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Speaker 1: Live from the Bloomberg Interactive Burger Studios. This is Bloomberg

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Speaker 1: day Break for Tuesday, December two. Coming up this hour,

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Speaker 1: the Bank of Japan shocks markets with a big policy pivot.

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Speaker 1: In January six, committee recommends severe punishment for former President Trump.

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Speaker 1: F t X co founder Sam Bankman Freed could be

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Speaker 1: on his way home from the Bahamas, and Twitter turmoil

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Speaker 1: continues after Elon must stay silent over his role at

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Speaker 1: the company. Los Angeles jury finds disgraced movie mogul Harvey

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Speaker 1: Weinstein guilty of break plus protesters target a New York

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Speaker 1: councilman for supporting drag Story Hour. I'm Michael laugh More Ahead,

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Speaker 1: I'm John stash Our Sports. The Factors beat the Rams.

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Speaker 1: The Islanders got shot out the Red Hot Necks. So

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Speaker 1: it's Golden State tonight. That's all's training. Ahead on Bloomberg

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Speaker 1: day Break on Bloomberg eleven, Free on New York, Bloomberg one, Washington,

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Speaker 1: d C, Bloomberg one, O six one, Boston, Bloomberg nine sixties,

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Speaker 1: San Francisco, Sirius x M one nine Team, and around

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Speaker 1: the world. Old on Bloomberg Radio dot Com and via

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Speaker 1: the Bloomberg Business op Good morning. I'm Nathan Hagar and

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Speaker 1: I'm Karen Moscow. Any US dock index futures are a

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Speaker 1: little change this morning. We checked the markets all day

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Speaker 1: long here on Bloomberg Radio. Right now, SNP futures are

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Speaker 1: again little change. Down futures are as well, and as

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Speaker 1: DAG futures are lower, down a quarter per cent or

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Speaker 1: twenty nine points. That Dacks in Germany's down a third percent.

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Speaker 1: Ten year treasury down twenty thirty seconds, you know, three

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Speaker 1: point six five percent. Nathan here, and we begin this

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Speaker 1: morning overseas with the banka je of Hans sparking big

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Speaker 1: market moves. This morning. In a hawk is shift bo

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Speaker 1: j Governor Harohico Corona doubled a camp on tenure yields,

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Speaker 1: paving the way for possible policy normalization under a new governor.

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Speaker 1: The yen has strengthened sharply in response, while government bonds

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Speaker 1: are slumping. The Bank of Japan is building the move

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Speaker 1: as a way to enhance monetary easing, but Blue Bay

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Speaker 1: Asset Management portfolio manager Russell Matthew says it could be

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Speaker 1: the start of an exit it from stimulus policy. Do

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Speaker 1: you think that this is just an isolated move? Absolutely

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Speaker 1: not this is the beginning of normalization. They've been increasingly

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Speaker 1: struggling to hold um uh, you know, the the the

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Speaker 1: the their hard policy mix, the emergency policy mix that

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Speaker 1: that that's now sort of changed and we're on the

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Speaker 1: we're on the pathway to normalization um and the market

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Speaker 1: is going to be pretty volatile as we progress along

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Speaker 1: that path. Russell Matthews along with others at Blue they

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Speaker 1: have long predicted the b o j's hockey is shift

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Speaker 1: and taking a look at the end right now it

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Speaker 1: is stronger by three and a half percent against the

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Speaker 1: dollar at one thirty two point to four. While Nathan

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Speaker 1: Trading in Asia Pacific overnight was dominated by the bo

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Speaker 1: J news and we get the recount from Bloomberg's Annabel

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Speaker 1: Rulers in Sydney. What policy makers are now going to

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Speaker 1: allow is the ten year yield to reach point five

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Speaker 1: percent on its trading band that had previously been set

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Speaker 1: the upper limited point to five percent. So a huge

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Speaker 1: change for US yields moving higher. Stocks slumping across the board,

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Speaker 1: particular in these sectors that are more sensitive two rising

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Speaker 1: yields like property tex stalks. Financials though absolutely jumping with

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Speaker 1: the likes of Mitsubishi UFJ. That's a huge lender there

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Speaker 1: in Japan, rising by the most in six years. Otherwise,

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Speaker 1: the major story markets today is what's happening in China.

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Speaker 1: We are continuing to monitor that COVID outbreak there. We

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Speaker 1: did see the c s I three hundred trading in

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Speaker 1: the red in Sydney. I'm Annabel Druler's Wimbo daybreak. All right, Annabel, thanks,

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Speaker 1: Let's stay overseas for another story out of Asia. Social

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Speaker 1: media posts in China signal COVID deaths may be much

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Speaker 1: higher than Beijing's official count, and now Beijing is confirming

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Speaker 1: it has changed the method for counting COVID fatalities, narrowing

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Speaker 1: the definition. China reported just five deaths tied to COVID today,

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Speaker 1: but bonn yeelds across the globe are rising this morning, Nathan,

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Speaker 1: thanks to that policy shift from the Bank of Japan.

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Speaker 1: US stock indix futures are a little changed after four days.

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Speaker 1: A loss is initially propelled by hawkish rhetoric from the FED.

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Speaker 1: Optimism about a policy pivot could finally be waning, but

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Speaker 1: if not, in stocks push higher. Former New York Fan

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Speaker 1: president Bill Dudley says that could lead to more tightening.

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Speaker 1: The market thinks that the Federal blank, what's the unemployer

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Speaker 1: rates starts going up to the market is basically saying

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Speaker 1: that the FIT doesn't mean what it says. That they're

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Speaker 1: saying this to try to talk tough, but when the

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Speaker 1: going gets difficult, the Fed will fold. I don't believe that.

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Speaker 1: I think Paul's going to do what he says. And

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Speaker 1: former New York Fed governor and Bloomberg opinion columnist Bill

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Speaker 1: Dudley made the comments on Bloomberg Surveillance. Catch the program

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Speaker 1: weekday morning jan Bloomberg Radio and Television, or subscribe to

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Speaker 1: the Daily Bloomberg Surveillance podcast on Apples, Spotify, and anywhere

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Speaker 1: else you get your podcasts. Let's start to politics now, Karen,

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Speaker 1: because we have some major developments in the US centered

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Speaker 1: on Donald Trump. A House committee has recommended the former

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Speaker 1: president be prosecuted for his role in the January six

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Speaker 1: assault on the US capital. Now. This marks the first

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Speaker 1: ever such referral for a former president after a seventeen

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Speaker 1: month investigation. Democratic Maryland Congressman Jamie Raskin says the former

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Speaker 1: president would be disqualified from holding office if convicted. The

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Speaker 1: committee has developed significant evidence that President Trump intended to

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Speaker 1: disrupt the peaceful transfer transition of power under our constitution.

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Speaker 1: Marilyn Congressman Jamie Raskin says former President Trump failed in

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Speaker 1: his constitutional duty while turning from politics to crypto Now Nathan,

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Speaker 1: it was a wild day in court for former ft

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Speaker 1: X CEO Sam Bankman Freed, who could now be headed

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Speaker 1: back to the US sooner than we thought. Bloomberg. Steve

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Speaker 1: Rappaport joins US Live with that story. Stave, good morning,

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Speaker 1: Good morning, Karen, and Nathan. Mixed messages were the order

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Speaker 1: of the day, with Bankman Freed and his attorney not

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Speaker 1: exactly on the same page. SPF said in court he

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Speaker 1: was ready to face the music in the US, but

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Speaker 1: at the same hearing, his local lawyer said he was

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Speaker 1: unaware of the plan. Later in the day, Jeron Roberts

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Speaker 1: appear to reverse himself, telling reporters Bankman Freed would not

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Speaker 1: fight extradition to the US, where he faces charges of

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Speaker 1: fraud over the sudden collapse of f t X. Last week,

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Speaker 1: Bankman Freed said he planned to fight extradition. Sources tell

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Speaker 1: Bloomberg the change of heart is in part motivated by

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Speaker 1: the expectation that he will be able to get bail

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Speaker 1: here in the US. Live in New York. I'm Steve Rappaport,

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Speaker 1: Bloomberg Daybreak. All right, Steve, Thanks, And it wouldn't be

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Speaker 1: a day in December if we didn't have more news

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Speaker 1: on Twitter. The latest development has Elon Musk saying the

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Speaker 1: company will now vote on Twitter policy matters and leave

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Speaker 1: it only to Blue members. Bloomberg said Baxter has the story.

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Speaker 1: This coming after fifty seven percent of the respondence to

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Speaker 1: his poll about whether he should step down said yes.

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Speaker 1: Musk does say that this was in response to somebody

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Speaker 1: who had messaged him earlier in the day. Now there

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Speaker 1: were more than ten million votes saying that he should

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Speaker 1: relinquish his role. Musk also tweeted that nobody wanted his

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Speaker 1: job and that it would be impossible to find a successor,

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Speaker 1: although he didn't directly address whether he was going to

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Speaker 1: step down. In San Francisco, I'm at Baxter Bloomberg Daybreak, Okay, ed, thanks, futures,

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Speaker 1: little change this morning, straight ahead, your latest local headlines

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Speaker 1: in the check of sports. This is Bloomberg and it

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Speaker 1: is now thirty two degrees in Central Park. We have

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Speaker 1: a look at some of the other stories making news

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Speaker 1: in New York and around the world. Now with bloomberg

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Speaker 1: S Michael bar Good Morning, Michael, Good Morning, Nathan. Los

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Speaker 1: Angeles jurors found disgrace movie mogul Harvey Weinstein guilty of

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Speaker 1: rape and sexual assault of one of the four accusers

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Speaker 1: he was charged with abusing. Weinstein was found guilty involving

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Speaker 1: a woman who said he appeared uninvited at her hotel

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Speaker 1: room door during a Los Angeles film festival in Weinstein,

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Speaker 1: who was two years into a twenty three year sentence

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Speaker 1: for a rape and sexual assault conviction in New York,

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Speaker 1: to get up to twenty four years in prison in California.

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Speaker 1: When he sentenced. New York Council member Eric Bacher was

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Speaker 1: targeted by a group that calls itself Gaze against Groomer's.

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Speaker 1: Bacher says, over the weekend they protested outside the Drag

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Speaker 1: Story Hour, in which a person in drag reads children's

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Speaker 1: books to kids at public library. It's a very successful

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Speaker 1: and popular program around the country. Unfortunately, on the Internet

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Speaker 1: there are these very dark and unhinged of memes that

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Speaker 1: really have convinced some of these people that children are

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Speaker 1: being sexually groomed, says. Two of the protesters made it

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Speaker 1: as far as the lobby inside his apartment building after

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Speaker 1: scrolling anti gay slurs on the sidewalk in front. They

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Speaker 1: were arrested for trespassing. The NYPD says a thirty year

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Speaker 1: old woman is under arrest after police say she broke

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Speaker 1: into actor Robert de Niro's home while he was inside.

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Speaker 1: Police say she was stealing his Christmas gifts. The suspect,

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Speaker 1: Shanie Amlis, has twenty six prior arrests and was known

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Speaker 1: to police so much so they spotted her in the

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Speaker 1: area on Manhattan's Upper east Side and began to follow her,

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Speaker 1: allegedly trying to break into other homes. A dedication ceremony

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Speaker 1: was held in Central Park for a group of black

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Speaker 1: and Hispanic men who became known as the Central Park Five.

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Speaker 1: An entrance to the park was renamed as the Gate

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Speaker 1: of the Exhonerated in honor of the five men wrongly

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Speaker 1: convicted for attack and a rave in the park. New

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Speaker 1: York Mayor Eric Adams said the location will be a

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Speaker 1: landmark in civil rights history. We should be haveing school

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Speaker 1: trips to talk about this story. The men were cleared

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Speaker 1: in two thousand two and received a forty one million

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Speaker 1: dollars settlement from the city. Globally is twenty four hours

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

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

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Speaker 1: than a hundred twenty countries. Michael Barr and this is Bloomberg. Nathan.

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Speaker 1: All right, Michael, thanks the time of the Bloomberg Sports Utday,

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Speaker 1: brought to you by Tri State Outing. For that, we

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Speaker 1: bring in John's stash our. Good morning, John, Good morning,

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Speaker 1: Nathan Nixon. Rangers have both won seven in a row.

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Speaker 1: Look to keep the streets going tonight at the Garden.

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Speaker 1: It's the Knicks and the Warriors, always a hot ticket

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Speaker 1: when Golden State comes in. Although no Steph Curry and

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Speaker 1: the Warriors are under five hundred. The Rangers play in Pittsburgh.

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Speaker 1: Islanders were in Colorado, scoreless through sixty five minutes and

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Speaker 1: then only one goal scoring in the shootout. The Ads

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Speaker 1: won one nothing. Isles got forties six days from Helios Rokin,

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Speaker 1: but they've now lost four of their last five. Rams

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Speaker 1: and Packers figured to be two of the best of

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Speaker 1: the NFC this year. They are certainly not Green Bay

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Speaker 1: and fifteen degree weather one of four to twelve, and

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Speaker 1: the Rams with their tent lost Hie the record for

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Speaker 1: most defeats by defending Super Bowl champions. Short work week

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Speaker 1: for the Jets. They host Jacksonville on Thursday. Of Mike

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Speaker 1: White can play hill be Zack Wilson against the Jaguars

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Speaker 1: Trevor Lawrence. They were the first two picks of draft.

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Speaker 1: Lawrence has been playing great for Jacksonville. Wilson returned Sunday

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Speaker 1: due to whites injury. He wasn't quite as bad as

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Speaker 1: he was before he got bens, but certainly made some mistakes.

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Speaker 1: His coaches Robert Salah, this kid's gonna be a good quarterback.

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Speaker 1: Um there the the NFL and this this new instant

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Speaker 1: coffee world that we're in just does not want to

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Speaker 1: give people time and uh and so we look at

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Speaker 1: him and he is just nitpicked with it and just

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Speaker 1: with a fine tooth column. Everything that he does pretty

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Speaker 1: much must win for the Jets Thursday if they hope

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Speaker 1: to make the playoffs and City FI, the Mets introduced

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Speaker 1: their new Japanese import code I singa set Lugo puts

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Speaker 1: out of the Mets bullpen in the past seven years.

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Speaker 1: He has signed with San Diego, Tom Brownie and pitch

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Speaker 1: for Cincinnati for eleven years. Once through, a perfect game

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Speaker 1: has passed away at sixty two, John Stashward, Bloomberg Sports.

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Speaker 1: All right, John, Thanks, Bloomberg Sports is brought to you

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Speaker 1: by Autie. Don't let someone else drive off in the

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Speaker 1: outye model you've always wanted. Visit your local tri state

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Speaker 1: autie dealer to get behind the wheel of yours today,

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Speaker 1: or visit autie Offers dot com for more information. Expecting

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Speaker 1: sunshine today with hr forty degrees cleared, a partly cloudy

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Speaker 1: to night, up for twenties for overnight lows, and we'll

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Speaker 1: be back near forty in the sunshine tomorrow. Right now

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Speaker 1: in Central Park, it is clear and thirty two degrees.

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Speaker 1: SMP futures down four points, Staff futures up for and

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Speaker 1: Nasdaq futures are lower by thirty points ten. Your treasury

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Speaker 1: yield right now three point six five percent. Live from

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Speaker 1: coast to coast, from New York to San Francisco, Boston

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Speaker 1: to Washington, d C. Nationwide on Sirius, x amp, the

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Speaker 1: Bloomberg Business App, and Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 1: Good morning. I'm Nathan Hagar. We continue to watch the

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Speaker 1: yen this morning, surging by three point three percent against

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Speaker 1: the dollar one thirty two point five three as markets

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Speaker 1: continue to assess this surprise move by outgoing Bank of

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Speaker 1: Japan Governor Harohiko Coroda to adjust the yield curve control

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Speaker 1: policy for the Central Bank in Japan, doubling the cap

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Speaker 1: on tenure yields from a quarter percent to a half percent.

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Speaker 1: Joining us now with more analysis is Kit Jukes, the

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Speaker 1: chief Effex strategist associate A general. Kit. It's great to

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Speaker 1: speak with you this morning. What was your reaction to

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Speaker 1: this move and should the market b as surprised as

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Speaker 1: it seems to be. I'm going to go with wow

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Speaker 1: was my reaction? I think to be honest, Um, yeah,

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Speaker 1: I think that we thought they were going to do

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Speaker 1: something like this in April at the end of Mr

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Speaker 1: Coroda's terms, So yeah, four months early, just before Christmas.

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Speaker 1: Quite markets, it's got to move. Um So yeah, And

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Speaker 1: you know, I think you have to at least, you know,

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Speaker 1: put it in the context that that they've been completely

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Speaker 1: alone really in their in their monetary policy stance through

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Speaker 1: through this crisis or through this year. The widening interest

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Speaker 1: rate differential with the United States. The rise in usc

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Speaker 1: els has seen dolly Yan rise from hundred and ten

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Speaker 1: to a hundred and fifty UM. There's a long way

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Speaker 1: to go about the other way, you know, if you

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Speaker 1: signal that that's all going to slowly start to unwind. Now,

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Speaker 1: of course it wasn't all unwind. But but if we

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Speaker 1: look through at the future from here and we say

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Speaker 1: normalization of Japanese policy, you know, the end of the

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Speaker 1: FED hiking cycle, not a million miles away from where

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Speaker 1: we are, you can look at dolly in and think, yeah,

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Speaker 1: it could go down a lot lower than this over

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Speaker 1: the medium longer term, and and yeah, so we're going

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Speaker 1: to do too much on the first day, And the

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Speaker 1: Bank of Japan will will stress the fact that this

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Speaker 1: is being done for the orderly function of the bond market,

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Speaker 1: which doesn't function in an orderly fashion at all at

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Speaker 1: the moment, and isn't really intended to be an easier

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Speaker 1: tightening in monetary policy. But I'm not sure we'll hear

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Speaker 1: any of that. I wouldn't be surprised if it if

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Speaker 1: it goes further than this. Yeah, as you say, Corona

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Speaker 1: did say that this was about improving bond market functioning.

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Speaker 1: Not necessarily a policy pivot, but do you see this

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Speaker 1: as a first step toward a policy normalization from the

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Speaker 1: BOJ Not in a quick step, but I see there's

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Speaker 1: a tightening in monetary conditions, and I think that's what matters.

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Speaker 1: I don't think that it's um you know, it's not

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Speaker 1: certainly not, you know, I think if let's bring this way,

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Speaker 1: if I thought that we were going to see this

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Speaker 1: in April, I don't think this means I'm going to

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Speaker 1: see another one in April. I think this is April's

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Speaker 1: one now, if you like. In terms of a policy mood,

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Speaker 1: so it's not part of a chain. But I think

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Speaker 1: it's the monetary conditions that do matter. You're tightening those

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Speaker 1: and and you're raising interest rate levels that people can

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Speaker 1: earn um. So you know, the sectors of the sectors

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Speaker 1: of the economy that don't like higher interest threads are

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Speaker 1: going to feel it in the same way as they

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Speaker 1: would here. You know, it's sort of it smells and

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Speaker 1: sounds like you know, like like like a like a

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Speaker 1: red height wood in the United States or the UK,

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Speaker 1: and so i'll call it that in Japan, I think

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Speaker 1: for now it's also a catalyst for me. It's important

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Speaker 1: for the currency market because, um, you know, the Japanese

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Speaker 1: are the biggest holders of foreign assets in the world,

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Speaker 1: and so they hold any enormal number of foreign assets

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Speaker 1: and they've made very done, very well out of them

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Speaker 1: in this period of yen weakness. It's very hard not

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Speaker 1: to see this as a signal to them hedge that

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Speaker 1: fex risk and if they're heading that effets risk there

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Speaker 1: de facto buying yen and they'll make it get stronger.

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Speaker 1: So you know that that to me is the bit.

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Speaker 1: This smells and sounds and feels and looks like monetary

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Speaker 1: tightening whatever you want to call it. It tightens finale

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Speaker 1: a mount conditions. Um. And it's probably you know, yen

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Speaker 1: positive for the medium term, not just for today. Does

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Speaker 1: that add further two dollar negative then yeah, it feeds

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Speaker 1: into the whole pattern. I mean, I think again when

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Speaker 1: the last standout puts raises not in policy rates, but

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Speaker 1: but it's it's yield, it's yield target at which it

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Speaker 1: will intervene in the bond market. Um. And the Fed

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Speaker 1: you know, is going to slow in February. We most

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Speaker 1: people expect at twenty five basis point hike and then

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Speaker 1: we'll see how many of those we get. Very very

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Speaker 1: hard not to see that, as you know, further nail

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Speaker 1: in the coffin of the of this really incredible period

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Speaker 1: of dollars strains, the second biggest or or the biggest

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Speaker 1: dollar rally since the one that ended in February. So

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Speaker 1: we got about thirty seconds left here, Kit, we're staring

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Speaker 1: at one two for the end right now. How much

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Speaker 1: further does the end go down? It came from one ten.

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Speaker 1: I mean I think you know, I think you can

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Speaker 1: get some one and twenty in six months time. Ways

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Speaker 1: that the end has form of overshooting targets that I

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Speaker 1: put down as forecasts when it has these most this

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Speaker 1: is the fifth one it's done since the mid nineties,

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Speaker 1: and they were all bigger than this. The Christians great

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Speaker 1: to have you on with this, kid, especially after a

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Speaker 1: move like this. Really appreciate your insights, Kid Jukes, Chief

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Speaker 1: f X strategist associate A general. I imagine we're gonna

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Speaker 1: be keeping it our on the end for some time

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Speaker 1: here right now, stronger against the dollar by just about

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Speaker 1: three point three percent, training at one thirty two point

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Speaker 1: five seven. As for other g ten currencies. The Euro

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Speaker 1: right now at one point zero six to seven against

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Speaker 1: the dollar, British pound one point to one three eight

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Speaker 1: futures little change to lower right now. SMP futures are

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Speaker 1: down seven points, Staff futures down seventeen and NASDAC futures

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Speaker 1: are lower by thirty nine points. Tenure treasury down twenty

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Speaker 1: one thirty seconds. Yield on the tenure in the US

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Speaker 1: three point six six percent. This is Bloomberg Markets, headlines

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Speaker 1: and breaking news twenty four hours a day at Bloomberg

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Speaker 1: dot Com, the Bloomberg Business and at Bloomberg Quick Take.

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Speaker 1: This is a Bloomberg Business lash and I'm Karen Moscow

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Speaker 1: Treasury yields rising, Global equities falling after the Bank of

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Speaker 1: Japan emulated as central bank piers with a hankish move

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Speaker 1: that lifted the end to its highest in more than

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Speaker 1: four months and sent domestic bonn yields twenty basis points higher.

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Speaker 1: We check the markets all day long here on Bloomberg.

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Speaker 1: SMP futures there are down five points now down about

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Speaker 1: a tenth of uppercent. Down futures are a little changed.

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Speaker 1: NASTACK futures down three tenths of upper cent or thirty

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Speaker 1: three points. The decks in Germany's down a half pert

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Speaker 1: down about a quarter percent. I should say ten your

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Speaker 1: treasury down twenty one thirty seconds. Heel three point six

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Speaker 1: six percent. They yield on the two year four point

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Speaker 1: to seven percent. NI Max Screwed oil is at one

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Speaker 1: point one percent of seventy nine cents at seventy five

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Speaker 1: cents of barrel comic school of one percent or eighteen

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Speaker 1: dollar sixty cents at eighteen sixteen thirty announced the euro

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Speaker 1: one point six to eight against the dollar, British found

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Speaker 1: one point one four one, the yen one thirty two

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Speaker 1: point four seven and bitcoin this morning at one it's

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Speaker 1: at sixteen thousand, eight hundred dollars. And as a Bloomberg

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Speaker 1: Business flash, now here's Michael bar with Moore on what's

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Speaker 1: going on around the world. Muncale, good morning, Good morning, Karen.

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Speaker 1: A House committee recommended that Donald Trump he prosecuted for

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Speaker 1: his role in the January sixth assault on the US capital,

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Speaker 1: the first ever such referral of a former president. Representative

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Speaker 1: Jamie Raskin said it would disqualify Trump from holding off

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Speaker 1: as if convicted. The Supreme Court granted a temporary stay

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Speaker 1: on the immigration restriction known as Title forty two. It

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Speaker 1: was expiring tomorrow. The nineteen Republican led States filed an appeal.

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Speaker 1: Monday night football, the Packers beat the Rams twelve in

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Speaker 1: the NHL. The Islanders lost in a shootout to the

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Speaker 1: Avalanche one ZIP. The Capitols and Bruins were winners. Global

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Speaker 1: News twenty four hours a day on air and on

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Speaker 1: Boomberg Quick Tank, powered by more than twenty seven under

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Speaker 1: journalists and analyst more than a hundred twenty countries. I'm

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Speaker 1: Michael Barr, and this is Bloomberg. Nathan him Michael. Thanks.

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Speaker 1: It's five twenty three on Wall Street. I'm Nathan Hagar.

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Speaker 1: This is Bloomberg Daybreak, and our focus this morning is

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Speaker 1: sharply on the Bank of Japan. But that doesn't mean

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Speaker 1: we're taking our eyes off the Federal Reserve. FED policy

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Speaker 1: and conjecture about future policy have largely shaped the direction

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Speaker 1: of markets over this past week. Now, let's get the

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Speaker 1: view from a former Central Bank member. Bill Dudley served

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Speaker 1: as president of the New York Fed for nearly a decade. Now,

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Speaker 1: he's a professor at Princeton and a columnist for Bloomberg Opinion.

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Speaker 1: Dudley sat down with Bloomberg's Tom Keene and Lisa Abramowitz

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Speaker 1: on Bloomberg Surveillance to take stock of the Fed's latest

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Speaker 1: move and what's ahead for the new year. Let's listen

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Speaker 1: in what does the data point of January twelve, the

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Speaker 1: inflation reports signal to the Fed where possibly they will

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Speaker 1: have three data points lined up marking some form of disinflation.

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Speaker 1: All have been very clear that to chief success he

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Speaker 1: needs to see moderation of goods prices, which he is seeing,

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Speaker 1: moderation of services prices excluding housing, which he's not seeing,

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Speaker 1: and more slack in the labor market which he's not seeing.

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Speaker 1: So the only achieved one of the three goals. So

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Speaker 1: the thing to focus on is what's happening to the

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Speaker 1: services inflation excluding housing that we know housing is going

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Speaker 1: to come down with a lag, And what's happening in

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Speaker 1: the labor market. You know we have you know, less

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Speaker 1: player employment increase. We need to see payeral games of

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Speaker 1: fifty thousand, seventy five a month. We need to see

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Speaker 1: an increase in the employment rate of from to generate

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Speaker 1: and just slack in the layer market. We need to

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Speaker 1: get inflation down in the services sector bill. I've been

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Speaker 1: confused by the market response after we got the latest

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Speaker 1: FED meeting. There hasn't been a real increase in bond yields,

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Speaker 1: and there is still priced into the market a lower

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Speaker 1: terminal rate than with the FED is saying that they

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Speaker 1: are going to do. How do you understand that? There's

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Speaker 1: two possible explanations. Number one, the market thinks that the

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Speaker 1: Federal blank, what's the unemployer rate? Starts going up, So

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Speaker 1: the market is basically saying that the Fed doesn't mean

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Speaker 1: what it says. That they're saying this to try to

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Speaker 1: talk tough, but when the going gets difficult, the FED

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Speaker 1: will fold. That's one possible explanation. I don't believe that.

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Speaker 1: I think Paul's gonna do what he says. And number two,

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Speaker 1: they may just have a more benign view about how

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Speaker 1: fast inflation is going to come down. I think the

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Speaker 1: market is overweighting the improvement and goods price inflation. We

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Speaker 1: knew goods price inflation was going to come down for

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Speaker 1: two reasons. Number one, the switching in the pandemic has

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Speaker 1: reduced the demand for good versus services. And two, we

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Speaker 1: knew that some of these supply chain disruptions we're gonna normally.

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Speaker 1: The fact that used car prices are falling out was

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Speaker 1: no surprise to anybody. At the same time, people point

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Speaker 1: to the fact that credit card receivables are going up,

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Speaker 1: people are borrowing more. It indicates that cushion is getting

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Speaker 1: used up and there will be a music stoppage at

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Speaker 1: the beginning of the year, that people will stop spending,

429
00:22:54,440 --> 00:22:56,720
Speaker 1: and perhaps they already are. How do you push back

430
00:22:56,720 --> 00:22:59,720
Speaker 1: against that and say, no, there is actually more momentum,

431
00:22:59,720 --> 00:23:02,320
Speaker 1: more item miss and behind that that this fed has

432
00:23:02,359 --> 00:23:06,560
Speaker 1: to curb. Well, one aspect of goods price in flesh

433
00:23:06,640 --> 00:23:09,119
Speaker 1: and going down is the oval flesh rates lower, so

434
00:23:09,160 --> 00:23:12,119
Speaker 1: people's wages go a bit further than they were before.

435
00:23:12,640 --> 00:23:15,240
Speaker 1: And you said, you know, the excess savings is coming down,

436
00:23:15,280 --> 00:23:17,639
Speaker 1: but still there's no about trulli and a half money

437
00:23:18,480 --> 00:23:21,520
Speaker 1: savings above what you expect the situation to be if

438
00:23:21,520 --> 00:23:25,040
Speaker 1: we hadn't had those large fiscal transfers. Finally, there's gonna

439
00:23:25,080 --> 00:23:29,240
Speaker 1: be a lot more income for people caused by indexing.

440
00:23:29,280 --> 00:23:31,879
Speaker 1: So look at SoCal security eight point seven percent increase

441
00:23:31,960 --> 00:23:34,720
Speaker 1: coming next month. That's a hundred billion dollar increase in

442
00:23:34,760 --> 00:23:37,040
Speaker 1: federal spending. All those people are going to go out

443
00:23:37,040 --> 00:23:39,640
Speaker 1: and spend that money. That's former New York Fed President

444
00:23:39,680 --> 00:23:42,600
Speaker 1: Bill Dudley speaking with Lisa Abramo It's and Tom Keane

445
00:23:42,960 --> 00:23:45,560
Speaker 1: on Bloomberg Surveillance. You can catch more of that interview

446
00:23:45,600 --> 00:23:48,399
Speaker 1: and conversations just like it on the latest edition of

447
00:23:48,440 --> 00:23:52,920
Speaker 1: the Bloomberg Surveillance podcast. Subscribe on Apple, Spotify or anywhere

448
00:23:52,920 --> 00:23:55,760
Speaker 1: else you get your podcast. That this morning's top stories,

449
00:23:55,800 --> 00:23:59,679
Speaker 1: local headlines just to head first, Today's Bloomberg weather forecast.

450
00:24:00,400 --> 00:24:02,520
Speaker 1: High pressure has control the weather. It have contained and

451
00:24:02,560 --> 00:24:04,840
Speaker 1: moved towards the Tri state area coming in from the west.

452
00:24:04,840 --> 00:24:07,280
Speaker 1: Will have sunshine today and temperature should be close to

453
00:24:07,320 --> 00:24:10,640
Speaker 1: forty degrees generally clear. Tonight, the city will drop the

454
00:24:10,680 --> 00:24:13,000
Speaker 1: thirty It'll fall into the teens in some of the suburbs.

455
00:24:13,280 --> 00:24:15,720
Speaker 1: Hig pressure is still in control. Tomorrow. We'll have more sunshine,

456
00:24:15,800 --> 00:24:19,119
Speaker 1: high forty cloudy Thursday, with rain developing the afternoon, a

457
00:24:19,240 --> 00:24:22,480
Speaker 1: high close to forty five. I'm Rob Caroline with your

458
00:24:22,480 --> 00:24:28,119
Speaker 1: three day forecast on Bloomberg eleven three oh broadcasting live

459
00:24:28,280 --> 00:24:32,240
Speaker 1: from the Bloomberg Interactive Broker Studio in New York Bloomberg

460
00:24:32,240 --> 00:24:36,320
Speaker 1: Elving three to Washington, d C. Bloomberg one to Boston,

461
00:24:36,440 --> 00:24:39,840
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine

462
00:24:39,920 --> 00:24:43,000
Speaker 1: six to the country, Sirius XM to the one nineteen

463
00:24:43,119 --> 00:24:46,320
Speaker 1: and around the globe the Bloomberg Business at and Bloomberg

464
00:24:46,400 --> 00:24:55,840
Speaker 1: Radio dot com. This is Bloomberg Daybreak and we're coming

465
00:24:55,880 --> 00:24:58,359
Speaker 1: up to five thirty on Wall Street. Good morning. I'm

466
00:24:58,440 --> 00:25:01,600
Speaker 1: Karen Moscow, I'm Nathan and Hagar. Bloomberg Daybreak is brought

467
00:25:01,640 --> 00:25:04,440
Speaker 1: to you by Innovation Refunds. Your business may be eligible

468
00:25:04,480 --> 00:25:07,440
Speaker 1: to receive a payroll tax refund. The application takes around

469
00:25:07,440 --> 00:25:09,439
Speaker 1: eight minutes eight minutes or less to see if you're

470
00:25:09,480 --> 00:25:11,960
Speaker 1: small to medium sized business may be eligible for a

471
00:25:12,000 --> 00:25:15,000
Speaker 1: refund of up to twenty six thousand dollars per employee

472
00:25:15,040 --> 00:25:17,560
Speaker 1: kept on the payroll during the pandemic. Find out at

473
00:25:17,640 --> 00:25:21,960
Speaker 1: get Refunds dot com. And we're nearly four hours away

474
00:25:21,960 --> 00:25:23,879
Speaker 1: from the open of US trading. Let's get you up

475
00:25:23,880 --> 00:25:25,280
Speaker 1: to date on the news you need to know. At

476
00:25:25,280 --> 00:25:28,440
Speaker 1: this hour, we begin to overseas with the Bank of Japan.

477
00:25:28,800 --> 00:25:32,879
Speaker 1: Governor Harahiku Kuroda shocked markets overnight by adjusting the central

478
00:25:32,880 --> 00:25:36,720
Speaker 1: banks yield curve control program. Bloomberg Daybreak Asia anchor Brian

479
00:25:36,800 --> 00:25:40,080
Speaker 1: Curtis has the details. The shocking move sparked a massive

480
00:25:40,160 --> 00:25:42,400
Speaker 1: jump in the en and a big drop in the nick.

481
00:25:42,800 --> 00:25:45,120
Speaker 1: The b o J will now allow Japan's ten year

482
00:25:45,160 --> 00:25:47,840
Speaker 1: bond yields to rise to about half a percentage point.

483
00:25:47,960 --> 00:25:50,200
Speaker 1: That's up from the previous upper limit of a quarter

484
00:25:50,280 --> 00:25:53,040
Speaker 1: percentage point. The central Bank kept its target on the

485
00:25:53,119 --> 00:25:56,720
Speaker 1: yield unchanged around zero percent, and left it short term

486
00:25:56,720 --> 00:26:00,359
Speaker 1: interest rate at minus zero point one percent. Bright Curtis,

487
00:26:00,440 --> 00:26:02,920
Speaker 1: Bloomberg Daybreak. All right, Brian, thank you, and let's look

488
00:26:02,920 --> 00:26:04,800
Speaker 1: at that jump in the yen. It's right now at

489
00:26:04,920 --> 00:26:07,359
Speaker 1: one thirty two point four or five against the dollar.

490
00:26:07,760 --> 00:26:11,080
Speaker 1: Staying overseas in Asia, Karen's social media posts in China

491
00:26:11,280 --> 00:26:14,120
Speaker 1: signal at COVID deaths may be much higher than Beijing's

492
00:26:14,119 --> 00:26:17,359
Speaker 1: official count. Now, China confirms it has changed its method

493
00:26:17,400 --> 00:26:20,800
Speaker 1: for counting fatalities, narrowing the definition of a COVID death.

494
00:26:21,160 --> 00:26:24,439
Speaker 1: China reported just five fatalities tied to the virus today.

495
00:26:24,720 --> 00:26:27,159
Speaker 1: Well back here in the US, Nathan futures are that

496
00:26:27,200 --> 00:26:30,240
Speaker 1: will change after four days of loss. Is initially propelled

497
00:26:30,240 --> 00:26:33,439
Speaker 1: by hawkish fed rhetoric bets on a recession or ramping

498
00:26:33,560 --> 00:26:36,400
Speaker 1: up A Former New York Fed President Bill Dudley says

499
00:26:36,440 --> 00:26:40,000
Speaker 1: he expects a downturn to be relatively controlled. I don't

500
00:26:40,080 --> 00:26:42,359
Speaker 1: expect the recession quite yet, and the COMMUNI still has

501
00:26:42,440 --> 00:26:45,840
Speaker 1: considerable for momentum. I think the recession, when it finally

502
00:26:45,880 --> 00:26:48,919
Speaker 1: does occur, will be mild. This is a recession. If

503
00:26:48,960 --> 00:26:52,119
Speaker 1: it occurs, it's completely induced by the Fed to generate

504
00:26:52,160 --> 00:26:54,640
Speaker 1: more slack in the labor market. Former New York Fan

505
00:26:54,720 --> 00:26:57,320
Speaker 1: governor and Bloomberg opinion columnist Bill Dudley may have the

506
00:26:57,359 --> 00:27:00,280
Speaker 1: comments on Bloomberg Survey Lance catch the program we Gay

507
00:27:00,320 --> 00:27:03,760
Speaker 1: Mornings on Bloomberg Radio and Television. In politics, the House

508
00:27:03,800 --> 00:27:07,919
Speaker 1: committee investigating the January six attack has recommended prosecution for

509
00:27:07,920 --> 00:27:11,240
Speaker 1: former President Donald Trump, marking the first ever such referral.

510
00:27:11,560 --> 00:27:13,920
Speaker 1: A decision on whether to prosecute lines with the Department

511
00:27:13,920 --> 00:27:17,040
Speaker 1: of Justice. And turning from politics to Krypto Now, Nathan,

512
00:27:17,040 --> 00:27:19,080
Speaker 1: it was a wild day in court for Sam Bankman Free,

513
00:27:19,119 --> 00:27:21,360
Speaker 1: the former ft X CEO. Can now we headed back

514
00:27:21,400 --> 00:27:23,359
Speaker 1: to the US sooner than we thought. We get more

515
00:27:23,400 --> 00:27:27,040
Speaker 1: from Bloomberg Steve Rappaport, Steve, good Morning, Karen and Nathan.

516
00:27:27,119 --> 00:27:29,040
Speaker 1: It's never a good sign when the attorney and the

517
00:27:29,040 --> 00:27:32,000
Speaker 1: defendant are not on the same page. That scenario unfolded

518
00:27:32,000 --> 00:27:34,440
Speaker 1: in court yesterday when bankman Freed said he was ready

519
00:27:34,480 --> 00:27:36,720
Speaker 1: to waive his right to fight extradition to the US.

520
00:27:37,040 --> 00:27:39,439
Speaker 1: That caught his local lawyer off guard, who said he

521
00:27:39,480 --> 00:27:42,040
Speaker 1: was not aware of the plan. Jaren Roberts later told

522
00:27:42,040 --> 00:27:44,639
Speaker 1: reporters bankman Freed would not fight extradition to the U

523
00:27:44,760 --> 00:27:46,919
Speaker 1: s where he's charged with fraud related to the collapse

524
00:27:46,920 --> 00:27:49,240
Speaker 1: of f t X Live in New York. I'm Steve Rappaport,

525
00:27:49,280 --> 00:27:52,800
Speaker 1: Bloomberg Day Break. Okay, Steve, thank you. Futures little changed

526
00:27:52,920 --> 00:27:55,560
Speaker 1: this morning, and straight ahead, we have your latest local

527
00:27:55,600 --> 00:28:03,359
Speaker 1: headlines and a check of sports. This is Bloomberg and

528
00:28:04,160 --> 00:28:05,919
Speaker 1: One on Wall Street. We've bringing Michael war for a

529
00:28:05,920 --> 00:28:07,639
Speaker 1: look at what's going on in New York and around

530
00:28:07,640 --> 00:28:10,200
Speaker 1: the world. Michael, thank you very much. Nathan. Disgraced movie

531
00:28:10,200 --> 00:28:13,400
Speaker 1: mogul Harvey Weinstein has been convicted of several more sexual

532
00:28:13,400 --> 00:28:17,240
Speaker 1: assault charges. Of the seven sexual assault charges Weinstein was

533
00:28:17,280 --> 00:28:20,840
Speaker 1: on trial for in Los Angeles, the jury convicted him

534
00:28:20,880 --> 00:28:24,200
Speaker 1: of three, including the rape of a former Italian actress

535
00:28:24,240 --> 00:28:28,160
Speaker 1: in the jury could not agree on other charges involving

536
00:28:28,160 --> 00:28:32,720
Speaker 1: other accusers, including one represented by attorney Gloria Allred, who

537
00:28:32,760 --> 00:28:36,640
Speaker 1: says her client THO is focused on the guilty verdicts

538
00:28:36,640 --> 00:28:41,280
Speaker 1: that that was justice, so she's thinking of others in

539
00:28:41,320 --> 00:28:45,520
Speaker 1: addition to herself. Weinstein faces another twenty or so years

540
00:28:45,560 --> 00:28:48,600
Speaker 1: in prison for the convictions he's already serving a twenty

541
00:28:48,640 --> 00:28:52,160
Speaker 1: three years sentence in New York. Drag Story Hour and

542
00:28:52,360 --> 00:28:54,960
Speaker 1: a New York City council member who supports it are

543
00:28:55,000 --> 00:29:00,000
Speaker 1: the latest targets of protests. Councilman Eric Bacher says protesters,

544
00:29:00,040 --> 00:29:04,360
Speaker 1: alvanized by online conspiracy theories, tried to disrupt the weekend

545
00:29:04,400 --> 00:29:07,800
Speaker 1: reading event at a New York City public library and Chelsea.

546
00:29:08,280 --> 00:29:12,000
Speaker 1: They were blocked from entering, but yesterday two protesters made

547
00:29:12,000 --> 00:29:16,320
Speaker 1: it into the lobby of Bacher's apartment nearby, scrolling anti

548
00:29:16,400 --> 00:29:19,440
Speaker 1: gay slurs on the sidewalk in front. It's a really

549
00:29:19,480 --> 00:29:24,280
Speaker 1: disgusting conspiracy theory that people have latched onto, and it's

550
00:29:24,440 --> 00:29:28,280
Speaker 1: they're they're really taking this way too far, believes, arrested

551
00:29:28,320 --> 00:29:32,320
Speaker 1: to protesters for trespassing. Writers on some New York City

552
00:29:32,360 --> 00:29:35,480
Speaker 1: subway lines may see less service on Mondays and Fridays,

553
00:29:35,480 --> 00:29:38,640
Speaker 1: and an increase on weekends, according to data from the

554
00:29:38,760 --> 00:29:41,800
Speaker 1: mt A. The changes come as remote work continues to

555
00:29:41,920 --> 00:29:46,280
Speaker 1: keep weekday ridership down. New Jersey lawmakers gave final approval

556
00:29:46,280 --> 00:29:50,440
Speaker 1: to legislation overhauling rules to get a firearm carry permit

557
00:29:50,560 --> 00:29:53,840
Speaker 1: after this summer's U. S. Supreme Court ruling expanded gun

558
00:29:53,920 --> 00:29:56,680
Speaker 1: rights global needs twenty four hours a day on a

559
00:29:56,800 --> 00:30:00,000
Speaker 1: rand on Bloomberg quick Take powered by more than journalist

560
00:30:00,040 --> 00:30:02,960
Speaker 1: antalists in more than countries. I'm Michael bar This is

561
00:30:03,000 --> 00:30:10,760
Speaker 1: Bloomberg Nath. Thanks Michael three on Wall Street time for

562
00:30:10,800 --> 00:30:13,200
Speaker 1: the Bloomberg Sports update, brought to you by Tri stayed out.

563
00:30:13,200 --> 00:30:16,280
Speaker 1: Here's John Stashower. Okay, Nathan Chilly Knight in Green Bay.

564
00:30:16,320 --> 00:30:19,120
Speaker 1: Packers kept their faint playoff hopes alive. Beat the Rams

565
00:30:19,840 --> 00:30:23,840
Speaker 1: twelve Aaron Rodgers now one nine straight Monday Nighters. Baker Mayfield,

566
00:30:23,840 --> 00:30:26,320
Speaker 1: the Rams new quarterback, did better when he hadn't practiced

567
00:30:26,360 --> 00:30:29,320
Speaker 1: with them. A week after he debuted with a comeback win, Mayfield,

568
00:30:29,640 --> 00:30:32,160
Speaker 1: through an interception, got sacked five times. The next day

569
00:30:32,240 --> 00:30:35,080
Speaker 1: is Thursday. Jets and Jaguars that met life for the

570
00:30:35,160 --> 00:30:37,800
Speaker 1: Jets just lost to Detroit. A lot of criticism of

571
00:30:37,840 --> 00:30:41,120
Speaker 1: Jets coach Robert Sala for faulty clock management in the

572
00:30:41,200 --> 00:30:43,600
Speaker 1: Jets final drive. And I was trying to beat New

573
00:30:43,680 --> 00:30:45,880
Speaker 1: York on a challenge and that's the one I overthought.

574
00:30:45,920 --> 00:30:49,240
Speaker 1: It didn't matter. We're not playing for downs at this situation. UM,

575
00:30:49,280 --> 00:30:52,080
Speaker 1: We're playing for time and UM. And when you look

576
00:30:52,120 --> 00:30:55,680
Speaker 1: at it all, I definitely probably cost us one more snap,

577
00:30:56,400 --> 00:31:00,320
Speaker 1: uh in that in that transaction. So I'm uh something

578
00:31:00,360 --> 00:31:02,600
Speaker 1: that I definitely need to be better. I definitely overthought it.

579
00:31:02,800 --> 00:31:04,800
Speaker 1: And uh, I wish I could have that one. But

580
00:31:04,920 --> 00:31:06,640
Speaker 1: I had the Jets had more time, they could have

581
00:31:06,720 --> 00:31:09,120
Speaker 1: gained some more yards in their game time fuegal attempt

582
00:31:09,160 --> 00:31:10,720
Speaker 1: might not have had to be a fifty eight yard

583
00:31:10,720 --> 00:31:12,000
Speaker 1: A lot of talk also about the end of the

584
00:31:12,040 --> 00:31:15,760
Speaker 1: Giants win at Washington, Commanders upset about an illegal formation

585
00:31:15,800 --> 00:31:18,760
Speaker 1: penalty that wiped out a touchdown and a non past

586
00:31:18,840 --> 00:31:22,160
Speaker 1: interference call on their final play. Giants visit Minnesota Saturday.

587
00:31:22,160 --> 00:31:25,800
Speaker 1: Philadelphia visits Dallas. Eagles. Quarterback jail And Hurts may not

588
00:31:25,880 --> 00:31:28,960
Speaker 1: play as an an injured shoulder. Islanders lost at Colorado

589
00:31:29,040 --> 00:31:31,720
Speaker 1: one nothing gonna shoot out the Rangers play tonight in Pittsburgh.

590
00:31:31,720 --> 00:31:34,200
Speaker 1: The Rangers have won seventh straight and so have the Knicks.

591
00:31:34,240 --> 00:31:37,200
Speaker 1: They hold Golden State today as a national holiday in

592
00:31:37,280 --> 00:31:40,640
Speaker 1: Argentina as they honor the World Cup champions. John Stasheller

593
00:31:40,640 --> 00:31:44,480
Speaker 1: Bloomberg Sports Nathan Well deserved day off for Argentina. Thank you,

594
00:31:44,640 --> 00:31:48,280
Speaker 1: John and Bloomberg Sports. Was brought to you by Audie.

595
00:31:48,360 --> 00:31:50,800
Speaker 1: Don't let someone else drive off in the Audi model

596
00:31:50,920 --> 00:31:54,280
Speaker 1: you've always wanted. Visit your local Price State Auntie dealer

597
00:31:54,360 --> 00:31:56,640
Speaker 1: to get behind the wheel of yours today, or visit

598
00:31:56,680 --> 00:32:02,800
Speaker 1: Autie Offers dot com for more information on Wall Street

599
00:32:02,800 --> 00:32:05,080
Speaker 1: time for the Tri State Business Report. For that we

600
00:32:05,200 --> 00:32:08,240
Speaker 1: bring in, Bloomberg, said Corey. A planned strike by New

601
00:32:08,280 --> 00:32:11,280
Speaker 1: York Uber drivers fizzled on Monday, despite a call for

602
00:32:11,320 --> 00:32:14,120
Speaker 1: a boycott of the app. The New York Taxi Workers

603
00:32:14,160 --> 00:32:17,040
Speaker 1: Alliance asked Uber drivers to turn off the app for

604
00:32:17,080 --> 00:32:20,080
Speaker 1: twenty four hours starting at midnight on Sunday to protest

605
00:32:20,160 --> 00:32:23,320
Speaker 1: Uber's attempts to block wage increases approved by the Taxi

606
00:32:23,400 --> 00:32:26,800
Speaker 1: and Limousine Commission. New Jersey businesses would have to give

607
00:32:26,840 --> 00:32:30,240
Speaker 1: severan's pay to workers and mass layoffs starting next year

608
00:32:30,440 --> 00:32:34,280
Speaker 1: under legislation that's headed to Governor Phil Murphy for his signature.

609
00:32:34,440 --> 00:32:37,400
Speaker 1: State lawmakers passed the bill to put into effect changes

610
00:32:37,400 --> 00:32:40,560
Speaker 1: that were first enacted in January of two thousand twenty

611
00:32:40,880 --> 00:32:45,480
Speaker 1: and postponed during the pandemic. Hartford's Planning and Zoning Commission

612
00:32:45,720 --> 00:32:49,320
Speaker 1: has approved to propose new Connecticut Children's Medical Center tower.

613
00:32:49,800 --> 00:32:54,080
Speaker 1: It'll face Washington Street and significantly increase the hospital's size.

614
00:32:54,760 --> 00:32:57,800
Speaker 1: Stanford advocate says it will be eight stories tall and

615
00:32:57,840 --> 00:33:01,960
Speaker 1: take up one d thousand ware feet. Beat your Bloomberg

616
00:33:02,000 --> 00:33:05,360
Speaker 1: dry State business report. I'm ed, Corey alright, ed, thank you.

617
00:33:05,480 --> 00:33:09,080
Speaker 1: It's five thirty six on Wall Street. The following is

618
00:33:09,120 --> 00:33:13,080
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by

619
00:33:13,120 --> 00:33:16,720
Speaker 1: the Bloomberg Editorial Board. There's no climate security for the

620
00:33:16,760 --> 00:33:20,600
Speaker 1: world without a protected Amazon, Brazil's President elect louise In

621
00:33:20,680 --> 00:33:23,760
Speaker 1: Nacio Lula da Silva told a cheering crowd at climate

622
00:33:23,800 --> 00:33:27,959
Speaker 1: talks in Egypt last month He's right. Limiting global warming

623
00:33:28,040 --> 00:33:32,120
Speaker 1: requires saving the planet's largest rainforest, which shriveled under outgoing

624
00:33:32,160 --> 00:33:37,040
Speaker 1: president Jaire Bolsonato after the previous government's neglect. Lula deserves

625
00:33:37,080 --> 00:33:39,720
Speaker 1: credit for putting the Amazon back on the agenda, but

626
00:33:39,920 --> 00:33:43,160
Speaker 1: he has little time to waste. His first priority should

627
00:33:43,200 --> 00:33:47,680
Speaker 1: be to revive forest oversight agencies, expand protections for indigenous

628
00:33:47,720 --> 00:33:50,640
Speaker 1: people in lands, and crack down on surging violence in

629
00:33:50,680 --> 00:33:54,080
Speaker 1: the Amazon region. That will require Lula to reach beyond

630
00:33:54,160 --> 00:33:56,960
Speaker 1: his core supporters and persuade a broad cross section of

631
00:33:57,000 --> 00:34:01,760
Speaker 1: Brazilians to embrace a greener future. Brazil's president elect hopes

632
00:34:01,800 --> 00:34:04,920
Speaker 1: to halt deforestation in the Amazon. He can't do it alone.

633
00:34:05,360 --> 00:34:08,480
Speaker 1: This editorial was written by the Bloomberg Editorial Board. For

634
00:34:08,560 --> 00:34:11,520
Speaker 1: more Bloomberg opinion, please go to Bloomberg dot com, slash

635
00:34:11,520 --> 00:34:14,360
Speaker 1: Opinion or O P I n go on the Bloomberg terminal.

636
00:34:14,520 --> 00:34:18,440
Speaker 1: These has been Bloomberg Opinion. Listen for Bloomberg opinion editorials

637
00:34:18,440 --> 00:34:21,319
Speaker 1: every weekday. At this time, terminal customers can read more

638
00:34:21,719 --> 00:34:24,480
Speaker 1: at O P I n go. SMP futures right now

639
00:34:24,520 --> 00:34:28,080
Speaker 1: down seven points to down, futures down twenty one. NAZAC

640
00:34:28,200 --> 00:34:31,120
Speaker 1: futures are lower by thirty eight points. Ten year treasury

641
00:34:31,160 --> 00:34:33,520
Speaker 1: is down twenty one thirty seconds. The old three point

642
00:34:33,560 --> 00:34:36,000
Speaker 1: six six percent yield on the two year four point

643
00:34:36,040 --> 00:34:38,360
Speaker 1: to seven percent. Nim X scrudes higher by one of

644
00:34:38,400 --> 00:34:41,080
Speaker 1: the third percent up a dollar seventy six nineteen of

645
00:34:41,160 --> 00:34:44,319
Speaker 1: barrel comex golds up one percent or eighteen fifty It's

646
00:34:44,440 --> 00:34:47,960
Speaker 1: eighteen sixteen twenty announced and the yen three and a

647
00:34:48,000 --> 00:34:51,000
Speaker 1: half percent stronger against the dollar at one thirty two

648
00:34:51,000 --> 00:34:53,799
Speaker 1: point three three. Will get much more on the Bank

649
00:34:53,800 --> 00:34:58,000
Speaker 1: of Japan's surprise decision on yield curve control with Bloomberg's

650
00:34:58,080 --> 00:35:04,720
Speaker 1: Paul Jackson straight Ahead, markets headlines and breaking news twenty

651
00:35:04,760 --> 00:35:07,600
Speaker 1: four hours a day at Bloomberg dot Com, The Bloomberg

652
00:35:07,600 --> 00:35:11,160
Speaker 1: Business Outland at Bloomberg Quick Take. This is a Bloomberg

653
00:35:11,280 --> 00:35:20,840
Speaker 1: business lash and I'm Karen Moscow and treasury yields are rising.

654
00:35:20,920 --> 00:35:23,640
Speaker 1: US DOCK Index futures are lower after the Bank of

655
00:35:23,719 --> 00:35:26,600
Speaker 1: Japan emulated at Central Bank piers with a sudden hawk

656
00:35:26,680 --> 00:35:29,000
Speaker 1: ish move that lifted the end to a four month

657
00:35:29,040 --> 00:35:32,440
Speaker 1: peak and raised expectations of further policy tightening. Check the

658
00:35:32,480 --> 00:35:35,200
Speaker 1: markets all day long here on bloomberg s and P futures.

659
00:35:35,480 --> 00:35:37,840
Speaker 1: They're down eight points now down to tens of uppercent.

660
00:35:37,960 --> 00:35:40,800
Speaker 1: Down futures down a tenth of upper cent or thirty points,

661
00:35:40,800 --> 00:35:43,120
Speaker 1: and NASDAG futures down four tens per cent or forty

662
00:35:43,160 --> 00:35:46,080
Speaker 1: three points ten year treasury down twenty two thirty seconds,

663
00:35:46,080 --> 00:35:48,200
Speaker 1: you'll three point six six percent. They yield on the

664
00:35:48,239 --> 00:35:51,160
Speaker 1: two year four point to seven percent. Nim Ex screwed

665
00:35:51,200 --> 00:35:53,200
Speaker 1: oil is I've wanted a third percent of a dollar

666
00:35:53,280 --> 00:35:56,080
Speaker 1: at seventy six dollars nineteen cents of barrel call makes

667
00:35:56,120 --> 00:35:58,520
Speaker 1: gold up one percent or eighteen dollar sixty cents at

668
00:35:58,520 --> 00:36:01,719
Speaker 1: eighteen sixteen thirty. And now the euro one point six

669
00:36:01,760 --> 00:36:05,160
Speaker 1: three nine against the dollar, British pound one zero, and

670
00:36:05,200 --> 00:36:07,680
Speaker 1: the yen one thirty two point three five and bitcoin

671
00:36:07,800 --> 00:36:11,360
Speaker 1: is at one point at about sixteen thousand, eight hundred dollars.

672
00:36:11,560 --> 00:36:14,000
Speaker 1: And as a Bloomberg business flash, now here's Michael Barr

673
00:36:14,080 --> 00:36:16,640
Speaker 1: with Moore on less going on around the world. Michael Karen,

674
00:36:16,680 --> 00:36:19,520
Speaker 1: thank you very much. The House January six Committee is

675
00:36:19,600 --> 00:36:22,800
Speaker 1: urging the Justice Department to bring criminal charges against former

676
00:36:22,840 --> 00:36:27,839
Speaker 1: President Donald Trump for the violent Capital Riot. The biopartisan

677
00:36:27,840 --> 00:36:31,239
Speaker 1: panel says Trump and his associates helped him launch a

678
00:36:31,280 --> 00:36:35,120
Speaker 1: pressure campaign to try to overturn his twenty twenty election loss.

679
00:36:35,600 --> 00:36:39,240
Speaker 1: A jury in Los Angeles found disgraced film producer Harvey

680
00:36:39,280 --> 00:36:43,320
Speaker 1: Weinstein guilty of three counts of sexual assault, including rape,

681
00:36:43,800 --> 00:36:46,799
Speaker 1: Monday Night football. The Packers beat the Rams twenty four

682
00:36:46,960 --> 00:36:50,360
Speaker 1: twelve in the NHL. The Islanders lost in his shootout

683
00:36:50,360 --> 00:36:53,760
Speaker 1: to the Avalanche one zip. The Capitals and Bruins were winners.

684
00:36:54,040 --> 00:36:56,880
Speaker 1: Global News twenty four hours a day on air and

685
00:36:57,120 --> 00:37:00,840
Speaker 1: on Bloomberg Quicktake, powered by more than any seven hundred

686
00:37:00,880 --> 00:37:03,800
Speaker 1: journalist and analysts in more than a hundred twenty countries.

687
00:37:04,000 --> 00:37:07,080
Speaker 1: Michael barn this is Bloomberg. Nathan Okay, Michael. Thanks, It's

688
00:37:07,400 --> 00:37:10,120
Speaker 1: forty two on Wall Street. This is Bloomberg day Break.

689
00:37:10,120 --> 00:37:12,919
Speaker 1: Good morning. I'm Nathan Hagar along with Karen Moscow. Look

690
00:37:12,920 --> 00:37:15,520
Speaker 1: at some of the other stories making news this morning.

691
00:37:15,520 --> 00:37:19,000
Speaker 1: We get more economic data today. The government issues housing

692
00:37:19,080 --> 00:37:22,480
Speaker 1: data at eight thirty am Wall Street time, and it

693
00:37:22,600 --> 00:37:25,759
Speaker 1: is expected to be a dose of bad news. Bloomberg's

694
00:37:25,800 --> 00:37:28,480
Speaker 1: viny Dell Judeace reports the housing market is born the

695
00:37:28,520 --> 00:37:31,880
Speaker 1: brunt of the federal reserves inflation fight rising interest rates.

696
00:37:32,080 --> 00:37:34,800
Speaker 1: The average rate and the thirty year fixed mortgages doubled

697
00:37:34,840 --> 00:37:38,840
Speaker 1: from record lows consider the prior months data. October housing

698
00:37:38,880 --> 00:37:41,680
Speaker 1: starts declined for the third time in four months. October

699
00:37:41,800 --> 00:37:45,040
Speaker 1: building permits also slumped. On Welcome News, as we head

700
00:37:45,080 --> 00:37:48,080
Speaker 1: into a new year. The heat del Judace Bloomberg Day Break.

701
00:37:48,239 --> 00:37:50,359
Speaker 1: All right, Vinnie, thank you well, I'm the corporate front

702
00:37:50,400 --> 00:37:54,120
Speaker 1: this morning, Shares of Credit Suite are declining. Both City

703
00:37:54,120 --> 00:37:56,640
Speaker 1: and RBC are saying the troubled lender needs to give

704
00:37:56,800 --> 00:38:00,319
Speaker 1: greater visibility on its planned strategic overhaul for a stock

705
00:38:00,400 --> 00:38:03,680
Speaker 1: to recover. One City analyst says he has little conviction

706
00:38:03,719 --> 00:38:07,280
Speaker 1: in the plan based upon limited disclosure and recent company

707
00:38:07,320 --> 00:38:10,160
Speaker 1: track records. Still, he has a by rating on Credits,

708
00:38:10,160 --> 00:38:12,800
Speaker 1: so we is thanks to its valuation and well, RBC

709
00:38:12,960 --> 00:38:16,480
Speaker 1: welcomes the bank's decisive actions. It does not see a

710
00:38:16,600 --> 00:38:19,840
Speaker 1: rerating without more details on a plan. Well, Karen, we

711
00:38:19,880 --> 00:38:22,800
Speaker 1: saw it. Shares of Disney fall yesterday as that stock

712
00:38:22,840 --> 00:38:25,520
Speaker 1: extends a lengthy cell off that took it to him

713
00:38:25,520 --> 00:38:28,800
Speaker 1: more than two year. Low slump came after a somewhat

714
00:38:28,800 --> 00:38:33,120
Speaker 1: disappointing opening weekend for the company's Avatar sequel. It was

715
00:38:33,160 --> 00:38:37,280
Speaker 1: one of the most expensive movies in Hollywood history. Disney

716
00:38:37,320 --> 00:38:39,800
Speaker 1: lowered its guidance for the opening weekend, and the stock

717
00:38:39,960 --> 00:38:43,600
Speaker 1: is now down forty this year, on track for its

718
00:38:43,600 --> 00:38:48,280
Speaker 1: biggest annual decline in decades. Right now, Disney's little changed

719
00:38:48,320 --> 00:38:51,200
Speaker 1: in the pre market. Coming up today, Nathan, Not only

720
00:38:51,239 --> 00:38:53,279
Speaker 1: am I likely to get a package from FedEx, but

721
00:38:53,320 --> 00:38:56,960
Speaker 1: they're going to deliver earnings as well. Yeah, we get

722
00:38:56,960 --> 00:39:00,439
Speaker 1: a preview of those results from Bloombergy's Dug Prisoner. These

723
00:39:00,480 --> 00:39:03,520
Speaker 1: results will provide an early look at the peak shipping season.

724
00:39:03,640 --> 00:39:06,640
Speaker 1: Back in September, FedEx spooked the market and triggered a

725
00:39:06,640 --> 00:39:10,280
Speaker 1: broad decline when it withdrew its forecast and cited worsening

726
00:39:10,280 --> 00:39:14,560
Speaker 1: business conditions in multiple regions. Since then, other companies in

727
00:39:14,600 --> 00:39:17,320
Speaker 1: the shipping industry have warned of weakness due to economic

728
00:39:17,360 --> 00:39:21,239
Speaker 1: headwinds and waning consumer interest in e commerce after a

729
00:39:21,239 --> 00:39:25,960
Speaker 1: pandemic boom. FedEx has already begun furloughing employees and parking

730
00:39:26,000 --> 00:39:28,919
Speaker 1: planes as part of a multibillion dollar cost cutting plan

731
00:39:29,400 --> 00:39:31,560
Speaker 1: in New York. I'm Doug Prisoner Bloomberg day Break, and

732
00:39:31,600 --> 00:39:33,560
Speaker 1: we'll see if we get an earning surprise from FedEx

733
00:39:33,600 --> 00:39:35,759
Speaker 1: for the holidays. Thank you for that, Doug. Now let's

734
00:39:35,760 --> 00:39:38,399
Speaker 1: get to our top story this morning, the surprise from

735
00:39:38,400 --> 00:39:42,680
Speaker 1: the Bank of Japan on yield curve control policy, doubling

736
00:39:42,760 --> 00:39:46,360
Speaker 1: the camp on tenure yields were joined now by Paul Jackson,

737
00:39:46,440 --> 00:39:51,880
Speaker 1: Economics editor for Japan, Korea and Australia for Bloomberg News, Paul,

738
00:39:52,000 --> 00:39:55,080
Speaker 1: the market saw this as a pretty big surprise, judging

739
00:39:55,120 --> 00:39:57,319
Speaker 1: by the move in the end this morning. How big

740
00:39:57,320 --> 00:40:01,920
Speaker 1: a surprise is this historically? For boj this is a

741
00:40:02,120 --> 00:40:07,399
Speaker 1: total surprise. Our survey of forty seven economists, a lot

742
00:40:07,480 --> 00:40:11,080
Speaker 1: of them predicted this one. So this was certainly an

743
00:40:11,080 --> 00:40:15,600
Speaker 1: out of the blue Christmas surprise for everyone. You saw

744
00:40:15,640 --> 00:40:21,680
Speaker 1: that markets reacted very strongly across the wide range of assets. Uh,

745
00:40:21,719 --> 00:40:24,960
Speaker 1: this was totally unexpected. There's been a lot of local

746
00:40:25,080 --> 00:40:29,320
Speaker 1: media reports and also reporting from Bloomberg of potential change,

747
00:40:29,400 --> 00:40:33,279
Speaker 1: to an agreement between the Banka Japan and the government

748
00:40:33,440 --> 00:40:37,240
Speaker 1: or about a review, and this all pointed towards change

749
00:40:37,280 --> 00:40:42,480
Speaker 1: happening after Governor Corona steps down in April, that there

750
00:40:42,560 --> 00:40:45,440
Speaker 1: was going to be changed in December. Lo one had it.

751
00:40:46,480 --> 00:40:49,480
Speaker 1: What's the thinking among the people that you're talking to

752
00:40:49,960 --> 00:40:54,320
Speaker 1: about why Governor Corona decided to do this now instead

753
00:40:54,360 --> 00:40:56,480
Speaker 1: of waiting for a successor to do it? When you

754
00:40:56,560 --> 00:40:59,440
Speaker 1: were just speaking with Kit Jukes from Syche generally at

755
00:40:59,480 --> 00:41:01,279
Speaker 1: this hour, he says that he expected the move in

756
00:41:01,320 --> 00:41:06,040
Speaker 1: April exactly. I think that was the consensus that would

757
00:41:06,080 --> 00:41:09,280
Speaker 1: wait until we had a new a new governor in place.

758
00:41:09,880 --> 00:41:11,919
Speaker 1: So I think there's maybe two things going on here.

759
00:41:12,120 --> 00:41:15,000
Speaker 1: I think one is that during this year we've had

760
00:41:15,040 --> 00:41:19,120
Speaker 1: some very very intense moments of pressure on the p

761
00:41:19,320 --> 00:41:23,120
Speaker 1: h A s easing framework and up put pressure on yields,

762
00:41:23,160 --> 00:41:26,000
Speaker 1: and we just kind of in a little pocket where,

763
00:41:26,080 --> 00:41:28,680
Speaker 1: you know, helped by the FED and other other moves,

764
00:41:29,480 --> 00:41:32,719
Speaker 1: there was a little less pressure on our markets, on

765
00:41:32,719 --> 00:41:36,160
Speaker 1: on that yield cap. So when you want to change

766
00:41:36,320 --> 00:41:39,040
Speaker 1: the settings, you want to do it when there's less

767
00:41:39,040 --> 00:41:41,920
Speaker 1: pressure on it, so that the things don't go crazy

768
00:41:42,040 --> 00:41:44,239
Speaker 1: when you make the change. So I think that's point

769
00:41:44,280 --> 00:41:48,279
Speaker 1: number one, and point number two is he's kind of

770
00:41:48,800 --> 00:41:54,160
Speaker 1: corrected helping his successor by opening the door to a

771
00:41:54,520 --> 00:41:58,719
Speaker 1: potential normalization of policy when the new governor comes in

772
00:41:59,040 --> 00:42:02,680
Speaker 1: by making this first initial step. But ultimately it's up

773
00:42:02,719 --> 00:42:05,919
Speaker 1: to the next governor to decide what he or she's

774
00:42:05,920 --> 00:42:08,799
Speaker 1: going to do. It's an interesting point, Paul, because the

775
00:42:08,840 --> 00:42:12,600
Speaker 1: commentary we heard from Governor Corona seemed to downplay the

776
00:42:12,640 --> 00:42:15,120
Speaker 1: idea that this was a policy shift, at least for now,

777
00:42:15,160 --> 00:42:19,160
Speaker 1: saying that this move was about, uh, improving the functioning

778
00:42:19,600 --> 00:42:23,279
Speaker 1: of the bond market. From the people that you're speaking to,

779
00:42:23,800 --> 00:42:29,680
Speaker 1: are they buying that message? Well, it's kind of central bankers,

780
00:42:30,000 --> 00:42:32,879
Speaker 1: you know, one oh one giving one hand and take

781
00:42:32,920 --> 00:42:36,400
Speaker 1: away with the other, give an ob signal and a downsticking.

782
00:42:36,440 --> 00:42:40,280
Speaker 1: But at the same time, So rather than frightening markets

783
00:42:40,320 --> 00:42:42,680
Speaker 1: and saying, hey, look this is a is a is

784
00:42:42,719 --> 00:42:45,600
Speaker 1: a ray tip were tightening policy? Is that he's saying no, no,

785
00:42:45,719 --> 00:42:49,640
Speaker 1: this has nothing to do with that. It's about extending

786
00:42:49,719 --> 00:42:54,160
Speaker 1: the sustainability of our stimulus. By in that way, he

787
00:42:54,320 --> 00:42:58,960
Speaker 1: gives both options to his successor. But in terms of

788
00:42:58,960 --> 00:43:01,879
Speaker 1: the market reaction, well, I think it's very clear, Uh,

789
00:43:02,040 --> 00:43:05,920
Speaker 1: they see in one direction, Hey, this paves the way

790
00:43:06,080 --> 00:43:10,280
Speaker 1: to timing. Now, what's the potential ripple effect here for

791
00:43:10,640 --> 00:43:14,319
Speaker 1: not just global markets, but for global central banks. I mean,

792
00:43:14,480 --> 00:43:18,560
Speaker 1: it seems as though the drumbeat has been for tighter

793
00:43:18,640 --> 00:43:20,960
Speaker 1: policy around the world. Is this just the Bank of

794
00:43:21,040 --> 00:43:24,520
Speaker 1: Japan hopping on the bandwagon here? Could this have some

795
00:43:24,560 --> 00:43:28,200
Speaker 1: further effect on where policy goes for other central banks

796
00:43:28,200 --> 00:43:31,800
Speaker 1: around the world. Well, and on this point, I would

797
00:43:31,800 --> 00:43:35,800
Speaker 1: say that you know the rest of the central banking world, Um,

798
00:43:36,120 --> 00:43:40,400
Speaker 1: save perhaps the p BOC UH, they've already been racing

799
00:43:40,440 --> 00:43:44,839
Speaker 1: to hike rates and to absolutely squash inflation. Now, as

800
00:43:44,880 --> 00:43:47,120
Speaker 1: you know, Japan is a bit of an outlier. It's

801
00:43:47,120 --> 00:43:50,560
Speaker 1: been trying to spark inflation for more than a decade,

802
00:43:51,000 --> 00:43:54,800
Speaker 1: being incredible difficulty creating price growth in Japan, so that

803
00:43:55,000 --> 00:43:57,719
Speaker 1: take on the need esteem this has always been a

804
00:43:57,760 --> 00:44:02,040
Speaker 1: bit different from your major banks, So I think it's

805
00:44:02,080 --> 00:44:04,160
Speaker 1: the b O J moving more in the direction of

806
00:44:04,200 --> 00:44:07,400
Speaker 1: where everyone else is. So in terms of the policy

807
00:44:07,440 --> 00:44:10,960
Speaker 1: implications for those other central banks, I don't think they're

808
00:44:11,000 --> 00:44:13,120
Speaker 1: that big. But in terms of the policy that the

809
00:44:13,120 --> 00:44:16,560
Speaker 1: implication is for markets, I think they are big because

810
00:44:16,600 --> 00:44:18,800
Speaker 1: when you think about it, if you've got one of

811
00:44:18,840 --> 00:44:22,840
Speaker 1: the biggest central banks in the world keeping yields down

812
00:44:22,960 --> 00:44:25,879
Speaker 1: close to zero and they're saying, hey, you know what,

813
00:44:26,080 --> 00:44:29,280
Speaker 1: we'll let him go up to zero point five. Um, okay,

814
00:44:29,280 --> 00:44:32,719
Speaker 1: those figures don't sound that big compared to when you

815
00:44:32,719 --> 00:44:35,400
Speaker 1: looking at yields in other countries, But that is, uh,

816
00:44:35,640 --> 00:44:37,800
Speaker 1: you know, a big movement. It's a lifting office, the

817
00:44:37,880 --> 00:44:42,240
Speaker 1: kind of cutting free of the tether on global yields.

818
00:44:42,800 --> 00:44:47,240
Speaker 1: So this could encourage further upward movement in yields across

819
00:44:47,239 --> 00:44:50,240
Speaker 1: the world. Thanks Paul Good having on with us. Paul Jackson,

820
00:44:50,280 --> 00:44:54,360
Speaker 1: economict cedator for Japan Career and Australia for Bloomberg News

821
00:44:54,400 --> 00:44:56,960
Speaker 1: on the surprise and the b o J on yield

822
00:44:56,960 --> 00:45:04,280
Speaker 1: curve control. This is Bloomberg Markets headlines and breaking news

823
00:45:04,400 --> 00:45:06,960
Speaker 1: twenty four hours a day at Bloomberg dot Com of

824
00:45:07,040 --> 00:45:11,600
Speaker 1: Bloomberg Business Outland at Bloomberg Quicktake. She's a Bloomberg Business

825
00:45:11,680 --> 00:45:21,280
Speaker 1: Flash and I'm Karen Moscow. And treasury yields they're rising,

826
00:45:21,360 --> 00:45:24,080
Speaker 1: US knock Index futures they're little change after the Bank

827
00:45:24,120 --> 00:45:26,520
Speaker 1: of Japan emulated at Central Bank Piers with a sudden

828
00:45:26,600 --> 00:45:28,600
Speaker 1: hawk is move that looked at the end to a

829
00:45:28,680 --> 00:45:31,279
Speaker 1: four month peak. And we checked the markets all day

830
00:45:31,280 --> 00:45:34,040
Speaker 1: long here on Bloomberg S and P futures down three

831
00:45:34,040 --> 00:45:37,120
Speaker 1: points now but basically little change. Down futures are also

832
00:45:37,200 --> 00:45:39,640
Speaker 1: little change. And now'sdack features down a quarter percent or

833
00:45:39,640 --> 00:45:42,080
Speaker 1: twenty eight points. The decks in Germany's down a quarter

834
00:45:42,160 --> 00:45:45,399
Speaker 1: percent ten. Your treasury down thirty seconds, held three point

835
00:45:45,440 --> 00:45:47,520
Speaker 1: six six percent. They yield on the two year four

836
00:45:47,560 --> 00:45:50,560
Speaker 1: point to seven percent. Nine max screwed oil is up

837
00:45:50,600 --> 00:45:52,960
Speaker 1: wanted a third percent of a dollar at seventy six dollars.

838
00:45:53,040 --> 00:45:55,279
Speaker 1: Nineteen cents of barrel co mix s goold up one

839
00:45:55,280 --> 00:45:58,360
Speaker 1: percent or eighteen dollars at eighteen fifteen seventy an ounce,

840
00:45:58,760 --> 00:46:01,360
Speaker 1: the euro one point six three six against the dollar,

841
00:46:01,400 --> 00:46:03,640
Speaker 1: British pound one point two one six eight and the

842
00:46:03,760 --> 00:46:06,320
Speaker 1: end one thirty two point four eight. And looking at bitcoin,

843
00:46:06,760 --> 00:46:09,440
Speaker 1: it's up one percent. It's aid about sixteen thousand, eight

844
00:46:09,480 --> 00:46:13,080
Speaker 1: hundred dollars. And that's a Bloomberg Business Flash. Nathan Okay, Karen, thanks.

845
00:46:13,120 --> 00:46:15,120
Speaker 1: It's five fifty six on Wall Street time for our

846
00:46:15,200 --> 00:46:18,720
Speaker 1: daily Bloomberg Lab Brief, exploring legal issues in the news. Today,

847
00:46:18,800 --> 00:46:20,720
Speaker 1: we look at the White House preparing for an expected

848
00:46:20,760 --> 00:46:23,440
Speaker 1: surge of migrants at the southern border. It's after the

849
00:46:23,520 --> 00:46:26,320
Speaker 1: d C. Circuit Court of Appeals refused to extend Title

850
00:46:26,360 --> 00:46:30,440
Speaker 1: forty two pandemic border restrictions, but Supreme Court Chief Justice

851
00:46:30,560 --> 00:46:34,120
Speaker 1: John Roberts has stepped in. He has temporarily stopped Title

852
00:46:34,160 --> 00:46:37,200
Speaker 1: forty two from ending. That says the Supreme Court considers

853
00:46:37,200 --> 00:46:40,440
Speaker 1: a bid from nineteen Republican states to keep the rules

854
00:46:40,480 --> 00:46:44,200
Speaker 1: in place for more. Bloomberg's June Grosso speaks with immigration

855
00:46:44,239 --> 00:46:46,759
Speaker 1: law expertly on Fresco, a partner at Holland and Night.

856
00:46:47,239 --> 00:46:51,200
Speaker 1: So the Chief Justice was the one who temporarily blocked

857
00:46:51,239 --> 00:46:54,480
Speaker 1: the scheduled ending of Title forty two, and it came

858
00:46:54,560 --> 00:46:59,920
Speaker 1: just hours after the Republican States filed their request. One

859
00:47:00,000 --> 00:47:03,920
Speaker 1: does that tell you, well, certainly, the Chief Justice is

860
00:47:04,040 --> 00:47:07,239
Speaker 1: one of the Keith swing votes, and I think he

861
00:47:07,520 --> 00:47:09,720
Speaker 1: is one of the most practical votes. That the addition

862
00:47:09,800 --> 00:47:12,279
Speaker 1: to being a swing vote, I mean he's the one

863
00:47:12,280 --> 00:47:14,560
Speaker 1: who has to decide because he has the jurisdiction over

864
00:47:14,600 --> 00:47:17,719
Speaker 1: the DC circuits. The fact that he was willing to

865
00:47:17,880 --> 00:47:23,520
Speaker 1: basically reward such a sort of very sudden say requests

866
00:47:23,520 --> 00:47:26,040
Speaker 1: I could have been filed earlier, but that was filed

867
00:47:26,080 --> 00:47:30,000
Speaker 1: in the nick of time, probably shows some receptiveness to

868
00:47:30,120 --> 00:47:35,040
Speaker 1: the practical aspects of giving people more time to implement

869
00:47:35,160 --> 00:47:38,799
Speaker 1: this Title forty two solution rather than just listing it

870
00:47:38,880 --> 00:47:41,960
Speaker 1: during the middle of holidays. The Biden administration has been

871
00:47:42,000 --> 00:47:45,359
Speaker 1: considering policies that would cut down on the number of

872
00:47:45,520 --> 00:47:49,319
Speaker 1: migrants at the southern border, and one of them mirrors

873
00:47:49,520 --> 00:47:54,120
Speaker 1: a Trump policy. You now have the Biden administration contemplating

874
00:47:54,520 --> 00:47:59,600
Speaker 1: reinstating a Trump era band on getting asylum if you

875
00:47:59,680 --> 00:48:03,200
Speaker 1: craw the border. This is now being actively considered. It's

876
00:48:03,239 --> 00:48:05,960
Speaker 1: something the Trump administration that they said if you crossed

877
00:48:05,960 --> 00:48:09,520
Speaker 1: the border without having tried to get asylum first in

878
00:48:09,600 --> 00:48:12,440
Speaker 1: one of the countries you've crossed through, So whether if

879
00:48:12,440 --> 00:48:16,480
Speaker 1: you've crossed through El Savador or hodurist or Guatemala or

880
00:48:16,560 --> 00:48:19,960
Speaker 1: Mexico or all of those countries, the idea was, you

881
00:48:19,960 --> 00:48:23,239
Speaker 1: have to apply for asylum in the first location where

882
00:48:23,280 --> 00:48:26,880
Speaker 1: you feel safe. That's something that Trump administration did and

883
00:48:27,040 --> 00:48:29,440
Speaker 1: that was in litigation, so we don't know if it

884
00:48:29,480 --> 00:48:32,319
Speaker 1: would have survived litigation or not, and that's one of

885
00:48:32,320 --> 00:48:35,480
Speaker 1: the things the Biden administration is considering. The second one

886
00:48:35,480 --> 00:48:38,040
Speaker 1: would be that you're not allowed to get asylum if

887
00:48:38,080 --> 00:48:42,160
Speaker 1: you try it by crossing the US border illegally. Instead,

888
00:48:42,200 --> 00:48:44,680
Speaker 1: the only way you can get it is by waiting

889
00:48:45,000 --> 00:48:47,600
Speaker 1: at the port of entry. Now, in neither of these

890
00:48:47,640 --> 00:48:50,960
Speaker 1: two cases are you banned from getting withholding of removal

891
00:48:51,320 --> 00:48:54,319
Speaker 1: that has a much higher set of story burdens, has

892
00:48:54,400 --> 00:48:57,160
Speaker 1: far less right, so you can still seek across from

893
00:48:57,200 --> 00:49:01,320
Speaker 1: there either of those two, but asylum would be bammed

894
00:49:01,960 --> 00:49:05,200
Speaker 1: if either of these two formulations are implements. And and and

895
00:49:05,360 --> 00:49:08,439
Speaker 1: perhaps both would be and so then that would really

896
00:49:08,520 --> 00:49:10,360
Speaker 1: for closo pylum and a lot of it in a

897
00:49:10,440 --> 00:49:13,920
Speaker 1: lot of case. Let's Leon Fresco of Partner at Holland

898
00:49:13,960 --> 00:49:16,839
Speaker 1: and Night speaking with Bloomberg's June Grosso. You can catch

899
00:49:16,880 --> 00:49:20,040
Speaker 1: more of that interview, plus analysis of the latest legal news,

900
00:49:20,080 --> 00:49:23,239
Speaker 1: by subscribing to the Bloomberg Law podcast or downloading the

901
00:49:23,280 --> 00:49:27,080
Speaker 1: show at Bloomberg dot com. Slash podcasts, and attorneys can

902
00:49:27,080 --> 00:49:31,160
Speaker 1: find exceptional legal research and business development tools at Bloomberg

903
00:49:31,239 --> 00:49:33,960
Speaker 1: Law dot com and on the Bloomberg terminal at b

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Speaker 1: law Go. Right now, SMP futures are down four points,

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00:49:43,280 --> 00:49:45,759
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