1 00:00:01,960 --> 00:00:05,360 Speaker 1: Markets, headlines and breaking news twenty four hours a day 2 00:00:05,480 --> 00:00:09,040 Speaker 1: at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg 3 00:00:09,119 --> 00:00:18,239 Speaker 1: Quick Take. This is a Bloomberg Business blash and I'm 4 00:00:18,320 --> 00:00:21,320 Speaker 1: Karen Moscow and stocks are headed for a monthly drop 5 00:00:21,360 --> 00:00:25,320 Speaker 1: and concerns that restrictive monetary policy to tackle inflation will 6 00:00:25,360 --> 00:00:29,080 Speaker 1: harm the global economy. US DOCK Index futures they've been 7 00:00:29,120 --> 00:00:31,920 Speaker 1: fluctuating this morning. We checked the markets every fifteen minutes 8 00:00:31,920 --> 00:00:34,320 Speaker 1: throughout the trading day on Bloomberg and right now usn't 9 00:00:34,320 --> 00:00:37,680 Speaker 1: P futures they're up about four points down. Futures are 10 00:00:37,720 --> 00:00:41,159 Speaker 1: little change. NASDAG futures are higher by fifty seven. The 11 00:00:41,240 --> 00:00:43,720 Speaker 1: decks in Germany is down six tenths of upper cent 12 00:00:43,760 --> 00:00:46,040 Speaker 1: ten year treasury down twelve thirty seconds. You know, three 13 00:00:46,040 --> 00:00:48,600 Speaker 1: point one four percent yield on the two year three 14 00:00:48,600 --> 00:00:51,480 Speaker 1: point four eight percent. Nine x Scrude oil is down 15 00:00:51,479 --> 00:00:54,120 Speaker 1: three point four percent on three dollars thirteen cents at 16 00:00:54,160 --> 00:00:57,000 Speaker 1: eighty eight dollars fifty one cents of barrel. Comic schoold 17 00:00:57,080 --> 00:00:58,960 Speaker 1: is down about eight tens of upper cent or thirteen 18 00:00:58,960 --> 00:01:02,480 Speaker 1: dollars thirty cents is seventy three announced the euro is 19 00:01:02,520 --> 00:01:06,000 Speaker 1: at against the dollar. British found one point one six 20 00:01:06,080 --> 00:01:08,520 Speaker 1: to five and the one thirty eight point eight three 21 00:01:08,920 --> 00:01:11,200 Speaker 1: bitcoin this morning of one and a half percent a 22 00:01:11,280 --> 00:01:14,560 Speaker 1: twenty thousand, two hundred eighty dollars and as a Bloomberg 23 00:01:14,560 --> 00:01:17,080 Speaker 1: Business flash. Now here's Michael Barr with more on what's 24 00:01:17,080 --> 00:01:19,880 Speaker 1: going on around the world. Michael Karen, thank you very much. 25 00:01:19,920 --> 00:01:23,000 Speaker 1: The Department of Justice says White House records held in 26 00:01:23,040 --> 00:01:26,160 Speaker 1: a storage room at Donald Trump's Florida home may have 27 00:01:26,319 --> 00:01:29,600 Speaker 1: been concealed or removed before an FBI June search for 28 00:01:29,680 --> 00:01:33,240 Speaker 1: plassified documents. The d O jays the JAS possible attempts 29 00:01:33,280 --> 00:01:38,039 Speaker 1: to obstruct the investigation. Former Soviet president Michaal Goberchoff died 30 00:01:38,080 --> 00:01:41,800 Speaker 1: at a Moscow hospital under gorbach Off, the Berlin Wall crumbled. 31 00:01:42,120 --> 00:01:46,039 Speaker 1: Michael Garbachoff was ninety one. In tennis, Serena Williams hits 32 00:01:46,080 --> 00:01:48,840 Speaker 1: the court tonight for her second round in the US Open. 33 00:01:49,240 --> 00:01:52,240 Speaker 1: In baseball, the Yankees beat the Angels seven four. Errand 34 00:01:52,320 --> 00:01:54,960 Speaker 1: Judge hit his fifty first homer. The MAT's lost to 35 00:01:55,000 --> 00:01:58,520 Speaker 1: the Dodgers for three. The A's beat the Nationals ten six. 36 00:01:58,760 --> 00:02:03,080 Speaker 1: The rat Sox Orioles and giants lost Global news twenty 37 00:02:03,160 --> 00:02:06,080 Speaker 1: four hours a day on air and on Bloomberg Quick Take, 38 00:02:06,360 --> 00:02:09,200 Speaker 1: powered by more than twenty seven hundred journalist and analysts 39 00:02:09,280 --> 00:02:12,560 Speaker 1: more than twenty countries. I'm Michael barn This is Bloomberg. 40 00:02:12,639 --> 00:02:14,880 Speaker 1: Nathan alright, Michael, thank you at his sixth nineteen on 41 00:02:14,919 --> 00:02:18,160 Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This 42 00:02:18,360 --> 00:02:22,320 Speaker 1: is Bloomberg Daybreak, and Tom Porcelli joins us now chief 43 00:02:22,400 --> 00:02:26,440 Speaker 1: US Economist at RBC Capital Markets. As we march closer 44 00:02:26,480 --> 00:02:30,280 Speaker 1: to an August payrolls report and the December September decision 45 00:02:30,639 --> 00:02:33,840 Speaker 1: from the Federal Open Markets Committee, Tom, good morning. We 46 00:02:33,919 --> 00:02:37,440 Speaker 1: have all these signs, some signs at least that inflation 47 00:02:37,600 --> 00:02:40,360 Speaker 1: is easing a bit. At the same time, we have 48 00:02:40,560 --> 00:02:44,960 Speaker 1: further signs of a continued tight labor market. What's the 49 00:02:45,040 --> 00:02:48,240 Speaker 1: challenge for the Fed? Well, good morning, Good to be 50 00:02:48,280 --> 00:02:51,000 Speaker 1: with you as always. Look, I think that for for 51 00:02:51,040 --> 00:02:53,960 Speaker 1: the Fed, I I think it's not um, it's not 52 00:02:54,040 --> 00:02:57,240 Speaker 1: having the blinders on, right. I mean, you know, let's 53 00:02:57,280 --> 00:03:01,520 Speaker 1: be honest, they had them on last year. Um they um, 54 00:03:01,639 --> 00:03:06,120 Speaker 1: they really only focused on labor at the expense of inflation. Um, 55 00:03:07,080 --> 00:03:09,400 Speaker 1: I hope that you know it's not This is not 56 00:03:09,800 --> 00:03:12,560 Speaker 1: a replay of of last year, where this year there 57 00:03:12,560 --> 00:03:15,680 Speaker 1: would be more focused on um inflation at the expense 58 00:03:15,720 --> 00:03:17,520 Speaker 1: of of labor. I mean, one of the great things 59 00:03:17,560 --> 00:03:19,560 Speaker 1: about the FED is that they actually do have a 60 00:03:19,600 --> 00:03:21,760 Speaker 1: dual mandate, right. I mean, it's sort of a unique 61 00:03:21,800 --> 00:03:25,000 Speaker 1: thing in in among central banks. And I think that 62 00:03:25,080 --> 00:03:28,920 Speaker 1: really gives them so much latitude. And make no mistake, 63 00:03:29,200 --> 00:03:31,520 Speaker 1: I mean, right now, it is supposed to be about inflation. 64 00:03:31,560 --> 00:03:35,040 Speaker 1: I think Pale actually did a great job, um during 65 00:03:35,840 --> 00:03:40,200 Speaker 1: his his Jackson Hole uh speech, where you know, he 66 00:03:40,280 --> 00:03:42,720 Speaker 1: said all the right things. Right, he's supposed to say, 67 00:03:43,280 --> 00:03:45,880 Speaker 1: it's all about inflation right now that you know, we're 68 00:03:45,880 --> 00:03:49,120 Speaker 1: going to keep at it until inflation starts to improve, 69 00:03:49,160 --> 00:03:51,240 Speaker 1: and etcetera, etcetera. He was he was supposed to say 70 00:03:51,240 --> 00:03:54,080 Speaker 1: all those things. In fact, I think for people waiting 71 00:03:54,080 --> 00:03:57,120 Speaker 1: for him to say something different than that, Um, you know, 72 00:03:57,360 --> 00:03:58,880 Speaker 1: he's gonna be the last one to say it, right, 73 00:03:58,880 --> 00:04:00,680 Speaker 1: He's gonna say it when it's app is to everyone. 74 00:04:01,080 --> 00:04:04,040 Speaker 1: Um and and and I'm sympathetic to that. Um. But 75 00:04:04,480 --> 00:04:07,280 Speaker 1: having said all of that, you know, we have the 76 00:04:07,320 --> 00:04:10,640 Speaker 1: luxury right as economist and analyst and strategists, of of 77 00:04:10,720 --> 00:04:12,440 Speaker 1: being able to sort of look a little further out 78 00:04:12,560 --> 00:04:15,400 Speaker 1: and say, hey, look, we think that inflation is probably 79 00:04:15,400 --> 00:04:17,800 Speaker 1: going to slow down. UM. We think labor backdrop is 80 00:04:17,839 --> 00:04:20,320 Speaker 1: going to slow down. Um. And as a result, you know, 81 00:04:20,360 --> 00:04:23,159 Speaker 1: we don't see this hiking cycle going on from meaningfully, 82 00:04:23,200 --> 00:04:25,920 Speaker 1: meaningfully longer. He can't say that, So I think everyone 83 00:04:25,960 --> 00:04:29,120 Speaker 1: should just sort of set up their expectations correctly around 84 00:04:29,520 --> 00:04:31,240 Speaker 1: what he, you know, sort of will and will not 85 00:04:31,360 --> 00:04:35,159 Speaker 1: say um. And what he will continue to say is that, um, 86 00:04:35,200 --> 00:04:36,560 Speaker 1: there's a lot of a lot of work to do. 87 00:04:37,080 --> 00:04:39,039 Speaker 1: Given what he has said, what does that mean that 88 00:04:39,080 --> 00:04:41,320 Speaker 1: the Fed is going to do when they come down 89 00:04:41,320 --> 00:04:43,520 Speaker 1: to that decision in September? Is it too soon to 90 00:04:43,560 --> 00:04:45,120 Speaker 1: call it? Given all the rest of the data the 91 00:04:45,160 --> 00:04:48,760 Speaker 1: needs to come down between that and now, nothing is 92 00:04:48,800 --> 00:04:52,200 Speaker 1: ever too soon to call. So I would say his, Look, Look, 93 00:04:52,200 --> 00:04:53,880 Speaker 1: what I would say is right now, our expectations that 94 00:04:53,880 --> 00:04:56,000 Speaker 1: they're going to do fifty Um, if you get a 95 00:04:56,000 --> 00:04:59,000 Speaker 1: blowout payroll report, if you get a blowout c P I, 96 00:04:59,080 --> 00:05:01,760 Speaker 1: then yes, I think that you know, the the the 97 00:05:01,800 --> 00:05:04,880 Speaker 1: odds or the risk that they do seventy five will certainly, um, 98 00:05:05,120 --> 00:05:08,000 Speaker 1: um grow. But it's it's funny. You know, the FED 99 00:05:08,440 --> 00:05:11,760 Speaker 1: is fond of saying that their data dependent. UM, I 100 00:05:11,800 --> 00:05:14,640 Speaker 1: think that, you know, this might be a very hyper 101 00:05:16,160 --> 00:05:19,760 Speaker 1: attentive data dependency period right right here, right now. I 102 00:05:19,760 --> 00:05:21,840 Speaker 1: think I think two reports are really going to dictate. 103 00:05:22,880 --> 00:05:24,799 Speaker 1: Do you think we're going to get a blowout payrolls 104 00:05:25,040 --> 00:05:27,080 Speaker 1: on Friday? You know, I do. I do think it 105 00:05:27,080 --> 00:05:28,960 Speaker 1: could be a pretty decent one. Actually, Um, I think 106 00:05:29,000 --> 00:05:31,040 Speaker 1: consensus is three hundred on left. I look at my 107 00:05:31,040 --> 00:05:33,599 Speaker 1: Bloomberg screen. Um, you know, we we think you could 108 00:05:33,600 --> 00:05:36,320 Speaker 1: easily have a four handle um on on payrolls. So 109 00:05:36,640 --> 00:05:38,520 Speaker 1: you know, all things are relative to expectations. It would 110 00:05:38,520 --> 00:05:40,599 Speaker 1: obviously be quite a bit slower versus the you know 111 00:05:40,640 --> 00:05:43,240 Speaker 1: four hundred in near thirty thousand jobs that we printed 112 00:05:43,800 --> 00:05:46,560 Speaker 1: last month. Um, but you know, all things are almost 113 00:05:46,560 --> 00:05:48,960 Speaker 1: always relative to expectations. So I think the I think 114 00:05:49,000 --> 00:05:51,800 Speaker 1: the consensus a little light right here. And one about wages. 115 00:05:51,839 --> 00:05:53,720 Speaker 1: I mean that's a big concern for the FED as well, 116 00:05:53,720 --> 00:05:56,039 Speaker 1: whether we could be heading into a wage price spiral 117 00:05:56,080 --> 00:05:59,279 Speaker 1: that feeds into inflation expectations. Yeah, it's a it's a 118 00:05:59,279 --> 00:06:01,280 Speaker 1: totally great question and a fair one. And and so 119 00:06:01,400 --> 00:06:03,599 Speaker 1: what I would say is, look, um, I think that 120 00:06:03,600 --> 00:06:06,799 Speaker 1: there's countless ways of looking at inflation. UM, there's countless 121 00:06:06,800 --> 00:06:10,680 Speaker 1: ways of calculating it, and there's countless literally measures of inflation. 122 00:06:10,720 --> 00:06:12,839 Speaker 1: I think the best measure of inflation right now is 123 00:06:12,880 --> 00:06:16,320 Speaker 1: average weekly earnings is better than average hourly earnings. Right 124 00:06:16,360 --> 00:06:19,000 Speaker 1: average only earnings are an incomplete measure. Average weekly earnings 125 00:06:19,000 --> 00:06:21,800 Speaker 1: include hours UM. And the thing that I think some 126 00:06:21,800 --> 00:06:25,320 Speaker 1: people are missing is that hours are actually slowing um. 127 00:06:25,480 --> 00:06:28,479 Speaker 1: And so average weekly earnings as a result, have have 128 00:06:28,600 --> 00:06:31,200 Speaker 1: also slowed. Uh. And if you look at it on 129 00:06:31,240 --> 00:06:33,800 Speaker 1: a six months annualized basis, which which you know, we 130 00:06:33,839 --> 00:06:36,240 Speaker 1: think is probably the fairest way of of looking at it, 131 00:06:36,520 --> 00:06:39,680 Speaker 1: it's slowed down. UM. So it is slowing, it's moving 132 00:06:39,720 --> 00:06:42,600 Speaker 1: in the right direction. UM. You know, has it slowed enough? 133 00:06:42,880 --> 00:06:45,839 Speaker 1: That's that's for the FED to UM. I guess debate thoroughly, 134 00:06:45,920 --> 00:06:50,040 Speaker 1: but there's no question that that wage wage pressures are slowing. 135 00:06:50,520 --> 00:06:53,200 Speaker 1: Now going to be a really interesting look at where 136 00:06:53,200 --> 00:06:56,080 Speaker 1: the labor market stands now when we get those August 137 00:06:56,160 --> 00:07:00,080 Speaker 1: numbers this Friday. Tom Porcelli, as always great to see 138 00:07:00,160 --> 00:07:03,760 Speaker 1: with you, Tom Porcelli, is chief US economist at RBC 139 00:07:03,920 --> 00:07:08,000 Speaker 1: Capital Markets. Looking ahead to the final market open of August, 140 00:07:08,360 --> 00:07:13,000 Speaker 1: futures are fluctuating still. SMP futures back up a bit, 141 00:07:13,080 --> 00:07:16,720 Speaker 1: now up five points. Dow futures are lower down nine. 142 00:07:17,160 --> 00:07:20,760 Speaker 1: That's little changed actually. Nasdaq futures uh adding on to 143 00:07:20,880 --> 00:07:23,600 Speaker 1: some of their games now they're up sixty nine points. 144 00:07:23,640 --> 00:07:26,040 Speaker 1: That's a gain of more than a half percent of 145 00:07:26,120 --> 00:07:28,640 Speaker 1: the tech heavy NASDAC futures. A ten year treasury right 146 00:07:28,640 --> 00:07:31,720 Speaker 1: now is down eleven thirty seconds. The yield three point 147 00:07:31,800 --> 00:07:36,680 Speaker 1: one four Nimex crude continues to slump down three point 148 00:07:36,760 --> 00:07:40,120 Speaker 1: four percent at eighty eight dollars forty eight cents for 149 00:07:40,120 --> 00:07:43,840 Speaker 1: a barrel of West Texas Intermediate crewde This is Bloomberg 150 00:07:47,160 --> 00:07:49,800 Speaker 1: Bloomberg eleven three oh weather sunshine less hume at mid 151 00:07:49,840 --> 00:07:53,760 Speaker 1: eighties today low eighties to start off September Friday's high 152 00:07:53,800 --> 00:07:57,040 Speaker 1: near eighty degrees with lots of sunshine Right now seventy 153 00:07:57,080 --> 00:08:03,240 Speaker 1: degrees and clear in Central Park. Broadcasting live from the 154 00:08:03,360 --> 00:08:07,320 Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg e Living 155 00:08:07,400 --> 00:08:12,000 Speaker 1: Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one 156 00:08:12,000 --> 00:08:15,160 Speaker 1: O six one to San Francisco, Bloomberg nine sixt to 157 00:08:15,240 --> 00:08:17,920 Speaker 1: the Country, Serious xm jent A one nine Tea and 158 00:08:18,000 --> 00:08:22,240 Speaker 1: around the globe, the Bloomberg Business and Bloomberg Radio dot com. 159 00:08:22,320 --> 00:08:31,560 Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good morning, 160 00:08:31,560 --> 00:08:35,280 Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We are just 161 00:08:35,320 --> 00:08:37,760 Speaker 1: about three hours away from the open of US trading. 162 00:08:37,760 --> 00:08:39,559 Speaker 1: It's time to five things that you need to notice. 163 00:08:39,559 --> 00:08:43,800 Speaker 1: Start your day, Bronti you by Interactive Brokers. Interactive Brokers 164 00:08:43,880 --> 00:08:46,439 Speaker 1: charges margin loan rates from two point three percent to 165 00:08:46,520 --> 00:08:49,199 Speaker 1: three point three percent. Their clients can also earn extra 166 00:08:49,240 --> 00:08:52,000 Speaker 1: income by learning their fully paid shares of stock rates. 167 00:08:52,040 --> 00:08:55,440 Speaker 1: Something to change. Learn more at ibker dot com. Slash compare. 168 00:08:55,920 --> 00:08:58,320 Speaker 1: The first US stocks to begin to session trading at 169 00:08:58,320 --> 00:09:00,840 Speaker 1: a one month low has fed fears for sist Amanda 170 00:09:00,880 --> 00:09:03,120 Speaker 1: and Gotti is chief investment officer at p n C. 171 00:09:03,320 --> 00:09:06,000 Speaker 1: I said management group. To the extent that the Fed 172 00:09:06,120 --> 00:09:09,079 Speaker 1: stays the course here, I think that the market can 173 00:09:09,320 --> 00:09:12,640 Speaker 1: live with it. In air quotes, relative to some of 174 00:09:12,679 --> 00:09:14,840 Speaker 1: the fears that are looming larger out there, I think 175 00:09:14,960 --> 00:09:17,480 Speaker 1: the market is already priced for the path that's the head. 176 00:09:17,559 --> 00:09:20,520 Speaker 1: To the extent that the dot plot changes meaningfully in 177 00:09:20,559 --> 00:09:23,640 Speaker 1: the terminal rate moves higher from where we are, that's 178 00:09:23,679 --> 00:09:27,360 Speaker 1: going to be a challenge for markets. P NCSA Management 179 00:09:27,400 --> 00:09:30,400 Speaker 1: Chief Investment Officer Amanda Gotti says she's not making any 180 00:09:30,440 --> 00:09:34,360 Speaker 1: meaningful changes to her portfolio yet. Yesterday, Karen three regional 181 00:09:34,400 --> 00:09:37,640 Speaker 1: FED chiefs reiterated Chair J. Powell's intention to bring down inflation, 182 00:09:37,720 --> 00:09:41,440 Speaker 1: including Richmond FED President Thomas Barkin. He cautioned that the 183 00:09:41,480 --> 00:09:44,360 Speaker 1: path to cool prices make it bumpy. The pace of 184 00:09:44,400 --> 00:09:46,559 Speaker 1: when we get back to our target, which is two percent, 185 00:09:46,679 --> 00:09:49,600 Speaker 1: is uncertain, but as a result our commitment to bring 186 00:09:49,640 --> 00:09:53,120 Speaker 1: inflation down, which hopefully you welcome, leads to worries about 187 00:09:53,120 --> 00:09:56,600 Speaker 1: a recession. Richmond FED President Thomas Barkin spoke yesterday in 188 00:09:56,640 --> 00:10:00,680 Speaker 1: West Virginia. Well overseas, Nathan, You're area inflation accelerated to 189 00:10:00,679 --> 00:10:03,240 Speaker 1: another all time high nine point one percent from a 190 00:10:03,320 --> 00:10:06,439 Speaker 1: year ago, as a European Central Bank considers a jumbo 191 00:10:06,559 --> 00:10:09,040 Speaker 1: interest rate hike when it meets next week, and in 192 00:10:09,080 --> 00:10:11,800 Speaker 1: the UK, shot price inflation increased a five point one 193 00:10:11,800 --> 00:10:14,440 Speaker 1: percent in August. On Wall Street, Karen Goldman, Sachs and 194 00:10:14,440 --> 00:10:17,720 Speaker 1: Morgan Stanley are removing pandemic hurdles to fully return staff 195 00:10:17,760 --> 00:10:21,319 Speaker 1: to offices. Bloomberg's Charlie Pellett has more on Goldman's aggressive push. 196 00:10:21,559 --> 00:10:24,800 Speaker 1: Beginning next week, employees outside of New York can be 197 00:10:24,880 --> 00:10:28,600 Speaker 1: back in the office regardless of vaccination status, with no 198 00:10:28,760 --> 00:10:33,319 Speaker 1: requirement to participate in regular testing or war face coverings. 199 00:10:33,360 --> 00:10:36,000 Speaker 1: According to a memo sent to staff, the bank diseased 200 00:10:36,120 --> 00:10:40,400 Speaker 1: covid era measures, citing new US Centers for disease control 201 00:10:40,480 --> 00:10:44,840 Speaker 1: guidelines as well as improved treatments and wide availability of testing. 202 00:10:45,160 --> 00:10:48,199 Speaker 1: Goldman says that in New York City, employees with an 203 00:10:48,200 --> 00:10:52,360 Speaker 1: approved medical or religious exemption to the city's vaccine mandate 204 00:10:52,440 --> 00:10:56,120 Speaker 1: ken enter offices with no testing or face coverings in 205 00:10:56,240 --> 00:10:59,360 Speaker 1: New York. Charlie Pellet Bloomberg Day Break, All right, Charlie, thanks, 206 00:10:59,360 --> 00:11:01,360 Speaker 1: and in a political note that justice to Burman said 207 00:11:01,400 --> 00:11:04,520 Speaker 1: the records hounded former President Donald Trump Smorrow Lago home 208 00:11:04,559 --> 00:11:07,000 Speaker 1: appeared to have been moved before the FBI tried to 209 00:11:07,040 --> 00:11:10,000 Speaker 1: get them in June, raising allegations of obstruction of justice. 210 00:11:10,320 --> 00:11:11,800 Speaker 1: That's the five things that you need to know to 211 00:11:11,840 --> 00:11:18,680 Speaker 1: start your day. Brought to you by Interacted brokers. Thank you, 212 00:11:18,800 --> 00:11:21,480 Speaker 1: Karen six thirty three on Wall Street, seventy degrees in 213 00:11:21,520 --> 00:11:24,120 Speaker 1: Central Park. Now seeing forty five minute delays getting through 214 00:11:24,120 --> 00:11:27,800 Speaker 1: the Lincoln Tunnel because the car's broken down inside. More 215 00:11:27,840 --> 00:11:30,560 Speaker 1: coming up in traffic first, Michael bars here. Did you 216 00:11:30,640 --> 00:11:33,640 Speaker 1: feel it? Michael, Oh, Yes, I felt it. I felt 217 00:11:33,640 --> 00:11:36,720 Speaker 1: that traffic jam, and I've felt the two earthquakes as well. 218 00:11:37,080 --> 00:11:40,360 Speaker 1: According to the U S Geological Survey, to hit northern 219 00:11:40,360 --> 00:11:43,600 Speaker 1: New Jersey yesterday, the first to two point three magnitude 220 00:11:43,600 --> 00:11:48,880 Speaker 1: earthquake was just about four pm, six miles northwest of 221 00:11:49,040 --> 00:11:52,240 Speaker 1: Morris Plains at one point seven magnitude. After shock was 222 00:11:52,280 --> 00:11:56,680 Speaker 1: then reported shortly after six thirty pm, also in Morris County. 223 00:11:57,080 --> 00:12:00,440 Speaker 1: Migrants crossing into El Paso have been arriving at welcome 224 00:12:00,520 --> 00:12:03,880 Speaker 1: centers set up by outreach organizations looking to assist the 225 00:12:03,920 --> 00:12:07,439 Speaker 1: homeless population there. Recently, in the state of Texas started 226 00:12:07,480 --> 00:12:10,840 Speaker 1: bussing migrants to places like Chicago and New York City. 227 00:12:11,200 --> 00:12:14,280 Speaker 1: The buses provided an opportunity for the migrants to get 228 00:12:14,320 --> 00:12:17,480 Speaker 1: to where they wanted to go. Now it appears they 229 00:12:17,520 --> 00:12:21,480 Speaker 1: have stopped. John Martin, the deputy director of the Opportunity Center, 230 00:12:21,520 --> 00:12:24,120 Speaker 1: said until now it had been working out well, So 231 00:12:24,200 --> 00:12:27,040 Speaker 1: with a hundred percent confidence, I can tell you this 232 00:12:27,120 --> 00:12:30,000 Speaker 1: is their choice, this is their desire, and this is 233 00:12:30,040 --> 00:12:33,240 Speaker 1: the direction they want to go. Senate Director John Martin 234 00:12:33,320 --> 00:12:37,360 Speaker 1: spoke to ABC affiliate k v I An Calgora Chaw, 235 00:12:37,480 --> 00:12:40,000 Speaker 1: the leader of the Soviet Union, whose attempts to shake 236 00:12:40,080 --> 00:12:43,400 Speaker 1: up as country's political and economic system led to the 237 00:12:43,440 --> 00:12:46,400 Speaker 1: collapse of the communist superpower and the end of the 238 00:12:46,400 --> 00:12:51,120 Speaker 1: Cold War, has died Fordham journalism Professor Beth Noble. I 239 00:12:51,160 --> 00:12:53,840 Speaker 1: think he will be looked back upon as someone who 240 00:12:53,960 --> 00:12:56,880 Speaker 1: ended up doing great things for the world by bringing 241 00:12:56,880 --> 00:12:59,760 Speaker 1: down the USSR, by ending the Cold War, and by 242 00:12:59,760 --> 00:13:04,040 Speaker 1: bring democracy to millions of people in the former Soviet block. 243 00:13:04,360 --> 00:13:08,400 Speaker 1: Professor Beth Noble was also the CBS News Moscow bureau chief. 244 00:13:08,600 --> 00:13:12,520 Speaker 1: Gorbachoff's death followed a severe and prolonged illness. Mihail Gorbachoff 245 00:13:12,679 --> 00:13:16,040 Speaker 1: was ninety one. A team of international nuclear inspectors is 246 00:13:16,080 --> 00:13:19,320 Speaker 1: heading to the Nuclear Power Plan amid fighting in southern 247 00:13:19,440 --> 00:13:24,560 Speaker 1: Ukraine and international concern of a potential accident or radiation leak. 248 00:13:25,120 --> 00:13:28,920 Speaker 1: President Biden outlined is new Safer America program at Wilkes 249 00:13:28,960 --> 00:13:32,160 Speaker 1: University in Pennsylvania, but gun violence on the rise in 250 00:13:32,200 --> 00:13:35,120 Speaker 1: the US. President Biden said, this is the time to 251 00:13:35,160 --> 00:13:38,040 Speaker 1: spend money on local law enforcement. It's based on a 252 00:13:38,120 --> 00:13:41,760 Speaker 1: simple notion when it comes to public safety. To this station, 253 00:13:41,800 --> 00:13:46,800 Speaker 1: the answer is not defund the police. It's fund the police, 254 00:13:47,760 --> 00:13:50,600 Speaker 1: Fund the police. Among the people in attendance or Biden's 255 00:13:50,600 --> 00:13:53,840 Speaker 1: speech were gun safety advocates. Global News twenty four hours 256 00:13:53,880 --> 00:13:56,360 Speaker 1: a day on air and on Bloomberg Quicktake, powered by 257 00:13:56,400 --> 00:13:58,760 Speaker 1: more than twenty seven hundred journalists and analysts more than 258 00:13:59,200 --> 00:14:02,600 Speaker 1: twenty countries. Michael bar this is Bloomberg native. Thank you, 259 00:14:02,679 --> 00:14:10,040 Speaker 1: Michael Allow sixty six on Wall Street, John stash Awris 260 00:14:10,040 --> 00:14:12,440 Speaker 1: got the Bloomberg Sports Update, all right, Nathan. It was 261 00:14:12,480 --> 00:14:15,760 Speaker 1: sixty one years ago that Roger Barris at sixty one 262 00:14:15,800 --> 00:14:18,280 Speaker 1: home runs a hundred thirty games into that season. Marris 263 00:14:18,320 --> 00:14:21,560 Speaker 1: was at fifty one hundred and thirty games into this season. 264 00:14:21,600 --> 00:14:24,440 Speaker 1: Aaron Judge has hit fifty one another one in add 265 00:14:24,480 --> 00:14:26,600 Speaker 1: on three run shot to right field fourth inning. Judges 266 00:14:26,680 --> 00:14:28,840 Speaker 1: come off his longest home run draft of the season 267 00:14:29,160 --> 00:14:31,480 Speaker 1: to hit five in the last eight games. Yankees beat 268 00:14:31,520 --> 00:14:33,880 Speaker 1: the Angels seven to four, as Andrew been attending and 269 00:14:33,880 --> 00:14:36,600 Speaker 1: Anthony Rizzo also homeward over the first two Winn's Jamison 270 00:14:36,680 --> 00:14:39,440 Speaker 1: Dionne took a line drive off his arm, had to 271 00:14:39,520 --> 00:14:41,720 Speaker 1: leave in the third inning X rays where negative the 272 00:14:41,720 --> 00:14:44,280 Speaker 1: bullpen went the rest of the way. Garrett Cole starts 273 00:14:44,320 --> 00:14:47,400 Speaker 1: tonight at City Field. Dodgers scored seventh inning to win 274 00:14:47,440 --> 00:14:49,800 Speaker 1: four to three. That's their ninetieth win of the season. 275 00:14:50,280 --> 00:14:52,840 Speaker 1: So you'll have Jacob de Graham at city Field tonight, 276 00:14:52,840 --> 00:14:55,880 Speaker 1: and then across the boardwalk will be Serena Williams US 277 00:14:55,960 --> 00:14:59,120 Speaker 1: Open record crowd of twenty nine thousand on hand Monday 278 00:14:59,280 --> 00:15:01,400 Speaker 1: to see Surrey then and they may top it. Tonight 279 00:15:01,440 --> 00:15:03,840 Speaker 1: it's her second round match. Let's try to upset the 280 00:15:03,880 --> 00:15:07,040 Speaker 1: second seed in that count divide. Retirement is coming either 281 00:15:07,080 --> 00:15:09,720 Speaker 1: tonight or later the tournament. So Serena was asked about 282 00:15:09,960 --> 00:15:13,520 Speaker 1: future plans. I don't see myself not a part of tennis. 283 00:15:13,640 --> 00:15:15,280 Speaker 1: I don't know how I'm going to be a part 284 00:15:15,320 --> 00:15:18,040 Speaker 1: of tennis um as of right now. I just don't 285 00:15:18,080 --> 00:15:22,880 Speaker 1: know how. But I just feel like we've come too 286 00:15:22,880 --> 00:15:26,320 Speaker 1: far together to just not have anything to do with it. 287 00:15:26,720 --> 00:15:29,680 Speaker 1: Venus Williams hardly plays anymore. She did play yesterday lost. 288 00:15:29,680 --> 00:15:32,360 Speaker 1: The sisters are playing doubles together. They'll play a first 289 00:15:32,440 --> 00:15:35,480 Speaker 1: round match tomorrow. Also losing in the singles, Women's defending 290 00:15:35,560 --> 00:15:38,840 Speaker 1: champ mL Right Akando and two time Open champion Soccer 291 00:15:38,920 --> 00:15:42,360 Speaker 1: was beaten by Daniel Collins. Men's winners included the Spaniards 292 00:15:42,400 --> 00:15:44,760 Speaker 1: seated second and third, Raphael the daw and the nineteen 293 00:15:44,800 --> 00:15:47,680 Speaker 1: year old Carlos outcarage and statue that with Bloembord Sports 294 00:15:47,720 --> 00:15:50,240 Speaker 1: Stephen Okay, John, thank you the six thirty seven on 295 00:15:50,280 --> 00:15:52,040 Speaker 1: Wall Street. Time to take a look at stock some 296 00:15:52,040 --> 00:15:54,200 Speaker 1: of the names moving in the pre market as we 297 00:15:54,240 --> 00:15:56,840 Speaker 1: get ready for the final day of trading in this 298 00:15:57,480 --> 00:16:00,400 Speaker 1: down month of August. We check in live with Bloomberg 299 00:16:00,520 --> 00:16:04,120 Speaker 1: Radio and TV Markets correspondent Create Create been watching the 300 00:16:04,200 --> 00:16:07,080 Speaker 1: future is kind of waiver all morning long, but underneath 301 00:16:07,120 --> 00:16:11,120 Speaker 1: there's some big individual movers this morning. Absolutely let's start 302 00:16:11,160 --> 00:16:12,880 Speaker 1: off with I think the major story that we are 303 00:16:12,880 --> 00:16:15,240 Speaker 1: going to this week, which is the job story pay 304 00:16:15,360 --> 00:16:17,800 Speaker 1: rolls of course coming on Friday of the ADP number 305 00:16:17,840 --> 00:16:20,960 Speaker 1: with a new methodology change talking about jobs and pay 306 00:16:21,000 --> 00:16:23,160 Speaker 1: coming out today and in that you're seeing it on 307 00:16:23,160 --> 00:16:25,280 Speaker 1: the corporate level as well. Snapchat is where I'm going 308 00:16:25,280 --> 00:16:27,680 Speaker 1: with this. S n a P is your taker. They're 309 00:16:27,680 --> 00:16:32,280 Speaker 1: cutting their workforce by twenty percent starting today. This is significant. 310 00:16:32,280 --> 00:16:35,240 Speaker 1: It comes after they have about six hundred and six thousand, 311 00:16:35,320 --> 00:16:39,920 Speaker 1: five hundred employees excuse me, makes about hundred people. S 312 00:16:40,040 --> 00:16:42,560 Speaker 1: n a P Shares down about six percent on that news. 313 00:16:42,600 --> 00:16:44,640 Speaker 1: The idea here being that if big tech companies and 314 00:16:44,720 --> 00:16:48,360 Speaker 1: social media companies like Snap that are extremely exposed to 315 00:16:48,400 --> 00:16:50,960 Speaker 1: the business cycle and the economic cycle, if they are 316 00:16:51,040 --> 00:16:54,560 Speaker 1: bracing for a pretty deep downturn to the point that 317 00:16:54,600 --> 00:16:57,520 Speaker 1: they do have to cut their workforce by then what 318 00:16:57,600 --> 00:16:59,320 Speaker 1: does that say about the rest of the economy and 319 00:16:59,400 --> 00:17:02,040 Speaker 1: that company specifically. Remember, a lot of these social media 320 00:17:02,080 --> 00:17:05,879 Speaker 1: companies UM are very reliant on business investment, and a 321 00:17:05,880 --> 00:17:09,240 Speaker 1: lot of these job losses or job cuts are actually 322 00:17:09,240 --> 00:17:11,879 Speaker 1: happening in the part of the business that works on 323 00:17:12,000 --> 00:17:15,560 Speaker 1: kind of small niche application software of their company. So 324 00:17:15,600 --> 00:17:17,480 Speaker 1: that's something you really want to keep an eye on, Nathan. 325 00:17:17,480 --> 00:17:20,240 Speaker 1: And in line with that same thought thinking process is 326 00:17:20,359 --> 00:17:22,880 Speaker 1: HP as well. UM we talk. I like to talk 327 00:17:22,920 --> 00:17:25,359 Speaker 1: a lot about recession stories and talk about consumer spending 328 00:17:25,400 --> 00:17:27,399 Speaker 1: there I like to look at it from a business 329 00:17:27,440 --> 00:17:29,840 Speaker 1: investment point of view. Once again, when the big corporate 330 00:17:29,840 --> 00:17:33,600 Speaker 1: players start to cut back, that's when you should be concerned. HP, 331 00:17:33,720 --> 00:17:36,200 Speaker 1: for example, really falls under that category. Uh, And I 332 00:17:36,200 --> 00:17:38,280 Speaker 1: should say HP as well as a better way to 333 00:17:38,280 --> 00:17:40,960 Speaker 1: look at that HP enterprises. It's kind of a two Uh. 334 00:17:41,119 --> 00:17:44,560 Speaker 1: The two takers are are listed separately. HP is is 335 00:17:44,560 --> 00:17:46,680 Speaker 1: the taker you want to look at this morning, because 336 00:17:46,720 --> 00:17:48,879 Speaker 1: those shares are down one point one per cent. This 337 00:17:48,880 --> 00:17:52,679 Speaker 1: comes after they're cutting their sales forecast siting lower PC demand. 338 00:17:52,680 --> 00:17:54,639 Speaker 1: Think about it, if you are a major business and 339 00:17:54,680 --> 00:17:58,960 Speaker 1: you are concerned about a recession or concerned about hiring, 340 00:17:58,960 --> 00:18:01,800 Speaker 1: do you really need to start buying more and more PCs, 341 00:18:01,800 --> 00:18:04,000 Speaker 1: buying more and more and more equipment right now? The 342 00:18:04,040 --> 00:18:06,320 Speaker 1: answer is not as much as before. And that of 343 00:18:06,320 --> 00:18:08,920 Speaker 1: course is weighing on the shares. Nathan and finally creating. 344 00:18:08,960 --> 00:18:11,679 Speaker 1: We've been waiting for this regulatory filing from Bedbeth and Beyond. 345 00:18:11,720 --> 00:18:14,240 Speaker 1: It looks like the stock is plummeting now on the 346 00:18:14,280 --> 00:18:16,480 Speaker 1: back of that. It really is. We are, of course 347 00:18:16,520 --> 00:18:19,240 Speaker 1: waiting us still on the details of that strategic update. 348 00:18:19,240 --> 00:18:21,520 Speaker 1: Re Member liquidity is a major story when it comes 349 00:18:21,520 --> 00:18:23,480 Speaker 1: to Bed Bath and Beyond. They did shut a file 350 00:18:24,080 --> 00:18:27,800 Speaker 1: the filings as well, But once again it doesn't look 351 00:18:27,840 --> 00:18:30,840 Speaker 1: like there isn't much changes to that story. We're gonna 352 00:18:30,880 --> 00:18:33,000 Speaker 1: keep you a price of all those developments throughout the day. 353 00:18:33,080 --> 00:18:36,440 Speaker 1: Nathan Alright, Bloomberg Radio and TV Markets correspondent, Creaty Group. 354 00:18:36,440 --> 00:18:38,960 Speaker 1: They will be checking back with her, Yeah, throughout the 355 00:18:39,040 --> 00:18:42,159 Speaker 1: day as we do get set for the final trading 356 00:18:42,240 --> 00:18:45,399 Speaker 1: day of this month. Looking ahead to the market open 357 00:18:46,200 --> 00:18:49,520 Speaker 1: right now, futures are in the green. SMP futures up 358 00:18:49,600 --> 00:18:53,080 Speaker 1: nine points. So are Dow futures NASDAC futures leading the 359 00:18:53,080 --> 00:18:56,360 Speaker 1: gains right now, up eighty seven points. That's a gain 360 00:18:56,400 --> 00:18:59,359 Speaker 1: of seven tenths of one per cent. This is Bloomberg, 361 00:19:02,160 --> 00:19:04,440 Speaker 1: Bloomberg eleven three oh weather. Finally, we're not going to 362 00:19:04,560 --> 00:19:07,480 Speaker 1: see many gains as far as the temperatures go. Get 363 00:19:07,480 --> 00:19:10,120 Speaker 1: ready for very pleasant highs in the load of mid 364 00:19:10,160 --> 00:19:12,200 Speaker 1: eighties as we round out the rest of this week. 365 00:19:12,320 --> 00:19:20,400 Speaker 1: Right now, seventy in Central Park, live from the Bloomberg 366 00:19:20,440 --> 00:19:23,640 Speaker 1: Interactive Berger Studios. This is Bloomberg day Break for Wednesday, 367 00:19:23,640 --> 00:19:27,920 Speaker 1: August one, Coming up this hour. Stocks entered the day 368 00:19:27,960 --> 00:19:31,200 Speaker 1: trading at a one month low. More BEEDE officials hammer 369 00:19:31,240 --> 00:19:34,840 Speaker 1: home the message of bringing down inflation, Goldman and Morgan 370 00:19:34,960 --> 00:19:38,200 Speaker 1: Stanley E's COVID rules so workers can return to the office, 371 00:19:38,600 --> 00:19:41,800 Speaker 1: and new developments involving the search of Donald Trump's Florida home, 372 00:19:42,240 --> 00:19:45,640 Speaker 1: former Soviet leader Michael Grober, Jonathans died, plus the ground 373 00:19:45,760 --> 00:19:48,520 Speaker 1: moved in New Jersey. I'm Michael barn More on the 374 00:19:48,560 --> 00:19:52,120 Speaker 1: earthquake Ahead. I'm John stand In Sports Another errand Judge 375 00:19:52,200 --> 00:19:55,080 Speaker 1: all Ron. The Yankees won the Mets loss Arena. Williams 376 00:19:55,119 --> 00:20:00,879 Speaker 1: plays tonight at the US Open. That's Ols Train ahead 377 00:20:00,920 --> 00:20:04,520 Speaker 1: on Bloomberg Daybreak on Bloomberg eleven three on New York, 378 00:20:04,680 --> 00:20:09,360 Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one, Boston, 379 00:20:09,640 --> 00:20:14,280 Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nine team 380 00:20:14,320 --> 00:20:17,240 Speaker 1: and around the world on Bloomberg Radio, dot Com and 381 00:20:17,359 --> 00:20:23,760 Speaker 1: via the Bloomberg Business App. Good morning, I'm Nathan Hagar 382 00:20:24,160 --> 00:20:27,440 Speaker 1: and I'm Karen Moscow and US Dock Indise futures are 383 00:20:27,560 --> 00:20:29,560 Speaker 1: lower this morning. We're coming up to six o one 384 00:20:29,600 --> 00:20:31,520 Speaker 1: on Wall Street. I'm gonna check the markets every fifteen 385 00:20:31,520 --> 00:20:33,920 Speaker 1: minutes throughout the trading day on Bloomberg s and P 386 00:20:34,160 --> 00:20:37,920 Speaker 1: Futures down about four points down, futures down sixty two. Nastay, 387 00:20:38,000 --> 00:20:40,399 Speaker 1: futures are higher, they're up about twenty four and the 388 00:20:40,480 --> 00:20:43,240 Speaker 1: tenure treasury down fourteen thirty seconds. You have three point 389 00:20:43,280 --> 00:20:46,080 Speaker 1: one five percent. Nathan, all right, Karen, thank you. But 390 00:20:46,240 --> 00:20:48,920 Speaker 1: the market is beginning this session trading at a one 391 00:20:49,000 --> 00:20:53,360 Speaker 1: month flow as FED fears continue to persist. Three regional 392 00:20:53,359 --> 00:20:57,000 Speaker 1: FED presidents yesterday reiterated Chair J. Powell's intention to bring 393 00:20:57,000 --> 00:21:00,119 Speaker 1: down inflation. Amanda A. Gotti is chief investment office her 394 00:21:00,160 --> 00:21:03,080 Speaker 1: at p n C Asset Management Group. I actually think 395 00:21:03,119 --> 00:21:07,040 Speaker 1: that we're going to start to see more confirmation and 396 00:21:07,119 --> 00:21:11,119 Speaker 1: evidence of inflation rolling over. And while the Fed, you know, 397 00:21:11,200 --> 00:21:13,440 Speaker 1: only has a few data points to go on here 398 00:21:13,560 --> 00:21:17,199 Speaker 1: so far, I think the market has already adjusted on 399 00:21:17,240 --> 00:21:20,160 Speaker 1: the equity side in terms of evaluations, but also on 400 00:21:20,200 --> 00:21:23,520 Speaker 1: the bond market side in terms of you know, futures, 401 00:21:23,520 --> 00:21:26,720 Speaker 1: probability of rate hikes, and where interest rates have moved 402 00:21:26,720 --> 00:21:29,440 Speaker 1: to p n C ST managements. Amanda god He says 403 00:21:29,480 --> 00:21:31,760 Speaker 1: she is not making any meaningful changes right now to 404 00:21:31,880 --> 00:21:35,679 Speaker 1: her portfolio. Well, Nathan Richmond. FED President Thomas Barkin is 405 00:21:35,680 --> 00:21:38,320 Speaker 1: one of the central bank officials beating the drum to 406 00:21:38,400 --> 00:21:41,080 Speaker 1: stop inflation. He found the FED would not flinch in 407 00:21:41,119 --> 00:21:44,880 Speaker 1: its Effortsical Prices cautioned it might not be a smooth process. 408 00:21:45,200 --> 00:21:48,040 Speaker 1: We're committed to getting inflation under control, and there's a 409 00:21:48,080 --> 00:21:51,080 Speaker 1: path to get there. A recession is obviously a risk 410 00:21:51,560 --> 00:21:55,600 Speaker 1: in the process. Um, I'll just say for context, nobody 411 00:21:55,600 --> 00:21:59,560 Speaker 1: ever canceled the business cycle, So the when you say 412 00:21:59,560 --> 00:22:01,400 Speaker 1: there's a risk ski recession, it doesn't have to be 413 00:22:01,440 --> 00:22:05,960 Speaker 1: like a two recession. Richmond FED President Thomas Barkin made 414 00:22:05,960 --> 00:22:09,080 Speaker 1: the comments in West Virginia yesterday. Wall Street is worried 415 00:22:09,119 --> 00:22:12,640 Speaker 1: that the Fed's aggressive battle against inflation will lead to hire, unemployment, 416 00:22:12,680 --> 00:22:15,400 Speaker 1: and recession. Karen. This morning, we get the first read 417 00:22:15,440 --> 00:22:17,920 Speaker 1: on August jobs with the a d P Report. Let's 418 00:22:17,960 --> 00:22:21,120 Speaker 1: get a preview from Bloomberg's Michael McKee. ADP returns from 419 00:22:21,160 --> 00:22:24,560 Speaker 1: its months long hiatus with updated methodology and a range 420 00:22:24,560 --> 00:22:27,760 Speaker 1: of wage data, and avow it's not supposed to be 421 00:22:27,800 --> 00:22:31,560 Speaker 1: a forecast of the government's monthly payroll report. The revamp report, 422 00:22:31,680 --> 00:22:34,520 Speaker 1: developed with the Stanford Digital Economy Lab, will feature the 423 00:22:34,560 --> 00:22:38,000 Speaker 1: monthly change in private employment as well as weekly payrolls 424 00:22:38,080 --> 00:22:41,919 Speaker 1: data for the preceding month. Median annual growth by industry, 425 00:22:41,960 --> 00:22:45,960 Speaker 1: company size, region, gender, and age will also now be available. 426 00:22:46,119 --> 00:22:48,800 Speaker 1: While there is a median projection for this month's report, 427 00:22:49,040 --> 00:22:53,200 Speaker 1: given the changes, several Wall Street economists haven't submitted estimates 428 00:22:53,280 --> 00:22:56,680 Speaker 1: for this month. Michael McKie, Bloomberg Daybreak, All right, Mike, 429 00:22:56,720 --> 00:22:59,840 Speaker 1: thank you well. Overseas your area, inflation accelerated to another 430 00:23:00,160 --> 00:23:02,919 Speaker 1: time high, as the European Central Bank considers a jumbo 431 00:23:03,040 --> 00:23:06,080 Speaker 1: interest rate high when it meets next week. Consumer prices 432 00:23:06,280 --> 00:23:08,720 Speaker 1: jumped nine point one percent from a year ago, and 433 00:23:08,760 --> 00:23:11,560 Speaker 1: in the UK, shop price inflation increased to five point 434 00:23:11,600 --> 00:23:13,920 Speaker 1: one percent in August. The price of food grows even 435 00:23:13,920 --> 00:23:17,480 Speaker 1: more nine point three percent. In Asia, Karen China's factory 436 00:23:17,520 --> 00:23:21,040 Speaker 1: activity contracted in August for a second straight month. Bloomberg 437 00:23:21,119 --> 00:23:23,960 Speaker 1: Daybreak Asia anchor Brian Curtis has more. From Hong Kong, 438 00:23:24,040 --> 00:23:26,480 Speaker 1: the official p m I rose to forty nine point 439 00:23:26,520 --> 00:23:30,040 Speaker 1: four from forty nine in July. The economy has been 440 00:23:30,119 --> 00:23:33,000 Speaker 1: hit by power routages, the crisis in the property market, 441 00:23:33,200 --> 00:23:36,800 Speaker 1: and multiple COVID outbreaks. The reading was slightly higher than 442 00:23:36,840 --> 00:23:39,919 Speaker 1: the estimate of forty nine point two, but still in 443 00:23:40,000 --> 00:23:44,080 Speaker 1: contraction mode. Meantime, the non manufacturing gauge fell to fifty 444 00:23:44,080 --> 00:23:47,360 Speaker 1: two point six from fifty three point eight. The main 445 00:23:47,400 --> 00:23:51,600 Speaker 1: takeaway this economy is still losing speed in Hong Kong. 446 00:23:51,600 --> 00:23:54,280 Speaker 1: Brian Curtis, Bloomberg Daybreak, A right, Brian, thank you back 447 00:23:54,280 --> 00:23:57,080 Speaker 1: here at home. New allegations of obstruction of justice may 448 00:23:57,080 --> 00:24:00,359 Speaker 1: be added to former President Trump's legal woes. Details from Boomberry, 449 00:24:00,440 --> 00:24:04,240 Speaker 1: Jamie Morrison, or news room in Washington. The Justice Department 450 00:24:04,280 --> 00:24:07,400 Speaker 1: has responded to former President Trump's request for a special 451 00:24:07,440 --> 00:24:10,280 Speaker 1: master review of documents he kept at his home in Florida. 452 00:24:10,560 --> 00:24:14,480 Speaker 1: Investigators suggest Trump may have tried to obstruct the investigation. 453 00:24:14,800 --> 00:24:17,000 Speaker 1: The d o J says the records that were held 454 00:24:17,000 --> 00:24:19,359 Speaker 1: in a storage room at maral Lago appear to have 455 00:24:19,400 --> 00:24:22,520 Speaker 1: been moved before the FBI search in June. As far 456 00:24:22,560 --> 00:24:25,240 Speaker 1: as appointing a third party to review those documents, the 457 00:24:25,280 --> 00:24:28,240 Speaker 1: government said that was not only unnecessary, it would only 458 00:24:28,280 --> 00:24:31,919 Speaker 1: serve to delay the ongoing investigation. The judge has directed 459 00:24:31,960 --> 00:24:34,199 Speaker 1: Trump to respond to the d o J filing by 460 00:24:34,240 --> 00:24:38,040 Speaker 1: tonight in Washington. I'm Amy Morris, Bloomberg Daybreak. Thanks Amy 461 00:24:38,119 --> 00:24:40,840 Speaker 1: on Wall Street. Two of the most prominent investment banks 462 00:24:40,880 --> 00:24:43,280 Speaker 1: are removing some of the final hurdles to a full 463 00:24:43,320 --> 00:24:48,040 Speaker 1: return to office following the pandemic. More from Bloomberg's Doug Prisner, Goldman, Saxon, 464 00:24:48,040 --> 00:24:51,080 Speaker 1: Morgan Stanley will ease some of their remaining COVID nineteen 465 00:24:51,119 --> 00:24:54,880 Speaker 1: protocols after the Labor Day weekend. Goldman will allow employees 466 00:24:55,000 --> 00:24:59,119 Speaker 1: outside New York to enter offices regardless of vaccination status, 467 00:24:59,160 --> 00:25:02,439 Speaker 1: with no mandate to participate in regular testing or to 468 00:25:02,520 --> 00:25:05,879 Speaker 1: wear face coverings. Last week, Morgan Stanley told it's New 469 00:25:05,960 --> 00:25:09,280 Speaker 1: York staff as of September five, it's ending test and 470 00:25:09,400 --> 00:25:13,280 Speaker 1: control measures. Anyone who test positive should still isolate for 471 00:25:13,320 --> 00:25:15,840 Speaker 1: at least five days, then wear a mask for five more. 472 00:25:16,240 --> 00:25:18,880 Speaker 1: In New York, I'm dick prisoner, Bloomberg daybreak. All right, dog, 473 00:25:18,920 --> 00:25:21,040 Speaker 1: thank you. Let's take a look now at some stocks 474 00:25:21,080 --> 00:25:23,840 Speaker 1: moving in early trading. Shares of is Chewy or down 475 00:25:23,840 --> 00:25:26,399 Speaker 1: eleven and a half percent. The online pet supply retail 476 00:25:26,440 --> 00:25:29,440 Speaker 1: irisk at its revenue outlook and says customer growth is slowed. 477 00:25:29,600 --> 00:25:32,920 Speaker 1: Bloomberg Shirley Pillett has more. In a letter to shareholders, 478 00:25:33,000 --> 00:25:36,000 Speaker 1: Chewy said sales in the current fiscal year will total 479 00:25:36,040 --> 00:25:39,680 Speaker 1: no more than ten billion dollars. As customers pulled back 480 00:25:39,720 --> 00:25:43,480 Speaker 1: on discretionary goods such as toys and treats. That is 481 00:25:43,520 --> 00:25:46,320 Speaker 1: down from a previous forecast of as much as ten 482 00:25:46,400 --> 00:25:50,159 Speaker 1: point four billion dollars. Chewy is contending with a broad 483 00:25:50,160 --> 00:25:54,640 Speaker 1: based fall and demand for discretionary items as American consumer 484 00:25:54,720 --> 00:25:58,879 Speaker 1: shifts spending to food and other essentials amid soaring inflation 485 00:25:59,480 --> 00:26:03,000 Speaker 1: in New York. Charlie Pellett, Bloomberg Daybreak, Thanks Charlie. Shares 486 00:26:03,040 --> 00:26:05,280 Speaker 1: of hp OR down six and three quarters percent. The 487 00:26:05,280 --> 00:26:08,280 Speaker 1: company reported quarterly sales that missed estimates and reduced its 488 00:26:08,280 --> 00:26:11,840 Speaker 1: annual profit forecast on falling demand for personal computers and printers, 489 00:26:12,080 --> 00:26:14,639 Speaker 1: and shares of snapdown seven and a half percent. Virgus 490 00:26:14,680 --> 00:26:17,120 Speaker 1: reporting the social media company is planning to lay off 491 00:26:17,119 --> 00:26:19,440 Speaker 1: around twenty percent of it's nearly six thousand and five 492 00:26:19,480 --> 00:26:22,560 Speaker 1: for employees. The stock is down about eighty percent so 493 00:26:22,640 --> 00:26:24,960 Speaker 1: far this year as the company is faced to slowdown 494 00:26:25,240 --> 00:26:28,919 Speaker 1: in advertisers spending again. US and P futures are lower 495 00:26:29,000 --> 00:26:31,200 Speaker 1: to little change. This morning, straight a haad your latest 496 00:26:31,240 --> 00:26:34,440 Speaker 1: local headlines plus a check of sports, and this is Bloomberg. 497 00:26:38,160 --> 00:26:40,879 Speaker 1: Thankscaren six O seven on Wall Streets seventy degrees in 498 00:26:40,960 --> 00:26:43,159 Speaker 1: Central Park at a car fire East found l I 499 00:26:43,200 --> 00:26:44,960 Speaker 1: E at Exsit forty three. We'll get the update in 500 00:26:44,960 --> 00:26:47,600 Speaker 1: traffic shortly. First Michael Barr with what else is going 501 00:26:47,640 --> 00:26:49,680 Speaker 1: on in New York and around the world. Good morning, Michael, 502 00:26:49,720 --> 00:26:53,080 Speaker 1: Good morning Nathan. The earth moved in New Jersey last evening. 503 00:26:53,200 --> 00:26:56,000 Speaker 1: According to the U S Geological Survey, two earthquakes in 504 00:26:56,200 --> 00:26:59,320 Speaker 1: northern New Jersey. The first to two point three magnitude 505 00:26:59,320 --> 00:27:03,159 Speaker 1: earthquake was just before five pm, about six miles northwest 506 00:27:03,520 --> 00:27:07,000 Speaker 1: of Morris. Plans at one point seven magnitude. After shock 507 00:27:07,119 --> 00:27:10,320 Speaker 1: was then reported shortly after six thirty pm, also in 508 00:27:10,359 --> 00:27:14,240 Speaker 1: Morris County. The last earthquake in New Jersey was in Freehold, 509 00:27:14,320 --> 00:27:19,440 Speaker 1: In recorded at a three point one magnitude. One Texas 510 00:27:19,480 --> 00:27:22,600 Speaker 1: official says migrants crossing into El Paso want to come 511 00:27:22,640 --> 00:27:25,800 Speaker 1: to New York City. El Paso has been housing asylum 512 00:27:25,840 --> 00:27:29,520 Speaker 1: seekers there welcome centers there to assist the homeless population. 513 00:27:30,000 --> 00:27:33,960 Speaker 1: Texas has been bussing migrants from the Opportunity Center to 514 00:27:34,000 --> 00:27:37,080 Speaker 1: where they want to go. Speaking at ABC s k 515 00:27:37,320 --> 00:27:40,360 Speaker 1: v I A and El Paso, John Martin, the deputy 516 00:27:40,400 --> 00:27:43,040 Speaker 1: director of the center, says up until now it has 517 00:27:43,080 --> 00:27:46,320 Speaker 1: been working out well. I've never seen individuals run so 518 00:27:46,400 --> 00:27:48,800 Speaker 1: quickly to take a shower so that they could get 519 00:27:48,840 --> 00:27:51,160 Speaker 1: on a bus. They'll be able to go to where 520 00:27:51,359 --> 00:27:54,480 Speaker 1: they wanted to go, Martin says, though it appears to 521 00:27:54,600 --> 00:27:57,240 Speaker 1: have stopped a bus schedule to leave Monday from the 522 00:27:57,280 --> 00:28:02,080 Speaker 1: Center was postponed. Former Soviet president Michaeligorbachof has died. Russian 523 00:28:02,080 --> 00:28:05,200 Speaker 1: news reports say it happened at the Central Clinical Hospital, 524 00:28:05,200 --> 00:28:08,840 Speaker 1: where he was undergoing unspecified treatments after a long illness. 525 00:28:09,000 --> 00:28:13,480 Speaker 1: Michaeligorvichof was ninety one. Texas is announcing the first confirmed 526 00:28:13,480 --> 00:28:18,240 Speaker 1: fatality from monkeypox in the US. Dr Jennifer mcquisten says 527 00:28:18,280 --> 00:28:22,080 Speaker 1: the patient had other underlying health conditions. It's important to 528 00:28:22,080 --> 00:28:24,719 Speaker 1: focus that we have mitigation letters in place to prevent 529 00:28:24,800 --> 00:28:28,480 Speaker 1: monkey pox. Get vaccinated, if you're sick, go to a doctor, 530 00:28:28,560 --> 00:28:31,239 Speaker 1: get tested, and if you have severe illness, there are 531 00:28:31,240 --> 00:28:34,399 Speaker 1: treatments that are available. Dr mcquisten says. Though only a 532 00:28:34,400 --> 00:28:38,680 Speaker 1: handful of monkeypox fatalities have been reported globally, President Biden 533 00:28:38,680 --> 00:28:43,400 Speaker 1: announced his Safer America program. He proclaimed in Wilkesbury, Pennsylvania, 534 00:28:43,440 --> 00:28:47,200 Speaker 1: the nation had to fund the police, then criticized GOP 535 00:28:47,320 --> 00:28:49,920 Speaker 1: members of Congress for not supporting his plan. Yes, what, 536 00:28:50,720 --> 00:28:57,200 Speaker 1: every single Republican member of Congress, every single one in 537 00:28:57,200 --> 00:29:00,960 Speaker 1: this state, every single one voted again to support the 538 00:29:01,040 --> 00:29:03,520 Speaker 1: law enforcement and talk about how much they love it. 539 00:29:04,120 --> 00:29:08,280 Speaker 1: They voted against the funding President by Global Names twenty 540 00:29:08,280 --> 00:29:10,320 Speaker 1: four hours a day on a or and on Bloomberg 541 00:29:10,400 --> 00:29:13,480 Speaker 1: Quick Take, powered by more than twenty seven journalists and 542 00:29:13,480 --> 00:29:16,440 Speaker 1: analyists more than a hundred twenty countries. Michael bar this 543 00:29:16,560 --> 00:29:24,080 Speaker 1: is Bloomberg, Nathin. Thanks Michael. Almost six ten on Ball Street. 544 00:29:24,120 --> 00:29:27,200 Speaker 1: Time for the Bloomberg Sports Update. Here's John Stenshown. All right, Nathan, 545 00:29:27,200 --> 00:29:29,200 Speaker 1: As we get ready to flip the calendar to September, 546 00:29:29,280 --> 00:29:31,360 Speaker 1: Yankee fans like to see their teams play well as 547 00:29:31,400 --> 00:29:33,680 Speaker 1: they get ready for October. But for half, the bigger 548 00:29:33,720 --> 00:29:36,640 Speaker 1: story will be a daily washs to see how many 549 00:29:36,720 --> 00:29:39,520 Speaker 1: home runs they're star player ends up with. He came 550 00:29:39,600 --> 00:29:43,760 Speaker 1: up in Anaheim fourth inning, two men, one two hit. Well, 551 00:29:43,840 --> 00:29:48,760 Speaker 1: it's all right, Aaron Judge has done it again. Not 552 00:29:49,000 --> 00:29:53,680 Speaker 1: more fifty one for Judge. He's tied away from Roger Morris. 553 00:29:53,760 --> 00:29:57,120 Speaker 1: It's a three run shot and the Yankees have opened 554 00:29:57,280 --> 00:30:00,600 Speaker 1: up it's seven shoop two on w F and earlier 555 00:30:00,680 --> 00:30:03,600 Speaker 1: Yankee home runs of Anthony Rizzo his thirty Andrew benn 556 00:30:03,600 --> 00:30:05,960 Speaker 1: in tendy. Yanks ended a three game slide. They beat 557 00:30:06,000 --> 00:30:09,360 Speaker 1: the Angels seven to four, with six Yankee relievers combining 558 00:30:09,640 --> 00:30:11,960 Speaker 1: to pitch the last seven eighties. The Mets schedule is 559 00:30:11,960 --> 00:30:13,760 Speaker 1: gonna get a lot easier, but there's nothing easier right 560 00:30:13,760 --> 00:30:15,880 Speaker 1: now about playing the Dodgers, who won four three in 561 00:30:15,960 --> 00:30:18,640 Speaker 1: city field. The Dodgers have won twenty six of their 562 00:30:18,720 --> 00:30:21,360 Speaker 1: last thirty two games. They are fifty two games over 563 00:30:21,400 --> 00:30:24,480 Speaker 1: five hundred. Starling Marte and Mark Kenna. Homer And lost 564 00:30:24,840 --> 00:30:26,800 Speaker 1: for the Mets two days after he won thirty for 565 00:30:27,040 --> 00:30:30,240 Speaker 1: thirty eight against the Jets, the Giants cut third string 566 00:30:30,320 --> 00:30:33,000 Speaker 1: quarterback Davis Webb, electing to go with only two qobs. 567 00:30:33,040 --> 00:30:35,440 Speaker 1: The Jets kept white out Denzel Mims on the roster. 568 00:30:35,520 --> 00:30:38,120 Speaker 1: He had recently asked for a trade. Raphael the Dal's 569 00:30:38,120 --> 00:30:40,920 Speaker 1: first US Open match in two thousand nineteen. He wont 570 00:30:41,000 --> 00:30:43,720 Speaker 1: to improved the sixteen and old lifetime in the opening 571 00:30:43,760 --> 00:30:46,160 Speaker 1: round forty two year old Venus Williams. Her first Open 572 00:30:46,240 --> 00:30:50,520 Speaker 1: was in nineteen nineties seven. She played and lost. Unlike Serena, 573 00:30:50,640 --> 00:30:52,720 Speaker 1: Venus does not say anything about retirements. She hardly plays 574 00:30:52,760 --> 00:30:56,240 Speaker 1: these days. Her rankings over fifteen hundred. Serena is retiring 575 00:30:56,320 --> 00:30:58,360 Speaker 1: to tonight could be her swan song. She takes on 576 00:30:58,480 --> 00:31:02,440 Speaker 1: the second seed and net John Station were Bloomberg Sports Nathan, 577 00:31:02,640 --> 00:31:04,520 Speaker 1: thank you john S. And p Future is right now 578 00:31:04,600 --> 00:31:08,040 Speaker 1: little changed. Dal Future is down forty one points. Nastac 579 00:31:08,160 --> 00:31:11,440 Speaker 1: Futures adding to some of their games now forty three 580 00:31:11,480 --> 00:31:15,080 Speaker 1: points higher. The Tenure Treasury is down fourteen thirty seconds, 581 00:31:15,160 --> 00:31:23,000 Speaker 1: yield three point one five percent. This is Bloomberg Bloomberg 582 00:31:23,040 --> 00:31:25,760 Speaker 1: eleven three oh weather, sunny less, humid, mid eighties today, 583 00:31:25,880 --> 00:31:28,440 Speaker 1: will get up to the low eighties as we start 584 00:31:28,480 --> 00:31:32,280 Speaker 1: off September tomorrow. Sunshine high near eighty on Friday right 585 00:31:32,280 --> 00:31:39,160 Speaker 1: now seventy degrees in Central Park markets. Headlines and breaking 586 00:31:39,200 --> 00:31:42,080 Speaker 1: news twenty four hours a day at Bloomberg dot Com, 587 00:31:42,200 --> 00:31:45,720 Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's 588 00:31:45,760 --> 00:31:54,840 Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow whis and 589 00:31:55,120 --> 00:31:57,560 Speaker 1: Futures showing a little more strength. Now we go to 590 00:31:57,600 --> 00:31:59,880 Speaker 1: the first word breaking news dash for today's morning call, 591 00:32:00,040 --> 00:32:03,880 Speaker 1: and here's Bill Maloney, Bill, good morning, and good morning, Karen. 592 00:32:04,080 --> 00:32:05,880 Speaker 1: Modest gains in the U S futures right now with 593 00:32:05,920 --> 00:32:08,120 Speaker 1: doubt you just hired by a point. S APS gained 594 00:32:08,120 --> 00:32:11,520 Speaker 1: seven will NASA futures are up by seventy five. The 595 00:32:11,680 --> 00:32:14,280 Speaker 1: US ten year old at three point one four percent, 596 00:32:14,400 --> 00:32:17,200 Speaker 1: Gold is down twelve, oil is sinking, and bitcoin is 597 00:32:17,240 --> 00:32:20,479 Speaker 1: trading higher by one point five percent. Japan rose one 598 00:32:20,520 --> 00:32:23,320 Speaker 1: point one percent overnight, while Europ of markets are in 599 00:32:23,360 --> 00:32:25,440 Speaker 1: the red this morning. And back in the US on 600 00:32:25,440 --> 00:32:30,040 Speaker 1: the economic front, at ADP Employment Change and at Chicago 601 00:32:30,200 --> 00:32:32,760 Speaker 1: p m I after the bells night, HP cut its 602 00:32:32,760 --> 00:32:36,720 Speaker 1: profit forecast on falling PC and printer demand. And another 603 00:32:36,760 --> 00:32:39,320 Speaker 1: news bed Beth and Beyond is plunging twenty percent pre 604 00:32:39,440 --> 00:32:42,920 Speaker 1: market after a shelf filing, rabbing things up Robin who 605 00:32:42,960 --> 00:32:46,640 Speaker 1: was downgraded to underweight over at Barkley's Live from the 606 00:32:46,640 --> 00:32:49,640 Speaker 1: First Picking News doskcom Bill Maloney, Ker, Harry, Bill, thank 607 00:32:49,680 --> 00:32:51,720 Speaker 1: you to hear live breaking news over your Bloomberg type 608 00:32:51,760 --> 00:32:54,240 Speaker 1: squawk on your termin I'll escue you a w K 609 00:32:54,400 --> 00:32:56,840 Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr 610 00:32:56,880 --> 00:32:59,520 Speaker 1: with more on what's going on around the World, Michael, Karen, 611 00:32:59,560 --> 00:33:03,000 Speaker 1: thank you for much. The Justice Department says classified documents 612 00:33:03,000 --> 00:33:07,000 Speaker 1: were likely concealed and removed from former President Donald Trump's 613 00:33:07,000 --> 00:33:09,880 Speaker 1: Mara Lago estate as part of an effort to obstruct 614 00:33:09,920 --> 00:33:13,280 Speaker 1: the federal investigation into the discovery of the government records. 615 00:33:13,640 --> 00:33:17,400 Speaker 1: The court finally, Last Night shows the FBI also seized 616 00:33:17,440 --> 00:33:20,840 Speaker 1: more than one hundred classified records during its August eighth search. 617 00:33:21,480 --> 00:33:25,760 Speaker 1: Twenty five years ago. Today, Princess Diana died. She was 618 00:33:25,880 --> 00:33:28,720 Speaker 1: killed in the car crash in Paris. And tennis Serena 619 00:33:28,760 --> 00:33:31,320 Speaker 1: Williams hits the court tonight for her second round in 620 00:33:31,360 --> 00:33:34,480 Speaker 1: the US Open. In baseball, the Yankees beat the Angels 621 00:33:34,520 --> 00:33:37,760 Speaker 1: seven four. Eron Judge hit his fifty first homer. The 622 00:33:37,800 --> 00:33:40,520 Speaker 1: Mets lost to the Dodgers for three. The A's beat 623 00:33:40,560 --> 00:33:44,520 Speaker 1: the Nationals ten six, The Red Sox, Orioles and Giants lost. 624 00:33:44,880 --> 00:33:47,600 Speaker 1: Global news twenty four hours a day on air and 625 00:33:47,760 --> 00:33:50,840 Speaker 1: on Bloomberg Quick Date, powered by more than twenty seven 626 00:33:50,920 --> 00:33:53,640 Speaker 1: hundred journalists and analyists more than a hundred twenty countries. 627 00:33:53,840 --> 00:33:56,400 Speaker 1: I'm Michael bar this is Bloomberg. Karen. All right, Michael, 628 00:33:56,440 --> 00:33:58,840 Speaker 1: thank you at on Wall Street and we turned to 629 00:33:58,880 --> 00:34:01,440 Speaker 1: news and science and take knowlogy now with the Bloomberg 630 00:34:01,560 --> 00:34:03,920 Speaker 1: n j I T Stem Report, it has brought to 631 00:34:03,960 --> 00:34:07,000 Speaker 1: you buy New Jersey Institute of Technology and j I 632 00:34:07,120 --> 00:34:09,640 Speaker 1: T is dedicated to bols during support for female and 633 00:34:09,680 --> 00:34:13,560 Speaker 1: minority students pursuing careers and high paying STEM industries. Learn 634 00:34:13,760 --> 00:34:15,840 Speaker 1: more at n j I T DOT E d U 635 00:34:16,480 --> 00:34:19,800 Speaker 1: and here's what's making news in science, Technology, engineering and math. 636 00:34:19,920 --> 00:34:23,000 Speaker 1: It's the biggest two year decline in US life expectancy 637 00:34:23,040 --> 00:34:25,440 Speaker 1: in almost a century, and it's being blamed on the 638 00:34:25,480 --> 00:34:28,600 Speaker 1: COVID pandemic. Life expectancy foul by almost a year in 639 00:34:28,640 --> 00:34:31,480 Speaker 1: twenty one after decline of one point eight years in 640 00:34:32,560 --> 00:34:35,480 Speaker 1: The pandemic has been directly responsible for more than one 641 00:34:35,560 --> 00:34:39,480 Speaker 1: million American depths. Meanwhile, the US government anticipates that it 642 00:34:39,520 --> 00:34:42,480 Speaker 1: will stop purchasing and providing COVID nineteen shots as soon 643 00:34:42,520 --> 00:34:44,960 Speaker 1: as January due to a lack of funds that will 644 00:34:45,000 --> 00:34:48,319 Speaker 1: leave Americans to obtain vaccines through insurers or pay for 645 00:34:48,360 --> 00:34:50,799 Speaker 1: them out of pocket. And to a Wall Street's most 646 00:34:50,840 --> 00:34:53,840 Speaker 1: prominent investment banks are removing some of the final hurdles 647 00:34:53,840 --> 00:34:57,840 Speaker 1: to fully returning to offices following the pandemic. Coleman Sachs, 648 00:34:57,920 --> 00:35:00,440 Speaker 1: which led Wall Streets return to Manhattan to hours by 649 00:35:00,480 --> 00:35:03,880 Speaker 1: pushing employees to resume regular commutes last year, and Morgan 650 00:35:03,960 --> 00:35:07,000 Speaker 1: Stanley both told staff that they will ease some of 651 00:35:07,040 --> 00:35:10,960 Speaker 1: their remaining COVID nineteen mitigation efforts after the Labor Day weekend. 652 00:35:11,239 --> 00:35:14,040 Speaker 1: That's a Bloomberg and j I t Stem report. Nathan 653 00:35:14,200 --> 00:35:16,319 Speaker 1: all right, Karen, thank you. We are live from the 654 00:35:16,320 --> 00:35:19,359 Speaker 1: Bloomberg Interactive Broker Studios. Where to six fifty on Wall 655 00:35:19,400 --> 00:35:21,560 Speaker 1: Street Time now to check what's going on in BC. 656 00:35:21,960 --> 00:35:24,720 Speaker 1: Some of the top stories in our nation's capital include 657 00:35:24,760 --> 00:35:29,520 Speaker 1: the Justice Department accusing former President Donald Trump of potentially 658 00:35:29,880 --> 00:35:34,320 Speaker 1: attempting obstruction of justice, said marl Lago, President Biden blasting 659 00:35:34,360 --> 00:35:37,200 Speaker 1: Republican attacks on the FBI and a speech on safety 660 00:35:37,239 --> 00:35:41,240 Speaker 1: and policing. And Washington reacts to the death of former 661 00:35:41,280 --> 00:35:45,879 Speaker 1: Soviet leader Mikhail Gorbatchov. Bloomberg Government Congressional reporter Jack Fitzpatrick 662 00:35:46,160 --> 00:35:49,000 Speaker 1: is back with us now, so give us the latest, 663 00:35:49,160 --> 00:35:53,040 Speaker 1: Jack on this late night filing from the Justice Department, 664 00:35:53,080 --> 00:35:56,400 Speaker 1: apparently in response to former President Trump's request for an 665 00:35:56,440 --> 00:36:00,680 Speaker 1: independent review of all those classified documents taken from his home. Yes, 666 00:36:00,800 --> 00:36:03,759 Speaker 1: the news here is the d o J said there's 667 00:36:03,800 --> 00:36:07,839 Speaker 1: some indication that the former president the people around him 668 00:36:08,280 --> 00:36:12,440 Speaker 1: may have tried to hide some of the documents they found. 669 00:36:12,840 --> 00:36:14,880 Speaker 1: Is a little bit of a kind of an extensive 670 00:36:14,920 --> 00:36:17,360 Speaker 1: timeline here. There's a back and forth with the National 671 00:36:17,480 --> 00:36:21,440 Speaker 1: Archives and the FBI actually visited maral Lago in June 672 00:36:22,239 --> 00:36:25,920 Speaker 1: ahead of that August eighth search warrant, and they were 673 00:36:25,960 --> 00:36:30,319 Speaker 1: told by Trump's lawyers after that June meeting that they 674 00:36:30,320 --> 00:36:33,480 Speaker 1: had handed over all the relevant documents. That clearly was 675 00:36:33,560 --> 00:36:38,160 Speaker 1: not true. Uh. The the overarching issue beyond that also 676 00:36:38,320 --> 00:36:42,120 Speaker 1: is that the Trump lawyers have called for a special 677 00:36:42,160 --> 00:36:46,200 Speaker 1: master to review the information around this. The FBI d 678 00:36:46,280 --> 00:36:51,480 Speaker 1: o J has said that could interrupted interfere with their investigation. 679 00:36:51,800 --> 00:36:55,520 Speaker 1: So there's a debate over the amount of transparency and 680 00:36:55,520 --> 00:36:58,920 Speaker 1: whether to bring in an outside person to to have 681 00:36:58,960 --> 00:37:01,960 Speaker 1: a role in reviewing all of this. But the the 682 00:37:02,000 --> 00:37:05,680 Speaker 1: assertion here from d o J is that the former 683 00:37:05,719 --> 00:37:10,040 Speaker 1: president had effectively told them he handed everything over, and 684 00:37:10,080 --> 00:37:13,480 Speaker 1: they ultimately found about twice as much as had been 685 00:37:13,520 --> 00:37:17,279 Speaker 1: indicated by the former president's lawyers when they actually got 686 00:37:17,320 --> 00:37:19,839 Speaker 1: that search warrant, and there was some evidence that there 687 00:37:19,920 --> 00:37:23,040 Speaker 1: was dishonesty and an attempt to cover things up. Is 688 00:37:23,040 --> 00:37:25,920 Speaker 1: there a possibility then that we could see from the 689 00:37:26,000 --> 00:37:30,640 Speaker 1: Justice Department more than just talk of obstruction of justice, 690 00:37:30,680 --> 00:37:34,200 Speaker 1: but an actual indictment. Well, we don't have any anything 691 00:37:34,200 --> 00:37:37,000 Speaker 1: official now, but that that is uh, sort of the 692 00:37:37,000 --> 00:37:41,000 Speaker 1: implication of all of this. They're they're raising a serious 693 00:37:41,120 --> 00:37:46,600 Speaker 1: legal allegation that they were investigating this and the people 694 00:37:46,680 --> 00:37:50,960 Speaker 1: around former President Trump, potentially all the way to former 695 00:37:51,000 --> 00:37:55,280 Speaker 1: President Trump, were dishonest with the FBI about the amount 696 00:37:55,280 --> 00:37:59,080 Speaker 1: of information they gave over uh. And that raises the 697 00:37:59,239 --> 00:38:03,120 Speaker 1: possibility of obstruction of justice. We don't know how the 698 00:38:03,160 --> 00:38:06,480 Speaker 1: d o J is going to go forward with this, uh, 699 00:38:06,560 --> 00:38:09,120 Speaker 1: you know, in in Washington, this really raises the specter 700 00:38:09,320 --> 00:38:13,279 Speaker 1: of a bit of a constitutional crisis. Uh uh, And 701 00:38:13,320 --> 00:38:15,520 Speaker 1: they are trying to be careful about how they go 702 00:38:15,680 --> 00:38:18,839 Speaker 1: forward with this. But yes, the things they're describing here, 703 00:38:18,920 --> 00:38:21,800 Speaker 1: if the allegations are true, that that would be illegal 704 00:38:21,880 --> 00:38:25,200 Speaker 1: to uh to withhold that information in the midst of 705 00:38:25,239 --> 00:38:30,160 Speaker 1: an FBI investigation. What does this mean for Republicans support 706 00:38:30,360 --> 00:38:34,120 Speaker 1: for the former president, which they've shown a lot of 707 00:38:34,320 --> 00:38:39,040 Speaker 1: up to now. Yeah, it has not gone away. Republicans 708 00:38:39,080 --> 00:38:42,239 Speaker 1: have essentially played a game of wait and see. There 709 00:38:42,320 --> 00:38:45,480 Speaker 1: is absolutely a sense that there's another shoe to drop, 710 00:38:45,760 --> 00:38:49,000 Speaker 1: there's more information that could come out, and the initial 711 00:38:49,120 --> 00:38:53,560 Speaker 1: pushback uh and insistence that this must have been declassified, 712 00:38:53,640 --> 00:38:58,279 Speaker 1: it must be really nothing, uh that has waned And 713 00:38:58,320 --> 00:39:03,120 Speaker 1: there's I think Republican lawmakers have been pretty quiet on 714 00:39:03,200 --> 00:39:07,920 Speaker 1: this lately, as the every development seems to indicate that 715 00:39:07,960 --> 00:39:11,480 Speaker 1: there will be another development. So it's not that they 716 00:39:11,480 --> 00:39:15,080 Speaker 1: have turned against former President Trump, but it's it's pretty 717 00:39:15,200 --> 00:39:20,120 Speaker 1: quiet here in Washington with regard to Republicans standing firmly 718 00:39:20,200 --> 00:39:23,480 Speaker 1: behind him. But it sounds a little bit like President 719 00:39:23,560 --> 00:39:26,200 Speaker 1: Biden is getting a little bit louder on this issue, 720 00:39:26,280 --> 00:39:29,640 Speaker 1: particularly in some of his comments about support for the 721 00:39:29,719 --> 00:39:33,959 Speaker 1: FBI and uh, you know the attacks that many Republicans 722 00:39:33,960 --> 00:39:36,600 Speaker 1: have leveled against the FBI in the wake of the 723 00:39:36,640 --> 00:39:39,719 Speaker 1: maral Lago search. Yes, that was a major focus of 724 00:39:39,800 --> 00:39:46,080 Speaker 1: his speech yesterday in Pennsylvania, playing up the candidacy's key 725 00:39:46,120 --> 00:39:50,200 Speaker 1: candidacies for the gubernatorial race, the Senate race, a swing 726 00:39:50,239 --> 00:39:55,320 Speaker 1: district race there in Pennsylvania, talking about how you cannot 727 00:39:55,360 --> 00:39:58,560 Speaker 1: support law enforcement or claim to support law enforcement and 728 00:39:58,600 --> 00:40:01,920 Speaker 1: want to defund the f B I. Uh, he kind 729 00:40:01,920 --> 00:40:06,040 Speaker 1: of tied this issue in with January six. This was 730 00:40:06,080 --> 00:40:10,399 Speaker 1: a significant focus on the campaign trail in a high 731 00:40:10,480 --> 00:40:14,560 Speaker 1: stakes area, high stakes series of races, where Biden really 732 00:40:14,560 --> 00:40:18,160 Speaker 1: went out of his way to focus on on the 733 00:40:18,160 --> 00:40:22,200 Speaker 1: Mara a Lago search on January six, and really I 734 00:40:22,200 --> 00:40:25,960 Speaker 1: think broadly on Trump's role in the Republican Party and 735 00:40:26,000 --> 00:40:28,359 Speaker 1: in our last minute or so here, Jack, I'm sure 736 00:40:28,400 --> 00:40:32,040 Speaker 1: there's gonna be an outpouring of reaction in Washington following 737 00:40:32,040 --> 00:40:36,359 Speaker 1: the passing of Mikhail Gorbachev, the last leader of the 738 00:40:36,400 --> 00:40:39,640 Speaker 1: former Soviet Union. Yes, and there have been a number 739 00:40:39,680 --> 00:40:43,000 Speaker 1: of statements that have come out in the West quite positive. 740 00:40:43,520 --> 00:40:47,480 Speaker 1: President Biden put out a statement describing Gorbachev as a 741 00:40:47,640 --> 00:40:51,760 Speaker 1: rare leader with the imagination to see a different future. 742 00:40:52,400 --> 00:40:58,400 Speaker 1: Really overwhelmingly complementary from Western leaders, including President Biden. Obviously, 743 00:40:58,440 --> 00:41:01,840 Speaker 1: his legacy is very diff print in Russia. Uh. He 744 00:41:02,200 --> 00:41:04,880 Speaker 1: attempted to continue to have a political career and had 745 00:41:04,920 --> 00:41:08,480 Speaker 1: a very unsuccessful presidential campaign after the fall of the 746 00:41:08,520 --> 00:41:12,080 Speaker 1: Soviet Union. So you know, the response from Russian officials, 747 00:41:12,640 --> 00:41:16,360 Speaker 1: including potentially Putin, would be very interesting to see. But 748 00:41:16,600 --> 00:41:19,200 Speaker 1: people like President Biden and others in the West have 749 00:41:19,280 --> 00:41:24,319 Speaker 1: put out a really an outpouring of complementary reminiscences of 750 00:41:24,400 --> 00:41:27,520 Speaker 1: Gorbachev's career. Thanks for this, Jack, great having you on 751 00:41:27,560 --> 00:41:31,759 Speaker 1: with us as always, Bloomberg Government Congressional reporter Jack Fitzpatrick 752 00:41:31,840 --> 00:41:35,840 Speaker 1: joining us from our Bloomberg studios in Washington, d C. 753 00:41:36,400 --> 00:41:39,480 Speaker 1: Read more about all these stories on Bloomberg dot com 754 00:41:39,600 --> 00:41:43,400 Speaker 1: or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington. 755 00:41:43,520 --> 00:41:47,120 Speaker 1: You can do that by tuning into Bloomberg and one 756 00:41:47,160 --> 00:41:51,200 Speaker 1: oh five point seven FM HD two. Looking ahead to 757 00:41:51,280 --> 00:41:54,359 Speaker 1: the market open, we're starting to see some traction in 758 00:41:54,400 --> 00:41:58,760 Speaker 1: the futures contracts. SMP futures right now up eleven points. 759 00:41:58,800 --> 00:42:01,839 Speaker 1: Dow futures have turned just a touch higher. We'll call 760 00:42:01,880 --> 00:42:04,360 Speaker 1: it little change to hire with a gain of twenty 761 00:42:04,400 --> 00:42:07,759 Speaker 1: four points. NASDAC futures adding to their gains right now 762 00:42:07,840 --> 00:42:10,920 Speaker 1: up ninety points for a gain of seven tenths of 763 00:42:11,040 --> 00:42:15,040 Speaker 1: one percent. The tenure Treasury is down ten thirty seconds, 764 00:42:15,080 --> 00:42:17,239 Speaker 1: the yield three point one four percent. Yield on the 765 00:42:17,280 --> 00:42:20,520 Speaker 1: two year three point four eight percent. NIMEX screwed still 766 00:42:20,520 --> 00:42:23,040 Speaker 1: moving lower, but off its session lows down two point 767 00:42:23,080 --> 00:42:26,000 Speaker 1: eight percent at eighty nine dollars nine cents of barrel comes. 768 00:42:26,040 --> 00:42:30,080 Speaker 1: Gold is down eight tenths percent seventy eight announced. The 769 00:42:30,160 --> 00:42:32,880 Speaker 1: euro point nine nine seven nine against the dollar. The 770 00:42:33,040 --> 00:42:35,920 Speaker 1: n is at one thirty eight point seven six. Bitcoin 771 00:42:36,360 --> 00:42:40,040 Speaker 1: back above twenty thousand, trading at twenty thousand, three hundred dollars. 772 00:42:40,320 --> 00:42:43,640 Speaker 1: Bloomberg Surveillance is next. Tom Keen, Jonathan Farrell, and Lisa 773 00:42:43,680 --> 00:42:48,480 Speaker 1: abramoids for Karen Moscow. I'm Nathan Hager. This is Bloomberg