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Speaker 1: Markets, headlines and breaking news twenty four hours a day

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Speaker 1: at Bloomberg dot Com, the Bloomberg Business Out and at

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Speaker 1: Bloomberg Quick Take. This is a Bloomberg Business Flash and

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Speaker 1: I'm Karen Moscow. US dot index Future is declining on

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Speaker 1: the final trading day of the year as financial markets

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Speaker 1: close out the worst year in more than a decade

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Speaker 1: for global equities and bonds. We check the markets all

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Speaker 1: day long here on Bloomberg s and P Futures or

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Speaker 1: down about four tenths of upper cent or fifteen points down,

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Speaker 1: futures down a third of upper cent or a hundred

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Speaker 1: nine points, and as dack features down four tens of

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Speaker 1: uppercent for forty six points. Ten year treasury down nine

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Speaker 1: thirty seconds. You know three point eight four percent That

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Speaker 1: yield on the two year four point three eight percent.

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Speaker 1: NIMEX screwed oil is down a tenth of upper cent

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Speaker 1: or eight cents at seventy eight dollars thirty two cents

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Speaker 1: a barrel co make school little changed at a dollar

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Speaker 1: thirty At eighteen twenty four, seventy announced the euro one

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Speaker 1: point six eight two against the dollar, British pound one

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Speaker 1: point to zero three seven. The end one one, eight two,

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Speaker 1: and bitcoin is down six tent seven percent. It's it

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Speaker 1: just under sixteen thousand, five hundred dollars, and that's a

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Speaker 1: Bloomberg business flash, John Karen, thanks a lot. That brings

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Speaker 1: us to six fifties six on Wall Street. Time to

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Speaker 1: take a look at some of the stocks and names

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Speaker 1: that are moving to the pre market. For that, we're

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Speaker 1: joined by Bloomberg, Radio and TV Markets corresponded pretty grouped.

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Speaker 1: For the new year, I resolve to be a little

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Speaker 1: less focused on some of the specific names and more

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Speaker 1: focused on sectors a worthy cause, I think a worthy

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Speaker 1: resolution for sure. I would say that because I just

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Speaker 1: I don't know, there's nothing that really stands out and

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Speaker 1: excites me this morning. Yeah, I think that's fair. I mean,

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Speaker 1: look you, I'm looking at the SPI right now to

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Speaker 1: five and five stocks that are training. There only four

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Speaker 1: that are in the green right now, so pretty broad

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Speaker 1: sell off when you look at it. Some of the

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Speaker 1: worst performing companies are actually in the biotech space, there,

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Speaker 1: in the commodity space, there in the uh kind of

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Speaker 1: um airline space. The ones that were rebounding or had

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Speaker 1: little pockets of green this week are all selling off.

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Speaker 1: Today's your worst performer. For example, this morning in pre

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Speaker 1: market trading's Norwegian Cruise Lines and c l H down

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Speaker 1: one point seven percent, and it's joined by some of

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Speaker 1: the other kind of volatility players think Airlines, Cruise Lines,

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Speaker 1: American Airlines is up there as well, a L down

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Speaker 1: one two percent, as well as some of the casino

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Speaker 1: names UM which have that exposure to China, which have

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Speaker 1: also been kind of a volatility play as of late.

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Speaker 1: LVS is for Las Vegas Sands down about one percent

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Speaker 1: as well. So you can see, uh, the ones that

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Speaker 1: are the most volatile are the ones that are selling

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Speaker 1: off the most surprise. Surprise, but there is some green

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Speaker 1: on the screen. Like I mentioned, there are two actually

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Speaker 1: kind of interesting stories. We have to talk about Tesla

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Speaker 1: because Tesla is making its rebound again third day in

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Speaker 1: a row. T s l a UM up about seven

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Speaker 1: tenths of one percent, and by the way, it is

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Speaker 1: now the biggest mover this morning, but not far behind

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Speaker 1: it is Murk and this is actually a fundamental story.

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Speaker 1: On the last trading day of the year, m r

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Speaker 1: K chairs are up about seven tenths of one sent

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Speaker 1: and by the way, seeing the most volume in the

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Speaker 1: pre market. That title usually goes to Tesla. So today

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Speaker 1: Mark actually getting in. This coming after China approves Mark's

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Speaker 1: COVID therapy given that they have a shortage of drugs,

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Speaker 1: so they've approved Mark's COVID nineteen anti viral for emergency use.

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Speaker 1: And of course this comes after Beijing is looking to

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Speaker 1: expand and really accelerate their reopening. They have their own drugs,

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Speaker 1: but they're not m R and A based and there's

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Speaker 1: some anecdotal evidence to suggest that those vaccines in China

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Speaker 1: aren't really great. And this is Remember this isn't the vaccine,

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Speaker 1: this is the like if you get covid, how you

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Speaker 1: treat So it's the Mark. But I remember they had

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Speaker 1: already cleared Pax Slovid from fiser Um earlier this year

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Speaker 1: because there were last trading day of the year. I was,

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Speaker 1: I guess yesterday might qualify for Santa Claus rally. I

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Speaker 1: suppose we heard so much about the tax harvesting year

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Speaker 1: of does that account for some of the selling? Well,

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Speaker 1: we don't know. I think something you have to wait,

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Speaker 1: check with my accountant. Yeah, like see see if he

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Speaker 1: did something something there? But you mentioned the Santa rally,

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Speaker 1: I mean look out of the last five trading days

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Speaker 1: of the year, only two in the green TV markets

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Speaker 1: corresponded Crittic Group to thanks and looking at stocks as

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Speaker 1: a whole right now ahead of they can't show up

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Speaker 1: in SMB futures down fifteen points, the DAL futures one

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Speaker 1: hundred fourteen points lower, and the anzac Emity futures right

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Speaker 1: now are down forty eight points for Critty. For Karen Moscow,

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Speaker 1: I'm John Tucker. Bloomberg Surveillance is straight ahead, live from

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Speaker 1: the financial capital of the world, broadcasting across the globe.

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Speaker 1: This is WBBR, New York, Bloomberg. He lived Trio. Now

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Speaker 1: going into next year, everyone is parished, right, gonna have

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Speaker 1: this massive recession. Markets headlines and breaking news twenty four

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Speaker 1: hours a day at Bloomberg dot Com, the Bloomberg Business

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Speaker 1: at and at Bloomberg Quick Tape. He's a Bloomberg Business

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Speaker 1: lash and I'm far in Moscow. It is the final

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Speaker 1: trading day of the year. Futures are lower. We go

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Speaker 1: to the first Word breaking news desk for today's morning call,

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Speaker 1: and here's Bill Maloney. Bill, good morning, Hey, good morning, Karen.

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Speaker 1: That's right. US futures are pointing to a lower open

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Speaker 1: Without futures down sixty seven points, SAPES drop nine, and

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Speaker 1: NASTAC futures a lower by thirty. The US ten year

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Speaker 1: at three point eight five percent, Gold is up three,

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Speaker 1: oil is in the red, and bitcoin is trading lower

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Speaker 1: by point six percent. Shanghai rose half a percent overnight,

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Speaker 1: while up and markets are also in the red this

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Speaker 1: morning and back in the US on the economic front

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Speaker 1: at nine Chicago p m I. In other news, the

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Speaker 1: b o J went big again with the third day

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Speaker 1: of unscheduled bond purchases and wrapping things up. The S

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Speaker 1: and P five hundred is on course for its worst

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Speaker 1: year since two thousand and eight. Live from the First

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Speaker 1: to Breaking News desk on billm care Alright, Bil, thank you,

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Speaker 1: and here live breaking news over your Bloomberg type squawk

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Speaker 1: on your terminal SCU you a w K. That's a

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Speaker 1: Bloomberg business flash. Now here's Michael Barr with more on

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Speaker 1: what's going on around the world. Michael Karen. A House

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Speaker 1: committee has sets released six years of Donald Trump's tax

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Speaker 1: returns today, pulling back the curtain on financial records that

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Speaker 1: the former president fought for years to keep secret. Southwest

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Speaker 1: Airline says it expects to return to a normal flight

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Speaker 1: schedule today. The declaration comes after nearly a week of

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Speaker 1: cancelations and delays for travelers. Thursday night football, the Cowboys

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Speaker 1: beat the Titans in the NBA. The next loss the

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Speaker 1: Celtics won in the NHL. The Rangers lost in the

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Speaker 1: shootout to the Lightning to one, the Islanders won the

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Speaker 1: Capital's lost in overtime to the Senators for three, and

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Speaker 1: soccer legend Pelee has died after a battle with cancer.

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Speaker 1: He was eighty two Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quick Take, powered by

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

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Speaker 1: a hundred twenty countries. Michael Barr, this is Bloomberg, Karen alright,

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Speaker 1: Michael Barr, thing Q six forty two on Wall Street.

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Speaker 1: Let's turn to news and science and technology now with

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Speaker 1: the Bloomberg and j I T Stem Report. And here's

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Speaker 1: just making news and science, technology, engineering, and math. U

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Speaker 1: S officials approve the US Health officials approval process for

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Speaker 1: Biogen controversial for Biogen's controversial Alzheimer's drug was rife with

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Speaker 1: the regularities. According to our report by two House committees,

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Speaker 1: They called the FDA's collaboration with Biogen while assessing the

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Speaker 1: drug excessive. The report also criticized Biogen for setting an

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Speaker 1: unjustifiably high yearly price for the product. The Japanese subsidiary

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Speaker 1: of SAM bankman Freed's bankrupt cryptocurrency exchange f t X,

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Speaker 1: as it will start returning customer assets from the middle

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Speaker 1: of February. Ft X jrapans that it's developing systems to

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Speaker 1: enable its customers to withdraw their assets. And agricultural commodities

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Speaker 1: are heading for the longest stretch of annual gains since

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Speaker 1: at least the early nineties, as drought in war got

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Speaker 1: production and a road inventories keeping global food inflation simmering.

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Speaker 1: The Bloomberg agriculture spot in decks, which includes everything from corn,

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Speaker 1: wheat and coffee, is Spoisia cap four years of increases.

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Speaker 1: Another bullish driver is China's reopening and as a Bloomberg

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Speaker 1: and j I t Stem report, never good when the

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Speaker 1: price of coffee is going up. John especially the shifting

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Speaker 1: Yeah It's gonna say thanks. Karen sixty three on Wall

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Speaker 1: Street timed out to check what's going on at d C.

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Speaker 1: Some of the top stories in the nation's capital, include

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Speaker 1: Sam Bankman free meeting with Biden aids in the pre

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Speaker 1: collapse crypto push. There are increasing calls for Representative elect

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Speaker 1: George Santos to call it quits, and Democrats preparing to

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Speaker 1: release years of former President Trump's tax returns, the US

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Speaker 1: sending billions in a to Ukraine as Russia ramps up

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Speaker 1: attacks on the country. Let's take a deeper dive into

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Speaker 1: some of these stories this morning with Terry Haynes, founder

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Speaker 1: of Pangea Policy, joining us now to talk about those

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Speaker 1: latest stories in DC. Always welcome to the last training

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Speaker 1: day of the yearth Terry Haynes, And what do you here?

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Speaker 1: It's Ben um So who wants to be associated with

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Speaker 1: Sam Bankman freeed raise your hands? Oh nobody? Um he

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Speaker 1: was at the White House or apparently meeting with some

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Speaker 1: White House officials, So um so what gives? And uh

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Speaker 1: Democrats Republican is gonna make hey out of this? Well, first,

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Speaker 1: Happy New Year to you and everybody on day break, John,

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Speaker 1: thank you for having me. I appreciate it. The the well, sure,

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Speaker 1: I mean, hey, hey will be made so let's stipulate that.

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Speaker 1: But look, you know, Bankman Fried ran around for a

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Speaker 1: couple of years, uh, throwing money all over the place

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Speaker 1: in Washington, and any time, Uh, you know, you've got

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Speaker 1: a donor who's shoes, who turns into the second biggest

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Speaker 1: donor in the mid terms, lots of people are gonna

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Speaker 1: want to meet with him. Uh. So, you know, meetings

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Speaker 1: were hat But at the same time, I don't think

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Speaker 1: that Bankmund Freed made any headway on anything that Bankman

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Speaker 1: Freed cared ab out to me. You know, certainly he's

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Speaker 1: he's in a heap of trouble regardless of any meetings

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Speaker 1: he had in Washington. Firstly, Secondly, uh, there was no

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Speaker 1: you know, there's a lot of bally who about uh,

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Speaker 1: you know, him wanting a particular sort of regulatory regime

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Speaker 1: for crypto. There was never any uh, any likelihood that

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Speaker 1: cryptil legislation was going to pass in the now dying

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Speaker 1: current Congress. Uh. You know, nobody for for one simple reason,

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Speaker 1: nobody agrees on what should be done. And the arguments

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Speaker 1: that you presented about fifteen minutes ago with uh with

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Speaker 1: Connressman Sherman and Congressman mckenry showed that on the one hand,

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Speaker 1: you've got uh Mr Sherman, who wants to talk about,

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Speaker 1: you know, sort of not regulating cryptio at all and

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Speaker 1: walling and off from the you know, kind of the

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Speaker 1: real system. On the other hand, uh, soon to be

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Speaker 1: chairman mckenry makes a very good point that, uh, you know,

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Speaker 1: you're gonna have a situation where if you ignore this

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Speaker 1: stuff and wallowed off, well then you know, somebody's somebody's

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Speaker 1: gonna be hurt in different ways and we're gonna be

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Speaker 1: behind on the responsible regulation of the stuff. And that

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Speaker 1: really shows, uh, just how far apart everybody is on crypto.

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Speaker 1: So you know, net Net, uh, I think hey will

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Speaker 1: be made bankman free, thrown around a lot of money here.

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Speaker 1: You know, there's a lot of uh you know, nobody

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Speaker 1: wants to be seen with him, of course, and people

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Speaker 1: are gonna have to start giving the money back they

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Speaker 1: haven't already. But you know, it's I think it's a

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Speaker 1: non story compared to the bigger, the bigger fraud. Okay,

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Speaker 1: here's another story that seems to keep on giving increasing

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Speaker 1: calls for George Santos to call it quits even before

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Speaker 1: he's sworn into Congress. Um. The Times had a peace

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Speaker 1: um highlighting, among other things, usual disbursements, documenting us documented

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Speaker 1: in his campaign filings. Where does this go? Um? Where

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Speaker 1: this goes is that you know when last week talked,

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Speaker 1: you know, mere days ago, I think about mrs and

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Speaker 1: more revelations have come out since then. Yeah, yeah, exactly

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Speaker 1: when you know, it seemed, uh, it seem sort of comic.

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Speaker 1: And you know now he's being mentioned more and more

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Speaker 1: with the same breath with with people like SPF and

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Speaker 1: Elizabeth Holmes of Toronto's. Uh. What I said then was

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Speaker 1: that I thought he served a maximum of one term

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Speaker 1: and uh and probably less. And I'll i'll say today

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Speaker 1: that you know that I think we're trending strongly towards

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Speaker 1: the probably much less. Uh, and he's probably out of

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Speaker 1: office within a couple of months. You've got a clearer,

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Speaker 1: clearer picture now, you've got at least three investigations. You'll

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Speaker 1: have the NASA DA which has started, the U S

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Speaker 1: attorney in Brooklyn is rumored to be looking around at

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Speaker 1: some things. And you know, if he gets sworn in, uh,

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Speaker 1: you know, Congress I think almost certainly will launch an

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Speaker 1: investigation on him quickly. You've got all these questions, which

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Speaker 1: again you you talked about earlier in the hours, so

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Speaker 1: I won't the labor them. But you know, this is

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Speaker 1: gonna be death by a thousand paper cuts for Mr

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Speaker 1: Santos pretty quickly. Where's this money come from? Who are

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Speaker 1: you really all this sort of stuff? And uh, and

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Speaker 1: you know he's not going to be around long frankly. Uh.

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Speaker 1: You know the party, his own parties cut them loose.

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Speaker 1: The other sides, Uh, the other side's trash and him

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Speaker 1: and you know, the big unknowns for me at this

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Speaker 1: point really come down to, you know, in the election,

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Speaker 1: where was his opponent? The stuff was all out there,

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Speaker 1: not really hard to figure out, So I don't know

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Speaker 1: what opposition research was doing there. The press wasn't doing

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Speaker 1: very much locally anyway. And you know, his own party

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Speaker 1: apparently it's some sort of an open secret uh in

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Speaker 1: some Republican orders that uh, you know a lot of

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Speaker 1: this stuff was not exactly on the up and up.

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Speaker 1: So there's gonna be a lot of people having a

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Speaker 1: lot to answer for. Um. And let's do this in

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Speaker 1: fifteen seconds when the Trump tax returns it released by

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Speaker 1: Democrats today, big fewer or dies on the vine or

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Speaker 1: what resounding that I think? Uh, you know, so much

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Speaker 1: of this uh, the Trump stuff by maocrats and I'm

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Speaker 1: by no means the trop apologist. So much of this

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Speaker 1: stuff is uh, you know, kind of years too late

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Speaker 1: to make much of a difference to anybody but the base.

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Speaker 1: Who will you know, a hal a few things and

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Speaker 1: that will be it. Terry, thanks as always, and again

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Speaker 1: Happy New Year. Thanks for being here, founder of Pangea

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Speaker 1: Policy and you can read more about these stories on

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Speaker 1: Bloomberg dot com or the Bloomberg Terminal. Also a reminder,

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Speaker 1: you can follow all the latest on Bloomberg Radio in Washington,

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Speaker 1: d C. That's Bloomberg at one oh five point seven

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Speaker 1: fm h D two ahead of the cash open on

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Speaker 1: Wall Street well after yesterday's rally. The futures right now

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Speaker 1: indicate a lower open on Wall Street. Start with the

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Speaker 1: MAS Deck futures. They're down forty points, that's down about

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Speaker 1: four tens of a percent, SMP futures down twelve, the

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Speaker 1: Dow futures ninety one points lower. You're listening to Bloomberg

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Speaker 1: Day Break, Markets, headlines and breaking news twenty four hours

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Speaker 1: a day at Bloomberg dot com, the Bloomberg Business apt

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Speaker 1: and at Bloomberg Trick Tape. She's a Bloomberg Business Flash,

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Speaker 1: and I'm Karen Moscow. Futures are lower on this final

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Speaker 1: training day of the year. We checked the markets all

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Speaker 1: day long here at Bloomberg. SNP futures down fourteen points

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Speaker 1: or a third of up percent. Futures down three tents

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Speaker 1: of uppercent or one hundred seven points, and as day

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Speaker 1: futures down four tens of uppercent or forty five points.

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Speaker 1: Ten year treasury down nine thirty seconds. You have three

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Speaker 1: point eight four percent they yield on the two year

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Speaker 1: four point three eight percent. Nimex screwed oils down a

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Speaker 1: quarter percent or eighteen cents at seventy eight dollars, twenty

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Speaker 1: two cents of barrel coll mix gold down a tenth

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Speaker 1: of u per cent or two dollars ten cents at

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Speaker 1: one thousand, eight hundred twenty three dollars ninety cents announced

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Speaker 1: and the Euro one point oh six eight four against

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Speaker 1: the dollar. As a Bloomberg Business Flash. Now here's Michael

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Speaker 1: Barr with more on what's going on around the world.

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Speaker 1: Michael Karen. A House committee will release six years of

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Speaker 1: Donald Trump's tax returns today. There will be some redactions

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Speaker 1: of sensitive information. Southwest Airline says it expects to return

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Speaker 1: to her nor More flight schedule today. The doctoration comes

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Speaker 1: after nearly a week of cancelations and delays for travelers

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Speaker 1: in the NFL. The Cowboys beat the Titans in the NBA.

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Speaker 1: The next loss Celtics won in the NHL. The Rangers

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Speaker 1: lost in the shoot out the Islands one Capitals lost

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Speaker 1: in overtime. Global News twenty four hours a day on

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Speaker 1: air and on Bloomberg Quick Take, powered by more than

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Speaker 1: twenty seven hundred journalists and analysts more than a hundred

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Speaker 1: twenty countries. Michael Barr, this is Bloomberg. John all right, Michael,

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Speaker 1: thank you, six twenty three on Wall Street. I'm John Soccer.

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Speaker 1: This is Bloomberg Daybreak. Questions over crypto legislation being raised

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Speaker 1: in the wake of the collapse of the f t X,

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Speaker 1: as a new report that says the co founder, Sam

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Speaker 1: Bankman Freed held at least four meetings with senior White

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Speaker 1: House officials this year, part of a push the influenced

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Speaker 1: crypto policy. Democratic Counsel Representative brand Sherman, a member of

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Speaker 1: the House of Financial Services Committee, is weighing in on

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Speaker 1: the issue. In an interview with Bloomberg's Madison Mills. You

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Speaker 1: made your views really crystal clear with that quote. But

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Speaker 1: I wonder is this a chicken or an egg thing?

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Speaker 1: Could regulation have prevented the bad actor here? I think

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Speaker 1: regulation could have been somewhat helpful. But ultimately, when you

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Speaker 1: send your money to Bahamas or Cayman Islands, it's for

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Speaker 1: the purpose of evading US law. I mean, though, you know,

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Speaker 1: Cayman Islands might have be a good place to snorkele,

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Speaker 1: but if you choose to bank there or the Bahamas,

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Speaker 1: they're you're you're You're seeking to evade the very laws

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Speaker 1: that would, on the one hand, enforce our our tax laws,

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Speaker 1: on the other hand, protect investors. Some of those investors

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Speaker 1: get a little shaky about legislation because every time Congress

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Speaker 1: discusses it, they lose a little bit more money. The

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Speaker 1: market doesn't like regulation like that. So what is your

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Speaker 1: message to the crypto fans on your position? This is

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Speaker 1: an enterprise which will probably sail, but if it succeeds

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Speaker 1: in it's purpose, its purpose is to create a new

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Speaker 1: currency which will disadvantage the average American. It's purpose is

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Speaker 1: to have a new currency that competes with the dollar

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Speaker 1: by offering one purported advantage. It's right there in the

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Speaker 1: name cryptocurrency hidden money, and I don't think we need

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Speaker 1: hidden money. I think we need transparent financial transactions. It's

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Speaker 1: interesting because that you again make your positioning very clear,

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Speaker 1: but some of your colleagues on the Hill have very

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Speaker 1: different opinions. I interviewed Representative Patrick McHenry on cryptoregulation, and

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Speaker 1: here is what he had to say about the risks

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Speaker 1: of that regulation. He was taking advantage of UH a

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Speaker 1: lack of clarity and regulation. But we have to understand

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Speaker 1: the US is that we do have an open digital

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Speaker 1: border UM and new products will emerge, and if we

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Speaker 1: don't have a regulatory regime and a rule of law

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Speaker 1: that is enforced around UH this new technology, UM, we're

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Speaker 1: gonna have our our consumers fall victim to the worst

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Speaker 1: actors globally. Does the US miss a chance to be

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Speaker 1: a world leader by overregulating crypto? We would lose a

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Speaker 1: chance to be a world leader in hidden money, which

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Speaker 1: is exactly what cryptocurrency means. We lose a chance to

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Speaker 1: help wealthy people evade our tax laws. We lose a

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Speaker 1: chance for people like Sam Bankman freed to evade our

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Speaker 1: bankruptcy courts. We make it easier for husbands who are

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Speaker 1: planning to leave their wives to hide moneys from our

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Speaker 1: family courts. This is what innovation is offering us. And

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Speaker 1: it also offers a chance for people to bet that, well,

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Speaker 1: I'm not leaving my wife, I'm not cheating on my taxes.

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Speaker 1: But I want to bet that this becomes such a

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Speaker 1: useful tool that I can sell it to somebody who

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Speaker 1: does want to use it for those purposes and make

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Speaker 1: a profit. That's Democratic Congressman Brad Sherman speaking with Madison

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Speaker 1: Mills on Bloomberg Sat Down. You can catch the program

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Speaker 1: weekdays five pm Eastern on Bloomberg Radio and here the

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Speaker 1: full interview on the Daily Sound On podcast, available on Apples, Spotify,

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Speaker 1: and anywhere else that you get your podcasts. Ahead of

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Speaker 1: the cash shop on Ball Street this morning, right now,

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Speaker 1: the futures are in the red DAL futures down one two,

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Speaker 1: smp EMNY futures down thirteen. The Nasdeck futures are down

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Speaker 1: fourteen points. Just ahead this morning's top stories, plus your

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Speaker 1: local headlines and a check of the markets. But first,

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Speaker 1: let's get a look at today's Bloomberg weather forecast. Forty

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Speaker 1: six degrees in Central Park. Rob Caroline has the weekend

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Speaker 1: weather forecast. Any clowning this this morning will be giving

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Speaker 1: way to sunshine. Hides across the Tristate area are mild today,

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Speaker 1: fifty climbing up overnight five Rine who's in By late

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Speaker 1: to day tomorrow fifty to fifty five. Reigned for New

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Speaker 1: Year's Eve lows forty five to fifty. It ends by

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Speaker 1: morning New Year's Day, becoming apparently mostly sunny, remaining mild,

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Speaker 1: highs fifty to fifty five. I'm Rob Carol Vane with

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Speaker 1: your three day forecast. I'm Bloomberg eleven three oh broadcasting

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Speaker 1: live from the Bloomberg Interacted Broker Studio in New York,

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Speaker 1: Bloomberg E Living Freedom to Washington, d C, Bloomberg nine

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Speaker 1: to Boston, Bloomberg one oh six one to San Francisco,

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Speaker 1: Bloomberg sixty to the Country, Sirius xm CHO one nine

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Speaker 1: and around the globe the Bloomberg Business apt and Bloomberg

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Speaker 1: Radio dot Com. This is Bloomberg Daybreak. It's coming up

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Speaker 1: on six thirty on Wall Street. Good morning, I'm John

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Speaker 1: Tucker and I'm Karen Moscow, and we're just about three

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Speaker 1: hours away from the open of US trading. It's time

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Speaker 1: for the five things that you need to not to

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Speaker 1: start your day, brought to you by Innovation Refunds. Your

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00:21:58,040 --> 00:22:01,240
Speaker 1: business may be eligible to receive eight hey roll tax refund.

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00:22:01,440 --> 00:22:04,480
Speaker 1: The application takes around eight minutes eight minutes or less

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00:22:04,560 --> 00:22:07,000
Speaker 1: to see if you're small to medium sized business may

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00:22:07,040 --> 00:22:09,280
Speaker 1: be eligible for a refund of up to twenty six

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Speaker 1: thousand dollars per employee kept on the payroll during the pandemic.

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Speaker 1: Find out it get refunds dot Com at First US

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Speaker 1: futures are lower as we entered the final trading day

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Speaker 1: of the year to mark the worst year in more

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Speaker 1: than a decade for global equities and bonds. David Bonson,

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Speaker 1: chief investment officer at the Bonson Group, says to look

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Speaker 1: for some gains in the new year, even if there

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Speaker 1: is a recession. You can have a recession, you can

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Speaker 1: have a bear market and still have some things in

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Speaker 1: the market do well when other things are not. That's

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Speaker 1: really what I expect going into twenty three. David Boonson

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Speaker 1: with the Bonson Groups these prices coming down next year,

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Speaker 1: but still thinks caution is warranted. And overseas in Ukraine,

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Speaker 1: Runchia launched one of its heaviest barrages on major cities

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Speaker 1: like Kiev, aiming to destroy civilian targets. At the same time,

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Speaker 1: President Biden sign a government funding bill that includes forty

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Speaker 1: seven billion dollars in aid for you, and the US

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Speaker 1: also considering sending Bradley fighting vehicles to the country. News

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Speaker 1: this morning, John tied to collapse Crypto Exchange f t X.

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Speaker 1: Meetings between White House officials and former CEO Sam Bankman

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Speaker 1: Freed are coming under scrutiny. Bloomberg Dave Rapp Report joins

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Speaker 1: US Live with more. Steve good Morning, Good morning, Karen,

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Speaker 1: and John. Bankman Freed was banking on making connections with

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Speaker 1: the Biden administration to promote his company and the crypto biz.

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Speaker 1: Previously disclosed visitor logs show SPF had three meetings with

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Speaker 1: top White House officials, and a source confirms to Bloomberg

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Speaker 1: there was a fourth meeting with a Biden senior advisor.

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Speaker 1: Those connections fell apart after the collapse of f t

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Speaker 1: X and Bankman freed subsequent arrest in the Bahamas. We're

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Speaker 1: also learning Bahamian action government took quickly action when at

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Speaker 1: t X one under having ceased three and a half

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Speaker 1: billion dollars in digital assets by the next day. Live

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Speaker 1: in New York, I'm Steve Rappaport Bloomberg Day Break. All right, Steve,

430
00:23:50,600 --> 00:23:53,360
Speaker 1: thanks on Capitol Hill. Today, House Committee Center released six

431
00:23:53,520 --> 00:23:57,520
Speaker 1: years of Donald Trump's tax returns. Republicans who soon take

432
00:23:57,560 --> 00:24:00,640
Speaker 1: control of the House, they're threatening to released acts returns

433
00:24:00,680 --> 00:24:04,360
Speaker 1: of Democrats, but US Representative Brendon Boyle says that might

434
00:24:04,480 --> 00:24:07,840
Speaker 1: not have the intended impact. There has been sort of

435
00:24:07,920 --> 00:24:10,920
Speaker 1: a threat from the other side that has created new precedent.

436
00:24:11,160 --> 00:24:13,920
Speaker 1: That's just not so. For two reasons. Every president since

437
00:24:14,000 --> 00:24:18,600
Speaker 1: Nixon has voluntarily released their tax returns every single year.

438
00:24:19,080 --> 00:24:22,920
Speaker 1: That Republicans are threatening to say, release Joe Biden's tax returns,

439
00:24:23,040 --> 00:24:27,000
Speaker 1: well great, they're already public. And that's Democratic Congressman Brendan

440
00:24:27,040 --> 00:24:30,600
Speaker 1: Boyle speaking with Madison Mills on Bloomberg Sound On. Catch

441
00:24:30,720 --> 00:24:34,200
Speaker 1: the program at five pm Eastern on Bloomberg Radio. That's

442
00:24:34,240 --> 00:24:37,360
Speaker 1: the five things you need to know to start your day.

443
00:24:38,160 --> 00:24:41,280
Speaker 1: SMP futures right now thirteen points lower, the down futures

444
00:24:41,320 --> 00:24:44,919
Speaker 1: are down nineties seven points, and then day futures right

445
00:24:44,960 --> 00:24:48,960
Speaker 1: now are forty three points lower after yesterday's rally. This

446
00:24:49,359 --> 00:24:55,560
Speaker 1: is Bloomberg, and that brings us to six thirty one

447
00:24:55,560 --> 00:24:58,040
Speaker 1: on Wall Street Time to bring in Michael Barr for

448
00:24:58,119 --> 00:25:01,800
Speaker 1: Look News Around the World and New York. Good Morning, Michael,

449
00:25:01,920 --> 00:25:04,480
Speaker 1: Good morning John. The anger to a New York Congressman

450
00:25:04,480 --> 00:25:07,720
Speaker 1: elect George Santos is growing. Dozens of his Long Island

451
00:25:07,760 --> 00:25:12,440
Speaker 1: constituents held a demonstration in the congressional district yesterday. We

452
00:25:12,520 --> 00:25:16,160
Speaker 1: were bamboozled, absolutely light too, and we do not want

453
00:25:16,240 --> 00:25:19,359
Speaker 1: this representation in District three. They called on the New

454
00:25:19,440 --> 00:25:22,760
Speaker 1: York Republican to resigned. Santos has been under fire for

455
00:25:22,920 --> 00:25:26,320
Speaker 1: lying about his education, work experience, and even his faith

456
00:25:26,440 --> 00:25:29,080
Speaker 1: and family. The city of Buffalo is trying to get

457
00:25:29,160 --> 00:25:32,359
Speaker 1: back on its feet from a destructive storm. Snow reached

458
00:25:32,400 --> 00:25:34,840
Speaker 1: as high as four feet in the city, contributing to

459
00:25:35,000 --> 00:25:38,760
Speaker 1: dozens of death. Now the weather is warming up and

460
00:25:38,920 --> 00:25:42,479
Speaker 1: there are concerns of flooding from melting snow. President Joe

461
00:25:42,560 --> 00:25:44,800
Speaker 1: Biden Is signed a one point seven trillion dollar bill

462
00:25:44,920 --> 00:25:50,760
Speaker 1: funding government operations through September. Up New York's first legal

463
00:25:50,880 --> 00:25:54,560
Speaker 1: we dispensary is now open for business. Long lines formed

464
00:25:54,560 --> 00:25:58,720
Speaker 1: outside the housing works new Dispensary and Greenwich Village yesterday afternoon,

465
00:25:59,240 --> 00:26:02,800
Speaker 1: the first sale of legal cannabis took place at four

466
00:26:03,119 --> 00:26:06,600
Speaker 1: twenty pm. This man was among the customers standing in

467
00:26:06,680 --> 00:26:09,560
Speaker 1: line for hours. This is the social equity we look for,

468
00:26:09,720 --> 00:26:11,639
Speaker 1: hope for that. You know, we are still need out

469
00:26:11,640 --> 00:26:13,600
Speaker 1: of comportents, so we hope not to still be squeezed

470
00:26:13,600 --> 00:26:15,920
Speaker 1: out in other manners. I see some people don't have

471
00:26:16,040 --> 00:26:19,720
Speaker 1: the capital, some people don't have the properties. They did

472
00:26:19,920 --> 00:26:23,160
Speaker 1: the confetti test ahead of the New Year's eve Ball

473
00:26:23,280 --> 00:26:27,000
Speaker 1: dropped tomorrow night in Times Square, New Year's Eve Ball dropped.

474
00:26:27,080 --> 00:26:30,760
Speaker 1: Co producer Jeffrey strouds, It's gonna be the best time

475
00:26:30,760 --> 00:26:35,879
Speaker 1: I ever. We're gonna start together, ready, five four three

476
00:26:36,440 --> 00:26:42,680
Speaker 1: two one, Three thousand pounds of colorful paper will rain

477
00:26:42,800 --> 00:26:45,720
Speaker 1: down on the city Street Saturday night. Global Neme is

478
00:26:45,720 --> 00:26:48,359
Speaker 1: twenty four hours a day on air and on Bloomberg Quickday,

479
00:26:48,440 --> 00:26:50,960
Speaker 1: powered by more than seven hundred journalists analyists more than

480
00:26:50,960 --> 00:26:54,280
Speaker 1: a hundred twenty countries. Michael Vard, this is Bloomberg, John Michael,

481
00:26:54,320 --> 00:27:01,120
Speaker 1: thank you, and that's this thirty three Wolf Street time

482
00:27:01,160 --> 00:27:03,200
Speaker 1: down for the Bloomberg Sports Report, being brought to you

483
00:27:03,320 --> 00:27:05,520
Speaker 1: by your try State out of the other's Good morning,

484
00:27:05,600 --> 00:27:08,359
Speaker 1: Dan Schwartzman. Good morning, Jentham. The Knicks losing on the

485
00:27:08,440 --> 00:27:11,040
Speaker 1: road in San Antonio. The Spurs get it back from

486
00:27:11,080 --> 00:27:13,320
Speaker 1: the time I started going up the Toto Sharp Talk

487
00:27:13,560 --> 00:27:23,080
Speaker 1: Bell Josh match courtesy the Spurs Radio Network. The Nike's

488
00:27:23,080 --> 00:27:26,240
Speaker 1: falling to the Spurs one fifteen despite forty one points

489
00:27:26,280 --> 00:27:29,040
Speaker 1: eleven rebst from Julius Randall and thirty six points from

490
00:27:29,040 --> 00:27:32,280
Speaker 1: Emmanual Quickly Caldon Johnson leading the Spurs with thirty points

491
00:27:32,320 --> 00:27:34,359
Speaker 1: in the wind. The Rangers falling to the Lightning in

492
00:27:34,480 --> 00:27:36,760
Speaker 1: Tampa Bay two to one in a shootout despite thirty

493
00:27:36,840 --> 00:27:38,760
Speaker 1: nine stais from the grusterk in his New York has

494
00:27:38,800 --> 00:27:41,119
Speaker 1: now lost two games in a row. Meanwhile, the Islanders

495
00:27:41,160 --> 00:27:43,080
Speaker 1: have been passed the Columbus Blue Jackets two to one

496
00:27:43,280 --> 00:27:45,600
Speaker 1: as New York gets goals from bars elm Pejo. The

497
00:27:45,720 --> 00:27:48,879
Speaker 1: Dallas Cowboys improved to twelve and fourth thirteen. Went on

498
00:27:48,960 --> 00:27:51,680
Speaker 1: the road at the Tennessee Titans on Thursday Night Football

499
00:27:51,800 --> 00:27:54,399
Speaker 1: as Dak Prescott throws two second half touchdowns both the

500
00:27:54,440 --> 00:27:56,960
Speaker 1: tight end Dalton Schiltz. Meanwhile, the Jets and Giants in

501
00:27:57,000 --> 00:27:59,320
Speaker 1: action on Sunday with playoff hopes on the line. At

502
00:27:59,359 --> 00:28:01,440
Speaker 1: The Jets are the route this Chattle Seahawks and the

503
00:28:01,520 --> 00:28:04,160
Speaker 1: Giants are home for the Indianapolis Colts. Both teams will

504
00:28:04,160 --> 00:28:06,120
Speaker 1: make the playoffs if they win the remaining two games

505
00:28:06,160 --> 00:28:09,600
Speaker 1: on their schedules. Big loss in soccer's legend, Pelly passes

506
00:28:09,640 --> 00:28:11,959
Speaker 1: away at the age of eighty two from complications due

507
00:28:12,000 --> 00:28:14,240
Speaker 1: to calling cancer, which she had battle since last year.

508
00:28:14,560 --> 00:28:16,520
Speaker 1: Helly won a record three World Cups and played his

509
00:28:16,680 --> 00:28:19,719
Speaker 1: entire career with Brazilian club Santos before playing three seasons

510
00:28:19,760 --> 00:28:22,520
Speaker 1: for the New York Cosmos of the North American Soccer League.

511
00:28:22,880 --> 00:28:26,080
Speaker 1: On Dan Schwartzman with Bloomberg Sports, John all right, Dan,

512
00:28:26,160 --> 00:28:28,560
Speaker 1: thanks very much. The Bloomberg Sports Report brought to you

513
00:28:28,640 --> 00:28:30,840
Speaker 1: by Audie. Don't let someone else drive off of the

514
00:28:30,920 --> 00:28:33,840
Speaker 1: Audi model you've always wanted. Visit your local, try to

515
00:28:33,840 --> 00:28:35,560
Speaker 1: stay the Audi dealer to get behind the wheel of

516
00:28:35,600 --> 00:28:40,120
Speaker 1: yours today, or visit Audi offers dot com for more information.

517
00:28:40,480 --> 00:28:43,880
Speaker 1: After yesterday's rally, we're seeing futures indicate a lower open

518
00:28:44,000 --> 00:28:46,400
Speaker 1: up Wall Street this morning. Down futures down eighty nine

519
00:28:46,760 --> 00:28:51,720
Speaker 1: and s and P futures they're down twelve points. It's

520
00:28:51,760 --> 00:28:54,600
Speaker 1: now sixty on Wall Street. Bloomberg Radio is on the

521
00:28:54,640 --> 00:28:57,720
Speaker 1: air from San Francisco to New York, London to Hong Kong,

522
00:28:58,160 --> 00:29:00,360
Speaker 1: and let's check in now with their global news team

523
00:29:00,400 --> 00:29:02,640
Speaker 1: for some of the top stories heard on our three

524
00:29:02,720 --> 00:29:09,480
Speaker 1: hundred affiliate radio stations around the world. I'm Steve Pola

525
00:29:09,560 --> 00:29:13,120
Speaker 1: scot ktr H in Houston. We're talking about oil futures

526
00:29:13,200 --> 00:29:17,560
Speaker 1: on track for a near five percent Game two, I'm

527
00:29:17,640 --> 00:29:21,200
Speaker 1: Jeff Bullinger and on w l W in Cincinnati, I'm

528
00:29:21,240 --> 00:29:25,440
Speaker 1: reporting on how employers will likely continue to compete for talent.

529
00:29:25,600 --> 00:29:28,680
Speaker 1: In early twenty three. I'm Kimberly Adams at on w

530
00:29:28,840 --> 00:29:31,080
Speaker 1: b Z in Boston. I'll be reporting on cost conscious

531
00:29:31,120 --> 00:29:35,040
Speaker 1: consumers changing our food delivery habits. I'm Stephen Carrol on

532
00:29:35,080 --> 00:29:38,120
Speaker 1: Bloomberg Dave Radio in London. We've been reporting on Spanish

533
00:29:38,160 --> 00:29:41,040
Speaker 1: inflation slowing more than expected in December at the fifth

534
00:29:41,160 --> 00:29:44,400
Speaker 1: straight month of declines. I'm Gina Servetti and for w

535
00:29:44,640 --> 00:29:48,400
Speaker 1: o AI and San Antonio, I'm talking about Southwest Airlines,

536
00:29:48,720 --> 00:29:51,520
Speaker 1: which plans to return to a normal schedule today after

537
00:29:51,600 --> 00:29:56,720
Speaker 1: a week long meltdown stranded thousands of passengers. And those

538
00:29:56,760 --> 00:29:59,400
Speaker 1: are some of the stories are twenty seven hundred Bloomberg

539
00:29:59,480 --> 00:30:02,840
Speaker 1: journalists and analysts are working on this morning around the world.

540
00:30:03,600 --> 00:30:06,000
Speaker 1: That brings us to sixty seven on Wall Street Time,

541
00:30:06,000 --> 00:30:08,160
Speaker 1: the alf of the Bloomberg Real Estate Report, and well

542
00:30:08,200 --> 00:30:11,280
Speaker 1: that here is Denny's Felma Greeny. If you've noticed a

543
00:30:11,360 --> 00:30:14,800
Speaker 1: lot more fancy homes on the market lately, you're not alone.

544
00:30:14,960 --> 00:30:17,360
Speaker 1: Redfin says sales of luxury homes fell a record of

545
00:30:17,440 --> 00:30:20,320
Speaker 1: more than thirty eight percent to the last quarter compared

546
00:30:20,360 --> 00:30:22,920
Speaker 1: to a year ago. Daryl Fairweather, chief economist at Redfin,

547
00:30:23,000 --> 00:30:26,240
Speaker 1: chalks it up to rising mortgage rates and nervousness about

548
00:30:26,280 --> 00:30:29,440
Speaker 1: the economy. People don't want to buy a luxury eye

549
00:30:29,480 --> 00:30:32,240
Speaker 1: that something they can do without when they're worried about

550
00:30:32,840 --> 00:30:36,440
Speaker 1: being employed or they're shocked Portola. The biggest drops in

551
00:30:36,560 --> 00:30:40,640
Speaker 1: luxury home sales unfolding in some coveted coastal markets. The

552
00:30:40,720 --> 00:30:44,680
Speaker 1: homes in these places are especially expensive. Luxury for the

553
00:30:44,720 --> 00:30:47,400
Speaker 1: whole country means a million dollars, but in the most

554
00:30:47,440 --> 00:30:50,040
Speaker 1: expensive places it means two million dollars or more, so

555
00:30:50,800 --> 00:30:52,840
Speaker 1: they're more expensive to get. The harder it's being hit

556
00:30:52,960 --> 00:30:56,720
Speaker 1: right now. Luxury home sales fell more than fifty in Anaheim,

557
00:30:56,800 --> 00:31:00,520
Speaker 1: and Riverside, California more than sixty pence and say and

558
00:31:00,640 --> 00:31:04,200
Speaker 1: more than six to Nasa County on Long Island. And

559
00:31:04,320 --> 00:31:06,960
Speaker 1: that's the Bloomberg real Estate Report. I'm to these PELGRENI

560
00:31:07,040 --> 00:31:09,760
Speaker 1: al right, thanks to a no doubt of Asia. This morning,

561
00:31:09,840 --> 00:31:13,920
Speaker 1: the Bank of Japan announcing an unprecedented third day of

562
00:31:14,080 --> 00:31:18,160
Speaker 1: unscheduled purchases of bonds Overnight. The Bank of Japan is

563
00:31:18,240 --> 00:31:21,040
Speaker 1: battling speculation. It's trying to add its super account of

564
00:31:21,120 --> 00:31:25,480
Speaker 1: data monetary policy. The purchases are boosting this month's buying

565
00:31:25,520 --> 00:31:29,280
Speaker 1: to about one D twenty eight billion dollars worth of bonds.

566
00:31:29,760 --> 00:31:34,080
Speaker 1: It's a monthly record, according to data compiled by Bloomberg. Well,

567
00:31:34,120 --> 00:31:36,920
Speaker 1: as we check our currencies right now, the yen is

568
00:31:37,080 --> 00:31:39,960
Speaker 1: higher against the dollar of one percent. It now takes

569
00:31:40,160 --> 00:31:43,440
Speaker 1: one D thirty one point six six yen to buy

570
00:31:43,680 --> 00:31:52,400
Speaker 1: one dust dollar. You're listening to Bloomberg Day brae by

571
00:31:52,480 --> 00:31:55,719
Speaker 1: from the Bloomberg Interactive Burger Studios. This is Bloomberg day

572
00:31:55,760 --> 00:32:00,200
Speaker 1: Break for Friday, December. Coming up the shower to the

573
00:32:00,280 --> 00:32:04,200
Speaker 1: lands trading day of a year that stock investors would

574
00:32:04,320 --> 00:32:06,680
Speaker 1: like to forget. The US sends billions in eight to

575
00:32:06,840 --> 00:32:10,040
Speaker 1: Ukraine as Russia ramps up attacks on the country. Meetings

576
00:32:10,120 --> 00:32:13,520
Speaker 1: between Sam Bankman Freed and White House officials draw scrutiny,

577
00:32:13,680 --> 00:32:17,000
Speaker 1: and Democrats prepared to release years of former President Trump's

578
00:32:17,040 --> 00:32:20,520
Speaker 1: tax returns. Calls are louder for New York Representative elect

579
00:32:20,520 --> 00:32:23,680
Speaker 1: George Santos to step down. Plus Buffalo is trying to

580
00:32:23,720 --> 00:32:26,160
Speaker 1: get back on its feet after a deadly blizzard. I'm

581
00:32:26,240 --> 00:32:28,880
Speaker 1: Michael Barr more Ahead, and I'm Dan Schwartzman the Knicks

582
00:32:28,920 --> 00:32:31,040
Speaker 1: Blues on the road at the San Antonio Spurs. I'll

583
00:32:31,080 --> 00:32:35,560
Speaker 1: have that more coming up in sports. That's all strading

584
00:32:35,560 --> 00:32:39,440
Speaker 1: ahead on Bloomberg Daybreak on Bloomberg Eleving Free on New York,

585
00:32:39,680 --> 00:32:44,360
Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one Boston,

586
00:32:44,640 --> 00:32:49,080
Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nine team

587
00:32:49,320 --> 00:32:52,200
Speaker 1: and around the world on Bloomberg Radio dot Com and

588
00:32:52,360 --> 00:32:58,880
Speaker 1: via the Bloomberg Business app. And good morning, I'm John

589
00:32:58,920 --> 00:33:02,200
Speaker 1: Tucker and I'm Karen Moscow. Any US knock indise futures

590
00:33:02,240 --> 00:33:04,840
Speaker 1: are lower this morning. We check the markets all day

591
00:33:04,920 --> 00:33:07,880
Speaker 1: long year on Bloomberg radios, and p futures down ten

592
00:33:08,000 --> 00:33:10,800
Speaker 1: points or at quarter percent down futures down at quarter

593
00:33:10,880 --> 00:33:13,239
Speaker 1: percent or eighty three points, and as DACK futures down

594
00:33:13,280 --> 00:33:15,880
Speaker 1: to tens of a percent or twenty six points. In

595
00:33:15,920 --> 00:33:17,920
Speaker 1: the ten year treasury down nine thirty seconds, you have

596
00:33:18,040 --> 00:33:20,920
Speaker 1: three point eight four percent, John, and it is the

597
00:33:21,000 --> 00:33:24,280
Speaker 1: final training day of the year to mark the worst

598
00:33:24,400 --> 00:33:27,360
Speaker 1: year in more than a decade for global equities and bonds.

599
00:33:27,880 --> 00:33:30,720
Speaker 1: With ASDAC in particular, he has taken a beating, losing

600
00:33:30,800 --> 00:33:33,160
Speaker 1: a third of its value. This all comes as the

601
00:33:33,240 --> 00:33:36,440
Speaker 1: Fed titans policy to bring down the highest inflation scene

602
00:33:36,520 --> 00:33:39,640
Speaker 1: in decades. David Bands In, chief investment officer at Bands

603
00:33:39,680 --> 00:33:42,320
Speaker 1: and Groups, sees prices coming down next year, but still

604
00:33:42,880 --> 00:33:46,600
Speaker 1: thinks caution is warranted. The inflation aspect is going to

605
00:33:46,680 --> 00:33:51,320
Speaker 1: surprise to the downside, and yet the valuations of high

606
00:33:51,440 --> 00:33:55,719
Speaker 1: growth stocks remain too high historically to put a lot

607
00:33:55,760 --> 00:34:00,959
Speaker 1: of optimism and indexes or the growth side the fangs store. Therefore,

608
00:34:01,120 --> 00:34:05,640
Speaker 1: we remain value investors and cash flow investors. David Vanson

609
00:34:05,680 --> 00:34:08,680
Speaker 1: with the Banson Group LEAs there will be some opportunity

610
00:34:08,920 --> 00:34:12,120
Speaker 1: gains in the new year, even if there is a recession.

611
00:34:12,640 --> 00:34:15,560
Speaker 1: Well Overseas today, John European stocks are lower. It's a

612
00:34:15,640 --> 00:34:18,200
Speaker 1: shortened day in the UK, with the London Stock Exchange

613
00:34:18,239 --> 00:34:21,400
Speaker 1: closing early. Stocks in Asia, meantime, moved in the other direction,

614
00:34:21,520 --> 00:34:25,399
Speaker 1: posting modest gains overnight. And Bloomberry Daybreak Asia anchor Brian

615
00:34:25,480 --> 00:34:28,680
Speaker 1: Curtis has the details from Hong Kong. Most Asian equity

616
00:34:28,719 --> 00:34:32,879
Speaker 1: benchmarks edged higher. China vowed more stimulus in twenty three

617
00:34:33,160 --> 00:34:36,640
Speaker 1: and an improved relationship with a private sector, and economic

618
00:34:36,719 --> 00:34:40,759
Speaker 1: activity rebounded in several Chinese cities where COVID infections have

619
00:34:40,920 --> 00:34:44,239
Speaker 1: likely peaked. The Donna was steady, while treasury yields picked

620
00:34:44,320 --> 00:34:46,320
Speaker 1: up a little. The yen rallied as the Bank of

621
00:34:46,440 --> 00:34:50,360
Speaker 1: Japan unveiled a third day of unscheduled bond purchases. No

622
00:34:50,560 --> 00:34:52,920
Speaker 1: big end of the year rally here, but no heavy

623
00:34:52,960 --> 00:34:56,879
Speaker 1: selling either. In Hong Kong. Brian Curtis Spoomberg day Break. Brian,

624
00:34:56,960 --> 00:34:59,400
Speaker 1: thanks now to the latest on the war in Ukraine.

625
00:34:59,680 --> 00:35:03,080
Speaker 1: Rush he is continuing attacks on major cities like Kiev,

626
00:35:03,440 --> 00:35:06,520
Speaker 1: scores of missiles accounted for one of his heaviest branches

627
00:35:06,560 --> 00:35:09,160
Speaker 1: of the war, and pressing further with a campaign to

628
00:35:09,280 --> 00:35:14,040
Speaker 1: destroy civilian targets at Ukraine's president Philodamir Zelinsky says he

629
00:35:14,200 --> 00:35:18,040
Speaker 1: believes Russia will launch more attacks before New Year's Eve.

630
00:35:18,680 --> 00:35:20,920
Speaker 1: We'll back here in the US, John, President Biden is

631
00:35:20,960 --> 00:35:23,520
Speaker 1: sending more money to Ukraine. He signed at one point

632
00:35:23,600 --> 00:35:27,080
Speaker 1: seven trillion dollar government funding bill that includes forty seven

633
00:35:27,239 --> 00:35:30,160
Speaker 1: billion in aid for the war torn country. The US

634
00:35:30,280 --> 00:35:33,960
Speaker 1: is also considering sending Bradley fighting vehicles to Ukraine as

635
00:35:34,040 --> 00:35:36,880
Speaker 1: part of a further package of military support. And now

636
00:35:36,960 --> 00:35:40,520
Speaker 1: to the latest on collapse Crypto Exchange f t X

637
00:35:41,000 --> 00:35:43,879
Speaker 1: meetings between White House officials and the former CEO, Sam

638
00:35:43,920 --> 00:35:47,920
Speaker 1: Bankman Freed coming under scrutiny and bloom Brick. Steve Rappaport

639
00:35:48,000 --> 00:35:49,960
Speaker 1: is joining US Live this morning with that story. Steve,

640
00:35:50,000 --> 00:35:52,720
Speaker 1: good Morning, Good morning, John, and Karen. White House officials

641
00:35:52,760 --> 00:35:55,760
Speaker 1: confirmed Bankman Freed met with one of President Biden's senior

642
00:35:55,840 --> 00:35:59,239
Speaker 1: advisors in September. Visitor log show SPF had at least

643
00:35:59,280 --> 00:36:01,560
Speaker 1: three other meetings with top officials in a push to

644
00:36:01,640 --> 00:36:04,759
Speaker 1: build Beltway connections before his crypto firm went belly up.

645
00:36:05,120 --> 00:36:07,480
Speaker 1: While living in the Bahamas, f b SPF also made

646
00:36:07,520 --> 00:36:11,120
Speaker 1: frequent trips to Washington, testifying before Congress and meeting regulators

647
00:36:11,400 --> 00:36:14,359
Speaker 1: were also learning. The Bahamian government took swift action after

648
00:36:14,480 --> 00:36:17,680
Speaker 1: FTX collapsed on November eleventh. By the next day, regulators

649
00:36:17,719 --> 00:36:19,840
Speaker 1: say they had seized three and a half billion dollars

650
00:36:19,880 --> 00:36:22,680
Speaker 1: of digital assets. Live in New York. I'm Steve Rappaport,

651
00:36:22,719 --> 00:36:25,720
Speaker 1: Bloomberg Daybreak. All right, Steve, thanks well. On Capitol Hill today,

652
00:36:25,760 --> 00:36:28,000
Speaker 1: a House committee has sent to release six years of

653
00:36:28,080 --> 00:36:31,440
Speaker 1: Donald Trump's tax returns. The Democratic controlled House Ways and

654
00:36:31,480 --> 00:36:35,120
Speaker 1: Means Committee voted to release the returns last week. Republicans

655
00:36:35,239 --> 00:36:37,600
Speaker 1: who will soon take charge of that committee are threatening

656
00:36:37,640 --> 00:36:41,800
Speaker 1: to retaliate by publishing tax records of Democrats and their allies. You,

657
00:36:41,920 --> 00:36:45,200
Speaker 1: as Representative. Brendan Boyle, a Democrat from Pennsylvania, voted to

658
00:36:45,320 --> 00:36:49,800
Speaker 1: release the former president's taxes. The courts four different times

659
00:36:49,960 --> 00:36:53,319
Speaker 1: found in our favor, including the United States Supreme Court.

660
00:36:53,560 --> 00:36:57,439
Speaker 1: They found that we had a legislative purpose in going

661
00:36:57,600 --> 00:37:00,840
Speaker 1: after these tax returns. And sure enough what we found,

662
00:37:00,880 --> 00:37:03,680
Speaker 1: I mean already the two reports, and they show that

663
00:37:03,880 --> 00:37:05,840
Speaker 1: in fact the I R S was not doing what

664
00:37:05,960 --> 00:37:07,800
Speaker 1: they were supposed to do. They were not doing the

665
00:37:07,960 --> 00:37:12,720
Speaker 1: annual audit of the president's taxes. Democratic Congressman Brandon Boyle

666
00:37:12,840 --> 00:37:15,880
Speaker 1: spoke with Madison Mills on Bloomberg Sound on Catch the

667
00:37:15,920 --> 00:37:19,560
Speaker 1: program weekdays at five pm Eastern on Bloomberg Radio and Karent.

668
00:37:19,680 --> 00:37:22,880
Speaker 1: Last week has been a nightmare for travelers across the country,

669
00:37:23,160 --> 00:37:26,080
Speaker 1: especially if you traveled on Southwest Well Now. The airline

670
00:37:26,080 --> 00:37:28,960
Speaker 1: says it plans to return to a normal schedule today

671
00:37:29,560 --> 00:37:32,240
Speaker 1: and Bloomberge Charlie Pellant has the latest on that story.

672
00:37:32,520 --> 00:37:36,560
Speaker 1: The airline says it does expect quote normal operations with

673
00:37:36,800 --> 00:37:41,120
Speaker 1: minimal disruptions. The carrier has been operating a significantly reduced

674
00:37:41,160 --> 00:37:44,840
Speaker 1: schedule for several days as it recovers from disruption caused

675
00:37:44,880 --> 00:37:50,040
Speaker 1: by winter storms and overwhelmed scheduling technology. Southwest says, with

676
00:37:50,320 --> 00:37:54,120
Speaker 1: another holiday weekend full of important connections for our valued

677
00:37:54,200 --> 00:37:57,719
Speaker 1: customers and employees, we are eager to return to a

678
00:37:57,800 --> 00:38:02,360
Speaker 1: state of normalcy in New York. Charlie pet Bloomberg Daybreak,

679
00:38:02,600 --> 00:38:05,480
Speaker 1: Great Charlie, thank you Me Time. In China, COVID infections

680
00:38:05,520 --> 00:38:08,600
Speaker 1: are expected to continue rising into January as the country

681
00:38:08,680 --> 00:38:12,680
Speaker 1: pulls back on strict virus policies. Infections and mortalities are

682
00:38:12,680 --> 00:38:15,480
Speaker 1: protected to peak in January. According to the research from

683
00:38:15,520 --> 00:38:18,560
Speaker 1: Air Affinity, which Shina potentially seeing up to twenty five

684
00:38:18,600 --> 00:38:21,920
Speaker 1: thousand deaths a day next month, now cast a shadow

685
00:38:22,000 --> 00:38:24,600
Speaker 1: over the start of the first lunar New Year festivities

686
00:38:24,640 --> 00:38:28,279
Speaker 1: without pandemic restrictions, but one note may ease concerns. No

687
00:38:28,440 --> 00:38:31,800
Speaker 1: novel COVID nineteen variants have emerged in China, according to

688
00:38:31,880 --> 00:38:36,759
Speaker 1: a global consortium that's tracking coronavirus mutations, and futures are

689
00:38:36,880 --> 00:38:40,200
Speaker 1: lower this morning, with S ANDP futures down fourteen points down,

690
00:38:40,280 --> 00:38:43,799
Speaker 1: futures down one eleven, and NAZDAC futures down forty one.

691
00:38:43,920 --> 00:38:46,840
Speaker 1: Straight ahead your latest local headlines plus the check of sports,

692
00:38:47,360 --> 00:38:56,040
Speaker 1: and this is Bloomberg. Thanks Karen, six or seven Wall Street.

693
00:38:56,400 --> 00:38:58,719
Speaker 1: And now let's bring in Michael barn with more on

694
00:38:58,840 --> 00:39:01,280
Speaker 1: what else is going on to do work and around

695
00:39:01,360 --> 00:39:03,640
Speaker 1: the world. John, thank you very much, sir. New York

696
00:39:03,680 --> 00:39:06,799
Speaker 1: Congressman elect George Santos is said to be telling local

697
00:39:06,880 --> 00:39:09,480
Speaker 1: Republican leaders that he will not seek re election in

698
00:39:09,520 --> 00:39:14,160
Speaker 1: twenty four as his background comes under even more fire.

699
00:39:14,719 --> 00:39:17,759
Speaker 1: The chair of the Nassau County Republican Party road in

700
00:39:17,800 --> 00:39:20,239
Speaker 1: a statement, I don't know what party would endorse him

701
00:39:20,320 --> 00:39:23,600
Speaker 1: as a candidate. It's more possible lies about his schooling

702
00:39:23,640 --> 00:39:26,520
Speaker 1: and family come to light. In May of twenty he

703
00:39:26,680 --> 00:39:30,640
Speaker 1: reported no earned income. In twenty two, he loaned his

704
00:39:30,760 --> 00:39:34,440
Speaker 1: campaign more than a half million dollars after reporting being

705
00:39:34,560 --> 00:39:37,399
Speaker 1: part of a consulting company with a salary of seven

706
00:39:37,520 --> 00:39:41,400
Speaker 1: hundred fifty thousand dollars. Dan Weener, a former Federal Election

707
00:39:41,440 --> 00:39:45,080
Speaker 1: Commission attorney who now leads the Elections and Government Center

708
00:39:45,120 --> 00:39:47,879
Speaker 1: at n y US Brennan Center, spoke to NBC four

709
00:39:48,560 --> 00:39:51,760
Speaker 1: this is an exceptional case, primarily not because he loaned

710
00:39:51,840 --> 00:39:54,240
Speaker 1: his campaign lots of money, and many minute in candidates

711
00:39:54,320 --> 00:39:58,320
Speaker 1: do that, but because all the other details of his

712
00:39:58,600 --> 00:40:02,320
Speaker 1: story about where thought that money have proven to be

713
00:40:03,360 --> 00:40:06,200
Speaker 1: Santos is sent to take office next week and refuses

714
00:40:06,280 --> 00:40:09,400
Speaker 1: to step aside despite calls for him to resign. Fans

715
00:40:09,480 --> 00:40:12,400
Speaker 1: in New York are paying tribute to soccer legend Pelee.

716
00:40:12,840 --> 00:40:14,719
Speaker 1: He died yesterday at a j A D two after

717
00:40:14,760 --> 00:40:18,160
Speaker 1: battling colon cancer. People flocked to the Pale Store in

718
00:40:18,280 --> 00:40:20,600
Speaker 1: Times Square. This man spoke to a d C seven.

719
00:40:21,080 --> 00:40:24,240
Speaker 1: I'm from Resio. I'm said we lost our biggest idol,

720
00:40:24,480 --> 00:40:28,360
Speaker 1: the grace men of our history, Peal, and I'm in

721
00:40:28,440 --> 00:40:32,360
Speaker 1: New York today. It's so crazy to see in Times Square,

722
00:40:32,760 --> 00:40:36,000
Speaker 1: the most important place in the world, and you see name.

723
00:40:36,440 --> 00:40:38,920
Speaker 1: We'll have more on the death of Pale in sports shortly.

724
00:40:39,440 --> 00:40:42,880
Speaker 1: Roads every opened and storm besieged Buffalo as authorities continue

725
00:40:42,880 --> 00:40:45,640
Speaker 1: searching for people who may have died or remained stranded

726
00:40:45,680 --> 00:40:49,839
Speaker 1: after last week's blizzard. Buffalo Niagara International Airport is also

727
00:40:50,000 --> 00:40:54,239
Speaker 1: open again. Erie County Executive Mark poland cards power has

728
00:40:54,280 --> 00:40:56,840
Speaker 1: been restored to all Yourie County residents. I want to

729
00:40:56,880 --> 00:40:59,200
Speaker 1: thank the men and women of a national grid and

730
00:40:59,320 --> 00:41:03,480
Speaker 1: nice egg Erie Counties. Mark poland Car says at least

731
00:41:03,520 --> 00:41:06,000
Speaker 1: forty deaths have been reported in Western New York from

732
00:41:06,040 --> 00:41:09,799
Speaker 1: the blizzard. Fashion icon Vivian Westwood, who played a key

733
00:41:09,920 --> 00:41:13,000
Speaker 1: role in the seventies punk movement, has died. She was

734
00:41:13,400 --> 00:41:16,040
Speaker 1: one global new who's twenty four hours a day on

735
00:41:16,239 --> 00:41:19,080
Speaker 1: air and on Bloomberg Quick Tank, powered by more than

736
00:41:19,160 --> 00:41:21,680
Speaker 1: twenty seven under journalist and analyst more than a hundred

737
00:41:21,719 --> 00:41:25,279
Speaker 1: twenty countries. Michael barn This is Bloomberg, John, Michael, thank you,

738
00:41:29,000 --> 00:41:31,760
Speaker 1: and that brings us to six ten of Wall Street

739
00:41:31,800 --> 00:41:34,239
Speaker 1: time down for the Bloomberg Sports update, being brought to

740
00:41:34,280 --> 00:41:36,680
Speaker 1: you by your tri State out of dealers and good

741
00:41:36,719 --> 00:41:39,920
Speaker 1: morning Dan Schwartzman. Good morning John. The Conboy's improving to

742
00:41:40,040 --> 00:41:43,920
Speaker 1: twelve and four. He's come second down seven. Prescott back

743
00:41:44,000 --> 00:41:46,399
Speaker 1: looking left, throwing it in the back of the ends

744
00:41:46,480 --> 00:41:50,400
Speaker 1: up for sure, trying to crap. Did he get it

745
00:41:50,520 --> 00:41:54,920
Speaker 1: touched out? Shoots that's courtesy of Amazon Prime. The Cowboys

746
00:41:55,000 --> 00:41:57,480
Speaker 1: of the thirteen went on the road at the Tennessee

747
00:41:57,520 --> 00:42:00,440
Speaker 1: Titans on Thursday Night Football as Dak Prescot throws two

748
00:42:00,440 --> 00:42:03,200
Speaker 1: second half touchdowns, both to tight end Dalton Schultz. Both

749
00:42:03,239 --> 00:42:05,480
Speaker 1: the Jets and Giants in action on Sunday with playoff

750
00:42:05,520 --> 00:42:07,239
Speaker 1: holps on the line, as the Jets are on the

751
00:42:07,320 --> 00:42:09,120
Speaker 1: road to Seattle Seahawks, well, the Giants are home for

752
00:42:09,160 --> 00:42:11,879
Speaker 1: the Indianapolis Colts. Both teams will make the playoffs if

753
00:42:11,920 --> 00:42:14,400
Speaker 1: they win the remaining two games on their schedules. The

754
00:42:14,440 --> 00:42:17,880
Speaker 1: Knicks lose on the road to s Antonio Spurs one fifteen,

755
00:42:18,120 --> 00:42:20,880
Speaker 1: despite forty one points and eleven rebounds from Julius Randall

756
00:42:21,080 --> 00:42:24,160
Speaker 1: and thirty six points with them Manuel Quickly Rangers meanwhile

757
00:42:24,200 --> 00:42:26,040
Speaker 1: falling to the Lightning in Tampa Bay two to one

758
00:42:26,080 --> 00:42:29,040
Speaker 1: in a shootout despite thirty nine stays from Ego Shastairkin

759
00:42:29,280 --> 00:42:30,920
Speaker 1: as New York has now lost two games in a

760
00:42:31,000 --> 00:42:33,279
Speaker 1: row the Islanders. Those slip in past the Columbus Blue

761
00:42:33,320 --> 00:42:35,480
Speaker 1: Jackets two to one as New York gets goes from

762
00:42:35,480 --> 00:42:38,719
Speaker 1: Barzl and Pago finding soccer legend peal A passing away

763
00:42:38,719 --> 00:42:40,920
Speaker 1: at the age of eighty two from complications due to

764
00:42:41,000 --> 00:42:43,960
Speaker 1: Cohen cancer, which he had battle since last year. Pali

765
00:42:44,040 --> 00:42:46,080
Speaker 1: won a record three World Cups and played his entire

766
00:42:46,120 --> 00:42:48,960
Speaker 1: career of Brazilian club Santos before playing three seasons for

767
00:42:49,040 --> 00:42:52,240
Speaker 1: the New York Cosmos. On Dan Schwartzman with Bloomberg Sports,

768
00:42:52,400 --> 00:42:55,200
Speaker 1: John all right, Dan, thanks very much the Bloomberg Sports

769
00:42:55,239 --> 00:42:57,919
Speaker 1: report being brought to buy Audi. Don't let somebody else

770
00:42:58,040 --> 00:43:00,239
Speaker 1: drive off on the Audi model. You've always to want

771
00:43:00,280 --> 00:43:02,799
Speaker 1: to visit your local tryin state Audi dealer to get

772
00:43:02,840 --> 00:43:05,640
Speaker 1: behind the wheel of years today, or visit Audi Offers

773
00:43:05,880 --> 00:43:09,600
Speaker 1: dot com for more information ahead of the cash open

774
00:43:09,800 --> 00:43:13,160
Speaker 1: on Wall Street Right now after yesterday's rally, the down

775
00:43:13,239 --> 00:43:16,279
Speaker 1: futures are one hundred two points lower, that's down three

776
00:43:16,320 --> 00:43:20,120
Speaker 1: tenths of a percent. SMP five futures they're thirteen points lower,

777
00:43:20,239 --> 00:43:23,080
Speaker 1: that's down three tenths of a percent and AzaC features

778
00:43:23,560 --> 00:43:26,400
Speaker 1: thirty nine points lower, down about four tenths of a percent.

779
00:43:26,560 --> 00:43:30,319
Speaker 1: Right now, tenure yelled in the US was at four

780
00:43:30,480 --> 00:43:34,040
Speaker 1: that's the three basis points. The two year yield at

781
00:43:34,120 --> 00:43:37,239
Speaker 1: four thirty nine on the Bank of Japan announcing an

782
00:43:37,280 --> 00:43:42,160
Speaker 1: unprecedented third day of unscheduled bond purchases. It's fighting back

783
00:43:42,200 --> 00:43:47,240
Speaker 1: against speculation. It's about the end. It's super accommodative monetary policy.

784
00:43:47,680 --> 00:43:54,480
Speaker 1: You're listening to Bloomberg Daybreak live from coast to coast,

785
00:43:54,640 --> 00:43:58,000
Speaker 1: from New York to San Francisco, Boston to Washington, d C.

786
00:43:58,440 --> 00:44:02,280
Speaker 1: Nationwide on Sirius x them the Bloomberg business appened Bloomberg

787
00:44:02,360 --> 00:44:06,640
Speaker 1: dot com. This is Bloomberg Daybreak and good morning. I'm

788
00:44:06,719 --> 00:44:09,560
Speaker 1: John Tucker. The NMP five hundready enjoyed the best day

789
00:44:09,719 --> 00:44:13,800
Speaker 1: this month yesterday, the jump at one. Still on this

790
00:44:13,960 --> 00:44:17,880
Speaker 1: final trading day, we're closing out the worst year in

791
00:44:17,960 --> 00:44:21,400
Speaker 1: more than a decade for global equities and bonds. On that,

792
00:44:21,520 --> 00:44:23,200
Speaker 1: but let's get you a set up for the trading

793
00:44:23,280 --> 00:44:28,279
Speaker 1: day ahead well with Josh Wine, portfolio manager at Hennessey Funds. Josh,

794
00:44:28,280 --> 00:44:30,359
Speaker 1: thanks for being with us this morning. Did that? Yes,

795
00:44:30,440 --> 00:44:34,880
Speaker 1: they count as the year end Santa Clause rally. It

796
00:44:35,000 --> 00:44:37,600
Speaker 1: felt it. It was it was a big day. Good morning, John. Yeah,

797
00:44:37,680 --> 00:44:40,319
Speaker 1: it felt like maybe a new year's resolution, which maybe

798
00:44:40,480 --> 00:44:42,879
Speaker 1: was broadly, you know, let's get back into stocks, let's

799
00:44:43,160 --> 00:44:45,560
Speaker 1: start the year strong. Uh. You know, given where we

800
00:44:45,600 --> 00:44:47,800
Speaker 1: are in the market, I think it makes sense. I

801
00:44:47,880 --> 00:44:49,560
Speaker 1: think I think next year is gonna look a lot

802
00:44:49,600 --> 00:44:51,760
Speaker 1: different than this year. Okay, so what's in the driver's

803
00:44:51,840 --> 00:44:55,919
Speaker 1: seat right now for risk assets? Sure? Yeah, I think

804
00:44:56,200 --> 00:44:59,080
Speaker 1: you know, amidst the backdrop of a tenure at three

805
00:44:59,160 --> 00:45:02,239
Speaker 1: eight in the mar Get creating at sixteen times give

806
00:45:02,320 --> 00:45:04,960
Speaker 1: or take forward earnings, which would imply about a six

807
00:45:05,040 --> 00:45:08,160
Speaker 1: percent earnings field, I think the market is set up

808
00:45:08,200 --> 00:45:11,359
Speaker 1: nicely for for a big year. I think any any

809
00:45:11,440 --> 00:45:14,680
Speaker 1: of the froth or or any of the optimism that

810
00:45:14,760 --> 00:45:17,279
Speaker 1: was in the market may be unwarranted. This year, I

811
00:45:17,320 --> 00:45:19,680
Speaker 1: think is out and I think that we're at a

812
00:45:19,760 --> 00:45:22,120
Speaker 1: good place. I think that the differential between an earning

813
00:45:22,160 --> 00:45:24,640
Speaker 1: field of roughly six and a ten year of three eight,

814
00:45:25,080 --> 00:45:28,040
Speaker 1: you know that that's spread of over two percent. That's

815
00:45:28,080 --> 00:45:31,600
Speaker 1: pretty compelling. I think over time that has that has

816
00:45:31,880 --> 00:45:34,600
Speaker 1: presaged a big run in the market and I think

817
00:45:34,640 --> 00:45:38,000
Speaker 1: that this year, you know, definitely we could see that

818
00:45:38,280 --> 00:45:40,879
Speaker 1: you know once again, well with respect to earnings. Sure,

819
00:45:40,960 --> 00:45:42,920
Speaker 1: at the end of the day, it's all about how

820
00:45:43,000 --> 00:45:46,160
Speaker 1: much money you're making it in an individual stock company.

821
00:45:46,560 --> 00:45:49,960
Speaker 1: But the sort of damically sort of hanging over everything

822
00:45:50,120 --> 00:45:52,680
Speaker 1: is a FED policy at this front. How do you

823
00:45:52,760 --> 00:45:56,839
Speaker 1: balance the two? Right? Yeah, I mean the FED has

824
00:45:57,000 --> 00:45:59,480
Speaker 1: has obviously been making up for lost time. They've been

825
00:45:59,680 --> 00:46:02,160
Speaker 1: very you know, vigilant, and I think it makes sense.

826
00:46:02,320 --> 00:46:05,680
Speaker 1: I mean, we can argue about were they to accommodative

827
00:46:05,719 --> 00:46:07,800
Speaker 1: and and where they you know, at the backs of

828
00:46:08,040 --> 00:46:10,359
Speaker 1: of investors, and it seems like in retrospect they were.

829
00:46:10,520 --> 00:46:13,320
Speaker 1: But I'm not so sure. I think that you know,

830
00:46:13,400 --> 00:46:17,400
Speaker 1: the market we've had, you know, in the last few months,

831
00:46:17,560 --> 00:46:21,000
Speaker 1: a few small rallies ahead of the SAID saying oh no,

832
00:46:21,120 --> 00:46:23,560
Speaker 1: we're not pivoting or we're not changing our language and

833
00:46:23,920 --> 00:46:26,920
Speaker 1: all that. I think the market has thought that the

834
00:46:27,040 --> 00:46:30,560
Speaker 1: said was starting to nail it, and the SAID repeatedly

835
00:46:30,600 --> 00:46:33,960
Speaker 1: has said no, we're not done until until we're done.

836
00:46:34,600 --> 00:46:37,600
Speaker 1: And so I think that, you know, we are getting closer.

837
00:46:37,680 --> 00:46:41,160
Speaker 1: We we've seen better numbers, you know on inflation. Uh,

838
00:46:41,280 --> 00:46:43,960
Speaker 1: you know, if there's a fear. It's that you know,

839
00:46:44,600 --> 00:46:48,040
Speaker 1: they might you know, solve the inflation problem, but not

840
00:46:48,200 --> 00:46:51,120
Speaker 1: necessarily the price level of problem. I think that you know,

841
00:46:51,239 --> 00:46:54,480
Speaker 1: things like rents and housing prices, which go somewhat hand

842
00:46:54,520 --> 00:46:56,600
Speaker 1: in hand you have been quite high. And I think

843
00:46:56,640 --> 00:46:59,239
Speaker 1: that you know, you know, income has not kept pace

844
00:46:59,320 --> 00:47:01,799
Speaker 1: with that, as well as other things that have accelerated

845
00:47:01,840 --> 00:47:04,160
Speaker 1: in price. So I think that we could see some

846
00:47:04,239 --> 00:47:07,839
Speaker 1: great inflation prints. It doesn't necessarily the me it does

847
00:47:07,880 --> 00:47:11,840
Speaker 1: not necessarily mean that the economy in the market starts,

848
00:47:12,040 --> 00:47:15,080
Speaker 1: you know, running away. I think that, you know, there

849
00:47:15,239 --> 00:47:17,880
Speaker 1: is a case to be made that you know, we

850
00:47:18,400 --> 00:47:21,080
Speaker 1: need lower prices, not just prices that go up at

851
00:47:21,120 --> 00:47:23,719
Speaker 1: a lower rate. So but all that being said, I

852
00:47:23,800 --> 00:47:26,400
Speaker 1: think they have fed, you know, end of year in

853
00:47:26,520 --> 00:47:28,799
Speaker 1: twenty three. You know, if if we are, in fact

854
00:47:28,840 --> 00:47:30,680
Speaker 1: we can get a recession, they have some room to

855
00:47:30,800 --> 00:47:34,120
Speaker 1: cut and and you know kind of react that way,

856
00:47:34,160 --> 00:47:36,279
Speaker 1: which is something that they didn't have for the last

857
00:47:36,320 --> 00:47:39,080
Speaker 1: couple of years. Is are we on the trajectory to

858
00:47:39,480 --> 00:47:41,719
Speaker 1: up pivot? I mean, whatever that means at this point,

859
00:47:42,000 --> 00:47:46,239
Speaker 1: and what's the timing of that. You're seemed to be

860
00:47:46,320 --> 00:47:48,120
Speaker 1: saying that we're going to see rate cuts at the

861
00:47:48,239 --> 00:47:51,279
Speaker 1: end of the year. Well, I think it's certainly a possibility.

862
00:47:51,440 --> 00:47:53,360
Speaker 1: I think no one thought that was a possibility this

863
00:47:53,480 --> 00:47:55,640
Speaker 1: year obviously, but I think that next year, yes, I mean,

864
00:47:56,000 --> 00:47:58,120
Speaker 1: I think if there's one thing that surprised me more

865
00:47:58,160 --> 00:48:01,040
Speaker 1: than inflation or anything else that's been you know, the

866
00:48:01,120 --> 00:48:05,440
Speaker 1: employment picture, you know, you know job you know, all

867
00:48:05,480 --> 00:48:07,719
Speaker 1: these jobs reports. I think everyone has scratched their head

868
00:48:07,760 --> 00:48:10,360
Speaker 1: a little bit, you know, because we've seen some layoffs

869
00:48:10,400 --> 00:48:13,520
Speaker 1: from large cap companies, and certainly that takes some time

870
00:48:13,600 --> 00:48:17,520
Speaker 1: to work through to the unemployment numbers. But in any event,

871
00:48:17,560 --> 00:48:20,400
Speaker 1: I think employment has been very strong. It's hard to

872
00:48:20,520 --> 00:48:23,719
Speaker 1: imagine that that holds up, uh in the first half

873
00:48:23,760 --> 00:48:26,719
Speaker 1: of the year, given what we see with you know,

874
00:48:26,840 --> 00:48:28,920
Speaker 1: kind of the reversal of this wealth of sect that

875
00:48:28,960 --> 00:48:32,640
Speaker 1: we've had, you know, the market and crypto and real estate.

876
00:48:32,719 --> 00:48:37,680
Speaker 1: Everything has come in uh certainly not bullish for the economy. Uh.

877
00:48:37,920 --> 00:48:39,960
Speaker 1: Perhaps bullish for the market if the said ends up

878
00:48:39,960 --> 00:48:42,520
Speaker 1: cutting rates at some point soon. But I think that

879
00:48:42,760 --> 00:48:47,160
Speaker 1: you know, employment uh inevitably must reverse, it would seem.

880
00:48:47,239 --> 00:48:49,279
Speaker 1: I don't think that's you know, going too far out

881
00:48:49,320 --> 00:48:52,839
Speaker 1: on the limb so I think, yeah, I think the economy, uh,

882
00:48:53,239 --> 00:48:55,560
Speaker 1: you know, I think we're gonna have a bad economic

883
00:48:55,640 --> 00:48:58,920
Speaker 1: news is good market news environment at some point during

884
00:48:58,960 --> 00:49:01,520
Speaker 1: this year, which you know, Jimmy feels more normal than

885
00:49:02,040 --> 00:49:06,000
Speaker 1: than bad news or good news. Is is irrelevant in

886
00:49:06,120 --> 00:49:07,919
Speaker 1: terms of what the said. Does you know we knew

887
00:49:07,960 --> 00:49:09,680
Speaker 1: that they were going to raise rates no matter what,

888
00:49:09,880 --> 00:49:12,360
Speaker 1: and they have. Josh, thanks a lot. I appreciate it.

889
00:49:12,440 --> 00:49:16,000
Speaker 1: John h. Wayne, portfolio manager at Hennessy Funds, and happy

890
00:49:16,040 --> 00:49:18,480
Speaker 1: new year to you. Coming up on five eighteen on

891
00:49:18,600 --> 00:49:20,480
Speaker 1: Wall Street. Still at hand on Bloomberg day Break, We're

892
00:49:20,480 --> 00:49:22,480
Speaker 1: gonna check the markets, bring you the latest news and

893
00:49:22,520 --> 00:49:26,200
Speaker 1: business economics and finance. I'm John Tucker, and this thing

894
00:49:26,360 --> 00:49:29,080
Speaker 1: is Bloomberg. Head of the cash open on Wall Street.

895
00:49:29,440 --> 00:49:32,719
Speaker 1: DAL futures right now one one point slower, down three

896
00:49:32,760 --> 00:49:35,360
Speaker 1: tenths of a percent. The SMP even the future is

897
00:49:35,400 --> 00:49:38,160
Speaker 1: fourteen points slower. That's down four tenths of a percent,

898
00:49:38,560 --> 00:49:41,920
Speaker 1: and then as a features down forty two points. Tenure

899
00:49:42,040 --> 00:49:45,720
Speaker 1: yield three eight four. That's a three basis points. This morning,

900
00:49:46,080 --> 00:49:48,319
Speaker 1: you are listening to Bloomberg day Break