1 00:00:03,720 --> 00:00:06,280 Speaker 1: Live from the Bloomberg into Raptor Brooker Studios. This is 2 00:00:06,440 --> 00:00:11,120 Speaker 1: Bloomberg Daybreak for Thursday, February seventeen two. Coming up this hour, 3 00:00:11,520 --> 00:00:15,000 Speaker 1: Russia denies claims it's adding troops near the Ukrainian border. 4 00:00:15,280 --> 00:00:17,680 Speaker 1: Carl's Grove for a fifty point rate hike by the 5 00:00:17,720 --> 00:00:21,360 Speaker 1: Fed next month. Walmart leads today's earnings parade on Wall 6 00:00:21,400 --> 00:00:24,040 Speaker 1: Street and the Wall Street Pay Gapple widens in the 7 00:00:24,079 --> 00:00:26,799 Speaker 1: wick of the pandemic. Maw Your Adams says it's time 8 00:00:26,840 --> 00:00:29,320 Speaker 1: for workers to get back to the office. The major 9 00:00:29,400 --> 00:00:32,600 Speaker 1: winter storm headed this way. I'm John Tucker. Those stories 10 00:00:32,640 --> 00:00:36,279 Speaker 1: straight ahead. I'm John stashown sports and epic comeback by 11 00:00:36,320 --> 00:00:38,800 Speaker 1: the next to stun the Knicks and Canada beat the 12 00:00:38,880 --> 00:00:44,960 Speaker 1: US for the women's hockey gold medal. That's all straight 13 00:00:44,960 --> 00:00:48,600 Speaker 1: ahead on Bloomberg day Break on Bloomberg eleven three on 14 00:00:48,720 --> 00:00:53,040 Speaker 1: New York, Bloomberg on Washington, d C, Bloomberg one O 15 00:00:53,200 --> 00:00:57,640 Speaker 1: six one Boston, Bloomberg nine sixties, San Francisco, Sirius x 16 00:00:57,840 --> 00:01:00,200 Speaker 1: M one nine Team and around the world Old on 17 00:01:00,360 --> 00:01:03,640 Speaker 1: Bloomberg Radio dot Com and via The Bloomberg Business At 18 00:01:07,400 --> 00:01:10,360 Speaker 1: Good Morning. I'm Nathan Hagar and I'm Karen Moscow and 19 00:01:10,520 --> 00:01:13,440 Speaker 1: US futures are lower to start the day, coming up 20 00:01:13,480 --> 00:01:15,039 Speaker 1: to five. I went on Wall Street and we checked 21 00:01:15,040 --> 00:01:17,679 Speaker 1: the markets every fifteen minutes throughout the trading day. On 22 00:01:17,760 --> 00:01:21,080 Speaker 1: bloomberg SMP future is down twenty seven points down, futures 23 00:01:21,080 --> 00:01:25,200 Speaker 1: down one nine nasdack futures down one hundred four, the 24 00:01:25,240 --> 00:01:28,680 Speaker 1: tenure treasury up nine thirty seconds, the Yelkoper sent and 25 00:01:28,760 --> 00:01:32,240 Speaker 1: the yield on the two year one point four seven percent. Nathan, Well, Karen, 26 00:01:32,280 --> 00:01:34,039 Speaker 1: We begin this morning as we have been with the 27 00:01:34,080 --> 00:01:36,959 Speaker 1: latest developments near the border of Ukraine. The US says 28 00:01:37,080 --> 00:01:39,200 Speaker 1: Rush has claimed that it's pulling troops back from the 29 00:01:39,240 --> 00:01:42,800 Speaker 1: border is false. Bloomberg's sent Baxter has the latest. U 30 00:01:42,880 --> 00:01:45,640 Speaker 1: s Secretary of State Antony Blincoln, in fact says the 31 00:01:45,720 --> 00:01:49,760 Speaker 1: opposite is true. What we're seeing is no meaningful pullback. 32 00:01:49,800 --> 00:01:53,000 Speaker 1: On the contrary, we continue to see forces, especially forces 33 00:01:53,000 --> 00:01:55,960 Speaker 1: that would be in the vanguard of any renewed aggression 34 00:01:55,960 --> 00:02:00,120 Speaker 1: against Ukraine, continuing to be at the border. Blincoln as 35 00:02:00,160 --> 00:02:03,440 Speaker 1: an extra seven thousand troops in the past few days. 36 00:02:03,800 --> 00:02:06,240 Speaker 1: At the same time, vladim er Putin says he's pulling 37 00:02:06,240 --> 00:02:10,120 Speaker 1: back in San Francisco. I'm at Baxter Bloomberg Daybreak. All right, 38 00:02:10,360 --> 00:02:13,600 Speaker 1: thank you for US lawmakers are monitoring the situation closely. 39 00:02:13,680 --> 00:02:16,040 Speaker 1: We spoke with the chair of the Congressional Ukraine Caucus, 40 00:02:16,200 --> 00:02:19,280 Speaker 1: Marcy Captor of Ohio. She says the country needs further 41 00:02:19,320 --> 00:02:22,720 Speaker 1: assistance and the U S should punish Russia. Now, I 42 00:02:22,760 --> 00:02:25,520 Speaker 1: think the United States and our allies should play severe 43 00:02:25,800 --> 00:02:29,720 Speaker 1: sanctions additionally on the Russian oligarchy, Weed to do everything 44 00:02:29,760 --> 00:02:36,320 Speaker 1: possible to um uh make nord Stream to non functional 45 00:02:37,000 --> 00:02:41,079 Speaker 1: um and to bolster Ukraine's defenses in order to preserve 46 00:02:41,120 --> 00:02:45,040 Speaker 1: for sovereignty which she so deserved. Democratic Congressman Marcy Captor 47 00:02:45,160 --> 00:02:48,680 Speaker 1: spoke at our Washington correspondent Joe Matthew on Bloomberg Sound On. 48 00:02:48,840 --> 00:02:52,920 Speaker 1: Catch the program weekdays at five pm Eastern on Bloomberg Radio, O, Karen. 49 00:02:52,960 --> 00:02:55,519 Speaker 1: We're also following reaction to the minutes from the FEDS 50 00:02:55,639 --> 00:02:59,040 Speaker 1: latest policy meeting. Officials concluded last month they would raise 51 00:02:59,160 --> 00:03:02,760 Speaker 1: interest rates soon. Own Some like JP Morgan, Asset Managements 52 00:03:02,800 --> 00:03:05,480 Speaker 1: Bob Michael think a rate hike of fifty basis points 53 00:03:05,480 --> 00:03:08,080 Speaker 1: could be coming. I never liked the idea of a 54 00:03:08,080 --> 00:03:10,800 Speaker 1: fifty basis point rate hike. We looked back over the 55 00:03:10,880 --> 00:03:13,000 Speaker 1: last thirty plush years, there have only been a couple 56 00:03:13,040 --> 00:03:15,960 Speaker 1: of times they did it. So I've always viewed a 57 00:03:16,000 --> 00:03:20,560 Speaker 1: fifty basis point rate hike as serving the market a 58 00:03:20,639 --> 00:03:24,080 Speaker 1: knuckle sandwich, and that's about what we're going to get. 59 00:03:24,280 --> 00:03:27,520 Speaker 1: JP Morgan's Bob Michael says the consequences of not doing 60 00:03:27,520 --> 00:03:29,920 Speaker 1: a fifty point hike could be a sharp steepening of 61 00:03:29,919 --> 00:03:32,680 Speaker 1: the yield curve. Well, Nathan has a debate over interest 62 00:03:32,800 --> 00:03:36,200 Speaker 1: rates continues. Inflation remains the main focus for the Fed. 63 00:03:36,320 --> 00:03:39,440 Speaker 1: Billionaire investor Carl Icon does not think it's going to 64 00:03:39,560 --> 00:03:43,160 Speaker 1: end well. Sooner or later. The situation like this is 65 00:03:43,200 --> 00:03:47,120 Speaker 1: gonna end relatively badly, some less badly, some more. But 66 00:03:47,200 --> 00:03:50,280 Speaker 1: you can't keep printing up money and printing it up 67 00:03:50,280 --> 00:03:53,640 Speaker 1: and printing it up because jacket which you have now 68 00:03:53,760 --> 00:03:57,160 Speaker 1: that you can't control the government can't control inflation. Carl 69 00:03:57,200 --> 00:03:59,640 Speaker 1: Lycon made the comments in an interview with Bloomberg's Eric 70 00:03:59,720 --> 00:04:02,640 Speaker 1: Show Scare Stay tuned for more of that conversation coming 71 00:04:02,720 --> 00:04:06,000 Speaker 1: up shortly on Bloomberg Daybreak. Well, there's another billionaire raising 72 00:04:06,040 --> 00:04:09,120 Speaker 1: the alarm on inflation. Karen Berkshire Hathaway vice chairman Charlie 73 00:04:09,200 --> 00:04:12,440 Speaker 1: Munger shares icons concerns. There's never run anything quite like 74 00:04:12,480 --> 00:04:17,600 Speaker 1: what we're doing now, and we do know from what's 75 00:04:17,600 --> 00:04:20,360 Speaker 1: happened in other nations. Save you if you try and 76 00:04:20,440 --> 00:04:25,600 Speaker 1: print too much money yet eventually causes terrible trouble, And 77 00:04:25,640 --> 00:04:29,719 Speaker 1: we're closer to terrible trouble when then we've been in 78 00:04:29,760 --> 00:04:32,159 Speaker 1: the past, but it may still be a long way off. 79 00:04:32,480 --> 00:04:35,320 Speaker 1: Berkshire Hathaway vice chairman Charlie Munger made the comments at 80 00:04:35,360 --> 00:04:37,799 Speaker 1: The Daily Journal's annual meeting. He also took a swipe 81 00:04:37,800 --> 00:04:40,839 Speaker 1: at cryptocurrencies. He says he thinks they should be banned. 82 00:04:41,160 --> 00:04:43,320 Speaker 1: While turning to earnings Now, Nathan, we see shares of 83 00:04:43,360 --> 00:04:46,279 Speaker 1: door Dash up almost twenty four percent in early trading. 84 00:04:46,320 --> 00:04:48,680 Speaker 1: A record number of people ordered from the food delivery 85 00:04:48,720 --> 00:04:52,040 Speaker 1: app in the fourth quarter. Bloomberg's Charlie Pellett has a story. 86 00:04:52,440 --> 00:04:56,000 Speaker 1: The quarter show that pandemic eating habits are sticking despite 87 00:04:56,040 --> 00:05:01,080 Speaker 1: COVID nineteens fading threat. Customers placed at sixty nine million 88 00:05:01,160 --> 00:05:04,560 Speaker 1: orders in the period, representing a thirty five percent increase 89 00:05:04,640 --> 00:05:08,160 Speaker 1: from a year earlier. People were also ordering more often 90 00:05:08,360 --> 00:05:11,600 Speaker 1: and the value of those orders increased thirty six percent 91 00:05:11,880 --> 00:05:16,400 Speaker 1: to eleven point two billion dollars in New York. Charlie 92 00:05:16,480 --> 00:05:19,440 Speaker 1: Bloomberg Daybreak. Okay, Charlie, thanks for checking out some other 93 00:05:19,480 --> 00:05:21,840 Speaker 1: stocks on the move this morning. Shares of Cisco are 94 00:05:21,960 --> 00:05:25,080 Speaker 1: up three percent. The computer network equipment maker gave a 95 00:05:25,120 --> 00:05:28,480 Speaker 1: bullish forecast and boosted its share by back program. Applied 96 00:05:28,520 --> 00:05:31,640 Speaker 1: Materials is up two percent. Earnings at the Semiconductors at 97 00:05:31,720 --> 00:05:34,920 Speaker 1: Machinery Company top estimates, and in Video shares are down 98 00:05:34,960 --> 00:05:36,960 Speaker 1: three and a half percent. The chip maker failed to 99 00:05:37,000 --> 00:05:40,400 Speaker 1: impress investors with its latest forecast. Well up next to Nathan, 100 00:05:40,440 --> 00:05:42,920 Speaker 1: we get earnings from Walmart. Results from the retailer are 101 00:05:42,960 --> 00:05:45,279 Speaker 1: due out at seven am Eastern. We get a preview 102 00:05:45,279 --> 00:05:48,960 Speaker 1: from Bloomberg's Tom Busby. Despite a pickup and retail spending 103 00:05:49,000 --> 00:05:52,960 Speaker 1: in January, the world's biggest retailer expected to forecast slowing 104 00:05:53,000 --> 00:05:56,279 Speaker 1: growth in same store sales this year as the nation 105 00:05:56,320 --> 00:06:00,760 Speaker 1: emerges from the pandemic and consumers are faced with stubbornly inflation. 106 00:06:00,920 --> 00:06:03,600 Speaker 1: Forecast call for same store sales and the just completed 107 00:06:03,640 --> 00:06:06,200 Speaker 1: fourth quarter, though to rise six point three percent at 108 00:06:06,240 --> 00:06:09,040 Speaker 1: its signature stores, a gain of nearly ten percent at 109 00:06:09,040 --> 00:06:12,200 Speaker 1: its Sam's Club warehouse stores. Revenue expected to top one 110 00:06:12,600 --> 00:06:15,520 Speaker 1: fifty one and a half billion dollars with adjusted earnings 111 00:06:15,520 --> 00:06:19,520 Speaker 1: for share of a dollar fifty one. Tom Busby Bloomberg Daybreak, 112 00:06:19,600 --> 00:06:21,800 Speaker 1: All right, Tom, thank you, and it's the latest fallout 113 00:06:21,800 --> 00:06:24,400 Speaker 1: from the pandemic. A new report shows the pay gap 114 00:06:24,480 --> 00:06:27,719 Speaker 1: between men and women widened during the first year of COVID. 115 00:06:28,040 --> 00:06:31,120 Speaker 1: We get the details from Bloomberg's Kayley Lines. Morning Star 116 00:06:31,160 --> 00:06:33,960 Speaker 1: says the gender pay gap among top executives at SMP 117 00:06:34,040 --> 00:06:37,719 Speaker 1: five hundred companies grew to its widest level since During 118 00:06:37,720 --> 00:06:41,440 Speaker 1: the first year of the pandemic. Male executives disproportionately gained 119 00:06:41,440 --> 00:06:44,400 Speaker 1: from stock based compensation, leaving women in the C suite 120 00:06:44,440 --> 00:06:48,719 Speaker 1: earning about seventy five percent less the year earlier. In nineteen, 121 00:06:48,839 --> 00:06:51,080 Speaker 1: there were slightly more women in the highest paying jobs 122 00:06:51,080 --> 00:06:53,800 Speaker 1: of public companies, and their salaries were about on par 123 00:06:53,880 --> 00:06:57,320 Speaker 1: with men in similar roles. Of eighteen executives earning more 124 00:06:57,360 --> 00:07:00,960 Speaker 1: than fifty million dollars in only one was a woman. 125 00:07:01,480 --> 00:07:05,040 Speaker 1: In New York. I'm Kaylee Lines, Bloomberg Daybreak. Okay, Kaylee, 126 00:07:05,040 --> 00:07:08,000 Speaker 1: thank you. Right now. SMP futures are down twenty six point. 127 00:07:08,080 --> 00:07:11,400 Speaker 1: Staff futures down in NAZAC futures are lower by ninety 128 00:07:11,440 --> 00:07:14,120 Speaker 1: eight points. The ten your treasury yield right at two percent. 129 00:07:14,480 --> 00:07:17,200 Speaker 1: Straight ahead your latest local headlines in the check of Sports. 130 00:07:17,240 --> 00:07:24,680 Speaker 1: This is Bloomberg South five oh seven on Wall Street 131 00:07:24,680 --> 00:07:27,240 Speaker 1: ward fifty two degrees in Central Park. Got some delays 132 00:07:27,280 --> 00:07:29,600 Speaker 1: on the Brooklyn Bridge coming in this morning. Details on 133 00:07:29,640 --> 00:07:31,960 Speaker 1: that coming up in traffic. First, John Tucker's here with 134 00:07:32,000 --> 00:07:33,560 Speaker 1: more on what's going on once you get to New 135 00:07:33,600 --> 00:07:36,000 Speaker 1: York and around the world. Come morning, John Nathan. There's 136 00:07:36,040 --> 00:07:39,040 Speaker 1: a message from city Hall to New York's major companies. 137 00:07:39,480 --> 00:07:41,800 Speaker 1: Get back to the office. Let's get this story this 138 00:07:41,840 --> 00:07:45,760 Speaker 1: morning from Bloomberg's Jeff Bellinger. Mayor Eric Adams told leaders 139 00:07:45,800 --> 00:07:48,200 Speaker 1: of major companies in the city it was time to 140 00:07:48,240 --> 00:07:52,040 Speaker 1: get their workers back in offices, emphasizing that empty buildings 141 00:07:52,040 --> 00:07:55,600 Speaker 1: are holding back the city's pandemic recovery. The mayor said 142 00:07:55,640 --> 00:07:58,720 Speaker 1: he met with one hundred chief executive officers this week, 143 00:07:58,960 --> 00:08:01,640 Speaker 1: telling them now is the time to get back. A 144 00:08:01,680 --> 00:08:04,680 Speaker 1: winter surge in COVID nineteen cases due to the highly 145 00:08:04,680 --> 00:08:08,760 Speaker 1: transmissible omicron variant, has hampered a slow return to offices 146 00:08:09,040 --> 00:08:11,840 Speaker 1: The virus has slowed since, and the current seven day 147 00:08:11,840 --> 00:08:16,880 Speaker 1: average of positive cases in the city is roughly Jeff Bellinger, 148 00:08:17,040 --> 00:08:20,280 Speaker 1: Bloomberg day Break. There's a major winter storm raking parts 149 00:08:20,280 --> 00:08:23,960 Speaker 1: of the nation and it's headed this way. Bloomberg Meteorologist 150 00:08:24,080 --> 00:08:27,480 Speaker 1: Rob Caroline is tracking the storm. John A powerful storm 151 00:08:27,480 --> 00:08:29,400 Speaker 1: system is going to be developing in the central United 152 00:08:29,440 --> 00:08:31,720 Speaker 1: States and tracking towards the Great Lakes over the next 153 00:08:31,760 --> 00:08:34,400 Speaker 1: twenty four hours. Flood watchers and effect from Missouri into 154 00:08:34,480 --> 00:08:37,400 Speaker 1: western and northern New York State. We've wind advisories from 155 00:08:37,400 --> 00:08:39,880 Speaker 1: the Gulf Coast into the Ohio River Valley. Went the 156 00:08:39,960 --> 00:08:42,480 Speaker 1: weather advisories and with their storm warning stretch from lower 157 00:08:42,520 --> 00:08:45,880 Speaker 1: Michigan across Missouri and on into Oklahoma. Big problem for 158 00:08:45,920 --> 00:08:48,120 Speaker 1: the tri state area over the next thirty six hours 159 00:08:48,120 --> 00:08:51,160 Speaker 1: will be rain heavy at times late today and into tonight, 160 00:08:51,400 --> 00:08:53,240 Speaker 1: and it's a very strong, gusty winds there maybe a 161 00:08:53,280 --> 00:08:55,720 Speaker 1: few gusts over forty miles an hour, especially along the coast, 162 00:08:55,960 --> 00:08:58,720 Speaker 1: and that could lead to some scattered power outages. John 163 00:08:59,040 --> 00:09:03,120 Speaker 1: Meteorologist Caroline Mayor Adams has proposed a ninety eight and 164 00:09:03,120 --> 00:09:05,880 Speaker 1: a half billion down their budget, pledging to restraint spending 165 00:09:05,880 --> 00:09:09,600 Speaker 1: in a city awash with extraordinary federal aid and better 166 00:09:09,640 --> 00:09:13,000 Speaker 1: than expended property tax revenues in his first spending plans 167 00:09:13,000 --> 00:09:16,880 Speaker 1: since taking office. Adam's pledge the prize efficiency and restrained 168 00:09:16,920 --> 00:09:20,400 Speaker 1: ballooning police costs. Steve Dixon, who led the U s 169 00:09:20,520 --> 00:09:23,840 Speaker 1: f a A through a tumultuous period following fatal crashes 170 00:09:23,880 --> 00:09:27,720 Speaker 1: of Boeing's seven thirty seven Max and the pandemic, stepping 171 00:09:27,720 --> 00:09:30,480 Speaker 1: down from the agency at the end of March, who 172 00:09:30,520 --> 00:09:32,439 Speaker 1: was appointed the head of the f a A by 173 00:09:32,520 --> 00:09:36,760 Speaker 1: President Trump. Amazon workers at a company warehouse on Statn 174 00:09:36,800 --> 00:09:39,920 Speaker 1: Island have reached a tentative agreement to hold the union election. 175 00:09:40,320 --> 00:09:43,719 Speaker 1: The fledgling Amazon labor union confronts daunting odds the far 176 00:09:43,760 --> 00:09:47,520 Speaker 1: more established union lost in election last year. At an 177 00:09:47,520 --> 00:09:52,040 Speaker 1: Amazon fulfillment center in Bessemer, Alabama. Global News twenty four 178 00:09:52,040 --> 00:09:54,520 Speaker 1: hours a day on Aerona Bloomberg Quick To powered by 179 00:09:54,559 --> 00:09:57,400 Speaker 1: more than twenty seven hundred journalists and analysts in more 180 00:09:57,440 --> 00:10:00,880 Speaker 1: than one d twenty countries. I'm John Sucker. The It's Bloomberg. 181 00:10:01,000 --> 00:10:07,720 Speaker 1: Nathan all right, John, thank you. It's a five ten 182 00:10:07,760 --> 00:10:09,720 Speaker 1: on Wall Street. Time for the Bloomberg Sports Up Day. 183 00:10:09,760 --> 00:10:12,000 Speaker 1: Good morning, John SENSI a right good morning, Nathan Nicks 184 00:10:12,040 --> 00:10:14,120 Speaker 1: and Nets at the garden, and then Nick could not 185 00:10:14,120 --> 00:10:16,120 Speaker 1: have asked for a better start. They were hitting everything. 186 00:10:16,120 --> 00:10:18,240 Speaker 1: The Nets we're missing everything. The Knicks were up by 187 00:10:18,320 --> 00:10:20,160 Speaker 1: twenty after the first quarter of the lead grow to 188 00:10:20,240 --> 00:10:23,040 Speaker 1: twenty eight, and later after Brooklyn got it down to seven, 189 00:10:23,120 --> 00:10:26,160 Speaker 1: Nicks went right back up by eighteen in the fourth quarter. 190 00:10:26,240 --> 00:10:29,599 Speaker 1: But they had recently blown leads of over twenty to 191 00:10:29,679 --> 00:10:32,120 Speaker 1: the Lake grows in Portland, and it had happened again 192 00:10:33,640 --> 00:10:36,040 Speaker 1: all the way to that call of the past to Thomas. 193 00:10:36,800 --> 00:10:40,280 Speaker 1: Thomas will bring it across the day court line four, 194 00:10:40,400 --> 00:10:47,040 Speaker 1: down to three, Thomas pulled up three. God Cam Thomas 195 00:10:47,080 --> 00:10:51,120 Speaker 1: from thirty feet with six to eight seconds to go. 196 00:10:51,840 --> 00:10:56,080 Speaker 1: I sue this one for Brooklyn and Nets one eleven, 197 00:10:56,200 --> 00:10:58,320 Speaker 1: Nicks one of six. The rookie Thomas made only one 198 00:10:58,400 --> 00:11:00,559 Speaker 1: basket in the first half. He had finished twenty one 199 00:11:00,559 --> 00:11:03,319 Speaker 1: point seth Curry and Andre Drummond. The Nets just gotten 200 00:11:03,320 --> 00:11:06,280 Speaker 1: the James Harden trade both big factors. Curry scored twenty, 201 00:11:06,360 --> 00:11:09,200 Speaker 1: Drummond at nineteen rebounds. Willias Randall led the next with 202 00:11:09,240 --> 00:11:12,160 Speaker 1: thirty one. Good win for St. John's eighties, six seventy 203 00:11:12,160 --> 00:11:15,560 Speaker 1: three and Xavier Julian compacty score twenty seven. Rutgers did 204 00:11:15,600 --> 00:11:18,640 Speaker 1: it again, a fourth straight Big ten win over a 205 00:11:18,720 --> 00:11:21,480 Speaker 1: top twenty five team, this one seventy to fifty nine 206 00:11:21,480 --> 00:11:24,840 Speaker 1: over Illinois. Seaton Hall lost at Yukon seventy to sixty five. 207 00:11:25,160 --> 00:11:29,040 Speaker 1: The women's hockey gold medal game, as always US versus Canada, 208 00:11:29,160 --> 00:11:31,319 Speaker 1: one or the other has won every gold medal and 209 00:11:31,440 --> 00:11:34,680 Speaker 1: world championship, and this one that Canada led three nothing 210 00:11:34,720 --> 00:11:37,040 Speaker 1: held on one three to two. Michaelis Jefferin was in 211 00:11:37,160 --> 00:11:40,280 Speaker 1: five alpine skiing events, never finished in the top ten, 212 00:11:40,360 --> 00:11:43,679 Speaker 1: failed to finish three of them, including the combo John Stash, 213 00:11:43,720 --> 00:11:46,720 Speaker 1: Howard Bloomberg sports naphen okay, John, thank you right now, 214 00:11:46,840 --> 00:11:49,520 Speaker 1: SMP futures are falling down twenty five point stun features 215 00:11:49,520 --> 00:11:51,920 Speaker 1: down a hundred seventy nine nests at futures are lowered 216 00:11:51,920 --> 00:11:55,000 Speaker 1: by ninety five points. The tenure treasury is up nine 217 00:11:55,040 --> 00:11:58,720 Speaker 1: thirty seconds. The yield two point zero percent. Our conversation 218 00:11:58,800 --> 00:12:04,760 Speaker 1: with billionaire in Esther carl Icon straight ahead. This is Bloomberg, 219 00:12:07,360 --> 00:12:09,800 Speaker 1: Bloomberg eleven three oh Weather mostly Claudie and breezy, heavy 220 00:12:09,840 --> 00:12:12,920 Speaker 1: rain possible tonight with higher sixty degrees early highs in 221 00:12:12,960 --> 00:12:15,640 Speaker 1: the upper fifties Tomorrow, Temperatures will fall through the day. 222 00:12:15,679 --> 00:12:18,400 Speaker 1: By Saturday, we'll only get into the low forties. Right 223 00:12:18,400 --> 00:12:23,920 Speaker 1: now fifty two in Central Park Markets, headlines and breaking 224 00:12:23,960 --> 00:12:26,840 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 225 00:12:26,960 --> 00:12:30,520 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's 226 00:12:30,559 --> 00:12:39,800 Speaker 1: a Bloomberg Business Flash and I'm Karen. Moscow and US 227 00:12:39,880 --> 00:12:43,760 Speaker 1: dot index futures are lower this morning, traders weighing geopolitical 228 00:12:43,760 --> 00:12:46,679 Speaker 1: developments in the Ukraine and a flurry of corporate earnings. 229 00:12:46,679 --> 00:12:49,240 Speaker 1: And we check the markets every fifteen minutes throughout the 230 00:12:49,240 --> 00:12:52,080 Speaker 1: trading day. On Bloomberg U S and P futures down 231 00:12:52,120 --> 00:12:55,280 Speaker 1: twenty three points this morning, DEAF futures down one sixty six, 232 00:12:55,600 --> 00:12:59,160 Speaker 1: NASDACK futures down eighty nine. The decks in Germany is 233 00:12:59,200 --> 00:13:01,040 Speaker 1: up less than a ten of upper cent. The ten 234 00:13:01,120 --> 00:13:04,360 Speaker 1: year treasury have eight thirty seconds held two percent yield 235 00:13:04,400 --> 00:13:07,360 Speaker 1: on the two year one point for eight percent. NIMEX 236 00:13:07,400 --> 00:13:09,720 Speaker 1: s crude oil is down two point two on two 237 00:13:09,760 --> 00:13:12,280 Speaker 1: dollars one cent and ninety one dollar sixty seven cents 238 00:13:12,320 --> 00:13:14,959 Speaker 1: of barrel. Comex school is up eight tenths percent, or 239 00:13:15,000 --> 00:13:18,400 Speaker 1: fifteen dollar sixty cents at eighteen eighty seven. Ten announced 240 00:13:18,720 --> 00:13:21,640 Speaker 1: the euro one point one three zero against the dollar, 241 00:13:21,679 --> 00:13:24,240 Speaker 1: British found one point three six oh two, The ends 242 00:13:24,240 --> 00:13:27,920 Speaker 1: at one fifteen point one seven, and Bitcoin this morning 243 00:13:27,960 --> 00:13:31,240 Speaker 1: moving lower. It's at forty three thousand, three hundred dollars. 244 00:13:31,400 --> 00:13:33,960 Speaker 1: Pass of Bloomberg Business Flash. Now Here's John Tucker with 245 00:13:34,040 --> 00:13:36,800 Speaker 1: more on what's going on around the world. John, Good Morning, Jared. 246 00:13:36,880 --> 00:13:39,160 Speaker 1: Russia denies the claimed by the US and Britain that 247 00:13:39,200 --> 00:13:43,080 Speaker 1: it's added more troops to soldiers already near Ukraine's borders. 248 00:13:43,400 --> 00:13:47,520 Speaker 1: The CDC expected to lucius recommendations about indoor mass wearing 249 00:13:47,600 --> 00:13:51,080 Speaker 1: as soon as next week, and Republicans in Florida's Hounds 250 00:13:51,080 --> 00:13:55,280 Speaker 1: of Representatives have approved the band on abortions after fifteen weeks. 251 00:13:55,640 --> 00:13:58,160 Speaker 1: Sports the next blow at twenty eight point lead at 252 00:13:58,160 --> 00:14:00,960 Speaker 1: home and fall to the nets. The Celtics, Wizards, and 253 00:14:01,000 --> 00:14:04,840 Speaker 1: Warriors all loose at the Olympics. Canada beats the US 254 00:14:04,960 --> 00:14:08,640 Speaker 1: to win the Golden Women's ice Hockey Global News twenty 255 00:14:08,640 --> 00:14:10,760 Speaker 1: four hours a day on are End on Bloomberg Quicktake 256 00:14:11,040 --> 00:14:13,920 Speaker 1: power by more than twenty seven hundred journalists and analysts 257 00:14:13,920 --> 00:14:17,400 Speaker 1: and more than one twenty countries. I'm John Tucker. This 258 00:14:17,720 --> 00:14:20,320 Speaker 1: is Bloomberg. Nathan all right, John, thanks very much. It 259 00:14:20,480 --> 00:14:23,880 Speaker 1: is five nineteen on Wall Street Live from the Bloomberg 260 00:14:23,920 --> 00:14:27,680 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. Good morning. I'm 261 00:14:27,760 --> 00:14:30,440 Speaker 1: Nathan Hagar. We want to turn now to a prominent 262 00:14:30,520 --> 00:14:34,280 Speaker 1: name in finance, Carl Icon. He is well known across 263 00:14:34,360 --> 00:14:38,080 Speaker 1: Wall Street as a famed activist investor. We sat down 264 00:14:38,160 --> 00:14:41,560 Speaker 1: late yesterday for a conversation with Carl Icon to discuss 265 00:14:41,640 --> 00:14:45,280 Speaker 1: the markets and investment strategy in the days and months ahead. 266 00:14:45,880 --> 00:14:49,280 Speaker 1: So let's listen in now to Bloomberg's Eric Shatzker, Taylor Riggs, 267 00:14:49,320 --> 00:14:54,680 Speaker 1: and Romaine Bostick in conversation with Carl Icon. Carl, you 268 00:14:54,800 --> 00:15:01,680 Speaker 1: predicted months ago that FED stimulus would metastasize into inflation 269 00:15:01,840 --> 00:15:06,160 Speaker 1: and fast become a problem for policy makers, for the economy, 270 00:15:06,200 --> 00:15:09,440 Speaker 1: and of course for investors as well. This is a 271 00:15:09,480 --> 00:15:14,840 Speaker 1: movie that you've seen before. You've seen it several times before, Carl, 272 00:15:14,880 --> 00:15:18,440 Speaker 1: How does the movie end? It doesn't end happily, And 273 00:15:18,760 --> 00:15:24,120 Speaker 1: I've seen god knows how many markets, and it is 274 00:15:24,120 --> 00:15:27,760 Speaker 1: similar in one way. It's it's a sad thing and 275 00:15:27,800 --> 00:15:29,960 Speaker 1: a lot of people lose a great deal of capital. 276 00:15:30,600 --> 00:15:33,520 Speaker 1: And I am not predicting, though, Eric, I'm not predicting 277 00:15:33,560 --> 00:15:35,760 Speaker 1: that we're in a bay market. I'm not predicting that 278 00:15:35,840 --> 00:15:39,880 Speaker 1: this is going to end. So this uforic atmosphere. But 279 00:15:40,600 --> 00:15:45,240 Speaker 1: I am predicting this that And it's not much of 280 00:15:45,240 --> 00:15:48,720 Speaker 1: a prediction, I guess, but sooner or later, a situation 281 00:15:48,840 --> 00:15:53,280 Speaker 1: like this is going to end relatively badly, some less badly, 282 00:15:53,280 --> 00:15:56,080 Speaker 1: some more. But you can't keep printing up money and 283 00:15:56,160 --> 00:15:59,360 Speaker 1: printing it up and printing it up, because you get 284 00:15:59,480 --> 00:16:02,000 Speaker 1: what you have now that you can't control. The government 285 00:16:02,040 --> 00:16:08,520 Speaker 1: can't control inflation. It controls it only what they're doing. 286 00:16:08,520 --> 00:16:10,840 Speaker 1: What Volca had to do, you know, bring interest rates 287 00:16:10,880 --> 00:16:13,040 Speaker 1: up to a t percent. I remember those days. He 288 00:16:13,160 --> 00:16:16,480 Speaker 1: was unbelievable. So I think that's gonna happen. But I'm 289 00:16:16,520 --> 00:16:20,280 Speaker 1: not here to discuss. I'm not a macroeconomics grow and 290 00:16:20,560 --> 00:16:23,800 Speaker 1: uh I just look at simple facts. That's what that's 291 00:16:23,840 --> 00:16:26,800 Speaker 1: all I do. Simple facts, and a simple factor here 292 00:16:27,680 --> 00:16:33,440 Speaker 1: is the tension between inflation and printed on money can't 293 00:16:33,440 --> 00:16:36,480 Speaker 1: continue to exist without plus No, you say, Carl that 294 00:16:36,520 --> 00:16:39,040 Speaker 1: you're not predicting a bear market, but this is going 295 00:16:39,120 --> 00:16:42,440 Speaker 1: to end in an ugly way. What's the difference. Okay, well, 296 00:16:42,480 --> 00:16:45,560 Speaker 1: I'm not predicting a neo term bear market. Nobody can 297 00:16:45,600 --> 00:16:49,280 Speaker 1: predict what's going to happen next week, next month, maybe 298 00:16:49,280 --> 00:16:51,960 Speaker 1: even next year or two. You can't. You really can't 299 00:16:51,960 --> 00:16:56,200 Speaker 1: predict that. Too many variables, too many variables, the whole 300 00:16:56,200 --> 00:17:01,880 Speaker 1: political scene, the whole question of the presidency. But on 301 00:17:02,000 --> 00:17:07,080 Speaker 1: a big picture methodology, you can look at it and 302 00:17:07,160 --> 00:17:12,920 Speaker 1: say it's simple. You can't. I think it's economics one 303 00:17:12,920 --> 00:17:15,800 Speaker 1: on one in high school. You can't just keep pushing 304 00:17:15,840 --> 00:17:18,000 Speaker 1: out money. You can't just keep giving away money and 305 00:17:18,040 --> 00:17:21,360 Speaker 1: giving away money, giving away money, because that money will 306 00:17:21,400 --> 00:17:24,320 Speaker 1: definitely lose its worth like anything else if you make 307 00:17:24,359 --> 00:17:26,879 Speaker 1: too many widgets, and the widgets foods to work. So 308 00:17:26,960 --> 00:17:29,920 Speaker 1: here's what's happening. Where we keep putting out money, putting 309 00:17:29,920 --> 00:17:32,160 Speaker 1: out money, putting out money, and effect hes pushing it 310 00:17:32,160 --> 00:17:34,880 Speaker 1: out there. And that's great for a while. I mean 311 00:17:34,920 --> 00:17:39,560 Speaker 1: that's great. It's it's like makes you happy, but and 312 00:17:39,560 --> 00:17:44,080 Speaker 1: and and at times it's certainly needed. But now you 313 00:17:44,200 --> 00:17:48,360 Speaker 1: can't that party has to stop and sooner or later, 314 00:17:48,840 --> 00:17:50,800 Speaker 1: what's going to happen is you're just and you're having 315 00:17:50,840 --> 00:17:54,600 Speaker 1: it already now the manifestations of it is rampant inflation, 316 00:17:55,760 --> 00:18:00,439 Speaker 1: and it's not there yet, but it has to speak childon. 317 00:18:00,480 --> 00:18:02,239 Speaker 1: It's not something that you can wait to see if 318 00:18:02,280 --> 00:18:05,000 Speaker 1: it happens, because I've seen that in the past. You 319 00:18:05,119 --> 00:18:07,439 Speaker 1: wait and you wait too long. Maybe, But I'm not 320 00:18:07,480 --> 00:18:09,440 Speaker 1: here to say Defense doing a bad job. In fact, 321 00:18:09,520 --> 00:18:11,240 Speaker 1: I think that that has done a pretty good job 322 00:18:11,280 --> 00:18:14,280 Speaker 1: over the last few years and sort of saving the economy. 323 00:18:14,359 --> 00:18:19,040 Speaker 1: So that's not the issue. But the issue is if 324 00:18:19,040 --> 00:18:21,560 Speaker 1: you if you're asking me to predict something I'm always saying, 325 00:18:22,440 --> 00:18:24,879 Speaker 1: and it's not saying very much. I guess that over 326 00:18:24,920 --> 00:18:27,960 Speaker 1: the next three or four years, or maybe a lot sooner, 327 00:18:28,480 --> 00:18:32,320 Speaker 1: you are going to see this whole thing hit the 328 00:18:32,359 --> 00:18:34,959 Speaker 1: wall in one way or another, and it's not going 329 00:18:35,000 --> 00:18:37,640 Speaker 1: to be a pretty outcome. Carl Is there is there 330 00:18:37,680 --> 00:18:42,680 Speaker 1: an icon playbook for inflationary times? Or there are things 331 00:18:42,720 --> 00:18:46,199 Speaker 1: that you want to own at times like these and 332 00:18:46,280 --> 00:18:51,160 Speaker 1: things that you're actively avoiding at times like these. Yeah, Look, 333 00:18:51,200 --> 00:18:55,240 Speaker 1: I mean over the years, the paradigm that I find 334 00:18:55,280 --> 00:18:58,439 Speaker 1: the best for investing in it's obviously most people can't do. 335 00:18:58,480 --> 00:19:03,800 Speaker 1: It is activist and and going into companies where the 336 00:19:03,840 --> 00:19:08,040 Speaker 1: stock is selling cheaply for a number of reasons. And 337 00:19:08,040 --> 00:19:10,600 Speaker 1: if we can get in there and we can do something, 338 00:19:10,720 --> 00:19:15,840 Speaker 1: we can help that company and sometimes become as uninvited guests. 339 00:19:15,880 --> 00:19:19,359 Speaker 1: But a lot of companies in this country are terribly run, 340 00:19:19,680 --> 00:19:22,639 Speaker 1: just terribly runned. And by the way, in my mind, 341 00:19:23,640 --> 00:19:26,600 Speaker 1: that's the reason for the problems that we have today. 342 00:19:27,440 --> 00:19:32,080 Speaker 1: You have companies that the CEO is of making ten 343 00:19:32,280 --> 00:19:36,160 Speaker 1: fifteen million a year, and many of these guys, I'm 344 00:19:36,200 --> 00:19:39,040 Speaker 1: not capable of doing the job, with many, many exceptions, 345 00:19:39,080 --> 00:19:41,440 Speaker 1: So I want to say many exceptions, many very good CEOs. 346 00:19:41,760 --> 00:19:44,760 Speaker 1: Good ceo is worth his salt, and you pay him. 347 00:19:44,800 --> 00:19:47,160 Speaker 1: And if things are going well, I don't mind seeing 348 00:19:47,160 --> 00:19:49,840 Speaker 1: that guy making a lot of money because he's producing. 349 00:19:50,920 --> 00:19:53,400 Speaker 1: But there's so many bad ones and so many bad 350 00:19:53,440 --> 00:19:55,720 Speaker 1: boards because the boards aren't doing the one job that 351 00:19:55,800 --> 00:19:59,720 Speaker 1: paid to do, which has made that CEO accountable. So 352 00:20:00,119 --> 00:20:04,080 Speaker 1: stocks go down. Things to get get into a problem, 353 00:20:04,160 --> 00:20:06,000 Speaker 1: we come in and that's not paradigm, and we try 354 00:20:06,040 --> 00:20:09,480 Speaker 1: to clean it up and just change a few simple things. 355 00:20:09,480 --> 00:20:12,880 Speaker 1: So maybe with a few simple things. You echoed similar 356 00:20:12,880 --> 00:20:15,880 Speaker 1: comments when we spoke last May, and you talked about 357 00:20:15,920 --> 00:20:19,320 Speaker 1: waiting for stocks to become cheaper for you to really 358 00:20:19,320 --> 00:20:22,040 Speaker 1: begin to look at that. We get more from Bloomberg 359 00:20:22,200 --> 00:20:26,000 Speaker 1: National Security editor Bill Ferries. Is going to be a 360 00:20:26,080 --> 00:20:29,040 Speaker 1: key day. Will have a lot of foreign ministers gathering 361 00:20:29,080 --> 00:20:31,800 Speaker 1: in Munich for a security conference there. That will give 362 00:20:31,800 --> 00:20:34,359 Speaker 1: a chance for everybody to sit down and hash out 363 00:20:34,440 --> 00:20:38,160 Speaker 1: the approach. The reaction to this latest news about the 364 00:20:38,200 --> 00:20:40,520 Speaker 1: troop build up, according to the us SO, I think 365 00:20:40,600 --> 00:20:44,320 Speaker 1: this is definitely not the direction people wanted to see 366 00:20:44,680 --> 00:20:47,360 Speaker 1: just a two days ago when the announcements of potential 367 00:20:47,440 --> 00:20:50,960 Speaker 1: Russian draw down first emerged. Bloomberg's Bill Ferries says the 368 00:20:51,040 --> 00:20:55,080 Speaker 1: US things Russia has about one fifty thousand soldiers near 369 00:20:55,200 --> 00:20:59,080 Speaker 1: Ukraine's borders. The Federal Reserve is also in the spotlight. 370 00:20:59,119 --> 00:21:01,960 Speaker 1: This morning, Karen minutes from the Central Bank's last meeting 371 00:21:02,000 --> 00:21:05,720 Speaker 1: show officials will raise interest rates soon. They're also on 372 00:21:05,800 --> 00:21:09,480 Speaker 1: alert for persistent inflation that would justify a faster pace 373 00:21:09,520 --> 00:21:13,000 Speaker 1: of tightening. Turning to corporate earnings now, Nathan shares of 374 00:21:13,080 --> 00:21:16,600 Speaker 1: Nvidia are down more than three percent in early trading. 375 00:21:16,600 --> 00:21:19,720 Speaker 1: The chip maker failed to impress with its latest forecast. 376 00:21:19,960 --> 00:21:23,320 Speaker 1: Let me get a story from Bloomberg's Charlie Pellett in video. 377 00:21:23,400 --> 00:21:26,680 Speaker 1: Topped Wall Street estimates with its latest quarterly results and 378 00:21:26,680 --> 00:21:30,199 Speaker 1: projected strong growth for the current period. CEO and co 379 00:21:30,320 --> 00:21:34,080 Speaker 1: founder Jensen Huang has turned a niche business graphic cards 380 00:21:34,119 --> 00:21:37,480 Speaker 1: for gamers into a chip empire worth more than six 381 00:21:37,560 --> 00:21:41,680 Speaker 1: hundred billion dollars. But investors have high hopes for the company, 382 00:21:41,880 --> 00:21:45,320 Speaker 1: and even a record setting quarter can leave them underwhelmed. 383 00:21:45,720 --> 00:21:49,560 Speaker 1: In New York, Charlie Pellett Bloomberg Daybreak. Okay, Charlie, thank you. 384 00:21:49,560 --> 00:21:53,080 Speaker 1: Now some other stocks moving on earnings. Applied Materials is 385 00:21:53,160 --> 00:21:57,480 Speaker 1: up to percent. Earnings at the semiconductor machinery company topped estimates. 386 00:21:57,840 --> 00:22:01,600 Speaker 1: Ciscoes up three percent. The puter network equipment maker gave 387 00:22:01,640 --> 00:22:04,600 Speaker 1: a bullish forecast. Check out door Dash this morning. It 388 00:22:04,720 --> 00:22:07,719 Speaker 1: is surging more than twenty four percent after a record 389 00:22:07,800 --> 00:22:11,080 Speaker 1: number of people ordered from the food delivery app. Up. Next, 390 00:22:11,119 --> 00:22:15,119 Speaker 1: we get earnings from Walmart this morning, and finally, Nathan, 391 00:22:15,200 --> 00:22:19,800 Speaker 1: Amazon has settled a huge dispute on payment fees with Visa. 392 00:22:19,920 --> 00:22:23,400 Speaker 1: The e commerce giant will now except Visa cards across 393 00:22:23,480 --> 00:22:26,439 Speaker 1: its global network. It will no longer charge an extra 394 00:22:26,480 --> 00:22:30,159 Speaker 1: feed to customers in Singapore and Australia who use Visa 395 00:22:30,520 --> 00:22:34,439 Speaker 1: on its site. And futures this morning are moving lower. 396 00:22:34,680 --> 00:22:38,160 Speaker 1: SMP futures down at twenty two points down, futures down 397 00:22:38,200 --> 00:22:42,040 Speaker 1: one d forty six, Nasdaq futures down ninety two. That's 398 00:22:42,040 --> 00:22:45,480 Speaker 1: about six tents of uppercent lower. The decks in Germany 399 00:22:45,600 --> 00:22:48,000 Speaker 1: is up a tenth of uppercent, the cat in Paris 400 00:22:48,200 --> 00:22:50,560 Speaker 1: is up a quarter percent, and the foot See one 401 00:22:50,600 --> 00:22:53,359 Speaker 1: hundred is moving lower this morning. It's down six tents 402 00:22:53,359 --> 00:22:55,760 Speaker 1: of upper cent than e k to twenty five and 403 00:22:55,880 --> 00:22:59,479 Speaker 1: Japan also lost ground this morning. It lost eight tens 404 00:22:59,480 --> 00:23:01,760 Speaker 1: of uppers sent and the hank Sing in Hong Kong 405 00:23:01,800 --> 00:23:04,919 Speaker 1: gain three tenths of a percent. Ten year treasury up 406 00:23:05,000 --> 00:23:08,359 Speaker 1: nine thirty seconds. The yield to per cent yield on 407 00:23:08,440 --> 00:23:11,240 Speaker 1: the two year one point four eight percent. Nine x 408 00:23:11,280 --> 00:23:13,880 Speaker 1: Scrude oil is down too and a quarter percent, down 409 00:23:13,880 --> 00:23:16,880 Speaker 1: two dollars ten cents and ninety one dollar fifty six 410 00:23:16,920 --> 00:23:19,920 Speaker 1: cents of barrel coms gold up nine tenths of upper 411 00:23:19,960 --> 00:23:22,720 Speaker 1: cent or sixteen dollars fifty cents at eighteen eighty eight 412 00:23:22,720 --> 00:23:26,479 Speaker 1: announced Bitcoin this morning, moving lower at forty three thousand, 413 00:23:26,760 --> 00:23:29,640 Speaker 1: two hundred eighty dollars. Straight ahead your latest local headlines, 414 00:23:29,960 --> 00:23:38,639 Speaker 1: plus a check of sports, and this is Bloomberg. H hear, 415 00:23:38,760 --> 00:23:40,480 Speaker 1: thank you. It's five thirty three on Wall Street, wet 416 00:23:40,520 --> 00:23:43,159 Speaker 1: fifty three degrees in Central Park. They've cleared an accent 417 00:23:43,160 --> 00:23:45,760 Speaker 1: in the westbound Belt Parkway at Leffords Boulevard, but may 418 00:23:45,800 --> 00:23:48,280 Speaker 1: still be some delays getting Kennedy Airport. We'll get details 419 00:23:48,320 --> 00:23:51,119 Speaker 1: in traffic first. My John Tuckers here with more on 420 00:23:51,160 --> 00:23:53,000 Speaker 1: what's going on in New York and around the world. John, 421 00:23:53,000 --> 00:23:55,360 Speaker 1: good morning, Good morning, Nathan. New York City Mayor Eric 422 00:23:55,400 --> 00:23:58,840 Speaker 1: Adams telling leaders of major companies in the city get 423 00:23:58,840 --> 00:24:01,639 Speaker 1: their workers back and off us is. He's emphasizing that 424 00:24:01,800 --> 00:24:06,120 Speaker 1: empty buildings are holding back the city's pandemic recovery. New 425 00:24:06,200 --> 00:24:09,840 Speaker 1: York City can't run from home. We can't keep kicking 426 00:24:09,840 --> 00:24:11,879 Speaker 1: the can down the road. We want you to come 427 00:24:11,920 --> 00:24:13,959 Speaker 1: back in January. No come back in February, no come 428 00:24:13,960 --> 00:24:16,600 Speaker 1: back in March. It's time. The mayor says he met 429 00:24:16,640 --> 00:24:19,680 Speaker 1: with one hundred CEOs this week to get their workers 430 00:24:19,720 --> 00:24:22,960 Speaker 1: back in the office to stimulate the city's economy. A 431 00:24:23,000 --> 00:24:26,240 Speaker 1: winter surgeon COVID nineteen cases due to the omicron variant 432 00:24:26,480 --> 00:24:30,000 Speaker 1: has hampered us slow return. The office is Dr Anthony 433 00:24:30,040 --> 00:24:32,960 Speaker 1: Fauci was asked how will know when the pandemic is over? 434 00:24:33,600 --> 00:24:36,120 Speaker 1: What you want is to make sure that trajectory keeps 435 00:24:36,160 --> 00:24:41,720 Speaker 1: going down and down and down. Concentrating more on what 436 00:24:41,840 --> 00:24:46,280 Speaker 1: the rate of severe disease and hospitalization is will determine 437 00:24:46,320 --> 00:24:49,800 Speaker 1: that Funci telling ABC, we don't know what that number 438 00:24:50,000 --> 00:24:52,440 Speaker 1: is yet, but that will be more of a determinant 439 00:24:52,440 --> 00:24:55,480 Speaker 1: than the rate of infection. Mayor Adams doesn't think the 440 00:24:55,480 --> 00:24:59,080 Speaker 1: city's vaccine rules that prevent Brooklyn netstar Kyrie Irving from 441 00:24:59,080 --> 00:25:02,399 Speaker 1: playing in home games are fair. The mayor, responding to 442 00:25:02,520 --> 00:25:06,040 Speaker 1: comments made by the NBA Commissioner Adam Silver on the ESPN. 443 00:25:06,680 --> 00:25:09,000 Speaker 1: It just doesn't quite make sense to me that an 444 00:25:09,040 --> 00:25:12,560 Speaker 1: away player who's unvaccinated can play in Barkley's but the 445 00:25:12,600 --> 00:25:15,760 Speaker 1: home player can't. Mayor Adams didn't take a hard stance 446 00:25:15,760 --> 00:25:20,040 Speaker 1: on changing any rules. Republicans in Florida's House of Representatives 447 00:25:20,040 --> 00:25:24,000 Speaker 1: have approved a ban on abortions after fifteen weeks, joining 448 00:25:24,000 --> 00:25:26,800 Speaker 1: other states and tightening access to the procedure ahead of 449 00:25:26,800 --> 00:25:30,080 Speaker 1: a U. S. Supreme Court ruling that could overturn Roll 450 00:25:30,200 --> 00:25:33,800 Speaker 1: versus Wade. Florida's bill, which Governor De Santis has expressed 451 00:25:33,800 --> 00:25:36,920 Speaker 1: support for, passed the House early this morning, now goes 452 00:25:36,960 --> 00:25:40,879 Speaker 1: on to the Republican controlled Senate and users a five 453 00:25:40,960 --> 00:25:45,480 Speaker 1: letter puzzle craz upset about change wordl's biggest fans are 454 00:25:45,800 --> 00:25:48,520 Speaker 1: A and G R Y, with The New York Times 455 00:25:48,960 --> 00:25:51,480 Speaker 1: convinced the words have gotten the harder since their version 456 00:25:51,520 --> 00:25:54,280 Speaker 1: of the game rolled out. Those postperson for the Times 457 00:25:54,280 --> 00:25:57,679 Speaker 1: confirms they've updated the list of possible solutions to the 458 00:25:57,840 --> 00:26:00,760 Speaker 1: daily puzzle. Global News twenty four hours a day on 459 00:26:00,800 --> 00:26:03,200 Speaker 1: they run a Bloomberg quick take. We're power bind more 460 00:26:03,240 --> 00:26:06,560 Speaker 1: than twenty seven hundred journalists and analysts more than one hundred, 461 00:26:06,560 --> 00:26:10,840 Speaker 1: twenty countries. I'm John Tucker is Bloomberg, Nathan t O 462 00:26:11,200 --> 00:26:19,520 Speaker 1: U G H. Thanks John yep. Almost five thirty six 463 00:26:19,560 --> 00:26:22,440 Speaker 1: on Wall Street. Another five letter word Sports said the 464 00:26:22,480 --> 00:26:25,000 Speaker 1: update on that from John Sanshower. All right, Nathan bragging 465 00:26:25,119 --> 00:26:28,120 Speaker 1: right stuff Brooklyn. The Nets would at the injured Kevin 466 00:26:28,240 --> 00:26:30,120 Speaker 1: Ray and carry every can't play a road game if 467 00:26:30,119 --> 00:26:32,520 Speaker 1: it's still in New York. The next desperate for a victory, 468 00:26:32,520 --> 00:26:35,320 Speaker 1: and they jumped in front by twenty in the first quarter. 469 00:26:35,320 --> 00:26:37,080 Speaker 1: That leand drew the twenty eight. It is still at 470 00:26:37,119 --> 00:26:40,399 Speaker 1: eighteen in the fourth, a furious rally by the Nets, 471 00:26:40,400 --> 00:26:43,040 Speaker 1: they pulled it out one sixteen, one eleven. The rookie 472 00:26:43,040 --> 00:26:45,520 Speaker 1: Cam Thomas at a huge second half, big contributions from 473 00:26:45,520 --> 00:26:49,160 Speaker 1: two guys. Then that's just acquired Set Curry and Andre Drummond. 474 00:26:49,160 --> 00:26:52,440 Speaker 1: That's two wins and two nights after losing eleven and 475 00:26:52,480 --> 00:26:56,760 Speaker 1: a row. Their coaches Steve that you know, you know 476 00:26:56,840 --> 00:27:00,600 Speaker 1: Tims will have them fired up, and they you know, 477 00:27:00,680 --> 00:27:03,080 Speaker 1: I thought we're just more physical than us, and that 478 00:27:03,280 --> 00:27:06,080 Speaker 1: time we just said is the Testimer character and Nick 479 00:27:06,200 --> 00:27:08,359 Speaker 1: hit the All Star Break losers a thirteen of their 480 00:27:08,440 --> 00:27:11,400 Speaker 1: last sixteen. They've had four different losing streaks of three 481 00:27:11,480 --> 00:27:14,719 Speaker 1: or more games just in the last month. St. John's 482 00:27:14,720 --> 00:27:16,879 Speaker 1: one it saved or eighty six seventy three. Seaton All 483 00:27:16,920 --> 00:27:19,359 Speaker 1: lost at Yukon seventy to sixty five. And what a 484 00:27:19,359 --> 00:27:22,200 Speaker 1: winning streak for Rutgers. Scarlett Knights had already set a 485 00:27:22,240 --> 00:27:25,000 Speaker 1: school record with three straight wins over top twenty five 486 00:27:25,000 --> 00:27:27,399 Speaker 1: teams and then made it four being ill and aways 487 00:27:27,400 --> 00:27:31,240 Speaker 1: seventy to fifty nine. Olympic women's hockey has always handed 488 00:27:31,280 --> 00:27:33,440 Speaker 1: on the US with a gold medal. Canada had three nothing. 489 00:27:33,480 --> 00:27:36,280 Speaker 1: The US come back fell short Canada one three to two. 490 00:27:36,280 --> 00:27:40,480 Speaker 1: Michaelas Schiffrin went over five an alpine skiing failed to 491 00:27:40,480 --> 00:27:44,720 Speaker 1: finish the combined. Reportedly, the Washington Nationals before the lockout, 492 00:27:45,080 --> 00:27:48,320 Speaker 1: offered their young star Juan Soto of contract thirteen years, 493 00:27:48,400 --> 00:27:51,840 Speaker 1: three hundred and fifty million dollars and he said no. 494 00:27:52,040 --> 00:27:55,600 Speaker 1: Johns Bloomberg Sports Nathan, Thank you, John, five thirty seven 495 00:27:55,600 --> 00:27:57,840 Speaker 1: on Wall Street Time for the Tri State Business Report 496 00:27:57,880 --> 00:28:01,080 Speaker 1: with Bloomberg's at Cory. New York City home buyers moving 497 00:28:01,080 --> 00:28:03,840 Speaker 1: to a new town ready to pay twenty seven percent 498 00:28:03,960 --> 00:28:07,240 Speaker 1: more than local buyers. Trend towards remote work has allowed 499 00:28:07,240 --> 00:28:09,920 Speaker 1: many Americans to sell their homes in price yeer cities 500 00:28:09,920 --> 00:28:12,760 Speaker 1: and moved to cheaper ones, giving them a bigger budget 501 00:28:12,760 --> 00:28:16,000 Speaker 1: than locals. According to a report from Redfinn, the unceasing 502 00:28:16,040 --> 00:28:19,240 Speaker 1: demand for US real estate has pushed average home values 503 00:28:19,280 --> 00:28:22,760 Speaker 1: over seven figures and hundreds of cities for the first time. 504 00:28:23,119 --> 00:28:26,520 Speaker 1: New York, as well as California and Massachusetts have the 505 00:28:26,520 --> 00:28:29,879 Speaker 1: most new cities with seven figure average home sales. Homes 506 00:28:29,960 --> 00:28:32,199 Speaker 1: valued that a million dollars are higher and now the 507 00:28:32,280 --> 00:28:35,040 Speaker 1: norm in four hundred and eighty one U S cities. 508 00:28:35,200 --> 00:28:38,440 Speaker 1: New Jersey. Bettors wager to record one hundred forty four 509 00:28:38,480 --> 00:28:41,280 Speaker 1: million dollars on the Super Bowl. That's up twenty two 510 00:28:41,280 --> 00:28:44,200 Speaker 1: percent from the prior year, even with vets being taken 511 00:28:44,200 --> 00:28:47,240 Speaker 1: in neighboring New York. For the first time, sports bettings 512 00:28:47,280 --> 00:28:50,320 Speaker 1: exploded across the U S since the Supreme Court allowed 513 00:28:50,360 --> 00:28:53,640 Speaker 1: states outside of Nevada to offer it in twenty eighteen. 514 00:28:53,920 --> 00:28:58,000 Speaker 1: At your Bloomberg Try State Business Report, I'm in Corey 515 00:28:58,160 --> 00:29:00,440 Speaker 1: on Wall Street. Bloomberg Radio is on the from San 516 00:29:00,480 --> 00:29:03,440 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 517 00:29:03,440 --> 00:29:05,160 Speaker 1: in with our global news team for some of the 518 00:29:05,200 --> 00:29:08,200 Speaker 1: top stories heard on our three hundred affiliate radio stations 519 00:29:08,200 --> 00:29:14,200 Speaker 1: around the world. M Brenie Donaho on ktr H in Houston. 520 00:29:14,280 --> 00:29:16,960 Speaker 1: Culgate Energy is said to be considering a sale after 521 00:29:17,000 --> 00:29:20,600 Speaker 1: getting jakeover interest. I'm Gina Servetti and for w b B, 522 00:29:20,680 --> 00:29:24,240 Speaker 1: I'm in Chicago. I'm reporting that a former commercial airplane 523 00:29:24,280 --> 00:29:27,760 Speaker 1: headquarters for Boeing is becoming a training and office facility 524 00:29:27,880 --> 00:29:30,840 Speaker 1: for a Major league soccer team. I'm calling head Complete 525 00:29:31,000 --> 00:29:33,720 Speaker 1: dav Digital Radio in London, Way reporting on the flurry 526 00:29:33,760 --> 00:29:37,120 Speaker 1: of earnings reports, including Nestley, Who's worn inflation could mean 527 00:29:37,120 --> 00:29:41,120 Speaker 1: a hit today profitability again this financial year. I ad 528 00:29:41,240 --> 00:29:45,040 Speaker 1: Corey on w J in Detroit. I'm explaining how some 529 00:29:45,160 --> 00:29:48,640 Speaker 1: small businesses could get a share of new COVID relief brands. 530 00:29:49,000 --> 00:29:51,120 Speaker 1: Those are some of the stories our twenty seven hundred 531 00:29:51,120 --> 00:29:53,959 Speaker 1: Bloomberg journalist and analysts are working on this morning around 532 00:29:53,960 --> 00:29:56,440 Speaker 1: the world. It's five thirty nine on Wall Street. The 533 00:29:56,520 --> 00:30:00,840 Speaker 1: following is an editorial from Bloomberg Opinion. Because of the pandemic, 534 00:30:01,080 --> 00:30:04,640 Speaker 1: America's young people face learning deficits that could take years 535 00:30:04,680 --> 00:30:07,840 Speaker 1: to overcome, schools must help them make up for lost time, 536 00:30:08,120 --> 00:30:11,760 Speaker 1: even if it means cutting summer break short. US students 537 00:30:11,920 --> 00:30:15,880 Speaker 1: clearly need more instruction Going into the school year. They 538 00:30:15,920 --> 00:30:19,200 Speaker 1: were five months behind in math on average and nearly 539 00:30:19,240 --> 00:30:22,160 Speaker 1: as deficient in reading. Adding more school days to the 540 00:30:22,160 --> 00:30:25,640 Speaker 1: current academic year would help reverse those trends. So it's 541 00:30:25,680 --> 00:30:29,480 Speaker 1: starting the next school year early for the neediest children. 542 00:30:29,680 --> 00:30:32,760 Speaker 1: Districts should also offer full time summer school that blends 543 00:30:32,800 --> 00:30:37,640 Speaker 1: academic instruction with activities aimed at bolstering social and emotional health. 544 00:30:38,040 --> 00:30:41,640 Speaker 1: That pandemic has caused deep and potentially lasting damage to 545 00:30:41,680 --> 00:30:45,320 Speaker 1: America's young people. Extending the school year would help ensure 546 00:30:45,560 --> 00:30:49,120 Speaker 1: that they get the instruction they need. This editorial was 547 00:30:49,160 --> 00:30:52,480 Speaker 1: written by the Bloomberg Opinion Editorial Board. I'm David Shipley. 548 00:30:52,560 --> 00:30:55,040 Speaker 1: For more Bloomberg Opinion, please go to Bloomberg dot com, 549 00:30:55,120 --> 00:30:58,560 Speaker 1: slash opinion or OPA and go on the Bloomberg terminal. 550 00:30:58,760 --> 00:31:02,560 Speaker 1: This has been bloom Opinion. Listen for Bloomberg Opinion editorials 551 00:31:02,600 --> 00:31:05,440 Speaker 1: every weekday at this time and terminal Customers can read 552 00:31:05,480 --> 00:31:08,720 Speaker 1: more at O, P I, n GO SMP. Futures down 553 00:31:08,720 --> 00:31:11,680 Speaker 1: down twenty one points down, futures down one nast at 554 00:31:11,680 --> 00:31:15,120 Speaker 1: futures lower by points. The Tanger Treasury now up seven 555 00:31:15,160 --> 00:31:18,320 Speaker 1: thirty seconds, the yield two point zero one percent. This 556 00:31:18,800 --> 00:31:25,280 Speaker 1: is Bloomberg Bloomberg eleven three oh Weather mostly cloudy, breezy today, 557 00:31:25,320 --> 00:31:28,240 Speaker 1: Heavy rain tonight with high near sixty degrees. Early highs 558 00:31:28,240 --> 00:31:30,880 Speaker 1: in the upper fifties Tomorrow as temperatures fall through the day, 559 00:31:31,120 --> 00:31:37,760 Speaker 1: will get upper or a low forties by Saturday. Markets 560 00:31:37,880 --> 00:31:40,960 Speaker 1: headlines and breaking news twenty four hours a day at 561 00:31:40,960 --> 00:31:44,960 Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg Quicktape. 562 00:31:45,160 --> 00:31:54,080 Speaker 1: This is a Bloomberg Business Flash and good morning. I'm 563 00:31:54,120 --> 00:31:57,080 Speaker 1: Karen Moscow. You WUS dot Index Futures are lower this 564 00:31:57,160 --> 00:32:00,280 Speaker 1: morning as traders wig of political developments and you've crane 565 00:32:00,320 --> 00:32:02,480 Speaker 1: and a flurry of corporate earnings. We checked the markets 566 00:32:02,520 --> 00:32:05,720 Speaker 1: every fifteen minutes throughout the trading day on Bloomberg SMP 567 00:32:05,920 --> 00:32:08,720 Speaker 1: Future is down about twenty two points down, futures down 568 00:32:08,760 --> 00:32:11,880 Speaker 1: a hundred forty four nasdack Future is down ninety three. 569 00:32:12,000 --> 00:32:14,240 Speaker 1: The decks in Germany's up about two tenths of upper 570 00:32:14,320 --> 00:32:17,360 Speaker 1: cent ten. Your treasury up seven thirty seconds, yield two 571 00:32:17,360 --> 00:32:20,000 Speaker 1: point oh one percent. The yield on the two year 572 00:32:20,080 --> 00:32:23,320 Speaker 1: one point for eight percent. NIMEX Scrude oil is down 573 00:32:23,320 --> 00:32:25,480 Speaker 1: one point nine percent on a dollar seventy eight at 574 00:32:25,520 --> 00:32:28,240 Speaker 1: ninety one dollars eighty eight cents of barrel comes called 575 00:32:28,320 --> 00:32:30,800 Speaker 1: up nine tenths percent or sixteen dollars seventy cents at 576 00:32:30,840 --> 00:32:33,800 Speaker 1: eighteen eighty eight twenty announced the euro one point one 577 00:32:33,840 --> 00:32:36,160 Speaker 1: three six seven against the dollar, British bound one point 578 00:32:36,160 --> 00:32:39,160 Speaker 1: three six eight and again is at one fifteen point 579 00:32:39,200 --> 00:32:42,360 Speaker 1: one zero and bitcoin moving lower at forty three thousand, 580 00:32:42,360 --> 00:32:45,520 Speaker 1: one hundred fifty dollars. That's a Bloomberg business flash. Now 581 00:32:45,560 --> 00:32:48,120 Speaker 1: here's John Tucker with Moore on what's going on around 582 00:32:48,160 --> 00:32:51,000 Speaker 1: the world. John and Karen Rushes for in Ministry that 583 00:32:51,120 --> 00:32:53,320 Speaker 1: ISAAC claim of the US of Britain that had added 584 00:32:53,360 --> 00:32:56,920 Speaker 1: as many as seven thousand troops to soldiers already near 585 00:32:57,080 --> 00:33:01,360 Speaker 1: Ukraine's borders. The CDC expected to lou and it's recommendations 586 00:33:01,400 --> 00:33:04,520 Speaker 1: about indoor mask wearing as soon as next week. And 587 00:33:04,680 --> 00:33:08,160 Speaker 1: Republicans in Florida's House of Representatives have approved a ban 588 00:33:08,360 --> 00:33:12,680 Speaker 1: on abortions after fifteen weeks of pregnancy. Sports Next blow 589 00:33:12,720 --> 00:33:15,720 Speaker 1: at twenty point, lead at home and fall to the nets. 590 00:33:15,880 --> 00:33:19,600 Speaker 1: The Celtics, Wizards and Warriors all lose, and at the Olympics, 591 00:33:19,680 --> 00:33:22,840 Speaker 1: Canada beats the US to win the gold It Women's 592 00:33:22,920 --> 00:33:25,800 Speaker 1: ice hockey Global News twenty four hours day on Aeron 593 00:33:25,800 --> 00:33:28,680 Speaker 1: on Bloomberg. Quick to We're power by more than seven 594 00:33:28,720 --> 00:33:31,440 Speaker 1: hundred journalists and analysts in more than one hundred twenty 595 00:33:31,440 --> 00:33:34,960 Speaker 1: countries on John Tucker, d C is Bloomberg. Nathan Okay, John, 596 00:33:34,960 --> 00:33:37,320 Speaker 1: Thanks It's almost five forty nine on Wall Street Live 597 00:33:37,360 --> 00:33:40,960 Speaker 1: from the Bloomberg Interacted Broker Studios. This is Bloomberg Daybreak 598 00:33:40,960 --> 00:33:43,680 Speaker 1: and we're joined now by Christina Hooper, Chief Global Market 599 00:33:43,720 --> 00:33:47,000 Speaker 1: Strategists and Investco on kind of a risk off morning, 600 00:33:47,000 --> 00:33:50,360 Speaker 1: I guess in terms of US trading for sure, Christine, 601 00:33:50,360 --> 00:33:51,840 Speaker 1: I don't want to put you too much on the 602 00:33:51,880 --> 00:33:55,800 Speaker 1: spot here, but given all the developments around geopolitics in 603 00:33:55,840 --> 00:33:59,120 Speaker 1: the Ukraine situation, how much further headline risk can we 604 00:33:59,160 --> 00:34:03,120 Speaker 1: be in for well, Nathan, I think we have to 605 00:34:03,400 --> 00:34:08,759 Speaker 1: anticipate that we're going to continue to see developments that 606 00:34:08,800 --> 00:34:12,279 Speaker 1: are geopolitical nature that impact markets in the short term, 607 00:34:12,560 --> 00:34:16,759 Speaker 1: simply because um, the price of oil and other commodities 608 00:34:16,920 --> 00:34:19,839 Speaker 1: is at stake at a time when we're already experiencing 609 00:34:19,880 --> 00:34:22,640 Speaker 1: a lot of inflationary pressures. So I don't think this 610 00:34:22,719 --> 00:34:26,600 Speaker 1: goes away tomorrow. It creates. It adds to the volatility 611 00:34:26,680 --> 00:34:30,479 Speaker 1: we're already experiencing because of hesitation and apprehension about where 612 00:34:30,480 --> 00:34:34,040 Speaker 1: the FED goes. Is there a support level you're looking 613 00:34:34,080 --> 00:34:40,400 Speaker 1: at for the SMP. No, What we anticipate is where 614 00:34:40,440 --> 00:34:43,200 Speaker 1: we're going directionally this year. We try not to make 615 00:34:43,239 --> 00:34:46,640 Speaker 1: short term calls. It's with the exception of saying that 616 00:34:46,680 --> 00:34:50,040 Speaker 1: we anticipate more volatility, but I do think stocks and 617 00:34:50,239 --> 00:34:52,480 Speaker 1: higher at the end of this year than where they 618 00:34:52,520 --> 00:34:56,640 Speaker 1: are today. Okay, uh So, in terms of sort of 619 00:34:56,640 --> 00:34:59,880 Speaker 1: looking past the geopolitics at this point, there's obviously a 620 00:35:00,000 --> 00:35:04,520 Speaker 1: out of attention on inflation. Certainly, we got the minutes 621 00:35:04,560 --> 00:35:08,440 Speaker 1: from the latest FED meeting yesterday. Given what central bankers 622 00:35:08,440 --> 00:35:12,839 Speaker 1: are saying now about whether they could move faster on 623 00:35:13,160 --> 00:35:17,560 Speaker 1: rate hikes if inflation continues to persist, here, are you 624 00:35:17,760 --> 00:35:21,480 Speaker 1: sort of rethinking your forecast as to what the Federal 625 00:35:21,560 --> 00:35:24,840 Speaker 1: Reserve could do for the rest of this year. No, 626 00:35:25,080 --> 00:35:28,640 Speaker 1: I'm actually comforted by the f OMC minutes. It's what 627 00:35:28,840 --> 00:35:33,880 Speaker 1: I had hoped for and frankly anticipated. Um. The Fed 628 00:35:34,320 --> 00:35:38,600 Speaker 1: is taking a measured and thoughtful approach. Most importantly, it's 629 00:35:38,640 --> 00:35:41,560 Speaker 1: going to be data dependent. So yes, there is the 630 00:35:41,600 --> 00:35:46,480 Speaker 1: potential that they dial up tightening if they don't see 631 00:35:46,600 --> 00:35:51,560 Speaker 1: the reduction in um inflationary pressures that they anticipate. UM, 632 00:35:51,600 --> 00:35:54,279 Speaker 1: But it is very much going to be dependent on 633 00:35:54,320 --> 00:35:56,800 Speaker 1: the data. And I think that's very, very important and 634 00:35:56,880 --> 00:35:59,480 Speaker 1: very comforting. Yeah, so we have some more data coming 635 00:36:00,000 --> 00:36:02,280 Speaker 1: in the next couple of weeks here before the next 636 00:36:02,400 --> 00:36:06,040 Speaker 1: meeting next month. What are you looking for from the 637 00:36:06,640 --> 00:36:11,239 Speaker 1: next round of data coming up on inflation? Do you 638 00:36:11,239 --> 00:36:15,960 Speaker 1: think it could move the Fed? I don't think so. 639 00:36:16,040 --> 00:36:19,160 Speaker 1: I think the Fed is set on hiking rates in March. 640 00:36:19,640 --> 00:36:23,280 Speaker 1: Uh Certainly, whether it's twenty five basis or fifty basis 641 00:36:23,280 --> 00:36:27,320 Speaker 1: points will depend on at least partially on the data 642 00:36:27,360 --> 00:36:29,480 Speaker 1: that we see between now and then in terms of 643 00:36:29,520 --> 00:36:33,720 Speaker 1: inflation UM. But let's face it, UM, the FED recognizes 644 00:36:33,880 --> 00:36:37,200 Speaker 1: that we are going to be experiencing significant pressures right now. 645 00:36:37,360 --> 00:36:40,800 Speaker 1: It's all about the trajectory this year. We believe inflation 646 00:36:40,840 --> 00:36:44,840 Speaker 1: will peak, likely by the middle of two uh and 647 00:36:44,840 --> 00:36:49,359 Speaker 1: and then start to moderate UM, and I would anticipate 648 00:36:49,400 --> 00:36:51,480 Speaker 1: that that's what the FET is looking for to so 649 00:36:51,560 --> 00:36:55,920 Speaker 1: I don't expect any kind of knee jerk reactions, especially 650 00:36:55,960 --> 00:37:00,279 Speaker 1: early on UM. But of course they're always is the 651 00:37:00,320 --> 00:37:03,320 Speaker 1: potential for the FED to become alarmed by something, probably 652 00:37:03,360 --> 00:37:07,960 Speaker 1: more around UH more around inflation expectations. But thus far 653 00:37:08,080 --> 00:37:10,360 Speaker 1: that's been pretty good. If you mentioned in the minutes 654 00:37:10,480 --> 00:37:14,920 Speaker 1: yesterday that inflation expectations appeared to remain well anchored, and 655 00:37:14,960 --> 00:37:17,719 Speaker 1: I think that's good news. Only about thirty seconds left here. 656 00:37:17,760 --> 00:37:21,120 Speaker 1: Do you think earnings can continue to justify higher valuations 657 00:37:21,120 --> 00:37:28,080 Speaker 1: for stocks? Well, I think earnings combined with UM positive 658 00:37:28,120 --> 00:37:31,720 Speaker 1: outlooks for two UM A lot is going to depend 659 00:37:31,719 --> 00:37:35,799 Speaker 1: on the guidance that we're getting UM. But but having 660 00:37:35,800 --> 00:37:39,840 Speaker 1: said that, I do think higher valuations come under pressure 661 00:37:39,840 --> 00:37:42,640 Speaker 1: in the shorter term. We should expect that at the 662 00:37:42,719 --> 00:37:46,399 Speaker 1: start of a tightening process UM, but that doesn't mean 663 00:37:46,440 --> 00:37:49,680 Speaker 1: that that will hold for the entire year. Thanks for this, Christina. 664 00:37:49,719 --> 00:37:51,680 Speaker 1: Great to have you back with us this morning. Christina 665 00:37:51,719 --> 00:37:56,160 Speaker 1: Hooper's chief Global market Strategist at Investco Karen Nathan. It 666 00:37:56,320 --> 00:37:58,239 Speaker 1: is five fifties three on Well Street time for the 667 00:37:58,280 --> 00:38:03,000 Speaker 1: Bloomberg Law Report brought you buy American Arbitration Association businesses 668 00:38:03,040 --> 00:38:06,880 Speaker 1: views are inevitable, resolve Faster with the American Arbitration Association, 669 00:38:07,080 --> 00:38:10,640 Speaker 1: the global leader and alternative dispute resolution for over ninety years. 670 00:38:10,920 --> 00:38:13,360 Speaker 1: More at a d R dot org. Let's get to 671 00:38:13,400 --> 00:38:17,080 Speaker 1: the legal stories we're watching this morning. From Bloomberg's Jeff Bellinger, 672 00:38:20,360 --> 00:38:22,759 Speaker 1: the i R S provided more detail about its new 673 00:38:22,800 --> 00:38:26,680 Speaker 1: filing requirements for partnerships for an income text preparers have 674 00:38:26,719 --> 00:38:29,240 Speaker 1: been critical of the agency for a lack of clarity 675 00:38:29,280 --> 00:38:32,320 Speaker 1: on the issue. Firefighters in Massachusetts and New York filed 676 00:38:32,360 --> 00:38:35,319 Speaker 1: separate lawsuits claiming the three M and twenty three other 677 00:38:35,320 --> 00:38:39,200 Speaker 1: companies knowingly made and sold products containing so called forever 678 00:38:39,280 --> 00:38:42,359 Speaker 1: chemicals that placed the firefighter's health at risk. The maker 679 00:38:42,400 --> 00:38:45,160 Speaker 1: of the fare Gun massager accuses t J Max and 680 00:38:45,280 --> 00:38:49,279 Speaker 1: four manufacturing companies of infringing on its trademarks by conspiring 681 00:38:49,320 --> 00:38:53,640 Speaker 1: to sell knockoffs of the Massager. Bloomberg Law Everything you need, 682 00:38:53,920 --> 00:38:58,279 Speaker 1: all on one legal research platform, including guidance analysis and 683 00:38:58,360 --> 00:39:03,040 Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Lawn dot com. 684 00:39:03,080 --> 00:39:05,239 Speaker 1: All right, Jeff, thank you. Now. Another legal story where 685 00:39:05,280 --> 00:39:08,719 Speaker 1: watching brings us to former Alaska governor and vice presidential 686 00:39:08,800 --> 00:39:12,040 Speaker 1: candidate Sarah Palin. She took on The New York Times 687 00:39:12,040 --> 00:39:15,080 Speaker 1: in a defamation case and essentially lost twice. Both the 688 00:39:15,160 --> 00:39:17,520 Speaker 1: judge and the jury found in favor of the Times. 689 00:39:17,760 --> 00:39:19,960 Speaker 1: But Palin may be looking beyond the trial to the 690 00:39:20,000 --> 00:39:23,560 Speaker 1: Supreme Court, where two justices have suggested revisiting the New 691 00:39:23,640 --> 00:39:26,880 Speaker 1: York Times versus Sullivan's standard that makes lawsuits against the 692 00:39:26,880 --> 00:39:29,719 Speaker 1: needy end uphill battle for more of the matter. Bloomberg's 693 00:39:29,760 --> 00:39:32,680 Speaker 1: June Grasso speaks to Ron L. Anderson Jones, a law 694 00:39:32,719 --> 00:39:36,000 Speaker 1: professor at the University of Utah. This was the first 695 00:39:36,080 --> 00:39:38,960 Speaker 1: libel case against The Times to go to trial in 696 00:39:39,080 --> 00:39:43,520 Speaker 1: nearly two decades. Is that a testament to how high 697 00:39:43,520 --> 00:39:47,520 Speaker 1: a standard the New York Times v. Sullivan case sets 698 00:39:47,560 --> 00:39:52,120 Speaker 1: for defaming a public figure? It is the constitutional rule 699 00:39:52,200 --> 00:39:55,239 Speaker 1: here sets the bar very very high, and it's set 700 00:39:55,280 --> 00:39:58,000 Speaker 1: there because of a First Amendment concern for breeding space. 701 00:39:58,040 --> 00:40:00,880 Speaker 1: The rule is basically rooted in the is understanding that 702 00:40:01,200 --> 00:40:04,320 Speaker 1: some falsity about public officials is sort of the cost 703 00:40:04,320 --> 00:40:07,400 Speaker 1: of doing business in a democracy. And the Court has 704 00:40:07,440 --> 00:40:11,200 Speaker 1: said that if our choice is between some mistakes in 705 00:40:11,239 --> 00:40:14,680 Speaker 1: this coverage or self censorship with no coverage at all, 706 00:40:14,880 --> 00:40:17,560 Speaker 1: we choose to have space for public discourse. And so 707 00:40:17,680 --> 00:40:20,680 Speaker 1: that standard is set very very high. And these cases 708 00:40:20,719 --> 00:40:24,480 Speaker 1: almost never go to trial pail and essentially lost twice, 709 00:40:25,040 --> 00:40:27,600 Speaker 1: once by the judge and once by the jury. Let's 710 00:40:27,640 --> 00:40:31,240 Speaker 1: start with Judge Raykoff, who said he would throw out 711 00:40:31,320 --> 00:40:36,000 Speaker 1: the defamation suit even as the jurors were deliberating, explained 712 00:40:36,040 --> 00:40:38,800 Speaker 1: the basis for his throwing out the suit. The judge 713 00:40:38,800 --> 00:40:41,839 Speaker 1: makes a determination as a matter of law, and so, 714 00:40:42,160 --> 00:40:45,359 Speaker 1: looking over all of the evidence that was presented in 715 00:40:45,440 --> 00:40:47,960 Speaker 1: the course of the trial, he has to decide whether 716 00:40:48,000 --> 00:40:51,200 Speaker 1: it's possible for this jury, based on what was presented 717 00:40:51,200 --> 00:40:54,360 Speaker 1: to them, to find clear and convincing evidence that this 718 00:40:54,480 --> 00:40:57,680 Speaker 1: very strict standard was meant. That is, that the journalists 719 00:40:57,760 --> 00:41:01,319 Speaker 1: at the Times had a high degree of awareness of 720 00:41:01,320 --> 00:41:03,879 Speaker 1: the probable falsity of what they published, or that they 721 00:41:04,040 --> 00:41:07,160 Speaker 1: in fact entertained serious doubts as to its truth. And 722 00:41:07,239 --> 00:41:10,560 Speaker 1: this isn't sort of just about the sloppiness of the journalism, 723 00:41:10,680 --> 00:41:12,640 Speaker 1: not just about sort of what the journalists did, but 724 00:41:12,800 --> 00:41:16,120 Speaker 1: about what they thought and knew. And he concluded as 725 00:41:16,160 --> 00:41:19,320 Speaker 1: a matter of law that they couldn't reach that conclusion, 726 00:41:19,360 --> 00:41:21,319 Speaker 1: that that bar could not have been met based on 727 00:41:21,360 --> 00:41:24,480 Speaker 1: the evidence that was presented by Palin's attorneys. Do you 728 00:41:24,480 --> 00:41:28,320 Speaker 1: think it's likely that the court would take the Palin 729 00:41:28,440 --> 00:41:32,080 Speaker 1: case as a vehicle to look at the Sullivan standard, 730 00:41:32,400 --> 00:41:35,080 Speaker 1: or it might not be the best vehicle. That's right, 731 00:41:35,280 --> 00:41:37,400 Speaker 1: The Paling case, for a number of reasons, might not 732 00:41:37,440 --> 00:41:40,640 Speaker 1: be the same vehicle. New York law, independently, as a 733 00:41:40,719 --> 00:41:45,440 Speaker 1: statutory matter, calls for a similar standard to those constitutional 734 00:41:45,480 --> 00:41:48,279 Speaker 1: standards as attention here, so that might make it a 735 00:41:48,360 --> 00:41:51,360 Speaker 1: poor vehicle. It's also the case that some of the 736 00:41:51,440 --> 00:41:55,840 Speaker 1: justices who might have the greatest interest in reconsidering the 737 00:41:55,920 --> 00:41:59,320 Speaker 1: Sullivan standard might not be interested in such a hot 738 00:41:59,360 --> 00:42:04,239 Speaker 1: button conservative political figure as the litigant in such a case, 739 00:42:05,480 --> 00:42:08,920 Speaker 1: and as Utah law professor Ronal Anderson Jones speaking with 740 00:42:09,000 --> 00:42:12,600 Speaker 1: Bloomberg's June Grosso. Catch more of that interview, plus analysis 741 00:42:12,600 --> 00:42:14,720 Speaker 1: of the latest legal news by listening to the Bloomberg 742 00:42:14,840 --> 00:42:17,480 Speaker 1: Law Show attend PM Eastern Time or subscribing to the 743 00:42:17,480 --> 00:42:21,160 Speaker 1: Bloomberg Law Podcast, and attorneys can find exceptional legal research 744 00:42:21,200 --> 00:42:25,120 Speaker 1: and business development tools at Bloomberg Law dot com. Again, 745 00:42:25,200 --> 00:42:28,279 Speaker 1: futures are lower this morning. S and P futures down 746 00:42:28,480 --> 00:42:31,960 Speaker 1: twenty one points, now futures down one six, and nasday 747 00:42:32,040 --> 00:42:34,880 Speaker 1: futures they're down eighties six, The ten year treasury up 748 00:42:34,880 --> 00:42:38,480 Speaker 1: seven thirties seconds, you know, two point oh one per cent, 749 00:42:39,120 --> 00:42:42,840 Speaker 1: and straight ahead. We have all of our tough stories. 750 00:42:43,160 --> 00:42:44,560 Speaker 1: This is Bloomberg Day Break