1 00:00:01,320 --> 00:00:04,600 Speaker 1: Live from the Bloomberg Interactive Burgers Studios. This is Bloomberg 2 00:00:04,680 --> 00:00:08,119 Speaker 1: day Break for Wednesday, December fourteen, twenty two. Coming up 3 00:00:08,160 --> 00:00:11,080 Speaker 1: this hour, the FED makes its final policy decision of 4 00:00:11,080 --> 00:00:13,920 Speaker 1: the year, with a fifty basis point hike expected UK 5 00:00:14,040 --> 00:00:16,360 Speaker 1: inflation dips from out forty one year high you head 6 00:00:16,360 --> 00:00:18,840 Speaker 1: of tomorrow's Bank of England decision. F t X co 7 00:00:19,000 --> 00:00:22,560 Speaker 1: founder Sam Bankman Freed plans to fight extradition to the US, 8 00:00:22,680 --> 00:00:25,240 Speaker 1: and the US plans to add more than thirty Chinese 9 00:00:25,280 --> 00:00:28,360 Speaker 1: companies to its trade blacklist Hi maybe more as a 10 00:00:28,400 --> 00:00:31,080 Speaker 1: three alarm fire at a police evidence warehouse may burn 11 00:00:31,160 --> 00:00:34,639 Speaker 1: for days. Flags or half staff. Remembering Sandy Hook ten 12 00:00:34,720 --> 00:00:37,880 Speaker 1: years ago, I'm John stashtown Swards, another big baseball free 13 00:00:37,920 --> 00:00:40,840 Speaker 1: agent signing. The Islanders and Devil's both lost the World 14 00:00:40,880 --> 00:00:46,520 Speaker 1: Cup semifinals in today. That's alls Training ahead on Bloomberg 15 00:00:46,560 --> 00:00:50,120 Speaker 1: day Break on Bloomberg eleven three on New York, Bloomberg 16 00:00:50,200 --> 00:00:54,240 Speaker 1: N one, Washington, d C, Bloomberg one O six one, Boston, 17 00:00:54,520 --> 00:00:58,960 Speaker 1: Bloomberg nine sixties and Francisco Sirius XM one nine team 18 00:00:59,160 --> 00:01:01,960 Speaker 1: and around the world Old on Bloomberg Radio dot Com 19 00:01:02,040 --> 00:01:08,560 Speaker 1: and via the Bloomberg Business app. Good morning, I'm Nathan 20 00:01:08,600 --> 00:01:12,080 Speaker 1: Hagar and I'm Karen Moscow, US not Index futures are 21 00:01:12,080 --> 00:01:14,759 Speaker 1: a little change this morning six o one on Wall Street, 22 00:01:14,760 --> 00:01:16,600 Speaker 1: and we check the markets all day long year on 23 00:01:16,640 --> 00:01:19,360 Speaker 1: Bloomberg Radio. S and P futures that will change. So 24 00:01:19,480 --> 00:01:22,400 Speaker 1: are down futures now. Zack Future is moving lower now 25 00:01:22,480 --> 00:01:24,960 Speaker 1: down about a tenth of upper cent or seventeen points. 26 00:01:25,160 --> 00:01:27,639 Speaker 1: The decks in Germany is down three quarters of a percent. 27 00:01:27,680 --> 00:01:30,280 Speaker 1: The ten year treasury up one thirty second deal three 28 00:01:30,319 --> 00:01:32,040 Speaker 1: point four and nine percent, and they yield on the 29 00:01:32,080 --> 00:01:35,080 Speaker 1: two year four point one eight percent, Nathan Karen. A 30 00:01:35,160 --> 00:01:38,200 Speaker 1: big week for critical economic events continues today with the 31 00:01:38,200 --> 00:01:41,520 Speaker 1: Federal Reserve's final policy decision of the year. Let's get 32 00:01:41,520 --> 00:01:44,880 Speaker 1: our coverage started with a preview from Bloomberg Economics correspondent 33 00:01:44,959 --> 00:01:47,920 Speaker 1: Michael McKee. Fed officials are going to raise the nation's 34 00:01:47,920 --> 00:01:50,639 Speaker 1: bench park lending rate by half a percentage point today. 35 00:01:50,960 --> 00:01:54,040 Speaker 1: The question is what will they do next? After two 36 00:01:54,040 --> 00:01:58,000 Speaker 1: consecutive soft CPI reports, investors are lowering their bets on 37 00:01:58,040 --> 00:02:01,080 Speaker 1: how high the Fed goes and for how long. That 38 00:02:01,120 --> 00:02:05,000 Speaker 1: puts the focus on policymakers. New economic and interest rate forecasts, 39 00:02:05,320 --> 00:02:08,080 Speaker 1: and the so called dot plot that shows where they 40 00:02:08,120 --> 00:02:10,120 Speaker 1: think rates will need to be at the end of 41 00:02:10,160 --> 00:02:13,320 Speaker 1: next year. In September, the media dot was at four 42 00:02:13,360 --> 00:02:16,800 Speaker 1: point six markets now see them at four point three 43 00:02:16,840 --> 00:02:21,040 Speaker 1: percent after rate cuts beginning in July. Investors will also 44 00:02:21,040 --> 00:02:23,600 Speaker 1: focus on how Chair j. Pal sees the data and 45 00:02:23,680 --> 00:02:28,040 Speaker 1: the outlook. Will he again warn against overconfidence on Wall Street? 46 00:02:28,200 --> 00:02:31,280 Speaker 1: Michael McKee Bloomberg Daybreak. All right, Mike, thank you well 47 00:02:31,320 --> 00:02:34,000 Speaker 1: after today. The feds next steps depend on the path 48 00:02:34,040 --> 00:02:38,120 Speaker 1: of economic data, so says influential economist and Stanford University 49 00:02:38,160 --> 00:02:42,120 Speaker 1: professor John Taylor. If it's fifty basis points uh at 50 00:02:42,160 --> 00:02:45,320 Speaker 1: this decision, then don't lead on a twenty five or 51 00:02:45,680 --> 00:02:49,160 Speaker 1: seventy five or another fifty. It depends, you know, the 52 00:02:49,200 --> 00:02:52,440 Speaker 1: idea of Monterrey policies. It depends on what's happening to inflation. 53 00:02:52,760 --> 00:02:55,119 Speaker 1: What's happened to real h o'connory. We hope we don't 54 00:02:55,120 --> 00:02:59,079 Speaker 1: have another downturn and and we can avoid that if 55 00:02:59,120 --> 00:03:02,720 Speaker 1: in fact, that says, look, if inflation picks up, we 56 00:03:02,760 --> 00:03:06,240 Speaker 1: will take action. Stanford professor John Taylor made the comments 57 00:03:06,240 --> 00:03:08,880 Speaker 1: in an interview with Bloomberg's Kathleen Hey. Stay tuned for 58 00:03:08,919 --> 00:03:11,760 Speaker 1: complete coverage of today's fan decision on a special edition 59 00:03:11,800 --> 00:03:14,519 Speaker 1: of Bloomberg Surveillance. It all begins at one thir pm 60 00:03:14,520 --> 00:03:17,600 Speaker 1: All Street time on Bloomberg Radio and Television, Karen. The 61 00:03:17,600 --> 00:03:20,400 Speaker 1: FED decision comes after a key gauge of consumer prices 62 00:03:20,400 --> 00:03:22,520 Speaker 1: posted its smallest gain in more than a year, and 63 00:03:22,520 --> 00:03:25,840 Speaker 1: that fueled the surgeon stocks. At yesterday's opening bell, the 64 00:03:25,960 --> 00:03:28,560 Speaker 1: SMP five hundred rows as much as two point eight 65 00:03:28,600 --> 00:03:31,680 Speaker 1: percent before pairing those gains to close higher by three 66 00:03:31,800 --> 00:03:34,760 Speaker 1: quarters of a percent. Garge Chowdry is Black Rock's head 67 00:03:34,800 --> 00:03:38,640 Speaker 1: of Ice Shares investment strategy. Policy is working everything that 68 00:03:38,680 --> 00:03:41,320 Speaker 1: the FED has been doing, as difficult as that has 69 00:03:41,360 --> 00:03:44,320 Speaker 1: been for the markets. What the inflation data today shows 70 00:03:44,400 --> 00:03:46,520 Speaker 1: us that it is it is going in the right 71 00:03:46,560 --> 00:03:50,280 Speaker 1: direction black Rocks. Garg Choudry notes, overall CPI increased one 72 00:03:50,680 --> 00:03:53,120 Speaker 1: percent from the prior month, bringing inflation to an annual 73 00:03:53,200 --> 00:03:56,160 Speaker 1: rate of seven point one percent. Well, inflation is also 74 00:03:56,200 --> 00:03:58,880 Speaker 1: a front end center in the UK, Nathan, with fresh 75 00:03:59,000 --> 00:04:01,320 Speaker 1: data out of tomorrow us a Bank of England decision 76 00:04:01,360 --> 00:04:03,000 Speaker 1: and we go to London and get the latest or 77 00:04:03,040 --> 00:04:06,520 Speaker 1: the Bloomberg's Human Parts. Good morning Huan, Good morning Karen Nathan. 78 00:04:06,600 --> 00:04:09,520 Speaker 1: Another of the world's biggest economies is seeing a softening 79 00:04:09,600 --> 00:04:12,680 Speaker 1: of inflation. Consumer prices in the UK rose ten point 80 00:04:12,800 --> 00:04:15,800 Speaker 1: seven percent in November from a year earlier. That was 81 00:04:15,840 --> 00:04:18,480 Speaker 1: down from eleven point one percent in the previous month 82 00:04:18,600 --> 00:04:21,480 Speaker 1: and lower than forecasts. The data will be studied by 83 00:04:21,480 --> 00:04:23,919 Speaker 1: the Bank of England ahead of their rate decision tomorrow, 84 00:04:24,120 --> 00:04:27,440 Speaker 1: but with inflation more than five times over targets, no 85 00:04:27,560 --> 00:04:30,880 Speaker 1: one is yet calling victory in this particular battle in London. 86 00:04:30,920 --> 00:04:33,240 Speaker 1: I'm you and parts in Big Daybreak, are you in Thanks. 87 00:04:33,320 --> 00:04:36,120 Speaker 1: Let's turn now to the latest developments on Sam Bankman free. 88 00:04:36,240 --> 00:04:39,320 Speaker 1: The FTX co founder apparently plans to fight extradition to 89 00:04:39,400 --> 00:04:42,680 Speaker 1: the US and Bloomberg Steve Rappaport is live with the details. 90 00:04:42,720 --> 00:04:45,440 Speaker 1: Good morning Steve, Good morning Nathan and Karen. Bringing Sam 91 00:04:45,480 --> 00:04:48,320 Speaker 1: Bankman freed home from the Caribbean might require help from 92 00:04:48,360 --> 00:04:51,440 Speaker 1: across the pond. The Bahamas is a British Commonwealth country 93 00:04:51,480 --> 00:04:55,000 Speaker 1: and final appeals on extradition are handled by London's Privy Council, 94 00:04:55,200 --> 00:04:57,800 Speaker 1: a formal body of advisors to the Sovereign of the UK. 95 00:04:58,120 --> 00:05:01,280 Speaker 1: While announcing the charges, Federal Process cuter Damian Williams had 96 00:05:01,279 --> 00:05:03,640 Speaker 1: a warning for anyone who may have helped Bankman Freed. 97 00:05:03,920 --> 00:05:07,000 Speaker 1: I would strongly encourage you to come see us before 98 00:05:07,040 --> 00:05:09,279 Speaker 1: we come see you. And if history is an indicator, 99 00:05:09,320 --> 00:05:11,960 Speaker 1: Bankmn Freed may have bought plenty of time. Eight men 100 00:05:12,000 --> 00:05:14,760 Speaker 1: facing drug charges in the US fought extradition from the 101 00:05:14,760 --> 00:05:17,599 Speaker 1: Bahamas for more than a decade. Live in New York, 102 00:05:17,600 --> 00:05:20,640 Speaker 1: I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, thanks well. 103 00:05:20,640 --> 00:05:23,000 Speaker 1: Another run of hearings on the ft X collapse is 104 00:05:23,000 --> 00:05:25,200 Speaker 1: coming up today in the Senate. New f t X 105 00:05:25,240 --> 00:05:29,440 Speaker 1: CEO John Ray testified yesterday before the House Financial Services Committee. 106 00:05:29,560 --> 00:05:32,359 Speaker 1: Republican Committee member Andy Barr joined us to give his 107 00:05:32,440 --> 00:05:36,680 Speaker 1: takeaway on the hearing. There was absolute concentration of control 108 00:05:37,720 --> 00:05:40,920 Speaker 1: of this business, in these various businesses, in the hands 109 00:05:40,920 --> 00:05:44,120 Speaker 1: of a very small group of in his in his words, 110 00:05:44,520 --> 00:05:49,720 Speaker 1: grossly inexperienced and unsophisticated individuals. We also spoke by Democratic 111 00:05:49,720 --> 00:05:53,360 Speaker 1: Committee member Brad Sherman, who says Sam Bankman Freed's downfall 112 00:05:53,400 --> 00:05:57,960 Speaker 1: points to a need for more crypto regulation. When you're 113 00:05:58,000 --> 00:06:02,360 Speaker 1: dealing with an enterprise, purpose of which is to come 114 00:06:02,440 --> 00:06:07,000 Speaker 1: up with a currency system that allows you to evade 115 00:06:07,160 --> 00:06:11,440 Speaker 1: American financial law. Then you're going to be dealing with 116 00:06:11,520 --> 00:06:15,359 Speaker 1: people who are going to evade American financial law. Corgresson, 117 00:06:15,400 --> 00:06:18,320 Speaker 1: Brad Sherman, and Andy Barr both were guests on Bloomberg 118 00:06:18,440 --> 00:06:20,839 Speaker 1: Sound On with Joe Matthew. Catch the program Like Davis 119 00:06:20,880 --> 00:06:23,360 Speaker 1: at five pm Eastern on Bloomberg Radio. Now, let's turn 120 00:06:23,440 --> 00:06:25,880 Speaker 1: to some geopolitical news this morning. Karen, we're seeing rising 121 00:06:25,880 --> 00:06:28,920 Speaker 1: tensions again between the world's two economic superpowers, the Biden 122 00:06:28,960 --> 00:06:32,000 Speaker 1: administrations putting China's leading maker of memory chips and more 123 00:06:32,040 --> 00:06:35,680 Speaker 1: than thirty other companies on its trade blacklist that would 124 00:06:35,680 --> 00:06:39,080 Speaker 1: prevent them from buying certain American technology. And another note 125 00:06:39,080 --> 00:06:41,680 Speaker 1: on China, Nathan, Bloomberg News has learned Chinese leaders are 126 00:06:41,680 --> 00:06:44,560 Speaker 1: planning to proceed with a closely watched economic policy meeting 127 00:06:44,600 --> 00:06:47,760 Speaker 1: in Beijing tomorrow. The decision comes as COVID infections surge 128 00:06:47,760 --> 00:06:51,320 Speaker 1: across the capitol. Senior Chinese officials meet every December topplot 129 00:06:51,320 --> 00:06:54,800 Speaker 1: out economic policy for the coming year. Straight ahead, your 130 00:06:54,839 --> 00:06:58,000 Speaker 1: latest local headlines, plus a check of sports. And this 131 00:06:58,360 --> 00:07:04,760 Speaker 1: is Bloomberg in teren six O seven on Wall Street. 132 00:07:04,760 --> 00:07:06,760 Speaker 1: Thirty two degrees in central parts. Gonna be sunny, but 133 00:07:06,880 --> 00:07:09,520 Speaker 1: continued chili today with highs only near forty degrees, back 134 00:07:09,520 --> 00:07:12,080 Speaker 1: down to the low thirties tonight. Amy Morris is here 135 00:07:12,120 --> 00:07:13,800 Speaker 1: with more on what's going on in New York and 136 00:07:13,920 --> 00:07:16,800 Speaker 1: around the world. Morning Amy, Good Morning Nathan. A three 137 00:07:16,840 --> 00:07:19,160 Speaker 1: alarm fire has led to the partial collapse of a 138 00:07:19,200 --> 00:07:22,640 Speaker 1: New York Police Department evidence center in Brooklyn. The fire 139 00:07:22,840 --> 00:07:25,960 Speaker 1: was first reported by Police Department contractors working inside the 140 00:07:26,000 --> 00:07:29,520 Speaker 1: Auto Pound. Acting Chief Jeffrey Madri says the workers saw 141 00:07:29,680 --> 00:07:31,800 Speaker 1: flames that appeared to have started on one of the 142 00:07:31,880 --> 00:07:34,800 Speaker 1: evidence shelves, and they called for help. They saw a fire, 143 00:07:34,920 --> 00:07:39,160 Speaker 1: They alerted the police Department personnel inside. Everyone backed out 144 00:07:39,760 --> 00:07:42,520 Speaker 1: was alerted. Fire officials say everything inside the facility was 145 00:07:42,560 --> 00:07:45,440 Speaker 1: either lost or damaged. The fire is expected to burn 146 00:07:45,520 --> 00:07:48,720 Speaker 1: for days. President Biden has signed the Historic Respect for 147 00:07:48,800 --> 00:07:52,960 Speaker 1: Marriage Act, cementing federal protection for same sex and interracial 148 00:07:53,000 --> 00:07:56,600 Speaker 1: marriages into law. Who do you love and would you 149 00:07:56,680 --> 00:08:01,600 Speaker 1: be loyal that person you love? It's more complicated than that. 150 00:08:02,440 --> 00:08:05,840 Speaker 1: The law recognized that everyone should have the right to 151 00:08:05,880 --> 00:08:12,400 Speaker 1: answer those questions. For themselves without the government interference. President 152 00:08:12,400 --> 00:08:15,000 Speaker 1: Biden says the law requires it a racial marriage and 153 00:08:15,120 --> 00:08:18,400 Speaker 1: same sex marriage be recognized as legal in every state. 154 00:08:18,680 --> 00:08:22,040 Speaker 1: A New Wall Street Journal polls shows Florida Governor Rhnde 155 00:08:22,080 --> 00:08:25,200 Speaker 1: Santis now holds an early lead over Donald Trump among 156 00:08:25,240 --> 00:08:28,320 Speaker 1: GOP primary voters fifty two to thirty eight percent. In 157 00:08:28,360 --> 00:08:31,400 Speaker 1: a hypothetical contest, we told you yesterday in New York 158 00:08:31,440 --> 00:08:34,080 Speaker 1: is encouraging people to mask up. New Jersey won't be 159 00:08:34,120 --> 00:08:37,160 Speaker 1: putting a mandate in place. Well, now we're learning. Connecticut 160 00:08:37,160 --> 00:08:39,800 Speaker 1: Governor Ned Lamont also says there's no need at this 161 00:08:39,880 --> 00:08:42,960 Speaker 1: point for a mandate. The Hartford Current reports. Lamont says 162 00:08:42,960 --> 00:08:45,520 Speaker 1: he sees no immediate concerns, but that you should wear 163 00:08:45,559 --> 00:08:48,120 Speaker 1: a mask if you show any symptoms, and you need 164 00:08:48,160 --> 00:08:51,200 Speaker 1: to get boosted if you haven't yet. The chief epidemiologist 165 00:08:51,200 --> 00:08:53,920 Speaker 1: at Hartford Healthcare, however, says you really do need to 166 00:08:53,920 --> 00:08:56,880 Speaker 1: wear a mask indoors as flu and COVID cases rise, 167 00:08:57,200 --> 00:08:59,960 Speaker 1: and Governor Lamont has ordered all US and state flag 168 00:09:00,000 --> 00:09:02,680 Speaker 1: it's to half staff today in remembrance of the victims 169 00:09:02,679 --> 00:09:05,360 Speaker 1: of the Sandy Hook Elementary School killings. It was ten 170 00:09:05,440 --> 00:09:08,240 Speaker 1: years ago today Adam Lanza opened fire at the school, 171 00:09:08,480 --> 00:09:12,040 Speaker 1: killing twenty children and six adults. Global News twenty four 172 00:09:12,080 --> 00:09:14,959 Speaker 1: hours a day on errand on Bloomberg Quicktake, powered by 173 00:09:15,000 --> 00:09:17,719 Speaker 1: more than twenty seven hundred journalists and analysts in more 174 00:09:17,720 --> 00:09:21,559 Speaker 1: than one hundred twenty countries. I'm Amy Morris. This is Bloomberg, Nathan. 175 00:09:21,679 --> 00:09:28,480 Speaker 1: Thanks six o nine on Wall Street Time for the 176 00:09:28,480 --> 00:09:30,360 Speaker 1: Bloomberg Sports up they brought to you by Tri State 177 00:09:30,400 --> 00:09:32,960 Speaker 1: out of your John Sanshwer, Thanks Dathan. Another example of 178 00:09:32,960 --> 00:09:36,040 Speaker 1: a baseball player who turned down a contract offer, hit 179 00:09:36,120 --> 00:09:39,560 Speaker 1: free agency and ended up making much more money happened 180 00:09:39,559 --> 00:09:42,600 Speaker 1: with Aaron Judge Andrew Bogarts. Now Carlos Correa wants the 181 00:09:42,600 --> 00:09:46,199 Speaker 1: first overall pick are the Astros. Houston offered him five years, 182 00:09:46,200 --> 00:09:48,560 Speaker 1: a hundred and sixty million a couple years ago. Korea 183 00:09:49,080 --> 00:09:52,200 Speaker 1: just signed with the San Francisco Giants thirteen years, three 184 00:09:52,360 --> 00:09:56,360 Speaker 1: hundred and fifty million. Between Corea, Bogarts and Trey Turner. 185 00:09:56,480 --> 00:10:00,560 Speaker 1: Three shortstops just signed contracts worth nine hundred and every million. 186 00:10:00,600 --> 00:10:03,480 Speaker 1: The Devil's the last month had that thirteen game win streak, 187 00:10:03,640 --> 00:10:05,400 Speaker 1: have now lost their last three, beaten at home by 188 00:10:05,440 --> 00:10:08,040 Speaker 1: Dallas for to one. Islanders lost in Boston for three 189 00:10:08,400 --> 00:10:12,120 Speaker 1: in the shootout, Washington in Chicago and m Milestone goal 190 00:10:13,440 --> 00:10:20,400 Speaker 1: turn over in fraud and cost shot they score Salle. 191 00:10:22,240 --> 00:10:27,000 Speaker 1: It's eight hundred goals in the National Hockey League. K 192 00:10:27,600 --> 00:10:30,240 Speaker 1: had to call two more goals in Ovechkin passes Gordy 193 00:10:30,280 --> 00:10:33,160 Speaker 1: Howe for second all time. He's still going strong at 194 00:10:33,160 --> 00:10:35,200 Speaker 1: age thirty seven. That we'll see if he can break 195 00:10:35,200 --> 00:10:39,320 Speaker 1: a record. Most felt was unreadable Wayne Gretzky's league leading 196 00:10:39,360 --> 00:10:42,160 Speaker 1: eight hundred and ninety four career goals. Sal Thanks beat 197 00:10:42,200 --> 00:10:45,240 Speaker 1: the Lakers in overtime. Utah end in New Orleans. Seven 198 00:10:45,280 --> 00:10:47,640 Speaker 1: game wins make a battle the last two NBA champs. 199 00:10:47,679 --> 00:10:50,679 Speaker 1: Milwaukee beat Golden State. Nick's played tonight in Chicago with 200 00:10:50,679 --> 00:10:54,240 Speaker 1: the World Cup Today's defending champion France and Cinderella Morocco. 201 00:10:54,800 --> 00:10:58,680 Speaker 1: The winner plays Argentina in Sunday's final. Mississippi State is 202 00:10:58,720 --> 00:11:01,320 Speaker 1: going to play its bowl, aim the school saying that's 203 00:11:01,360 --> 00:11:04,520 Speaker 1: what coach Mike Leach would have wanted. Leach passed away 204 00:11:04,520 --> 00:11:07,880 Speaker 1: at sixty one. Leach was a true football innovator and 205 00:11:07,960 --> 00:11:12,240 Speaker 1: a true character. John's Bloomberg Sports Nathan all Right, John, 206 00:11:12,280 --> 00:11:15,080 Speaker 1: thank you Bloomberg Sports Report was brought to you by Audie. 207 00:11:15,080 --> 00:11:17,000 Speaker 1: If don't let someone else drive off in the autie 208 00:11:17,080 --> 00:11:20,840 Speaker 1: model you've always wanted, visit your local tri state autie 209 00:11:20,840 --> 00:11:23,040 Speaker 1: dealer to get behind the wheel of yours today, or 210 00:11:23,120 --> 00:11:26,640 Speaker 1: visit autie Offers dot com for more information. Ahead of 211 00:11:26,679 --> 00:11:29,640 Speaker 1: the market open, ahead of the Fed decision, the final 212 00:11:29,840 --> 00:11:34,199 Speaker 1: policy decision of two futures are moving just a touch 213 00:11:34,280 --> 00:11:37,560 Speaker 1: lower now. We have SMP futures down six points, a 214 00:11:37,600 --> 00:11:41,280 Speaker 1: decline of about a tenth percent. NAZAC or futures are 215 00:11:41,320 --> 00:11:43,679 Speaker 1: down twenty four points, that's a drop of two tenths percent, 216 00:11:43,679 --> 00:11:45,600 Speaker 1: and the Dow futures right now down a tenth percent 217 00:11:45,760 --> 00:11:48,719 Speaker 1: or thirty seven points ten. Your treasury is up to 218 00:11:48,960 --> 00:11:52,120 Speaker 1: thirty seconds yield three point four nine percent yield on 219 00:11:52,200 --> 00:11:55,040 Speaker 1: the two year four point one seven percent. Looking at 220 00:11:55,080 --> 00:11:57,600 Speaker 1: the thirty year yield right now, that's at three point 221 00:11:57,679 --> 00:12:03,360 Speaker 1: five four percent six twelve on Wall Street. This is 222 00:12:03,400 --> 00:12:07,040 Speaker 1: Bloomberg Daybreak, as we are now just hours away from 223 00:12:07,040 --> 00:12:10,080 Speaker 1: the final policy decision from the Federal Reserve of twenty 224 00:12:10,200 --> 00:12:13,600 Speaker 1: twenty two. Bloomberg Economics and Policy correspondent Michael McKee is 225 00:12:13,640 --> 00:12:17,320 Speaker 1: in Washington, d c for the FEDS move on rates 226 00:12:17,400 --> 00:12:19,880 Speaker 1: and the news conference, of course from chair j Powell 227 00:12:19,920 --> 00:12:22,199 Speaker 1: and Mike is with us now live from our Bloomberg 228 00:12:23,000 --> 00:12:27,240 Speaker 1: studios in Washington, d C. Welcome back, Mike. The wide 229 00:12:27,280 --> 00:12:30,040 Speaker 1: expectation is that this is gonna be the day the 230 00:12:30,080 --> 00:12:34,280 Speaker 1: Fed starts to ease up on the gas. You know, 231 00:12:34,440 --> 00:12:36,920 Speaker 1: it's kind of funny. I was talking about this earlier. 232 00:12:37,000 --> 00:12:39,280 Speaker 1: It's like we're all going to a show, but members 233 00:12:39,280 --> 00:12:41,440 Speaker 1: of the cast have been out telling us the plot 234 00:12:41,520 --> 00:12:45,440 Speaker 1: for quite some time. The FEDS decision to go fifty 235 00:12:45,440 --> 00:12:49,480 Speaker 1: basis points well telegraphed, and nothing in the CPI report 236 00:12:49,559 --> 00:12:52,920 Speaker 1: yesterday changed that. I think they also are going to 237 00:12:52,960 --> 00:12:55,520 Speaker 1: make the case that there are going to be additional 238 00:12:55,640 --> 00:13:00,120 Speaker 1: rate increases, and they will have new economic forecast and 239 00:13:00,280 --> 00:13:03,320 Speaker 1: the new dot plot out. So even though we know 240 00:13:03,360 --> 00:13:05,120 Speaker 1: what the rate move is going to be, there's gonna 241 00:13:05,160 --> 00:13:08,240 Speaker 1: be plenty for the market to digest after j Pal 242 00:13:08,360 --> 00:13:10,800 Speaker 1: is done. And I guess there's a little bit of 243 00:13:10,800 --> 00:13:13,800 Speaker 1: a question, isn't there going into this meeting about whether 244 00:13:14,080 --> 00:13:18,120 Speaker 1: the data we've seen on inflation, the ease from the 245 00:13:18,200 --> 00:13:21,440 Speaker 1: peak back in June, is going to be enough for 246 00:13:21,840 --> 00:13:25,839 Speaker 1: Chairman Powell to start to at least hint at UH 247 00:13:26,200 --> 00:13:31,280 Speaker 1: more long term easing up later on in three, or 248 00:13:31,400 --> 00:13:34,000 Speaker 1: whether Chairman pal is going to keep up that hawk 249 00:13:34,120 --> 00:13:37,800 Speaker 1: ish message and sort of fight this market that's looking 250 00:13:37,800 --> 00:13:40,760 Speaker 1: for that pivot. I would likely come down on the 251 00:13:40,800 --> 00:13:43,400 Speaker 1: side of fight the market, because the Fed can always 252 00:13:43,440 --> 00:13:45,840 Speaker 1: change its mind. But if you let the market start 253 00:13:45,840 --> 00:13:48,559 Speaker 1: to believe you're going to cut rate sometime in three, 254 00:13:48,640 --> 00:13:50,360 Speaker 1: then there's a lot of people are gonna figure, well, 255 00:13:50,400 --> 00:13:52,800 Speaker 1: i'll just price that in now, and then that takes 256 00:13:52,840 --> 00:13:56,320 Speaker 1: away the monetary policy impact on inflation that they're trying 257 00:13:56,360 --> 00:13:59,160 Speaker 1: to have. So I think he'll be as ambiguous as 258 00:13:59,200 --> 00:14:01,960 Speaker 1: possible and say something like we're going to leave rates 259 00:14:01,960 --> 00:14:05,960 Speaker 1: for an extended period um to try to convince people 260 00:14:06,040 --> 00:14:10,720 Speaker 1: that there's no there's nothing on the horizon right now 261 00:14:10,880 --> 00:14:13,600 Speaker 1: in terms of rate cuts. That's something that they will 262 00:14:13,640 --> 00:14:17,280 Speaker 1: decide as the year goes along. So it doesn't sound 263 00:14:17,280 --> 00:14:20,200 Speaker 1: then like you're expecting that we're going to get much 264 00:14:20,240 --> 00:14:23,600 Speaker 1: in the way of changes to the language in the 265 00:14:23,640 --> 00:14:26,800 Speaker 1: final f y MC statement. I don't think. So there's 266 00:14:26,800 --> 00:14:29,880 Speaker 1: not a lot of percentage change for UH for gain 267 00:14:30,000 --> 00:14:33,920 Speaker 1: for them in doing that. They will adjust the economic 268 00:14:34,360 --> 00:14:38,840 Speaker 1: outlook economic analysis a little bit to reflect the latest data. 269 00:14:39,240 --> 00:14:41,040 Speaker 1: It will be interesting to see what they say about 270 00:14:41,040 --> 00:14:45,320 Speaker 1: inflation after the CPI report, Probably something along the lines 271 00:14:45,440 --> 00:14:49,680 Speaker 1: of inflation improved, but there are still pressures out there, 272 00:14:49,760 --> 00:14:52,920 Speaker 1: something something like that. But the rest of it is 273 00:14:53,160 --> 00:14:56,080 Speaker 1: probably going to be pretty much word for word what 274 00:14:56,120 --> 00:14:59,400 Speaker 1: we have seen in the past several statements. What are 275 00:14:59,440 --> 00:15:04,280 Speaker 1: you looking for, Mike, in terms of the projections on unemployment, 276 00:15:04,400 --> 00:15:07,560 Speaker 1: the tightness in the labor market that's been so vexing 277 00:15:07,680 --> 00:15:10,200 Speaker 1: for this FED over the last few months. That'll be 278 00:15:10,240 --> 00:15:11,960 Speaker 1: an interesting thing to look at it when we get 279 00:15:12,000 --> 00:15:14,520 Speaker 1: the summary of economic projections, because of course the FIT 280 00:15:14,600 --> 00:15:18,040 Speaker 1: had been forecasting that we would get to four and 281 00:15:18,040 --> 00:15:21,280 Speaker 1: a half percent or so on unemployment by the time 282 00:15:21,280 --> 00:15:25,000 Speaker 1: they were finished. Well, they're almost finished, probably raising rates, 283 00:15:25,080 --> 00:15:30,800 Speaker 1: and unemployment really hasn't moved significantly. So do they expect 284 00:15:31,640 --> 00:15:35,680 Speaker 1: still expect a big move in unemployment? And uh? If so, 285 00:15:36,320 --> 00:15:40,760 Speaker 1: then the question would be why, you know, given that 286 00:15:40,800 --> 00:15:43,520 Speaker 1: this is the last policy decision of the year, it's 287 00:15:43,600 --> 00:15:46,320 Speaker 1: kind of interesting to sort of think about what the 288 00:15:46,360 --> 00:15:52,240 Speaker 1: effect of this really aggressive rate tightening over this last 289 00:15:52,320 --> 00:15:56,360 Speaker 1: year has done. In two I mean we haven't really 290 00:15:56,400 --> 00:16:01,280 Speaker 1: experienced uh, this kind of rapid increase in interest rates 291 00:16:01,360 --> 00:16:05,360 Speaker 1: in decades. Mike. Yeah. The old saying is that the 292 00:16:05,400 --> 00:16:09,240 Speaker 1: policy works with long and variable lags. And that's true 293 00:16:09,280 --> 00:16:12,600 Speaker 1: because many of the decisions that you make based on 294 00:16:12,720 --> 00:16:17,880 Speaker 1: buying UM costs are borrowing costs rather are things that 295 00:16:17,920 --> 00:16:22,400 Speaker 1: are are more expensive and take longer to to decide on, 296 00:16:22,920 --> 00:16:26,960 Speaker 1: say moving house or buying a car, buying appliances, that 297 00:16:27,080 --> 00:16:30,080 Speaker 1: sort of thing. So it does take a while for 298 00:16:30,800 --> 00:16:35,000 Speaker 1: the borrowing costs to reach the end consumer of it, 299 00:16:35,040 --> 00:16:37,560 Speaker 1: even though they get priced into the markets right away. 300 00:16:37,640 --> 00:16:40,480 Speaker 1: And so, uh, the ft isn't sure yet how much 301 00:16:40,520 --> 00:16:43,800 Speaker 1: of an impact it has had, and most of that 302 00:16:43,840 --> 00:16:47,360 Speaker 1: will probably come first second quarter of next year, and 303 00:16:47,440 --> 00:16:50,840 Speaker 1: so we'll see, uh, we we will see this caution 304 00:16:50,920 --> 00:16:53,760 Speaker 1: from them about how high they need to go because 305 00:16:53,800 --> 00:16:57,520 Speaker 1: they don't know yet what they've already done. Our last 306 00:16:57,520 --> 00:17:00,560 Speaker 1: thirty seconds here, Mike, what's the main point you're looking 307 00:17:00,600 --> 00:17:03,640 Speaker 1: to hear from Chairman Powell today? Well, I think everybody 308 00:17:03,760 --> 00:17:06,680 Speaker 1: kind of wants to know where we are in a timeline. 309 00:17:06,920 --> 00:17:11,120 Speaker 1: Do we continue to raise rates at every meeting? Uh? 310 00:17:11,200 --> 00:17:14,080 Speaker 1: Does does that slow down? Um? And then I think 311 00:17:14,119 --> 00:17:17,320 Speaker 1: everybody wants to know whether he is going to support 312 00:17:17,320 --> 00:17:20,800 Speaker 1: Morocco or France playing in the World Cup at exactly 313 00:17:20,840 --> 00:17:24,399 Speaker 1: the time the FED is meeting. So so a lot 314 00:17:24,440 --> 00:17:27,720 Speaker 1: of people are gonna be torn between flipping between those 315 00:17:27,720 --> 00:17:30,000 Speaker 1: two things. On Toll, Well, we know that there isn't 316 00:17:30,000 --> 00:17:34,480 Speaker 1: gonna be any lag to your productivity today Bloomberg's Michael, Yeah, 317 00:17:34,480 --> 00:17:36,320 Speaker 1: you're probably gonna be watching it. You're gonna have like 318 00:17:36,359 --> 00:17:39,080 Speaker 1: two eyes, one on Pal, one on the game. Thanks 319 00:17:39,119 --> 00:17:43,000 Speaker 1: as always, Mike with us this morning from Washington ahead 320 00:17:43,000 --> 00:17:45,800 Speaker 1: of the FED decision and the j Pal news conference 321 00:17:45,880 --> 00:17:49,600 Speaker 1: that Mike will be watching with the game on his smartphone. 322 00:17:50,080 --> 00:17:52,720 Speaker 1: Bloomberg Radio and Television hasn't for you covered a special 323 00:17:52,800 --> 00:17:56,880 Speaker 1: edition to Bloomberg Surveillance. Starting at one thirty Wall Street time. 324 00:17:56,920 --> 00:18:03,240 Speaker 1: You're listening to Bloomberg Daybreak this morning, markets headlines and 325 00:18:03,359 --> 00:18:06,640 Speaker 1: breaking news twenty four hours a day at Bloomberg dot Com, 326 00:18:06,760 --> 00:18:10,320 Speaker 1: the Bloomberg Business at Hand at Bloomberg Cricktake. This is 327 00:18:10,320 --> 00:18:19,280 Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. US Dog 328 00:18:19,320 --> 00:18:23,119 Speaker 1: index futures have turned lower as investors debate weather inflation 329 00:18:23,280 --> 00:18:26,480 Speaker 1: has east enough to encourage the fed to slow monetary tightening. 330 00:18:26,680 --> 00:18:29,480 Speaker 1: We checked the markets all day long here on Bloomberg Radio. 331 00:18:29,680 --> 00:18:32,520 Speaker 1: S and P futures they're done about nine points right now, 332 00:18:32,520 --> 00:18:34,840 Speaker 1: down to tens of upper cent. DAL futures down to 333 00:18:34,960 --> 00:18:37,440 Speaker 1: tens of upper cent or sixty three points, and NASDAC 334 00:18:37,480 --> 00:18:40,679 Speaker 1: features down three tons percent or thirty six points. The 335 00:18:40,760 --> 00:18:43,400 Speaker 1: decks in Germany's down eight tenths of upper cent ten. 336 00:18:43,440 --> 00:18:46,080 Speaker 1: Your treasury, little change, you'll three point four nine percent 337 00:18:46,119 --> 00:18:48,600 Speaker 1: they yield on a two year four point one eight percent. 338 00:18:49,000 --> 00:18:51,560 Speaker 1: Nine X screwt oil is up one percent or seventy 339 00:18:51,600 --> 00:18:53,960 Speaker 1: three cents at seventy six dollars, twelve cents of Barrel 340 00:18:54,280 --> 00:18:56,560 Speaker 1: comic school down four tens per cent or six dollars 341 00:18:56,600 --> 00:18:59,639 Speaker 1: ninety cents in eighteen eighteen sixty announced. And that's a 342 00:18:59,680 --> 00:19:02,480 Speaker 1: bloom Burg business flash. Now here's Amy Morris with Moore 343 00:19:02,560 --> 00:19:05,359 Speaker 1: on what's going on around the world. Amy, thank you, Karen. 344 00:19:05,440 --> 00:19:07,560 Speaker 1: Lawmakers have hammered out a deal in a framework to 345 00:19:07,640 --> 00:19:10,960 Speaker 1: fund the government this fiscal year, helping to avert a shutdown. 346 00:19:11,200 --> 00:19:13,879 Speaker 1: The House luct committee investigating last year's attack on the 347 00:19:13,920 --> 00:19:16,760 Speaker 1: US Capitol will hold its final session on Monday, and 348 00:19:16,800 --> 00:19:19,359 Speaker 1: in sports. In the NHL, Alex of Etchkin reaches eight 349 00:19:19,480 --> 00:19:22,359 Speaker 1: hundred career goals, the Caps won, the Devil's lost, the 350 00:19:22,400 --> 00:19:25,040 Speaker 1: Bruins beat the Islanders, and in the NBA the Celtics 351 00:19:25,119 --> 00:19:28,040 Speaker 1: one of the Warriors lost. Global News twenty four hours 352 00:19:28,040 --> 00:19:31,280 Speaker 1: a day, powered by more than twenty journalists and analysts 353 00:19:31,280 --> 00:19:34,000 Speaker 1: in more than one hundred twenty countries. I'm Amy Morris. 354 00:19:34,000 --> 00:19:36,560 Speaker 1: This is Bloomberg, Nathan. Thanks Amy. It's six twenty three 355 00:19:36,560 --> 00:19:39,600 Speaker 1: on Wall Street. I'm Nathan Hager. This is Bloomberg Daybreak, 356 00:19:39,600 --> 00:19:41,280 Speaker 1: and we want to bring you more of our coverage 357 00:19:41,280 --> 00:19:43,280 Speaker 1: of the collapse of a f t X and the 358 00:19:43,359 --> 00:19:46,600 Speaker 1: arrest of its co founder, Sam Bankman Freed. Bloomberg Washington 359 00:19:46,640 --> 00:19:50,760 Speaker 1: correspondent Joe Matthew spoke with Democratic Congressman Brad Sherman about 360 00:19:50,760 --> 00:19:53,840 Speaker 1: what we learned yesterday when ft X is current CEO 361 00:19:54,000 --> 00:19:57,400 Speaker 1: testified before the House Financial Services Committee and the kind 362 00:19:57,480 --> 00:20:01,600 Speaker 1: of punishment Sam Bankman Freed could face. What do you 363 00:20:01,640 --> 00:20:05,760 Speaker 1: think of John Ray. I think he's doing a good job. 364 00:20:05,880 --> 00:20:09,800 Speaker 1: But the the barn door was open, the horses left, 365 00:20:09,920 --> 00:20:13,960 Speaker 1: and the we'll see what he what he can do. 366 00:20:13,960 --> 00:20:16,920 Speaker 1: Do you have an allergy to crypto just in general. 367 00:20:16,960 --> 00:20:18,879 Speaker 1: And there's no wrong answers here. This isn't like a 368 00:20:18,880 --> 00:20:21,160 Speaker 1: crypto show on Bloomberg or anything. But I can see 369 00:20:21,160 --> 00:20:25,520 Speaker 1: you're not a fan. No, the I've been trying for 370 00:20:25,600 --> 00:20:30,040 Speaker 1: five years to either banned American investment in crypto or 371 00:20:30,080 --> 00:20:34,920 Speaker 1: to force the entire crypto ecosystem to follow them know 372 00:20:35,119 --> 00:20:39,920 Speaker 1: your Customer rules. They won't do that because the whole 373 00:20:40,000 --> 00:20:43,879 Speaker 1: purpose of crypto, the business plan, is to be a 374 00:20:44,160 --> 00:20:50,000 Speaker 1: secret currency, hence the term cryptocurrency, and to compete with 375 00:20:50,040 --> 00:20:53,760 Speaker 1: the US dollar by having one advantage over the US dollar, 376 00:20:54,000 --> 00:20:57,919 Speaker 1: and that is that it's a currency. They can be 377 00:20:57,920 --> 00:21:03,680 Speaker 1: better used by those who engage in sanctions, evasion, tax evasion. 378 00:21:04,520 --> 00:21:07,879 Speaker 1: Um based in bankman Freed will tell you about bankruptcy, 379 00:21:07,920 --> 00:21:12,320 Speaker 1: court evasion, drug dealing, etcetera. Is this the moment here? 380 00:21:12,680 --> 00:21:15,120 Speaker 1: Is ft X a crypto story that is this sort 381 00:21:15,119 --> 00:21:18,359 Speaker 1: of the the hook that leads to the regulation or 382 00:21:18,400 --> 00:21:23,159 Speaker 1: is this just an old fashioned offshore robbery story. Um 383 00:21:23,200 --> 00:21:26,359 Speaker 1: My fear is that it will be regarded as the latter. 384 00:21:26,960 --> 00:21:32,080 Speaker 1: And the fact is, though, when you're dealing with an enterprise, 385 00:21:32,480 --> 00:21:35,520 Speaker 1: the whole purpose of which is to come up with 386 00:21:35,600 --> 00:21:41,720 Speaker 1: a currency, system that allows you to evade American financial law. 387 00:21:42,720 --> 00:21:45,040 Speaker 1: Then you're going to be dealing with people who are 388 00:21:45,080 --> 00:21:48,280 Speaker 1: going to evade American financial law. Talk to us about 389 00:21:48,320 --> 00:21:51,360 Speaker 1: the donation's Congressman, are you concerned the Democrats who took 390 00:21:51,359 --> 00:21:54,920 Speaker 1: money from Sam Bank and Freed could bring credibility issues 391 00:21:55,080 --> 00:21:58,919 Speaker 1: to this story. Are the two parties prepared to tackle 392 00:21:58,960 --> 00:22:03,200 Speaker 1: this together? Well? Uh, the fact is Sam bankman Freed 393 00:22:03,480 --> 00:22:06,199 Speaker 1: uh did interview last month in which he said he 394 00:22:06,280 --> 00:22:10,240 Speaker 1: gave as much money to Republicans as Democrats, but the 395 00:22:10,280 --> 00:22:14,520 Speaker 1: Republican money he gave the dark money organizations. And he 396 00:22:14,560 --> 00:22:16,919 Speaker 1: explained why, and it made perfect sense. He says, the 397 00:22:16,960 --> 00:22:21,439 Speaker 1: press is liberal, probably is, and they would have beaten 398 00:22:21,520 --> 00:22:25,040 Speaker 1: him up for giving money two Republicans. So he gives 399 00:22:25,040 --> 00:22:28,160 Speaker 1: the Republican money under the table, gives the Democratic money 400 00:22:29,480 --> 00:22:34,639 Speaker 1: over the table. He's an equal opportunity influence purchasers. And 401 00:22:34,680 --> 00:22:39,600 Speaker 1: then uh uh Ryan Slom, the co CEO of one 402 00:22:39,640 --> 00:22:45,720 Speaker 1: of the FDx enterprises, did another million dollars exclusively to Republicans. 403 00:22:45,800 --> 00:22:52,760 Speaker 1: So uh, they they had one thing, keep the sec 404 00:22:53,240 --> 00:22:57,480 Speaker 1: out of the crypto world. And the point, the point 405 00:22:57,520 --> 00:23:00,880 Speaker 1: I made to my colleagues today is don't come here 406 00:23:01,000 --> 00:23:05,320 Speaker 1: and trash. Sam Bankman freed and then passes bill. His 407 00:23:05,440 --> 00:23:09,159 Speaker 1: bill is designed to provide a little patina of regulation 408 00:23:09,280 --> 00:23:13,119 Speaker 1: to crypto uh, to give authority to the CFTC, a 409 00:23:13,240 --> 00:23:17,639 Speaker 1: much weaker regulatory organization, and then make people feel safe. 410 00:23:18,200 --> 00:23:22,120 Speaker 1: That was Democratic Congressman Brad Sherman speaking with Bloomberg's Joe 411 00:23:22,119 --> 00:23:25,160 Speaker 1: Matthew on sound On. You can catch the show weeknights 412 00:23:25,200 --> 00:23:28,920 Speaker 1: five pm Wall Street Time on Bloomberg Radio, or download 413 00:23:28,960 --> 00:23:33,120 Speaker 1: the sound on podcast wherever you get your podcasts. Let's 414 00:23:33,119 --> 00:23:36,240 Speaker 1: look a bitcoin right now, trading four tenths of a 415 00:23:36,320 --> 00:23:40,479 Speaker 1: percent higher this morning, right around seventeen thousand, eight hundred 416 00:23:41,000 --> 00:23:44,320 Speaker 1: SMP futures are down six points, Stayle futures down forty two, 417 00:23:44,320 --> 00:23:47,520 Speaker 1: and Nasdaq futures are lower by twenty seven points ten. 418 00:23:47,600 --> 00:23:51,200 Speaker 1: Your treasury yield three point four nine percent. We've got 419 00:23:51,240 --> 00:23:53,920 Speaker 1: your top stories, local headlines, and the full check of 420 00:23:54,000 --> 00:23:57,600 Speaker 1: markets just ahead. First, let's check in with Bloomberg meteorologist 421 00:23:57,720 --> 00:24:01,000 Speaker 1: Rob Carolin for your weather forecast. High pressure is in 422 00:24:01,000 --> 00:24:03,520 Speaker 1: control today. We'll see sunshine, but we'll also notice that 423 00:24:03,520 --> 00:24:05,720 Speaker 1: sun getting a little dimmer this afternoon. Is some high 424 00:24:05,720 --> 00:24:08,400 Speaker 1: clouds move in from the west and south. Temperatures today 425 00:24:08,400 --> 00:24:10,600 Speaker 1: at the forty It will become cloudy overnight thirty to 426 00:24:10,720 --> 00:24:13,639 Speaker 1: thirty five. Low pressure is headed towards the region tomorrow 427 00:24:13,640 --> 00:24:16,040 Speaker 1: that will result in rain tomorrow afternoon. Element may start 428 00:24:16,040 --> 00:24:19,280 Speaker 1: as wet snow forty five, rainy, breezy Friday forty five 429 00:24:19,359 --> 00:24:21,840 Speaker 1: to fift eight. I'm Rob Carolyn with your three and 430 00:24:21,880 --> 00:24:28,560 Speaker 1: a forecast on Bloomberg eleven three oh broadcasting live from 431 00:24:28,560 --> 00:24:32,399 Speaker 1: the Bloomberg Interacted Broker's studio in New York, Bloomberg E 432 00:24:32,440 --> 00:24:35,720 Speaker 1: Living Free on to Washington, d C, Bloomberg nine one 433 00:24:35,800 --> 00:24:39,040 Speaker 1: to Boston, Bloomberg one O six one does San Francisco, 434 00:24:39,119 --> 00:24:42,560 Speaker 1: Bloomberg nine sixty to the country, Sirius XM T one 435 00:24:42,640 --> 00:24:46,359 Speaker 1: ninet and around the globe the Bloomberg Business and Bloomberg 436 00:24:46,440 --> 00:24:55,560 Speaker 1: Radio dot Com. This is Bloomberg Daybreak, coming up to 437 00:24:55,640 --> 00:24:57,879 Speaker 1: six thirty on Wall Street. Good morning, I'm Nathan Hagar 438 00:24:58,240 --> 00:25:00,960 Speaker 1: and I'm Karen Moscow or just a three hours away 439 00:25:01,000 --> 00:25:02,920 Speaker 1: from the open of US training time for the five 440 00:25:02,920 --> 00:25:05,040 Speaker 1: things you need to know to start your day. Brought 441 00:25:05,080 --> 00:25:08,920 Speaker 1: to you by Interactive Brokers. Interactive Broker's clients are an 442 00:25:08,920 --> 00:25:11,280 Speaker 1: interest of up to three point three three on the 443 00:25:11,320 --> 00:25:14,640 Speaker 1: idle cash and their brokerage accounts. Visit ibyk r dot 444 00:25:14,720 --> 00:25:18,280 Speaker 1: com slash interest rates to learn more. At first, the 445 00:25:18,320 --> 00:25:21,159 Speaker 1: Federal Reserve is set to decide on interest rates for 446 00:25:21,200 --> 00:25:24,960 Speaker 1: the final time this year. Influential economist at Stanford University, 447 00:25:25,000 --> 00:25:28,560 Speaker 1: Professor John Taylor says the Central Bank cannot afford to 448 00:25:28,640 --> 00:25:31,840 Speaker 1: pause hikes too quickly. The Fed got well behind the 449 00:25:31,840 --> 00:25:34,199 Speaker 1: curve in the seventies and we don't want to have 450 00:25:34,240 --> 00:25:37,359 Speaker 1: that situation. The inflation rate increase has been over a 451 00:25:37,400 --> 00:25:40,480 Speaker 1: shorter period of time, is maybe eighteen months. So we 452 00:25:40,520 --> 00:25:43,480 Speaker 1: can do this if the fetish determined, if the people 453 00:25:43,520 --> 00:25:45,679 Speaker 1: are supportive of the Fed, if they realized this is 454 00:25:45,720 --> 00:25:48,400 Speaker 1: the best way to get the inflation down. It's not 455 00:25:48,480 --> 00:25:51,520 Speaker 1: by waiting and dilly dally, and it's really by taking 456 00:25:51,560 --> 00:25:54,800 Speaker 1: the action right now. Stanford. John Taylor spoke with Bloomberg's 457 00:25:54,840 --> 00:25:57,760 Speaker 1: Kathleen Hayes. Stay tuned for coverage of today's FED decision 458 00:25:57,800 --> 00:26:00,240 Speaker 1: at one thirty pm Wall Street Time on bloom Burg 459 00:26:00,359 --> 00:26:03,640 Speaker 1: Radio and television. Well the Fed decision comes, Karen after 460 00:26:03,720 --> 00:26:06,640 Speaker 1: Stock's got a boost from yesterday's CPI reading the key 461 00:26:06,680 --> 00:26:09,879 Speaker 1: gauge of consumer prices posted its smallest monthly advance in 462 00:26:09,920 --> 00:26:13,320 Speaker 1: more than a year. But Kathryn Kaminsky, she researched strategist 463 00:26:13,400 --> 00:26:16,480 Speaker 1: with Alpha Simplex, says traders should expect more bumps ahead. 464 00:26:16,800 --> 00:26:19,880 Speaker 1: People are really anticipating that this will disappear a lot 465 00:26:20,000 --> 00:26:23,000 Speaker 1: quicker than say the Fed is really willing to act. 466 00:26:23,480 --> 00:26:26,280 Speaker 1: They still have to figure out how to deal with 467 00:26:26,320 --> 00:26:29,639 Speaker 1: such a big difference between their desired inflation number and 468 00:26:29,680 --> 00:26:32,640 Speaker 1: where we already are. Kathryn Kaminsky with Alpha Simplex says 469 00:26:32,680 --> 00:26:35,800 Speaker 1: she's closely watching the next steps. Jade Powell outlines in 470 00:26:35,880 --> 00:26:38,359 Speaker 1: today's news conference, Well now, Nathan, we moved to the 471 00:26:38,440 --> 00:26:41,960 Speaker 1: latest on disgraced ftx go founder Sam Bankman Freed. We're 472 00:26:42,000 --> 00:26:45,040 Speaker 1: learning he plans to fight extradition to the US and Bloomberg. 473 00:26:45,040 --> 00:26:47,920 Speaker 1: Steve Rappaport joins US Live with more. Steve, good morning, 474 00:26:48,000 --> 00:26:50,760 Speaker 1: Good morning, Karen, and Nathan. U s authorities can lobby 475 00:26:50,800 --> 00:26:53,760 Speaker 1: the Bohemian government all they want to hand Bankman Freed over, 476 00:26:53,960 --> 00:26:56,960 Speaker 1: but a group of advisors in London has the final say. 477 00:26:57,000 --> 00:27:00,320 Speaker 1: That's because the island is a British commonwealth, potentially up 478 00:27:00,320 --> 00:27:02,560 Speaker 1: the case for years if Bankman Free takes his fight 479 00:27:02,640 --> 00:27:05,320 Speaker 1: all the way to the Privy Council meantime of Bahamian 480 00:27:05,400 --> 00:27:07,879 Speaker 1: judge denied Bankman Freed's request for bail, deeming him a 481 00:27:07,880 --> 00:27:11,000 Speaker 1: flight risk, and extradition hearing is scheduled for February eighth, 482 00:27:11,320 --> 00:27:14,680 Speaker 1: Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. All right, Steve, 483 00:27:14,720 --> 00:27:16,680 Speaker 1: think we have a political note this morning as well, 484 00:27:16,720 --> 00:27:19,760 Speaker 1: the Biden administration's ramping up tensions with China as it 485 00:27:19,800 --> 00:27:22,879 Speaker 1: plans to put China's leading maker of memory chips and 486 00:27:22,880 --> 00:27:26,480 Speaker 1: more than thirty other companies on the US trade blacklist 487 00:27:26,600 --> 00:27:29,800 Speaker 1: that would prevent them from buying certain American technology. And 488 00:27:29,840 --> 00:27:31,920 Speaker 1: that's the five things that you need to notice start 489 00:27:31,960 --> 00:27:35,240 Speaker 1: your day. Brought to you by Interactive Brokers. Again, futures 490 00:27:35,280 --> 00:27:37,760 Speaker 1: are moving lower this morning. S and P Future is 491 00:27:37,800 --> 00:27:39,880 Speaker 1: now down five points or about a tenth of upper 492 00:27:39,960 --> 00:27:42,320 Speaker 1: cent DAL Future is down almost a tenth of upper 493 00:27:42,359 --> 00:27:44,960 Speaker 1: cent or twenty nine points, and NASDAC features down two 494 00:27:45,000 --> 00:27:48,040 Speaker 1: tenths per cent er twenty one points. Ten year Treasury 495 00:27:48,080 --> 00:27:50,479 Speaker 1: up one thirty second deal three point four and nine percent, 496 00:27:50,520 --> 00:27:52,880 Speaker 1: and they yield on the two year four point one 497 00:27:53,000 --> 00:27:56,960 Speaker 1: eight percent straight ahead, your latest local headlines, plus the 498 00:27:57,080 --> 00:28:04,440 Speaker 1: check of sports. Sam. This is Bloomberg. Thanks Karen sixty 499 00:28:04,480 --> 00:28:06,480 Speaker 1: one on Wall Street. Amy Morris is here now with 500 00:28:06,520 --> 00:28:07,919 Speaker 1: a look at what's going on in New York and 501 00:28:08,000 --> 00:28:10,639 Speaker 1: around the world. Amy, Good morning, Good morning Nathan. A 502 00:28:10,680 --> 00:28:13,560 Speaker 1: New York Police Department evidence center in a warehouse in 503 00:28:13,640 --> 00:28:16,880 Speaker 1: Brooklyn has partially collapsed after a three alarm fire broke 504 00:28:16,920 --> 00:28:20,440 Speaker 1: out yesterday. Fire Chief John Hodgen says everything inside the 505 00:28:20,480 --> 00:28:23,320 Speaker 1: facility is either lost or damage. This building is not 506 00:28:23,480 --> 00:28:27,359 Speaker 1: really a very sturdy type of building. It's a metal 507 00:28:27,400 --> 00:28:31,920 Speaker 1: building with trust construction, which has a large collapse potential, 508 00:28:32,040 --> 00:28:34,520 Speaker 1: which is why we backed on members out of the building. 509 00:28:34,680 --> 00:28:37,639 Speaker 1: Fire is expected to keep burning for days. Lawmakers have 510 00:28:37,680 --> 00:28:39,880 Speaker 1: hammered out a deal in a framework to fund the 511 00:28:39,920 --> 00:28:43,160 Speaker 1: government for the fiscal years. Senate Republican leader Mitch McConnell 512 00:28:43,200 --> 00:28:45,200 Speaker 1: says they have to be done with this by December 513 00:28:45,280 --> 00:28:48,360 Speaker 1: twenty two, not to be back here between Christmas and 514 00:28:48,440 --> 00:28:51,880 Speaker 1: New Year's and if we can't meet that deadline, would 515 00:28:51,920 --> 00:28:56,720 Speaker 1: be happy to pass a short term cr into early 516 00:28:56,800 --> 00:28:58,920 Speaker 1: next year. McConnell's has a short term bill is the 517 00:28:59,000 --> 00:29:02,040 Speaker 1: most likely solution and and that lawmakers will likely take 518 00:29:02,120 --> 00:29:05,040 Speaker 1: up an omnibus bill in the new year. Republicans seem 519 00:29:05,080 --> 00:29:08,320 Speaker 1: to be leading toward Florida Governor Ronda Santis. A New 520 00:29:08,320 --> 00:29:11,200 Speaker 1: Wall Street Journal poll shows to Santis now leading up, 521 00:29:11,560 --> 00:29:15,200 Speaker 1: holding an early lead over Donald Trump among GOP primary 522 00:29:15,280 --> 00:29:18,440 Speaker 1: voters fifty two to thirty eight percent, and a hypothetical contest. 523 00:29:18,960 --> 00:29:22,000 Speaker 1: Advocates are calling on a federal judge to immediately pause 524 00:29:22,040 --> 00:29:26,160 Speaker 1: New York City's initiative to involuntarily hospitalize those suffering from 525 00:29:26,200 --> 00:29:30,040 Speaker 1: mental health episodes. Miranda von Dalen with New York Lawyers 526 00:29:30,040 --> 00:29:33,600 Speaker 1: for Public Interest says the Mayor's plan is unconstitutional and 527 00:29:33,720 --> 00:29:37,080 Speaker 1: violates the Americans with disabilities at People are now scared 528 00:29:37,120 --> 00:29:40,360 Speaker 1: to leave their homes because they think that they may 529 00:29:40,400 --> 00:29:43,640 Speaker 1: get picked up by the police for psychiatric evaluation. New 530 00:29:43,680 --> 00:29:47,200 Speaker 1: York Mayor Adams says this is not a police let initiative. 531 00:29:47,480 --> 00:29:49,760 Speaker 1: Global News twenty four hours a day on air and 532 00:29:49,880 --> 00:29:52,320 Speaker 1: on Bloomberg Quick Take, powered by more than twenty seven 533 00:29:52,360 --> 00:29:55,360 Speaker 1: hundred journalists and analysts in more than one hundred twenty countries. 534 00:29:55,720 --> 00:30:03,800 Speaker 1: I'm Amy Morris, this is Bloomberg. Nathan six thirty three 535 00:30:03,800 --> 00:30:05,760 Speaker 1: on Wall Street time for the Bloomberg Sports that day, 536 00:30:05,800 --> 00:30:09,040 Speaker 1: proxy by Fries state, out of your stunts, Okay, Nathan, 537 00:30:09,240 --> 00:30:11,600 Speaker 1: It's great to be a free agent shortstop. Three of 538 00:30:11,680 --> 00:30:14,560 Speaker 1: them just signed contracts worth a total of nine hundred 539 00:30:14,560 --> 00:30:17,760 Speaker 1: and thirty million dollars. Trade Turner to the Phillies, Andrew 540 00:30:17,800 --> 00:30:20,960 Speaker 1: Bogart's to San Diego, and now Carlos Correa headed to 541 00:30:21,000 --> 00:30:25,120 Speaker 1: the San Francisco Giants thirteen years, three hundred and fifty million, 542 00:30:25,240 --> 00:30:28,000 Speaker 1: the Giants using money they had originally hoped to use 543 00:30:28,040 --> 00:30:30,520 Speaker 1: on Aaron Judge on the ice. Devils are cooling off, 544 00:30:30,600 --> 00:30:32,360 Speaker 1: lost at home to Dallas four to one, their third 545 00:30:32,400 --> 00:30:35,640 Speaker 1: straight lost. Islanders in Boston, where the Bruins only lost 546 00:30:35,680 --> 00:30:38,120 Speaker 1: once all season. The Bruins won for three you know, 547 00:30:38,200 --> 00:30:40,480 Speaker 1: shootout a hat trick for alex O Vets get in 548 00:30:40,480 --> 00:30:43,520 Speaker 1: Washington's win. The last of the three was career goal 549 00:30:43,600 --> 00:30:46,400 Speaker 1: number eight hundred. Nicks go for a fifth grade win tonight. 550 00:30:46,440 --> 00:30:48,880 Speaker 1: They're in Chicago. Morocco has made it to the World 551 00:30:48,880 --> 00:30:52,520 Speaker 1: Cuffs Semifinals by allowing only one goal in five games 552 00:30:52,520 --> 00:30:56,160 Speaker 1: that was an own goal. They've already upset Spain and Portugal, 553 00:30:56,200 --> 00:30:59,320 Speaker 1: and today Morocco takes on defending champion France and the 554 00:30:59,320 --> 00:31:03,239 Speaker 1: winner faces is Argentina in Sunday's World Cup Finals Sunday Night, 555 00:31:03,640 --> 00:31:06,160 Speaker 1: huge game for the Giants in Washington. They had that 556 00:31:06,280 --> 00:31:09,040 Speaker 1: tie with the commanders of the two teams are tied 557 00:31:09,080 --> 00:31:12,160 Speaker 1: in the standings. Brian day Balls team winless in the 558 00:31:12,200 --> 00:31:14,920 Speaker 1: last four games. A long season. There's quite a bit 559 00:31:14,920 --> 00:31:17,400 Speaker 1: of adversity throughout it. Maybe it's you know, for some teams, 560 00:31:17,400 --> 00:31:19,400 Speaker 1: it's in the beginning, for some teams it's in the middle, 561 00:31:19,760 --> 00:31:21,760 Speaker 1: for other teams at the end. You know, we're going 562 00:31:21,760 --> 00:31:23,640 Speaker 1: through a little bit of it right now, and I 563 00:31:23,680 --> 00:31:28,600 Speaker 1: think it's important to stay consistent um do the things 564 00:31:28,640 --> 00:31:30,480 Speaker 1: that you need to do to try to win games. 565 00:31:30,520 --> 00:31:33,400 Speaker 1: Washington only one loss in its last eight games that 566 00:31:33,480 --> 00:31:35,840 Speaker 1: Jets Sunday host Detroit and the Lions have won five 567 00:31:35,880 --> 00:31:38,880 Speaker 1: of the last six. John Stash went Bloomberg Sports. Nathan 568 00:31:39,040 --> 00:31:41,800 Speaker 1: all right, John, thank you, and Bloomberg Sports was brought 569 00:31:41,800 --> 00:31:43,760 Speaker 1: to you by Audie. Don't let someone else drive off 570 00:31:43,760 --> 00:31:46,280 Speaker 1: in the Audi model you've always wanted. Visit your local 571 00:31:46,280 --> 00:31:48,520 Speaker 1: Try and State Autie dealer to get behind the wheel 572 00:31:48,520 --> 00:31:51,880 Speaker 1: of yours today, or visit Autie offers dot Com for 573 00:31:51,920 --> 00:31:55,360 Speaker 1: more information. Sp futures down down seven point, stuff futures down, 574 00:31:56,120 --> 00:32:01,520 Speaker 1: and NASTAC futures are lower by twenty nine points six 575 00:32:01,600 --> 00:32:04,080 Speaker 1: thirty five on Wall Street. Bloomberg Radio is on the 576 00:32:04,080 --> 00:32:06,840 Speaker 1: air from San Francisco to New York, London to Hong Kong. 577 00:32:07,200 --> 00:32:09,000 Speaker 1: Let's check in with our global news team for some 578 00:32:09,040 --> 00:32:11,240 Speaker 1: of the top stories heard on our three hundred affiliate 579 00:32:11,320 --> 00:32:17,880 Speaker 1: radio stations around the world. I'm Steve Potisk on wf 580 00:32:18,080 --> 00:32:20,760 Speaker 1: L A Tampa Bay. We're talking about a possible two 581 00:32:20,800 --> 00:32:24,840 Speaker 1: billion dollar sail of a St. Petersburg software company. I'm 582 00:32:24,920 --> 00:32:27,800 Speaker 1: Corny Tanaho on ktr H in Houston. The cost of 583 00:32:27,880 --> 00:32:31,440 Speaker 1: dessert keeps on surging ahead of holidays. I'm Kimberly Adams 584 00:32:31,440 --> 00:32:34,120 Speaker 1: and on KYW in Philadelphia. I'll be reporting on one 585 00:32:34,200 --> 00:32:38,360 Speaker 1: of the world's largest banking organizations sending out recruitment emails 586 00:32:38,400 --> 00:32:42,360 Speaker 1: to rival bankers facing cuts. I'm Stephen Carol and Bloomberg 587 00:32:42,440 --> 00:32:44,440 Speaker 1: d a B Radio in London. We've been reporting on 588 00:32:44,600 --> 00:32:48,240 Speaker 1: UK consumer price inflation slowing more than had been expected 589 00:32:48,240 --> 00:32:51,480 Speaker 1: in November, but staying close to a forty one year high. 590 00:32:51,480 --> 00:32:54,440 Speaker 1: I'm d Cory on w w J in Detroit. I'm 591 00:32:54,520 --> 00:32:57,200 Speaker 1: reporting GM wants to make sure it has the minerals 592 00:32:57,200 --> 00:32:59,960 Speaker 1: it needs to be a major player in electric vehicle 593 00:33:00,960 --> 00:33:04,120 Speaker 1: Those are some of the stories our hundred Bloomberg journalists 594 00:33:04,120 --> 00:33:06,880 Speaker 1: and analysts are working on this morning around the world. 595 00:33:07,000 --> 00:33:09,880 Speaker 1: It's six thirty six on Wall Street. The following is 596 00:33:09,920 --> 00:33:13,760 Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by 597 00:33:13,760 --> 00:33:17,280 Speaker 1: the Bloomberg Editorial Board. Is the age of nuclear fusion 598 00:33:17,400 --> 00:33:21,360 Speaker 1: finally dawning? After decades of research, scientists have been making 599 00:33:21,400 --> 00:33:25,040 Speaker 1: serious progress. This week came news of the latest milestone. 600 00:33:25,360 --> 00:33:29,000 Speaker 1: Scientists in California recently induced a fusion reaction that produced 601 00:33:29,000 --> 00:33:32,320 Speaker 1: a net energy gain. In other words, it generated more 602 00:33:32,320 --> 00:33:35,640 Speaker 1: power than it consumed. Net gain has been the elusive 603 00:33:35,680 --> 00:33:39,160 Speaker 1: loadstar of fusion research since the nineteen fifties. Realizing it 604 00:33:39,200 --> 00:33:41,960 Speaker 1: should give a major boost to global research efforts and 605 00:33:42,080 --> 00:33:46,440 Speaker 1: offer a tantalizing glimpse of fusion's real world possibilities. As 606 00:33:46,440 --> 00:33:50,920 Speaker 1: the science advances, global cooperation will be essential, and above all, 607 00:33:51,280 --> 00:33:53,760 Speaker 1: governments must avoid the sort of red tape that has 608 00:33:53,840 --> 00:33:57,800 Speaker 1: needlessly held up traditional fission projects. Unlocking the power of 609 00:33:57,800 --> 00:34:00,920 Speaker 1: the stars will be no easy feet This editorial was 610 00:34:00,920 --> 00:34:04,280 Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg opinion, 611 00:34:04,360 --> 00:34:06,840 Speaker 1: please go to Bloomberg dot com slash Opinion or O 612 00:34:07,000 --> 00:34:09,520 Speaker 1: P I n go on the Bloomberg Terminal. This has 613 00:34:09,600 --> 00:34:13,120 Speaker 1: been Bloomberg opinion and you can hear Bloomberg opinion commentaries 614 00:34:13,160 --> 00:34:16,319 Speaker 1: every weekday at this time, terminal customers can read more 615 00:34:16,840 --> 00:34:19,240 Speaker 1: at O P I n go. As we look ahead 616 00:34:19,280 --> 00:34:22,200 Speaker 1: to the market open and the final Federal Reserve decision 617 00:34:22,200 --> 00:34:25,880 Speaker 1: of twenty twenty two, futures are taking a leg lower. 618 00:34:25,960 --> 00:34:28,520 Speaker 1: We have SMP futures right now down eight points down, 619 00:34:28,560 --> 00:34:31,239 Speaker 1: futures are down fifty five and NASDAC futures are lower 620 00:34:31,280 --> 00:34:34,320 Speaker 1: now by thirty three points ten. Your treasury is little 621 00:34:34,440 --> 00:34:37,359 Speaker 1: changed now, the yield just shy of three point five 622 00:34:37,360 --> 00:34:39,600 Speaker 1: percent yield on the two year four point one eight 623 00:34:40,080 --> 00:34:42,520 Speaker 1: nim X scrudgs moving higher. That's on one percent or 624 00:34:42,600 --> 00:34:45,160 Speaker 1: seventy six cents at seventy thirteen of barrel for West 625 00:34:45,160 --> 00:34:48,240 Speaker 1: Texas Intermediate Comx skolled down four tenths percent at eighteen 626 00:34:48,320 --> 00:34:51,200 Speaker 1: eighteen fifty announced straight ahead on daybreak, we head to 627 00:34:51,239 --> 00:34:54,120 Speaker 1: the nation's capital. The f t X fallout new tensions 628 00:34:54,120 --> 00:34:58,680 Speaker 1: with China and our Republicans fading former President Trump. This 629 00:34:59,200 --> 00:35:05,560 Speaker 1: is Bloomberg Markets, headlines and breaking news twenty four hours 630 00:35:05,560 --> 00:35:08,520 Speaker 1: a day at Bloomberg dot com, the Bloomberg Business at 631 00:35:08,640 --> 00:35:12,440 Speaker 1: and at Bloomberg Quicktake. This is a Bloomberg Business clash 632 00:35:18,440 --> 00:35:21,840 Speaker 1: and I'm Karen Moscow, and futures are lower this morning. 633 00:35:21,840 --> 00:35:23,920 Speaker 1: We go to the first word breaking news dash for 634 00:35:23,960 --> 00:35:26,720 Speaker 1: today's morning call, and here's Bill Maloney. Bill, good morning, 635 00:35:27,239 --> 00:35:29,719 Speaker 1: and good morning, Karen. That's right. Modest losses in the 636 00:35:29,800 --> 00:35:32,000 Speaker 1: US futures right now at down futures down forty six 637 00:35:32,000 --> 00:35:33,920 Speaker 1: point says to be dropped seven and and as the 638 00:35:34,040 --> 00:35:37,640 Speaker 1: futures are lower by twenty nine, the US ten yield 639 00:35:37,640 --> 00:35:40,400 Speaker 1: at three point five percent, Gold is down six, Oil 640 00:35:40,440 --> 00:35:43,560 Speaker 1: is trading in the green, and bitcoin is a little changed. 641 00:35:43,880 --> 00:35:46,680 Speaker 1: Japan rose point seven percent overnight, while your pre markets 642 00:35:46,719 --> 00:35:49,000 Speaker 1: are in the red this morning, and back in the US. 643 00:35:49,040 --> 00:35:51,520 Speaker 1: On the economic Frontay thirty, the import price in next 644 00:35:51,840 --> 00:35:54,840 Speaker 1: and at two o'clock the eff MC rate decision. In 645 00:35:54,960 --> 00:35:57,360 Speaker 1: other news, the i e A said that oil prices 646 00:35:57,400 --> 00:36:01,319 Speaker 1: may rally next year as sanctions squeeze Ussian supplies and 647 00:36:01,400 --> 00:36:03,560 Speaker 1: wrapping things up Hilton was cut to neutral over at 648 00:36:03,600 --> 00:36:05,759 Speaker 1: C Group, Martin mary And was cut the equate at 649 00:36:05,760 --> 00:36:08,879 Speaker 1: Morgan Stanley, and Liberty Global was cut to neutral over 650 00:36:08,920 --> 00:36:12,200 Speaker 1: at Goldman Sachs. Live from the First Breaking News doscom 651 00:36:12,280 --> 00:36:14,480 Speaker 1: do maloney care? All right, Phil, thank you to hear 652 00:36:14,600 --> 00:36:17,760 Speaker 1: live breaking news over your Bloomberg type squawk on your terminal. 653 00:36:17,880 --> 00:36:20,600 Speaker 1: Sc you a w K and that's a Bloomberg business flash. 654 00:36:20,680 --> 00:36:22,920 Speaker 1: Now here's Amy Morris with Moore on what's going on 655 00:36:22,960 --> 00:36:25,120 Speaker 1: around the world. Amy, all right, thank you. Care and 656 00:36:25,200 --> 00:36:28,200 Speaker 1: the White House asking Congress for resources to help mitigate 657 00:36:28,239 --> 00:36:32,160 Speaker 1: an influx of migrants crossing the US Mexico border. Democrats 658 00:36:32,160 --> 00:36:35,640 Speaker 1: want to work with Republicans on bipartisan immigration reform as 659 00:36:35,680 --> 00:36:38,239 Speaker 1: the Title forty two policy is set to end in 660 00:36:38,320 --> 00:36:41,319 Speaker 1: one week. A new report from the CDC says long 661 00:36:41,400 --> 00:36:44,160 Speaker 1: COVID played a part in more than thirty deaths in 662 00:36:44,200 --> 00:36:47,360 Speaker 1: the US. Most who died from long COVID were older 663 00:36:47,360 --> 00:36:51,200 Speaker 1: white men and sports. In the NHL, alex Ovechkin reaches 664 00:36:51,239 --> 00:36:54,840 Speaker 1: eight hundred career goals as the Caps one the Devil's lost, 665 00:36:54,920 --> 00:36:58,200 Speaker 1: the Bruins beat the Islanders. In the NBA, the Celtics 666 00:36:58,239 --> 00:37:01,320 Speaker 1: one of the Warriors lost Global news twenty four hours 667 00:37:01,320 --> 00:37:04,080 Speaker 1: a day on errand on Bloomberg Quicktake, powered by more 668 00:37:04,120 --> 00:37:07,120 Speaker 1: than twenty hundred journalists and analysts in more than one 669 00:37:07,200 --> 00:37:11,680 Speaker 1: hundred twenty countries. I'm Amy Morris. This is Bloomberg, Karen right, Amy, 670 00:37:11,719 --> 00:37:14,319 Speaker 1: thank you. It is sixty two on Wall Street and 671 00:37:14,320 --> 00:37:16,600 Speaker 1: we turned to news and science and technology now with 672 00:37:16,640 --> 00:37:19,480 Speaker 1: the Bloomberg n j i T STEM Report. It has 673 00:37:19,520 --> 00:37:22,320 Speaker 1: brought to you buy New Jersey Institute of Technology and 674 00:37:22,440 --> 00:37:25,400 Speaker 1: j i T offers New Jersey's first undergraduate degree in 675 00:37:25,480 --> 00:37:28,880 Speaker 1: fintech tech driven finance focused. What will you make at 676 00:37:28,960 --> 00:37:31,080 Speaker 1: n j I T. Learn more at n j I 677 00:37:31,160 --> 00:37:34,720 Speaker 1: T dot edu slash fintech. Now, here's just making news 678 00:37:34,719 --> 00:37:39,240 Speaker 1: and science, technology, engineering and maths. A dust devil sound 679 00:37:39,280 --> 00:37:42,040 Speaker 1: like on Mars Will announcer Rover by chance had its 680 00:37:42,040 --> 00:37:45,360 Speaker 1: microsphone microphone on when a whirling tower of red dust 681 00:37:45,440 --> 00:37:50,080 Speaker 1: passed directly overhead. Recording the racket, scientists yesterday released the 682 00:37:50,120 --> 00:37:52,520 Speaker 1: first of its kind audio. It's about ten seconds of 683 00:37:52,560 --> 00:37:55,439 Speaker 1: not only rumbling gossip up to twenty five miles per hour, 684 00:37:55,840 --> 00:37:58,520 Speaker 1: but the pinning of hundreds of dust particles against the 685 00:37:58,640 --> 00:38:02,320 Speaker 1: rover perseverance. Bloomberg News has learned that Apple is preparing 686 00:38:02,360 --> 00:38:05,280 Speaker 1: to allow alternative app stores on its iPhones and iPads 687 00:38:05,280 --> 00:38:07,960 Speaker 1: in the coming months. The historic pivot is a response 688 00:38:08,000 --> 00:38:11,040 Speaker 1: to EU laws set to take effect in four aimed 689 00:38:11,080 --> 00:38:14,400 Speaker 1: at leveling the playing field for third party developers. Regulators 690 00:38:14,400 --> 00:38:17,160 Speaker 1: have accused Apple and Google of wielding too much power 691 00:38:17,280 --> 00:38:20,880 Speaker 1: as gatekeepers are the biggest mobile app stores. And Elon 692 00:38:20,960 --> 00:38:23,960 Speaker 1: Musk is no longer the richest person in the world. 693 00:38:24,000 --> 00:38:27,520 Speaker 1: He's been displaced by Bernard are No, who owns almost 694 00:38:27,560 --> 00:38:31,400 Speaker 1: fifty percent of French luxury giant LVMH. According to the 695 00:38:31,400 --> 00:38:34,480 Speaker 1: Bloomberg Billionaires and Dex, Musk has seen his fortune tumble 696 00:38:34,560 --> 00:38:39,200 Speaker 1: by more than one hundred billion dollars since January. The Tesla, 697 00:38:39,239 --> 00:38:41,879 Speaker 1: Twitter and space X boss is now worth just under 698 00:38:41,920 --> 00:38:45,960 Speaker 1: a hundred sixty four billion dollars. And that's a Bloomberg 699 00:38:46,080 --> 00:38:48,880 Speaker 1: and j I t Stem report. Nathan, Now, that's a 700 00:38:49,080 --> 00:38:51,920 Speaker 1: lot of money to dry your tears on. Thank you, Karen. 701 00:38:51,960 --> 00:38:55,839 Speaker 1: We're coming into on Wall Street time now to check 702 00:38:55,840 --> 00:38:57,879 Speaker 1: what's going on in d C. Some of the top 703 00:38:57,960 --> 00:39:00,919 Speaker 1: stories in our nation's capital included second round of hearing 704 00:39:01,000 --> 00:39:02,480 Speaker 1: is coming up today on the collapse of f t 705 00:39:02,760 --> 00:39:06,160 Speaker 1: X and co founder Sam Bankman freed, the US adding 706 00:39:06,200 --> 00:39:10,440 Speaker 1: more than thirty Chinese companies to its trade blacklist, President 707 00:39:10,480 --> 00:39:13,080 Speaker 1: Biden welcoming African leaders in a bid to undo an 708 00:39:13,120 --> 00:39:16,640 Speaker 1: image of US neglect of the continent, and a polling 709 00:39:16,719 --> 00:39:20,640 Speaker 1: shift for Republicans ahead of presidential race. Let's bring in 710 00:39:20,640 --> 00:39:23,960 Speaker 1: Bloomberg Government reporter Emily Wilkins to take a look at 711 00:39:24,320 --> 00:39:26,480 Speaker 1: some of these stories. Emily, I'm sure you were following 712 00:39:26,520 --> 00:39:29,480 Speaker 1: the ft X hearing at the House Financial Services Committee 713 00:39:29,840 --> 00:39:33,839 Speaker 1: very closely yesterday. What were your takeaways from that? Um, 714 00:39:33,840 --> 00:39:36,600 Speaker 1: it was definitely an interesting hearing. I mean, certainly it 715 00:39:37,760 --> 00:39:39,719 Speaker 1: the I think one of the more notable things was 716 00:39:39,760 --> 00:39:42,800 Speaker 1: that the night before Sam Bateman Freed was supposed to appear, 717 00:39:42,880 --> 00:39:46,000 Speaker 1: he was arrested. Chair of the committee, Maxim Waters, was 718 00:39:46,120 --> 00:39:48,960 Speaker 1: not particularly thrilled about that. She said that Americans do 719 00:39:49,120 --> 00:39:52,840 Speaker 1: need to hear from SPF on exactly what happened. But 720 00:39:52,920 --> 00:39:56,040 Speaker 1: they did wind up speaking with John Ray, who was 721 00:39:56,080 --> 00:39:59,520 Speaker 1: handling the company's restructuring. And the big thing that I 722 00:39:59,600 --> 00:40:01,600 Speaker 1: think he said there, I don't think it comes as 723 00:40:01,600 --> 00:40:03,920 Speaker 1: a surprise was the first time you've really heard it 724 00:40:04,000 --> 00:40:06,520 Speaker 1: is that folks who used f t X will likely 725 00:40:06,560 --> 00:40:09,200 Speaker 1: not be able to get their money back, and he 726 00:40:09,280 --> 00:40:12,640 Speaker 1: expects international consumer is to fare far worse than ones 727 00:40:13,000 --> 00:40:17,080 Speaker 1: in the US. Certainly, a lot of what was happening yesterday, 728 00:40:17,160 --> 00:40:18,799 Speaker 1: I think a lot of what the committee is trying 729 00:40:18,840 --> 00:40:21,959 Speaker 1: to get at here is just sort of understanding what 730 00:40:22,080 --> 00:40:26,280 Speaker 1: went wrong, because now the big question Washington is how 731 00:40:26,520 --> 00:40:29,480 Speaker 1: does Washington need to regulate the space? How can they 732 00:40:29,520 --> 00:40:33,160 Speaker 1: regulate this space? There's certainly a bipartisan interest in it. 733 00:40:33,800 --> 00:40:38,120 Speaker 1: We've seen bipartisan legislation already come out looking at digital assets. 734 00:40:38,320 --> 00:40:40,480 Speaker 1: And I asked Kevin McCarthy, who's going to be the 735 00:40:40,760 --> 00:40:43,720 Speaker 1: likely speaker of that House next year, about it yesterday 736 00:40:43,719 --> 00:40:46,560 Speaker 1: and he said, yes, there definitely is a spot for regulation, 737 00:40:46,680 --> 00:40:49,680 Speaker 1: and and certainly there's a sense that that they that 738 00:40:49,800 --> 00:40:53,239 Speaker 1: they do need to move on this particular issue. Uh. 739 00:40:53,280 --> 00:40:55,279 Speaker 1: And so I think that's sort of what all these 740 00:40:55,280 --> 00:40:58,600 Speaker 1: hearings are just laying the groundwork for, is for eventual 741 00:40:58,800 --> 00:41:02,879 Speaker 1: action on in some sort of legislation, probably of course 742 00:41:02,920 --> 00:41:05,239 Speaker 1: not this year, but but in the next year. And 743 00:41:05,320 --> 00:41:07,200 Speaker 1: of course we're going to see more of those hearings 744 00:41:07,360 --> 00:41:11,040 Speaker 1: coming up later today at the Senate Banking Committee. So 745 00:41:11,040 --> 00:41:14,760 Speaker 1: we'll see if there's any further development there. In the meantime, Emily, 746 00:41:14,920 --> 00:41:18,279 Speaker 1: we've got yet more evidence that trade tensions between the 747 00:41:18,400 --> 00:41:22,840 Speaker 1: US and China aren't going away anytime soon. Uh. No, 748 00:41:23,000 --> 00:41:25,680 Speaker 1: Bloomber is reporting that the Biden administration is going to 749 00:41:25,719 --> 00:41:30,160 Speaker 1: add another thirty Chinese companies to a blacklist trade preventing 750 00:41:30,200 --> 00:41:33,880 Speaker 1: them from buying certain American components. These are companies that 751 00:41:33,920 --> 00:41:37,040 Speaker 1: the U says that they cannot prove that aren't supporting 752 00:41:37,080 --> 00:41:40,000 Speaker 1: the Chinese military, So that is part of the concern there. 753 00:41:40,280 --> 00:41:44,640 Speaker 1: And this includes the makers of memory chips, including Youngstering 754 00:41:44,680 --> 00:41:48,360 Speaker 1: Memory Strategies. They are a major major chip maker UM 755 00:41:48,440 --> 00:41:51,920 Speaker 1: and this could potentially have serious impacts on their business. Uh. 756 00:41:52,000 --> 00:41:56,640 Speaker 1: Putting companies on this list really decimated Huawei Technologies consumer 757 00:41:56,760 --> 00:42:00,400 Speaker 1: smartphone business, and it's harmed others as well. And this 758 00:42:00,480 --> 00:42:03,319 Speaker 1: comes after Biden and build a really sweeping set of 759 00:42:03,360 --> 00:42:06,600 Speaker 1: restrictions on China's ability to buy semi conductors and chip 760 00:42:06,640 --> 00:42:09,879 Speaker 1: making equipment in October. So it seems like the US 761 00:42:09,920 --> 00:42:12,719 Speaker 1: and China we've had Biden and she talked a little 762 00:42:12,800 --> 00:42:14,640 Speaker 1: more of a bit more base to base, have that 763 00:42:14,719 --> 00:42:17,560 Speaker 1: one meeting, but it still seems like on the issues 764 00:42:17,600 --> 00:42:20,560 Speaker 1: of tips, on the issues of semi conductors, uh, the 765 00:42:20,640 --> 00:42:22,600 Speaker 1: two of them still you know, they're not seeing eye 766 00:42:22,680 --> 00:42:24,480 Speaker 1: to eye on the U S I think is really 767 00:42:24,560 --> 00:42:28,200 Speaker 1: trying to move to make sure that their own industries 768 00:42:28,200 --> 00:42:31,520 Speaker 1: are protected as well as some national security concerns. Yeah, 769 00:42:31,560 --> 00:42:34,759 Speaker 1: it's interesting to see this latest evidence of a US 770 00:42:34,880 --> 00:42:38,759 Speaker 1: Chinese trade tensions unfolding as President Biden gets ready to 771 00:42:39,000 --> 00:42:43,240 Speaker 1: host a summit with Africa leaders. As you know, Emily, 772 00:42:43,560 --> 00:42:47,560 Speaker 1: China has been investing very heavily in the African continent 773 00:42:47,680 --> 00:42:50,880 Speaker 1: for years. Yeah, and what the US is trying to do, 774 00:42:51,000 --> 00:42:53,120 Speaker 1: no a little bit, is to catch up with that, 775 00:42:53,320 --> 00:42:57,120 Speaker 1: to invite these delegations from really fifty African countries as 776 00:42:57,160 --> 00:42:59,759 Speaker 1: well as the African Union and say, hey, you know 777 00:43:00,040 --> 00:43:02,319 Speaker 1: you want to still be an ally, We still want 778 00:43:02,360 --> 00:43:04,600 Speaker 1: to make sure the US is helping this. This this 779 00:43:04,719 --> 00:43:07,439 Speaker 1: summit that we're seeing today is the person that's kind 780 00:43:07,680 --> 00:43:10,440 Speaker 1: in eight years and Biden is gonna make several announcements 781 00:43:10,480 --> 00:43:12,719 Speaker 1: announcing a bid for the African Union to join the 782 00:43:12,800 --> 00:43:15,400 Speaker 1: Group of twenty four is a permanent member, and for 783 00:43:15,480 --> 00:43:17,520 Speaker 1: the continent al to permanent member. See on the U 784 00:43:17,600 --> 00:43:20,280 Speaker 1: S Security Council. The US is also set to announce 785 00:43:20,280 --> 00:43:23,719 Speaker 1: about fifty five billion dollar investment in infrastructure, but to 786 00:43:23,800 --> 00:43:26,279 Speaker 1: me and then again, that just pales in comparison to 787 00:43:26,440 --> 00:43:31,160 Speaker 1: the seven hundred billion infrastructure loans that China has already made. 788 00:43:31,680 --> 00:43:34,239 Speaker 1: And so there's I think a lot of sense that 789 00:43:34,520 --> 00:43:38,080 Speaker 1: there does the US does need to be active in Africa. 790 00:43:38,239 --> 00:43:41,719 Speaker 1: It's it's sort of another area where the US has 791 00:43:41,920 --> 00:43:45,680 Speaker 1: sort of set back while China has gone invested, um 792 00:43:45,960 --> 00:43:50,240 Speaker 1: built up. It's it's it's ability to help in the continent. 793 00:43:50,560 --> 00:43:53,239 Speaker 1: And I think now you're you're seeing the Biden administration 794 00:43:53,320 --> 00:43:56,080 Speaker 1: they tried to focus so much on China and Beijing, 795 00:43:56,600 --> 00:43:59,560 Speaker 1: and certainly they see Africa is a larger part of 796 00:43:59,640 --> 00:44:03,040 Speaker 1: that relation. Yeah, so we'll be watching for developments from 797 00:44:03,080 --> 00:44:06,360 Speaker 1: that summit with African leaders at President Bid will be 798 00:44:06,440 --> 00:44:09,279 Speaker 1: hosting later on this afternoon over at the White House. 799 00:44:09,280 --> 00:44:12,719 Speaker 1: Bloomberg Government reporter Emily Wilkins, thank you as always keeping 800 00:44:12,800 --> 00:44:15,520 Speaker 1: us on top of what's happening in d C. Read 801 00:44:15,600 --> 00:44:18,520 Speaker 1: more at Bloomberg dot com or on the Bloomberg Terminal. 802 00:44:18,880 --> 00:44:23,560 Speaker 1: Listen to Bloomberg Radio in Washington. Bloomberg and one oh 803 00:44:23,680 --> 00:44:27,440 Speaker 1: five point seven fm h D two SMP futures right 804 00:44:27,480 --> 00:44:30,800 Speaker 1: now down five points, Staff futures down thirty four. NASTAC 805 00:44:30,880 --> 00:44:34,680 Speaker 1: futures are lower by twenty one points. Looking at the 806 00:44:35,000 --> 00:44:38,000 Speaker 1: bond space ten your treasury is little changed right now. 807 00:44:38,160 --> 00:44:40,680 Speaker 1: Yield just shy of three and a half percent yield 808 00:44:40,719 --> 00:44:44,439 Speaker 1: on the two year fourteent nim X scrudge moving higher 809 00:44:44,480 --> 00:44:46,480 Speaker 1: right now at one point two percent, or eighty nine 810 00:44:46,520 --> 00:44:50,040 Speaker 1: cents at seventy six dollars twenty cents a barrel head 811 00:44:50,080 --> 00:44:53,319 Speaker 1: of a FED decision coming up at two pm Wall 812 00:44:53,400 --> 00:44:55,400 Speaker 1: Street time. Of course, we will have full coverage for 813 00:44:55,520 --> 00:45:03,840 Speaker 1: you throughout the day. This is Bloomberg Markets headlines and 814 00:45:04,000 --> 00:45:06,960 Speaker 1: breaking news twenty four hours a day at Bloomberg dot 815 00:45:07,040 --> 00:45:10,440 Speaker 1: Com and Bloomberg Business Out and at Bloomberg Quicktake. This 816 00:45:10,880 --> 00:45:19,920 Speaker 1: is a Bloomburn business flash, and I'm Karen Moscow. We're 817 00:45:19,960 --> 00:45:22,320 Speaker 1: watching shares of Delta this morning of three and a 818 00:45:22,360 --> 00:45:25,280 Speaker 1: half percent in early training after it updated its guide 819 00:45:25,320 --> 00:45:27,840 Speaker 1: ence and Bloomberg's creating Goopta will have details in just 820 00:45:28,000 --> 00:45:31,640 Speaker 1: a moment. Futures are little change this morning. All SMP, 821 00:45:31,800 --> 00:45:34,760 Speaker 1: NASDAC and DOW futures are all little change check markets 822 00:45:34,760 --> 00:45:37,520 Speaker 1: all day long. Here on Bloomberg Tenure Treasury up one 823 00:45:37,560 --> 00:45:39,719 Speaker 1: thirty second, you have three point four nine percent. They 824 00:45:39,760 --> 00:45:42,040 Speaker 1: yield on the two year four point one eight percent. 825 00:45:42,480 --> 00:45:44,600 Speaker 1: Nim X Scrude oil is up one point one percent, 826 00:45:44,719 --> 00:45:47,239 Speaker 1: up seventy eight cents at seventy six dollars seventeen cents 827 00:45:47,280 --> 00:45:49,960 Speaker 1: of barrel COMEX School down half percent or eight dollars 828 00:45:50,040 --> 00:45:53,640 Speaker 1: ninety cents at eighteen sixteen seventy announced, the Euro one 829 00:45:53,680 --> 00:45:56,200 Speaker 1: point six four seven against the dollar, British bound one 830 00:45:56,239 --> 00:45:58,759 Speaker 1: point to three seven four the end one thirty four 831 00:45:58,840 --> 00:46:00,759 Speaker 1: point nine nine, and big going up a third of 832 00:46:00,800 --> 00:46:03,680 Speaker 1: a percent at seventeen thousand, eight hundred dollars. And that's 833 00:46:03,719 --> 00:46:06,560 Speaker 1: a Bloomberg business flash. Nathan, all right, Karen, thanks six 834 00:46:06,640 --> 00:46:08,960 Speaker 1: fifty six on Wall Street. Let's bring in Bloomberg Radio 835 00:46:09,120 --> 00:46:11,719 Speaker 1: TV Markets correspondent Crety Gupta right now to take a 836 00:46:11,760 --> 00:46:13,919 Speaker 1: look at Delta Airlines and some of the other names 837 00:46:13,960 --> 00:46:17,240 Speaker 1: moving in the pre market. Let's talk about those earnings creating. 838 00:46:17,520 --> 00:46:19,919 Speaker 1: Let's talk about those earnings. You know, we were coming 839 00:46:19,960 --> 00:46:22,719 Speaker 1: into this morning with this background of weakening demand. The 840 00:46:22,840 --> 00:46:25,680 Speaker 1: idea here being that a lot of these companies. Jet Blue, 841 00:46:25,719 --> 00:46:28,360 Speaker 1: for example, yesterday warning that there is going to be 842 00:46:28,520 --> 00:46:30,960 Speaker 1: slowdown in travel that is coming. You're gonna start to 843 00:46:30,960 --> 00:46:33,600 Speaker 1: seal all these recessionary calls kind of catch up with 844 00:46:33,760 --> 00:46:36,160 Speaker 1: the airline industry. On the other hand, yesterday you heard 845 00:46:36,160 --> 00:46:38,160 Speaker 1: that United was putting in a big order with Bow 846 00:46:38,239 --> 00:46:42,319 Speaker 1: and essentially indicating their long haul investment. Well, Delta coming 847 00:46:42,320 --> 00:46:43,839 Speaker 1: out and saying, well, you know what, we're gonna take 848 00:46:43,880 --> 00:46:46,600 Speaker 1: a little bit out of both other airlines playbook. We're 849 00:46:46,600 --> 00:46:49,080 Speaker 1: gonna say that there's going to be some weakening demand. 850 00:46:49,160 --> 00:46:51,680 Speaker 1: But they are still raising their profit outlook, and that's 851 00:46:51,719 --> 00:46:53,880 Speaker 1: really what's moving the shares this morning. D a L 852 00:46:54,360 --> 00:46:56,440 Speaker 1: is your ticker for Delta. Shares are about three point 853 00:46:56,480 --> 00:46:59,120 Speaker 1: eight percent in the pre market. Now, this is important. 854 00:46:59,160 --> 00:47:02,320 Speaker 1: They did boost their fourth quarter earnings, but their revenue 855 00:47:02,400 --> 00:47:05,120 Speaker 1: forecast was trimmed a little bit, so this is important 856 00:47:05,160 --> 00:47:07,960 Speaker 1: when it comes to the short term kind of travel 857 00:47:08,960 --> 00:47:11,800 Speaker 1: window looks to be pretty bullish, but it's still starting 858 00:47:11,840 --> 00:47:13,680 Speaker 1: to say in the long term maybe things could kind 859 00:47:13,680 --> 00:47:16,560 Speaker 1: of waiver. So some interesting numbers coming out of Delta. 860 00:47:16,600 --> 00:47:18,440 Speaker 1: I want to talk about some of the big analyst 861 00:47:18,520 --> 00:47:21,640 Speaker 1: moves as well, though, Nathan, because Tesla is coming out 862 00:47:21,800 --> 00:47:25,359 Speaker 1: t s l A is your ticker, and of course 863 00:47:25,440 --> 00:47:26,800 Speaker 1: we know this is a stock that's been under a 864 00:47:26,840 --> 00:47:29,320 Speaker 1: lot of pressure. Yesterday it was responsible for almost fifteen 865 00:47:29,360 --> 00:47:32,879 Speaker 1: percent of the market. Declined this morning under pressure once again, 866 00:47:32,920 --> 00:47:35,360 Speaker 1: about nine tenths of one percent, this time thanks to 867 00:47:35,400 --> 00:47:38,600 Speaker 1: Goldman Sachs slashing its price target on the EV maker 868 00:47:38,760 --> 00:47:41,680 Speaker 1: by almost a quarter, the broker lowing their estmis to 869 00:47:41,719 --> 00:47:44,840 Speaker 1: reflect quote software supply and demand. And this is crucial 870 00:47:44,840 --> 00:47:47,640 Speaker 1: when we talk about the affordability question of Tesla, but 871 00:47:47,719 --> 00:47:50,200 Speaker 1: also are people buying cars in general, and of course 872 00:47:50,239 --> 00:47:52,480 Speaker 1: Tesla is going to be extra exposed to that given 873 00:47:52,520 --> 00:47:55,560 Speaker 1: the type of car that they offer in the EV infrastructure. 874 00:47:55,640 --> 00:47:57,680 Speaker 1: Let's talk about Marriott as well, m A R as 875 00:47:57,719 --> 00:48:00,759 Speaker 1: your ticker, down one point three percent, City coming in 876 00:48:00,920 --> 00:48:03,560 Speaker 1: cutting its recommendation on the stocks, and Neutral from by 877 00:48:03,960 --> 00:48:06,480 Speaker 1: and downgrading a few other names in the reeds and 878 00:48:07,040 --> 00:48:10,680 Speaker 1: lodgings sector. So not thrilled again about the travel sector, 879 00:48:10,680 --> 00:48:13,160 Speaker 1: a similar theme that we're hearing out of Delta and 880 00:48:13,280 --> 00:48:16,160 Speaker 1: again Jet Blue from yesterday. Nathan, I want to leave 881 00:48:16,160 --> 00:48:19,080 Speaker 1: you with one more Lennard L E. N Now we 882 00:48:19,160 --> 00:48:21,120 Speaker 1: love to look at this company for kind of its 883 00:48:21,680 --> 00:48:24,600 Speaker 1: correlation with the home building sector. If you're really bullish 884 00:48:24,680 --> 00:48:27,120 Speaker 1: on the American housing market, you're going to be bullish 885 00:48:27,160 --> 00:48:30,200 Speaker 1: on the stock. By extension, l e N up one 886 00:48:30,400 --> 00:48:33,800 Speaker 1: point three percent this time is actually up because Barkley's 887 00:48:33,840 --> 00:48:36,480 Speaker 1: is upgrading not just Leonard but Polti Group as well. 888 00:48:36,560 --> 00:48:39,719 Speaker 1: PHM is the ticker there and those shares are also 889 00:48:39,840 --> 00:48:42,480 Speaker 1: higher by about one and a half percent. But Barkley's 890 00:48:42,520 --> 00:48:45,920 Speaker 1: upgraded both stocks overnight, turning positive on the home builder 891 00:48:46,040 --> 00:48:48,719 Speaker 1: subsector broadly, So you can really see it's a little 892 00:48:48,719 --> 00:48:50,959 Speaker 1: bit of a turnaround. A lot of that pullback post. 893 00:48:52,440 --> 00:48:55,080 Speaker 1: It looks like Barkley saying there's in favor again. Yeah, 894 00:48:55,520 --> 00:49:00,120 Speaker 1: lots going on in the analyst recommendation area. Will the 895 00:49:00,440 --> 00:49:02,880 Speaker 1: broader market looks like it's waiting to see what the 896 00:49:02,960 --> 00:49:05,919 Speaker 1: Fed does later on today. Thanks as always, Bloomberg Gradi 897 00:49:06,000 --> 00:49:10,840 Speaker 1: on TV Markets correspondent Creedy Gupta SMP futures little change 898 00:49:11,239 --> 00:49:15,280 Speaker 1: right now, DAL futures up five points, NASTAC futures down 899 00:49:15,760 --> 00:49:19,560 Speaker 1: four points ahead of that Fed decision. Two pm. Wall 900 00:49:19,719 --> 00:49:23,799 Speaker 1: Street Time. This is Bloomberg Daybreak. I'm Nathan Hagar along 901 00:49:23,840 --> 00:49:26,960 Speaker 1: with Karen Moscow, six fifty nine on Wall Street, Bloomberg 902 00:49:27,080 --> 00:49:32,400 Speaker 1: Surveillance starts right now, live from the financial capital of 903 00:49:32,440 --> 00:49:35,880 Speaker 1: the world, broadcasting across the globe. This is w b 904 00:49:35,960 --> 00:49:45,600 Speaker 1: b R New York, Bloomberg Living Frio. We're looking at 905 00:49:45,760 --> 00:49:50,080 Speaker 1: twenty three is a big transition, yet three is opening 906 00:49:50,160 --> 00:49:50,200 Speaker 1: the