1 00:00:02,360 --> 00:00:05,680 Speaker 1: Live from the Bloomberg Interacted Berger Studios. This is Bloomberg 2 00:00:05,720 --> 00:00:09,200 Speaker 1: day Break for Friday, November eleven two. Coming up this 3 00:00:09,240 --> 00:00:13,960 Speaker 1: shour Stocks followed Yesterday's powerful rally with war games Chinese 4 00:00:13,960 --> 00:00:17,160 Speaker 1: in Hong Kong. Stocks search after Beijing is is quarantine 5 00:00:17,239 --> 00:00:20,560 Speaker 1: rules at the X dot COM's assets are frozen by 6 00:00:20,600 --> 00:00:23,800 Speaker 1: authorities in the Bahamas and Elon Musk lawrence of a 7 00:00:23,880 --> 00:00:27,840 Speaker 1: possible bankruptcy at Twitter. New York City Mayor Adams defends 8 00:00:27,840 --> 00:00:30,720 Speaker 1: his focus on crime. Plus the remnants of Hurricane Nicole 9 00:00:30,880 --> 00:00:33,920 Speaker 1: leave at least two people dead in Florida. Michael Barr 10 00:00:34,080 --> 00:00:37,080 Speaker 1: More ahead, I'm John Stashower. In sports, mid third period 11 00:00:37,120 --> 00:00:39,440 Speaker 1: for the Rangers to win. In Detroit, the Islanders were 12 00:00:39,520 --> 00:00:41,599 Speaker 1: shot out. The Devils won their eighth in a row. 13 00:00:42,640 --> 00:00:46,839 Speaker 1: That's all straight ahead on Bloomberg day Break on Bloomberg eleven, 14 00:00:46,960 --> 00:00:51,599 Speaker 1: Free on New York, Bloomberg Washington, d C, Bloomberg one 15 00:00:51,680 --> 00:00:56,000 Speaker 1: or six one, Boston, Bloomberg nine sixty, San Francisco, Sirius 16 00:00:56,200 --> 00:00:59,760 Speaker 1: XM one nineteen and around the world on Bloomberg Radio. 17 00:01:00,160 --> 00:01:09,000 Speaker 1: Come and via the Bloomberg Business Set. Good Friday morning. 18 00:01:09,040 --> 00:01:12,000 Speaker 1: I'm Amy Morris and I'm Karen Moscow in US. Dock 19 00:01:12,080 --> 00:01:14,880 Speaker 1: Index futures are higher this morning here coming up to 20 00:01:14,959 --> 00:01:16,640 Speaker 1: five oh one on Wall Street, and we checked the 21 00:01:16,640 --> 00:01:19,640 Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg 22 00:01:19,720 --> 00:01:21,959 Speaker 1: right now, S and P futures up twenty three points. 23 00:01:22,200 --> 00:01:24,880 Speaker 1: DAL futures have one hundred seventy six and as day 24 00:01:25,000 --> 00:01:27,959 Speaker 1: futures have one hundred one. There is no trading on 25 00:01:28,000 --> 00:01:30,920 Speaker 1: the bond market today and observance of the Veterans Day holiday. 26 00:01:31,160 --> 00:01:33,960 Speaker 1: Nine X screwde oil is up two point eight percent, 27 00:01:34,200 --> 00:01:38,479 Speaker 1: Amy Karen, US futures are building on yesterday's historic rally. 28 00:01:38,560 --> 00:01:40,679 Speaker 1: The S and P five hundred, coming off of five 29 00:01:40,720 --> 00:01:43,200 Speaker 1: and a half percent, game for the best first day 30 00:01:43,240 --> 00:01:47,000 Speaker 1: reaction to a CPI report since at least two thousand three, 31 00:01:47,080 --> 00:01:50,480 Speaker 1: when records began. Headline inflation came in at seven point 32 00:01:50,600 --> 00:01:54,720 Speaker 1: seven percent. That's the lowest since January. DoD Cioca is 33 00:01:54,760 --> 00:01:59,200 Speaker 1: CEO at Covar Capital. You think what ended the bear 34 00:01:59,320 --> 00:02:03,040 Speaker 1: market top two weeks ago, it's when the FED came 35 00:02:03,040 --> 00:02:05,680 Speaker 1: out of the press conference. So if the Fed now 36 00:02:05,760 --> 00:02:09,320 Speaker 1: and in the redemester being one of the head hawks, 37 00:02:09,560 --> 00:02:12,720 Speaker 1: is talking a little less strongly the market. Way take 38 00:02:12,800 --> 00:02:15,720 Speaker 1: that as a higher probability that this may not be 39 00:02:16,440 --> 00:02:18,760 Speaker 1: a bear market bounce, but something start of the next 40 00:02:18,800 --> 00:02:22,639 Speaker 1: legable market. Despite the rally k of our capitals, Dougs 41 00:02:23,320 --> 00:02:28,040 Speaker 1: notes the sp is still down this year. Well, Amy, 42 00:02:28,080 --> 00:02:30,919 Speaker 1: we saw an immediate reaction and FED funds future is 43 00:02:30,960 --> 00:02:34,400 Speaker 1: following the report. Rates traders now see just a half 44 00:02:34,440 --> 00:02:37,200 Speaker 1: point rate hike next month instead of another three quarter 45 00:02:37,280 --> 00:02:40,000 Speaker 1: point increase. The Fed appears to be backing a down 46 00:02:40,040 --> 00:02:43,040 Speaker 1: shift in rate hikes. And here's Dallas FED President Lorie 47 00:02:43,080 --> 00:02:46,919 Speaker 1: Logan and Philadelphia Fed President Patrick Harker what. I believe 48 00:02:46,960 --> 00:02:49,000 Speaker 1: it may be appropriate to slow the pace of rate 49 00:02:49,040 --> 00:02:52,440 Speaker 1: increases so we can better assess how financial and economic 50 00:02:52,440 --> 00:02:56,160 Speaker 1: conditions are evolving. I also believe a slower pace should 51 00:02:56,200 --> 00:02:59,959 Speaker 1: not be taken to represent easier policy the upcoming month, 52 00:03:00,040 --> 00:03:03,560 Speaker 1: to light of the Kumlici fighting we have achieved, I 53 00:03:03,600 --> 00:03:06,760 Speaker 1: expect we will slow the pace of our rate hikes 54 00:03:06,880 --> 00:03:10,560 Speaker 1: as we approach a sufficiently restrictive stance. But I want 55 00:03:10,600 --> 00:03:13,600 Speaker 1: to be clear a rate hike of fifty basis points, 56 00:03:13,800 --> 00:03:17,840 Speaker 1: which still be significant. Philadelphia Fed President Patrick Harker and 57 00:03:17,919 --> 00:03:20,880 Speaker 1: Dallas Fed Sheef of Lori Logan spoke at separate events 58 00:03:21,040 --> 00:03:25,240 Speaker 1: yesterday after the latest inflation reading. The softer consumer price 59 00:03:25,280 --> 00:03:28,880 Speaker 1: brined coupled with China's move to eastern COVID rules, fueled 60 00:03:28,880 --> 00:03:32,200 Speaker 1: a rally in Asia. Overnight starts in the region jumped 61 00:03:32,240 --> 00:03:35,640 Speaker 1: by the most since March. Let's get the recap from 62 00:03:35,680 --> 00:03:39,080 Speaker 1: Bloomberg's Juliet Sally. In Singapore, Good Morning, Juliette, Good Morning 63 00:03:39,080 --> 00:03:41,840 Speaker 1: Avian Karen. The m c I Asia Pacific Index climbed 64 00:03:41,840 --> 00:03:43,760 Speaker 1: more than four and a half percent, also on track 65 00:03:43,840 --> 00:03:46,920 Speaker 1: for its best weekly gain since March twenty twenty. Hong 66 00:03:47,000 --> 00:03:50,720 Speaker 1: Kong's benchmark search more than seven percent after China reduced 67 00:03:50,760 --> 00:03:55,160 Speaker 1: its quarantine time for inbound travelers and scrapped COVID flat suspensions, 68 00:03:55,200 --> 00:03:58,120 Speaker 1: adding to the positive sentiment around top leaders calling for 69 00:03:58,160 --> 00:04:02,200 Speaker 1: a more targeted approach to controlling the coronavirus Regionally, chipmakers 70 00:04:02,200 --> 00:04:04,920 Speaker 1: also saw that drove benchmarks in Taiwan, South Korea and 71 00:04:05,000 --> 00:04:07,560 Speaker 1: Japan highm and local currency has got to boost as 72 00:04:07,600 --> 00:04:09,600 Speaker 1: the dollus off at its worst day since two thousand 73 00:04:09,640 --> 00:04:12,720 Speaker 1: and nine, the Korean one jumping the most since October 74 00:04:12,720 --> 00:04:16,599 Speaker 1: two thousand and eight. In Singapore, Juliette Sally Bloomberg Daybreak, 75 00:04:16,839 --> 00:04:19,359 Speaker 1: Very juliet Thanks in Europe today we have data on 76 00:04:19,400 --> 00:04:21,880 Speaker 1: the British economy g d P and the UK shrank 77 00:04:21,880 --> 00:04:24,400 Speaker 1: in the third quarter, marking the startup was expected to 78 00:04:24,440 --> 00:04:28,320 Speaker 1: be a protracted recession. Gross domestic product fell two tenths 79 00:04:28,320 --> 00:04:31,840 Speaker 1: of one percent. Consumers spending in business investment both fell. 80 00:04:32,120 --> 00:04:34,960 Speaker 1: The Bank of England sees a recession persisting into the 81 00:04:35,000 --> 00:04:39,880 Speaker 1: middle of and new developments this morning involving FTX, dot 82 00:04:39,920 --> 00:04:43,040 Speaker 1: Com and the crypto collapse that it sparked. A securities 83 00:04:43,040 --> 00:04:45,839 Speaker 1: regulator in the Bahamas has now frozen the assets of 84 00:04:45,880 --> 00:04:49,040 Speaker 1: ft X and related parties. We get more from Bloomberg's 85 00:04:49,080 --> 00:04:52,240 Speaker 1: Doug Krisner. The Bahamas Securities Commission said a freeze was 86 00:04:52,279 --> 00:04:55,520 Speaker 1: the prudent course of action to preserve assets and stabilize 87 00:04:55,520 --> 00:04:59,400 Speaker 1: the company, and an attorney has been appointed provisional liquidator 88 00:04:59,720 --> 00:05:04,280 Speaker 1: as commission aims to place the beleaguered crypto exchange into receivership. 89 00:05:04,600 --> 00:05:08,200 Speaker 1: The Commission also said it's aware of statements suggesting client's 90 00:05:08,240 --> 00:05:13,039 Speaker 1: assets were mishandled, mismanaged, and or transferred to Alameda Research. 91 00:05:13,400 --> 00:05:16,200 Speaker 1: Alameda is the trading house at the heart of bankmn 92 00:05:16,240 --> 00:05:19,479 Speaker 1: Freed's digital asset Empire. He is the founder and CEO 93 00:05:19,720 --> 00:05:22,840 Speaker 1: of ft X dot Com based in the Bahamas in 94 00:05:22,920 --> 00:05:25,560 Speaker 1: New York. I'm Doug Prisoner, Bloomberg day Break. All right, Doug, 95 00:05:25,600 --> 00:05:28,559 Speaker 1: thank you about Twitter is in the spotlight once again 96 00:05:28,600 --> 00:05:31,440 Speaker 1: today Bloomberg News has learned that Elon Musk is telling 97 00:05:31,480 --> 00:05:35,040 Speaker 1: employees that bankruptcy is a possibility for the company. We 98 00:05:35,160 --> 00:05:38,200 Speaker 1: get the story from Bloomberg Shirley Pellett. Word came in 99 00:05:38,279 --> 00:05:41,640 Speaker 1: his first address to Twitter employees since buying the company 100 00:05:41,680 --> 00:05:45,440 Speaker 1: for forty four billion dollars. The social network has a 101 00:05:45,560 --> 00:05:48,680 Speaker 1: significant debt burden from the acquisition and has seen a 102 00:05:48,760 --> 00:05:52,719 Speaker 1: pullback from some advertisers that are concerned about Musk's plans 103 00:05:52,760 --> 00:05:56,640 Speaker 1: for content moderation. Musk also told staff on the call 104 00:05:56,760 --> 00:05:59,800 Speaker 1: that the days of free food and other perks are 105 00:06:00,040 --> 00:06:04,080 Speaker 1: over at Twitter's offices in New York. Charlie Pellets Bloombird 106 00:06:04,120 --> 00:06:06,960 Speaker 1: day Break. Thank you, Charlie. One other note on Twitter, 107 00:06:07,040 --> 00:06:10,840 Speaker 1: the social media network has reinstated official badges for high 108 00:06:10,839 --> 00:06:15,080 Speaker 1: profile accounts to combat a growing problem of users impersonating 109 00:06:15,120 --> 00:06:19,000 Speaker 1: major brands. The gray badge reappeared below the profiles of 110 00:06:19,040 --> 00:06:22,640 Speaker 1: businesses and major media outlets this morning, and Alet's get 111 00:06:22,640 --> 00:06:24,560 Speaker 1: you have to date on politics Amy and the race 112 00:06:24,600 --> 00:06:28,600 Speaker 1: for the Senate control still undecided three days after the election. 113 00:06:28,920 --> 00:06:31,800 Speaker 1: All comes down to three states counts and ongoing in 114 00:06:31,839 --> 00:06:34,560 Speaker 1: Arizona and Nevada. And the race in Georgia is going 115 00:06:34,600 --> 00:06:37,920 Speaker 1: to a runoff in December. President Biden says Democrats face 116 00:06:38,040 --> 00:06:40,400 Speaker 1: long odds to keep control of the House, but says 117 00:06:40,440 --> 00:06:44,839 Speaker 1: it's not impossible. Oh you know if still is staw 118 00:06:46,120 --> 00:06:49,640 Speaker 1: like broad Gardge spirits there stole. Republicans are on page 119 00:06:49,640 --> 00:06:51,520 Speaker 1: to win at least two hundred ten seats so far 120 00:06:51,560 --> 00:06:54,799 Speaker 1: compared to Democrats one ninety two. Two hundred eighteen seats 121 00:06:54,800 --> 00:06:57,480 Speaker 1: are required for a majority. And it is a blow 122 00:06:57,520 --> 00:07:00,160 Speaker 1: for the Biden administration. Of Federal Judge and Texas has 123 00:07:00,520 --> 00:07:03,599 Speaker 1: struck down the president's plan to forgive student loans. The 124 00:07:03,680 --> 00:07:06,560 Speaker 1: judge called it one of the largest exercises of legislative 125 00:07:06,600 --> 00:07:09,960 Speaker 1: power without congressional authority in the history of the country. 126 00:07:10,320 --> 00:07:12,760 Speaker 1: Justice says it will appeal. The plan is already on 127 00:07:12,880 --> 00:07:23,360 Speaker 1: hold under an emergency state. This is Bloomberg. It's five 128 00:07:23,360 --> 00:07:25,560 Speaker 1: oh seven on Wall Street. Let's bring in Michael Barr 129 00:07:25,600 --> 00:07:27,200 Speaker 1: with more on what else is going on in New 130 00:07:27,280 --> 00:07:30,320 Speaker 1: York and around the world. Good morning, Michael, Good morning Amy. 131 00:07:30,400 --> 00:07:33,280 Speaker 1: New York City Mayor Eric Adams says he won't stop 132 00:07:33,320 --> 00:07:37,080 Speaker 1: talking about crime. Pushing back on criticism that he helped 133 00:07:37,160 --> 00:07:40,360 Speaker 1: fuel the momentum of Republican candidates across the state in 134 00:07:40,400 --> 00:07:43,800 Speaker 1: the midterm elections, Adam says that the system is broken 135 00:07:43,840 --> 00:07:47,160 Speaker 1: and no one wanted to hear that. Adams later spoke 136 00:07:47,160 --> 00:07:50,400 Speaker 1: at a community event on public safety. He talked about 137 00:07:50,400 --> 00:07:54,240 Speaker 1: removing the homeless off the streets. When I started in January, 138 00:07:54,400 --> 00:07:57,560 Speaker 1: I went out and visited those camps and those encampments, 139 00:07:57,640 --> 00:08:01,600 Speaker 1: and I saw inside there was in humane human waste, 140 00:08:01,640 --> 00:08:05,800 Speaker 1: stale food, dirty clothing, drug pal phernalia. Some people will 141 00:08:05,880 --> 00:08:10,720 Speaker 1: buy folk by Polo schizophrenic. That is inhumane to allow 142 00:08:10,800 --> 00:08:12,880 Speaker 1: people to live that way. And I said, as the 143 00:08:12,880 --> 00:08:16,200 Speaker 1: mayor of this city, is not happening under our watch. 144 00:08:16,520 --> 00:08:20,080 Speaker 1: Republican candidate seized upon crime as a central issue in 145 00:08:20,120 --> 00:08:23,720 Speaker 1: the mid terms, including Representative Lee Zelden, who ran closer 146 00:08:23,720 --> 00:08:27,200 Speaker 1: than expected in his failed bids unseat New York's Democratic 147 00:08:27,200 --> 00:08:30,800 Speaker 1: Governor Kathy Hokel. President Biden left last night for his 148 00:08:30,920 --> 00:08:34,560 Speaker 1: foreign country tour. The President will be joining world leaders 149 00:08:34,559 --> 00:08:38,320 Speaker 1: in Egypt next week for the United Nations Global Climate Summit, 150 00:08:38,440 --> 00:08:42,920 Speaker 1: also known as COP Meanwhile, the bilateral meeting between President 151 00:08:42,960 --> 00:08:45,880 Speaker 1: Shi Jing Ping and Joe Biden has been set for 152 00:08:45,880 --> 00:08:49,960 Speaker 1: the sidelines of the G twenty early next week, Bloomberg said. 153 00:08:49,960 --> 00:08:53,960 Speaker 1: Baxter reports. US National Security Adviser Jake Sullivan says the 154 00:08:54,080 --> 00:08:58,360 Speaker 1: US will brief Taiwanese officials before and after the President's 155 00:08:58,360 --> 00:09:02,280 Speaker 1: talk they sit down Monday. Sullivan says, face to face, 156 00:09:02,400 --> 00:09:03,920 Speaker 1: he will get to sit in the same room with 157 00:09:03,960 --> 00:09:07,160 Speaker 1: Shi Jimping, be directed straightforward with him as he always is, 158 00:09:07,200 --> 00:09:09,880 Speaker 1: and expect the same in return from she, and then 159 00:09:09,920 --> 00:09:12,319 Speaker 1: he can make his judgments on that basis about how 160 00:09:12,320 --> 00:09:15,640 Speaker 1: to take things forward. Sullivan says he's confidence Taipei will 161 00:09:15,640 --> 00:09:18,920 Speaker 1: feel secure about its support from the United States. Sullivan 162 00:09:19,040 --> 00:09:22,839 Speaker 1: repeated the US Commitment to Taiwan Relations Act and Peace 163 00:09:22,880 --> 00:09:26,120 Speaker 1: and Stability in the Strait. In San Francisco, I'm at 164 00:09:26,120 --> 00:09:29,920 Speaker 1: Baxter Bloomberg Daybreak. Tropical depression Nicole is in Georgia this 165 00:09:29,960 --> 00:09:32,880 Speaker 1: morning after a day of causing havoc in Florida as 166 00:09:32,880 --> 00:09:36,400 Speaker 1: a hurricane and then a tropical storm Nicole had cut 167 00:09:36,440 --> 00:09:40,080 Speaker 1: across central Florida after making landfall near Vero Beach. The 168 00:09:40,120 --> 00:09:42,720 Speaker 1: storm caused at least two deaths and sent homes along 169 00:09:42,760 --> 00:09:46,280 Speaker 1: Florida's coast toppling into the ocean. Global News twenty four 170 00:09:46,320 --> 00:09:49,360 Speaker 1: hours a day on air and on Bloomberg Quick Take, 171 00:09:49,640 --> 00:09:52,560 Speaker 1: powered by more than twenty seven hundred journalists and analysts 172 00:09:52,559 --> 00:09:55,040 Speaker 1: and more than a hundred twenty countries. I'm Michael Barr, 173 00:09:55,040 --> 00:09:58,000 Speaker 1: and this is Bloomberg Amy. All right, thank you, Michael. 174 00:10:01,000 --> 00:10:03,120 Speaker 1: It's five ten on Wall Street. Time now for the 175 00:10:03,160 --> 00:10:05,720 Speaker 1: sports report. Rocks do you by tri State OUTI here's 176 00:10:05,760 --> 00:10:08,319 Speaker 1: John dash Our saying me. The Rangers went to Detroit 177 00:10:08,480 --> 00:10:10,280 Speaker 1: having recently lost to the Red Wings, part of a 178 00:10:10,320 --> 00:10:12,160 Speaker 1: three game losing speak and they trailed to to one. 179 00:10:12,200 --> 00:10:15,160 Speaker 1: It was to to third period of the Rangers errupted 180 00:10:15,320 --> 00:10:18,160 Speaker 1: six goals and ten and a half minutes, six different 181 00:10:18,160 --> 00:10:21,199 Speaker 1: goal scorers, Rangers one, eight to two. Islanders shot out 182 00:10:21,200 --> 00:10:24,240 Speaker 1: by Arizona to nothing. Devil's stay hot in overtime with 183 00:10:24,320 --> 00:10:35,000 Speaker 1: Ottawa power play, game winner for the Devils at the 184 00:10:35,160 --> 00:10:38,480 Speaker 1: winning street is at eight. His radio call him a Nico. 185 00:10:38,640 --> 00:10:41,360 Speaker 1: He shear Tippin for the fourth three victory. Nike boss 186 00:10:41,360 --> 00:10:45,520 Speaker 1: Phil Knight says his company likely ending its relationship with Kyrie. Irving, 187 00:10:45,520 --> 00:10:48,160 Speaker 1: now serving a suspension with the Nets posting to the 188 00:10:48,200 --> 00:10:51,680 Speaker 1: anti semitic video, was refused to apologize. Although NBA Commissioner 189 00:10:51,760 --> 00:10:54,160 Speaker 1: Adam Silver, who recently met with Irvine, told The New 190 00:10:54,200 --> 00:10:57,360 Speaker 1: York Times he does not believe Irving anti semitic. Lebron 191 00:10:57,480 --> 00:11:00,160 Speaker 1: James wants an Irving teammate, said he should be out 192 00:11:00,200 --> 00:11:02,559 Speaker 1: to play. Lebron said the requirements the Nets have put 193 00:11:02,640 --> 00:11:06,960 Speaker 1: in place for reinstatement are excessive. NFL Carolina being Atlanta 194 00:11:07,480 --> 00:11:11,360 Speaker 1: fifteen Panthers at three and seven, Falcons are four and six. 195 00:11:11,360 --> 00:11:14,679 Speaker 1: The entire NFC South is under five hundred, as opposed 196 00:11:15,080 --> 00:11:16,880 Speaker 1: to the Jets division the a f C East, where 197 00:11:16,920 --> 00:11:19,640 Speaker 1: everyone is over five hundred. Jets are office Make Giants 198 00:11:19,640 --> 00:11:22,840 Speaker 1: Sunday host Houston Giants also in a tough division, battling 199 00:11:22,960 --> 00:11:26,800 Speaker 1: Dallas and unbeaten Philadelphia. As for Washington, the problems there continue, 200 00:11:26,840 --> 00:11:30,400 Speaker 1: the DC Attorney General finding a civil lawsuit against the 201 00:11:30,440 --> 00:11:32,679 Speaker 1: team in order Dan Snyder, as well as Roger Goodell 202 00:11:32,760 --> 00:11:35,920 Speaker 1: in the NFL for covering up and deceiving fans of 203 00:11:35,920 --> 00:11:39,400 Speaker 1: what was going on in a toxic workplace. Recently indications 204 00:11:39,440 --> 00:11:42,559 Speaker 1: Snyder maybe finally looking to sell the team. John dash Howard, 205 00:11:42,559 --> 00:11:46,200 Speaker 1: Bloomberg Sports, AM all right, thank you, John. Let's check 206 00:11:46,240 --> 00:11:49,280 Speaker 1: the futures now. S andb features up a half percent 207 00:11:49,400 --> 00:11:53,680 Speaker 1: at nineteen point seven five points down, futures up at nastack, 208 00:11:53,800 --> 00:11:57,560 Speaker 1: futures up eighty four. The decks in Germany of four 209 00:11:57,600 --> 00:12:00,520 Speaker 1: tenths of apresent, cak in Paris of sixtenth sever percent, 210 00:12:00,559 --> 00:12:03,560 Speaker 1: foots in London down three tenths of a percent. This 211 00:12:03,679 --> 00:12:08,880 Speaker 1: is Bloomberg. The Bloomberg Sports Report was brought to you 212 00:12:08,880 --> 00:12:10,920 Speaker 1: by Audie. Don't let someone else drive off in the 213 00:12:10,960 --> 00:12:13,560 Speaker 1: Audi model that you've always wanted. Visit your local Tri 214 00:12:13,679 --> 00:12:16,200 Speaker 1: state autie dealer to get behind the wheel of yours today, 215 00:12:16,280 --> 00:12:22,640 Speaker 1: or visit autie Offers dot com for more information, markets, 216 00:12:22,760 --> 00:12:25,800 Speaker 1: headlines and breaking news twenty four hours a day at 217 00:12:25,840 --> 00:12:29,760 Speaker 1: Bloomberg dot com, the Bloomberg Business Outland at Bloomberg Quicktake. 218 00:12:30,040 --> 00:12:38,960 Speaker 1: This is a Bloomberg Business lash find I'm Cameron. Moscow 219 00:12:39,000 --> 00:12:42,000 Speaker 1: and US stock index futures and European shares are rallying 220 00:12:42,080 --> 00:12:45,560 Speaker 1: as they euphoria over falling inflation in the world's largest 221 00:12:45,559 --> 00:12:48,600 Speaker 1: economy extends into a second day, and China relaxes some 222 00:12:48,679 --> 00:12:51,800 Speaker 1: COVID restrictions. We checked the markets every fifteen minutes throughout 223 00:12:51,800 --> 00:12:55,199 Speaker 1: the trading day. On Bloomberg, SNP futures up about twenty 224 00:12:55,240 --> 00:12:57,520 Speaker 1: five points down futures of A hundred seventy three and 225 00:12:57,600 --> 00:13:00,760 Speaker 1: NASDACK futures have one hundred six that ecs in Germany's 226 00:13:00,840 --> 00:13:03,839 Speaker 1: up about half percent. No trading on the bond market 227 00:13:03,880 --> 00:13:06,839 Speaker 1: today and observance of the Veterans Day holiday. NIMEX Screwed 228 00:13:06,880 --> 00:13:09,360 Speaker 1: oil is a three point four percent, up two dollars 229 00:13:09,480 --> 00:13:11,760 Speaker 1: ninety four cents at eighty nine dollars forty one cents 230 00:13:11,800 --> 00:13:14,160 Speaker 1: of barrel comics gold up nine tenths per cent or 231 00:13:14,160 --> 00:13:17,520 Speaker 1: fifteen dollars eighties cents at seventeen sixty nine forty announced. 232 00:13:17,880 --> 00:13:20,720 Speaker 1: The euro one point two seven four against the dollar, 233 00:13:20,760 --> 00:13:23,400 Speaker 1: British found one point one seven six five and again 234 00:13:23,480 --> 00:13:25,920 Speaker 1: one thirty nine point one eight and looking at bitcoint 235 00:13:25,920 --> 00:13:29,040 Speaker 1: it's down three point two percent at seventeen thousand, two 236 00:13:29,120 --> 00:13:32,080 Speaker 1: hundred dollars And as a Bloomberg business flash, now here's 237 00:13:32,120 --> 00:13:34,640 Speaker 1: Michael Barr with more on what's going on around the world. 238 00:13:34,760 --> 00:13:38,839 Speaker 1: Michael could good morning. A fast moving missile has struck 239 00:13:38,880 --> 00:13:41,440 Speaker 1: an apartment building in the south of the Ukraine. People 240 00:13:41,440 --> 00:13:45,239 Speaker 1: in Michelaive woke to find the building in ruins. Rescuers 241 00:13:45,320 --> 00:13:48,520 Speaker 1: raced with the same digging through debris for survivors. A 242 00:13:48,559 --> 00:13:51,840 Speaker 1: federal judge in Texas struck down the Biden administration sweeping 243 00:13:51,880 --> 00:13:55,599 Speaker 1: student loan forgiveness plan. US District Judge Mark Pittman and 244 00:13:55,640 --> 00:13:58,320 Speaker 1: a pointee of President Trump called it one of the 245 00:13:58,400 --> 00:14:02,760 Speaker 1: largest exercises of legislative power without congressional authority in the 246 00:14:02,840 --> 00:14:06,120 Speaker 1: history of the United States. In the NHL, the Devil's 247 00:14:06,160 --> 00:14:09,720 Speaker 1: won in overtime against the Senators for three. The Rangers 248 00:14:09,720 --> 00:14:12,960 Speaker 1: and Bruins also won. The Islanders lost. In the NBA 249 00:14:13,120 --> 00:14:17,000 Speaker 1: the Wizards. One Thursday Night football, the Panthers beat the Falcons. 250 00:14:18,679 --> 00:14:21,480 Speaker 1: Global News twenty four hours a day on air and 251 00:14:21,680 --> 00:14:25,640 Speaker 1: on Bloomberg Quicktake, powered by more than d journalist and 252 00:14:25,640 --> 00:14:28,320 Speaker 1: analysts more than a hundred twenty countries. I'm Michael Barr. 253 00:14:28,440 --> 00:14:31,160 Speaker 1: This is Bloomberg Gaming. All right, Thank you, Michael. It 254 00:14:31,280 --> 00:14:34,200 Speaker 1: is five nineteen on Wall Street Live from the Bloomberg 255 00:14:34,200 --> 00:14:37,720 Speaker 1: Interactive Broker Studios. This is Bloomberg Daybreak. We're joined now 256 00:14:37,760 --> 00:14:41,560 Speaker 1: by global market strategists Ben Leidler with Toro. Ben. Good 257 00:14:41,560 --> 00:14:43,360 Speaker 1: morning to you. Thank you for taking the time with 258 00:14:43,440 --> 00:14:46,120 Speaker 1: us today. We are watching the markets. Is this a 259 00:14:46,160 --> 00:14:50,880 Speaker 1: bear market rally we're seeing? Yes, I think it is, 260 00:14:50,960 --> 00:14:53,200 Speaker 1: but I think it's very well supported and and this 261 00:14:53,240 --> 00:14:56,640 Speaker 1: is stet one right that. Um, I think we've seen 262 00:14:56,640 --> 00:15:00,120 Speaker 1: the bottom and off has happened, and we're beginning to 263 00:15:00,160 --> 00:15:03,760 Speaker 1: sort of see the inflation fever breaking. And this is 264 00:15:03,840 --> 00:15:06,560 Speaker 1: sort of the necessary precondition I think to set us 265 00:15:06,640 --> 00:15:09,120 Speaker 1: up for the next bull market. I don't think we're 266 00:15:09,160 --> 00:15:11,560 Speaker 1: quite there yet, but I do think we're beginning to 267 00:15:11,560 --> 00:15:15,760 Speaker 1: build those necessary foundations. Well that's a that's good news. 268 00:15:15,840 --> 00:15:19,080 Speaker 1: Then if you're talking about eliminating inflation or at least 269 00:15:19,080 --> 00:15:22,360 Speaker 1: crawling out of that inflation spike, how much longer could 270 00:15:22,440 --> 00:15:24,960 Speaker 1: this last as far as the bear market before it 271 00:15:24,960 --> 00:15:29,360 Speaker 1: actually becomes full? So this is our fifth bear market 272 00:15:29,440 --> 00:15:32,640 Speaker 1: rally of the year. Historically you've seen up to ten, 273 00:15:33,040 --> 00:15:34,560 Speaker 1: so we could well have a sort of a few 274 00:15:34,560 --> 00:15:36,200 Speaker 1: more to go. But I do think the key is 275 00:15:36,240 --> 00:15:38,680 Speaker 1: that with the bottom in here, this is a very 276 00:15:38,720 --> 00:15:41,960 Speaker 1: investable market, and the next big move I think we'll 277 00:15:42,000 --> 00:15:44,240 Speaker 1: be up rather than down. And I think, you know, 278 00:15:44,320 --> 00:15:47,560 Speaker 1: Christmas is definitely coming early. We've seen less bad third 279 00:15:47,600 --> 00:15:50,600 Speaker 1: quarter earnings. We've got valuations which are now follow average 280 00:15:50,640 --> 00:15:53,880 Speaker 1: after the sell off this year, We've got wild cards 281 00:15:53,920 --> 00:15:58,200 Speaker 1: like China improving, and now we've beginning to see um 282 00:15:58,280 --> 00:16:01,200 Speaker 1: inflation easing, and we're beginning to see the top of 283 00:16:01,240 --> 00:16:03,760 Speaker 1: this sort of Fed interest rate cycle. We're not there yet. 284 00:16:03,800 --> 00:16:05,960 Speaker 1: There's a long way to go, but but again these 285 00:16:06,000 --> 00:16:09,120 Speaker 1: are sort of very positive early signs. When you say 286 00:16:09,160 --> 00:16:11,320 Speaker 1: there's a long way to go, do you see this 287 00:16:11,360 --> 00:16:14,520 Speaker 1: as sort of an incremental over a long term, a 288 00:16:14,560 --> 00:16:16,920 Speaker 1: little bit at a time, crawling out of this, or 289 00:16:16,960 --> 00:16:21,000 Speaker 1: do you see it a little bit faster. I think 290 00:16:21,000 --> 00:16:23,320 Speaker 1: this is two steps forward. Once they're back, you know, 291 00:16:23,360 --> 00:16:26,320 Speaker 1: we need much lower inflation and a start of Fed 292 00:16:26,400 --> 00:16:28,840 Speaker 1: interest rate cuts, not just a sort of view of 293 00:16:28,920 --> 00:16:30,560 Speaker 1: the top of the cycle. So I think, you know, 294 00:16:30,640 --> 00:16:34,720 Speaker 1: that's all a story for later in three but markets 295 00:16:34,760 --> 00:16:36,880 Speaker 1: sort of, you know, move up on incremental information. We're 296 00:16:37,000 --> 00:16:40,440 Speaker 1: very depressed, UM investor sentiments very poor, and again these 297 00:16:40,480 --> 00:16:42,960 Speaker 1: are sort of the first steps in the right direction 298 00:16:42,960 --> 00:16:44,760 Speaker 1: and the markets reacting to that. I think the big 299 00:16:44,800 --> 00:16:48,200 Speaker 1: relief rally you saw yesterday tells us three very important things. 300 00:16:48,560 --> 00:16:53,120 Speaker 1: One that it's all about inflation, to how depressed investors are, 301 00:16:53,720 --> 00:16:56,880 Speaker 1: and three that you need to be invested um to 302 00:16:57,000 --> 00:16:59,920 Speaker 1: capture these sort of market moves when when they do 303 00:17:00,000 --> 00:17:04,159 Speaker 1: stopped moving up. Let's shift just a little bit away 304 00:17:04,200 --> 00:17:06,920 Speaker 1: from inflation and look at the election in the mid terms. 305 00:17:06,960 --> 00:17:09,280 Speaker 1: I'm wondering if the markets also priced in the outcome 306 00:17:09,320 --> 00:17:12,119 Speaker 1: of the election. Those are still beingcountered, some races are 307 00:17:12,200 --> 00:17:14,239 Speaker 1: yet to be decided. Is that going to have more 308 00:17:14,280 --> 00:17:19,280 Speaker 1: of an impact as we learn more maybe a little 309 00:17:19,320 --> 00:17:21,920 Speaker 1: bit so you know, actually firm up the election results 310 00:17:21,920 --> 00:17:24,440 Speaker 1: and as we probably get gridlock. I think the short 311 00:17:24,520 --> 00:17:27,040 Speaker 1: term impact there is a is a small positive. That's 312 00:17:27,080 --> 00:17:29,719 Speaker 1: one less thing for markets to worry about. And if 313 00:17:29,720 --> 00:17:32,200 Speaker 1: you look at the historic data, market sort of rewarded 314 00:17:32,800 --> 00:17:36,160 Speaker 1: rewarded gridlock um. But but again, I think the bigger 315 00:17:36,240 --> 00:17:39,119 Speaker 1: story is the fundamentals. What's happening inflation, what's happening with 316 00:17:39,200 --> 00:17:43,080 Speaker 1: earnings um, and also seasonality. I mean, as I say, 317 00:17:43,160 --> 00:17:46,520 Speaker 1: Christmas is coming early November December, traditionally your best months 318 00:17:46,520 --> 00:17:49,399 Speaker 1: of the year as investors sort of look ahead to 319 00:17:49,760 --> 00:17:52,719 Speaker 1: the year ahead. And I think that's particularly important after 320 00:17:53,160 --> 00:17:55,920 Speaker 1: the sort of unparalleled losses we've had in both equities 321 00:17:55,960 --> 00:17:58,919 Speaker 1: and bonds this year. I think the outlook for three 322 00:17:59,240 --> 00:18:01,440 Speaker 1: is apts lutely for a less bad year, and I 323 00:18:01,480 --> 00:18:03,960 Speaker 1: would expect this sort of year end effects to be 324 00:18:04,080 --> 00:18:06,320 Speaker 1: quite powerful this year as investors look ahead for that, 325 00:18:07,400 --> 00:18:09,159 Speaker 1: as we look ahead to that. As far as cooling 326 00:18:09,160 --> 00:18:11,720 Speaker 1: off the Fed's aggressive rate hikes, when will they pivot? 327 00:18:11,760 --> 00:18:16,560 Speaker 1: When can we see that? So step one is to slowdown, um, 328 00:18:16,640 --> 00:18:18,600 Speaker 1: and it could could well come. For the December meeting. 329 00:18:18,680 --> 00:18:21,080 Speaker 1: We we stepped down from seventy five basis point hikes 330 00:18:21,080 --> 00:18:24,080 Speaker 1: the fifty basis point hikes. That's that one. Step two 331 00:18:24,160 --> 00:18:26,280 Speaker 1: is they actually pause. I think that's the first quarter 332 00:18:27,320 --> 00:18:30,000 Speaker 1: three story. And then step three, which I think is 333 00:18:30,040 --> 00:18:31,879 Speaker 1: the catalyst for the next bull market, is when they 334 00:18:31,880 --> 00:18:34,480 Speaker 1: actually start cutting interest rate. We may need to wait 335 00:18:34,520 --> 00:18:36,040 Speaker 1: longer for that, you know, right to the end of 336 00:18:36,119 --> 00:18:39,480 Speaker 1: next year, but markets are gonna start discounting that before 337 00:18:39,520 --> 00:18:44,480 Speaker 1: it actually happens. Are there any sectors you like? So? 338 00:18:44,520 --> 00:18:46,160 Speaker 1: I think the story for now is to be invested 339 00:18:46,160 --> 00:18:48,560 Speaker 1: but reasonably defensive as they say, this is going to 340 00:18:48,640 --> 00:18:51,520 Speaker 1: be two steps forward, one step back. So you know, healthcare, 341 00:18:51,600 --> 00:18:55,119 Speaker 1: high dividends UM. You know, more defensive international markets by 342 00:18:55,160 --> 00:18:58,119 Speaker 1: the UK UM. And you know, as we get more 343 00:18:58,200 --> 00:19:01,240 Speaker 1: validation than the inflations coming down, we get closer to 344 00:19:01,280 --> 00:19:04,560 Speaker 1: these interest rate cuts UM start adding, you know, more 345 00:19:04,640 --> 00:19:08,000 Speaker 1: risk of the portfolios that's tech, that's real estate, things 346 00:19:08,000 --> 00:19:10,879 Speaker 1: like financials. Are there any X factors we need to 347 00:19:10,920 --> 00:19:13,040 Speaker 1: be watching for a goat about thirty seconds here in 348 00:19:13,080 --> 00:19:18,359 Speaker 1: the next few weeks, it's gonna remain a volatile ride inflation. 349 00:19:18,560 --> 00:19:19,960 Speaker 1: You know, we're not out of the woods yet, that 350 00:19:20,040 --> 00:19:22,919 Speaker 1: that inflection point is sort of coming, but it's again 351 00:19:23,280 --> 00:19:25,600 Speaker 1: it's going to be a rocky road. And the reminder 352 00:19:25,680 --> 00:19:28,680 Speaker 1: yesterday it's all about inflation. So just just keep watching that. 353 00:19:28,680 --> 00:19:31,240 Speaker 1: That's driving the FED, that's driving recession and learnings risk. 354 00:19:31,720 --> 00:19:33,399 Speaker 1: Now we're gonna keep watching it with you. Thank you 355 00:19:33,480 --> 00:19:35,119 Speaker 1: so much for taking the time with us to this 356 00:19:35,160 --> 00:19:39,080 Speaker 1: Friday morning. Global market strategists Ben Laidler with E Toro 357 00:19:39,440 --> 00:19:42,640 Speaker 1: watching the markets with us. Look looking at the futures now, 358 00:19:42,720 --> 00:19:45,760 Speaker 1: SMP futures up twenty one, DAL futures up one, DRED 359 00:19:45,800 --> 00:19:50,159 Speaker 1: sixty points. NASDAK futures up eight five points, DAX in 360 00:19:50,240 --> 00:19:53,040 Speaker 1: Germany up four tenths of a percent, CAC in Paris 361 00:19:53,119 --> 00:19:55,560 Speaker 1: up five tenths of a percent. Foot See in London 362 00:19:55,760 --> 00:19:58,040 Speaker 1: down four tenths of a percent. Much more to come 363 00:19:58,280 --> 00:20:01,399 Speaker 1: on this Friday morning edition of Berg Daybreak. This is 364 00:20:01,400 --> 00:20:10,040 Speaker 1: Bloomberg Bloomberg eleven three oh weather becoming rady and breezy today. 365 00:20:10,080 --> 00:20:12,600 Speaker 1: We're going up to seventy degrees, down to six five 366 00:20:12,680 --> 00:20:15,000 Speaker 1: the rain and Wednesday with us tonight and tomorrow. The 367 00:20:15,080 --> 00:20:17,360 Speaker 1: rain ends in the morning with a sunny afternoon going 368 00:20:17,440 --> 00:20:25,919 Speaker 1: up to seventy Broadcasting live from the Bloomberg Interactive Broker 369 00:20:26,040 --> 00:20:29,440 Speaker 1: Studio in New York, Bloomberg E Living Freedom to Washington, 370 00:20:29,520 --> 00:20:33,600 Speaker 1: d C. Bloomberg to Boston, Bloomberg one O six one 371 00:20:33,720 --> 00:20:37,160 Speaker 1: to San Francisco, Bloomberg now sixty to the country Sirius 372 00:20:37,320 --> 00:20:39,919 Speaker 1: XM Chad A one nine and around the globe the 373 00:20:39,920 --> 00:20:43,840 Speaker 1: Bloomberg Business app in Bloomberg Radio dot Com. This is 374 00:20:43,840 --> 00:20:52,960 Speaker 1: Bloomberg Daybreak. It's five thirty on Wall Street. Good morning. 375 00:20:53,000 --> 00:20:55,400 Speaker 1: I may be Morris and I'm Karen Moscow. We are 376 00:20:55,440 --> 00:20:57,880 Speaker 1: just about four hours away from the open of US 377 00:20:57,960 --> 00:20:59,600 Speaker 1: trading must get you up to date on the news 378 00:20:59,680 --> 00:21:01,919 Speaker 1: you need to know at this hour. US future is 379 00:21:01,960 --> 00:21:04,560 Speaker 1: building on yesterday's games, which saw the S and P 380 00:21:04,760 --> 00:21:08,199 Speaker 1: five hundreds surge more than five percent. Slowing inflation was 381 00:21:08,240 --> 00:21:12,040 Speaker 1: a catalyst, but Investment Co Chief investment Officer Dana Daria 382 00:21:12,200 --> 00:21:15,240 Speaker 1: conscience there's still a bumpy road ahead. The FED is 383 00:21:15,359 --> 00:21:17,920 Speaker 1: a lot more concerned about a stop and go policy 384 00:21:18,040 --> 00:21:21,200 Speaker 1: error than they are about pushing a little too hard. Still, 385 00:21:21,520 --> 00:21:24,600 Speaker 1: all else, Equel, I think you still should be prepping 386 00:21:24,640 --> 00:21:28,680 Speaker 1: for potentially top conditions investments. Dana Daria says the likelihood 387 00:21:28,680 --> 00:21:31,439 Speaker 1: of recession next year is still high. It is not 388 00:21:31,600 --> 00:21:34,600 Speaker 1: clear of October CPI print will flow the FED space 389 00:21:34,640 --> 00:21:38,199 Speaker 1: of tightening. San Francisco FED President Mary Daily addressed that 390 00:21:38,280 --> 00:21:41,880 Speaker 1: issue yesterday. Stepping down is an appropriate thing to think about. 391 00:21:42,000 --> 00:21:44,720 Speaker 1: I support a more gradual approach of getting to and 392 00:21:44,760 --> 00:21:47,280 Speaker 1: so we can be discovering the right rate as we go. 393 00:21:47,840 --> 00:21:50,840 Speaker 1: San Francisco FED President Mary Daily one of three officials 394 00:21:50,840 --> 00:21:54,080 Speaker 1: signaling a downshift in right hikes as possible. On new 395 00:21:54,119 --> 00:21:58,040 Speaker 1: crypto developments this morning, I focused on FTX dot Com 396 00:21:58,080 --> 00:22:00,560 Speaker 1: maybe as securities regulator in the Bahama US has now 397 00:22:00,640 --> 00:22:04,359 Speaker 1: frozen the company's amsets. The crypto exchange Binance head trying 398 00:22:04,400 --> 00:22:07,240 Speaker 1: to acquire f t X, but the deal fell through. Now, 399 00:22:07,240 --> 00:22:10,560 Speaker 1: Finance CEO c z Jaw is addressing the matter from 400 00:22:10,560 --> 00:22:13,080 Speaker 1: a technology or product perspective. They don't have anything that 401 00:22:13,119 --> 00:22:16,440 Speaker 1: we don't have, So our original intention was let's save 402 00:22:16,480 --> 00:22:21,480 Speaker 1: the users. But then the news of misappropriate user phones 403 00:22:21,520 --> 00:22:26,199 Speaker 1: and especially US regulatory agency's investigations, we're like, okay, we 404 00:22:26,240 --> 00:22:29,320 Speaker 1: can't touch that anymore. Finance CEO c z Jaw spoke 405 00:22:29,359 --> 00:22:32,879 Speaker 1: at the Indonesia Fintech summit today and Karen, there's another 406 00:22:32,920 --> 00:22:35,840 Speaker 1: possible buyer for f t X. Tron founder Justin Sun 407 00:22:35,880 --> 00:22:38,679 Speaker 1: tells us he's looking at providing the crypto exchange with 408 00:22:38,840 --> 00:22:42,960 Speaker 1: billions of dollars. We need do a food, do dedigence 409 00:22:43,520 --> 00:22:48,159 Speaker 1: at the same time to evaluate the situation, to have 410 00:22:48,320 --> 00:22:51,920 Speaker 1: a full picture of like what's going on, how serious 411 00:22:52,080 --> 00:22:57,679 Speaker 1: is the liquidity cronh Tron founder Justin Sun sells us 412 00:22:57,720 --> 00:23:00,600 Speaker 1: he's still evaluating whether to pursue a deal for FDx. 413 00:23:00,880 --> 00:23:03,520 Speaker 1: Well twitters in the spotlight again. Amy Bloomberg News has 414 00:23:03,560 --> 00:23:07,280 Speaker 1: learned Elon Musk told employees that bankruptcy is a possibility 415 00:23:07,280 --> 00:23:10,080 Speaker 1: for the company. The social media platform this morning has 416 00:23:10,119 --> 00:23:14,120 Speaker 1: also reinstated official badges for high profile accounts to combat 417 00:23:14,200 --> 00:23:17,439 Speaker 1: users impersonating major brands. And a note from overseas. The 418 00:23:17,440 --> 00:23:20,000 Speaker 1: British economy strike and the third quarter marking the start 419 00:23:20,000 --> 00:23:22,879 Speaker 1: of what's expected to be a protracted procession. G d 420 00:23:23,000 --> 00:23:25,040 Speaker 1: P fell two tenths of a percent in the period, 421 00:23:25,320 --> 00:23:28,320 Speaker 1: and again futures are moving higher. This morning, straight ahead, 422 00:23:28,400 --> 00:23:32,000 Speaker 1: your latest local headlines, plus a check of sports, and 423 00:23:32,240 --> 00:23:39,640 Speaker 1: this is Bloomberg by thirty three on Wall Street. Let's 424 00:23:39,680 --> 00:23:41,640 Speaker 1: bring in Michael bar with moreen what else is going 425 00:23:41,640 --> 00:23:44,240 Speaker 1: on in New York and around the world. Good morning, Michael, 426 00:23:44,359 --> 00:23:47,160 Speaker 1: Good morning Amy. New York City Mayor Eric Adams says 427 00:23:47,240 --> 00:23:51,080 Speaker 1: he won't stop talking about crime. Pushing back on criticism 428 00:23:51,119 --> 00:23:54,359 Speaker 1: that he helped fuel the momentum of Republican candidates across 429 00:23:54,400 --> 00:23:58,560 Speaker 1: the state in the midterm elections, Adams says, the system 430 00:23:58,640 --> 00:24:01,240 Speaker 1: is broken and Wilkins and need to talk about that 431 00:24:01,560 --> 00:24:04,320 Speaker 1: until we get it right. Adams later spoke at a 432 00:24:04,320 --> 00:24:07,920 Speaker 1: community gathering on public safety. The person I sat down 433 00:24:07,960 --> 00:24:09,920 Speaker 1: and get their portrait done and had a scar on 434 00:24:09,960 --> 00:24:12,520 Speaker 1: their face. They told the artists that I know you 435 00:24:12,600 --> 00:24:15,600 Speaker 1: noticed my scar, but remember I have a face, and 436 00:24:15,640 --> 00:24:18,240 Speaker 1: I'm saying that to New York City. We have scars, 437 00:24:18,280 --> 00:24:21,480 Speaker 1: but we have a face. Every day, on average, we 438 00:24:21,560 --> 00:24:25,919 Speaker 1: have six felonies on our subway system a day, but 439 00:24:26,040 --> 00:24:30,280 Speaker 1: we also have a face. Three point five million people 440 00:24:30,480 --> 00:24:33,159 Speaker 1: use that subway every day, and they get to and 441 00:24:33,240 --> 00:24:36,000 Speaker 1: from the Police of employment without any incident at all. 442 00:24:36,400 --> 00:24:39,680 Speaker 1: Republican candidates in the US, he eased upon crime as 443 00:24:39,680 --> 00:24:43,359 Speaker 1: a central issue in Tuesday's election. At least two people 444 00:24:43,400 --> 00:24:45,960 Speaker 1: are dead in the wake of Hurricane to Cole in Florida, 445 00:24:46,359 --> 00:24:49,520 Speaker 1: now a tropical depression, the storm weakened overnight as it 446 00:24:49,640 --> 00:24:53,879 Speaker 1: barreled into Georgia. President Biden heads overseas through the middle 447 00:24:53,960 --> 00:24:57,280 Speaker 1: of next week to speak with foreign leaders about climate change, 448 00:24:57,640 --> 00:25:01,080 Speaker 1: the war in Ukraine, and America's competent station with China. 449 00:25:01,560 --> 00:25:05,480 Speaker 1: The President's national security adviser, Jake Sullivan, says his boss 450 00:25:05,480 --> 00:25:08,760 Speaker 1: has been boosted by the better than expected performance of 451 00:25:08,800 --> 00:25:11,359 Speaker 1: his party in the mid term elections. He feels very 452 00:25:11,400 --> 00:25:13,959 Speaker 1: good about where things stand, and he feels like he 453 00:25:14,119 --> 00:25:16,920 Speaker 1: is going out on this trip with the wind very 454 00:25:16,960 --> 00:25:20,400 Speaker 1: much at his back, and um that gives him an 455 00:25:20,400 --> 00:25:24,280 Speaker 1: excellent opportunity both to deal with competitors from a strong 456 00:25:24,320 --> 00:25:29,200 Speaker 1: position and to rally allies in Indonesia. On Monday, President 457 00:25:29,280 --> 00:25:32,439 Speaker 1: Biden sits with his Chinese counterpart on the sidelines of 458 00:25:32,480 --> 00:25:35,360 Speaker 1: the G twenty summit. Today, New York City will hold 459 00:25:35,359 --> 00:25:39,000 Speaker 1: its Veterans Day Parade. Nearly two hundred thousand participants will 460 00:25:39,040 --> 00:25:42,640 Speaker 1: be marching up Manhattan's Fifth Avenue. Global News twenty four 461 00:25:42,680 --> 00:25:46,200 Speaker 1: hours a day on air and on Bloomberg Quicktake, powered 462 00:25:46,240 --> 00:25:48,840 Speaker 1: by more than seven hundred journalist and analyst more than 463 00:25:48,840 --> 00:25:51,960 Speaker 1: a hundred twenty countries. Michael Barr, this is Bloomberg Gaming. 464 00:25:52,359 --> 00:25:57,240 Speaker 1: All right, Thank you, Michael on Wall Street. Time now 465 00:25:57,280 --> 00:25:59,400 Speaker 1: for the sports report, brought to you by Try State 466 00:25:59,480 --> 00:26:02,880 Speaker 1: out of Here. John Alright, Amy. Busy night in local hockey, 467 00:26:03,040 --> 00:26:05,960 Speaker 1: Rangers ended a three game slide. They wanted Detroit eight 468 00:26:06,000 --> 00:26:08,560 Speaker 1: to two. They scored six goals in a ten and 469 00:26:08,600 --> 00:26:10,639 Speaker 1: a half minute span of the third period. Islanders in 470 00:26:10,720 --> 00:26:14,399 Speaker 1: Arizona scoreless into the third period. The Coyotes won to nothing. 471 00:26:14,440 --> 00:26:16,919 Speaker 1: Devil's hosted Ottawa, and like the Gay the other night, 472 00:26:17,000 --> 00:26:20,400 Speaker 1: Nico each year scored the game winner in overtime. Devil's 473 00:26:20,400 --> 00:26:22,520 Speaker 1: won four three, They've won eight in a row, eleven 474 00:26:22,560 --> 00:26:25,080 Speaker 1: of twelve and in all eleven they have not allowed 475 00:26:25,080 --> 00:26:27,119 Speaker 1: more than three goals. And the Devils have given Marty 476 00:26:27,160 --> 00:26:29,120 Speaker 1: bro Dur a new job. There, a long time Hall 477 00:26:29,160 --> 00:26:32,040 Speaker 1: of Fame goalie was working as a team advisor, more 478 00:26:32,040 --> 00:26:34,639 Speaker 1: on the business side. Now he becomes VP of Hockey 479 00:26:34,720 --> 00:26:38,840 Speaker 1: Operations GM. Tom Fitzgerald will report to bro Dur. Nixt 480 00:26:38,880 --> 00:26:41,080 Speaker 1: look to get back to five dred Tonight they host Detroit. 481 00:26:41,200 --> 00:26:45,600 Speaker 1: NFL Week ten began with Carolina's to fifteen win over Atlanta. 482 00:26:45,720 --> 00:26:48,800 Speaker 1: Sunday morning, it's Seattle and Tampa Bay in the first 483 00:26:48,840 --> 00:26:51,760 Speaker 1: ever game in Germany. Giants Sunday host housed in a 484 00:26:51,800 --> 00:26:54,480 Speaker 1: team with only one victory. Giants before the bye had 485 00:26:54,480 --> 00:26:58,000 Speaker 1: that loss in Seattle. Their coach Brian Dable, important game. 486 00:26:58,160 --> 00:27:00,920 Speaker 1: You know at home, you're gonna have to play well. 487 00:27:01,000 --> 00:27:02,800 Speaker 1: We came off of b I feel like we're arrested 488 00:27:03,560 --> 00:27:05,160 Speaker 1: the guys. I've had a lot of good energy here 489 00:27:05,160 --> 00:27:06,960 Speaker 1: in these last couple of days, and we need to 490 00:27:06,960 --> 00:27:09,600 Speaker 1: go out there and have a good week, and like 491 00:27:09,720 --> 00:27:12,520 Speaker 1: we do every week. Former Giants linebacker Blake Martinez was 492 00:27:12,560 --> 00:27:14,800 Speaker 1: playing for the Raiders. He had eleven tackles just as 493 00:27:14,840 --> 00:27:18,600 Speaker 1: fast Sunday, and Martinez suddenly yesterday announced his retirement that 494 00:27:18,720 --> 00:27:20,560 Speaker 1: age twenty eight, said he wants to focus on his 495 00:27:20,600 --> 00:27:23,639 Speaker 1: family and gut your passions. Mets picked up the fourteen 496 00:27:23,640 --> 00:27:26,520 Speaker 1: million dollar option on Carlos Carrasco, just had a fifteen 497 00:27:26,560 --> 00:27:30,480 Speaker 1: win season. Justin Verlander declined the twenty five million dollar 498 00:27:30,560 --> 00:27:33,440 Speaker 1: option in Houston becomes a free agent. The Dodgers in 499 00:27:33,480 --> 00:27:35,880 Speaker 1: a long time based Clayton Kershaw said to be close 500 00:27:35,920 --> 00:27:39,280 Speaker 1: to a new one year John Stashiell Bloomberg Sports in 501 00:27:39,960 --> 00:27:42,520 Speaker 1: All right, thank you, John. It's five seven on Wall 502 00:27:42,560 --> 00:27:45,480 Speaker 1: Street time now for the Tri State Business Report. With that, 503 00:27:45,560 --> 00:27:49,320 Speaker 1: here is Bloomberg's Denise Pellegrini, Jersey City based Block five 504 00:27:49,560 --> 00:27:53,040 Speaker 1: now embroiled in the crypto crisis. It's pausing client with Charles, 505 00:27:53,160 --> 00:27:56,440 Speaker 1: the digital asset lender, also asking customers to refrain from 506 00:27:56,440 --> 00:27:59,240 Speaker 1: depositing funds into Block five wallets because of all the 507 00:27:59,280 --> 00:28:02,480 Speaker 1: problems we're add to the collapse of supporters. Sam Bank 508 00:28:02,520 --> 00:28:06,840 Speaker 1: win Fried's ft X crypto Empire Connecticut expects to collect 509 00:28:06,880 --> 00:28:10,000 Speaker 1: five hundred seventy one million dollars more general fund revenue 510 00:28:10,040 --> 00:28:13,520 Speaker 1: this fiscal year. The Legislature's Office of Fiscal Analysis says 511 00:28:13,720 --> 00:28:17,639 Speaker 1: sales and investment tax collections have been improving. Alloy Development 512 00:28:17,680 --> 00:28:21,439 Speaker 1: could power New York City's first all electric tower. Ally 513 00:28:21,480 --> 00:28:24,760 Speaker 1: plans to power the tower with renewable energy projects. This 514 00:28:24,800 --> 00:28:27,080 Speaker 1: would be a forty four story tower on Ali Block 515 00:28:27,119 --> 00:28:31,320 Speaker 1: on Flat Push Avenue in downtown Brooklyn. And attention vegans. 516 00:28:31,320 --> 00:28:33,960 Speaker 1: Time for the New Jersey Vegan Food Fest. It's a 517 00:28:33,960 --> 00:28:36,879 Speaker 1: two day celebration kicking off at the Meadow Ends Exposition 518 00:28:36,920 --> 00:28:41,360 Speaker 1: Center tomorrow featuring local vegan food and also plant based 519 00:28:41,440 --> 00:28:44,680 Speaker 1: fashion with the Tri State Business Report. I'm Denise Pellegrini. 520 00:28:45,520 --> 00:28:47,840 Speaker 1: Thank you, Denise. It's about thirty eight on Wall Street. 521 00:28:47,960 --> 00:28:50,600 Speaker 1: Bloomberg Radio is on the air from San Francisco to 522 00:28:50,640 --> 00:28:53,160 Speaker 1: New York, London to Hong Kong. Let's check in with 523 00:28:53,200 --> 00:28:56,000 Speaker 1: our global news team bar some of the top stories 524 00:28:56,000 --> 00:28:59,480 Speaker 1: and on our three hundred affiliate radiozzations around the world. 525 00:29:02,640 --> 00:29:06,160 Speaker 1: I'm Steve Podascan K and X in Los Angeles. We're 526 00:29:06,200 --> 00:29:09,600 Speaker 1: talking about cracks beginning to form in the willingness of 527 00:29:09,760 --> 00:29:15,240 Speaker 1: luxury consumers to keep paying ever rising prices. I'm Gina Servetti. 528 00:29:15,320 --> 00:29:17,360 Speaker 1: And for w w b B. I'm in Chicago. I'm 529 00:29:17,360 --> 00:29:20,120 Speaker 1: reporting the United Airline says it will give pilots a 530 00:29:20,200 --> 00:29:23,480 Speaker 1: five percent pay hike next month instead of waiting until May, 531 00:29:23,720 --> 00:29:26,520 Speaker 1: as a show of good faith after pilots rejected a 532 00:29:26,600 --> 00:29:29,880 Speaker 1: proposed contract. I'm Caroline Head comploom Bag d a B 533 00:29:30,040 --> 00:29:32,480 Speaker 1: Digital Radium in London. We've been putting on the new 534 00:29:32,520 --> 00:29:35,640 Speaker 1: figure showing the UK economy contracted in the third quarter, 535 00:29:35,880 --> 00:29:38,840 Speaker 1: but not by as much as had been expected. I'm 536 00:29:38,880 --> 00:29:41,440 Speaker 1: Denise Pelligrini and I'm w w J in Detroit. I'm 537 00:29:41,480 --> 00:29:45,040 Speaker 1: reporting on Little Caesar's honoring veterans today and also boosting 538 00:29:45,080 --> 00:29:48,360 Speaker 1: foot traffic. And those are some of the stories our 539 00:29:49,280 --> 00:29:52,720 Speaker 1: Bloomberg journalists and analysts are working on this morning around 540 00:29:52,720 --> 00:29:55,640 Speaker 1: the world. It's five thirty nine on Wall Street. The 541 00:29:55,680 --> 00:30:00,160 Speaker 1: following is an editorial from Bloomberg Opinion. This editorial was 542 00:30:00,200 --> 00:30:05,280 Speaker 1: written by the Bloomberg Editorial Board. Cryptocurrencies were supposed to 543 00:30:05,400 --> 00:30:08,600 Speaker 1: usher in a new and better era of finance, but 544 00:30:08,720 --> 00:30:14,320 Speaker 1: instead of revolutionizing it, crypto is largely repeating its mistakes. 545 00:30:14,800 --> 00:30:19,840 Speaker 1: If further evidence was required, the travails of cryptocurrency exchange 546 00:30:20,000 --> 00:30:24,080 Speaker 1: FTX dot com this week have demonstrated just how far 547 00:30:24,240 --> 00:30:29,240 Speaker 1: from ideal crypto remains. Over the decades, various mechanisms have 548 00:30:29,320 --> 00:30:35,640 Speaker 1: emerged to make traditional financial institutions more resilient, including deposit insurance, 549 00:30:35,800 --> 00:30:40,800 Speaker 1: leverage limits, and liquidity requirements. If crypto intermediaries want to 550 00:30:40,880 --> 00:30:45,400 Speaker 1: act as reliable conduits for investment, they'll have to submit 551 00:30:45,480 --> 00:30:49,760 Speaker 1: to much of the same. Until then, beware, they're not 552 00:30:50,200 --> 00:30:54,120 Speaker 1: worthy of your trust. This editorial was written by the 553 00:30:54,160 --> 00:30:57,560 Speaker 1: Bloomberg Editorial Board. For more Bloomberg opinion, please go to 554 00:30:57,560 --> 00:31:00,840 Speaker 1: Bloomberg dot com, slash Opinion or p I n go 555 00:31:01,320 --> 00:31:05,920 Speaker 1: on the Bloomberg terminal. This has been Bloomberg Opinion. Bloomberg 556 00:31:06,000 --> 00:31:09,280 Speaker 1: Opinion editorials can be heard every weekday at this time. 557 00:31:09,400 --> 00:31:12,400 Speaker 1: Terminal customers can read more at op I n go. 558 00:31:13,040 --> 00:31:22,920 Speaker 1: Futures are higher. This is Bloomberg. The Bloomberg Sports Report 559 00:31:22,960 --> 00:31:25,000 Speaker 1: was brought to you by Audie Don't let someone else 560 00:31:25,080 --> 00:31:27,840 Speaker 1: drive off and the outie model you've always wanted. Visit 561 00:31:27,880 --> 00:31:29,920 Speaker 1: your local try state autie dealer to get behind the 562 00:31:29,960 --> 00:31:32,640 Speaker 1: wheel of yours today, or visit autie Offers dot com 563 00:31:32,680 --> 00:31:40,000 Speaker 1: for more information, markets, headlines and breaking news twenty four 564 00:31:40,040 --> 00:31:42,640 Speaker 1: hours a day at Bloomberg dot Com at the Bloomberg 565 00:31:42,720 --> 00:31:46,760 Speaker 1: Business Outland at Bloomberg Quicktape. This is a Bloomberg Business 566 00:31:46,840 --> 00:31:54,960 Speaker 1: lash and I'm Karen Moscow. This update brought to you 567 00:31:55,080 --> 00:31:58,880 Speaker 1: by se I. Imagine your asset management firms operational infrastructure 568 00:31:58,880 --> 00:32:01,400 Speaker 1: as a competitive advance. Che let se I show you 569 00:32:01,520 --> 00:32:03,720 Speaker 1: how at s C I C, dot Com, slash I 570 00:32:04,200 --> 00:32:06,800 Speaker 1: m S and US dot Index. Future is on the 571 00:32:06,920 --> 00:32:09,880 Speaker 1: rise this morning, along with European shares as the euphoria 572 00:32:10,000 --> 00:32:13,440 Speaker 1: over falling inflation and the world's largest economy extends into 573 00:32:13,480 --> 00:32:16,760 Speaker 1: a second day and China relaxes some COVID restrictions. We 574 00:32:16,880 --> 00:32:19,280 Speaker 1: checked the markets every fifteen minutes throughout the trading day. 575 00:32:19,360 --> 00:32:22,600 Speaker 1: On Bloomberg SNP Future is up sixteen points this morning, 576 00:32:22,600 --> 00:32:25,280 Speaker 1: down features of a hundred twenty nine NASDAG futures up 577 00:32:25,280 --> 00:32:28,360 Speaker 1: sixty five the decks in Germany's up a third of uppercent. 578 00:32:28,760 --> 00:32:31,320 Speaker 1: No trading on the US bond market today. That's due 579 00:32:31,320 --> 00:32:33,920 Speaker 1: to the Veterans Day holiday. Nine x screwed oil up 580 00:32:33,960 --> 00:32:35,959 Speaker 1: three and a quarter percent of two dollars eighty one 581 00:32:36,000 --> 00:32:38,200 Speaker 1: cents at eighty nine dollars twenty eight cents of barrel 582 00:32:38,400 --> 00:32:40,440 Speaker 1: coll mix Schold up three quarters of a percent, or 583 00:32:40,440 --> 00:32:43,520 Speaker 1: thirteen dollars twenty cents at seventeen sixty six ten and ounce. 584 00:32:44,000 --> 00:32:46,800 Speaker 1: The euro is at one point two seven two against 585 00:32:46,800 --> 00:32:49,240 Speaker 1: the dollar. British found one point one seven three seven 586 00:32:49,240 --> 00:32:52,240 Speaker 1: the yen one thirty nine point three three. Bitcoin down 587 00:32:52,280 --> 00:32:56,520 Speaker 1: two point nine percent at seventeen thousand, two hundred ninety dollars. 588 00:32:56,600 --> 00:32:59,080 Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr 589 00:32:59,160 --> 00:33:02,600 Speaker 1: with more on let's go. Thank you very much, Karen. 590 00:33:02,640 --> 00:33:05,600 Speaker 1: In Arizona, the races for U S. Senate and governor 591 00:33:05,800 --> 00:33:09,760 Speaker 1: are still too early to call. Democratic Senator Mark Kelly 592 00:33:09,840 --> 00:33:13,480 Speaker 1: Leeds Republican Blake Masters by five point six percentage points. 593 00:33:14,000 --> 00:33:18,040 Speaker 1: Democrat Katie Hobbs was one point four points ahead of 594 00:33:18,160 --> 00:33:22,400 Speaker 1: Republican Kerry Lake in the governor's race. Vice President Kamala 595 00:33:22,440 --> 00:33:24,920 Speaker 1: Harris will be filling in for many of President Joe 596 00:33:24,920 --> 00:33:28,480 Speaker 1: Biden's traditional duties on this Veteran's Day. Biden will be 597 00:33:28,520 --> 00:33:31,240 Speaker 1: in Egypt at the UN Climate Conference and meeting with 598 00:33:31,360 --> 00:33:34,640 Speaker 1: Southeast Asian leaders in Cambodia, and then to a G 599 00:33:34,840 --> 00:33:39,000 Speaker 1: twenty summit in Indonesia. Today, Harris will deliver remarks at 600 00:33:39,080 --> 00:33:42,440 Speaker 1: Arlington Cemetery and lay a wreath at the tomb of 601 00:33:42,480 --> 00:33:45,080 Speaker 1: the unknown Soldier. In the NHL, the Devils won in 602 00:33:45,120 --> 00:33:48,440 Speaker 1: overtime against the Senators for three. The Rangers and Bruins 603 00:33:48,480 --> 00:33:51,960 Speaker 1: also won. The Islanders lost in the NBA the Wizards 604 00:33:51,960 --> 00:33:56,320 Speaker 1: one Thursday Night football. The Panthers beat the Falcon Global 605 00:33:56,360 --> 00:33:58,600 Speaker 1: News twenty four hours a day on air and on 606 00:33:58,680 --> 00:34:02,880 Speaker 1: Bloomberg Quicktake, powered by more than under journalist and analysts 607 00:34:02,920 --> 00:34:06,680 Speaker 1: more than countries. Michael Barr and this is Bloomberg Amy 608 00:34:06,800 --> 00:34:09,080 Speaker 1: all right, thank you, Michael. It is five forty nine 609 00:34:09,080 --> 00:34:12,440 Speaker 1: on Wall Street Lie from the Bloomberg Interactive Broker Studios. 610 00:34:12,520 --> 00:34:15,360 Speaker 1: This is Bloomberg Daybreak, keeping an eye on markets and 611 00:34:15,400 --> 00:34:19,560 Speaker 1: the response to yesterday's CPI data futures building on yesterday's 612 00:34:19,600 --> 00:34:23,400 Speaker 1: historic rally. But is that rally for real? Eric Friedman's 613 00:34:23,480 --> 00:34:26,600 Speaker 1: chief investment officer at US Bank Asset Management Group and 614 00:34:26,680 --> 00:34:30,640 Speaker 1: joins US Now, So, Eric, is yesterday's rally for real? 615 00:34:30,760 --> 00:34:32,600 Speaker 1: Do you think this might be a bear market rally? 616 00:34:34,000 --> 00:34:35,960 Speaker 1: I mean, we put this more in the beer market 617 00:34:36,080 --> 00:34:40,080 Speaker 1: rally camp than a more sustainable rally. The reasons for that, 618 00:34:40,120 --> 00:34:43,160 Speaker 1: as we do think that ultimately this spoils down to 619 00:34:43,160 --> 00:34:46,040 Speaker 1: economic performance next year, and we also think that there's 620 00:34:46,040 --> 00:34:50,160 Speaker 1: gonna be risk to earnings revisions coming down. We do 621 00:34:50,239 --> 00:34:52,640 Speaker 1: think that there's a bias for companies to be a 622 00:34:52,640 --> 00:34:55,080 Speaker 1: little skittish on guidance right now. That's why we don't 623 00:34:55,120 --> 00:34:58,200 Speaker 1: think that the numbers have come in as much as 624 00:34:58,200 --> 00:34:59,920 Speaker 1: they need to. So this is something that probably have 625 00:35:00,080 --> 00:35:01,799 Speaker 1: some legs in the near terms, so that we think 626 00:35:01,800 --> 00:35:06,400 Speaker 1: that there's probably some resistance around for the SMP. But 627 00:35:06,480 --> 00:35:09,879 Speaker 1: we do think ultimately the economy slowing down earnings coming 628 00:35:09,880 --> 00:35:12,080 Speaker 1: down will be a bigger story as we turn the 629 00:35:12,120 --> 00:35:14,880 Speaker 1: page into next year. So you think we might retest 630 00:35:14,880 --> 00:35:18,920 Speaker 1: the lows, I think that the lows being retested maybe 631 00:35:19,239 --> 00:35:21,640 Speaker 1: a little bit premature. We do think that, you know, 632 00:35:21,719 --> 00:35:23,759 Speaker 1: we were just a thirty six hundred, not two, not 633 00:35:23,800 --> 00:35:27,200 Speaker 1: too long ago, but our biases that markets are probably lower, 634 00:35:27,320 --> 00:35:29,719 Speaker 1: not higher. I do think that the catalyst to get 635 00:35:30,480 --> 00:35:33,360 Speaker 1: retest to the lows would be number one, that earnings 636 00:35:33,400 --> 00:35:35,640 Speaker 1: revisions I just mentioned that would be the first party, 637 00:35:35,680 --> 00:35:39,879 Speaker 1: but the other would be more persistent inflation. So the 638 00:35:39,920 --> 00:35:43,160 Speaker 1: message from literally eight days ago from Shara Pole was 639 00:35:43,160 --> 00:35:45,920 Speaker 1: was just again take us seriously. We are in a 640 00:35:46,080 --> 00:35:49,400 Speaker 1: in a tightening mode. And so if we do see 641 00:35:49,440 --> 00:35:52,319 Speaker 1: that persistence of inflation, which we think is probably gonna 642 00:35:52,440 --> 00:35:54,799 Speaker 1: gonna happen, that you could see a retests. We don't 643 00:35:54,800 --> 00:35:57,239 Speaker 1: get to happen anytime soon, but it's probably more of 644 00:35:57,280 --> 00:36:00,280 Speaker 1: an early Q one story as opposed to something eminent 645 00:36:00,680 --> 00:36:03,200 Speaker 1: the next couple of weeks. The market has been betting 646 00:36:03,200 --> 00:36:05,879 Speaker 1: that the CPI data is going to help cool the 647 00:36:05,960 --> 00:36:09,279 Speaker 1: FEDS aggressive rate hikes. Is the market getting it right? 648 00:36:10,760 --> 00:36:12,839 Speaker 1: We think the market is in the very near term. 649 00:36:12,920 --> 00:36:17,040 Speaker 1: Was was a bit overly barish um so anything that 650 00:36:17,200 --> 00:36:19,800 Speaker 1: was even on the whispered number heading into the CPI 651 00:36:19,920 --> 00:36:23,920 Speaker 1: print yesterday perceived to be better than expected. So I 652 00:36:24,000 --> 00:36:26,759 Speaker 1: do think that the persistence of inflation is really the 653 00:36:26,800 --> 00:36:29,120 Speaker 1: thing the market has to focus on next. Yes, we 654 00:36:29,239 --> 00:36:31,920 Speaker 1: may be in this this peaking formation right now, but 655 00:36:31,960 --> 00:36:35,319 Speaker 1: the durability of inflation we think will be a bigger story. 656 00:36:35,440 --> 00:36:37,040 Speaker 1: That's what we think is going to keep the Fed 657 00:36:37,160 --> 00:36:40,560 Speaker 1: more focused on rates higher for longer, as opposed to 658 00:36:40,560 --> 00:36:44,160 Speaker 1: trying to guess when exactly CPI or PPI or the 659 00:36:44,239 --> 00:36:47,120 Speaker 1: measures may actually top out. So we do think that 660 00:36:47,200 --> 00:36:49,600 Speaker 1: some incremental improvement is a good thing, but we need 661 00:36:49,640 --> 00:36:52,440 Speaker 1: to know several more prints like we saw yesterday before 662 00:36:52,440 --> 00:36:55,200 Speaker 1: saying that you know what inflation is actually tame. The 663 00:36:55,200 --> 00:36:57,520 Speaker 1: other thing and point out is that in terms of 664 00:36:57,560 --> 00:37:01,319 Speaker 1: the the absolute level of where the Fed may make 665 00:37:01,360 --> 00:37:04,239 Speaker 1: hap interest rates, in the words, the goal they have 666 00:37:04,400 --> 00:37:07,080 Speaker 1: for their terminal rate, that's still very much in question 667 00:37:07,120 --> 00:37:09,040 Speaker 1: again the volatility of the last couple of days. We 668 00:37:09,080 --> 00:37:12,680 Speaker 1: saw that terminal rate build from five two down to 669 00:37:12,760 --> 00:37:15,279 Speaker 1: four point eight yesterday in a in a very short 670 00:37:15,320 --> 00:37:17,200 Speaker 1: period of time. So I think the market is still 671 00:37:17,200 --> 00:37:19,279 Speaker 1: trying to figure out is it more important than we 672 00:37:19,320 --> 00:37:23,279 Speaker 1: focus on peak inflation or the durability of inflation. We 673 00:37:23,320 --> 00:37:26,799 Speaker 1: think ultimately durability is more important than peak. That's why 674 00:37:26,800 --> 00:37:28,720 Speaker 1: we think the Fed will be a little more stringent 675 00:37:28,760 --> 00:37:33,040 Speaker 1: on interest rates than the market currently. Thanks, and uh, 676 00:37:33,120 --> 00:37:36,120 Speaker 1: I just very quickly got about a half a minute here. Uh, 677 00:37:36,280 --> 00:37:39,000 Speaker 1: let's talk about the mid terms, the election. Those votes 678 00:37:39,040 --> 00:37:41,240 Speaker 1: are still being counted, raises. You have to be decided 679 00:37:41,320 --> 00:37:43,600 Speaker 1: has the market priced in the outcome of the election. 680 00:37:43,680 --> 00:37:47,080 Speaker 1: Is that a factor? It's not a huge factor any 681 00:37:47,160 --> 00:37:50,319 Speaker 1: The biggest thing is that the debt ceiling is a 682 00:37:50,320 --> 00:37:52,280 Speaker 1: big deal that's gonna be more of a political football 683 00:37:52,320 --> 00:37:55,080 Speaker 1: for next year. We don't think that the tax policy 684 00:37:55,680 --> 00:37:57,960 Speaker 1: is going to really move, so you know, probably death 685 00:37:57,960 --> 00:38:00,120 Speaker 1: ceiling the biggest catalysts. But you know, most stuff is 686 00:38:00,160 --> 00:38:02,680 Speaker 1: priced in, most of the sector stuff is levant, but 687 00:38:02,960 --> 00:38:05,680 Speaker 1: the headline basis, we think that it's larger than PRISTI. Yes, 688 00:38:05,920 --> 00:38:08,680 Speaker 1: all right, Eric Friedman, chief investment Officer at US Bank 689 00:38:08,800 --> 00:38:12,440 Speaker 1: Asset Management Group, Karen all right, Amy, thank you. It 690 00:38:12,560 --> 00:38:15,640 Speaker 1: is currently five fifty three on Wall Street. Time for 691 00:38:15,680 --> 00:38:18,080 Speaker 1: the Bloomberg Law Report. Let's get to the legal stories 692 00:38:18,120 --> 00:38:26,880 Speaker 1: we're watching this morning. From Bloomberg's Jeff Bellinger. Meta platforms 693 00:38:27,000 --> 00:38:31,080 Speaker 1: escaped to trademark infringement lawsuit. Federal judge in San Francisco 694 00:38:31,239 --> 00:38:34,520 Speaker 1: rule that metas infinity loop is not similar in shape 695 00:38:34,600 --> 00:38:37,960 Speaker 1: or color to a logo used by a Swiss blockchain group. 696 00:38:38,440 --> 00:38:41,479 Speaker 1: A lobster industry group from Maine asked the d C 697 00:38:41,480 --> 00:38:44,880 Speaker 1: Circuit to reverse a lower court ruling the tightened fishing 698 00:38:44,920 --> 00:38:48,880 Speaker 1: restrictions in order to protect whales. Two of three plaintiffs 699 00:38:48,880 --> 00:38:51,360 Speaker 1: and a wage suit against Alta Beauty will have to 700 00:38:51,440 --> 00:38:56,359 Speaker 1: submit their claims to arbitration. Bloomberg Law Everything you need, 701 00:38:56,640 --> 00:39:01,000 Speaker 1: all on one legal research platform, including Guiding Analysis and 702 00:39:01,080 --> 00:39:07,319 Speaker 1: Bloomberg Market Intelligence. Find out more at Bloomberg Law dot com. Harry, Jeff, Thanks, Now, 703 00:39:07,360 --> 00:39:10,240 Speaker 1: another legal story we're watching. The Supreme Court has signal 704 00:39:10,320 --> 00:39:13,360 Speaker 1: that may open a new avenue for companies and people 705 00:39:13,480 --> 00:39:16,680 Speaker 1: to fight off complaints by the Securities and Exchange Commission 706 00:39:16,760 --> 00:39:20,160 Speaker 1: and the Federal Trade Commission. The Justices are considering whether 707 00:39:20,200 --> 00:39:23,439 Speaker 1: those facing agency claims can go straight to federal court, 708 00:39:23,520 --> 00:39:26,759 Speaker 1: with constitutional challenges, including attacks on the use of in 709 00:39:26,880 --> 00:39:29,879 Speaker 1: house judges to handle cases. For more of Bloomberg's doing, 710 00:39:29,920 --> 00:39:32,320 Speaker 1: Grosso speaks to Jonathan Macy, a professor at he A 711 00:39:32,440 --> 00:39:38,600 Speaker 1: Law School. In a Supreme Court ruling invalidated similar protections 712 00:39:38,920 --> 00:39:42,719 Speaker 1: for members of the public company accounting oversight board. So 713 00:39:42,960 --> 00:39:47,000 Speaker 1: why wouldn't this just fall along that line. That's a 714 00:39:47,040 --> 00:39:50,720 Speaker 1: great question. I think it's probably will actually, but there's 715 00:39:50,800 --> 00:39:54,359 Speaker 1: you know, certain small differences in the underlying legislation, and 716 00:39:54,400 --> 00:39:57,960 Speaker 1: so we have separate proceedings for the SEC and the FCC. 717 00:39:58,520 --> 00:40:02,160 Speaker 1: I think it's likely to go the same way. You know, 718 00:40:02,239 --> 00:40:06,560 Speaker 1: the SEC and the SEC can litigate and often do 719 00:40:06,760 --> 00:40:10,160 Speaker 1: litigated court. And one of the things that bothers a 720 00:40:10,200 --> 00:40:14,000 Speaker 1: lot of people about the use of these administrative courts 721 00:40:14,200 --> 00:40:17,400 Speaker 1: is the fear that when the FTC or the sec 722 00:40:17,920 --> 00:40:21,520 Speaker 1: believe they have weaker cases, they take them to the 723 00:40:21,600 --> 00:40:25,360 Speaker 1: administrative courts where they have an easier path to victory. 724 00:40:25,880 --> 00:40:28,920 Speaker 1: You know, I think that justices seem to be fairly 725 00:40:29,120 --> 00:40:33,680 Speaker 1: skeptical of, you know, the propriety or the legitimacy of 726 00:40:33,760 --> 00:40:37,920 Speaker 1: these administrative hearings. Has the Supreme Court been sort of 727 00:40:38,000 --> 00:40:41,480 Speaker 1: chipping away at the federal administrative state with a line 728 00:40:41,480 --> 00:40:47,200 Speaker 1: of decisions? Definitely if this is another and an important 729 00:40:47,840 --> 00:40:51,440 Speaker 1: fast and of a general feeling I think on the 730 00:40:51,520 --> 00:40:54,440 Speaker 1: part of the conservative justices on the Court that the 731 00:40:54,480 --> 00:40:57,560 Speaker 1: administrative state has sort of run amuck since the Night 732 00:40:57,640 --> 00:41:01,160 Speaker 1: the thirties. There's been just a general, you know, incrematous 733 00:41:01,400 --> 00:41:04,560 Speaker 1: rise in the breadth and power of the administrative state, 734 00:41:05,040 --> 00:41:10,560 Speaker 1: and you know, the lawmaking power of unelected, unaccountable bureaucrats, 735 00:41:10,600 --> 00:41:14,440 Speaker 1: and conservatives are concerned about that hasn't gotten worse. I 736 00:41:14,480 --> 00:41:16,920 Speaker 1: think that's just sort of a sense that there's just 737 00:41:17,000 --> 00:41:21,720 Speaker 1: been a relentless expansion of the power of the administrative state. 738 00:41:21,800 --> 00:41:24,760 Speaker 1: I think that's the concern. Is there a middle ground, 739 00:41:24,960 --> 00:41:28,960 Speaker 1: because Justice Kavanov indicated that he read the courts precedents 740 00:41:29,000 --> 00:41:32,480 Speaker 1: as offering a narrow way to resolve the cases. Is 741 00:41:32,520 --> 00:41:35,160 Speaker 1: that possible? It might be, I mean, you know that. 742 00:41:35,320 --> 00:41:39,600 Speaker 1: The bottom line, though, is that there's either going to 743 00:41:39,640 --> 00:41:44,560 Speaker 1: be some you know, immediate appeal by litigants from these 744 00:41:44,560 --> 00:41:49,279 Speaker 1: administrative courts or there isn't. So there's limited room, I 745 00:41:49,360 --> 00:41:52,319 Speaker 1: think for a middle ground, just in terms of trying 746 00:41:52,360 --> 00:41:55,959 Speaker 1: to figure out a narrow set of paces in which 747 00:41:55,960 --> 00:41:59,000 Speaker 1: there would be a right to an immediate appeal before 748 00:41:59,080 --> 00:42:02,280 Speaker 1: the litigation is concluded. And I think that's what Kavanaugh 749 00:42:02,400 --> 00:42:05,320 Speaker 1: was searching for. And that's sound of that. Macy, a 750 00:42:05,360 --> 00:42:09,120 Speaker 1: professor at Yale Law School, speaking with the Bloomberg's June Grosso. 751 00:42:09,280 --> 00:42:12,000 Speaker 1: Catch more of that interview, plus analysis of the latest 752 00:42:12,080 --> 00:42:15,239 Speaker 1: legal news by subscribing to the Bloomberg Law Podcast are 753 00:42:15,280 --> 00:42:19,000 Speaker 1: downloading the show at Bloomberg dot com slash podcast. Attorneys 754 00:42:19,040 --> 00:42:21,880 Speaker 1: can find exceptional legal research and business development tools at 755 00:42:21,880 --> 00:42:25,040 Speaker 1: Bloomberg Law dot com and on the Bloomberg terminal at 756 00:42:25,080 --> 00:42:28,840 Speaker 1: b Law. Go s andp futures of seventeen points this morning. 757 00:42:28,880 --> 00:42:32,160 Speaker 1: Down futures have a hundred thirties seven and nasdag futures 758 00:42:32,160 --> 00:42:34,399 Speaker 1: of seventy three and again no trading on the US 759 00:42:34,480 --> 00:42:37,520 Speaker 1: bond market today and observance and the Veterans Day holiday, 760 00:42:38,080 --> 00:42:41,359 Speaker 1: and still ahead on Bloomberg Daybreak, we have a check 761 00:42:41,360 --> 00:42:43,879 Speaker 1: off the business headlines and all the news you need 762 00:42:44,000 --> 00:42:46,799 Speaker 1: to start your day. And this is Bloomberg