Speaker 1: Markets, headlines and breaking news twenty four hours a day
Speaker 1: at Bloomberg dot Com, The Bloomberg Business Outland at Bloomberg
Speaker 1: Quick Take. This is a Bloomberg Business blash and I'm
Speaker 1: Karen Moscow and stocks are headed for a monthly drop
Speaker 1: and concerns that restrictive monetary policy to tackle inflation will
Speaker 1: harm the global economy. US DOCK Index futures they've been
Speaker 1: fluctuating this morning. We checked the markets every fifteen minutes
Speaker 1: throughout the trading day on Bloomberg and right now usn't
Speaker 1: P futures they're up about four points down. Futures are
Speaker 1: little change. NASDAG futures are higher by fifty seven. The
Speaker 1: decks in Germany is down six tenths of upper cent
Speaker 1: ten year treasury down twelve thirty seconds. You know, three
Speaker 1: point one four percent yield on the two year three
Speaker 1: point four eight percent. Nine x Scrude oil is down
Speaker 1: three point four percent on three dollars thirteen cents at
Speaker 1: eighty eight dollars fifty one cents of barrel. Comic schoold
Speaker 1: is down about eight tens of upper cent or thirteen
Speaker 1: dollars thirty cents is seventy three announced the euro is
Speaker 1: at against the dollar. British found one point one six
Speaker 1: to five and the one thirty eight point eight three
Speaker 1: bitcoin this morning of one and a half percent a
Speaker 1: twenty thousand, two hundred eighty dollars and as a Bloomberg
Speaker 1: Business flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael Karen, thank you very much.
Speaker 1: The Department of Justice says White House records held in
Speaker 1: a storage room at Donald Trump's Florida home may have
Speaker 1: been concealed or removed before an FBI June search for
Speaker 1: plassified documents. The d O jays the JAS possible attempts
Speaker 1: to obstruct the investigation. Former Soviet president Michaal Goberchoff died
Speaker 1: at a Moscow hospital under gorbach Off, the Berlin Wall crumbled.
Speaker 1: Michael Garbachoff was ninety one. In tennis, Serena Williams hits
Speaker 1: the court tonight for her second round in the US Open.
Speaker 1: In baseball, the Yankees beat the Angels seven four. Errand
Speaker 1: Judge hit his fifty first homer. The MAT's lost to
Speaker 1: the Dodgers for three. The A's beat the Nationals ten six.
Speaker 1: The rat Sox Orioles and giants lost Global news twenty
Speaker 1: four hours a day on air and on Bloomberg Quick Take,
Speaker 1: powered by more than twenty seven hundred journalist and analysts
Speaker 1: more than twenty countries. I'm Michael barn This is Bloomberg.
Speaker 1: Nathan alright, Michael, thank you at his sixth nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This
Speaker 1: is Bloomberg Daybreak, and Tom Porcelli joins us now chief
Speaker 1: US Economist at RBC Capital Markets. As we march closer
Speaker 1: to an August payrolls report and the December September decision
Speaker 1: from the Federal Open Markets Committee, Tom, good morning. We
Speaker 1: have all these signs, some signs at least that inflation
Speaker 1: is easing a bit. At the same time, we have
Speaker 1: further signs of a continued tight labor market. What's the
Speaker 1: challenge for the Fed? Well, good morning, Good to be
Speaker 1: with you as always. Look, I think that for for
Speaker 1: the Fed, I I think it's not um, it's not
Speaker 1: having the blinders on, right. I mean, you know, let's
Speaker 1: be honest, they had them on last year. Um they um,
Speaker 1: they really only focused on labor at the expense of inflation. Um,
Speaker 1: I hope that you know it's not This is not
Speaker 1: a replay of of last year, where this year there
Speaker 1: would be more focused on um inflation at the expense
Speaker 1: of of labor. I mean, one of the great things
Speaker 1: about the FED is that they actually do have a
Speaker 1: dual mandate, right. I mean, it's sort of a unique
Speaker 1: thing in in among central banks. And I think that
Speaker 1: really gives them so much latitude. And make no mistake,
Speaker 1: I mean, right now, it is supposed to be about inflation.
Speaker 1: I think Pale actually did a great job, um during
Speaker 1: his his Jackson Hole uh speech, where you know, he
Speaker 1: said all the right things. Right, he's supposed to say,
Speaker 1: it's all about inflation right now that you know, we're
Speaker 1: going to keep at it until inflation starts to improve,
Speaker 1: and etcetera, etcetera. He was he was supposed to say
Speaker 1: all those things. In fact, I think for people waiting
Speaker 1: for him to say something different than that, Um, you know,
Speaker 1: he's gonna be the last one to say it, right,
Speaker 1: He's gonna say it when it's app is to everyone.
Speaker 1: Um and and and I'm sympathetic to that. Um. But
Speaker 1: having said all of that, you know, we have the
Speaker 1: luxury right as economist and analyst and strategists, of of
Speaker 1: being able to sort of look a little further out
Speaker 1: and say, hey, look, we think that inflation is probably
Speaker 1: going to slow down. UM. We think labor backdrop is
Speaker 1: going to slow down. Um. And as a result, you know,
Speaker 1: we don't see this hiking cycle going on from meaningfully,
Speaker 1: meaningfully longer. He can't say that, So I think everyone
Speaker 1: should just sort of set up their expectations correctly around
Speaker 1: what he, you know, sort of will and will not
Speaker 1: say um. And what he will continue to say is that, um,
Speaker 1: there's a lot of a lot of work to do.
Speaker 1: Given what he has said, what does that mean that
Speaker 1: the Fed is going to do when they come down
Speaker 1: to that decision in September? Is it too soon to
Speaker 1: call it? Given all the rest of the data the
Speaker 1: needs to come down between that and now, nothing is
Speaker 1: ever too soon to call. So I would say his, Look, Look,
Speaker 1: what I would say is right now, our expectations that
Speaker 1: they're going to do fifty Um, if you get a
Speaker 1: blowout payroll report, if you get a blowout c P I,
Speaker 1: then yes, I think that you know, the the the
Speaker 1: odds or the risk that they do seventy five will certainly, um,
Speaker 1: um grow. But it's it's funny. You know, the FED
Speaker 1: is fond of saying that their data dependent. UM, I
Speaker 1: think that, you know, this might be a very hyper
Speaker 1: attentive data dependency period right right here, right now. I
Speaker 1: think I think two reports are really going to dictate.
Speaker 1: Do you think we're going to get a blowout payrolls
Speaker 1: on Friday? You know, I do. I do think it
Speaker 1: could be a pretty decent one. Actually, Um, I think
Speaker 1: consensus is three hundred on left. I look at my
Speaker 1: Bloomberg screen. Um, you know, we we think you could
Speaker 1: easily have a four handle um on on payrolls. So
Speaker 1: you know, all things are relative to expectations. It would
Speaker 1: obviously be quite a bit slower versus the you know
Speaker 1: four hundred in near thirty thousand jobs that we printed
Speaker 1: last month. Um, but you know, all things are almost
Speaker 1: always relative to expectations. So I think the I think
Speaker 1: the consensus a little light right here. And one about wages.
Speaker 1: I mean that's a big concern for the FED as well,
Speaker 1: whether we could be heading into a wage price spiral
Speaker 1: that feeds into inflation expectations. Yeah, it's a it's a
Speaker 1: totally great question and a fair one. And and so
Speaker 1: what I would say is, look, um, I think that
Speaker 1: there's countless ways of looking at inflation. UM, there's countless
Speaker 1: ways of calculating it, and there's countless literally measures of inflation.
Speaker 1: I think the best measure of inflation right now is
Speaker 1: average weekly earnings is better than average hourly earnings. Right
Speaker 1: average only earnings are an incomplete measure. Average weekly earnings
Speaker 1: include hours UM. And the thing that I think some
Speaker 1: people are missing is that hours are actually slowing um.
Speaker 1: And so average weekly earnings as a result, have have
Speaker 1: also slowed. Uh. And if you look at it on
Speaker 1: a six months annualized basis, which which you know, we
Speaker 1: think is probably the fairest way of of looking at it,
Speaker 1: it's slowed down. UM. So it is slowing, it's moving
Speaker 1: in the right direction. UM. You know, has it slowed enough?
Speaker 1: That's that's for the FED to UM. I guess debate thoroughly,
Speaker 1: but there's no question that that wage wage pressures are slowing.
Speaker 1: Now going to be a really interesting look at where
Speaker 1: the labor market stands now when we get those August
Speaker 1: numbers this Friday. Tom Porcelli, as always great to see
Speaker 1: with you, Tom Porcelli, is chief US economist at RBC
Speaker 1: Capital Markets. Looking ahead to the final market open of August,
Speaker 1: futures are fluctuating still. SMP futures back up a bit,
Speaker 1: now up five points. Dow futures are lower down nine.
Speaker 1: That's little changed actually. Nasdaq futures uh adding on to
Speaker 1: some of their games now they're up sixty nine points.
Speaker 1: That's a gain of more than a half percent of
Speaker 1: the tech heavy NASDAC futures. A ten year treasury right
Speaker 1: now is down eleven thirty seconds. The yield three point
Speaker 1: one four Nimex crude continues to slump down three point
Speaker 1: four percent at eighty eight dollars forty eight cents for
Speaker 1: a barrel of West Texas Intermediate crewde This is Bloomberg
Speaker 1: Bloomberg eleven three oh weather sunshine less hume at mid
Speaker 1: eighties today low eighties to start off September Friday's high
Speaker 1: near eighty degrees with lots of sunshine Right now seventy
Speaker 1: degrees and clear in Central Park. Broadcasting live from the
Speaker 1: Bloomberg Interactive Broker Studio in New York. Bloomberg e Living
Speaker 1: Freedom to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: O six one to San Francisco, Bloomberg nine sixt to
Speaker 1: the Country, Serious xm jent A one nine Tea and
Speaker 1: around the globe, the Bloomberg Business and Bloomberg Radio dot com.
Speaker 1: This is Bloomberg Daybreak six thirty on Wall Street. Good morning,
Speaker 1: I'm Nathan Hager and I'm Karen Moscow. We are just
Speaker 1: about three hours away from the open of US trading.
Speaker 1: It's time to five things that you need to notice.
Speaker 1: Start your day, Bronti you by Interactive Brokers. Interactive Brokers
Speaker 1: charges margin loan rates from two point three percent to
Speaker 1: three point three percent. Their clients can also earn extra
Speaker 1: income by learning their fully paid shares of stock rates.
Speaker 1: Something to change. Learn more at ibker dot com. Slash compare.
Speaker 1: The first US stocks to begin to session trading at
Speaker 1: a one month low has fed fears for sist Amanda
Speaker 1: and Gotti is chief investment officer at p n C.
Speaker 1: I said management group. To the extent that the Fed
Speaker 1: stays the course here, I think that the market can
Speaker 1: live with it. In air quotes, relative to some of
Speaker 1: the fears that are looming larger out there, I think
Speaker 1: the market is already priced for the path that's the head.
Speaker 1: To the extent that the dot plot changes meaningfully in
Speaker 1: the terminal rate moves higher from where we are, that's
Speaker 1: going to be a challenge for markets. P NCSA Management
Speaker 1: Chief Investment Officer Amanda Gotti says she's not making any
Speaker 1: meaningful changes to her portfolio yet. Yesterday, Karen three regional
Speaker 1: FED chiefs reiterated Chair J. Powell's intention to bring down inflation,
Speaker 1: including Richmond FED President Thomas Barkin. He cautioned that the
Speaker 1: path to cool prices make it bumpy. The pace of
Speaker 1: when we get back to our target, which is two percent,
Speaker 1: is uncertain, but as a result our commitment to bring
Speaker 1: inflation down, which hopefully you welcome, leads to worries about
Speaker 1: a recession. Richmond FED President Thomas Barkin spoke yesterday in
Speaker 1: West Virginia. Well overseas, Nathan, You're area inflation accelerated to
Speaker 1: another all time high nine point one percent from a
Speaker 1: year ago, as a European Central Bank considers a jumbo
Speaker 1: interest rate hike when it meets next week, and in
Speaker 1: the UK, shot price inflation increased a five point one
Speaker 1: percent in August. On Wall Street, Karen Goldman, Sachs and
Speaker 1: Morgan Stanley are removing pandemic hurdles to fully return staff
Speaker 1: to offices. Bloomberg's Charlie Pellett has more on Goldman's aggressive push.
Speaker 1: Beginning next week, employees outside of New York can be
Speaker 1: back in the office regardless of vaccination status, with no
Speaker 1: requirement to participate in regular testing or war face coverings.
Speaker 1: According to a memo sent to staff, the bank diseased
Speaker 1: covid era measures, citing new US Centers for disease control
Speaker 1: guidelines as well as improved treatments and wide availability of testing.
Speaker 1: Goldman says that in New York City, employees with an
Speaker 1: approved medical or religious exemption to the city's vaccine mandate
Speaker 1: ken enter offices with no testing or face coverings in
Speaker 1: New York. Charlie Pellet Bloomberg Day Break, All right, Charlie, thanks,
Speaker 1: and in a political note that justice to Burman said
Speaker 1: the records hounded former President Donald Trump Smorrow Lago home
Speaker 1: appeared to have been moved before the FBI tried to
Speaker 1: get them in June, raising allegations of obstruction of justice.
Speaker 1: That's the five things that you need to know to
Speaker 1: start your day. Brought to you by Interacted brokers. Thank you,
Speaker 1: Karen six thirty three on Wall Street, seventy degrees in
Speaker 1: Central Park. Now seeing forty five minute delays getting through
Speaker 1: the Lincoln Tunnel because the car's broken down inside. More
Speaker 1: coming up in traffic first, Michael bars here. Did you
Speaker 1: feel it? Michael, Oh, Yes, I felt it. I felt
Speaker 1: that traffic jam, and I've felt the two earthquakes as well.
Speaker 1: According to the U S Geological Survey, to hit northern
Speaker 1: New Jersey yesterday, the first to two point three magnitude
Speaker 1: earthquake was just about four pm, six miles northwest of
Speaker 1: Morris Plains at one point seven magnitude. After shock was
Speaker 1: then reported shortly after six thirty pm, also in Morris County.
Speaker 1: Migrants crossing into El Paso have been arriving at welcome
Speaker 1: centers set up by outreach organizations looking to assist the
Speaker 1: homeless population there. Recently, in the state of Texas started
Speaker 1: bussing migrants to places like Chicago and New York City.
Speaker 1: The buses provided an opportunity for the migrants to get
Speaker 1: to where they wanted to go. Now it appears they
Speaker 1: have stopped. John Martin, the deputy director of the Opportunity Center,
Speaker 1: said until now it had been working out well, So
Speaker 1: with a hundred percent confidence, I can tell you this
Speaker 1: is their choice, this is their desire, and this is
Speaker 1: the direction they want to go. Senate Director John Martin
Speaker 1: spoke to ABC affiliate k v I An Calgora Chaw,
Speaker 1: the leader of the Soviet Union, whose attempts to shake
Speaker 1: up as country's political and economic system led to the
Speaker 1: collapse of the communist superpower and the end of the
Speaker 1: Cold War, has died Fordham journalism Professor Beth Noble. I
Speaker 1: think he will be looked back upon as someone who
Speaker 1: ended up doing great things for the world by bringing
Speaker 1: down the USSR, by ending the Cold War, and by
Speaker 1: bring democracy to millions of people in the former Soviet block.
Speaker 1: Professor Beth Noble was also the CBS News Moscow bureau chief.
Speaker 1: Gorbachoff's death followed a severe and prolonged illness. Mihail Gorbachoff
Speaker 1: was ninety one. A team of international nuclear inspectors is
Speaker 1: heading to the Nuclear Power Plan amid fighting in southern
Speaker 1: Ukraine and international concern of a potential accident or radiation leak.
Speaker 1: President Biden outlined is new Safer America program at Wilkes
Speaker 1: University in Pennsylvania, but gun violence on the rise in
Speaker 1: the US. President Biden said, this is the time to
Speaker 1: spend money on local law enforcement. It's based on a
Speaker 1: simple notion when it comes to public safety. To this station,
Speaker 1: the answer is not defund the police. It's fund the police,
Speaker 1: Fund the police. Among the people in attendance or Biden's
Speaker 1: speech were gun safety advocates. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quicktake, powered by
Speaker 1: more than twenty seven hundred journalists and analysts more than
Speaker 1: twenty countries. Michael bar this is Bloomberg native. Thank you,
Speaker 1: Michael Allow sixty six on Wall Street, John stash Awris
Speaker 1: got the Bloomberg Sports Update, all right, Nathan. It was
Speaker 1: sixty one years ago that Roger Barris at sixty one
Speaker 1: home runs a hundred thirty games into that season. Marris
Speaker 1: was at fifty one hundred and thirty games into this season.
Speaker 1: Aaron Judge has hit fifty one another one in add
Speaker 1: on three run shot to right field fourth inning. Judges
Speaker 1: come off his longest home run draft of the season
Speaker 1: to hit five in the last eight games. Yankees beat
Speaker 1: the Angels seven to four, as Andrew been attending and
Speaker 1: Anthony Rizzo also homeward over the first two Winn's Jamison
Speaker 1: Dionne took a line drive off his arm, had to
Speaker 1: leave in the third inning X rays where negative the
Speaker 1: bullpen went the rest of the way. Garrett Cole starts
Speaker 1: tonight at City Field. Dodgers scored seventh inning to win
Speaker 1: four to three. That's their ninetieth win of the season.
Speaker 1: So you'll have Jacob de Graham at city Field tonight,
Speaker 1: and then across the boardwalk will be Serena Williams US
Speaker 1: Open record crowd of twenty nine thousand on hand Monday
Speaker 1: to see Surrey then and they may top it. Tonight
Speaker 1: it's her second round match. Let's try to upset the
Speaker 1: second seed in that count divide. Retirement is coming either
Speaker 1: tonight or later the tournament. So Serena was asked about
Speaker 1: future plans. I don't see myself not a part of tennis.
Speaker 1: I don't know how I'm going to be a part
Speaker 1: of tennis um as of right now. I just don't
Speaker 1: know how. But I just feel like we've come too
Speaker 1: far together to just not have anything to do with it.
Speaker 1: Venus Williams hardly plays anymore. She did play yesterday lost.
Speaker 1: The sisters are playing doubles together. They'll play a first
Speaker 1: round match tomorrow. Also losing in the singles, Women's defending
Speaker 1: champ mL Right Akando and two time Open champion Soccer
Speaker 1: was beaten by Daniel Collins. Men's winners included the Spaniards
Speaker 1: seated second and third, Raphael the daw and the nineteen
Speaker 1: year old Carlos outcarage and statue that with Bloembord Sports
Speaker 1: Stephen Okay, John, thank you the six thirty seven on
Speaker 1: Wall Street. Time to take a look at stock some
Speaker 1: of the names moving in the pre market as we
Speaker 1: get ready for the final day of trading in this
Speaker 1: down month of August. We check in live with Bloomberg
Speaker 1: Radio and TV Markets correspondent Create Create been watching the
Speaker 1: future is kind of waiver all morning long, but underneath
Speaker 1: there's some big individual movers this morning. Absolutely let's start
Speaker 1: off with I think the major story that we are
Speaker 1: going to this week, which is the job story pay
Speaker 1: rolls of course coming on Friday of the ADP number
Speaker 1: with a new methodology change talking about jobs and pay
Speaker 1: coming out today and in that you're seeing it on
Speaker 1: the corporate level as well. Snapchat is where I'm going
Speaker 1: with this. S n a P is your taker. They're
Speaker 1: cutting their workforce by twenty percent starting today. This is significant.
Speaker 1: It comes after they have about six hundred and six thousand,
Speaker 1: five hundred employees excuse me, makes about hundred people. S
Speaker 1: n a P Shares down about six percent on that news.
Speaker 1: The idea here being that if big tech companies and
Speaker 1: social media companies like Snap that are extremely exposed to
Speaker 1: the business cycle and the economic cycle, if they are
Speaker 1: bracing for a pretty deep downturn to the point that
Speaker 1: they do have to cut their workforce by then what
Speaker 1: does that say about the rest of the economy and
Speaker 1: that company specifically. Remember, a lot of these social media
Speaker 1: companies UM are very reliant on business investment, and a
Speaker 1: lot of these job losses or job cuts are actually
Speaker 1: happening in the part of the business that works on
Speaker 1: kind of small niche application software of their company. So
Speaker 1: that's something you really want to keep an eye on, Nathan.
Speaker 1: And in line with that same thought thinking process is
Speaker 1: HP as well. UM we talk. I like to talk
Speaker 1: a lot about recession stories and talk about consumer spending
Speaker 1: there I like to look at it from a business
Speaker 1: investment point of view. Once again, when the big corporate
Speaker 1: players start to cut back, that's when you should be concerned. HP,
Speaker 1: for example, really falls under that category. Uh, And I
Speaker 1: should say HP as well as a better way to
Speaker 1: look at that HP enterprises. It's kind of a two Uh.
Speaker 1: The two takers are are listed separately. HP is is
Speaker 1: the taker you want to look at this morning, because
Speaker 1: those shares are down one point one per cent. This
Speaker 1: comes after they're cutting their sales forecast siting lower PC demand.
Speaker 1: Think about it, if you are a major business and
Speaker 1: you are concerned about a recession or concerned about hiring,
Speaker 1: do you really need to start buying more and more PCs,
Speaker 1: buying more and more and more equipment right now? The
Speaker 1: answer is not as much as before. And that of
Speaker 1: course is weighing on the shares. Nathan and finally creating.
Speaker 1: We've been waiting for this regulatory filing from Bedbeth and Beyond.
Speaker 1: It looks like the stock is plummeting now on the
Speaker 1: back of that. It really is. We are, of course
Speaker 1: waiting us still on the details of that strategic update.
Speaker 1: Re Member liquidity is a major story when it comes
Speaker 1: to Bed Bath and Beyond. They did shut a file
Speaker 1: the filings as well, But once again it doesn't look
Speaker 1: like there isn't much changes to that story. We're gonna
Speaker 1: keep you a price of all those developments throughout the day.
Speaker 1: Nathan Alright, Bloomberg Radio and TV Markets correspondent, Creaty Group.
Speaker 1: They will be checking back with her, Yeah, throughout the
Speaker 1: day as we do get set for the final trading
Speaker 1: day of this month. Looking ahead to the market open
Speaker 1: right now, futures are in the green. SMP futures up
Speaker 1: nine points. So are Dow futures NASDAC futures leading the
Speaker 1: gains right now, up eighty seven points. That's a gain
Speaker 1: of seven tenths of one per cent. This is Bloomberg,
Speaker 1: Bloomberg eleven three oh weather. Finally, we're not going to
Speaker 1: see many gains as far as the temperatures go. Get
Speaker 1: ready for very pleasant highs in the load of mid
Speaker 1: eighties as we round out the rest of this week.
Speaker 1: Right now, seventy in Central Park, live from the Bloomberg
Speaker 1: Interactive Berger Studios. This is Bloomberg day Break for Wednesday,
Speaker 1: August one, Coming up this hour. Stocks entered the day
Speaker 1: trading at a one month low. More BEEDE officials hammer
Speaker 1: home the message of bringing down inflation, Goldman and Morgan
Speaker 1: Stanley E's COVID rules so workers can return to the office,
Speaker 1: and new developments involving the search of Donald Trump's Florida home,
Speaker 1: former Soviet leader Michael Grober, Jonathans died, plus the ground
Speaker 1: moved in New Jersey. I'm Michael barn More on the
Speaker 1: earthquake Ahead. I'm John stand In Sports Another errand Judge
Speaker 1: all Ron. The Yankees won the Mets loss Arena. Williams
Speaker 1: plays tonight at the US Open. That's Ols Train ahead
Speaker 1: on Bloomberg Daybreak on Bloomberg eleven three on New York,
Speaker 1: Bloomberg one, Washington d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixties and Francisco Sirius XAM one nine team
Speaker 1: and around the world on Bloomberg Radio, dot Com and
Speaker 1: via the Bloomberg Business App. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow and US Dock Indise futures are
Speaker 1: lower this morning. We're coming up to six o one
Speaker 1: on Wall Street. I'm gonna check the markets every fifteen
Speaker 1: minutes throughout the trading day on Bloomberg s and P
Speaker 1: Futures down about four points down, futures down sixty two. Nastay,
Speaker 1: futures are higher, they're up about twenty four and the
Speaker 1: tenure treasury down fourteen thirty seconds. You have three point
Speaker 1: one five percent. Nathan, all right, Karen, thank you. But
Speaker 1: the market is beginning this session trading at a one
Speaker 1: month flow as FED fears continue to persist. Three regional
Speaker 1: FED presidents yesterday reiterated Chair J. Powell's intention to bring
Speaker 1: down inflation. Amanda A. Gotti is chief investment office her
Speaker 1: at p n C Asset Management Group. I actually think
Speaker 1: that we're going to start to see more confirmation and
Speaker 1: evidence of inflation rolling over. And while the Fed, you know,
Speaker 1: only has a few data points to go on here
Speaker 1: so far, I think the market has already adjusted on
Speaker 1: the equity side in terms of evaluations, but also on
Speaker 1: the bond market side in terms of you know, futures,
Speaker 1: probability of rate hikes, and where interest rates have moved
Speaker 1: to p n C ST managements. Amanda god He says
Speaker 1: she is not making any meaningful changes right now to
Speaker 1: her portfolio. Well, Nathan Richmond. FED President Thomas Barkin is
Speaker 1: one of the central bank officials beating the drum to
Speaker 1: stop inflation. He found the FED would not flinch in
Speaker 1: its Effortsical Prices cautioned it might not be a smooth process.
Speaker 1: We're committed to getting inflation under control, and there's a
Speaker 1: path to get there. A recession is obviously a risk
Speaker 1: in the process. Um, I'll just say for context, nobody
Speaker 1: ever canceled the business cycle, So the when you say
Speaker 1: there's a risk ski recession, it doesn't have to be
Speaker 1: like a two recession. Richmond FED President Thomas Barkin made
Speaker 1: the comments in West Virginia yesterday. Wall Street is worried
Speaker 1: that the Fed's aggressive battle against inflation will lead to hire, unemployment,
Speaker 1: and recession. Karen. This morning, we get the first read
Speaker 1: on August jobs with the a d P Report. Let's
Speaker 1: get a preview from Bloomberg's Michael McKee. ADP returns from
Speaker 1: its months long hiatus with updated methodology and a range
Speaker 1: of wage data, and avow it's not supposed to be
Speaker 1: a forecast of the government's monthly payroll report. The revamp report,
Speaker 1: developed with the Stanford Digital Economy Lab, will feature the
Speaker 1: monthly change in private employment as well as weekly payrolls
Speaker 1: data for the preceding month. Median annual growth by industry,
Speaker 1: company size, region, gender, and age will also now be available.
Speaker 1: While there is a median projection for this month's report,
Speaker 1: given the changes, several Wall Street economists haven't submitted estimates
Speaker 1: for this month. Michael McKie, Bloomberg Daybreak, All right, Mike,
Speaker 1: thank you well. Overseas your area, inflation accelerated to another
Speaker 1: time high, as the European Central Bank considers a jumbo
Speaker 1: interest rate high when it meets next week. Consumer prices
Speaker 1: jumped nine point one percent from a year ago, and
Speaker 1: in the UK, shop price inflation increased to five point
Speaker 1: one percent in August. The price of food grows even
Speaker 1: more nine point three percent. In Asia, Karen China's factory
Speaker 1: activity contracted in August for a second straight month. Bloomberg
Speaker 1: Daybreak Asia anchor Brian Curtis has more. From Hong Kong,
Speaker 1: the official p m I rose to forty nine point
Speaker 1: four from forty nine in July. The economy has been
Speaker 1: hit by power routages, the crisis in the property market,
Speaker 1: and multiple COVID outbreaks. The reading was slightly higher than
Speaker 1: the estimate of forty nine point two, but still in
Speaker 1: contraction mode. Meantime, the non manufacturing gauge fell to fifty
Speaker 1: two point six from fifty three point eight. The main
Speaker 1: takeaway this economy is still losing speed in Hong Kong.
Speaker 1: Brian Curtis, Bloomberg Daybreak, A right, Brian, thank you back
Speaker 1: here at home. New allegations of obstruction of justice may
Speaker 1: be added to former President Trump's legal woes. Details from Boomberry,
Speaker 1: Jamie Morrison, or news room in Washington. The Justice Department
Speaker 1: has responded to former President Trump's request for a special
Speaker 1: master review of documents he kept at his home in Florida.
Speaker 1: Investigators suggest Trump may have tried to obstruct the investigation.
Speaker 1: The d o J says the records that were held
Speaker 1: in a storage room at maral Lago appear to have
Speaker 1: been moved before the FBI search in June. As far
Speaker 1: as appointing a third party to review those documents, the
Speaker 1: government said that was not only unnecessary, it would only
Speaker 1: serve to delay the ongoing investigation. The judge has directed
Speaker 1: Trump to respond to the d o J filing by
Speaker 1: tonight in Washington. I'm Amy Morris, Bloomberg Daybreak. Thanks Amy
Speaker 1: on Wall Street. Two of the most prominent investment banks
Speaker 1: are removing some of the final hurdles to a full
Speaker 1: return to office following the pandemic. More from Bloomberg's Doug Prisner, Goldman, Saxon,
Speaker 1: Morgan Stanley will ease some of their remaining COVID nineteen
Speaker 1: protocols after the Labor Day weekend. Goldman will allow employees
Speaker 1: outside New York to enter offices regardless of vaccination status,
Speaker 1: with no mandate to participate in regular testing or to
Speaker 1: wear face coverings. Last week, Morgan Stanley told it's New
Speaker 1: York staff as of September five, it's ending test and
Speaker 1: control measures. Anyone who test positive should still isolate for
Speaker 1: at least five days, then wear a mask for five more.
Speaker 1: In New York, I'm dick prisoner, Bloomberg daybreak. All right, dog,
Speaker 1: thank you. Let's take a look now at some stocks
Speaker 1: moving in early trading. Shares of is Chewy or down
Speaker 1: eleven and a half percent. The online pet supply retail
Speaker 1: irisk at its revenue outlook and says customer growth is slowed.
Speaker 1: Bloomberg Shirley Pillett has more. In a letter to shareholders,
Speaker 1: Chewy said sales in the current fiscal year will total
Speaker 1: no more than ten billion dollars. As customers pulled back
Speaker 1: on discretionary goods such as toys and treats. That is
Speaker 1: down from a previous forecast of as much as ten
Speaker 1: point four billion dollars. Chewy is contending with a broad
Speaker 1: based fall and demand for discretionary items as American consumer
Speaker 1: shifts spending to food and other essentials amid soaring inflation
Speaker 1: in New York. Charlie Pellett, Bloomberg Daybreak, Thanks Charlie. Shares
Speaker 1: of hp OR down six and three quarters percent. The
Speaker 1: company reported quarterly sales that missed estimates and reduced its
Speaker 1: annual profit forecast on falling demand for personal computers and printers,
Speaker 1: and shares of snapdown seven and a half percent. Virgus
Speaker 1: reporting the social media company is planning to lay off
Speaker 1: around twenty percent of it's nearly six thousand and five
Speaker 1: for employees. The stock is down about eighty percent so
Speaker 1: far this year as the company is faced to slowdown
Speaker 1: in advertisers spending again. US and P futures are lower
Speaker 1: to little change. This morning, straight a haad your latest
Speaker 1: local headlines plus a check of sports, and this is Bloomberg.
Speaker 1: Thankscaren six O seven on Wall Streets seventy degrees in
Speaker 1: Central Park at a car fire East found l I
Speaker 1: E at Exsit forty three. We'll get the update in
Speaker 1: traffic shortly. First Michael Barr with what else is going
Speaker 1: on in New York and around the world. Good morning, Michael,
Speaker 1: Good morning Nathan. The earth moved in New Jersey last evening.
Speaker 1: According to the U S Geological Survey, two earthquakes in
Speaker 1: northern New Jersey. The first to two point three magnitude
Speaker 1: earthquake was just before five pm, about six miles northwest
Speaker 1: of Morris. Plans at one point seven magnitude. After shock
Speaker 1: was then reported shortly after six thirty pm, also in
Speaker 1: Morris County. The last earthquake in New Jersey was in Freehold,
Speaker 1: In recorded at a three point one magnitude. One Texas
Speaker 1: official says migrants crossing into El Paso want to come
Speaker 1: to New York City. El Paso has been housing asylum
Speaker 1: seekers there welcome centers there to assist the homeless population.
Speaker 1: Texas has been bussing migrants from the Opportunity Center to
Speaker 1: where they want to go. Speaking at ABC s k
Speaker 1: v I A and El Paso, John Martin, the deputy
Speaker 1: director of the center, says up until now it has
Speaker 1: been working out well. I've never seen individuals run so
Speaker 1: quickly to take a shower so that they could get
Speaker 1: on a bus. They'll be able to go to where
Speaker 1: they wanted to go, Martin says, though it appears to
Speaker 1: have stopped a bus schedule to leave Monday from the
Speaker 1: Center was postponed. Former Soviet president Michaeligorbachof has died. Russian
Speaker 1: news reports say it happened at the Central Clinical Hospital,
Speaker 1: where he was undergoing unspecified treatments after a long illness.
Speaker 1: Michaeligorvichof was ninety one. Texas is announcing the first confirmed
Speaker 1: fatality from monkeypox in the US. Dr Jennifer mcquisten says
Speaker 1: the patient had other underlying health conditions. It's important to
Speaker 1: focus that we have mitigation letters in place to prevent
Speaker 1: monkey pox. Get vaccinated, if you're sick, go to a doctor,
Speaker 1: get tested, and if you have severe illness, there are
Speaker 1: treatments that are available. Dr mcquisten says. Though only a
Speaker 1: handful of monkeypox fatalities have been reported globally, President Biden
Speaker 1: announced his Safer America program. He proclaimed in Wilkesbury, Pennsylvania,
Speaker 1: the nation had to fund the police, then criticized GOP
Speaker 1: members of Congress for not supporting his plan. Yes, what,
Speaker 1: every single Republican member of Congress, every single one in
Speaker 1: this state, every single one voted again to support the
Speaker 1: law enforcement and talk about how much they love it.
Speaker 1: They voted against the funding President by Global Names twenty
Speaker 1: four hours a day on a or and on Bloomberg
Speaker 1: Quick Take, powered by more than twenty seven journalists and
Speaker 1: analyists more than a hundred twenty countries. Michael bar this
Speaker 1: is Bloomberg, Nathin. Thanks Michael. Almost six ten on Ball Street.
Speaker 1: Time for the Bloomberg Sports Update. Here's John Stenshown. All right, Nathan,
Speaker 1: As we get ready to flip the calendar to September,
Speaker 1: Yankee fans like to see their teams play well as
Speaker 1: they get ready for October. But for half, the bigger
Speaker 1: story will be a daily washs to see how many
Speaker 1: home runs they're star player ends up with. He came
Speaker 1: up in Anaheim fourth inning, two men, one two hit. Well,
Speaker 1: it's all right, Aaron Judge has done it again. Not
Speaker 1: more fifty one for Judge. He's tied away from Roger Morris.
Speaker 1: It's a three run shot and the Yankees have opened
Speaker 1: up it's seven shoop two on w F and earlier
Speaker 1: Yankee home runs of Anthony Rizzo his thirty Andrew benn
Speaker 1: in tendy. Yanks ended a three game slide. They beat
Speaker 1: the Angels seven to four, with six Yankee relievers combining
Speaker 1: to pitch the last seven eighties. The Mets schedule is
Speaker 1: gonna get a lot easier, but there's nothing easier right
Speaker 1: now about playing the Dodgers, who won four three in
Speaker 1: city field. The Dodgers have won twenty six of their
Speaker 1: last thirty two games. They are fifty two games over
Speaker 1: five hundred. Starling Marte and Mark Kenna. Homer And lost
Speaker 1: for the Mets two days after he won thirty for
Speaker 1: thirty eight against the Jets, the Giants cut third string
Speaker 1: quarterback Davis Webb, electing to go with only two qobs.
Speaker 1: The Jets kept white out Denzel Mims on the roster.
Speaker 1: He had recently asked for a trade. Raphael the Dal's
Speaker 1: first US Open match in two thousand nineteen. He wont
Speaker 1: to improved the sixteen and old lifetime in the opening
Speaker 1: round forty two year old Venus Williams. Her first Open
Speaker 1: was in nineteen nineties seven. She played and lost. Unlike Serena,
Speaker 1: Venus does not say anything about retirements. She hardly plays
Speaker 1: these days. Her rankings over fifteen hundred. Serena is retiring
Speaker 1: to tonight could be her swan song. She takes on
Speaker 1: the second seed and net John Station were Bloomberg Sports Nathan,
Speaker 1: thank you john S. And p Future is right now
Speaker 1: little changed. Dal Future is down forty one points. Nastac
Speaker 1: Futures adding to some of their games now forty three
Speaker 1: points higher. The Tenure Treasury is down fourteen thirty seconds,
Speaker 1: yield three point one five percent. This is Bloomberg Bloomberg
Speaker 1: eleven three oh weather, sunny less, humid, mid eighties today,
Speaker 1: will get up to the low eighties as we start
Speaker 1: off September tomorrow. Sunshine high near eighty on Friday right
Speaker 1: now seventy degrees in Central Park markets. Headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow whis and
Speaker 1: Futures showing a little more strength. Now we go to
Speaker 1: the first word breaking news dash for today's morning call,
Speaker 1: and here's Bill Maloney, Bill, good morning, and good morning, Karen.
Speaker 1: Modest gains in the U S futures right now with
Speaker 1: doubt you just hired by a point. S APS gained
Speaker 1: seven will NASA futures are up by seventy five. The
Speaker 1: US ten year old at three point one four percent,
Speaker 1: Gold is down twelve, oil is sinking, and bitcoin is
Speaker 1: trading higher by one point five percent. Japan rose one
Speaker 1: point one percent overnight, while Europ of markets are in
Speaker 1: the red this morning. And back in the US on
Speaker 1: the economic front, at ADP Employment Change and at Chicago
Speaker 1: p m I after the bells night, HP cut its
Speaker 1: profit forecast on falling PC and printer demand. And another
Speaker 1: news bed Beth and Beyond is plunging twenty percent pre
Speaker 1: market after a shelf filing, rabbing things up Robin who
Speaker 1: was downgraded to underweight over at Barkley's Live from the
Speaker 1: First Picking News doskcom Bill Maloney, Ker, Harry, Bill, thank
Speaker 1: you to hear live breaking news over your Bloomberg type
Speaker 1: squawk on your termin I'll escue you a w K
Speaker 1: and that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the World, Michael, Karen,
Speaker 1: thank you for much. The Justice Department says classified documents
Speaker 1: were likely concealed and removed from former President Donald Trump's
Speaker 1: Mara Lago estate as part of an effort to obstruct
Speaker 1: the federal investigation into the discovery of the government records.
Speaker 1: The court finally, Last Night shows the FBI also seized
Speaker 1: more than one hundred classified records during its August eighth search.
Speaker 1: Twenty five years ago. Today, Princess Diana died. She was
Speaker 1: killed in the car crash in Paris. And tennis Serena
Speaker 1: Williams hits the court tonight for her second round in
Speaker 1: the US Open. In baseball, the Yankees beat the Angels
Speaker 1: seven four. Eron Judge hit his fifty first homer. The
Speaker 1: Mets lost to the Dodgers for three. The A's beat
Speaker 1: the Nationals ten six, The Red Sox, Orioles and Giants lost.
Speaker 1: Global news twenty four hours a day on air and
Speaker 1: on Bloomberg Quick Date, powered by more than twenty seven
Speaker 1: hundred journalists and analyists more than a hundred twenty countries.
Speaker 1: I'm Michael bar this is Bloomberg. Karen. All right, Michael,
Speaker 1: thank you at on Wall Street and we turned to
Speaker 1: news and science and take knowlogy now with the Bloomberg
Speaker 1: n j I T Stem Report, it has brought to
Speaker 1: you buy New Jersey Institute of Technology and j I
Speaker 1: T is dedicated to bols during support for female and
Speaker 1: minority students pursuing careers and high paying STEM industries. Learn
Speaker 1: more at n j I T DOT E d U
Speaker 1: and here's what's making news in science, Technology, engineering and math.
Speaker 1: It's the biggest two year decline in US life expectancy
Speaker 1: in almost a century, and it's being blamed on the
Speaker 1: COVID pandemic. Life expectancy foul by almost a year in
Speaker 1: twenty one after decline of one point eight years in
Speaker 1: The pandemic has been directly responsible for more than one
Speaker 1: million American depths. Meanwhile, the US government anticipates that it
Speaker 1: will stop purchasing and providing COVID nineteen shots as soon
Speaker 1: as January due to a lack of funds that will
Speaker 1: leave Americans to obtain vaccines through insurers or pay for
Speaker 1: them out of pocket. And to a Wall Street's most
Speaker 1: prominent investment banks are removing some of the final hurdles
Speaker 1: to fully returning to offices following the pandemic. Coleman Sachs,
Speaker 1: which led Wall Streets return to Manhattan to hours by
Speaker 1: pushing employees to resume regular commutes last year, and Morgan
Speaker 1: Stanley both told staff that they will ease some of
Speaker 1: their remaining COVID nineteen mitigation efforts after the Labor Day weekend.
Speaker 1: That's a Bloomberg and j I t Stem report. Nathan
Speaker 1: all right, Karen, thank you. We are live from the
Speaker 1: Bloomberg Interactive Broker Studios. Where to six fifty on Wall
Speaker 1: Street Time now to check what's going on in BC.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: the Justice Department accusing former President Donald Trump of potentially
Speaker 1: attempting obstruction of justice, said marl Lago, President Biden blasting
Speaker 1: Republican attacks on the FBI and a speech on safety
Speaker 1: and policing. And Washington reacts to the death of former
Speaker 1: Soviet leader Mikhail Gorbatchov. Bloomberg Government Congressional reporter Jack Fitzpatrick
Speaker 1: is back with us now, so give us the latest,
Speaker 1: Jack on this late night filing from the Justice Department,
Speaker 1: apparently in response to former President Trump's request for an
Speaker 1: independent review of all those classified documents taken from his home. Yes,
Speaker 1: the news here is the d o J said there's
Speaker 1: some indication that the former president the people around him
Speaker 1: may have tried to hide some of the documents they found.
Speaker 1: Is a little bit of a kind of an extensive
Speaker 1: timeline here. There's a back and forth with the National
Speaker 1: Archives and the FBI actually visited maral Lago in June
Speaker 1: ahead of that August eighth search warrant, and they were
Speaker 1: told by Trump's lawyers after that June meeting that they
Speaker 1: had handed over all the relevant documents. That clearly was
Speaker 1: not true. Uh. The the overarching issue beyond that also
Speaker 1: is that the Trump lawyers have called for a special
Speaker 1: master to review the information around this. The FBI d
Speaker 1: o J has said that could interrupted interfere with their investigation.
Speaker 1: So there's a debate over the amount of transparency and
Speaker 1: whether to bring in an outside person to to have
Speaker 1: a role in reviewing all of this. But the the
Speaker 1: assertion here from d o J is that the former
Speaker 1: president had effectively told them he handed everything over, and
Speaker 1: they ultimately found about twice as much as had been
Speaker 1: indicated by the former president's lawyers when they actually got
Speaker 1: that search warrant, and there was some evidence that there
Speaker 1: was dishonesty and an attempt to cover things up. Is
Speaker 1: there a possibility then that we could see from the
Speaker 1: Justice Department more than just talk of obstruction of justice,
Speaker 1: but an actual indictment. Well, we don't have any anything
Speaker 1: official now, but that that is uh, sort of the
Speaker 1: implication of all of this. They're they're raising a serious
Speaker 1: legal allegation that they were investigating this and the people
Speaker 1: around former President Trump, potentially all the way to former
Speaker 1: President Trump, were dishonest with the FBI about the amount
Speaker 1: of information they gave over uh. And that raises the
Speaker 1: possibility of obstruction of justice. We don't know how the
Speaker 1: d o J is going to go forward with this, uh,
Speaker 1: you know, in in Washington, this really raises the specter
Speaker 1: of a bit of a constitutional crisis. Uh uh, And
Speaker 1: they are trying to be careful about how they go
Speaker 1: forward with this. But yes, the things they're describing here,
Speaker 1: if the allegations are true, that that would be illegal
Speaker 1: to uh to withhold that information in the midst of
Speaker 1: an FBI investigation. What does this mean for Republicans support
Speaker 1: for the former president, which they've shown a lot of
Speaker 1: up to now. Yeah, it has not gone away. Republicans
Speaker 1: have essentially played a game of wait and see. There
Speaker 1: is absolutely a sense that there's another shoe to drop,
Speaker 1: there's more information that could come out, and the initial
Speaker 1: pushback uh and insistence that this must have been declassified,
Speaker 1: it must be really nothing, uh that has waned And
Speaker 1: there's I think Republican lawmakers have been pretty quiet on
Speaker 1: this lately, as the every development seems to indicate that
Speaker 1: there will be another development. So it's not that they
Speaker 1: have turned against former President Trump, but it's it's pretty
Speaker 1: quiet here in Washington with regard to Republicans standing firmly
Speaker 1: behind him. But it sounds a little bit like President
Speaker 1: Biden is getting a little bit louder on this issue,
Speaker 1: particularly in some of his comments about support for the
Speaker 1: FBI and uh, you know the attacks that many Republicans
Speaker 1: have leveled against the FBI in the wake of the
Speaker 1: maral Lago search. Yes, that was a major focus of
Speaker 1: his speech yesterday in Pennsylvania, playing up the candidacy's key
Speaker 1: candidacies for the gubernatorial race, the Senate race, a swing
Speaker 1: district race there in Pennsylvania, talking about how you cannot
Speaker 1: support law enforcement or claim to support law enforcement and
Speaker 1: want to defund the f B I. Uh, he kind
Speaker 1: of tied this issue in with January six. This was
Speaker 1: a significant focus on the campaign trail in a high
Speaker 1: stakes area, high stakes series of races, where Biden really
Speaker 1: went out of his way to focus on on the
Speaker 1: Mara a Lago search on January six, and really I
Speaker 1: think broadly on Trump's role in the Republican Party and
Speaker 1: in our last minute or so here, Jack, I'm sure
Speaker 1: there's gonna be an outpouring of reaction in Washington following
Speaker 1: the passing of Mikhail Gorbachev, the last leader of the
Speaker 1: former Soviet Union. Yes, and there have been a number
Speaker 1: of statements that have come out in the West quite positive.
Speaker 1: President Biden put out a statement describing Gorbachev as a
Speaker 1: rare leader with the imagination to see a different future.
Speaker 1: Really overwhelmingly complementary from Western leaders, including President Biden. Obviously,
Speaker 1: his legacy is very diff print in Russia. Uh. He
Speaker 1: attempted to continue to have a political career and had
Speaker 1: a very unsuccessful presidential campaign after the fall of the
Speaker 1: Soviet Union. So you know, the response from Russian officials,
Speaker 1: including potentially Putin, would be very interesting to see. But
Speaker 1: people like President Biden and others in the West have
Speaker 1: put out a really an outpouring of complementary reminiscences of
Speaker 1: Gorbachev's career. Thanks for this, Jack, great having you on
Speaker 1: with us as always, Bloomberg Government Congressional reporter Jack Fitzpatrick
Speaker 1: joining us from our Bloomberg studios in Washington, d C.
Speaker 1: Read more about all these stories on Bloomberg dot com
Speaker 1: or on the Bloomberg terminal. Listen to Bloomberg Radio in Washington.
Speaker 1: You can do that by tuning into Bloomberg and one
Speaker 1: oh five point seven FM HD two. Looking ahead to
Speaker 1: the market open, we're starting to see some traction in
Speaker 1: the futures contracts. SMP futures right now up eleven points.
Speaker 1: Dow futures have turned just a touch higher. We'll call
Speaker 1: it little change to hire with a gain of twenty
Speaker 1: four points. NASDAC futures adding to their gains right now
Speaker 1: up ninety points for a gain of seven tenths of
Speaker 1: one percent. The tenure Treasury is down ten thirty seconds,
Speaker 1: the yield three point one four percent. Yield on the
Speaker 1: two year three point four eight percent. NIMEX screwed still
Speaker 1: moving lower, but off its session lows down two point
Speaker 1: eight percent at eighty nine dollars nine cents of barrel comes.
Speaker 1: Gold is down eight tenths percent seventy eight announced. The
Speaker 1: euro point nine nine seven nine against the dollar. The
Speaker 1: n is at one thirty eight point seven six. Bitcoin
Speaker 1: back above twenty thousand, trading at twenty thousand, three hundred dollars.
Speaker 1: Bloomberg Surveillance is next. Tom Keen, Jonathan Farrell, and Lisa
Speaker 1: abramoids for Karen Moscow. I'm Nathan Hager. This is Bloomberg