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Speaker 1: Live from the Bloomberg and Directive Burger Studios. This is

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Speaker 1: Bloomberg day Break for Monday, August twenty nine two. Coming

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Speaker 1: up this hour, Hawkish Federal Reserve continues to weigh on markets.

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Speaker 1: Global stock start the week at a one month low.

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Speaker 1: The yield on two year treasuries hit a fifteen year high.

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Speaker 1: Congress ways in with Elizabeth Moren saying the Fed will

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Speaker 1: tip the economy into recession. And jobs are in focus

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Speaker 1: as Wall Street braces for Friday's payrolls report. NASA's on

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Speaker 1: Man Artemis one space capsule is expected to blast off

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Speaker 1: to the moon. Plus u N Nuclear Watchdog monitors are

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Speaker 1: on their way to Ukraine's power plant. Michael bar More ahead,

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Speaker 1: I'm John Stashower and sports The Mets and the Yankees lost.

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Speaker 1: The Jets beat the Giants. Rory McIlroy won the golf

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Speaker 1: in the US Open begins today. That's all s Trady

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Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg Eliving Free on New York,

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Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,

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Speaker 1: Bloomberg nine sixty, San Francisco, Syrius XM one nineteen and

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Speaker 1: around the world. Old on Bloomberg Radio dot com and

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Speaker 1: via the Bloomberg Business app. Good morning, I'm Nathan Hagar

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Speaker 1: and I'm Karen Moscow. US dot Indix futures are lower

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Speaker 1: this morning. We are coming up to six oh one

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Speaker 1: on Wall Street, and we check the markets every fifteen

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Speaker 1: minutes throughout the trading day. On Bloomberg s and P

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Speaker 1: futures down about thirty six points this morning. Down features

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Speaker 1: down two D fifty three and NASDACK futures down one

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Speaker 1: thirties seven. Ten year Treasury down nineteen thirty seconds. Yeld

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Speaker 1: three point one one percent, and they yield on the

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Speaker 1: two year at three point four or five percent. Nathan, Karen,

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Speaker 1: we're still feeling the impact of a hawk is J. Powell.

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Speaker 1: This morning, global stocks are at a one month low.

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Speaker 1: The last time we saw the yield on the two

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Speaker 1: year treasury this level was two thousand seven. This morning

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Speaker 1: slump follows the worst day for US stocks since June.

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Speaker 1: The major index has all fell at least three percent,

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Speaker 1: with the NASTAC plunging almost four percent. The catalyst for

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Speaker 1: the sell off Chairman Powell signaling interest rates will stay

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Speaker 1: higher for some time. Trina l Senior economist and Moodies

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Speaker 1: Analytics says the FED shares comments have broad implications. It

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Speaker 1: makes sense to say that US recession odds have also

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Speaker 1: increased because that lays a sharp focus on trying to

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Speaker 1: bring down inflation is really the priority of the FED

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Speaker 1: at this point, and so as a consequence of that,

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Speaker 1: I mean, domestic demand just really has to to come down.

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Speaker 1: Katrina L with Moody's Analytics says the FED is also

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Speaker 1: uncomfortable with the current tightness in the labor market. One

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Speaker 1: point to trillion dollars in market value was wiped out

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Speaker 1: on Friday. Well, Nathan, A strong message by j. Powell

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Speaker 1: and the Fed last week has some on Capitol Hill

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Speaker 1: pushing back. Senator Elizabeth Moore and says she's worried the

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Speaker 1: central Bank will tip the US economy into recession. Do

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Speaker 1: you know what's worth than high prices and a strong economy.

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Speaker 1: It is high prices and millions of people out of work.

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Speaker 1: I'm very worried that the FED is going to tip

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Speaker 1: this economy into recession. Senator Elizabeth Wore Intel CNN she

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Speaker 1: does not believe higher interest rates will curb current inflationary pressures.

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Speaker 1: J Palen the FED get another key economic reports to

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Speaker 1: evaluate this week, Karen. On Friday, we see the August

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Speaker 1: jobs report here with the preview is Bloomberg City tell

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Speaker 1: Judas economists at US payroll growth moderated after scoring a

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Speaker 1: July gain in more than a half million. Technology firms

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Speaker 1: have been trimming payrolls and freezing hiring, but job openings

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Speaker 1: continue at historic kis. The US unemployment rate is also

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Speaker 1: one of the lowest in decades. More numbers. This one's

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Speaker 1: conference board. Consumer confidence and dex couldn't prove thanks to

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Speaker 1: lower gasoline prices. While I s M data may show

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Speaker 1: modest factory gains, they eat Judas Bloomberg Day break, right, Fanny,

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Speaker 1: thank you, while the Wall Street sell off is spreading

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Speaker 1: overseas this Monday morning, and we begin our team coverage

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Speaker 1: at the Bloomberg's Danny Berger, who joins us live from London. Danny,

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Speaker 1: good morning, Good morning, Karen. Yeah, European stocks continue to

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Speaker 1: be under pressure. Forget another trading day down more than

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Speaker 1: one percent, not two dissimilar from what we're seeing from

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Speaker 1: US equities. It's just continuing this risk asset pain as

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Speaker 1: we just a fetcher j Powell who says that they

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Speaker 1: are going to continue to have that restrictive policy stands

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Speaker 1: for some time. Perhaps stocks didn't expect that, maybe bonds did.

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Speaker 1: Maybe that's why there was less movement on Friday. But

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Speaker 1: today we are seeing stocks starting to join that sell off.

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Speaker 1: Two year yields those are hired by about seven basis points.

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Speaker 1: The hyacinths two thousand seven also under pressure some of

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Speaker 1: the currencies, with a very strong dollar Euro dollar that's

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Speaker 1: blow parody. The pound that's down half a percent. So

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Speaker 1: really that desire for havens means the only thing really

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Speaker 1: buying today is the dollar. The one spot perhaps where

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Speaker 1: there isn't pain. UK markets. UK stocks are closed, with

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Speaker 1: a bank holiday taking place throughout the country today. Live

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Speaker 1: in London, I'm Danny Burger, Bloomberg day Break. All right, Danny,

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Speaker 1: thank you. Stocks also fell in Asia over night. Japan's

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Speaker 1: NIEK led declines with a drop of more than two

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Speaker 1: and a half percent. We get the recap from Bloomberg's

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Speaker 1: Juliette Sally in Singapore. Good morning, Juliet, Good morning, Nathan

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Speaker 1: and Karen. The m s c I Asia Pacific Index

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Speaker 1: lumped as much as two point three percent, the most

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Speaker 1: since June, with a financials and industrials the worst performing sectors.

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Speaker 1: Key equity gauges in Japan and Taiwan led regional losses,

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Speaker 1: sliding close to three percent each. The p BOC said

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Speaker 1: the on show You unfixed stronger for a fourth session,

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Speaker 1: as the off shore slid through six point nine to

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Speaker 1: the dollar for the first time in two years, and

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Speaker 1: South Korea is one fell the most in eleven weeks

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Speaker 1: to hold it its lowest level since April two thousand

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Speaker 1: and nine. In Singapore. Juliet Sally Bloomberg daybreak Right, Juliette,

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Speaker 1: thank you are staying. In Asia, economists are turning more

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Speaker 1: bearish on China. According to Bloomberg's latest quarterly survey, China's

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Speaker 1: economy is now projected to grow just three and a

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Speaker 1: half percent this year. That's down from a previous forecast

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Speaker 1: of three point nine percent. Economists see lingering risks as

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Speaker 1: turmoil and China's property marketing COVID outbreaks persist. And one

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Speaker 1: other note out of Asia this morning, Karen. Despite China

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Speaker 1: and the US reaching a preliminary deal to resolve a

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Speaker 1: standoff over audits, Goldman Sex says markets are still pricing

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Speaker 1: in a fifty percent chance of Chinese companies being delisted

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Speaker 1: from US exchanges. Goldman says the risk of delisting has

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Speaker 1: come down, but more still needs to be done as

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Speaker 1: execution risk remains. While there is uncertainty about the future

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Speaker 1: of Chinese stocks in the US, Nathan meme stocks are

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Speaker 1: here to stay, according to our latest survey we get

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Speaker 1: the details from Bloomberg's Jeff Bellinger. Wall Street says stocks

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Speaker 1: like Game Stop, AMC Entertainment, and bed Beth and Beyond

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Speaker 1: are here to stay. Nearly two thirds of the more

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Speaker 1: than five hundred respondents in the latest M Live Pulse

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Speaker 1: survey expect some version of the meme stock mania to

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Speaker 1: stick around. Speculating in meme stocks has been painful this year.

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Speaker 1: A basket of thirty seven retail trader favorites tracked by

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Speaker 1: Bloomberg is down nearly forty percent in twenty two. The

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Speaker 1: M Live Pulse survey found that while the meme stock

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Speaker 1: phenomenon is likely to stick around, sixty nine percent said

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Speaker 1: it is unlikely to see the trading volumes that did

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Speaker 1: during its January twenty twenty one high, nor are such

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Speaker 1: stocks seen as a good bet for the remainder of

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Speaker 1: the year. Jeff Bellinger Bloomberg daybreak. Thanks Jeff. We're seeing

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Speaker 1: bitcoin fall stocks lower this morning, the digital tokens trading

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Speaker 1: below twenty thousand as concerns about Fed policy way on sentiment.

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Speaker 1: Before this weekend, Bitcoin hadn't been below twenty thousand since July.

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Speaker 1: It had even crossed above twenty five thousand earlier this month.

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Speaker 1: Straight ahead, we have your latest local headlines and a

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Speaker 1: check of sports. This is Bloomberg six o seven on

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Speaker 1: Wall Street, seventy five degrees in Central Park. Still got

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Speaker 1: that closure on the westbound cross Bronx at White Plains Road.

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Speaker 1: Details coming up in traffic. First Michael Barr with what

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Speaker 1: else is going on in New York and around the world. Michael,

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Speaker 1: thank you very much. Nathan. A few leak interrupted NASA's

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Speaker 1: launch countdown for its new Moon rocket early this morning.

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Speaker 1: Were you appearing in the same place and saw a

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Speaker 1: see pitch during a dress rehearsal back in the spring?

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Speaker 1: Launch controllers hold it the tanking operation, which already was

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Speaker 1: running an hour late because of thunderstorms off shore, asked

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Speaker 1: for the excitement over the mission. Taylor Leonard helped build

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Speaker 1: part of the Moon rocket that will eventually of Americans

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Speaker 1: back on the Moon. I'm very pumped. So I was

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Speaker 1: actually a part of the test team that tested the

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Speaker 1: functionality of the rocketed a be on it. So it's

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Speaker 1: super exciting. Um like seeing your work right here. You know,

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Speaker 1: it's pretty cool, Nassas Taylor Leonard. The plan is for O'rian,

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Speaker 1: with three test dummies on board, to loop around the

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Speaker 1: Moon and come back to Earth. The head of the

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Speaker 1: International Atomic Energy Agency says that the u N Nuclear

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Speaker 1: watch dogs long awaited expert mission to the power plan

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Speaker 1: in Ukraine is now on its way. Russia and Ukraine

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Speaker 1: have traded claims of strikes at or near the plant

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Speaker 1: in recent days, intensifying fears that the fighting could cause

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Speaker 1: a massive radiation leak. It was a violent weekend in

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Speaker 1: New York City after more than a dozen people were shot,

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Speaker 1: several fatally. That includes a shooting at the board walk

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Speaker 1: on Coney Island that left one person dead and four

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Speaker 1: others hurt. Police in Bend, Oregon confirmed three people are

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Speaker 1: dead following a shooting at the grocery store. The meal

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Speaker 1: shooter killed two people at a Costco. All officers then

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Speaker 1: entered the store and found the suspected shooter dead. Bend

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Speaker 1: Police chief Mike Rantz says the suspect was armed with

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Speaker 1: an a R fifteen style rifle. We have officers from

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Speaker 1: every agency in central Oregon, as well as the FBI,

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Speaker 1: Ben Fire and Rescue and other agencies on scene and assistant.

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Speaker 1: We are very precisive of this home Ben Police Chief

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Speaker 1: Mike Krantz, send up a Georgia leader, Chuck Schumer, welcome

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Speaker 1: President Joe Biden's federal student Loan Forgiveness Plan. Schumer urged

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Speaker 1: loan processors to prepare for a wave of inquiries about

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Speaker 1: the program. Fall on all of the loan processors to

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Speaker 1: be at the ready for the wave of calls that's

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Speaker 1: starting to come in and let students know how they

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Speaker 1: apply and what their rights are sending to Schumer of

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Speaker 1: New York says, college used to be a ladder up,

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Speaker 1: but student dead has become an anchor around the ankles

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Speaker 1: of our students. Global News twenty four hours a day

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Speaker 1: on air and on Bloomberg Quicktake power by more than

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Speaker 1: the journalist and analysts in more than a hundred twenty countries.

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Speaker 1: I'm Michael Barr. This is Bloomberg. Nathan. Thanks Michael. Almost

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Speaker 1: six cent on Wall Streets. Time for the Bloomberg Sports

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Speaker 1: Update with John shot all right, Nathan. When the Yankees

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Speaker 1: were slumping, going three and fourteen, they were not hitting,

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Speaker 1: and then they won five in a row with those

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Speaker 1: offense of woe was resurfaced and open only one hit

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Speaker 1: in in eleven Aning lost Saturday, only four singles. Yesterday,

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Speaker 1: the A's won four to one. The Yanks visit the

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Speaker 1: Angels tonight. Mets man is only three hits, all of

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Speaker 1: them singles against air Man Marquez and two relievers. Colorado

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Speaker 1: scored in the seventh and he love Max jers or in.

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Speaker 1: The Rockies won one nothing the salvage of game in

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Speaker 1: the series, Atlanta lost in St. Louis. The Mets remained

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Speaker 1: three games ahead. The annual Jets Giants preseason game not

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Speaker 1: decide until the final minute of Chris Straveler touchdown passed

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Speaker 1: to Calvin Jackson in the thirty one to twenties seven

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Speaker 1: victory for the Jets, who went three and oh in

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Speaker 1: the preseason Giants for two and one. They did not

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Speaker 1: use Daniel Jones. They started Tyrod Taylor and then he

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Speaker 1: heard his back. It's not believed to be a serious injury.

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Speaker 1: Golf season ended with a Torch Championship in Atlanta and

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Speaker 1: a big comeback by Rory McElroy. Back on Thursday, he

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Speaker 1: was ten shots behind Scott the Jefe only trailed by

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Speaker 1: six when the final round began, mat for Roy one

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Speaker 1: by one. I was really giving myself much of a

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Speaker 1: John's tin off and the fourth roned. I thought, you know,

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Speaker 1: silver lining was I was playing in the last group

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Speaker 1: so I could at least keep an eye on what

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Speaker 1: he was doing if if things didn't quite work out

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Speaker 1: for him, and um, you know, thankfully I was in

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Speaker 1: put some pressure on him early on. Chef we struggled

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Speaker 1: with seventy three at Rory's third FedEx Cup title, and

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Speaker 1: that comes with the first place prize eighteen billion dollars.

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Speaker 1: The US Open Tennis begins today Flushing Meadows. Serena Williams

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Speaker 1: plays tennight. Can she beat Donka covinage or will this

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Speaker 1: do the final match with Sereno's career, John Stay were

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Speaker 1: Bloomberg Sports Okay, John thanks SMP futures down thirty six

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Speaker 1: points down, Futures down two D sixty two, NASAC futures

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Speaker 1: down A hundred thirty seven points, the tenure Treasury down

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Speaker 1: twenty thirty seconds, yield three point one one percent. Yield

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Speaker 1: on the two year now close to three point four

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Speaker 1: six x per cent. You're listening to Bloomberg Daybreak Bloomberg

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Speaker 1: eleven three oh weather morning clouds give way to sunshine

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Speaker 1: and upper eighties today, mostly sunny. Tomorrow of the late

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Speaker 1: they shower, possible upper eighties. Who has some storms tomorrow night,

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Speaker 1: but mostly sunny again Wednesday with hides in the upper

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Speaker 1: eighties Right now seventy five degrees. Markets, headlines and breaking

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Speaker 1: news twenty four hours a day at Bloomberg dot Com,

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Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's

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Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Bolt In

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Speaker 1: Europe are leading a global sell off that lifted the

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Speaker 1: two year treasury yield to levels last scenes in two

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Speaker 1: thousands seven, as European central bank policy makers join their

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Speaker 1: Federal Reserve counterparts and signaling aggressive tightening songs are sinking

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Speaker 1: along with US futures and dollars climbing. We checked the

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Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg

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Speaker 1: Right Now, s and p futures are down of out

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Speaker 1: thirty nine points down. Futures are down two hundred seventy four,

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Speaker 1: nastack futures down one d forty four, and the decks

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Speaker 1: in Germany's down one point four percent ten. Your treasury

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Speaker 1: is down twenty thirty seconds. You'll three point one one

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Speaker 1: percent yield on the two year three point four or

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Speaker 1: five percent nine max Screwed oil is up seven tenths

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Speaker 1: per cent or sixty six cents, and ninety three dollars

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Speaker 1: seventy two cents of arrol comex s go down night

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Speaker 1: tenths per cent or fifteen dollars forty cents at seventeen

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Speaker 1: thirty four forty announced. The euro is at point nine

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Speaker 1: nine six seven against the dollar, British bound one point

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Speaker 1: one six eight two, and the yet at one thirty

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Speaker 1: eight point five to the Bitcoin this morning is down

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Speaker 1: seven tenths of a percent in nineteen thousand, eight hundred

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Speaker 1: thirty dollars. That's a bloomberg business flash. Now here's Michael

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Speaker 1: Barr with more on what's going on around the world.

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Speaker 1: Michael Karen, thank you very much. The Artemis Moon rocket

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Speaker 1: launch is open to proceed toward a morning lifts off

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Speaker 1: from the Kennedy Space Center in Florida. The goal is

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Speaker 1: for the Orion capsule, with three test dummies on board,

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Speaker 1: to loop around the Moon and come back to Earth.

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Speaker 1: Top intelligence officials are working with the Justice Department to

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Speaker 1: conduct a quote risk assessment to see if former President

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Speaker 1: Trump's handling of classified documents founded as Mara Lago Home

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Speaker 1: compromise national security. In baseball, the Yankees lost to the

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Speaker 1: A's for one. The Mats lost along with the Red Sox,

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Speaker 1: Orioles and Giants the Nationals one. In the final preseason

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Speaker 1: NFL game, the Jets beat the Giants seven. Tennis, the

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Speaker 1: US Open begins today. Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quick Take, powered by

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Speaker 1: more than twenty seven under journalist and analysts more than

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Speaker 1: a hundred, twenty countries high Michael Barr And this is Bloomberg, Nathan,

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Speaker 1: this is the Big Take, the best of Bloomberg's in

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Speaker 1: depth original reporting from around the globe. This is a

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Speaker 1: really fast moving story that's caused off to outrage among investors.

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Speaker 1: This is so fascinating. The market shutdown in a way

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Speaker 1: it's never done before. That's gonna have consequences for years

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Speaker 1: to come. The Day Take on Bloomberg Rate six twenty

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Speaker 1: on Wall Street Live from the Bloomberg Interacted Brooker Studios.

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Speaker 1: This is Bloomberg day Break. Good morning. I'm Nathan Hagar

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Speaker 1: with a look at our big take this morning on

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Speaker 1: central banks around the world showing a determination to fight

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Speaker 1: inflation through higher interest rates, even as we're starting to

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Speaker 1: see some signs that the price pressures around the world

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Speaker 1: are at least beginning to cool off. Joining us now,

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Speaker 1: one of the authors of today's Big take, Bloomberg News

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Speaker 1: Chief Asia Economics correspondent and the current and a good morning.

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Speaker 1: We're seeing a play out in the markets that the

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Speaker 1: that they're starting to get the message here from FED

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Speaker 1: Chairman Powell and the rest of the central bankers from

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Speaker 1: Jackson Hole last week that their fight against inflation is

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Speaker 1: far from over. You start from over there. Two things

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Speaker 1: are going on here, Nates and economists are looking at

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Speaker 1: a turn in commodity markets, and what they're seeing there

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Speaker 1: is all the prices obviously coming off, their high prices

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Speaker 1: for other key commodities they like weet and copper coming back.

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Speaker 1: Food prices in general actually came back a lot over

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Speaker 1: July and thinking that there that perhaps the commodity market

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Speaker 1: now is signaling maybe a peak in headline inflation. Put

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Speaker 1: your point, nobody is expecting that those prices are a

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Speaker 1: few people expecting those prices to come back to where

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Speaker 1: they would be, say typically around central banks targets of

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Speaker 1: two or three percent, any time soon. So it's a

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Speaker 1: case of maybe we're seeing a turning point for headline inflation,

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Speaker 1: but nobody's nobody is thinking that the global price shock

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Speaker 1: is over just yet. And that's why central banks are

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Speaker 1: saying what they are saying, which they have to keep

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Speaker 1: pushing a boring costs, keep putting a weight on broader

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Speaker 1: demanding the economy is try and get in placements back

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Speaker 1: to where it should be. So that speaks to the challenge,

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Speaker 1: doesn't it that in a large way, central banks don't

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Speaker 1: have a whole lot of control about what commodity prices do,

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Speaker 1: what supply chains do. No, they don't need when we

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Speaker 1: break down this this breakdown is inflation. Let's just say

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Speaker 1: that the world is at a turning point for peaking

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Speaker 1: headline inflation. Argument take you only have to look around

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Speaker 1: the world where you see ongoing pockets of stress and

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Speaker 1: for example, Europe's chronic energy crisis. There's no there's no

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Speaker 1: let up and energy costs there, and obviously rising interest

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Speaker 1: rates can't do any to bring down the cost of

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Speaker 1: gas or other sources of energy of both. This is

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Speaker 1: what central bankers keep saying. They can't do that, but

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Speaker 1: they can try and bring down the rest of demanding

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Speaker 1: the broader comming. By doing that, you bring off price pressures,

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Speaker 1: you know, across the board, so speak. And that's what

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Speaker 1: that's what they're trying to do, and that's what ultimately

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Speaker 1: they will get their inflations back down to target. But

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Speaker 1: as you say, it is a multilar story. And I

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Speaker 1: think one of the other areas that people keeping a

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Speaker 1: very close silent what happens in plomate markets around the world,

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Speaker 1: probably speaking, jobs markets are holding up their labor shortages

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Speaker 1: in several majored lout economies. So I think when you

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Speaker 1: see data points such as this week's US jobs that

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Speaker 1: on Friday, these are key metrics when it comes to

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Speaker 1: how we have a proper turning point in inflation and

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Speaker 1: then as such, what will that mean for boring costs

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Speaker 1: in a few months from now. Yeah, that was a

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Speaker 1: big part of the Chairman Pal's short but sharp message

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Speaker 1: at Jackson Hole last week. He did put a lot

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Speaker 1: of focus on the labor market. What's the concern among

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Speaker 1: the FED officials that we could be in the midst

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Speaker 1: of a wage price spiral. That's part of this inflation

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Speaker 1: story because because they want to anger inflation expectations, a

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Speaker 1: central bankers aren't really fighting the prices that we're paying

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Speaker 1: here now today. It's all that medium term expectations and

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Speaker 1: a longer term expectations and longer consumers for where prices

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Speaker 1: are going in. A big part of that is, of

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Speaker 1: course wage demands. And if you get into a cycle

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Speaker 1: or wage price spirals, or by every sector and every

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Speaker 1: employee in every company to look at the harder wages,

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Speaker 1: that's where you starts to see these sties inflations might

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Speaker 1: get entrenched, and that's put in the central banquets are

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Speaker 1: trying to get ahead of. Now you mentioned the US,

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Speaker 1: we will see the job that on Friday. I think

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Speaker 1: if that if that comes in on the strong side,

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Speaker 1: it will certainly, you know, add the idea that the

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Speaker 1: FED is a lot more work to do. But if does,

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Speaker 1: if it comes in on the softer side, might be

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Speaker 1: more that might be a bigger news story because it

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Speaker 1: might suggested a broader economy to come off, which is

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Speaker 1: what the decided once. It's not just the US, by

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Speaker 1: the way, central bankers around the warlock complaining, but labor

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Speaker 1: shortages in New Zealand central banker everything described a chronic

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Speaker 1: labor shorlder which which is of course putting up with

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Speaker 1: pressure on prices. And as I say above, all of

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Speaker 1: central bankers want to keep inflation expectations anchored. Now, thanks

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Speaker 1: for this said the great having on with us this morning,

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Speaker 1: and the current chief Asia Economics correspondent for Bloomberg News,

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Speaker 1: one of the authors of this morning's Bloomberg Big Take

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Speaker 1: story breaking inflation fever is no relief for central bank

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Speaker 1: ankst You can read more on Bloomberg dot com, Slash

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Speaker 1: Big Take or NI Big Take go on the Bloomberg terminal.

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Speaker 1: SMP futures showing some banks this morning down thirty six points,

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Speaker 1: STOW futures down two hundred sixty two. Nasdaq futures are

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Speaker 1: lower by a hundred thirty six points. Two year Treasury

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Speaker 1: yield right now three point four five percent of fifteen

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Speaker 1: year high. This is Bloomberg. Bloomberg eleventh, three oh weather

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Speaker 1: turning mostly sunny today with highs in the upper eighties.

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Speaker 1: Chips for a late days shower on an otherwise mostly

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Speaker 1: sunny Tuesday. Oper eighties once again will be sunny opper

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Speaker 1: eighties for Wednesday. Right now seventy five degrees. Broadcasting live

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Speaker 1: from the Bloomberg Interactive Broker's studio in New York. Bloomberg

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Speaker 1: E Living freem to Washington, d C, Bloomberg to Boston,

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Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg sixt

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Speaker 1: to the Country, Sirius XM to one nine ten, and

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00:20:38,119 --> 00:20:41,480
Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio

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Speaker 1: dot Com. This is Bloomberg Daybreak. It's six thirty on

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Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow.

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Speaker 1: We are just about three hours away from the open

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Speaker 1: of US trading. Time for the five things that you

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Speaker 1: at ibk R dot com slash compare. At first, we're

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Speaker 1: still feeling the impact of a hawk ish FED. This morning,

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Speaker 1: US futures are falling in Global stocks are at a

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Speaker 1: one month low. That's after Friday's major drop, the worst

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Speaker 1: day for US stocks and Student thirteenth the catalyst for

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Speaker 1: the sell off, J Powell signaling that interest rates will

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Speaker 1: stay higher. Katrina L senior economist at Moody, says the

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Speaker 1: fed shares comments have broad implications. The speech really brought

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Speaker 1: home the fact that the Fed is taking no prisoners

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Speaker 1: when it comes to wanting to fight inflation and sustainably

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Speaker 1: bring it back down as a consequence of a recession.

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Speaker 1: Results of that, then I mean, so be it. Katrina

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Speaker 1: L with Moody says the Fed is also uncomfortable with

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Speaker 1: the current tight labor market the meantime. Karen one of

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Speaker 1: all streets biggest bears, says weak earnings, not higher rates,

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Speaker 1: is the largest threat to US stocks. Morgan Stanley's Michael

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Speaker 1: Wilson says the path for stocks will be determined by earnings.

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Speaker 1: He has repeatedly warned that the recent equity rally will

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Speaker 1: be temporary due to tighter monetary policy. And the outlook

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Speaker 1: for corporate profits well, Nathan, The Wall Street sell off

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Speaker 1: is also spreading overseas. European stocks are extending last week's drop,

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Speaker 1: with most indicries down more than one percent, and in

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Speaker 1: Asia over night, Japan's Nika lad declines, or the drop

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Speaker 1: of more than two and a half percent. An economists

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Speaker 1: are turning more barrish about China's economy care and that's

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Speaker 1: due to risks and its property market and potential COVID lockdowns.

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Speaker 1: According to Bloomberg's latest quarterly survey, China's economy is now

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Speaker 1: projected to grow just three and a half percent this year.

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Speaker 1: Tyrant Cam, head of China Property at Fitch Rating, says

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Speaker 1: defaults could cause even more problems. What we really need

430
00:22:46,400 --> 00:22:48,720
Speaker 1: is that the government to come in in the bigger way.

431
00:22:49,160 --> 00:22:51,880
Speaker 1: They also are now showing that they want to rely

432
00:22:52,000 --> 00:22:55,720
Speaker 1: on market based mechanism. They're not trying to battle the

433
00:22:55,760 --> 00:22:58,720
Speaker 1: sector at all cost. That remains the problems that we

434
00:22:59,040 --> 00:23:01,760
Speaker 1: still monitoring and firing Cam with FIT Rating says he

435
00:23:01,840 --> 00:23:04,679
Speaker 1: still thinks China is fully committed to stabilizing its property

436
00:23:04,760 --> 00:23:07,719
Speaker 1: sector and back here in the US, MEME stocks are

437
00:23:07,840 --> 00:23:10,440
Speaker 1: here to stay. Nathan that's according to nearly two thirds

438
00:23:10,480 --> 00:23:13,280
Speaker 1: of the more than respondents in our latest m Live

439
00:23:13,359 --> 00:23:16,720
Speaker 1: Pulse survey. Respondents expect some version of the meme. Stock

440
00:23:16,800 --> 00:23:19,040
Speaker 1: may need a stick around, even if the outlook for

441
00:23:19,080 --> 00:23:21,320
Speaker 1: stocks remains the league. And that's the five things that

442
00:23:21,440 --> 00:23:23,359
Speaker 1: you need to notice start your day. Brought to you

443
00:23:23,560 --> 00:23:27,560
Speaker 1: by Interactive Brokers. Again, Futures are moving lower this morning,

444
00:23:28,040 --> 00:23:31,200
Speaker 1: and a straight ahead your latest local headlines plus a

445
00:23:31,320 --> 00:23:38,880
Speaker 1: check of sports. And this is Bloomberg all right, Karen,

446
00:23:38,920 --> 00:23:40,960
Speaker 1: thank you. Six thirty three on Wall Street, seventy five

447
00:23:41,000 --> 00:23:43,960
Speaker 1: degrees in Central Park. Could still see the lays after

448
00:23:44,040 --> 00:23:47,280
Speaker 1: an accident investigation on the westbound Cross Bronx Expressway, but

449
00:23:47,359 --> 00:23:50,520
Speaker 1: it is back open now. We'll get the details in traffic. First,

450
00:23:50,640 --> 00:23:52,439
Speaker 1: Michael Bark with what else is going on in New

451
00:23:52,520 --> 00:23:55,440
Speaker 1: York and around the world. Good morning, Michael, Good morning, Nathan.

452
00:23:55,560 --> 00:23:58,040
Speaker 1: NASA is dealing with a fuel leak as it prepares

453
00:23:58,119 --> 00:24:01,359
Speaker 1: its new Moon rocket for liftoff on its first test

454
00:24:01,480 --> 00:24:04,760
Speaker 1: flight at Florida's Kennedy Space Center. No one is inside

455
00:24:04,840 --> 00:24:08,320
Speaker 1: the Orion capsule, just three test dummies. At least one

456
00:24:08,400 --> 00:24:11,159
Speaker 1: hundred thousand people are expected to watch on the beaches

457
00:24:11,240 --> 00:24:15,160
Speaker 1: as the powerful rocket hopefully we'll lift off, including Taylor Leonard.

458
00:24:15,560 --> 00:24:17,720
Speaker 1: She helped build part of the Moon rocket that will

459
00:24:17,720 --> 00:24:20,359
Speaker 1: eventually put Americans back on the Moon. I'm really not

460
00:24:20,480 --> 00:24:23,359
Speaker 1: sure what to expect. I'm kind of anticipating in myself. UM,

461
00:24:23,920 --> 00:24:25,920
Speaker 1: but I think it's just gonna be a lot of energy,

462
00:24:25,960 --> 00:24:28,399
Speaker 1: a lot of people. Um just really excited about the

463
00:24:28,480 --> 00:24:31,440
Speaker 1: space program. Taylor Leonard was part of the team that

464
00:24:31,640 --> 00:24:35,760
Speaker 1: tested the functionality of the rocket Driver's Eyes on the

465
00:24:35,920 --> 00:24:38,800
Speaker 1: Road for school Children's students are heading back to school

466
00:24:39,119 --> 00:24:42,359
Speaker 1: in some parts of the Tri State area. Children returned

467
00:24:42,400 --> 00:24:44,920
Speaker 1: to the classroom in Connecticut and also parts of Long

468
00:24:45,000 --> 00:24:48,880
Speaker 1: Island today, the head of the International Atomic Energy Agency

469
00:24:49,040 --> 00:24:52,080
Speaker 1: says that the U and nuclear watch dogs long awaited

470
00:24:52,160 --> 00:24:55,120
Speaker 1: expert mission to the power plant in Ukraine is now

471
00:24:55,240 --> 00:24:58,680
Speaker 1: on its way. Russia and Ukraine have traded claims of

472
00:24:58,760 --> 00:25:02,280
Speaker 1: strikes at or near the plant in recent days, intensifying

473
00:25:02,400 --> 00:25:05,600
Speaker 1: fears that the fighting could cause a massive radiation leak.

474
00:25:06,080 --> 00:25:10,320
Speaker 1: Ukrainian Foreign Ministre Demetroklba, we should all be united in

475
00:25:10,560 --> 00:25:16,159
Speaker 1: demanding one thing, the withdrawal of Russia from Zaporisin nuclear

476
00:25:16,280 --> 00:25:19,800
Speaker 1: power plant. For a minister Klaiba was visiting Swedish leaders

477
00:25:19,840 --> 00:25:22,800
Speaker 1: in Stockholm today. A weekend of gun violence in New

478
00:25:22,920 --> 00:25:25,719
Speaker 1: York City has left more than a dozen people shots.

479
00:25:25,840 --> 00:25:29,240
Speaker 1: Some incidents were fatal. A woman in Brooklyn died after

480
00:25:29,320 --> 00:25:31,080
Speaker 1: she was shot in the head at the board of

481
00:25:31,080 --> 00:25:33,400
Speaker 1: Walk on the Coney Island. One person was killed, four

482
00:25:33,440 --> 00:25:35,920
Speaker 1: others were shot. The gunman still on the loose. The

483
00:25:36,040 --> 00:25:39,280
Speaker 1: FBI is joining the investigation into a deadly shooting at

484
00:25:39,320 --> 00:25:43,840
Speaker 1: a supermarket in Bend, Oregon. Bend Police Chief Mike Krantz

485
00:25:43,920 --> 00:25:46,200
Speaker 1: says a gunman armed with an a R fifteen style

486
00:25:46,359 --> 00:25:49,719
Speaker 1: rifle killed at least two people inside the supermarket last night.

487
00:25:50,080 --> 00:25:51,840
Speaker 1: Our hearts got to the victims and the families and

488
00:25:51,920 --> 00:25:54,399
Speaker 1: this incident, and we know that this is a frightening

489
00:25:54,440 --> 00:25:57,560
Speaker 1: thing for our community and something that we would never

490
00:25:57,640 --> 00:26:00,600
Speaker 1: want to happen in our city. Chief Mike rand says

491
00:26:00,680 --> 00:26:03,119
Speaker 1: the suspected gunman was found dead at the scene when

492
00:26:03,200 --> 00:26:06,480
Speaker 1: officers arrived. Global News twenty four hours a day on

493
00:26:06,640 --> 00:26:09,560
Speaker 1: air and on Bloomberg Quick Take, powered by more than

494
00:26:10,280 --> 00:26:12,919
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.

495
00:26:13,280 --> 00:26:20,840
Speaker 1: Michael Barr and this is Bloomberg Nathan, Thanks Michael, almost

496
00:26:20,840 --> 00:26:23,000
Speaker 1: six thirty six on Wall Street. John stash Hours got

497
00:26:23,040 --> 00:26:25,520
Speaker 1: the Bloomberg Sports Update. Thanks Nathan. The Mets and Yankees

498
00:26:25,600 --> 00:26:28,399
Speaker 1: yesterday combined for only one run, only seven hits, all

499
00:26:28,560 --> 00:26:30,840
Speaker 1: singles for the Yankees second game in a row where

500
00:26:30,840 --> 00:26:33,080
Speaker 1: they failed to hit, a four one loss in Oakland,

501
00:26:33,119 --> 00:26:35,480
Speaker 1: so A was split of the four game series. Aaron

502
00:26:35,520 --> 00:26:38,439
Speaker 1: Judge yesterday over four three strike acts. Tampa Bay won

503
00:26:38,520 --> 00:26:40,520
Speaker 1: its game in Boston the Rais or seven a half

504
00:26:40,600 --> 00:26:43,240
Speaker 1: games on the Yanks, Mets Stilly, the Braves by three.

505
00:26:43,320 --> 00:26:46,080
Speaker 1: Atlanta lost in St. Louis. The Mets loss of the Rockies.

506
00:26:46,160 --> 00:26:49,040
Speaker 1: One did not think campaign Max Scherzer. He struck out

507
00:26:49,080 --> 00:26:52,080
Speaker 1: eleven but beaten by Colorado's Hairman Marquez. And Mets are

508
00:26:52,119 --> 00:26:54,639
Speaker 1: off tonight and then the Dodgers come to town. L

509
00:26:54,720 --> 00:26:58,000
Speaker 1: A fifty games over five hundred, Jets and Giants tied

510
00:26:58,119 --> 00:27:00,760
Speaker 1: four different times. Jets scored in the final minute. They

511
00:27:00,840 --> 00:27:03,760
Speaker 1: won thirty one to twenty seven. The Jets these three quarterbacks,

512
00:27:04,040 --> 00:27:05,920
Speaker 1: so Old Flacco through an early pick six. It was

513
00:27:06,000 --> 00:27:08,960
Speaker 1: Chris Traveler who through the game winning teeny pass to

514
00:27:09,080 --> 00:27:12,040
Speaker 1: Calvin Jackson. The same thing happened two weeks ago, the

515
00:27:12,119 --> 00:27:14,639
Speaker 1: Giants did not use Daniel Jones, and then Tyrod Taylor

516
00:27:14,760 --> 00:27:17,359
Speaker 1: heard his back. Not believed to be a serious injury,

517
00:27:17,440 --> 00:27:19,720
Speaker 1: the third stringer Davis Webb came in. He went thirty

518
00:27:19,800 --> 00:27:22,280
Speaker 1: to thirty eight. What I win for Rory McIlroy. He

519
00:27:22,320 --> 00:27:24,800
Speaker 1: has had some disappointments and majors, but he's now won

520
00:27:24,840 --> 00:27:27,640
Speaker 1: the FedEx Cup title three times. At the season ending

521
00:27:27,720 --> 00:27:31,240
Speaker 1: Torch Championship in Atlanta, McElroy had to dig out as

522
00:27:31,240 --> 00:27:34,119
Speaker 1: a big hole in credible day, incredible week, you know,

523
00:27:34,440 --> 00:27:37,520
Speaker 1: four over through two holes, atten shot side of the

524
00:27:37,600 --> 00:27:39,920
Speaker 1: league at that point. To to call my way back

525
00:27:39,960 --> 00:27:44,520
Speaker 1: and end up winning the winning the tournament. Um incredible,

526
00:27:44,680 --> 00:27:50,040
Speaker 1: just uh, just a real um it really probably to

527
00:27:50,080 --> 00:27:52,440
Speaker 1: my resilience. Rory finished twenty one on the part one

528
00:27:52,480 --> 00:27:55,280
Speaker 1: by one one eighteen million dollars. Will tonight be the

529
00:27:55,359 --> 00:27:57,880
Speaker 1: last time we see Serena Williams. It's her first round

530
00:27:57,920 --> 00:28:00,400
Speaker 1: match of the US Open, which is the final tournament

531
00:28:00,680 --> 00:28:04,120
Speaker 1: of her career. John stactually were Boomberg Sports, Nathan all Right, John,

532
00:28:04,200 --> 00:28:06,439
Speaker 1: thank you sixty seven on Wall Street. Time to take

533
00:28:06,480 --> 00:28:08,320
Speaker 1: a look at stocks. Some of the names moving in

534
00:28:08,400 --> 00:28:12,200
Speaker 1: the pre market Bloomberg Radio and TV Markets correspondent Krety

535
00:28:12,640 --> 00:28:15,480
Speaker 1: is watching a lot of stocks move lower on the

536
00:28:15,520 --> 00:28:18,840
Speaker 1: back of Chairman Palell's comments cretty, good morning, good morning.

537
00:28:19,000 --> 00:28:20,840
Speaker 1: A lot of a broad market sell off, and that

538
00:28:20,880 --> 00:28:22,360
Speaker 1: really it's going to be the theme of the day.

539
00:28:22,359 --> 00:28:25,400
Speaker 1: Even overnight in Asia, you did see essentially just investors

540
00:28:25,480 --> 00:28:27,800
Speaker 1: catching up to what you saw on Friday. So I

541
00:28:27,840 --> 00:28:30,920
Speaker 1: guess the question is how much of the hangover is

542
00:28:30,960 --> 00:28:33,560
Speaker 1: going to continue in the equity market. A good proxy

543
00:28:33,640 --> 00:28:35,119
Speaker 1: for that it's going to be Apple shares a a

544
00:28:35,240 --> 00:28:38,160
Speaker 1: p LS. You're taker shares down one point two in

545
00:28:38,240 --> 00:28:39,840
Speaker 1: the pre market. And you love to look at this

546
00:28:39,920 --> 00:28:42,800
Speaker 1: specific proxy, Nathan, because of course we know the Apple

547
00:28:42,960 --> 00:28:46,200
Speaker 1: is going to be the consumer proxy. Everyone uses an iPhone,

548
00:28:46,360 --> 00:28:49,320
Speaker 1: use the luxury product, especially in the United States, so

549
00:28:49,400 --> 00:28:51,200
Speaker 1: this is going to be something significant when it comes

550
00:28:51,240 --> 00:28:54,040
Speaker 1: to the growth of the economy driven by consumer spending.

551
00:28:54,040 --> 00:28:56,200
Speaker 1: A people also look at it from the rates factor,

552
00:28:56,280 --> 00:28:58,920
Speaker 1: the idea that higher rate or even a stronger dollar

553
00:28:59,040 --> 00:29:01,440
Speaker 1: is going to affect the bottom line of a lot

554
00:29:01,520 --> 00:29:03,719
Speaker 1: of these big tech naimes, not just Apple. And then

555
00:29:03,760 --> 00:29:05,480
Speaker 1: you have a third kind of proxy here as well.

556
00:29:05,520 --> 00:29:07,440
Speaker 1: The idea of that Apple has a lot of exposure

557
00:29:07,480 --> 00:29:10,080
Speaker 1: to China, so as you see China return to someone

558
00:29:10,120 --> 00:29:13,360
Speaker 1: that's kind of COVID policy that it had seemed to

559
00:29:13,440 --> 00:29:15,480
Speaker 1: be loosening just to touch looks like it's going back

560
00:29:15,520 --> 00:29:17,840
Speaker 1: on it. All of those factors are going to show

561
00:29:17,960 --> 00:29:20,120
Speaker 1: up in Apple shares right now. So ap l once

562
00:29:20,120 --> 00:29:22,680
Speaker 1: again as a proxy for broader tech under a little

563
00:29:22,720 --> 00:29:24,920
Speaker 1: bit of pressure this morning. Yeah, along with the rest

564
00:29:25,000 --> 00:29:28,040
Speaker 1: of the tech sector more broadly, interesting to see even

565
00:29:28,080 --> 00:29:31,560
Speaker 1: when we are seeing all this selling creedy that when

566
00:29:31,600 --> 00:29:33,960
Speaker 1: you look at our m Live Pulse survey, the latest one,

567
00:29:34,080 --> 00:29:36,160
Speaker 1: a lot of investors we talked to her thinking the

568
00:29:36,320 --> 00:29:39,360
Speaker 1: meme stock frenzy is here to stay. Yeah, a little

569
00:29:39,360 --> 00:29:42,160
Speaker 1: bit of deja vu from the start of one who

570
00:29:42,240 --> 00:29:43,800
Speaker 1: thought that we would still be here a year and

571
00:29:43,800 --> 00:29:46,760
Speaker 1: a half later. Bed Bath and Beyond is serving to

572
00:29:46,880 --> 00:29:49,320
Speaker 1: be the poster child for that story, at least this

573
00:29:49,360 --> 00:29:52,320
Speaker 1: time around. B B B. Why is your Taker shares

574
00:29:52,320 --> 00:29:55,680
Speaker 1: actually up two point six percent? It really shows you, Nathan,

575
00:29:55,720 --> 00:29:57,800
Speaker 1: as you justly pointed out that in a kind of

576
00:29:57,880 --> 00:30:00,360
Speaker 1: market where a lot of risk off sentiment driving a

577
00:30:00,400 --> 00:30:03,360
Speaker 1: lot of the sales, well, the retail folks are still

578
00:30:03,600 --> 00:30:05,520
Speaker 1: actually able to push up those single names, and this

579
00:30:05,640 --> 00:30:08,000
Speaker 1: is going to be significant as we talk about whether

580
00:30:08,120 --> 00:30:11,520
Speaker 1: or not a rally in the equity market is actually sustainable,

581
00:30:11,600 --> 00:30:14,200
Speaker 1: because there are arguments and there are some data out

582
00:30:14,200 --> 00:30:16,600
Speaker 1: there that this last rally that we've seen has mostly

583
00:30:16,640 --> 00:30:20,920
Speaker 1: been driven by retail sailors traders excuse me, um, and

584
00:30:21,040 --> 00:30:23,320
Speaker 1: that is going to actually perhaps not be sustainable as

585
00:30:23,360 --> 00:30:25,920
Speaker 1: they revert back to investing in single names instead of

586
00:30:25,960 --> 00:30:28,920
Speaker 1: the macrosphere. Nevertheless, today b b B Y up two

587
00:30:28,960 --> 00:30:31,520
Speaker 1: point six percent in the last few seconds. Here, crety,

588
00:30:31,560 --> 00:30:34,880
Speaker 1: how are crypto related stocks doing? With Bitcoin back below

589
00:30:35,640 --> 00:30:37,640
Speaker 1: now well back below twenty and some of the pain

590
00:30:37,760 --> 00:30:40,160
Speaker 1: is being magnified in the cryptocurrency because if you look

591
00:30:40,200 --> 00:30:42,840
Speaker 1: at what's happening with bitcoin on percentage basis, it's not

592
00:30:43,000 --> 00:30:44,240
Speaker 1: that big of a move. But then you take a

593
00:30:44,280 --> 00:30:46,680
Speaker 1: look some of the miners are IoT. For example, for

594
00:30:46,800 --> 00:30:49,440
Speaker 1: Riot blockchain, it's down three point two percent, and so

595
00:30:49,560 --> 00:30:51,520
Speaker 1: once again a little bit of a magnification of what

596
00:30:51,520 --> 00:30:53,880
Speaker 1: you're seeing in crypto. All right, Bloomberg Radio and TV

597
00:30:54,000 --> 00:30:57,040
Speaker 1: Markets correspondent Pretty Gupta with us this morning as we

598
00:30:57,160 --> 00:31:01,320
Speaker 1: continue to watch the selling SMP future down thirty four points. Now,

599
00:31:01,440 --> 00:31:04,760
Speaker 1: DEALT Future is down two NASAC Future is lower by

600
00:31:04,800 --> 00:31:07,040
Speaker 1: a hundred thirty points. That's the drop of one percent.

601
00:31:07,440 --> 00:31:10,360
Speaker 1: Ten year Treasury is down nine thirty seconds, the yield

602
00:31:10,400 --> 00:31:12,440
Speaker 1: three point one one percent, and the yield on the

603
00:31:12,480 --> 00:31:16,280
Speaker 1: two year up to three point four five percent. This

604
00:31:17,200 --> 00:31:24,600
Speaker 1: is Bloomberg Bloomberg eleven three oh weather turning mostly sunny today,

605
00:31:24,680 --> 00:31:27,280
Speaker 1: upper eighties, could see a late day shower, otherwise mostly

606
00:31:27,320 --> 00:31:29,680
Speaker 1: sunny Tomorrow, up eighties once again, and we'll be in

607
00:31:29,680 --> 00:31:32,680
Speaker 1: the upper eighties mostly sunny Wednesday as well. Right now

608
00:31:32,920 --> 00:31:40,040
Speaker 1: seventy five degrees. Markets, headlines and breaking news twenty four

609
00:31:40,080 --> 00:31:42,720
Speaker 1: hours a day at Bloomberg dot Com, at the Bloomberg

610
00:31:42,760 --> 00:31:46,760
Speaker 1: Business at and at Bloomberg Ricktape. He's a Bloomberg Business

611
00:31:46,840 --> 00:31:56,760
Speaker 1: Flash and I'm Karen Moscow, and futures are falling. This morning,

612
00:31:56,800 --> 00:31:58,680
Speaker 1: we get to the first word breaking news dance for

613
00:31:58,760 --> 00:32:01,520
Speaker 1: today's morning call, and is Bill Maloney. Bill, good morning

614
00:32:02,080 --> 00:32:04,680
Speaker 1: and good morning, Karen. That's right. US features are under

615
00:32:04,680 --> 00:32:07,360
Speaker 1: pressure after Friday self with deaf features down two hundred

616
00:32:07,360 --> 00:32:09,640
Speaker 1: and fifty two points, says to be dropped thirty five one.

617
00:32:09,720 --> 00:32:12,720
Speaker 1: NASA futures are down by a hundred and thirty the

618
00:32:12,880 --> 00:32:15,360
Speaker 1: US ten year old at three point one two percent.

619
00:32:15,520 --> 00:32:18,480
Speaker 1: Note the tree yield hit its highest level since two

620
00:32:18,560 --> 00:32:21,760
Speaker 1: thousand and seven. Gold is down twelve, oil trading higher,

621
00:32:21,800 --> 00:32:25,520
Speaker 1: and bitcoin falls below twenty thousand. Japan dropped two point

622
00:32:25,560 --> 00:32:28,080
Speaker 1: six percent overnight, while European markets are also in the

623
00:32:28,120 --> 00:32:30,240
Speaker 1: red this morning, and back in the US on the

624
00:32:30,320 --> 00:32:33,840
Speaker 1: economic front at ten thirty the Dallas Fed. In other news,

625
00:32:33,920 --> 00:32:37,160
Speaker 1: Goldman Sachs said recent drops in commodities offer a great

626
00:32:37,360 --> 00:32:41,320
Speaker 1: entry point, while European gas natural gas features plunged twent

627
00:32:42,520 --> 00:32:45,280
Speaker 1: Wrapping things up, downlink was cut to underweight over at

628
00:32:45,360 --> 00:32:48,000
Speaker 1: key Bank Live from the First Breaking news desk on

629
00:32:48,120 --> 00:32:50,160
Speaker 1: Bill Maloney karn all right, Bill, thank you to here

630
00:32:50,240 --> 00:32:52,920
Speaker 1: live breaking news over your Bloomberg type squawk on your

631
00:32:53,040 --> 00:32:56,320
Speaker 1: terminal scue you a w K. That's a Bloomberg business flash.

632
00:32:56,440 --> 00:32:58,520
Speaker 1: Now here's Michael Barr with more. I'm what's going on

633
00:32:58,640 --> 00:33:00,960
Speaker 1: around the world. Michael Aaron, thank you very much. A

634
00:33:01,040 --> 00:33:05,040
Speaker 1: federal judge will hear arguments on Thursday about possibly appointing

635
00:33:05,080 --> 00:33:08,720
Speaker 1: an autsider to look at classified documents that ex President

636
00:33:08,800 --> 00:33:14,560
Speaker 1: Trump claims are covered under executive privilege. Separately Intelligence Agency

637
00:33:14,640 --> 00:33:18,360
Speaker 1: specialists are looking at possible national security risks involved in

638
00:33:18,480 --> 00:33:23,440
Speaker 1: Trump's taking and handling of classified material. US Navy warships

639
00:33:23,520 --> 00:33:26,720
Speaker 1: traveled through the Taiwan Strait for the first time since

640
00:33:26,760 --> 00:33:29,719
Speaker 1: our Speaker Nancy Pelosi's visit to the self ruled island,

641
00:33:30,080 --> 00:33:34,360
Speaker 1: testing ties between Washington and Beijing. In baseball, the Yankees

642
00:33:34,440 --> 00:33:37,760
Speaker 1: lost to the A's four one. The Mets lost along

643
00:33:37,880 --> 00:33:41,200
Speaker 1: with the Red Sox Orioles and Giants the Nationals one.

644
00:33:41,760 --> 00:33:44,680
Speaker 1: In the final preseason NFL game, the Jets beat the

645
00:33:44,720 --> 00:33:49,400
Speaker 1: Giants seven. Tennis, Today, it's the US Open that starts

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00:33:49,760 --> 00:33:52,200
Speaker 1: Global News twenty four hours a day on air and

647
00:33:52,400 --> 00:33:55,760
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred

648
00:33:55,800 --> 00:33:58,640
Speaker 1: journalist and analysts in more than a hundred twenty countries.

649
00:33:58,720 --> 00:34:03,080
Speaker 1: I'm Michael barn This is Bloomberg. The following commentary is

650
00:34:03,160 --> 00:34:07,480
Speaker 1: from Bloomberg Opinion. New York is beating Texas in carbon

651
00:34:07,560 --> 00:34:11,560
Speaker 1: free electricity, but maybe not for long. I'm Justin Fox,

652
00:34:11,719 --> 00:34:15,400
Speaker 1: a columnist for Bloomberg Opinion. New York and other Northeastern

653
00:34:15,480 --> 00:34:19,400
Speaker 1: states has some of the nation's smallest per person carbon footprints.

654
00:34:19,800 --> 00:34:23,319
Speaker 1: Residents live less energy intensive lives and work in less

655
00:34:23,440 --> 00:34:27,680
Speaker 1: energy intensive industries. Electricity generation is light on coal and

656
00:34:27,760 --> 00:34:31,640
Speaker 1: reasonably heavy on emissions free sources such as hydropower. Because

657
00:34:31,680 --> 00:34:35,080
Speaker 1: of nuclear plant closures, the Northeast has become more dependent

658
00:34:35,120 --> 00:34:37,759
Speaker 1: on fossil fuels over the past decade, though, and a

659
00:34:37,840 --> 00:34:41,400
Speaker 1: recent M I T study projected that without emission's limits,

660
00:34:41,520 --> 00:34:44,920
Speaker 1: the region's power supply will just keep getting more carbon intensive.

661
00:34:45,200 --> 00:34:48,440
Speaker 1: By contrast, Texas, because it's so well suited for solar

662
00:34:48,520 --> 00:34:51,359
Speaker 1: and wind energy, was projected to see a seventy eight

663
00:34:51,480 --> 00:34:54,879
Speaker 1: percent decline in carbon dioxide emissions per kilo at hour.

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Speaker 1: Northeastern states are enacting tough climate policies, so emissions will decline,

665
00:35:00,000 --> 00:35:01,800
Speaker 1: but it may be tough to keep up with Texas.

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00:35:02,160 --> 00:35:05,320
Speaker 1: I'm justin Fox. For more opinion, please go to Bloomberg

667
00:35:05,440 --> 00:35:07,920
Speaker 1: dot com slash Opinion, where O P I N go

668
00:35:08,200 --> 00:35:12,280
Speaker 1: on the Bloomberg terminal. These has been Bloomberg Opinion. Bloomberg

669
00:35:12,320 --> 00:35:15,040
Speaker 1: Opinion commentaries can be heard every weekday at this time,

670
00:35:15,120 --> 00:35:17,759
Speaker 1: and terminal customers can read more at O P I

671
00:35:18,120 --> 00:35:20,680
Speaker 1: N Go. It is six fifty on Wall Street and

672
00:35:20,800 --> 00:35:23,120
Speaker 1: we turned to News and Science and Technology Now with

673
00:35:23,200 --> 00:35:25,880
Speaker 1: a Bloomberg and j i T Stem Report. It has

674
00:35:25,880 --> 00:35:28,880
Speaker 1: brought to you by New Jersey Institute of Technology and

675
00:35:29,040 --> 00:35:31,800
Speaker 1: j i T is dedicated to bolstering support for female

676
00:35:31,880 --> 00:35:35,719
Speaker 1: and minority students pursuing careers and high paying STEM industries.

677
00:35:36,040 --> 00:35:38,200
Speaker 1: Learn more at n j I T dot e DU

678
00:35:38,680 --> 00:35:41,759
Speaker 1: and Here's what's making news and science, technology, engineering and math.

679
00:35:42,120 --> 00:35:45,120
Speaker 1: A few leak interrupted now. This launched countdown for its

680
00:35:45,200 --> 00:35:48,520
Speaker 1: new Moon rocket early today, reappearing in the same place

681
00:35:48,600 --> 00:35:51,600
Speaker 1: that saw seepage during address rehearsal back in the spring.

682
00:35:52,840 --> 00:35:56,319
Speaker 1: Two foot rocket is the most powerful ever built by NASA, howd,

683
00:35:56,360 --> 00:35:59,160
Speaker 1: muscling even the Saturn five that carried astronauts to the

684
00:35:59,239 --> 00:36:02,960
Speaker 1: Moon half century ago. This test flight is successful, would

685
00:36:03,000 --> 00:36:05,399
Speaker 1: put a crew capsule into lunar orbit for the first

686
00:36:05,480 --> 00:36:08,320
Speaker 1: time in fifty years. The next launch attempt wouldn't be

687
00:36:08,400 --> 00:36:12,440
Speaker 1: until Friday at the earliest, and California Governor Gavin Newsom

688
00:36:12,600 --> 00:36:15,040
Speaker 1: is introduced a bill to keep the state's last nuclear

689
00:36:15,160 --> 00:36:19,480
Speaker 1: plant open. News argues that keeping pg NS Diablo Canyon

690
00:36:19,600 --> 00:36:24,520
Speaker 1: plant operating pastage plan closure is needed as the state

691
00:36:24,600 --> 00:36:28,560
Speaker 1: transitions away from fossil fuels. Still Knewsome fellow Democrats in

692
00:36:28,600 --> 00:36:32,400
Speaker 1: the legislature are skeptical and if history is any indication,

693
00:36:32,520 --> 00:36:35,400
Speaker 1: could be a tough September for Apple investors. The iPhone

694
00:36:35,440 --> 00:36:38,239
Speaker 1: maker stock has declined in seven of the past ten

695
00:36:38,320 --> 00:36:43,360
Speaker 1: September since it has lost one point six percent on average.

696
00:36:43,560 --> 00:36:46,520
Speaker 1: By the way Apples stock climb this quarter is nearly

697
00:36:46,560 --> 00:36:49,920
Speaker 1: tripled out of the SNPI index and as a Bloomberg

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00:36:50,040 --> 00:36:52,799
Speaker 1: n j I t STEM report Nathan all right, Karen,

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00:36:52,880 --> 00:36:55,200
Speaker 1: thank you. We are live from the Bloomberg Interactive Broker

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00:36:55,200 --> 00:36:57,480
Speaker 1: Studios or at his six fifty two on Wall Street

701
00:36:57,520 --> 00:36:59,080
Speaker 1: Time Now to check what's going on in d C.

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00:36:59,719 --> 00:37:01,920
Speaker 1: Some of the top stories in our nation's capital include

703
00:37:01,960 --> 00:37:05,840
Speaker 1: a bold prediction from Democratic National Committee chairman Jamie Harrison

704
00:37:06,040 --> 00:37:08,920
Speaker 1: head of the November midterms. The Democrats are gonna keep

705
00:37:08,960 --> 00:37:11,359
Speaker 1: their majorities in the House, that they're going to grow

706
00:37:11,400 --> 00:37:13,520
Speaker 1: the majorities in the United States Senate, and we're gonna

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00:37:13,560 --> 00:37:16,240
Speaker 1: pick up some governor's mansions along the way. Jamie Harrison

708
00:37:16,320 --> 00:37:19,200
Speaker 1: tells CBS has faced the nation. Abortion rights and the

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00:37:19,239 --> 00:37:22,000
Speaker 1: new climate and tax law will put voters on their side,

710
00:37:22,239 --> 00:37:25,879
Speaker 1: but Republican Senator Roy Blunt sees a potential Achilles heel

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00:37:25,960 --> 00:37:29,200
Speaker 1: for Democrats in President Biden's student loan relief. I just

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00:37:29,280 --> 00:37:33,320
Speaker 1: thought it was monumentally unfair. Unfair to people who didn't

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00:37:33,320 --> 00:37:35,480
Speaker 1: go to college because they didn't think they could afford it,

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00:37:35,920 --> 00:37:38,400
Speaker 1: Unfair to people who had paid their loans back, unfair

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00:37:38,480 --> 00:37:42,279
Speaker 1: to people who got higher education in an area that

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00:37:42,400 --> 00:37:46,080
Speaker 1: the government didn't make loans. But for Progressive Senator Bernie Sanders,

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00:37:46,239 --> 00:37:48,840
Speaker 1: I don't hear any of these Republicans walking when we

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00:37:48,920 --> 00:37:52,960
Speaker 1: give massive tax bricks to billionaires. We have major corporations,

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00:37:53,239 --> 00:37:56,680
Speaker 1: you don't pay a nickel in federal taxes, that's okay.

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00:37:57,080 --> 00:38:00,239
Speaker 1: But suddenly when we do something for working people, and

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00:38:00,320 --> 00:38:03,000
Speaker 1: it's a terrible idea. Senator Sanders and Blunt were on

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00:38:03,080 --> 00:38:07,000
Speaker 1: ABC's this Week. Also making news, a federal judge leaning

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Speaker 1: toward an independent review of documents taken from former President

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00:38:10,680 --> 00:38:13,880
Speaker 1: Donald Trump's home in Florida. That's after a heavily redacted

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00:38:13,920 --> 00:38:17,920
Speaker 1: affidavit showed hundreds of pages of highly classified documents seized

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00:38:18,000 --> 00:38:22,160
Speaker 1: there this year. Republican Congressman and Trump critic Adam Kinzinger

727
00:38:22,200 --> 00:38:25,360
Speaker 1: tells NBC's Meet the Press, if any of us walked

728
00:38:25,400 --> 00:38:29,120
Speaker 1: out intentionally with even one document from the stiff, which

729
00:38:29,200 --> 00:38:32,480
Speaker 1: is where we can go see classified documents at And

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00:38:33,160 --> 00:38:35,440
Speaker 1: you know, our organization came to us, the House came

731
00:38:35,480 --> 00:38:37,640
Speaker 1: to us and said you have to give this document back,

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00:38:37,719 --> 00:38:40,840
Speaker 1: and we refused to do it for years. We'll be

733
00:38:40,920 --> 00:38:43,640
Speaker 1: in real trouble. Meet the press this week and face

734
00:38:43,760 --> 00:38:46,480
Speaker 1: the nation. Can all be heard every Sunday right here

735
00:38:46,560 --> 00:38:49,160
Speaker 1: on Bloomberg Radio. Let's get more on all the political

736
00:38:49,239 --> 00:38:52,600
Speaker 1: news happening this morning from the nation's capital. Bloomberg Government

737
00:38:52,640 --> 00:38:56,520
Speaker 1: reporter Emily Wilkins joins us, So, yeah, Emily, Democrats are

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00:38:56,680 --> 00:38:59,719
Speaker 1: sounding pretty confident ahead of the mid terms. At the

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00:38:59,760 --> 00:39:02,239
Speaker 1: same time, one other thing we heard from another the

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00:39:02,320 --> 00:39:06,200
Speaker 1: Sunday Shows is some pretty tough talk from a progressive

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00:39:06,280 --> 00:39:11,120
Speaker 1: Democrat when it comes to the FED going tough on inflation. Yeah.

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00:39:11,280 --> 00:39:14,800
Speaker 1: Senator Elizabeth Warren is not happy with the Fed's announcement

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00:39:14,920 --> 00:39:18,560
Speaker 1: on Friday. Remember John Powell, of course, gave his much

744
00:39:18,600 --> 00:39:22,160
Speaker 1: anticipated speech in Jackson Hole, Wyoming, and really single that

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00:39:22,239 --> 00:39:25,000
Speaker 1: the FED is going to continue it's aggressive series of

746
00:39:25,120 --> 00:39:28,800
Speaker 1: infest rate hikes and keep rates elevated. Warren says that

747
00:39:28,880 --> 00:39:31,319
Speaker 1: this is gonna hurt jobs, that this is gonna hurt

748
00:39:31,320 --> 00:39:34,360
Speaker 1: small businesses, um. She says that she's worried that this

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00:39:34,480 --> 00:39:37,480
Speaker 1: could potentially lead to a recession, and instead of our

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00:39:37,520 --> 00:39:40,759
Speaker 1: current economy where you've got high inflation and low unemployment,

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00:39:41,000 --> 00:39:43,520
Speaker 1: that you could potentially see a scenario where it's both

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00:39:43,640 --> 00:39:47,040
Speaker 1: high inflation and high employment. Now that FED has really

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00:39:47,120 --> 00:39:49,799
Speaker 1: pushed back on this idea that they're going to lead

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00:39:49,800 --> 00:39:53,719
Speaker 1: to her recession. Atlanta FED President Raphael Bostick, he told

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00:39:53,760 --> 00:39:56,480
Speaker 1: Bloomberg Television just last week that the economy has to

756
00:39:56,600 --> 00:40:00,600
Speaker 1: weakend first before inflation begins to move down. And so

757
00:40:00,840 --> 00:40:03,000
Speaker 1: you see the FED really kind of sticking with the

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00:40:03,080 --> 00:40:05,680
Speaker 1: plan that they have. But then at the same point,

759
00:40:05,760 --> 00:40:09,520
Speaker 1: you are hearing, at least from from one senator a

760
00:40:09,640 --> 00:40:12,400
Speaker 1: lot of concerns that what their moves are are are

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00:40:12,520 --> 00:40:14,600
Speaker 1: doing are is actually going to leave the country in

762
00:40:14,640 --> 00:40:17,800
Speaker 1: the wrong direction. And another point of debate for several

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Speaker 1: other senators, Emily and adding to the debate about inflation

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Speaker 1: is President Biden's student loan relief and whether that's going

765
00:40:24,760 --> 00:40:28,040
Speaker 1: to add to price pressures. Absolutely. I mean, you heard

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Speaker 1: those concerns from from economist Larry Summers and Jason Furman,

767
00:40:32,360 --> 00:40:34,640
Speaker 1: but now you're also hearing them from a number of

768
00:40:34,719 --> 00:40:38,479
Speaker 1: Democrats were in very tough Senate races. Uh. Tim Ryan,

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Speaker 1: he's running for the Senate seat in Ohio as a Democrat.

770
00:40:42,640 --> 00:40:46,000
Speaker 1: He accept his distance from Biden throughout most of this race,

771
00:40:46,200 --> 00:40:48,680
Speaker 1: and he really took the issue of the student loan

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00:40:48,760 --> 00:40:51,640
Speaker 1: forgiveness uh to kind of come out and say, look,

773
00:40:52,080 --> 00:40:54,279
Speaker 1: college is too high. We do need to find a

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00:40:54,360 --> 00:40:57,239
Speaker 1: way to reduce the price of college. Um, but that

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00:40:57,560 --> 00:41:00,239
Speaker 1: you know this isn't the way to do it. There's

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00:41:00,239 --> 00:41:02,319
Speaker 1: a lot of concern that you know, there are many

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00:41:02,360 --> 00:41:04,440
Speaker 1: folks out there who did not go to college, either

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00:41:04,480 --> 00:41:06,759
Speaker 1: because they felt they couldn't afford it or because they

779
00:41:06,800 --> 00:41:09,320
Speaker 1: took a job that did not require a college education.

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00:41:09,760 --> 00:41:12,480
Speaker 1: Lots of blue collar workers who are now having to

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00:41:12,520 --> 00:41:16,360
Speaker 1: see their take their taxpayer dollars go and forgive folks

782
00:41:16,400 --> 00:41:20,359
Speaker 1: who had gone to college. It's not just Tim Ryan either.

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Speaker 1: You've also seen criticism in Nevada. There's a competitive senator

784
00:41:24,480 --> 00:41:29,000
Speaker 1: race there from current Democratic Senator Catherine Cortez Mastow and

785
00:41:29,280 --> 00:41:33,040
Speaker 1: also Michael Bennett of Colorado, another sitting Democratic senator, who

786
00:41:33,120 --> 00:41:36,160
Speaker 1: says that he does not agree with Biden's plan. So

787
00:41:36,400 --> 00:41:38,640
Speaker 1: this is really something where you are seeing a number

788
00:41:38,640 --> 00:41:42,560
Speaker 1: of lawmakers in these competitive states kind of recognized that that,

789
00:41:43,040 --> 00:41:44,560
Speaker 1: you know, this is something they're not going to be

790
00:41:44,600 --> 00:41:46,880
Speaker 1: aligned on the administration with. This is something where they

791
00:41:46,880 --> 00:41:50,280
Speaker 1: are openly pushing back against Biden. It's gonna be interesting

792
00:41:50,320 --> 00:41:53,000
Speaker 1: to continue to watch that as we get ever closer

793
00:41:53,400 --> 00:41:56,640
Speaker 1: to the November mid term election. Bloomberg Government reporter Emily

794
00:41:56,719 --> 00:41:59,440
Speaker 1: Wilkins with us this morning as always, and you can

795
00:41:59,480 --> 00:42:02,600
Speaker 1: read more about these stories on Bloomberg dot com or

796
00:42:02,640 --> 00:42:04,960
Speaker 1: on the Bloomberg terminal, and follow all the latest on

797
00:42:05,000 --> 00:42:09,520
Speaker 1: Bloomberg Radio in Washington. Bloomberg and one oh five point

798
00:42:09,600 --> 00:42:14,360
Speaker 1: seven FM HD two markets this morning moving lower, adding

799
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Speaker 1: to their losses after FED chair j. Powell's hawk ish

800
00:42:18,239 --> 00:42:20,920
Speaker 1: message from Jackson Hole. We have SMP futures right now

801
00:42:21,040 --> 00:42:24,640
Speaker 1: down thirty six points, DAL futures down two at sixty five.

802
00:42:24,840 --> 00:42:28,040
Speaker 1: Nasdaq futures are lower by a hundred thirty four points.

803
00:42:28,120 --> 00:42:31,200
Speaker 1: The tenure Treasury is down sixteen thirty seconds. The yield

804
00:42:31,239 --> 00:42:34,160
Speaker 1: three point one zero percent yield on the two year

805
00:42:34,640 --> 00:42:38,319
Speaker 1: three point four four percent. Quick look at bitcoins still

806
00:42:38,400 --> 00:42:43,560
Speaker 1: trading below twenty thousand, nineteen thousand, eight hundred dollars. Bloomberg surveillances.

807
00:42:43,640 --> 00:42:47,640
Speaker 1: Next for Karen Moscow. I'm Nathan Hagar, and this is

808
00:42:47,719 --> 00:42:48,319
Speaker 1: Bloomberg