US and European allies UH, 646 00:36:23,840 --> 00:36:28,839 Speaker 1: Sullivan has said on trying to increase European energy independence 647 00:36:28,960 --> 00:36:32,400 Speaker 1: from Russia. Obviously, a lot of talking, a little bit 648 00:36:32,400 --> 00:36:35,759 Speaker 1: of pushback recently from German Chancellor all Off Schultz on 649 00:36:35,800 --> 00:36:41,160 Speaker 1: the idea of actually cutting off German imports of oil 650 00:36:41,200 --> 00:36:44,960 Speaker 1: and natural gas from Russia. But some sort of reduction 651 00:36:45,480 --> 00:36:49,360 Speaker 1: of imports UH and a reduction of European reliance on 652 00:36:49,520 --> 00:36:52,360 Speaker 1: Russian energy is on the docket, as well as a 653 00:36:52,400 --> 00:36:56,160 Speaker 1: conversation about getting everyone on the same page in terms 654 00:36:56,160 --> 00:36:58,560 Speaker 1: of what the response would be if China were to 655 00:36:58,800 --> 00:37:03,360 Speaker 1: materially support Russia. Obviously, there were some warnings from the 656 00:37:03,480 --> 00:37:07,239 Speaker 1: US last week on repercussions for China if they get 657 00:37:07,280 --> 00:37:11,200 Speaker 1: involved on behalf of Russia, and that is something that 658 00:37:11,239 --> 00:37:13,279 Speaker 1: the President is looking to follow up on in a 659 00:37:13,320 --> 00:37:18,680 Speaker 1: conversation with European allies, particularly with the energy sanctions being 660 00:37:18,760 --> 00:37:21,520 Speaker 1: dependent on Russia for a lot of things. Is the 661 00:37:21,640 --> 00:37:24,640 Speaker 1: resolve as strong as it appears to be on the 662 00:37:24,680 --> 00:37:28,480 Speaker 1: surface right now, Well, you know, even on the surface, 663 00:37:28,560 --> 00:37:33,600 Speaker 1: there is some hesitance and and just difficulty to move away. UH. 664 00:37:33,640 --> 00:37:37,000 Speaker 1: For the U s it's one thing to ban imports 665 00:37:37,080 --> 00:37:40,080 Speaker 1: of fossil fuels from Russia because we get a very 666 00:37:40,120 --> 00:37:43,759 Speaker 1: small percentage on the imports, about three percent of our 667 00:37:43,800 --> 00:37:46,960 Speaker 1: oil and natural gas from Russia UM. But countries like 668 00:37:47,040 --> 00:37:50,160 Speaker 1: Germany again have a much harder time and it raises 669 00:37:50,520 --> 00:37:54,920 Speaker 1: more long term questions about exactly how their energy systems 670 00:37:54,960 --> 00:37:57,960 Speaker 1: work and how they would move away from that. That's 671 00:37:58,000 --> 00:38:01,400 Speaker 1: not something you can solve in a day or a month, 672 00:38:01,640 --> 00:38:04,200 Speaker 1: or even very easily in a year. So there's going 673 00:38:04,239 --> 00:38:08,520 Speaker 1: to be a conversation about what is feasible to move 674 00:38:08,680 --> 00:38:13,240 Speaker 1: those more reliant countries away from Russia and what's possible 675 00:38:13,239 --> 00:38:15,799 Speaker 1: in the short term. But it is a very difficult thing, 676 00:38:15,840 --> 00:38:19,640 Speaker 1: and that's why the President in conversations with Congress, when 677 00:38:19,640 --> 00:38:23,640 Speaker 1: they're pushing him to impose further sanctions, whether it's on 678 00:38:23,719 --> 00:38:26,640 Speaker 1: nord Stream too or elsewhere in the energy sector, he 679 00:38:26,719 --> 00:38:28,839 Speaker 1: has at times pumped the brakes a little bit and 680 00:38:28,840 --> 00:38:31,640 Speaker 1: said that he wants to run this by European allies 681 00:38:31,680 --> 00:38:34,480 Speaker 1: and really take an international approach because it's very difficult 682 00:38:34,520 --> 00:38:36,960 Speaker 1: for them. And this also was sort of on the 683 00:38:36,960 --> 00:38:40,040 Speaker 1: foreign relations front, the US holding a military drill one 684 00:38:40,040 --> 00:38:43,200 Speaker 1: of the biggest decades with the Philippines and guests. Who 685 00:38:43,280 --> 00:38:46,640 Speaker 1: sends uh sends this sends a message too. I guess 686 00:38:46,640 --> 00:38:49,160 Speaker 1: it's one of the questions. Yeah, it's it's hard to 687 00:38:49,400 --> 00:38:53,360 Speaker 1: read this in any other context other than a message 688 00:38:53,400 --> 00:38:58,799 Speaker 1: to China. This is a very large military drill with 689 00:38:58,920 --> 00:39:03,040 Speaker 1: the Philippines uh IN in a region that's gotten a 690 00:39:03,080 --> 00:39:06,560 Speaker 1: lot of attention lately. This is happening March through April 691 00:39:06,640 --> 00:39:11,600 Speaker 1: eight UM. Obviously one with the warnings as I mentioned, 692 00:39:12,239 --> 00:39:17,880 Speaker 1: about China taking any role uh in materially aiding Russia. 693 00:39:18,360 --> 00:39:20,480 Speaker 1: Uh this is this is not the easiest time for 694 00:39:20,600 --> 00:39:25,479 Speaker 1: conversations between the US and China. The conversation last week 695 00:39:25,520 --> 00:39:30,680 Speaker 1: between Presidents Biden and She focusing more on Russia. But this, 696 00:39:30,840 --> 00:39:34,040 Speaker 1: you know, it potentially could even send a bit of 697 00:39:34,080 --> 00:39:39,680 Speaker 1: a message about US cooperation with allies in the region, 698 00:39:39,719 --> 00:39:43,520 Speaker 1: almost an Indo Pacific version of NATO, as the US 699 00:39:43,600 --> 00:39:46,880 Speaker 1: looks to shore up uh cooperation with countries like the 700 00:39:46,920 --> 00:39:51,120 Speaker 1: Philippines and other military allies in the area. China hasn't 701 00:39:51,120 --> 00:39:54,000 Speaker 1: pushed back on this very hard, but it's it's the 702 00:39:54,080 --> 00:39:57,200 Speaker 1: kind of thing that the context is this is read 703 00:39:57,239 --> 00:39:59,600 Speaker 1: as a bit of a message to China about the 704 00:39:59,680 --> 00:40:03,040 Speaker 1: US his presence in that region. Yeah, finally on the 705 00:40:03,480 --> 00:40:07,719 Speaker 1: hill there UH, Judge Jackson pairing with the GOP, the 706 00:40:07,880 --> 00:40:12,040 Speaker 1: inching tour the Supreme Court, UH with the nomination Judge 707 00:40:12,200 --> 00:40:16,000 Speaker 1: Kanji Brown Jackson. UH, the Republicans on the panels that 708 00:40:16,040 --> 00:40:19,640 Speaker 1: it wouldn't descend into anything like the capitall hearings. Where 709 00:40:19,640 --> 00:40:22,720 Speaker 1: does it stand right now? While there was some pointed 710 00:40:22,840 --> 00:40:26,920 Speaker 1: question questioning from UH some some of the more I 711 00:40:26,960 --> 00:40:30,720 Speaker 1: guess high profile Senate Republicans, we heard from Ted Cruz 712 00:40:30,840 --> 00:40:34,600 Speaker 1: and Josh Holly, UH sort of seeing if if there 713 00:40:34,600 --> 00:40:37,400 Speaker 1: are holes in her record. That the line of questioning 714 00:40:37,719 --> 00:40:43,840 Speaker 1: regarding UH ten instances in which she handed down lesser 715 00:40:44,000 --> 00:40:49,200 Speaker 1: sentences to people convicted on child pornography charges than what 716 00:40:49,320 --> 00:40:53,480 Speaker 1: federal guidelines might have have called for. She really pushed 717 00:40:53,520 --> 00:40:55,759 Speaker 1: back on that and said that on the whole that 718 00:40:55,920 --> 00:40:59,319 Speaker 1: she has in no way a weak record on that. UH. 719 00:40:59,640 --> 00:41:03,160 Speaker 1: Nothing seemed to change in terms of changing the minds 720 00:41:03,160 --> 00:41:06,440 Speaker 1: of Democrats who planned to support her. UH, it's still 721 00:41:06,440 --> 00:41:10,399 Speaker 1: really expected that she can manage at least a slight majority. Jack, 722 00:41:10,440 --> 00:41:13,680 Speaker 1: Thanks very much, Bloomberg Government reported Jack Fitzpatrick, and you 723 00:41:13,719 --> 00:41:16,080 Speaker 1: could read more about these stories on Bloomberg dot com 724 00:41:16,200 --> 00:41:18,440 Speaker 1: or the Bloomberg terminal reminder. You can follow all the 725 00:41:18,520 --> 00:41:21,239 Speaker 1: latest on Bloomberg Radio in Washington. That's Bloomberg ninety nine 726 00:41:21,280 --> 00:41:23,799 Speaker 1: one and one oh five points seven FM HD two. 727 00:41:23,880 --> 00:41:26,840 Speaker 1: Nathan all Right, John, Thanks six fifty six on Wall Street, 728 00:41:26,880 --> 00:41:30,279 Speaker 1: this is Bloomberg Daybreak. Of course, March is Women's History Month, 729 00:41:30,320 --> 00:41:33,239 Speaker 1: and every day this month we're celebrating significant moments in 730 00:41:33,280 --> 00:41:36,200 Speaker 1: women's history. Now with their installment from March twenty three, 731 00:41:36,360 --> 00:41:39,840 Speaker 1: here is Bloomberg's Nita Young on this day in Women's History. 732 00:41:39,880 --> 00:41:44,440 Speaker 1: In nineteen seventeen, Virginia Wolf establishes the Hogarth Press with 733 00:41:44,480 --> 00:41:47,719 Speaker 1: her husband Leonard Wolf in the dining room of their home. 734 00:41:48,239 --> 00:41:51,640 Speaker 1: They published works by key modernist writers, and on the 735 00:41:51,719 --> 00:41:55,239 Speaker 1: day they established the Hogarth Press, Virginia and Leonard were 736 00:41:55,239 --> 00:41:57,960 Speaker 1: walking down the street in London and saw the Excelsior 737 00:41:58,080 --> 00:42:01,960 Speaker 1: Printing Supply Company window. Before that, they'd been turned down 738 00:42:02,000 --> 00:42:04,560 Speaker 1: at the St Bride School of Printing, but when they 739 00:42:04,600 --> 00:42:07,759 Speaker 1: walked into Excelsior, and assistant convinced them that with the 740 00:42:07,760 --> 00:42:10,600 Speaker 1: help of a sixteen page booklet, they'd be able to 741 00:42:10,640 --> 00:42:14,520 Speaker 1: teach themselves all they needed to start their own printing business. 742 00:42:15,000 --> 00:42:18,319 Speaker 1: So the Wolfs bought a small hand printing press and 743 00:42:18,400 --> 00:42:22,080 Speaker 1: launched the business. Virginia would print several of her own books, 744 00:42:22,320 --> 00:42:25,240 Speaker 1: and she's now considered one of the most innovative writers 745 00:42:25,239 --> 00:42:29,400 Speaker 1: of the twentieth century. Through their non linear approaches to writing, 746 00:42:29,600 --> 00:42:34,319 Speaker 1: Virginia's novels greatly influenced the narrative genre that's sitting in 747 00:42:34,320 --> 00:42:38,520 Speaker 1: women's history. I'm rend A Young, Bloomberg Radio. All right, Rinita, 748 00:42:38,600 --> 00:42:41,800 Speaker 1: thank you. Future is moving lower on this Wednesday morning. 749 00:42:41,840 --> 00:42:46,360 Speaker 1: Bloomberg Surveillance is up next for John Tucker. I'm Nathan Hagar. 750 00:42:46,560 --> 00:42:47,920 Speaker 1: This is Bloomberg