Speaker 1: Live from the Bloomberg and Directive Burger Studios. This is
Speaker 1: Bloomberg day Break for Monday, August twenty nine two. Coming
Speaker 1: up this hour, Hawkish Federal Reserve continues to weigh on markets.
Speaker 1: Global stock start the week at a one month low.
Speaker 1: The yield on two year treasuries hit a fifteen year high.
Speaker 1: Congress ways in with Elizabeth Moren saying the Fed will
Speaker 1: tip the economy into recession. And jobs are in focus
Speaker 1: as Wall Street braces for Friday's payrolls report. NASA's on
Speaker 1: Man Artemis one space capsule is expected to blast off
Speaker 1: to the moon. Plus u N Nuclear Watchdog monitors are
Speaker 1: on their way to Ukraine's power plant. Michael bar More ahead,
Speaker 1: I'm John Stashower and sports The Mets and the Yankees lost.
Speaker 1: The Jets beat the Giants. Rory McIlroy won the golf
Speaker 1: in the US Open begins today. That's all s Trady
Speaker 1: Ahead on Bloomberg Daybreak on Bloomberg Eliving Free on New York,
Speaker 1: Bloomberg one, Washington, d C, Bloomberg one oh six one, Boston,
Speaker 1: Bloomberg nine sixty, San Francisco, Syrius XM one nineteen and
Speaker 1: around the world. Old on Bloomberg Radio dot com and
Speaker 1: via the Bloomberg Business app. Good morning, I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow. US dot Indix futures are lower
Speaker 1: this morning. We are coming up to six oh one
Speaker 1: on Wall Street, and we check the markets every fifteen
Speaker 1: minutes throughout the trading day. On Bloomberg s and P
Speaker 1: futures down about thirty six points this morning. Down features
Speaker 1: down two D fifty three and NASDACK futures down one
Speaker 1: thirties seven. Ten year Treasury down nineteen thirty seconds. Yeld
Speaker 1: three point one one percent, and they yield on the
Speaker 1: two year at three point four or five percent. Nathan, Karen,
Speaker 1: we're still feeling the impact of a hawk is J. Powell.
Speaker 1: This morning, global stocks are at a one month low.
Speaker 1: The last time we saw the yield on the two
Speaker 1: year treasury this level was two thousand seven. This morning
Speaker 1: slump follows the worst day for US stocks since June.
Speaker 1: The major index has all fell at least three percent,
Speaker 1: with the NASTAC plunging almost four percent. The catalyst for
Speaker 1: the sell off Chairman Powell signaling interest rates will stay
Speaker 1: higher for some time. Trina l Senior economist and Moodies
Speaker 1: Analytics says the FED shares comments have broad implications. It
Speaker 1: makes sense to say that US recession odds have also
Speaker 1: increased because that lays a sharp focus on trying to
Speaker 1: bring down inflation is really the priority of the FED
Speaker 1: at this point, and so as a consequence of that,
Speaker 1: I mean, domestic demand just really has to to come down.
Speaker 1: Katrina L with Moody's Analytics says the FED is also
Speaker 1: uncomfortable with the current tightness in the labor market. One
Speaker 1: point to trillion dollars in market value was wiped out
Speaker 1: on Friday. Well, Nathan, A strong message by j. Powell
Speaker 1: and the Fed last week has some on Capitol Hill
Speaker 1: pushing back. Senator Elizabeth Moore and says she's worried the
Speaker 1: central Bank will tip the US economy into recession. Do
Speaker 1: you know what's worth than high prices and a strong economy.
Speaker 1: It is high prices and millions of people out of work.
Speaker 1: I'm very worried that the FED is going to tip
Speaker 1: this economy into recession. Senator Elizabeth Wore Intel CNN she
Speaker 1: does not believe higher interest rates will curb current inflationary pressures.
Speaker 1: J Palen the FED get another key economic reports to
Speaker 1: evaluate this week, Karen. On Friday, we see the August
Speaker 1: jobs report here with the preview is Bloomberg City tell
Speaker 1: Judas economists at US payroll growth moderated after scoring a
Speaker 1: July gain in more than a half million. Technology firms
Speaker 1: have been trimming payrolls and freezing hiring, but job openings
Speaker 1: continue at historic kis. The US unemployment rate is also
Speaker 1: one of the lowest in decades. More numbers. This one's
Speaker 1: conference board. Consumer confidence and dex couldn't prove thanks to
Speaker 1: lower gasoline prices. While I s M data may show
Speaker 1: modest factory gains, they eat Judas Bloomberg Day break, right, Fanny,
Speaker 1: thank you, while the Wall Street sell off is spreading
Speaker 1: overseas this Monday morning, and we begin our team coverage
Speaker 1: at the Bloomberg's Danny Berger, who joins us live from London. Danny,
Speaker 1: good morning, Good morning, Karen. Yeah, European stocks continue to
Speaker 1: be under pressure. Forget another trading day down more than
Speaker 1: one percent, not two dissimilar from what we're seeing from
Speaker 1: US equities. It's just continuing this risk asset pain as
Speaker 1: we just a fetcher j Powell who says that they
Speaker 1: are going to continue to have that restrictive policy stands
Speaker 1: for some time. Perhaps stocks didn't expect that, maybe bonds did.
Speaker 1: Maybe that's why there was less movement on Friday. But
Speaker 1: today we are seeing stocks starting to join that sell off.
Speaker 1: Two year yields those are hired by about seven basis points.
Speaker 1: The hyacinths two thousand seven also under pressure some of
Speaker 1: the currencies, with a very strong dollar Euro dollar that's
Speaker 1: blow parody. The pound that's down half a percent. So
Speaker 1: really that desire for havens means the only thing really
Speaker 1: buying today is the dollar. The one spot perhaps where
Speaker 1: there isn't pain. UK markets. UK stocks are closed, with
Speaker 1: a bank holiday taking place throughout the country today. Live
Speaker 1: in London, I'm Danny Burger, Bloomberg day Break. All right, Danny,
Speaker 1: thank you. Stocks also fell in Asia over night. Japan's
Speaker 1: NIEK led declines with a drop of more than two
Speaker 1: and a half percent. We get the recap from Bloomberg's
Speaker 1: Juliette Sally in Singapore. Good morning, Juliet, Good morning, Nathan
Speaker 1: and Karen. The m s c I Asia Pacific Index
Speaker 1: lumped as much as two point three percent, the most
Speaker 1: since June, with a financials and industrials the worst performing sectors.
Speaker 1: Key equity gauges in Japan and Taiwan led regional losses,
Speaker 1: sliding close to three percent each. The p BOC said
Speaker 1: the on show You unfixed stronger for a fourth session,
Speaker 1: as the off shore slid through six point nine to
Speaker 1: the dollar for the first time in two years, and
Speaker 1: South Korea is one fell the most in eleven weeks
Speaker 1: to hold it its lowest level since April two thousand
Speaker 1: and nine. In Singapore. Juliet Sally Bloomberg daybreak Right, Juliette,
Speaker 1: thank you are staying. In Asia, economists are turning more
Speaker 1: bearish on China. According to Bloomberg's latest quarterly survey, China's
Speaker 1: economy is now projected to grow just three and a
Speaker 1: half percent this year. That's down from a previous forecast
Speaker 1: of three point nine percent. Economists see lingering risks as
Speaker 1: turmoil and China's property marketing COVID outbreaks persist. And one
Speaker 1: other note out of Asia this morning, Karen. Despite China
Speaker 1: and the US reaching a preliminary deal to resolve a
Speaker 1: standoff over audits, Goldman Sex says markets are still pricing
Speaker 1: in a fifty percent chance of Chinese companies being delisted
Speaker 1: from US exchanges. Goldman says the risk of delisting has
Speaker 1: come down, but more still needs to be done as
Speaker 1: execution risk remains. While there is uncertainty about the future
Speaker 1: of Chinese stocks in the US, Nathan meme stocks are
Speaker 1: here to stay, according to our latest survey we get
Speaker 1: the details from Bloomberg's Jeff Bellinger. Wall Street says stocks
Speaker 1: like Game Stop, AMC Entertainment, and bed Beth and Beyond
Speaker 1: are here to stay. Nearly two thirds of the more
Speaker 1: than five hundred respondents in the latest M Live Pulse
Speaker 1: survey expect some version of the meme stock mania to
Speaker 1: stick around. Speculating in meme stocks has been painful this year.
Speaker 1: A basket of thirty seven retail trader favorites tracked by
Speaker 1: Bloomberg is down nearly forty percent in twenty two. The
Speaker 1: M Live Pulse survey found that while the meme stock
Speaker 1: phenomenon is likely to stick around, sixty nine percent said
Speaker 1: it is unlikely to see the trading volumes that did
Speaker 1: during its January twenty twenty one high, nor are such
Speaker 1: stocks seen as a good bet for the remainder of
Speaker 1: the year. Jeff Bellinger Bloomberg daybreak. Thanks Jeff. We're seeing
Speaker 1: bitcoin fall stocks lower this morning, the digital tokens trading
Speaker 1: below twenty thousand as concerns about Fed policy way on sentiment.
Speaker 1: Before this weekend, Bitcoin hadn't been below twenty thousand since July.
Speaker 1: It had even crossed above twenty five thousand earlier this month.
Speaker 1: Straight ahead, we have your latest local headlines and a
Speaker 1: check of sports. This is Bloomberg six o seven on
Speaker 1: Wall Street, seventy five degrees in Central Park. Still got
Speaker 1: that closure on the westbound cross Bronx at White Plains Road.
Speaker 1: Details coming up in traffic. First Michael Barr with what
Speaker 1: else is going on in New York and around the world. Michael,
Speaker 1: thank you very much. Nathan. A few leak interrupted NASA's
Speaker 1: launch countdown for its new Moon rocket early this morning.
Speaker 1: Were you appearing in the same place and saw a
Speaker 1: see pitch during a dress rehearsal back in the spring?
Speaker 1: Launch controllers hold it the tanking operation, which already was
Speaker 1: running an hour late because of thunderstorms off shore, asked
Speaker 1: for the excitement over the mission. Taylor Leonard helped build
Speaker 1: part of the Moon rocket that will eventually of Americans
Speaker 1: back on the Moon. I'm very pumped. So I was
Speaker 1: actually a part of the test team that tested the
Speaker 1: functionality of the rocketed a be on it. So it's
Speaker 1: super exciting. Um like seeing your work right here. You know,
Speaker 1: it's pretty cool, Nassas Taylor Leonard. The plan is for O'rian,
Speaker 1: with three test dummies on board, to loop around the
Speaker 1: Moon and come back to Earth. The head of the
Speaker 1: International Atomic Energy Agency says that the u N Nuclear
Speaker 1: watch dogs long awaited expert mission to the power plan
Speaker 1: in Ukraine is now on its way. Russia and Ukraine
Speaker 1: have traded claims of strikes at or near the plant
Speaker 1: in recent days, intensifying fears that the fighting could cause
Speaker 1: a massive radiation leak. It was a violent weekend in
Speaker 1: New York City after more than a dozen people were shot,
Speaker 1: several fatally. That includes a shooting at the board walk
Speaker 1: on Coney Island that left one person dead and four
Speaker 1: others hurt. Police in Bend, Oregon confirmed three people are
Speaker 1: dead following a shooting at the grocery store. The meal
Speaker 1: shooter killed two people at a Costco. All officers then
Speaker 1: entered the store and found the suspected shooter dead. Bend
Speaker 1: Police chief Mike Rantz says the suspect was armed with
Speaker 1: an a R fifteen style rifle. We have officers from
Speaker 1: every agency in central Oregon, as well as the FBI,
Speaker 1: Ben Fire and Rescue and other agencies on scene and assistant.
Speaker 1: We are very precisive of this home Ben Police Chief
Speaker 1: Mike Krantz, send up a Georgia leader, Chuck Schumer, welcome
Speaker 1: President Joe Biden's federal student Loan Forgiveness Plan. Schumer urged
Speaker 1: loan processors to prepare for a wave of inquiries about
Speaker 1: the program. Fall on all of the loan processors to
Speaker 1: be at the ready for the wave of calls that's
Speaker 1: starting to come in and let students know how they
Speaker 1: apply and what their rights are sending to Schumer of
Speaker 1: New York says, college used to be a ladder up,
Speaker 1: but student dead has become an anchor around the ankles
Speaker 1: of our students. Global News twenty four hours a day
Speaker 1: on air and on Bloomberg Quicktake power by more than
Speaker 1: the journalist and analysts in more than a hundred twenty countries.
Speaker 1: I'm Michael Barr. This is Bloomberg. Nathan. Thanks Michael. Almost
Speaker 1: six cent on Wall Streets. Time for the Bloomberg Sports
Speaker 1: Update with John shot all right, Nathan. When the Yankees
Speaker 1: were slumping, going three and fourteen, they were not hitting,
Speaker 1: and then they won five in a row with those
Speaker 1: offense of woe was resurfaced and open only one hit
Speaker 1: in in eleven Aning lost Saturday, only four singles. Yesterday,
Speaker 1: the A's won four to one. The Yanks visit the
Speaker 1: Angels tonight. Mets man is only three hits, all of
Speaker 1: them singles against air Man Marquez and two relievers. Colorado
Speaker 1: scored in the seventh and he love Max jers or in.
Speaker 1: The Rockies won one nothing the salvage of game in
Speaker 1: the series, Atlanta lost in St. Louis. The Mets remained
Speaker 1: three games ahead. The annual Jets Giants preseason game not
Speaker 1: decide until the final minute of Chris Straveler touchdown passed
Speaker 1: to Calvin Jackson in the thirty one to twenties seven
Speaker 1: victory for the Jets, who went three and oh in
Speaker 1: the preseason Giants for two and one. They did not
Speaker 1: use Daniel Jones. They started Tyrod Taylor and then he
Speaker 1: heard his back. It's not believed to be a serious injury.
Speaker 1: Golf season ended with a Torch Championship in Atlanta and
Speaker 1: a big comeback by Rory McElroy. Back on Thursday, he
Speaker 1: was ten shots behind Scott the Jefe only trailed by
Speaker 1: six when the final round began, mat for Roy one
Speaker 1: by one. I was really giving myself much of a
Speaker 1: John's tin off and the fourth roned. I thought, you know,
Speaker 1: silver lining was I was playing in the last group
Speaker 1: so I could at least keep an eye on what
Speaker 1: he was doing if if things didn't quite work out
Speaker 1: for him, and um, you know, thankfully I was in
Speaker 1: that last group because you know, I was able to
Speaker 1: put some pressure on him early on. Chef we struggled
Speaker 1: with seventy three at Rory's third FedEx Cup title, and
Speaker 1: that comes with the first place prize eighteen billion dollars.
Speaker 1: The US Open Tennis begins today Flushing Meadows. Serena Williams
Speaker 1: plays tennight. Can she beat Donka covinage or will this
Speaker 1: do the final match with Sereno's career, John Stay were
Speaker 1: Bloomberg Sports Okay, John thanks SMP futures down thirty six
Speaker 1: points down, Futures down two D sixty two, NASAC futures
Speaker 1: down A hundred thirty seven points, the tenure Treasury down
Speaker 1: twenty thirty seconds, yield three point one one percent. Yield
Speaker 1: on the two year now close to three point four
Speaker 1: six x per cent. You're listening to Bloomberg Daybreak Bloomberg
Speaker 1: eleven three oh weather morning clouds give way to sunshine
Speaker 1: and upper eighties today, mostly sunny. Tomorrow of the late
Speaker 1: they shower, possible upper eighties. Who has some storms tomorrow night,
Speaker 1: but mostly sunny again Wednesday with hides in the upper
Speaker 1: eighties Right now seventy five degrees. Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Tape. He's
Speaker 1: a Bloomberg Business Flash and I'm Karen Moscow. Bolt In
Speaker 1: Europe are leading a global sell off that lifted the
Speaker 1: two year treasury yield to levels last scenes in two
Speaker 1: thousands seven, as European central bank policy makers join their
Speaker 1: Federal Reserve counterparts and signaling aggressive tightening songs are sinking
Speaker 1: along with US futures and dollars climbing. We checked the
Speaker 1: markets every fifteen minutes throughout the trading day on Bloomberg
Speaker 1: Right Now, s and p futures are down of out
Speaker 1: thirty nine points down. Futures are down two hundred seventy four,
Speaker 1: nastack futures down one d forty four, and the decks
Speaker 1: in Germany's down one point four percent ten. Your treasury
Speaker 1: is down twenty thirty seconds. You'll three point one one
Speaker 1: percent yield on the two year three point four or
Speaker 1: five percent nine max Screwed oil is up seven tenths
Speaker 1: per cent or sixty six cents, and ninety three dollars
Speaker 1: seventy two cents of arrol comex s go down night
Speaker 1: tenths per cent or fifteen dollars forty cents at seventeen
Speaker 1: thirty four forty announced. The euro is at point nine
Speaker 1: nine six seven against the dollar, British bound one point
Speaker 1: one six eight two, and the yet at one thirty
Speaker 1: eight point five to the Bitcoin this morning is down
Speaker 1: seven tenths of a percent in nineteen thousand, eight hundred
Speaker 1: thirty dollars. That's a bloomberg business flash. Now here's Michael
Speaker 1: Barr with more on what's going on around the world.
Speaker 1: Michael Karen, thank you very much. The Artemis Moon rocket
Speaker 1: launch is open to proceed toward a morning lifts off
Speaker 1: from the Kennedy Space Center in Florida. The goal is
Speaker 1: for the Orion capsule, with three test dummies on board,
Speaker 1: to loop around the Moon and come back to Earth.
Speaker 1: Top intelligence officials are working with the Justice Department to
Speaker 1: conduct a quote risk assessment to see if former President
Speaker 1: Trump's handling of classified documents founded as Mara Lago Home
Speaker 1: compromise national security. In baseball, the Yankees lost to the
Speaker 1: A's for one. The Mats lost along with the Red Sox,
Speaker 1: Orioles and Giants the Nationals one. In the final preseason
Speaker 1: NFL game, the Jets beat the Giants seven. Tennis, the
Speaker 1: US Open begins today. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quick Take, powered by
Speaker 1: more than twenty seven under journalist and analysts more than
Speaker 1: a hundred, twenty countries high Michael Barr And this is Bloomberg, Nathan,
Speaker 1: this is the Big Take, the best of Bloomberg's in
Speaker 1: depth original reporting from around the globe. This is a
Speaker 1: really fast moving story that's caused off to outrage among investors.
Speaker 1: This is so fascinating. The market shutdown in a way
Speaker 1: it's never done before. That's gonna have consequences for years
Speaker 1: to come. The Day Take on Bloomberg Rate six twenty
Speaker 1: on Wall Street Live from the Bloomberg Interacted Brooker Studios.
Speaker 1: This is Bloomberg day Break. Good morning. I'm Nathan Hagar
Speaker 1: with a look at our big take this morning on
Speaker 1: central banks around the world showing a determination to fight
Speaker 1: inflation through higher interest rates, even as we're starting to
Speaker 1: see some signs that the price pressures around the world
Speaker 1: are at least beginning to cool off. Joining us now,
Speaker 1: one of the authors of today's Big take, Bloomberg News
Speaker 1: Chief Asia Economics correspondent and the current and a good morning.
Speaker 1: We're seeing a play out in the markets that the
Speaker 1: that they're starting to get the message here from FED
Speaker 1: Chairman Powell and the rest of the central bankers from
Speaker 1: Jackson Hole last week that their fight against inflation is
Speaker 1: far from over. You start from over there. Two things
Speaker 1: are going on here, Nates and economists are looking at
Speaker 1: a turn in commodity markets, and what they're seeing there
Speaker 1: is all the prices obviously coming off, their high prices
Speaker 1: for other key commodities they like weet and copper coming back.
Speaker 1: Food prices in general actually came back a lot over
Speaker 1: July and thinking that there that perhaps the commodity market
Speaker 1: now is signaling maybe a peak in headline inflation. Put
Speaker 1: your point, nobody is expecting that those prices are a
Speaker 1: few people expecting those prices to come back to where
Speaker 1: they would be, say typically around central banks targets of
Speaker 1: two or three percent, any time soon. So it's a
Speaker 1: case of maybe we're seeing a turning point for headline inflation,
Speaker 1: but nobody's nobody is thinking that the global price shock
Speaker 1: is over just yet. And that's why central banks are
Speaker 1: saying what they are saying, which they have to keep
Speaker 1: pushing a boring costs, keep putting a weight on broader
Speaker 1: demanding the economy is try and get in placements back
Speaker 1: to where it should be. So that speaks to the challenge,
Speaker 1: doesn't it that in a large way, central banks don't
Speaker 1: have a whole lot of control about what commodity prices do,
Speaker 1: what supply chains do. No, they don't need when we
Speaker 1: break down this this breakdown is inflation. Let's just say
Speaker 1: that the world is at a turning point for peaking
Speaker 1: headline inflation. Argument take you only have to look around
Speaker 1: the world where you see ongoing pockets of stress and
Speaker 1: for example, Europe's chronic energy crisis. There's no there's no
Speaker 1: let up and energy costs there, and obviously rising interest
Speaker 1: rates can't do any to bring down the cost of
Speaker 1: gas or other sources of energy of both. This is
Speaker 1: what central bankers keep saying. They can't do that, but
Speaker 1: they can try and bring down the rest of demanding
Speaker 1: the broader comming. By doing that, you bring off price pressures,
Speaker 1: you know, across the board, so speak. And that's what
Speaker 1: that's what they're trying to do, and that's what ultimately
Speaker 1: they will get their inflations back down to target. But
Speaker 1: as you say, it is a multilar story. And I
Speaker 1: think one of the other areas that people keeping a
Speaker 1: very close silent what happens in plomate markets around the world,
Speaker 1: probably speaking, jobs markets are holding up their labor shortages
Speaker 1: in several majored lout economies. So I think when you
Speaker 1: see data points such as this week's US jobs that
Speaker 1: on Friday, these are key metrics when it comes to
Speaker 1: how we have a proper turning point in inflation and
Speaker 1: then as such, what will that mean for boring costs
Speaker 1: in a few months from now. Yeah, that was a
Speaker 1: big part of the Chairman Pal's short but sharp message
Speaker 1: at Jackson Hole last week. He did put a lot
Speaker 1: of focus on the labor market. What's the concern among
Speaker 1: the FED officials that we could be in the midst
Speaker 1: of a wage price spiral. That's part of this inflation
Speaker 1: story because because they want to anger inflation expectations, a
Speaker 1: central bankers aren't really fighting the prices that we're paying
Speaker 1: here now today. It's all that medium term expectations and
Speaker 1: a longer term expectations and longer consumers for where prices
Speaker 1: are going in. A big part of that is, of
Speaker 1: course wage demands. And if you get into a cycle
Speaker 1: or wage price spirals, or by every sector and every
Speaker 1: employee in every company to look at the harder wages,
Speaker 1: that's where you starts to see these sties inflations might
Speaker 1: get entrenched, and that's put in the central banquets are
Speaker 1: trying to get ahead of. Now you mentioned the US,
Speaker 1: we will see the job that on Friday. I think
Speaker 1: if that if that comes in on the strong side,
Speaker 1: it will certainly, you know, add the idea that the
Speaker 1: FED is a lot more work to do. But if does,
Speaker 1: if it comes in on the softer side, might be
Speaker 1: more that might be a bigger news story because it
Speaker 1: might suggested a broader economy to come off, which is
Speaker 1: what the decided once. It's not just the US, by
Speaker 1: the way, central bankers around the warlock complaining, but labor
Speaker 1: shortages in New Zealand central banker everything described a chronic
Speaker 1: labor shorlder which which is of course putting up with
Speaker 1: pressure on prices. And as I say above, all of
Speaker 1: central bankers want to keep inflation expectations anchored. Now, thanks
Speaker 1: for this said the great having on with us this morning,
Speaker 1: and the current chief Asia Economics correspondent for Bloomberg News,
Speaker 1: one of the authors of this morning's Bloomberg Big Take
Speaker 1: story breaking inflation fever is no relief for central bank
Speaker 1: ankst You can read more on Bloomberg dot com, Slash
Speaker 1: Big Take or NI Big Take go on the Bloomberg terminal.
Speaker 1: SMP futures showing some banks this morning down thirty six points,
Speaker 1: STOW futures down two hundred sixty two. Nasdaq futures are
Speaker 1: lower by a hundred thirty six points. Two year Treasury
Speaker 1: yield right now three point four five percent of fifteen
Speaker 1: year high. This is Bloomberg. Bloomberg eleventh, three oh weather
Speaker 1: turning mostly sunny today with highs in the upper eighties.
Speaker 1: Chips for a late days shower on an otherwise mostly
Speaker 1: sunny Tuesday. Oper eighties once again will be sunny opper
Speaker 1: eighties for Wednesday. Right now seventy five degrees. Broadcasting live
Speaker 1: from the Bloomberg Interactive Broker's studio in New York. Bloomberg
Speaker 1: E Living freem to Washington, d C, Bloomberg to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg sixt
Speaker 1: to the Country, Sirius XM to one nine ten, and
Speaker 1: around the globe the Bloomberg Business app and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Daybreak. It's six thirty on
Speaker 1: Wall Street. Good morning. I'm Nathan Hagar and I'm Karen Moscow.
Speaker 1: We are just about three hours away from the open
Speaker 1: of US trading. Time for the five things that you
Speaker 1: need to notice start your day. Brought to you by
Speaker 1: Interactive Brokers. Interactive Brokers charges margin loan rates from two
Speaker 1: point three percent to three point a three percent. Their
Speaker 1: clients can also earn extra income by lending their fully
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Speaker 1: at ibk R dot com slash compare. At first, we're
Speaker 1: still feeling the impact of a hawk ish FED. This morning,
Speaker 1: US futures are falling in Global stocks are at a
Speaker 1: one month low. That's after Friday's major drop, the worst
Speaker 1: day for US stocks and Student thirteenth the catalyst for
Speaker 1: the sell off, J Powell signaling that interest rates will
Speaker 1: stay higher. Katrina L senior economist at Moody, says the
Speaker 1: fed shares comments have broad implications. The speech really brought
Speaker 1: home the fact that the Fed is taking no prisoners
Speaker 1: when it comes to wanting to fight inflation and sustainably
Speaker 1: bring it back down as a consequence of a recession.
Speaker 1: Results of that, then I mean, so be it. Katrina
Speaker 1: L with Moody says the Fed is also uncomfortable with
Speaker 1: the current tight labor market the meantime. Karen one of
Speaker 1: all streets biggest bears, says weak earnings, not higher rates,
Speaker 1: is the largest threat to US stocks. Morgan Stanley's Michael
Speaker 1: Wilson says the path for stocks will be determined by earnings.
Speaker 1: He has repeatedly warned that the recent equity rally will
Speaker 1: be temporary due to tighter monetary policy. And the outlook
Speaker 1: for corporate profits well, Nathan, The Wall Street sell off
Speaker 1: is also spreading overseas. European stocks are extending last week's drop,
Speaker 1: with most indicries down more than one percent, and in
Speaker 1: Asia over night, Japan's Nika lad declines, or the drop
Speaker 1: of more than two and a half percent. An economists
Speaker 1: are turning more barrish about China's economy care and that's
Speaker 1: due to risks and its property market and potential COVID lockdowns.
Speaker 1: According to Bloomberg's latest quarterly survey, China's economy is now
Speaker 1: projected to grow just three and a half percent this year.
Speaker 1: Tyrant Cam, head of China Property at Fitch Rating, says
Speaker 1: defaults could cause even more problems. What we really need
Speaker 1: is that the government to come in in the bigger way.
Speaker 1: They also are now showing that they want to rely
Speaker 1: on market based mechanism. They're not trying to battle the
Speaker 1: sector at all cost. That remains the problems that we
Speaker 1: still monitoring and firing Cam with FIT Rating says he
Speaker 1: still thinks China is fully committed to stabilizing its property
Speaker 1: sector and back here in the US, MEME stocks are
Speaker 1: here to stay. Nathan that's according to nearly two thirds
Speaker 1: of the more than respondents in our latest m Live
Speaker 1: Pulse survey. Respondents expect some version of the meme. Stock
Speaker 1: may need a stick around, even if the outlook for
Speaker 1: stocks remains the league. And that's the five things that
Speaker 1: you need to notice start your day. Brought to you
Speaker 1: by Interactive Brokers. Again, Futures are moving lower this morning,
Speaker 1: and a straight ahead your latest local headlines plus a
Speaker 1: check of sports. And this is Bloomberg all right, Karen,
Speaker 1: thank you. Six thirty three on Wall Street, seventy five
Speaker 1: degrees in Central Park. Could still see the lays after
Speaker 1: an accident investigation on the westbound Cross Bronx Expressway, but
Speaker 1: it is back open now. We'll get the details in traffic. First,
Speaker 1: Michael Bark with what else is going on in New
Speaker 1: York and around the world. Good morning, Michael, Good morning, Nathan.
Speaker 1: NASA is dealing with a fuel leak as it prepares
Speaker 1: its new Moon rocket for liftoff on its first test
Speaker 1: flight at Florida's Kennedy Space Center. No one is inside
Speaker 1: the Orion capsule, just three test dummies. At least one
Speaker 1: hundred thousand people are expected to watch on the beaches
Speaker 1: as the powerful rocket hopefully we'll lift off, including Taylor Leonard.
Speaker 1: She helped build part of the Moon rocket that will
Speaker 1: eventually put Americans back on the Moon. I'm really not
Speaker 1: sure what to expect. I'm kind of anticipating in myself. UM,
Speaker 1: but I think it's just gonna be a lot of energy,
Speaker 1: a lot of people. Um just really excited about the
Speaker 1: space program. Taylor Leonard was part of the team that
Speaker 1: tested the functionality of the rocket Driver's Eyes on the
Speaker 1: Road for school Children's students are heading back to school
Speaker 1: in some parts of the Tri State area. Children returned
Speaker 1: to the classroom in Connecticut and also parts of Long
Speaker 1: Island today, the head of the International Atomic Energy Agency
Speaker 1: says that the U and nuclear watch dogs long awaited
Speaker 1: expert mission to the power plant in Ukraine is now
Speaker 1: on its way. Russia and Ukraine have traded claims of
Speaker 1: strikes at or near the plant in recent days, intensifying
Speaker 1: fears that the fighting could cause a massive radiation leak.
Speaker 1: Ukrainian Foreign Ministre Demetroklba, we should all be united in
Speaker 1: demanding one thing, the withdrawal of Russia from Zaporisin nuclear
Speaker 1: power plant. For a minister Klaiba was visiting Swedish leaders
Speaker 1: in Stockholm today. A weekend of gun violence in New
Speaker 1: York City has left more than a dozen people shots.
Speaker 1: Some incidents were fatal. A woman in Brooklyn died after
Speaker 1: she was shot in the head at the board of
Speaker 1: Walk on the Coney Island. One person was killed, four
Speaker 1: others were shot. The gunman still on the loose. The
Speaker 1: FBI is joining the investigation into a deadly shooting at
Speaker 1: a supermarket in Bend, Oregon. Bend Police Chief Mike Krantz
Speaker 1: says a gunman armed with an a R fifteen style
Speaker 1: rifle killed at least two people inside the supermarket last night.
Speaker 1: Our hearts got to the victims and the families and
Speaker 1: this incident, and we know that this is a frightening
Speaker 1: thing for our community and something that we would never
Speaker 1: want to happen in our city. Chief Mike rand says
Speaker 1: the suspected gunman was found dead at the scene when
Speaker 1: officers arrived. Global News twenty four hours a day on
Speaker 1: air and on Bloomberg Quick Take, powered by more than
Speaker 1: hundred journalists and analysts more than a hundred twenty countries.
Speaker 1: Michael Barr and this is Bloomberg Nathan, Thanks Michael, almost
Speaker 1: six thirty six on Wall Street. John stash Hours got
Speaker 1: the Bloomberg Sports Update. Thanks Nathan. The Mets and Yankees
Speaker 1: yesterday combined for only one run, only seven hits, all
Speaker 1: singles for the Yankees second game in a row where
Speaker 1: they failed to hit, a four one loss in Oakland,
Speaker 1: so A was split of the four game series. Aaron
Speaker 1: Judge yesterday over four three strike acts. Tampa Bay won
Speaker 1: its game in Boston the Rais or seven a half
Speaker 1: games on the Yanks, Mets Stilly, the Braves by three.
Speaker 1: Atlanta lost in St. Louis. The Mets loss of the Rockies.
Speaker 1: One did not think campaign Max Scherzer. He struck out
Speaker 1: eleven but beaten by Colorado's Hairman Marquez. And Mets are
Speaker 1: off tonight and then the Dodgers come to town. L
Speaker 1: A fifty games over five hundred, Jets and Giants tied
Speaker 1: four different times. Jets scored in the final minute. They
Speaker 1: won thirty one to twenty seven. The Jets these three quarterbacks,
Speaker 1: so Old Flacco through an early pick six. It was
Speaker 1: Chris Traveler who through the game winning teeny pass to
Speaker 1: Calvin Jackson. The same thing happened two weeks ago, the
Speaker 1: Giants did not use Daniel Jones, and then Tyrod Taylor
Speaker 1: heard his back. Not believed to be a serious injury,
Speaker 1: the third stringer Davis Webb came in. He went thirty
Speaker 1: to thirty eight. What I win for Rory McIlroy. He
Speaker 1: has had some disappointments and majors, but he's now won
Speaker 1: the FedEx Cup title three times. At the season ending
Speaker 1: Torch Championship in Atlanta, McElroy had to dig out as
Speaker 1: a big hole in credible day, incredible week, you know,
Speaker 1: four over through two holes, atten shot side of the
Speaker 1: league at that point. To to call my way back
Speaker 1: and end up winning the winning the tournament. Um incredible,
Speaker 1: just uh, just a real um it really probably to
Speaker 1: my resilience. Rory finished twenty one on the part one
Speaker 1: by one one eighteen million dollars. Will tonight be the
Speaker 1: last time we see Serena Williams. It's her first round
Speaker 1: match of the US Open, which is the final tournament
Speaker 1: of her career. John stactually were Boomberg Sports, Nathan all Right, John,
Speaker 1: thank you sixty seven on Wall Street. Time to take
Speaker 1: a look at stocks. Some of the names moving in
Speaker 1: the pre market Bloomberg Radio and TV Markets correspondent Krety
Speaker 1: is watching a lot of stocks move lower on the
Speaker 1: back of Chairman Palell's comments cretty, good morning, good morning.
Speaker 1: A lot of a broad market sell off, and that
Speaker 1: really it's going to be the theme of the day.
Speaker 1: Even overnight in Asia, you did see essentially just investors
Speaker 1: catching up to what you saw on Friday. So I
Speaker 1: guess the question is how much of the hangover is
Speaker 1: going to continue in the equity market. A good proxy
Speaker 1: for that it's going to be Apple shares a a
Speaker 1: p LS. You're taker shares down one point two in
Speaker 1: the pre market. And you love to look at this
Speaker 1: specific proxy, Nathan, because of course we know the Apple
Speaker 1: is going to be the consumer proxy. Everyone uses an iPhone,
Speaker 1: use the luxury product, especially in the United States, so
Speaker 1: this is going to be something significant when it comes
Speaker 1: to the growth of the economy driven by consumer spending.
Speaker 1: A people also look at it from the rates factor,
Speaker 1: the idea that higher rate or even a stronger dollar
Speaker 1: is going to affect the bottom line of a lot
Speaker 1: of these big tech naimes, not just Apple. And then
Speaker 1: you have a third kind of proxy here as well.
Speaker 1: The idea of that Apple has a lot of exposure
Speaker 1: to China, so as you see China return to someone
Speaker 1: that's kind of COVID policy that it had seemed to
Speaker 1: be loosening just to touch looks like it's going back
Speaker 1: on it. All of those factors are going to show
Speaker 1: up in Apple shares right now. So ap l once
Speaker 1: again as a proxy for broader tech under a little
Speaker 1: bit of pressure this morning. Yeah, along with the rest
Speaker 1: of the tech sector more broadly, interesting to see even
Speaker 1: when we are seeing all this selling creedy that when
Speaker 1: you look at our m Live Pulse survey, the latest one,
Speaker 1: a lot of investors we talked to her thinking the
Speaker 1: meme stock frenzy is here to stay. Yeah, a little
Speaker 1: bit of deja vu from the start of one who
Speaker 1: thought that we would still be here a year and
Speaker 1: a half later. Bed Bath and Beyond is serving to
Speaker 1: be the poster child for that story, at least this
Speaker 1: time around. B B B. Why is your Taker shares
Speaker 1: actually up two point six percent? It really shows you, Nathan,
Speaker 1: as you justly pointed out that in a kind of
Speaker 1: market where a lot of risk off sentiment driving a
Speaker 1: lot of the sales, well, the retail folks are still
Speaker 1: actually able to push up those single names, and this
Speaker 1: is going to be significant as we talk about whether
Speaker 1: or not a rally in the equity market is actually sustainable,
Speaker 1: because there are arguments and there are some data out
Speaker 1: there that this last rally that we've seen has mostly
Speaker 1: been driven by retail sailors traders excuse me, um, and
Speaker 1: that is going to actually perhaps not be sustainable as
Speaker 1: they revert back to investing in single names instead of
Speaker 1: the macrosphere. Nevertheless, today b b B Y up two
Speaker 1: point six percent in the last few seconds. Here, crety,
Speaker 1: how are crypto related stocks doing? With Bitcoin back below
Speaker 1: now well back below twenty and some of the pain
Speaker 1: is being magnified in the cryptocurrency because if you look
Speaker 1: at what's happening with bitcoin on percentage basis, it's not
Speaker 1: that big of a move. But then you take a
Speaker 1: look some of the miners are IoT. For example, for
Speaker 1: Riot blockchain, it's down three point two percent, and so
Speaker 1: once again a little bit of a magnification of what
Speaker 1: you're seeing in crypto. All right, Bloomberg Radio and TV
Speaker 1: Markets correspondent Pretty Gupta with us this morning as we
Speaker 1: continue to watch the selling SMP future down thirty four points. Now,
Speaker 1: DEALT Future is down two NASAC Future is lower by
Speaker 1: a hundred thirty points. That's the drop of one percent.
Speaker 1: Ten year Treasury is down nine thirty seconds, the yield
Speaker 1: three point one one percent, and the yield on the
Speaker 1: two year up to three point four five percent. This
Speaker 1: is Bloomberg Bloomberg eleven three oh weather turning mostly sunny today,
Speaker 1: upper eighties, could see a late day shower, otherwise mostly
Speaker 1: sunny Tomorrow, up eighties once again, and we'll be in
Speaker 1: the upper eighties mostly sunny Wednesday as well. Right now
Speaker 1: seventy five degrees. Markets, headlines and breaking news twenty four
Speaker 1: hours a day at Bloomberg dot Com, at the Bloomberg
Speaker 1: Business at and at Bloomberg Ricktape. He's a Bloomberg Business
Speaker 1: Flash and I'm Karen Moscow, and futures are falling. This morning,
Speaker 1: we get to the first word breaking news dance for
Speaker 1: today's morning call, and is Bill Maloney. Bill, good morning
Speaker 1: and good morning, Karen. That's right. US features are under
Speaker 1: pressure after Friday self with deaf features down two hundred
Speaker 1: and fifty two points, says to be dropped thirty five one.
Speaker 1: NASA futures are down by a hundred and thirty the
Speaker 1: US ten year old at three point one two percent.
Speaker 1: Note the tree yield hit its highest level since two
Speaker 1: thousand and seven. Gold is down twelve, oil trading higher,
Speaker 1: and bitcoin falls below twenty thousand. Japan dropped two point
Speaker 1: six percent overnight, while European markets are also in the
Speaker 1: red this morning, and back in the US on the
Speaker 1: economic front at ten thirty the Dallas Fed. In other news,
Speaker 1: Goldman Sachs said recent drops in commodities offer a great
Speaker 1: entry point, while European gas natural gas features plunged twent
Speaker 1: Wrapping things up, downlink was cut to underweight over at
Speaker 1: key Bank Live from the First Breaking news desk on
Speaker 1: Bill Maloney karn all right, Bill, thank you to here
Speaker 1: live breaking news over your Bloomberg type squawk on your
Speaker 1: terminal scue you a w K. That's a Bloomberg business flash.
Speaker 1: Now here's Michael Barr with more. I'm what's going on
Speaker 1: around the world. Michael Aaron, thank you very much. A
Speaker 1: federal judge will hear arguments on Thursday about possibly appointing
Speaker 1: an autsider to look at classified documents that ex President
Speaker 1: Trump claims are covered under executive privilege. Separately Intelligence Agency
Speaker 1: specialists are looking at possible national security risks involved in
Speaker 1: Trump's taking and handling of classified material. US Navy warships
Speaker 1: traveled through the Taiwan Strait for the first time since
Speaker 1: our Speaker Nancy Pelosi's visit to the self ruled island,
Speaker 1: testing ties between Washington and Beijing. In baseball, the Yankees
Speaker 1: lost to the A's four one. The Mets lost along
Speaker 1: with the Red Sox Orioles and Giants the Nationals one.
Speaker 1: In the final preseason NFL game, the Jets beat the
Speaker 1: Giants seven. Tennis, Today, it's the US Open that starts
Speaker 1: Global News twenty four hours a day on air and
Speaker 1: on Bloomberg Quicktake, powered by more than twenty seven hundred
Speaker 1: journalist and analysts in more than a hundred twenty countries.
Speaker 1: I'm Michael barn This is Bloomberg. The following commentary is
Speaker 1: from Bloomberg Opinion. New York is beating Texas in carbon
Speaker 1: free electricity, but maybe not for long. I'm Justin Fox,
Speaker 1: a columnist for Bloomberg Opinion. New York and other Northeastern
Speaker 1: states has some of the nation's smallest per person carbon footprints.
Speaker 1: Residents live less energy intensive lives and work in less
Speaker 1: energy intensive industries. Electricity generation is light on coal and
Speaker 1: reasonably heavy on emissions free sources such as hydropower. Because
Speaker 1: of nuclear plant closures, the Northeast has become more dependent
Speaker 1: on fossil fuels over the past decade, though, and a
Speaker 1: recent M I T study projected that without emission's limits,
Speaker 1: the region's power supply will just keep getting more carbon intensive.
Speaker 1: By contrast, Texas, because it's so well suited for solar
Speaker 1: and wind energy, was projected to see a seventy eight
Speaker 1: percent decline in carbon dioxide emissions per kilo at hour.
Speaker 1: Northeastern states are enacting tough climate policies, so emissions will decline,
Speaker 1: but it may be tough to keep up with Texas.
Speaker 1: I'm justin Fox. For more opinion, please go to Bloomberg
Speaker 1: dot com slash Opinion, where O P I N go
Speaker 1: on the Bloomberg terminal. These has been Bloomberg Opinion. Bloomberg
Speaker 1: Opinion commentaries can be heard every weekday at this time,
Speaker 1: and terminal customers can read more at O P I
Speaker 1: N Go. It is six fifty on Wall Street and
Speaker 1: we turned to News and Science and Technology Now with
Speaker 1: a Bloomberg and j i T Stem Report. It has
Speaker 1: brought to you by New Jersey Institute of Technology and
Speaker 1: j i T is dedicated to bolstering support for female
Speaker 1: and minority students pursuing careers and high paying STEM industries.
Speaker 1: Learn more at n j I T dot e DU
Speaker 1: and Here's what's making news and science, technology, engineering and math.
Speaker 1: A few leak interrupted now. This launched countdown for its
Speaker 1: new Moon rocket early today, reappearing in the same place
Speaker 1: that saw seepage during address rehearsal back in the spring.
Speaker 1: Two foot rocket is the most powerful ever built by NASA, howd,
Speaker 1: muscling even the Saturn five that carried astronauts to the
Speaker 1: Moon half century ago. This test flight is successful, would
Speaker 1: put a crew capsule into lunar orbit for the first
Speaker 1: time in fifty years. The next launch attempt wouldn't be
Speaker 1: until Friday at the earliest, and California Governor Gavin Newsom
Speaker 1: is introduced a bill to keep the state's last nuclear
Speaker 1: plant open. News argues that keeping pg NS Diablo Canyon
Speaker 1: plant operating pastage plan closure is needed as the state
Speaker 1: transitions away from fossil fuels. Still Knewsome fellow Democrats in
Speaker 1: the legislature are skeptical and if history is any indication,
Speaker 1: could be a tough September for Apple investors. The iPhone
Speaker 1: maker stock has declined in seven of the past ten
Speaker 1: September since it has lost one point six percent on average.
Speaker 1: By the way Apples stock climb this quarter is nearly
Speaker 1: tripled out of the SNPI index and as a Bloomberg
Speaker 1: n j I t STEM report Nathan all right, Karen,
Speaker 1: thank you. We are live from the Bloomberg Interactive Broker
Speaker 1: Studios or at his six fifty two on Wall Street
Speaker 1: Time Now to check what's going on in d C.
Speaker 1: Some of the top stories in our nation's capital include
Speaker 1: a bold prediction from Democratic National Committee chairman Jamie Harrison
Speaker 1: head of the November midterms. The Democrats are gonna keep
Speaker 1: their majorities in the House, that they're going to grow
Speaker 1: the majorities in the United States Senate, and we're gonna
Speaker 1: pick up some governor's mansions along the way. Jamie Harrison
Speaker 1: tells CBS has faced the nation. Abortion rights and the
Speaker 1: new climate and tax law will put voters on their side,
Speaker 1: but Republican Senator Roy Blunt sees a potential Achilles heel
Speaker 1: for Democrats in President Biden's student loan relief. I just
Speaker 1: thought it was monumentally unfair. Unfair to people who didn't
Speaker 1: go to college because they didn't think they could afford it,
Speaker 1: Unfair to people who had paid their loans back, unfair
Speaker 1: to people who got higher education in an area that
Speaker 1: the government didn't make loans. But for Progressive Senator Bernie Sanders,
Speaker 1: I don't hear any of these Republicans walking when we
Speaker 1: give massive tax bricks to billionaires. We have major corporations,
Speaker 1: you don't pay a nickel in federal taxes, that's okay.
Speaker 1: But suddenly when we do something for working people, and
Speaker 1: it's a terrible idea. Senator Sanders and Blunt were on
Speaker 1: ABC's this Week. Also making news, a federal judge leaning
Speaker 1: toward an independent review of documents taken from former President
Speaker 1: Donald Trump's home in Florida. That's after a heavily redacted
Speaker 1: affidavit showed hundreds of pages of highly classified documents seized
Speaker 1: there this year. Republican Congressman and Trump critic Adam Kinzinger
Speaker 1: tells NBC's Meet the Press, if any of us walked
Speaker 1: out intentionally with even one document from the stiff, which
Speaker 1: is where we can go see classified documents at And
Speaker 1: you know, our organization came to us, the House came
Speaker 1: to us and said you have to give this document back,
Speaker 1: and we refused to do it for years. We'll be
Speaker 1: in real trouble. Meet the press this week and face
Speaker 1: the nation. Can all be heard every Sunday right here
Speaker 1: on Bloomberg Radio. Let's get more on all the political
Speaker 1: news happening this morning from the nation's capital. Bloomberg Government
Speaker 1: reporter Emily Wilkins joins us, So, yeah, Emily, Democrats are
Speaker 1: sounding pretty confident ahead of the mid terms. At the
Speaker 1: same time, one other thing we heard from another the
Speaker 1: Sunday Shows is some pretty tough talk from a progressive
Speaker 1: Democrat when it comes to the FED going tough on inflation. Yeah.
Speaker 1: Senator Elizabeth Warren is not happy with the Fed's announcement
Speaker 1: on Friday. Remember John Powell, of course, gave his much
Speaker 1: anticipated speech in Jackson Hole, Wyoming, and really single that
Speaker 1: the FED is going to continue it's aggressive series of
Speaker 1: infest rate hikes and keep rates elevated. Warren says that
Speaker 1: this is gonna hurt jobs, that this is gonna hurt
Speaker 1: small businesses, um. She says that she's worried that this
Speaker 1: could potentially lead to a recession, and instead of our
Speaker 1: current economy where you've got high inflation and low unemployment,
Speaker 1: that you could potentially see a scenario where it's both
Speaker 1: high inflation and high employment. Now that FED has really
Speaker 1: pushed back on this idea that they're going to lead
Speaker 1: to her recession. Atlanta FED President Raphael Bostick, he told
Speaker 1: Bloomberg Television just last week that the economy has to
Speaker 1: weakend first before inflation begins to move down. And so
Speaker 1: you see the FED really kind of sticking with the
Speaker 1: plan that they have. But then at the same point,
Speaker 1: you are hearing, at least from from one senator a
Speaker 1: lot of concerns that what their moves are are are
Speaker 1: doing are is actually going to leave the country in
Speaker 1: the wrong direction. And another point of debate for several
Speaker 1: other senators, Emily and adding to the debate about inflation
Speaker 1: is President Biden's student loan relief and whether that's going
Speaker 1: to add to price pressures. Absolutely. I mean, you heard
Speaker 1: those concerns from from economist Larry Summers and Jason Furman,
Speaker 1: but now you're also hearing them from a number of
Speaker 1: Democrats were in very tough Senate races. Uh. Tim Ryan,
Speaker 1: he's running for the Senate seat in Ohio as a Democrat.
Speaker 1: He accept his distance from Biden throughout most of this race,
Speaker 1: and he really took the issue of the student loan
Speaker 1: forgiveness uh to kind of come out and say, look,
Speaker 1: college is too high. We do need to find a
Speaker 1: way to reduce the price of college. Um, but that
Speaker 1: you know this isn't the way to do it. There's
Speaker 1: a lot of concern that you know, there are many
Speaker 1: folks out there who did not go to college, either
Speaker 1: because they felt they couldn't afford it or because they
Speaker 1: took a job that did not require a college education.
Speaker 1: Lots of blue collar workers who are now having to
Speaker 1: see their take their taxpayer dollars go and forgive folks
Speaker 1: who had gone to college. It's not just Tim Ryan either.
Speaker 1: You've also seen criticism in Nevada. There's a competitive senator
Speaker 1: race there from current Democratic Senator Catherine Cortez Mastow and
Speaker 1: also Michael Bennett of Colorado, another sitting Democratic senator, who
Speaker 1: says that he does not agree with Biden's plan. So
Speaker 1: this is really something where you are seeing a number
Speaker 1: of lawmakers in these competitive states kind of recognized that that,
Speaker 1: you know, this is something they're not going to be
Speaker 1: aligned on the administration with. This is something where they
Speaker 1: are openly pushing back against Biden. It's gonna be interesting
Speaker 1: to continue to watch that as we get ever closer
Speaker 1: to the November mid term election. Bloomberg Government reporter Emily
Speaker 1: Wilkins with us this morning as always, and you can
Speaker 1: read more about these stories on Bloomberg dot com or
Speaker 1: on the Bloomberg terminal, and follow all the latest on
Speaker 1: Bloomberg Radio in Washington. Bloomberg and one oh five point
Speaker 1: seven FM HD two markets this morning moving lower, adding
Speaker 1: to their losses after FED chair j. Powell's hawk ish
Speaker 1: message from Jackson Hole. We have SMP futures right now
Speaker 1: down thirty six points, DAL futures down two at sixty five.
Speaker 1: Nasdaq futures are lower by a hundred thirty four points.
Speaker 1: The tenure Treasury is down sixteen thirty seconds. The yield
Speaker 1: three point one zero percent yield on the two year
Speaker 1: three point four four percent. Quick look at bitcoins still
Speaker 1: trading below twenty thousand, nineteen thousand, eight hundred dollars. Bloomberg surveillances.
Speaker 1: Next for Karen Moscow. I'm Nathan Hagar, and this is
Speaker 1: Bloomberg