1 00:00:01,400 --> 00:00:04,720 Speaker 1: By from the Bloomberg Interactive Brooker Studios. This is Bloomberg 2 00:00:04,800 --> 00:00:08,119 Speaker 1: day Break for a Monday, November fourteen two. Coming up 3 00:00:08,160 --> 00:00:11,280 Speaker 1: this hour, President Biden meets with China's she Jing Ping, 4 00:00:11,320 --> 00:00:13,800 Speaker 1: has tensions between the two countries simmer. A win for 5 00:00:13,840 --> 00:00:17,119 Speaker 1: Democrats is the party cements control of the Senate. Stocks 6 00:00:17,120 --> 00:00:19,640 Speaker 1: start the day coming off their best week since June, 7 00:00:19,800 --> 00:00:22,360 Speaker 1: and a top Fed official says there's still a ways 8 00:00:22,400 --> 00:00:25,960 Speaker 1: to go before stopping interest rate heights. Sandy Hook Memorial 9 00:00:26,040 --> 00:00:28,320 Speaker 1: for the twenty six people killed opens to the public, 10 00:00:28,360 --> 00:00:31,000 Speaker 1: plus the t s A is investigating Howlman got on 11 00:00:31,040 --> 00:00:34,600 Speaker 1: off Frontier Airlines flight with two box cutters. I'm Michael 12 00:00:34,640 --> 00:00:37,239 Speaker 1: blar More, I'm John stash Our on Sports eight one 13 00:00:37,280 --> 00:00:40,159 Speaker 1: Barkley with the Giants to victory over Euston the Nixon 14 00:00:40,200 --> 00:00:45,320 Speaker 1: Nets lost to win for the Rangers. That's all Strady 15 00:00:45,360 --> 00:00:48,720 Speaker 1: Ahead on Bloomberg day Break on Bloomberg eleven Free on 16 00:00:48,800 --> 00:00:53,120 Speaker 1: New York, Bloomberg N one, Washington, d C, Bloomberg one 17 00:00:53,120 --> 00:00:57,639 Speaker 1: oh six one, Boston, Bloomberg nine sixties, San Francisco, Syrius 18 00:00:57,760 --> 00:01:00,880 Speaker 1: x M one nineteen and around the world on Bloomberg 19 00:01:00,960 --> 00:01:08,040 Speaker 1: Radio dot Com and via the Bloomberg Business app. Good morning, 20 00:01:08,080 --> 00:01:11,400 Speaker 1: I'm Nathan Hagar and I'm Karen Moscow. US DOT index 21 00:01:11,440 --> 00:01:14,399 Speaker 1: futures are lower this morning. We're coming up to five 22 00:01:14,440 --> 00:01:16,119 Speaker 1: o one on Wall Street, and we checked the markets 23 00:01:16,160 --> 00:01:18,960 Speaker 1: every fifteen minutes throughout the trading day. On Bloomberg. U 24 00:01:18,959 --> 00:01:21,400 Speaker 1: S and P Future is down about twenty points this morning. 25 00:01:21,640 --> 00:01:24,080 Speaker 1: Down Future is down a hundred twenty and NASDAG Future 26 00:01:24,120 --> 00:01:28,279 Speaker 1: is down eighty nine ten. Your treasury, Treasury down thirty seconds, 27 00:01:28,640 --> 00:01:31,119 Speaker 1: three point eight nine percent. They yield on the two 28 00:01:31,200 --> 00:01:34,440 Speaker 1: year four point three eight percent. Nathan, Karen, we begin 29 00:01:34,520 --> 00:01:36,880 Speaker 1: this morning with a high powered meeting underway between the 30 00:01:36,959 --> 00:01:40,800 Speaker 1: leaders of the US and China. Discussions have begun between 31 00:01:40,840 --> 00:01:44,520 Speaker 1: Presidents Joe Biden and Shi Jinping in Bali, Indonesia. They 32 00:01:44,520 --> 00:01:46,760 Speaker 1: are meeting on the sidelines of the G twenty summit. 33 00:01:46,840 --> 00:01:49,560 Speaker 1: Bloomberg Stephen Angel is there and has the very latest. 34 00:01:49,800 --> 00:01:52,280 Speaker 1: They're high stakes. Obviously, is the first face to face 35 00:01:52,360 --> 00:01:55,960 Speaker 1: meeting since Joe Biden became president between himself and s jn. Ping. 36 00:01:56,040 --> 00:01:59,120 Speaker 1: They've met many times before. They've had five conversations over 37 00:01:59,120 --> 00:02:01,760 Speaker 1: the phone or video ofference since he became president. They've 38 00:02:01,800 --> 00:02:05,840 Speaker 1: accumulated some sixty seven hours face to face over the years. 39 00:02:06,000 --> 00:02:08,960 Speaker 1: Of course, as Joe Biden was Vice president under Obama, 40 00:02:09,240 --> 00:02:11,200 Speaker 1: so they know each other. But there are so many 41 00:02:11,280 --> 00:02:14,200 Speaker 1: sticking issues as the relationship between China and the United 42 00:02:14,280 --> 00:02:17,800 Speaker 1: States has in many accounts deteriorated to the point where 43 00:02:17,919 --> 00:02:20,839 Speaker 1: they've cut off military to military dialogue. They've cut off 44 00:02:20,960 --> 00:02:25,120 Speaker 1: some climate change cooperation. Following that controversial visit by the 45 00:02:25,120 --> 00:02:28,800 Speaker 1: House Speaker Nancy Pelosi to Taiwan Bloomberg, Stephen angle in 46 00:02:28,840 --> 00:02:32,600 Speaker 1: Bali says the Biden administrations played down expectations for this meeting, 47 00:02:32,680 --> 00:02:37,760 Speaker 1: casting it as a first step rather than a decisive showdown. Still, Nathan, 48 00:02:37,840 --> 00:02:40,639 Speaker 1: President Biden says he's coming into this meeting with President 49 00:02:40,720 --> 00:02:43,440 Speaker 1: She in a strong position after a better than expected 50 00:02:43,480 --> 00:02:46,519 Speaker 1: mid term election. Democrats have retained control of the Senate. 51 00:02:46,760 --> 00:02:50,200 Speaker 1: Afterword that Katherine Cortez Master won re election in Nevada, 52 00:02:50,520 --> 00:02:53,280 Speaker 1: the Red Way for Republicans did not come to pass. 53 00:02:53,440 --> 00:02:56,760 Speaker 1: We get more from Bloomberg, said Baxter. There's growing thought 54 00:02:56,800 --> 00:03:00,960 Speaker 1: that it was voters repudiating extremism and a election deniers. 55 00:03:01,280 --> 00:03:04,600 Speaker 1: Republican Governor Chris Sanunu on ABC says the party needs 56 00:03:04,639 --> 00:03:06,920 Speaker 1: to stand up and take notice. There's a sense of 57 00:03:06,919 --> 00:03:09,400 Speaker 1: extremism that I think a lot of Republicans were painted with, 58 00:03:09,520 --> 00:03:12,359 Speaker 1: rightfully or not, and senna majority of Leader Truck Schumer. 59 00:03:12,480 --> 00:03:17,359 Speaker 1: Many Republican leaders actually encouraged the threats of violence, the violence, 60 00:03:17,440 --> 00:03:19,799 Speaker 1: the denial of an election. The House is still in 61 00:03:19,840 --> 00:03:22,320 Speaker 1: the balance, but Democrats pretty much need to run the 62 00:03:22,360 --> 00:03:25,920 Speaker 1: table to win the House. In San Francisco, I'm at 63 00:03:25,960 --> 00:03:29,000 Speaker 1: Baxter Bloomberg day break. Thanks to turning to markets now, 64 00:03:29,080 --> 00:03:32,080 Speaker 1: stocks are coming off their best week since June. Tech 65 00:03:32,240 --> 00:03:34,720 Speaker 1: was the big winner following last week's inflation report. The 66 00:03:34,800 --> 00:03:38,720 Speaker 1: NASTAC one hundred climbed nine point eight percent on Thursday 67 00:03:38,720 --> 00:03:41,040 Speaker 1: and Friday for its best to day games since two 68 00:03:41,080 --> 00:03:44,240 Speaker 1: thousand eight. Ryan Dietrich is chief market strategist at the 69 00:03:44,280 --> 00:03:47,800 Speaker 1: Carson Group. But we are optimistic. We made another major 70 00:03:47,920 --> 00:03:51,720 Speaker 1: market low in October. Six of the last seventeen bear 71 00:03:51,760 --> 00:03:56,120 Speaker 1: markets ended in October. M could be another one, and again, 72 00:03:56,200 --> 00:03:59,720 Speaker 1: expectations are so low that any good news can continue 73 00:03:59,760 --> 00:04:02,880 Speaker 1: to push this beach ball higher. The Carson Groups. Ryan 74 00:04:02,880 --> 00:04:06,120 Speaker 1: Dietrich says the SMP fire is up eleven percent since 75 00:04:06,160 --> 00:04:08,840 Speaker 1: the end of September. Well. At the same time, Nathan 76 00:04:08,960 --> 00:04:12,320 Speaker 1: stocks are likely to end next year almost unchanged from 77 00:04:12,320 --> 00:04:15,560 Speaker 1: their current level. That's according to Morgan Stanley's Michael Wilson, 78 00:04:15,680 --> 00:04:18,279 Speaker 1: the top rated strategists a volatile path to get to 79 00:04:18,320 --> 00:04:22,600 Speaker 1: his three year end SNP target. It's about two percent 80 00:04:22,640 --> 00:04:26,120 Speaker 1: below where stocks closed on Friday. Wilson expects equities to 81 00:04:26,200 --> 00:04:29,039 Speaker 1: fall as earnings estimates come down, before rebounding in the 82 00:04:29,120 --> 00:04:31,880 Speaker 1: second half of next year. Well Many strategist Karen say 83 00:04:31,920 --> 00:04:34,040 Speaker 1: the key for the markets will be the FED pivoting 84 00:04:34,080 --> 00:04:37,640 Speaker 1: from its rate hike cycle. However, FED Governor Christopher Waller 85 00:04:37,680 --> 00:04:39,760 Speaker 1: says there is still a ways to go before they 86 00:04:39,800 --> 00:04:42,840 Speaker 1: stop raising interest rates. Waller told a conference in Sydney 87 00:04:42,839 --> 00:04:44,919 Speaker 1: this morning the rates will stay high for a while 88 00:04:45,000 --> 00:04:47,960 Speaker 1: until inflation gets closer to the Fed's target. Well. Nathan 89 00:04:48,000 --> 00:04:51,160 Speaker 1: Goleman Sacks sees a significant decline in inflation next year. 90 00:04:51,240 --> 00:04:53,880 Speaker 1: The firm expects the core PC measure to decline to 91 00:04:53,880 --> 00:04:57,440 Speaker 1: two point nine percent by December three. It's currently at 92 00:04:57,480 --> 00:05:00,599 Speaker 1: five point one percent. Goleman points to saw fitting supply 93 00:05:00,680 --> 00:05:03,560 Speaker 1: chain problems that peak and a shelter inflation and slower 94 00:05:03,640 --> 00:05:05,440 Speaker 1: wage growth. All Right, we want to bring you up 95 00:05:05,440 --> 00:05:09,200 Speaker 1: to date now on the latest developments involving FTX. Authorities 96 00:05:09,200 --> 00:05:12,400 Speaker 1: in the Bahamas are investigating whether there was criminal misconduct 97 00:05:12,680 --> 00:05:16,000 Speaker 1: in the collapse of the crypto exchange. Police and regulators 98 00:05:16,000 --> 00:05:19,240 Speaker 1: interviewed co founder Sam BigMan Freed on Saturday. They're growing 99 00:05:19,279 --> 00:05:22,760 Speaker 1: signs f t X customers have little chance of recovering 100 00:05:22,839 --> 00:05:26,480 Speaker 1: their deposits. The head of rival exchange, Binance cz Jau, 101 00:05:26,600 --> 00:05:30,120 Speaker 1: says the industry can't leave it to regulators to police wrongdoing. 102 00:05:30,360 --> 00:05:32,920 Speaker 1: No one can protect a backlayer. To be very frank, 103 00:05:33,040 --> 00:05:35,760 Speaker 1: if a guy is very good at lying and very 104 00:05:35,760 --> 00:05:38,040 Speaker 1: good at just pretending to be well, he's not somebody 105 00:05:38,040 --> 00:05:39,760 Speaker 1: wants to vital let the law. The law is not 106 00:05:39,760 --> 00:05:42,919 Speaker 1: going to prevent that. The law can help to reduce 107 00:05:42,960 --> 00:05:45,040 Speaker 1: that um as the industry players wish would be more 108 00:05:45,120 --> 00:05:47,440 Speaker 1: vocal about it, which is that very strong standards for 109 00:05:47,480 --> 00:05:50,160 Speaker 1: the industry finances. C z Jaw was involved in a 110 00:05:50,200 --> 00:05:52,560 Speaker 1: public feud with Sam Bankman Fried's f t X, a 111 00:05:52,600 --> 00:05:54,760 Speaker 1: dispute that played out as part of the collapse of 112 00:05:54,839 --> 00:05:57,680 Speaker 1: f t X last week. We turn our attention now 113 00:05:57,720 --> 00:06:00,440 Speaker 1: to Elon Musk, the world's richest man, as he has 114 00:06:00,480 --> 00:06:03,200 Speaker 1: too much work on his plate. Is currently the CEO 115 00:06:03,279 --> 00:06:06,520 Speaker 1: of Twitter, Tesla, and SpaceX, plus a few other ventures. 116 00:06:06,800 --> 00:06:09,680 Speaker 1: Speaking at a business conference running alongside the G twenty, 117 00:06:09,800 --> 00:06:12,679 Speaker 1: must says the amount that he tortures himself is quote 118 00:06:12,800 --> 00:06:15,800 Speaker 1: next level. I mean, I'm really working at the absolute 119 00:06:15,960 --> 00:06:18,800 Speaker 1: most amount that I can work from mordingful nine seven 120 00:06:18,880 --> 00:06:23,320 Speaker 1: days a week. Um, so there's not something I'd recommend. Frankly, 121 00:06:23,800 --> 00:06:29,040 Speaker 1: Um yeah. Moscow took over Twitter earlier this month, has 122 00:06:29,080 --> 00:06:31,560 Speaker 1: already fired around half the firm staff and into the 123 00:06:31,600 --> 00:06:34,960 Speaker 1: company's work from home policy. Not to another corporate story 124 00:06:35,000 --> 00:06:38,880 Speaker 1: this morning, Roche says along awaited experimental drug for Alzheimer's 125 00:06:38,880 --> 00:06:41,800 Speaker 1: disease failed in a pair of large studies. It is 126 00:06:41,800 --> 00:06:44,880 Speaker 1: another disappointment in a research field that's been marred with failures. 127 00:06:45,160 --> 00:06:49,280 Speaker 1: Rose shares right now are down five in Europe and finally, 128 00:06:49,360 --> 00:06:52,800 Speaker 1: Nathan London has lost its crown as Europe's biggest stock market. 129 00:06:52,839 --> 00:06:57,000 Speaker 1: It's now behind Paris as economic growth continued, concerns way 130 00:06:57,000 --> 00:07:01,400 Speaker 1: on UK assets. Meantime, China's relaxation COVID rules is boosting 131 00:07:01,400 --> 00:07:05,480 Speaker 1: French luxury shares. Currency movements have also been an advantage 132 00:07:05,480 --> 00:07:08,520 Speaker 1: for Parish as the pounds week in against the dollar. 133 00:07:08,640 --> 00:07:12,240 Speaker 1: This year, the euro has spared slightly better, weakening around nine. 134 00:07:13,040 --> 00:07:15,640 Speaker 1: And straight ahead, we have your latest local headlines plus 135 00:07:15,680 --> 00:07:23,600 Speaker 1: the check of sports, and this is Bloomberg. Thank you, Karen. 136 00:07:23,600 --> 00:07:25,640 Speaker 1: It's five oh seven on Wall Street with thirty nine 137 00:07:25,640 --> 00:07:28,360 Speaker 1: degrees in Central Park, head only to the upper forties today. 138 00:07:28,400 --> 00:07:30,480 Speaker 1: We gotta crash northbound New York State through way in 139 00:07:30,480 --> 00:07:33,560 Speaker 1: your exit ten. Michael Bars here with what else is 140 00:07:33,600 --> 00:07:35,800 Speaker 1: going on in New York and around the world. Good morning, Michael, 141 00:07:35,920 --> 00:07:38,880 Speaker 1: Good morning Nathan. The long awaited memorial to the victims 142 00:07:38,920 --> 00:07:42,320 Speaker 1: of the Sandy Hook Elementary School shooting officially open to 143 00:07:42,360 --> 00:07:45,480 Speaker 1: the public as today, drawing visitors steadily throughout the day. 144 00:07:45,920 --> 00:07:49,000 Speaker 1: The circular memorial pool stood in front of the engraved 145 00:07:49,160 --> 00:07:52,720 Speaker 1: names of the twenty first graders and six educators killed 146 00:07:52,720 --> 00:07:56,160 Speaker 1: a short distance from the Connecticut school nearly ten years ago. 147 00:07:56,760 --> 00:07:59,720 Speaker 1: There was no ceremony, in keeping with New Town tradition 148 00:07:59,800 --> 00:08:03,440 Speaker 1: of marking anniversaries and other remembrances of the shooting with 149 00:08:03,560 --> 00:08:07,240 Speaker 1: quiet reflection, just what Jenny Hubbard and other Sandy Hook 150 00:08:07,320 --> 00:08:09,920 Speaker 1: parents and families were hoping for. When you have a 151 00:08:10,000 --> 00:08:14,240 Speaker 1: tragedy like Sandy Hook, or any other tragedy that rocks 152 00:08:14,400 --> 00:08:17,840 Speaker 1: any community. It's nice to have a place that marks 153 00:08:18,120 --> 00:08:21,280 Speaker 1: that moment. It will be ten years next month at 154 00:08:21,320 --> 00:08:24,680 Speaker 1: Jenny's daughter Katherine Hubbard, just six, was killed in the 155 00:08:24,720 --> 00:08:28,160 Speaker 1: Sandy Hook shooting. Former Vice President Mike Pence is talking 156 00:08:28,200 --> 00:08:31,760 Speaker 1: about what happened during the January six attack ahead of 157 00:08:31,760 --> 00:08:35,280 Speaker 1: his new book released. Pence on ABC condemned then President 158 00:08:35,320 --> 00:08:38,840 Speaker 1: Trump's actions that day, saying he endangered his family and 159 00:08:38,880 --> 00:08:41,880 Speaker 1: everyone in the Capitol. He says the President's words were 160 00:08:41,960 --> 00:08:44,640 Speaker 1: reckless and it was clear he decided to be part 161 00:08:44,679 --> 00:08:46,839 Speaker 1: of the problem. But I turned to my daughter, who 162 00:08:46,920 --> 00:08:50,319 Speaker 1: was standing nearby, when I said, it doesn't encouraged to 163 00:08:50,360 --> 00:08:54,320 Speaker 1: break the law. Takes courage to uphold the law. Mike 164 00:08:54,320 --> 00:08:57,960 Speaker 1: Pence's new book, entitled So Help Me God, comes out tomorrow. 165 00:08:58,400 --> 00:09:01,720 Speaker 1: More hospitals are reporting a surge of patients young and 166 00:09:01,880 --> 00:09:05,600 Speaker 1: old with RSV and the flu, the most and earliest 167 00:09:05,600 --> 00:09:09,720 Speaker 1: in years. Connecticut hospitals are considering asking for National Guard help. 168 00:09:10,080 --> 00:09:15,280 Speaker 1: Dr Ian Michaelo, Connecticut Children's med Center Hartford says that 169 00:09:15,320 --> 00:09:18,600 Speaker 1: there e r is full with longer wait times. Some 170 00:09:18,679 --> 00:09:21,600 Speaker 1: people are putting a twin Dammi the younger children. Unfortunately, 171 00:09:21,679 --> 00:09:24,160 Speaker 1: the sixth of some morning air ways, they can't deal 172 00:09:24,200 --> 00:09:27,559 Speaker 1: with the secretions as easily as older children, so those 173 00:09:27,679 --> 00:09:30,840 Speaker 1: tends to be the sicker children. Dr Michaelo says older 174 00:09:30,880 --> 00:09:35,439 Speaker 1: patients potentially getting pneumonia is also a concern. There are 175 00:09:35,480 --> 00:09:38,079 Speaker 1: new concerns about airport security after what happened on the 176 00:09:38,160 --> 00:09:41,760 Speaker 1: Frontier Airlines plane late last week. The t s A 177 00:09:41,760 --> 00:09:44,000 Speaker 1: is sending some agents back to training after a man 178 00:09:44,040 --> 00:09:47,160 Speaker 1: board at a Frontier Airlines flight in northern Kentucky with 179 00:09:47,240 --> 00:09:50,559 Speaker 1: two box cutters and reportedly threatened to harm other passengers. 180 00:09:51,000 --> 00:09:53,440 Speaker 1: Global News twenty four hours a day on air and 181 00:09:53,559 --> 00:09:56,440 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 182 00:09:56,520 --> 00:09:58,800 Speaker 1: under journalists and analysts more than a hundred twenty countries. 183 00:09:59,120 --> 00:10:06,280 Speaker 1: Michael Barne, this is Berg NA. Thanks Michael. Almost five 184 00:10:06,280 --> 00:10:08,600 Speaker 1: ten on Wall Street time for the Bloomberg Sports Update Party. 185 00:10:08,640 --> 00:10:11,280 Speaker 1: If I try state outing. Good morning, John Stashup, Good Morning. 186 00:10:11,360 --> 00:10:13,280 Speaker 1: Eighth of the Day began with a report that during 187 00:10:13,320 --> 00:10:15,960 Speaker 1: the bye week, the Giants held contract tops with Sa 188 00:10:16,040 --> 00:10:18,280 Speaker 1: Kwan Barkley, but the two sides are far apart and 189 00:10:18,320 --> 00:10:20,959 Speaker 1: won't talk again until after the season. Barkley is having 190 00:10:21,280 --> 00:10:24,840 Speaker 1: a terrific season. Yesterday he was busy, thirty five carries 191 00:10:24,880 --> 00:10:27,080 Speaker 1: a hundred and fifty two yards of the Giants went 192 00:10:27,160 --> 00:10:33,360 Speaker 1: to him late in the game, handoff, Barkley runs right again, 193 00:10:33,440 --> 00:10:36,880 Speaker 1: don't touch down. Giants sick kan Berkley put two yards out. 194 00:10:39,160 --> 00:10:42,640 Speaker 1: It's just six rushing touchdown of the season, and the 195 00:10:42,760 --> 00:10:46,400 Speaker 1: Giants answer Houston with seven of their own with one 196 00:10:46,440 --> 00:10:49,000 Speaker 1: to come. Fan to call. Barkley now leads the NFL, 197 00:10:49,040 --> 00:10:51,040 Speaker 1: and Roschi is a big reason why the Giants are 198 00:10:51,160 --> 00:10:53,040 Speaker 1: seven and two. They meet used to the met like 199 00:10:53,200 --> 00:10:56,640 Speaker 1: twenty four to sixteen couple of Daniel Jones t D passes. 200 00:10:56,679 --> 00:10:59,440 Speaker 1: The defense allowed only one t D and another winnable 201 00:10:59,480 --> 00:11:03,160 Speaker 1: game for Blew this Sunday at home against Detroit Giantstown's 202 00:11:03,160 --> 00:11:06,320 Speaker 1: sole possession of second place NFC East as Dallas lost 203 00:11:06,320 --> 00:11:09,160 Speaker 1: in overtime at Green Bay Packers end of five game, 204 00:11:09,240 --> 00:11:12,040 Speaker 1: losing three game of the day, maybe the season. In Buffalo, 205 00:11:12,200 --> 00:11:14,760 Speaker 1: the Bills led Minnesota by seventeen of the second half. 206 00:11:14,760 --> 00:11:17,679 Speaker 1: The game appeared over, went up four. They stopped the 207 00:11:17,800 --> 00:11:20,280 Speaker 1: Vikings of the one yard line, but Josh Allen fumbled 208 00:11:20,280 --> 00:11:22,680 Speaker 1: a snap. The Vikes recovered for a go ahead touchdown. 209 00:11:22,720 --> 00:11:25,320 Speaker 1: The Bills still tied the game of Minnesota one thirty 210 00:11:25,360 --> 00:11:27,439 Speaker 1: three thirty and overtime. The Vikings are eight and one 211 00:11:27,840 --> 00:11:29,920 Speaker 1: two games at the Garden. First. The next they got 212 00:11:29,920 --> 00:11:33,440 Speaker 1: outscored by Oklahoma City one forty five to one thirty five. 213 00:11:33,520 --> 00:11:36,559 Speaker 1: The thundershot sixty three percent Rangers then beat Arizona four 214 00:11:36,600 --> 00:11:39,600 Speaker 1: to one. Neat's the second straight game with the Staples Center. 215 00:11:39,640 --> 00:11:41,480 Speaker 1: They beat the Clippers, but they lost to the Lakers, 216 00:11:41,520 --> 00:11:44,160 Speaker 1: who were without Lebron James Anthony Davis scored thirty seven. 217 00:11:44,480 --> 00:11:47,640 Speaker 1: The Lakers won won sixteen one oh three. John Stash Downward, 218 00:11:47,640 --> 00:11:51,240 Speaker 1: Bloomberg Sports, Okay, John, thank you. SMP futures right now 219 00:11:51,240 --> 00:11:54,319 Speaker 1: are down seventeen points, sound features down a hundred. NASDAC 220 00:11:54,320 --> 00:11:56,960 Speaker 1: futures are lower by eighty points. We look at the 221 00:11:56,960 --> 00:12:00,680 Speaker 1: path ahead for this market. Lori Calvacina, head of US 222 00:12:00,720 --> 00:12:04,160 Speaker 1: Equity Strategy at RBC Capital Markets, durin US. Next, this 223 00:12:04,240 --> 00:12:09,199 Speaker 1: is Bloomberg. Bloomberg Sports was brought to you by Audie. 224 00:12:09,200 --> 00:12:11,240 Speaker 1: Don't let someone else drive off in the Outie model. 225 00:12:11,280 --> 00:12:14,520 Speaker 1: You've always wanted visit your local price state. Audie Wheeler 226 00:12:14,679 --> 00:12:16,800 Speaker 1: kept behind the Wheel of Yours today, or visit autie 227 00:12:16,800 --> 00:12:23,800 Speaker 1: Offers dot com for more information, markets, headlines and breaking 228 00:12:23,840 --> 00:12:26,720 Speaker 1: news twenty four hours a day at Bloomberg dot com, 229 00:12:26,840 --> 00:12:30,360 Speaker 1: the Bloomberg Business at and at Bloomberg picktap. This is 230 00:12:30,400 --> 00:12:39,400 Speaker 1: a Bloomberg Business flash and I'm Karen Moscow. US dot 231 00:12:39,440 --> 00:12:42,640 Speaker 1: Index futures are falling while a European benchmark takes higher, 232 00:12:42,760 --> 00:12:45,720 Speaker 1: Treasury yields advancing. The dollar flipped to a gain after 233 00:12:45,760 --> 00:12:49,599 Speaker 1: weekend comments from Federal Reserve Governor Christopher Waller that policymakers 234 00:12:49,640 --> 00:12:52,120 Speaker 1: had a ways to go before ending interest rate hikes. 235 00:12:52,400 --> 00:12:54,560 Speaker 1: And we checked the markets every fifteen minutes throughout the 236 00:12:54,559 --> 00:12:58,439 Speaker 1: trading day. On Bloomberg, SNP futures down at seventeen points 237 00:12:58,440 --> 00:13:00,839 Speaker 1: this morning down futures down a hundred and nastack future 238 00:13:00,880 --> 00:13:03,600 Speaker 1: is down seventy eight The decks in Germany's up four 239 00:13:03,679 --> 00:13:06,800 Speaker 1: tenths of upper cent ten year treasury down seventeen thirty 240 00:13:06,840 --> 00:13:09,240 Speaker 1: seconds he three point eight seven percent. They yield on 241 00:13:09,280 --> 00:13:12,400 Speaker 1: the two year four point three six percent. Nimex screwn 242 00:13:12,440 --> 00:13:15,120 Speaker 1: oil is down one on the dollar, six and eighty 243 00:13:15,160 --> 00:13:18,160 Speaker 1: seven dollars ninety cents a barrel. Comex School down six 244 00:13:18,160 --> 00:13:20,720 Speaker 1: tenths percent or ten dollars ten cents at seventeen fifty 245 00:13:20,800 --> 00:13:24,160 Speaker 1: nine forty announced the euro one point two nine five 246 00:13:24,240 --> 00:13:26,800 Speaker 1: against the dollar, British found one point one seven six 247 00:13:26,840 --> 00:13:29,760 Speaker 1: five and the end one forty point three four. And 248 00:13:29,760 --> 00:13:32,040 Speaker 1: look at a bitcoin this morning is higher of more 249 00:13:32,080 --> 00:13:35,480 Speaker 1: than two percent at sixteen thousand, seven hundred dollars. That's 250 00:13:35,480 --> 00:13:38,160 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with more 251 00:13:38,240 --> 00:13:40,480 Speaker 1: on what's going on around the world. Michael cool Big, 252 00:13:40,760 --> 00:13:44,000 Speaker 1: Good morning, Karen. President Joe Biden is meeting right now 253 00:13:44,040 --> 00:13:46,920 Speaker 1: with Chinese President Chi Jing pay for their first in 254 00:13:47,080 --> 00:13:50,439 Speaker 1: person meeting since the US president took office nearly two 255 00:13:50,520 --> 00:13:52,760 Speaker 1: years ago. Their meeting on the sidelines of the G 256 00:13:52,960 --> 00:13:57,360 Speaker 1: twenty seven in Indonesia. Both men entered the highly anticipated 257 00:13:57,400 --> 00:14:01,520 Speaker 1: meeting with Bolster political standing at home. A bomb in 258 00:14:01,600 --> 00:14:04,880 Speaker 1: this den Bull's popular tourist district killed at least six 259 00:14:04,920 --> 00:14:08,120 Speaker 1: people and wounded eighty one, with Turkish officials saying day 260 00:14:08,200 --> 00:14:11,679 Speaker 1: suspect the terror attack. In the NFL, the Giants one 261 00:14:11,880 --> 00:14:15,520 Speaker 1: Forts were also winners. In the NBA, the Knicks, Nets 262 00:14:15,520 --> 00:14:19,160 Speaker 1: and Warriors lost the Wizards one. In hockey, the Rangers 263 00:14:19,200 --> 00:14:22,200 Speaker 1: and Bruins One Global News twenty four hours a day 264 00:14:22,240 --> 00:14:25,560 Speaker 1: on air and on Bloomberg Quicktake Power by more than 265 00:14:25,640 --> 00:14:28,640 Speaker 1: twenty seven hundred journalists and analyst more than twenty countries. 266 00:14:29,000 --> 00:14:31,720 Speaker 1: Michael mar this is Bloomberg, Nathan. Thanks Michael. It's five 267 00:14:31,800 --> 00:14:34,920 Speaker 1: nineteen on Wall Street Live from the Bloomberg Interactive Broker Studios. 268 00:14:34,960 --> 00:14:36,960 Speaker 1: This is Bloomberg Day Breaking as we get the new 269 00:14:36,960 --> 00:14:40,000 Speaker 1: trading weeks started. We're joined by Lori Calvacina, head of 270 00:14:40,080 --> 00:14:43,520 Speaker 1: US Equity Strategy at RBC Capital Markets. Lori, it's great 271 00:14:43,520 --> 00:14:45,840 Speaker 1: to speak with you. As always, this week is getting 272 00:14:45,960 --> 00:14:48,880 Speaker 1: started with this meeting now under way between Presidents Biden 273 00:14:48,880 --> 00:14:52,600 Speaker 1: and she on the G twenty sidelines. Could this meeting 274 00:14:52,600 --> 00:14:55,880 Speaker 1: between the world's two biggest economic leaders be a catalyst 275 00:14:55,920 --> 00:14:59,600 Speaker 1: for markets? Well, thanks for having me as always. You know, 276 00:14:59,600 --> 00:15:01,760 Speaker 1: I think it depends on what actually ends up coming 277 00:15:01,840 --> 00:15:04,640 Speaker 1: out of the meeting. I think right now, all focus 278 00:15:04,680 --> 00:15:06,760 Speaker 1: is still on the said, We're still digesting a lot 279 00:15:06,760 --> 00:15:10,040 Speaker 1: of earnings reports and of course Russia Ukraine. UM So, 280 00:15:10,160 --> 00:15:11,880 Speaker 1: you know, I think that this is an issue that 281 00:15:11,960 --> 00:15:15,200 Speaker 1: investors are watching, but for now, I think it's probably 282 00:15:15,200 --> 00:15:17,440 Speaker 1: more of a B story than in a story. Okay, well, 283 00:15:17,480 --> 00:15:20,560 Speaker 1: let's look at what could be the potential a story. 284 00:15:20,600 --> 00:15:23,960 Speaker 1: This morning, I got to think that it's the cooler 285 00:15:24,040 --> 00:15:27,280 Speaker 1: that expected inflation print we got that last week, especially 286 00:15:27,600 --> 00:15:30,120 Speaker 1: the rally that it sparked. I wonder what you make 287 00:15:30,120 --> 00:15:34,440 Speaker 1: of that rally and whether it has legs. So, you know, 288 00:15:34,480 --> 00:15:37,000 Speaker 1: it's a great question. You know. I think there was 289 00:15:37,040 --> 00:15:39,000 Speaker 1: a lot that happened last week. It felt like it 290 00:15:39,040 --> 00:15:41,320 Speaker 1: was one of the busiest weeks we've had from major 291 00:15:41,360 --> 00:15:43,280 Speaker 1: news events in quite some time. And I think the 292 00:15:43,360 --> 00:15:46,280 Speaker 1: issue of cooling inflation implications, you know, I think on 293 00:15:46,400 --> 00:15:48,800 Speaker 1: net it's very good for markets. But at the same time, 294 00:15:48,800 --> 00:15:51,360 Speaker 1: I do think this is a complicated story. And one 295 00:15:51,360 --> 00:15:53,000 Speaker 1: of the things we said in our weekly that came 296 00:15:53,040 --> 00:15:55,200 Speaker 1: out this morning, and we wrote this even before you know, 297 00:15:55,240 --> 00:15:57,880 Speaker 1: we saw the news that came out last night on 298 00:15:58,000 --> 00:15:59,960 Speaker 1: from of the new said commentary. But we said, you know, 299 00:16:00,040 --> 00:16:02,920 Speaker 1: we we just expect a return of hawkish rhetoric um 300 00:16:02,960 --> 00:16:04,720 Speaker 1: even if there is more of a more of a 301 00:16:04,720 --> 00:16:07,160 Speaker 1: debate between the hawks and the doves. But we think 302 00:16:07,160 --> 00:16:09,200 Speaker 1: that hawkish rhetoric will serve to keep a little on 303 00:16:09,240 --> 00:16:11,920 Speaker 1: equity prices and can keep conditions volatile for a while. 304 00:16:12,320 --> 00:16:13,760 Speaker 1: So I do think that this was a step in 305 00:16:13,760 --> 00:16:16,080 Speaker 1: the right direction, and the FED narrative and the economic 306 00:16:16,160 --> 00:16:17,960 Speaker 1: narrative just the idea that we can keep this to 307 00:16:18,000 --> 00:16:20,600 Speaker 1: a short, shallow, near term recession as opposed to a longer, 308 00:16:20,680 --> 00:16:23,160 Speaker 1: nastier one that hits later next year. Um, but I 309 00:16:23,200 --> 00:16:25,360 Speaker 1: do think we have to contend with the rhetoric. Yeah, 310 00:16:25,360 --> 00:16:27,800 Speaker 1: we did hear from a FED governor Waller saying that 311 00:16:27,840 --> 00:16:30,760 Speaker 1: it's too soon to think about stopping rate hikes. I 312 00:16:30,800 --> 00:16:33,160 Speaker 1: didn't hear him say that it's too soon to talk 313 00:16:33,200 --> 00:16:37,920 Speaker 1: about slowing rate hikes. What does this inflation print mean 314 00:16:38,440 --> 00:16:41,960 Speaker 1: for the FEDS rate hiking path in your view? So 315 00:16:42,200 --> 00:16:44,320 Speaker 1: in in my in my mind, and you know, really 316 00:16:44,360 --> 00:16:46,880 Speaker 1: thinking about the views of our economists. Um, you know, 317 00:16:46,920 --> 00:16:49,000 Speaker 1: they did sort of raise their estimate on terminal, but 318 00:16:49,080 --> 00:16:51,520 Speaker 1: they also do have a step down baked in. And 319 00:16:51,560 --> 00:16:53,360 Speaker 1: I think that that is, you know, sort of the 320 00:16:53,480 --> 00:16:55,160 Speaker 1: light at the end of the tunnel, so to speak, 321 00:16:55,200 --> 00:16:57,160 Speaker 1: that you know, things are headed in the right direction 322 00:16:57,200 --> 00:16:59,560 Speaker 1: from an equity market perspective. So I still think it's 323 00:16:59,560 --> 00:17:02,880 Speaker 1: good news. We heard from Mike Wilson as well from 324 00:17:02,920 --> 00:17:05,880 Speaker 1: Morgan Stanley. Of course, one of the top rated strategists 325 00:17:05,880 --> 00:17:08,840 Speaker 1: on Wall Street. He's saying that he doesn't think stocks 326 00:17:08,840 --> 00:17:11,840 Speaker 1: are going to really move much in terms of the 327 00:17:11,920 --> 00:17:15,359 Speaker 1: level into next year, maybe going up a bit before 328 00:17:15,359 --> 00:17:18,560 Speaker 1: going or going down bit before going back up. What 329 00:17:18,720 --> 00:17:21,320 Speaker 1: kind of volatility are you looking for in this market 330 00:17:21,320 --> 00:17:24,480 Speaker 1: into next year? So, you know, I probably agree with 331 00:17:24,600 --> 00:17:26,480 Speaker 1: Mice on this to some extent. We've got a forty 332 00:17:26,480 --> 00:17:28,560 Speaker 1: one hundred target bake. Then at the end of next year, 333 00:17:28,600 --> 00:17:31,000 Speaker 1: we've been assuming we'd end this year around thirty eight hundred. 334 00:17:31,080 --> 00:17:33,480 Speaker 1: Of course we're a little bit about that right now. Um, 335 00:17:33,520 --> 00:17:35,760 Speaker 1: But really, one of the things we found that's remarkable 336 00:17:35,800 --> 00:17:37,560 Speaker 1: is that the stock market, if you look at SMP 337 00:17:37,680 --> 00:17:40,880 Speaker 1: five hundred pricing, has been trading in line with two 338 00:17:40,880 --> 00:17:43,840 Speaker 1: thousand twos trading and bast when you saw January peak, 339 00:17:43,880 --> 00:17:47,919 Speaker 1: summer low, big October low, you rallied pretty seriercely into Thanksgiving, 340 00:17:47,920 --> 00:17:49,560 Speaker 1: and then you turned around and gave it all back 341 00:17:49,560 --> 00:17:52,720 Speaker 1: and retested the October low the following March. And when 342 00:17:52,720 --> 00:17:54,719 Speaker 1: I think about the earning stock drop, I think that 343 00:17:54,720 --> 00:17:56,720 Speaker 1: that is a reasonable way to think about how this 344 00:17:56,880 --> 00:18:00,000 Speaker 1: path may unfold, simply because we've done some work in terms, 345 00:18:00,080 --> 00:18:03,200 Speaker 1: just softening EPs expectations for next year, but we still 346 00:18:03,240 --> 00:18:05,000 Speaker 1: have a lot of work to do to get those 347 00:18:05,080 --> 00:18:06,399 Speaker 1: right sides, and I think you're not going to do 348 00:18:06,440 --> 00:18:10,240 Speaker 1: that until March. It's possible for equities to bottom well 349 00:18:10,280 --> 00:18:14,240 Speaker 1: in advance of earnings revisions, stopping their downward aisen. In fact, 350 00:18:14,280 --> 00:18:16,560 Speaker 1: that's usually what happens. But at the same time, we 351 00:18:16,600 --> 00:18:19,120 Speaker 1: do think investors need certainty on the e to really 352 00:18:19,160 --> 00:18:22,080 Speaker 1: understand where pees are and to feel comfortable stepping in. 353 00:18:22,240 --> 00:18:23,919 Speaker 1: So I would say buckle up. I think it's going 354 00:18:23,960 --> 00:18:26,520 Speaker 1: to be challenging. Yeah, And I know also you've been 355 00:18:27,040 --> 00:18:29,680 Speaker 1: thinking a lot about what the impact of the mid 356 00:18:29,760 --> 00:18:31,960 Speaker 1: term elections is going to be for several weeks. Even 357 00:18:32,000 --> 00:18:35,280 Speaker 1: into these mid terms, given that we still don't have 358 00:18:35,480 --> 00:18:38,560 Speaker 1: a firm idea of how the majorities are going to 359 00:18:38,640 --> 00:18:42,439 Speaker 1: shake out next year, is there more pricing for in 360 00:18:42,520 --> 00:18:45,600 Speaker 1: terms of politics for this market. So I think there 361 00:18:45,600 --> 00:18:47,320 Speaker 1: could be. I think that if we end up with 362 00:18:47,359 --> 00:18:49,639 Speaker 1: a narrow house majority, you know, to be honest, I 363 00:18:49,640 --> 00:18:51,719 Speaker 1: think that is largely big don at this point, and 364 00:18:51,760 --> 00:18:54,080 Speaker 1: we thought that equities a lot of that move off 365 00:18:54,080 --> 00:18:56,280 Speaker 1: the October low was driven by the improvement in the 366 00:18:56,320 --> 00:18:59,920 Speaker 1: polling data and the betting market data for Republicans. Republicans 367 00:19:00,000 --> 00:19:03,280 Speaker 1: a disappoint expectations, So I think that can potentially damp 368 00:19:03,280 --> 00:19:06,040 Speaker 1: in some of the enthusiasm for the race. I don't 369 00:19:06,040 --> 00:19:07,399 Speaker 1: know if that's the right way to think about it, 370 00:19:07,440 --> 00:19:09,200 Speaker 1: but I think that's how people feel at the moment 371 00:19:09,200 --> 00:19:12,040 Speaker 1: based on my conversations. UM, I think if the House 372 00:19:12,160 --> 00:19:14,360 Speaker 1: ends up not going to the Republican because I think 373 00:19:14,359 --> 00:19:17,040 Speaker 1: that's a negative market event, you know. For now, I 374 00:19:17,080 --> 00:19:19,480 Speaker 1: know one of your competitors I've used outlets is still 375 00:19:19,520 --> 00:19:23,320 Speaker 1: projecting that the Republicans will take that narrowly. So you know, 376 00:19:23,440 --> 00:19:25,520 Speaker 1: I see if downside if that doesn't pan out, But 377 00:19:25,600 --> 00:19:27,879 Speaker 1: I think the upside based on the election itself is 378 00:19:27,880 --> 00:19:30,240 Speaker 1: pretty limited, you know, if if the Republicans have that 379 00:19:30,359 --> 00:19:33,359 Speaker 1: narrow majority. Thanks as always, Lorie, good talking with you 380 00:19:33,400 --> 00:19:36,800 Speaker 1: this morning. Lorie Calvacina, head of US Equity Strategy at 381 00:19:36,920 --> 00:19:40,960 Speaker 1: RBC Capital Markets, And right now, futures are pointing to 382 00:19:41,040 --> 00:19:43,880 Speaker 1: a modestly lower open, with SMP futures right now down 383 00:19:43,960 --> 00:19:47,600 Speaker 1: sixteen points, Stown futures down ninety six. Nasdaq futures are 384 00:19:47,640 --> 00:19:51,320 Speaker 1: lower by seventy nine points. Ten Your Treasuries down seventeen 385 00:19:51,359 --> 00:19:53,920 Speaker 1: thirty seconds, the yield at three point eight seven percent, 386 00:19:53,960 --> 00:19:56,159 Speaker 1: a gain of about six basis points yield on the 387 00:19:56,200 --> 00:19:59,600 Speaker 1: two year four point three six just at shy of 388 00:19:59,680 --> 00:20:07,840 Speaker 1: four point three seven. You're listening to Bloomberg Daybreak. Bloomberg 389 00:20:07,880 --> 00:20:10,240 Speaker 1: day Break is brought to you by Peepack Private Wealth Management. 390 00:20:10,280 --> 00:20:13,120 Speaker 1: Peapack Private Wealth Management knows that the portfolio is more 391 00:20:13,160 --> 00:20:15,280 Speaker 1: than a collection of assets. It's a path to your 392 00:20:15,320 --> 00:20:17,800 Speaker 1: future because at Pepack Private dot Com. And begin your 393 00:20:17,840 --> 00:20:25,560 Speaker 1: financial legacy today. Broadcasting live from the Bloomberg Interactive Broker 394 00:20:25,680 --> 00:20:29,080 Speaker 1: Studio in New York, Bloomberg ev In Freedom to Washington, 395 00:20:29,160 --> 00:20:32,600 Speaker 1: d C, Bloomberg nine one to Boston, Bloomberg one O 396 00:20:32,800 --> 00:20:36,280 Speaker 1: six one to San Francisco, Bloomberg sixty to the country, 397 00:20:36,359 --> 00:20:39,000 Speaker 1: Sirius XM to the one nine team, and around the 398 00:20:39,000 --> 00:20:42,840 Speaker 1: globe the Bloomberg Business apt and Bloomberg Radio dot Com. 399 00:20:42,880 --> 00:20:51,919 Speaker 1: This is Bloomberg Daybreak and it's Final thirty on Wall Street. 400 00:20:51,960 --> 00:20:55,439 Speaker 1: Good morning. I'm Karen Moscow, I'm Nathan Hager. Bloomberg Daybreak 401 00:20:55,520 --> 00:20:58,400 Speaker 1: RANTO you by Sei built on advanced technologies in fifty 402 00:20:58,480 --> 00:21:01,679 Speaker 1: years of innovation. Sei for his asset Managers, a comprehensive 403 00:21:01,680 --> 00:21:05,000 Speaker 1: and flexible operations outsourcing platform. Go to se i C 404 00:21:05,240 --> 00:21:08,359 Speaker 1: dot com slash managers and we're just about four hours 405 00:21:08,400 --> 00:21:10,440 Speaker 1: away from the open of US trading. Let's get you 406 00:21:10,480 --> 00:21:11,840 Speaker 1: up to date on the news you need to know 407 00:21:11,880 --> 00:21:14,480 Speaker 1: at this hour. U S Dock index features are lower 408 00:21:14,520 --> 00:21:17,200 Speaker 1: this morning as we await details of a high powered 409 00:21:17,240 --> 00:21:20,520 Speaker 1: meeting between Presidents Joe Biden and she Jin Ping. That 410 00:21:20,640 --> 00:21:24,080 Speaker 1: two are speaking in Bali, Indonesia the d twenty Summit. 411 00:21:24,280 --> 00:21:26,880 Speaker 1: President Biden gave us a preview of the talks during 412 00:21:26,880 --> 00:21:29,560 Speaker 1: a stop in Cambodia. I know I'm coming a strong 413 00:21:29,640 --> 00:21:31,360 Speaker 1: but I don't need that. I know she didn't can 414 00:21:31,400 --> 00:21:33,320 Speaker 1: asked for more time and than any other world leader. 415 00:21:33,359 --> 00:21:36,439 Speaker 1: I know him well, he knows me. Pres we have 416 00:21:36,600 --> 00:21:39,800 Speaker 1: very little misunderstanding. We just got to figure out where 417 00:21:39,800 --> 00:21:41,840 Speaker 1: the red lines are. Where we are one of the 418 00:21:41,880 --> 00:21:46,000 Speaker 1: most important features, and President Biden's administration is casting the 419 00:21:46,040 --> 00:21:49,480 Speaker 1: meeting as a first step rather than a decisive showdown. 420 00:21:49,760 --> 00:21:51,879 Speaker 1: Back here in the US, Karen stocks are coming off 421 00:21:51,920 --> 00:21:55,040 Speaker 1: their best week since June, but last week's inflation print 422 00:21:55,119 --> 00:21:57,760 Speaker 1: is unlikely to carry this rally for much longer. That's 423 00:21:57,760 --> 00:22:00,920 Speaker 1: according to UBS Senior Vice president Brent To O'Connor. Juana's 424 00:22:01,320 --> 00:22:03,320 Speaker 1: you need to see a lot of other conditions here 425 00:22:03,600 --> 00:22:06,760 Speaker 1: before we are believers of this market bottom. Things like 426 00:22:06,840 --> 00:22:08,480 Speaker 1: we need to see that two year come out in 427 00:22:08,520 --> 00:22:11,960 Speaker 1: a little bit and legitimate bottoming and things like housing 428 00:22:12,160 --> 00:22:14,440 Speaker 1: or I s M. And so I'm telling my families 429 00:22:14,480 --> 00:22:17,080 Speaker 1: to expect to go down from here. Brend O'Connor juana's 430 00:22:17,119 --> 00:22:21,479 Speaker 1: with UBS as an unsustainable labor markets keeping inflation high well. 431 00:22:21,560 --> 00:22:25,199 Speaker 1: Nathan Morgan Samley's Mike Wilson shares that varished sentiment. He 432 00:22:25,280 --> 00:22:28,640 Speaker 1: says stocks will end next year almost unchanged from their 433 00:22:28,640 --> 00:22:32,120 Speaker 1: current level. Wilson expects stocks and earnings estimates to fall 434 00:22:32,200 --> 00:22:35,200 Speaker 1: before rebounding in the second half of three. At the 435 00:22:35,240 --> 00:22:38,280 Speaker 1: same time, Karen Goldman Sachs forecast a significant drop in 436 00:22:38,280 --> 00:22:41,359 Speaker 1: inflation next year, firmcy supply chains easing a peak and 437 00:22:41,440 --> 00:22:44,439 Speaker 1: shelter inflation, and slower wage growth. But that does not 438 00:22:44,560 --> 00:22:47,359 Speaker 1: mean the Federal Reserve will pivot from its rate hike cycle. 439 00:22:47,440 --> 00:22:51,240 Speaker 1: Despike calls along those lines. Fed Governor Christopher Waller says 440 00:22:51,240 --> 00:22:54,560 Speaker 1: there's still a ways to go before they stop hiking rates. Well, 441 00:22:54,640 --> 00:22:57,560 Speaker 1: turning to Crypto Now, Nathan. Authorities in the Bahamas are 442 00:22:57,600 --> 00:23:00,840 Speaker 1: investigating whether there was criminal miscont in the collapse of 443 00:23:00,880 --> 00:23:04,680 Speaker 1: the crypto Exchange f t X. Police and regulators interviewed 444 00:23:04,720 --> 00:23:08,240 Speaker 1: co founder Sam Bankman Freed on Saturday. Now, the head 445 00:23:08,280 --> 00:23:12,159 Speaker 1: of rival exchange Finance cz Jaw, says the industry can't 446 00:23:12,280 --> 00:23:15,520 Speaker 1: leave it to regulators to police wrongdoing. There is quite 447 00:23:15,520 --> 00:23:17,119 Speaker 1: a lot of players in the in our space that 448 00:23:17,200 --> 00:23:19,800 Speaker 1: try to cut corners to grow quickly, and that actually 449 00:23:19,800 --> 00:23:22,640 Speaker 1: destroys costumer trust. When they don't trust them, they come, 450 00:23:22,720 --> 00:23:24,040 Speaker 1: they don't go to them, they actually go to the 451 00:23:24,080 --> 00:23:27,320 Speaker 1: platform they trust. Finances c z Jaw was involved in 452 00:23:27,359 --> 00:23:29,840 Speaker 1: a public feud with Sam Bankman Freeds f t X 453 00:23:29,880 --> 00:23:34,320 Speaker 1: ahead of the firm's rapid collapse. And this is Bloomberg. 454 00:23:38,200 --> 00:23:41,240 Speaker 1: Thanks on Wall Street, thirty nine degrees in Central Park. 455 00:23:41,280 --> 00:23:43,879 Speaker 1: We got accident clean up in Elizabeth Bayway Avenue is 456 00:23:43,960 --> 00:23:46,760 Speaker 1: closed at Greer Avenue. More coming up in traffic First 457 00:23:46,800 --> 00:23:48,880 Speaker 1: Michael Barr with more on what's happening in New York 458 00:23:48,880 --> 00:23:51,359 Speaker 1: and around the world. Michael, thank you very much. Nathan. 459 00:23:51,400 --> 00:23:54,119 Speaker 1: The long awaited memorial to the victims of the Sandy 460 00:23:54,160 --> 00:23:57,760 Speaker 1: Hook elementary school shooting in Connecticut officially open to the 461 00:23:57,760 --> 00:24:01,000 Speaker 1: public yesterday. There was no Sarah money and, keeping with 462 00:24:01,040 --> 00:24:04,760 Speaker 1: the new town's tradition of marketing anniversaries and other remembrances 463 00:24:04,880 --> 00:24:08,400 Speaker 1: of the shooting with quiet reflection, twenty children and six 464 00:24:08,520 --> 00:24:12,000 Speaker 1: educators were killed ten years ago. Next month, ahead of 465 00:24:12,040 --> 00:24:14,960 Speaker 1: his new book release, former Vice President Mike Penn, speaking 466 00:24:15,000 --> 00:24:18,800 Speaker 1: with ABC S David Muir, condemned then President Trump's actions 467 00:24:18,840 --> 00:24:23,160 Speaker 1: on January six. Pence says, the President's words that day 468 00:24:23,200 --> 00:24:26,240 Speaker 1: at the rally endangered me and my family and everyone 469 00:24:26,359 --> 00:24:30,760 Speaker 1: at the Capitol. Members were barricaded inside the House chamber, 470 00:24:32,800 --> 00:24:35,440 Speaker 1: and in the middle of it all, you can see 471 00:24:35,440 --> 00:24:40,040 Speaker 1: that the President has tweeted tom The President tweets Mike 472 00:24:40,080 --> 00:24:43,520 Speaker 1: Pence didn't have the courage to do what should have 473 00:24:43,560 --> 00:24:49,080 Speaker 1: been done. It angered me. But I turned to my daughter, 474 00:24:49,080 --> 00:24:52,320 Speaker 1: who was standing nearby, and I said, it doesn't take 475 00:24:52,359 --> 00:24:55,880 Speaker 1: courage to break the law, takes courage to uphold the law. 476 00:24:56,640 --> 00:24:59,800 Speaker 1: I mean, the President's words were reckless. It was clear 477 00:24:59,840 --> 00:25:02,800 Speaker 1: he decided to be part of the problem. Pence's bucks, 478 00:25:02,800 --> 00:25:05,600 Speaker 1: so help me, God comes out tomorrow. A new turning 479 00:25:05,640 --> 00:25:08,400 Speaker 1: point in the war in Ukraine. Russian forests were driven 480 00:25:08,400 --> 00:25:11,360 Speaker 1: out of curse On. Now Ukraine is saying it has 481 00:25:11,440 --> 00:25:15,080 Speaker 1: recaptured another village, this time in the eastern Nunbas region. 482 00:25:15,560 --> 00:25:17,680 Speaker 1: A man is in custoday after a scare aboard the 483 00:25:17,720 --> 00:25:21,400 Speaker 1: Frontier Airlines flight at the part at Cincinnati Northern Kentucky 484 00:25:21,400 --> 00:25:25,600 Speaker 1: International Airport on Friday for Tampa, but diverted to Atlanta, 485 00:25:25,640 --> 00:25:29,600 Speaker 1: where police arrested a passenger allegedly discovered with a box cutter. 486 00:25:30,080 --> 00:25:32,760 Speaker 1: This man was on that flight, saying the passenger began 487 00:25:32,800 --> 00:25:37,760 Speaker 1: attracting attention even while boarding. He was swearing as he's 488 00:25:37,800 --> 00:25:41,000 Speaker 1: walking down, and then he had clothes falling out of 489 00:25:41,000 --> 00:25:45,240 Speaker 1: his bag. He's like dropping shoes throughout the way. Authorities 490 00:25:45,240 --> 00:25:47,720 Speaker 1: say they found a second box cutter and the passengers 491 00:25:47,760 --> 00:25:51,000 Speaker 1: carry on. A bomb in his Stan Bull's popular tourist 492 00:25:51,040 --> 00:25:53,800 Speaker 1: district killed at least six people and wounded eight one, 493 00:25:54,119 --> 00:25:58,200 Speaker 1: with Turkish officials saying they suspect a terror attack. A 494 00:25:58,240 --> 00:26:01,920 Speaker 1: person is in custody. Global News twenty four hours a 495 00:26:02,000 --> 00:26:05,120 Speaker 1: day on air and on Bloomberg Quick Tank, powered by 496 00:26:05,160 --> 00:26:07,520 Speaker 1: more than twenty seven hundred journalists and analysts are more 497 00:26:07,520 --> 00:26:10,520 Speaker 1: than a hundred twenty countries him Michael Barr and this 498 00:26:10,880 --> 00:26:18,159 Speaker 1: is Bloomberg Nathan. Thanks Michael. Almost five thirty six on 499 00:26:18,200 --> 00:26:20,119 Speaker 1: Wall Street time for the Bloomberg Sports Update, brought to 500 00:26:20,119 --> 00:26:21,880 Speaker 1: you by tri State out of your John Stats Show. 501 00:26:22,000 --> 00:26:24,639 Speaker 1: Thanks nathanother win for the Giants now seven and two. 502 00:26:24,640 --> 00:26:27,639 Speaker 1: But this win unlike the others the Giants five times 503 00:26:27,640 --> 00:26:29,239 Speaker 1: they have rallied on the fourth woar. This time they 504 00:26:29,280 --> 00:26:31,720 Speaker 1: never trailed against Euston, who has the NFL's worst record. 505 00:26:31,760 --> 00:26:34,679 Speaker 1: The Giants won twenty four and sixteen couple of Daniel 506 00:26:34,760 --> 00:26:37,359 Speaker 1: Jones t D passes. S Quon Barkley also scored. He 507 00:26:37,400 --> 00:26:40,440 Speaker 1: had thirty five carries for a hundred and fifty two yards. 508 00:26:40,480 --> 00:26:42,040 Speaker 1: But after the game, a lot of attention paid to 509 00:26:42,080 --> 00:26:44,960 Speaker 1: a report that there were recently contract talks and the 510 00:26:45,000 --> 00:26:47,399 Speaker 1: two sides were far apart. It is what is happened. 511 00:26:47,960 --> 00:26:50,920 Speaker 1: I'm just happy that we able to tell these have conversation. UM. 512 00:26:50,920 --> 00:26:54,119 Speaker 1: I know how they feel about me. Um, they spoke 513 00:26:54,200 --> 00:26:56,479 Speaker 1: very high on me. But like I said, we were 514 00:26:56,480 --> 00:27:00,199 Speaker 1: able to get anything done going to Boue weekend. I 515 00:27:00,240 --> 00:27:02,240 Speaker 1: agree with Joe just you know, block it up and 516 00:27:02,440 --> 00:27:03,760 Speaker 1: for for the rest of the season and make sure 517 00:27:04,000 --> 00:27:05,919 Speaker 1: distract and come out of it. Joe changed the GM. 518 00:27:05,960 --> 00:27:08,199 Speaker 1: Barky did say he wants to be a giant for like. 519 00:27:08,359 --> 00:27:11,240 Speaker 1: Minnesota is eight and one, a wild overtime win at 520 00:27:11,240 --> 00:27:13,680 Speaker 1: Buffalo Josh Allen and the fourth quarter and the ot 521 00:27:13,840 --> 00:27:16,879 Speaker 1: had three turnovers, including a fumbled snap at the one 522 00:27:17,000 --> 00:27:19,560 Speaker 1: yard line that was recovered for a Vikings touchdown. Miami 523 00:27:19,600 --> 00:27:21,600 Speaker 1: now leads the a f C east of Dolphins blew 524 00:27:21,600 --> 00:27:24,560 Speaker 1: out Cleveland. Kansas City is an a f C best 525 00:27:24,560 --> 00:27:26,720 Speaker 1: seven and two with a win over Jacksonville. Fort t 526 00:27:26,840 --> 00:27:30,120 Speaker 1: d passes for Patrick Mahomes, three for Aaron Rodgers. Green 527 00:27:30,160 --> 00:27:32,080 Speaker 1: Bay end of the five game losing streak. They beat 528 00:27:32,160 --> 00:27:35,240 Speaker 1: Dallas and overtime. They beat their former coach, Mike McCarthy 529 00:27:35,280 --> 00:27:38,360 Speaker 1: first ever game in Germany won by Tampa Bay over 530 00:27:38,440 --> 00:27:41,960 Speaker 1: Seattle Indianapolis, his first game for new coach Jets Saturday 531 00:27:42,200 --> 00:27:44,920 Speaker 1: had never been a coach before the Colts won at 532 00:27:45,040 --> 00:27:47,399 Speaker 1: Las Vegas, the l A Rams Super Bowl champs a 533 00:27:47,480 --> 00:27:50,000 Speaker 1: year ago and now three and six after the loss 534 00:27:50,040 --> 00:27:52,639 Speaker 1: to Arizona last night, the forty Niners rallied past the 535 00:27:52,720 --> 00:27:56,080 Speaker 1: Chargers two to six teen, no defense by the nixt 536 00:27:56,119 --> 00:27:58,960 Speaker 1: They lost to Oklahoma City at the Garden one five 537 00:27:59,119 --> 00:28:03,359 Speaker 1: to one third five is the thundershot six. Then that's 538 00:28:03,400 --> 00:28:05,439 Speaker 1: after bidding. The Clippers in l A lost to the 539 00:28:05,520 --> 00:28:07,440 Speaker 1: Lakers in l A one sixteen to one oh three. 540 00:28:07,440 --> 00:28:09,560 Speaker 1: The Rangers of the Guarden last night be in Arizona 541 00:28:09,880 --> 00:28:13,080 Speaker 1: four to one. John stash Award Bloomberg sports Nathan taking 542 00:28:13,160 --> 00:28:15,440 Speaker 1: John thirty seven on Wall Street Time for the Trent 543 00:28:15,520 --> 00:28:19,320 Speaker 1: State Business Report. Here's Bloomberg's Joan Doneager. Blockchain is helping 544 00:28:19,320 --> 00:28:22,959 Speaker 1: fraud investigators in the City Manhattan d A Alvin Bragg 545 00:28:23,040 --> 00:28:25,400 Speaker 1: says the office is frozen more than one point three 546 00:28:25,440 --> 00:28:29,800 Speaker 1: million dollars in cryptocurrency during fraud investigations in the past 547 00:28:29,840 --> 00:28:33,560 Speaker 1: ten months. Bitcoin Daily says the office is returning the 548 00:28:33,560 --> 00:28:37,160 Speaker 1: bitcoin to victims. New York had been considered a trailblazer 549 00:28:37,160 --> 00:28:39,800 Speaker 1: in terms of pay. New York City's minimum wage first 550 00:28:39,840 --> 00:28:43,120 Speaker 1: reached fifteen dollars an hour nearly four years ago, but 551 00:28:43,240 --> 00:28:46,240 Speaker 1: The Time says recently the minimum wages of a number 552 00:28:46,240 --> 00:28:49,360 Speaker 1: of cities have left New York behind. The richest art 553 00:28:49,440 --> 00:28:52,560 Speaker 1: season in history is only getting richer after last week's 554 00:28:52,560 --> 00:28:55,200 Speaker 1: one and a half billion dollar auction of the late 555 00:28:55,280 --> 00:28:58,600 Speaker 1: Paul Allen's art assets, in which sixty works became the 556 00:28:58,680 --> 00:29:02,080 Speaker 1: largest single owners. They ill by value. There is follow 557 00:29:02,160 --> 00:29:05,400 Speaker 1: up in the next week. Southby's, Christie's and Phillips are 558 00:29:05,440 --> 00:29:08,959 Speaker 1: all set to auction about two thousand lots, estimated to 559 00:29:08,960 --> 00:29:12,080 Speaker 1: total a little less than two billion dollars with the 560 00:29:12,160 --> 00:29:15,600 Speaker 1: Try State Business Report on Joan Donnager. Thanks John eight 561 00:29:15,600 --> 00:29:18,000 Speaker 1: on Wall Street. Bloomberg Radios on the air from San 562 00:29:18,040 --> 00:29:20,560 Speaker 1: Francisco to New York, London to Hong Kong. Let's check 563 00:29:20,560 --> 00:29:22,080 Speaker 1: in with our global news team for some of the 564 00:29:22,120 --> 00:29:24,360 Speaker 1: top stories heard on our three hundred of fillion radio 565 00:29:24,400 --> 00:29:30,040 Speaker 1: stations around the world. I'm Steve Polos, Kan K and 566 00:29:30,200 --> 00:29:33,400 Speaker 1: X in Los Angeles. We're talking about a mysterious lack 567 00:29:33,560 --> 00:29:38,160 Speaker 1: of early twentysomethings in the workforce, um Courtney, Donahoan K, 568 00:29:38,360 --> 00:29:41,360 Speaker 1: Terry H in Houston. Traders Bracing with OPEC and the 569 00:29:41,400 --> 00:29:45,320 Speaker 1: International Energy Agency out with forecasts this week. I'm Stephen 570 00:29:45,400 --> 00:29:47,960 Speaker 1: Carol on Bloomberg d A B Digital Radio in London. 571 00:29:48,000 --> 00:29:51,040 Speaker 1: We've been reporting on Presidents She and Biden meeting face 572 00:29:51,120 --> 00:29:54,560 Speaker 1: to face at the G twenty and balley. Those are 573 00:29:54,600 --> 00:29:57,080 Speaker 1: some of the stories our twenty seven hundred Bloomberg journalists 574 00:29:57,080 --> 00:29:59,280 Speaker 1: and analysts are working on this morning. It's five thirty 575 00:29:59,320 --> 00:30:02,280 Speaker 1: nine on Wall Street. The following is an editorial from 576 00:30:02,360 --> 00:30:07,320 Speaker 1: Bloomberg Opinion. This editorial was written by the Bloomberg Editorial Board. 577 00:30:07,720 --> 00:30:11,480 Speaker 1: Already the poorest country in the Western Hemisphere, Haiti is 578 00:30:11,560 --> 00:30:15,560 Speaker 1: on the brink of collapse. Gang warfare and rolling anti 579 00:30:15,560 --> 00:30:19,920 Speaker 1: government protests have blocked the distribution of food, fuel, and water, 580 00:30:20,240 --> 00:30:23,960 Speaker 1: and rising crime has forced tens of thousands of Haitians 581 00:30:24,000 --> 00:30:27,160 Speaker 1: to flee. At the request of Prime Minister Ariel Henri, 582 00:30:27,360 --> 00:30:30,160 Speaker 1: the U S and its regional partners have been exploring 583 00:30:30,440 --> 00:30:35,880 Speaker 1: a possible armed intervention. They should think twice. While Haiti's 584 00:30:35,960 --> 00:30:39,360 Speaker 1: rich neighbors must do more to help, sending foreign troops 585 00:30:39,520 --> 00:30:44,160 Speaker 1: risks an even greater disaster. The Biden administration should instead 586 00:30:44,240 --> 00:30:48,440 Speaker 1: focus on building the capacity of Haitians themselves and provide 587 00:30:48,520 --> 00:30:52,920 Speaker 1: humanitarian relief directly to agencies with a proven record of 588 00:30:53,000 --> 00:31:00,000 Speaker 1: distributing funds effectively. Sustained diplomatic engagement and security assistance, not military, 589 00:31:00,000 --> 00:31:04,280 Speaker 1: every intervention holds the best chance for success. This editorial 590 00:31:04,400 --> 00:31:08,080 Speaker 1: was written by the Bloomberg Editorial Board. For more Bloomberg Opinion. 591 00:31:08,120 --> 00:31:11,360 Speaker 1: Please go to Bloomberg dot com slash Opinion or ope 592 00:31:11,440 --> 00:31:14,600 Speaker 1: I n go on the Bloomberg terminal. This has been 593 00:31:14,680 --> 00:31:18,480 Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at 594 00:31:18,520 --> 00:31:23,720 Speaker 1: this time. This is Bloomberg. Bloomberg Sports is brought to 595 00:31:23,760 --> 00:31:25,640 Speaker 1: you by Autie. You don't let someone else drive off 596 00:31:25,640 --> 00:31:27,800 Speaker 1: in the Autie model. You've always wanted to visit your 597 00:31:27,800 --> 00:31:30,120 Speaker 1: local try state Autie deally get behind the wheel of 598 00:31:30,120 --> 00:31:37,680 Speaker 1: yours today or visit Outie Offers dot com for more information, markets, 599 00:31:37,800 --> 00:31:40,880 Speaker 1: headlines and breaking news twenty four hours a day at 600 00:31:40,880 --> 00:31:44,800 Speaker 1: Bloomberg dot com, the Bloomberg Business at and at Bloomberg Quicktake, 601 00:31:45,040 --> 00:31:54,280 Speaker 1: This is a Bloomberg Business flash and I'm Karen Moscow 602 00:31:54,400 --> 00:31:57,560 Speaker 1: US dot index futures are following this morning and we 603 00:31:57,720 --> 00:32:00,280 Speaker 1: checked the markets every fifteen minutes throughout the trading day 604 00:32:00,320 --> 00:32:02,680 Speaker 1: on Bloomberg. Right now, S and P futures are down 605 00:32:02,760 --> 00:32:05,680 Speaker 1: nineteen points, DALN futures down a hundred twenty one and 606 00:32:05,760 --> 00:32:09,280 Speaker 1: NASDAGG futures down ninety one. The decks in Germany higher 607 00:32:09,360 --> 00:32:11,680 Speaker 1: up to tens of upper set. The tenure treasury down 608 00:32:11,760 --> 00:32:15,040 Speaker 1: nineteen thirty seconds. You'l three point eight eight percent yield 609 00:32:15,080 --> 00:32:18,000 Speaker 1: on the two year four point three eight percent. NIMEX 610 00:32:18,040 --> 00:32:20,320 Speaker 1: scrude oil is down nine tenths per center eighty two 611 00:32:20,360 --> 00:32:23,160 Speaker 1: cents at eighty eight dollars, fifteen cents of barrel comic 612 00:32:23,200 --> 00:32:25,840 Speaker 1: school down six tenths percent or eleven dollars thirty cents 613 00:32:25,920 --> 00:32:28,800 Speaker 1: is seventeen fifty eight ten an ounce. The Euro is 614 00:32:28,800 --> 00:32:31,080 Speaker 1: at one point oh two nine two against the dollar. 615 00:32:31,120 --> 00:32:34,240 Speaker 1: British found one point one eight and again one forty 616 00:32:34,280 --> 00:32:37,120 Speaker 1: point six four Bitcoin this morning up two and a 617 00:32:37,120 --> 00:32:40,920 Speaker 1: half percent at sixteen thousand, seven hundred eighty dollars. Has 618 00:32:40,920 --> 00:32:43,560 Speaker 1: a Bloomberg business flash. Now here's Michael Barr with Moore 619 00:32:43,600 --> 00:32:46,320 Speaker 1: on what's going on around the world. Michael Karen, thank 620 00:32:46,320 --> 00:32:48,720 Speaker 1: you very much. Joe Biden and shi Jing Ping shook 621 00:32:48,760 --> 00:32:51,480 Speaker 1: hands today to kick off the first in person meeting 622 00:32:51,760 --> 00:32:54,840 Speaker 1: between the leaders of the U S and China since 623 00:32:54,880 --> 00:32:58,280 Speaker 1: the pandemic began, with both calling for reduced tensions between 624 00:32:58,320 --> 00:33:01,400 Speaker 1: the world's largest economies. The two men met on the 625 00:33:01,440 --> 00:33:05,280 Speaker 1: sidelines of the G twenty summit in Bali, Indonesia. Biden 626 00:33:05,360 --> 00:33:09,760 Speaker 1: also met with Australia Indonesia, Japan, and South Korea leaders 627 00:33:10,280 --> 00:33:13,720 Speaker 1: the National Transportation Safety Board. They are in Dallas to 628 00:33:13,800 --> 00:33:17,600 Speaker 1: try to figure out what caused two historic military planes 629 00:33:17,640 --> 00:33:20,320 Speaker 1: to collide at a weekend air show. Six people were 630 00:33:20,400 --> 00:33:23,960 Speaker 1: killed in the NFL. The Giants one forty Niners were 631 00:33:23,960 --> 00:33:28,040 Speaker 1: also winners in the NBA, The Knicks, Nets, and Warriors lost. 632 00:33:28,200 --> 00:33:31,360 Speaker 1: The Wizards won in hockey, the Rangers and Bruins won. 633 00:33:31,440 --> 00:33:34,400 Speaker 1: The Capital's lost. Global news twenty four hours a day 634 00:33:34,520 --> 00:33:38,080 Speaker 1: on air and on Bloomberg Quick Tank, powered by more 635 00:33:38,160 --> 00:33:41,320 Speaker 1: than twenty seven hundred journalists and analysts and more than 636 00:33:41,320 --> 00:33:44,960 Speaker 1: a hundred twenty countries. Michael Barn this is Bloomberg, Nathan. 637 00:33:45,000 --> 00:33:46,840 Speaker 1: All right, Michael, thanks for coming up to five forty 638 00:33:46,920 --> 00:33:49,960 Speaker 1: nine on Wall Street Live from the Bloomberg Interactive Brokers studios. 639 00:33:50,000 --> 00:33:52,280 Speaker 1: This is Bloomberg day Break. Let's get more now on 640 00:33:52,320 --> 00:33:54,880 Speaker 1: this bi lat between Presidents Biden and she and the 641 00:33:54,920 --> 00:33:58,320 Speaker 1: outlook in the nation's capital with Democrats having a much 642 00:33:58,360 --> 00:34:01,000 Speaker 1: better than expected showing in the mid term elections. Terry 643 00:34:01,040 --> 00:34:05,040 Speaker 1: Haynes is back with us this morning, founder of Pangia Policy. Terry, 644 00:34:05,080 --> 00:34:06,920 Speaker 1: it's good to speak with you this morning as we 645 00:34:07,000 --> 00:34:09,960 Speaker 1: continue to watch headlines come down from this meeting between 646 00:34:10,000 --> 00:34:13,040 Speaker 1: Presidents Biden and She. Ahead of it, the President said 647 00:34:13,040 --> 00:34:15,560 Speaker 1: that he's coming into the meeting from a position of 648 00:34:15,600 --> 00:34:21,440 Speaker 1: strength after the Democrats, uh stronger than expected showing last week. 649 00:34:21,560 --> 00:34:25,600 Speaker 1: Do you agree with that? I think, good morning, Nathan. 650 00:34:25,640 --> 00:34:30,839 Speaker 1: I think that you make your best case uh, domestically 651 00:34:31,000 --> 00:34:35,640 Speaker 1: and geopolitically internationally, And so President Biden is doing that. 652 00:34:35,719 --> 00:34:38,560 Speaker 1: I don't think he's Realistically, I don't think he's standing 653 00:34:39,080 --> 00:34:42,279 Speaker 1: is much affected. Uh. Now that said, I'll say a 654 00:34:42,320 --> 00:34:44,960 Speaker 1: point in the President's favor, which is that if he'd 655 00:34:45,000 --> 00:34:49,799 Speaker 1: gotten absolutely in his party, had gotten absolutely shellacked last Tuesday, Uh, 656 00:34:49,840 --> 00:34:53,080 Speaker 1: that that would have been a would have given rise 657 00:34:53,120 --> 00:34:57,320 Speaker 1: to a geopolitical perception uh that he has less clout 658 00:34:57,360 --> 00:35:00,319 Speaker 1: in his own country. So uh, you know, I'll give 659 00:35:00,360 --> 00:35:03,080 Speaker 1: him a little bit on that. Yeah, But fundamentally it 660 00:35:03,080 --> 00:35:05,719 Speaker 1: doesn't matter very much. What are you expecting to come 661 00:35:05,760 --> 00:35:08,760 Speaker 1: out of this meeting? The White House set expectations pretty 662 00:35:08,800 --> 00:35:12,720 Speaker 1: low ahead of it. Are you looking for any deliverables 663 00:35:12,800 --> 00:35:16,799 Speaker 1: or is this just about sort of easing the existing tensions. 664 00:35:18,080 --> 00:35:21,799 Speaker 1: I think you said it well, with easing the existing tensions, uh, 665 00:35:21,880 --> 00:35:25,839 Speaker 1: And I find Interestingly, I find in a large part 666 00:35:25,920 --> 00:35:30,480 Speaker 1: through Bloomberg reporting too, that that's how the Chinese are 667 00:35:30,480 --> 00:35:33,439 Speaker 1: framing it as well. Uh. The President, she said that 668 00:35:33,840 --> 00:35:39,120 Speaker 1: it really talked about the mutual responsibility of China and 669 00:35:39,239 --> 00:35:41,400 Speaker 1: the United States and need to find the right direction 670 00:35:41,520 --> 00:35:45,839 Speaker 1: elevate the relationship, expects that China and the United States 671 00:35:45,920 --> 00:35:49,360 Speaker 1: will properly handle the relationship. It's an interesting shift of 672 00:35:49,440 --> 00:35:54,120 Speaker 1: rhetoric from them because during the Communist Party conference, it 673 00:35:54,239 --> 00:35:57,360 Speaker 1: was much more about China, this China, that China feels, 674 00:35:57,480 --> 00:36:00,879 Speaker 1: you know, understand our legitimacy, all the rest. So, uh, 675 00:36:00,920 --> 00:36:02,960 Speaker 1: that's a bit of a different tone. I don't expect 676 00:36:02,960 --> 00:36:05,680 Speaker 1: it to move into a much of a different substance, 677 00:36:05,760 --> 00:36:09,600 Speaker 1: but uh, but the tone shift is interesting and helpful. Frankly, 678 00:36:10,440 --> 00:36:12,600 Speaker 1: I want to get your take on where things stand, 679 00:36:12,960 --> 00:36:16,120 Speaker 1: uh in the mid terms. Obviously we haven't quite worked 680 00:36:16,120 --> 00:36:19,080 Speaker 1: out what the full majorities are going to look like 681 00:36:19,200 --> 00:36:23,320 Speaker 1: in the House, but Democrats are retaining a majority or 682 00:36:23,400 --> 00:36:26,200 Speaker 1: at least a voting majority in the Senate. What's that 683 00:36:26,320 --> 00:36:29,279 Speaker 1: gonna mean for policy making, not just in the lame 684 00:36:29,360 --> 00:36:33,560 Speaker 1: Duck but for the next two years generally speaking? You know, 685 00:36:33,880 --> 00:36:36,759 Speaker 1: and I'm a bit of a doubtlier on this, I think, 686 00:36:36,920 --> 00:36:41,120 Speaker 1: and largely because of the excitement surrounding the election, But 687 00:36:41,239 --> 00:36:43,759 Speaker 1: fundamentally it's not gonna look a whole lot different than 688 00:36:43,800 --> 00:36:46,200 Speaker 1: it does today. You're still gonna have grid luck on 689 00:36:46,239 --> 00:36:49,440 Speaker 1: the vast majority of domestic issues. You're going to continue 690 00:36:49,440 --> 00:36:52,840 Speaker 1: to have UH fiscal stability because there's been this truce 691 00:36:52,920 --> 00:36:56,000 Speaker 1: between the parties for the last decade to basically on 692 00:36:56,160 --> 00:37:00,399 Speaker 1: basic government funding, pretty much continue the status quo as 693 00:37:00,600 --> 00:37:04,160 Speaker 1: is with minor minor adjustments and UH. And you're going 694 00:37:04,200 --> 00:37:06,960 Speaker 1: to continue to have unanimity on foreign policy, particularly on 695 00:37:07,040 --> 00:37:09,800 Speaker 1: Chinese issues. So fundamentally, I think it's not going to 696 00:37:09,920 --> 00:37:12,920 Speaker 1: look a whole lot different now. The one thing that 697 00:37:12,920 --> 00:37:15,760 Speaker 1: that I think is ought to be concerning the markets 698 00:37:16,200 --> 00:37:18,959 Speaker 1: coming forward is that I think there's an elevated risk. 699 00:37:19,400 --> 00:37:21,520 Speaker 1: I'm not saying it's likely, but I think there's an 700 00:37:21,520 --> 00:37:24,560 Speaker 1: elevated risk of problems with the debt limit, debt ceiling, 701 00:37:24,600 --> 00:37:29,120 Speaker 1: and therefore potential government default. When you've got two fundamental 702 00:37:29,160 --> 00:37:32,040 Speaker 1: parties where there really wasn't much of a change election, 703 00:37:32,440 --> 00:37:36,000 Speaker 1: you know, you had UH all twenty eight of the 704 00:37:36,040 --> 00:37:40,400 Speaker 1: Senate incumbents, one re election of the House one reelection, 705 00:37:40,520 --> 00:37:43,400 Speaker 1: that sort of thing. Uh, They're gonna be scrabbling for 706 00:37:43,440 --> 00:37:46,160 Speaker 1: every little advantage they can. So my concern is that 707 00:37:46,719 --> 00:37:50,359 Speaker 1: uh kind of the those folks in both parties who 708 00:37:50,400 --> 00:37:53,640 Speaker 1: are looking to make a differentiation, uh, really kind of 709 00:37:53,680 --> 00:37:57,960 Speaker 1: elevates the fault potential more than they through the dead ceiling, 710 00:37:58,120 --> 00:38:01,359 Speaker 1: more than they would have otherwise. Thirty seconds left here, Terry, 711 00:38:01,400 --> 00:38:04,240 Speaker 1: how much of a leadership fight is either Nancy Pelosi 712 00:38:04,400 --> 00:38:08,200 Speaker 1: or Kevin McCarthy in for Uh, Well, I think McCarthy 713 00:38:08,239 --> 00:38:11,680 Speaker 1: is in for a fight. Uh that I've have said that. 714 00:38:11,840 --> 00:38:16,080 Speaker 1: You know, there's the problem with factions is that is 715 00:38:16,440 --> 00:38:19,120 Speaker 1: one Republican put it. I'd love a majority of one 716 00:38:19,200 --> 00:38:22,919 Speaker 1: because then I am the majority and uh and and 717 00:38:22,960 --> 00:38:24,960 Speaker 1: you know, can do you know, move things the way 718 00:38:25,000 --> 00:38:27,359 Speaker 1: I want. But I think there's gonna be a lot 719 00:38:27,360 --> 00:38:30,800 Speaker 1: of discussion around McCarthy and the Republican leadership team in 720 00:38:30,840 --> 00:38:33,759 Speaker 1: the wake of what they perceived to be a disappointment. 721 00:38:34,480 --> 00:38:36,480 Speaker 1: I think this is Pelosi can pretty much do what 722 00:38:36,560 --> 00:38:39,440 Speaker 1: she wants, all right, Terry Haynes as always good to 723 00:38:39,440 --> 00:38:42,680 Speaker 1: get your thoughts. Terry Haynes, Founder of Pangia Policy. Karen 724 00:38:43,360 --> 00:38:45,799 Speaker 1: Nathan It is five fifty three on Wall Street time 725 00:38:45,840 --> 00:38:48,160 Speaker 1: for the Bloomberg Law Report. It has brought to you 726 00:38:48,239 --> 00:38:52,840 Speaker 1: by American Arbitration Association Business. Its views are inevitable, Resolve 727 00:38:52,920 --> 00:38:56,160 Speaker 1: faster with the American Arbitration Association, the global leader in 728 00:38:56,200 --> 00:38:59,799 Speaker 1: alternative dispute resolution for over ninety years. More at a 729 00:39:00,040 --> 00:39:02,440 Speaker 1: e er dot org. Now, let's get to the legal 730 00:39:02,440 --> 00:39:05,560 Speaker 1: stories we are watching this morning. From Bloomberg's Jeff Bellinger, 731 00:39:08,400 --> 00:39:12,480 Speaker 1: Big Laws hiring frenzy is over. Many highly profitable firms 732 00:39:12,480 --> 00:39:16,279 Speaker 1: have begun cutting junior lawyers, and the pressure on headcounts 733 00:39:16,320 --> 00:39:19,440 Speaker 1: is likely to grow in the new year. A proposed 734 00:39:19,440 --> 00:39:23,880 Speaker 1: federal class action accuses Apple of recording users private activity 735 00:39:23,920 --> 00:39:27,040 Speaker 1: on mobile apps without their consent. A federal court in 736 00:39:27,120 --> 00:39:32,080 Speaker 1: Northern California dismissed a lawsuit accusing Metal platforms favoring job 737 00:39:32,120 --> 00:39:37,439 Speaker 1: applicants on temporary work visas over American citizens. Bloomberg Law 738 00:39:37,719 --> 00:39:42,600 Speaker 1: everything you need on one legal research platform, guidance analysis, 739 00:39:42,719 --> 00:39:46,560 Speaker 1: and Bloomberg market Intelligence. Find out more at Bloomberg Law 740 00:39:46,680 --> 00:39:52,479 Speaker 1: dot com. All right, Jeff, thank you know. Another legal 741 00:39:52,520 --> 00:39:55,279 Speaker 1: story we're watching the U S Supreme Courts and mixed 742 00:39:55,320 --> 00:39:57,879 Speaker 1: signals about the fate of a nineteen seventy eight law 743 00:39:57,960 --> 00:40:01,840 Speaker 1: that gets preferenced in Native America and adopting and fostering 744 00:40:01,880 --> 00:40:05,640 Speaker 1: American Indian children. During oral arguments, several members of the 745 00:40:05,719 --> 00:40:09,320 Speaker 1: Chorus conservative majority question whether parts of the Indian Child 746 00:40:09,360 --> 00:40:13,200 Speaker 1: Welfare Act could be squared with the equal protection claws 747 00:40:13,239 --> 00:40:16,640 Speaker 1: and other constitutional provisions. For more in the case, Bloomberg's 748 00:40:16,680 --> 00:40:20,160 Speaker 1: June Grosso speaks to Ben Kappelman, a partner at Dorsey 749 00:40:20,239 --> 00:40:25,280 Speaker 1: and Whitney, tell us about the basic arguments of the challengers. Sure, 750 00:40:25,400 --> 00:40:30,320 Speaker 1: there are three kind of constitutional principles that the challengers 751 00:40:30,360 --> 00:40:34,240 Speaker 1: are pointing to for their reasons why they believe EQUA 752 00:40:34,360 --> 00:40:39,560 Speaker 1: is invalid. One is equal protection um, the constitutional idea 753 00:40:40,040 --> 00:40:44,560 Speaker 1: that we can't discriminate on the basis of race. Another 754 00:40:44,640 --> 00:40:47,120 Speaker 1: basis that they point to is they assert that in 755 00:40:47,480 --> 00:40:55,560 Speaker 1: enacting EQUA, Congress overstepped it's authority to regulate um Native Americans. 756 00:40:55,600 --> 00:40:58,600 Speaker 1: And then the third idea is what's called the anti 757 00:40:58,600 --> 00:41:03,520 Speaker 1: commandeering principle, which is a doctrine that says the federal 758 00:41:03,560 --> 00:41:08,480 Speaker 1: government um only have so much control over things that 759 00:41:08,600 --> 00:41:13,440 Speaker 1: happen in state courts, and that state governments participated these 760 00:41:13,560 --> 00:41:17,240 Speaker 1: arguments went on for three hours, which is long even 761 00:41:17,400 --> 00:41:21,600 Speaker 1: for the new Supreme Court format. Um, was there a 762 00:41:21,760 --> 00:41:25,839 Speaker 1: particular area that the justices were concerned about or did it? 763 00:41:25,880 --> 00:41:30,360 Speaker 1: Was it broad? So there was, and I think from 764 00:41:30,440 --> 00:41:34,120 Speaker 1: that UM we can see some of the tea leaves 765 00:41:34,160 --> 00:41:38,920 Speaker 1: of how this case might turn out. UM. Despite I 766 00:41:39,000 --> 00:41:42,359 Speaker 1: think a lot of interest in this case because of 767 00:41:42,360 --> 00:41:47,640 Speaker 1: those equal protection racial classification issues, the Justice has spent 768 00:41:47,760 --> 00:41:51,200 Speaker 1: most of their time questioning the attorneys on both sides 769 00:41:51,360 --> 00:41:57,600 Speaker 1: about the scope of Congress's authority to enact statutes involving 770 00:41:57,680 --> 00:42:01,400 Speaker 1: Native Americans. So, you know, we won't know what the 771 00:42:01,480 --> 00:42:04,160 Speaker 1: justices are thinking until we get their opinion. But it's 772 00:42:04,200 --> 00:42:07,640 Speaker 1: interesting that of that three hours, most of it was 773 00:42:07,680 --> 00:42:10,720 Speaker 1: not spent on the on the racial issue and more 774 00:42:10,800 --> 00:42:14,400 Speaker 1: on how broad is Convers's authority in this area. And 775 00:42:14,440 --> 00:42:17,240 Speaker 1: I spen Kappelman, a partner at Dorsey and Whitney, speaking 776 00:42:17,280 --> 00:42:20,240 Speaker 1: at the Bloomberg stud in Grosso. Catch more of that interview, 777 00:42:20,239 --> 00:42:23,279 Speaker 1: plus analysis of the latest legal news, by subscribing to 778 00:42:23,280 --> 00:42:26,360 Speaker 1: the Bloomberg Law Podcast or downloading the show at Bloomberg 779 00:42:26,400 --> 00:42:30,239 Speaker 1: dot com. Slash Podcast. Attorneys given exceptional legal research and 780 00:42:30,239 --> 00:42:33,440 Speaker 1: business development tools at Bloomberg law dot com and on 781 00:42:33,480 --> 00:42:37,040 Speaker 1: the Bloomberg terminal at b law Go. It is currently 782 00:42:37,080 --> 00:42:41,360 Speaker 1: thirty eight degrees. Partly cloudy skies and futures this morning 783 00:42:41,680 --> 00:42:45,360 Speaker 1: moving lower, S ANDP futures down sixteen points at our 784 00:42:45,400 --> 00:42:47,600 Speaker 1: top story straight Ahead, This is Bloomberg